The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The Financial Situation
to such
HE President's radio address on Thursday whether his profits are larger. Answers
would by no means always be
evening proved to be rather more of a cam- questions as these
the past 15 months. But
paign speech than had been generally expected. favorable to the policies of
if they were, it would by no means follow that
In several important particulars it nonetheless chal- even
of support. Temporary,
lenges the attention of the business community. the New Deal is worthy
purely artificial, and in the end really harmful exMany upright and forward-looking citizens will find
and as a matter of fact in a
it difficult to banish a feeling of resentment arising pedients can produce,
that all number of cases have already produced, the superfrom the President's repeated reiteration
improvement. The
those who disagree with him about his program ficial appearances of substantial
whether this
either have selfish ends to serve or else are to be average man must decide for himself
it exists, is real and
classed as "theoretical die-hards." We feel that apparent improvement, where
been produced at
Mr. Roosevelt, in fairness, ought to be willing to likely to endure, or whether it has
up conditions likely to cause
recognize a difference of opinion regarding his poli- the expense of setting
to all concies; it is certain that a derogatory characterization serious embarrassment and even disaster
date.
of those who disagree with him will not tend to cerned at a later
strengthen his support.
The Costs of Improvement
But nationally important
In arriving at sound conaspects of the position
.Asking a Vote of Confidence
clusions concerning this
taken by the President reThe President has issued instructions
latter subject, the careful
quire careful consideration.
to his official family and others in his
business man will not overAdministration that no partisan appeals
The New Deal has been conbe made by them to the voters of the
look the fact that the naare to
demned, first, as not being
country at least until he returns from his
tional debt has been enorvacation. He has likewise let it be known
effectively designed to acmously increased during
himself intends to conform to his
that he
complish the specific purultimatum.
the past year; that the
pose for which it was creHe and his aides will, however, ask for
time may yet arrive when
support for the Administration's program,
ated—to stimulate sound
overwhelmingly economic in nature, and
the Government of the
recovery—abut rather that
for those who have shown their loyalty to
United States will be unis thus in
that program. The President
it has a tendency to retard
effect calling for a vote of confidence from
able to borrow at an advanhealthy business revival;
the country upon his record,supplemented
tageous rate, and that in
the
by certain plans and promises for
second, as not only unany case the property
immediate future.
wisely interfering with priIt is an honest, wholesome and highly
owner must face a long
vate business affairs of incommendable position that the President
series of years of exceedis thus assuming. We hope that he will
dividuals but abridging or
continue throughout the coming campaign
ingly heavy taxation before
abridge
attempting to
to keep policies rather than party or perGovernment finances can
sonalities in the foreground.
rights guaranteed to indibe brought into order again.
A heavy responsibility is thus placed
viduals by the Constitution
upon the individual citizens of this counHe will not fail to take into
of the United States.
try. They must familiarize themselves
consideration that a very
has transpired in Washington
with what
since March 4 1933, as well as with what is
Standards of Judgment
large part of the additional
being planned for the future. They must
issues of Government securthen carefully and dispassionately make
The President now asks
up their minds whether they wish to follow
ities now rests in the vaults
the people to weigh these
where such a program leads.
of the commercial banks of
strictures on the scales not
The President's action is also a challenge
the country, or pass lightly
to the outstanding men in the business
of statistical evidence or of
world, for it is upon them that the rank
over the extraordinary hazlegalistic argument, but of
and file must depend for interpretation of
ard inherent in this fact.
the course of public affairs. If Congress
direct and immediate perreturns to Washington next year with a
He will not need to be told
sonal experience of the past
definite mandate to proceed with the New
that arbitrarily increased
15 months. Of course,
Deal, it will be quite futile to oppose measures, however undesirable, that have been
wages have again virtually
a trustworthy conclusion
in effect at this time approved by the
obliged many enterprises to
cannot be reached if too
people.
instal automatic machinery
narrow an interpretation
where, under normal ciris given to the President's
suggestion. If the people of the country had been cumstances, such a course would not be considered
asked in the autumn of 1928 to appraise the policies wise. The implications of this movement, particuof the Administration then in office upon the basis larly its threat to labor, are obvious. His own experiof wage rates then obtaining, the ease with which ence has already made him keenly aware of the imwork could be found, the profits being earned by pediments placed in his path by the higher costs
individual enterprises, or the volume of business that have been imposed upon him. If he is familiar
being transacted, the verdict would have been highly with the elementary principles of economics, he will
favorable. Yet history has demonstrated that at at once recognize that a policy of restricted producthat time we were but a year away from the brink • tion in a world of want cannot in the nature of the
case lead to a more abundant life. All of these and
of economic disaster.
Errors equally egregious could easily be made at other kindred considerations must be taken into acthis time. It is not enough to consider whether count in appraising the New Deal.
wages are higher than they were a year ago, whether
Evidence of Regimentation
the average man finds it easier now to obtain emAs to the President's defense against charges of
of his business has
ployment, whether the volume
substantially improved since March 4 1933, or regimentation, there must be a good many leaders
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4338
Financial Chronicle
of industry in the country now who are quite willing to meet the Chief Executive on his own chosen
field of debate. The owners of the textile mill in
Tennessee that has been obliged to close its doors
by the National Recovery Administration on grounds
that the Department of Justice considers too trivial
to constitute grounds for legal action; men who have
faced, and who now face, imprisonment or heavy
fines for management of their businesses as seems
to them right and proper, and the thousands who
are daily told how many hours they may operate,
how much they must pay their employees, and what
prices they must charge for their goods and services,
should be ready to meet the President's challenge.
The cotton and tobacco farmers are likely this
autumn to learn, if they do not already know, that
Congress has undertaken to abridge rights they, and
everybody else, supposed they had—to raise and to
sell (without having confiscatory taxes imposed
upon them) all the cotton and tobacco they considered marketable. A group of distributors of milk
have made it clear that they believe their constitutional rights have been taken from them under the
Agricultural Adjustment Act, and a Federal Court
this week agreed with a representative number of
them in the Chicago area. The number of cases now
in the courts asking that various provisions in the
New Deal legislation be set aside as unconstitutional
suggests that there are many individuals who feel
that Congress is attempting to restrict the liberty
that is one of the basic principles of our democracy.
Subtle Encroachments
June 30 1934
reputation took part. The President himself is described as delighted with the report and is said to
have approved a "long-range" program based upon
it which is to be presented to the next Congress.
According to those most fitted to express an opinion,
this program is an elaboration of the message sent to
the Seventy-third Congress not long before its
adjournment, in which the President let it be known
that he intended to ask for extensive legislation next
year• to broaden and presumably to complete his
general program popularly known as the "New
Deal." Among other things, what is rather vaguely
styled land and water development, and social insurance in some of its more advanced phases, are believed
to be included in the program thus formulated,
which, according to reports in the press, will call for
the expenditure of several billions more of the taxpayers' money.
Opposition to the AAA
ROM several other quarters
heard
a good
F of economic and social week ondeal has been
during the past
the general
topic
planning. Whether the
address of Mr. Tugwell in Des Moines on Tuesday,
and the lengthy public statement of Mr. Hopkins in
Washington on Wednesday are meant to contribute
their part in the.effort now evidently being made to
"sell" the New Deal to the public, can only be surmised. These gentlemen, among others who of late
have been explaining, interpreting and defending
Administration policies, are well informed members
of the President's entourage. Certainly Messrs.
Tugwell and Hopkins are imbued with a certain
amount of authority in the Administration, and their
words therefore must be accorded an official quality.
The former, if press dispatches do not do him injustice, was as usual quite non-committal. His address
was devoted mainly to complaint about opposition to
the Agricultural Adjustment Administration's program, in the course of which he warned his audience,
largely composed of the delegates to ale Iowa State
Bankers Convention, that the "obstructionist tactics" of to-day are "preliminary to an attempt to
overthrow the agricultural adjustment program at
its foundation." We do not profess to know what
effect the warning had upon Iowa bankers, but bankers of our acquaintance would be greatly encouraged
by assurance that a movement of the sort was actually
under way and likely to succeed.
What percentage of the population is included
among these dissenters on constitutional grounds
there is no way of knowing. The question is, however, not how extensively we are being regimented
within, and in violation of, the provisions of the Constitution, but rather how fully the general public
has come to an appreciation of the seriousness of
this restriction of individual initiative—this abridgement of constitutional rights. Such imposition on
the liberty of freedom-loving people is necessarily
subtle. It stealthily encroaches more and more upon
domains thought secure; without general realization
on the part of the people that such process is taking
place. It is the more dangerous for that reason.
The people of this country owe it to themselves to
take the President at his word in this matter, and
give this aspect of the current situation prayerful
Essentials Clear
thought. In doing so they must not permit themselves to be misled by surface appearances, but must
The speaker at other points had a good deal to say
delve down to the underlying realities. As for our- about the multifarious efforts of the Federal Governselves, we should then have little doubt as to what ment to direct and control our collective, and even
the conclusions would be.
our individual, business lives, asserting that he pre-
"Social Management"
HAT Mr. Tugwell now prefers to call "social
management," the older term "economic
planning" having come into disrepute, has again
been under discussion in important circles during
the past week. Upon his return to Washington on
Monday, the President was at once presented with
a preliminary report by his so-called National Planning Commission, headed by the Secretary of the
Interior and the Administrator of Public Works. Few,
if any, facts have been vouchsafed concerning the
contents of this document, in the preparation of
which Mr. Roosevelt's uncle, a Washington architect,
and at least two university professors of nationali
W
ferred to call such a program "social management,"
and the goal toward which it strives "a purposeful
evolution of society." For our part, we cannot see
that it makes a great deal of difference whether all
this is called "economic planning" or "social management"—or, for that matter, "socialism," "communism" or "fascism." It is obvious that Mr. Tugwell
is an ardent advocate of the maintenance at Washington of a fatherly government that undertakes to tell
business men what they may do and what they may
not do in their daily affairs, carrying the process to
lengths never dreamed of even in Russia, twenty years
ago. No government is fitted to carry any such
program through to success and the attempt to do so
s necessarily enormously expensive, not only directly
Volume 138
Financial Chronicle
but indirectly, through loss of efficiency and enterprise. The whole idea is utterly alien to American
precedent, American conception of government, and
to that outstanding common characteristic of the
American people—independence.
Decentralization of Industry
R. HOPKINS, Federal Emergency Relief Administrator, also employed general terms in
his discussion of New Deal policies. His words, however, certainly would not tend to encourage the
thoughtful citizen in the belief that henceforth there
might be a lessening of governmental interference
with legitimate business. He echoed earlier statements of the President in regard to the alleged desirability of moving industrial populations to rural
areas where they presumably could earn a living upon
the land, schemes for unemployment insurance, old
age pensions and a continuous program of public
works. But he also added a word of his own about
"decentralization" of industry. He said: "There
should be a wide decentralization of industry.
Workers should be on the land, not cooped up in
city tenements. They should have good houses built
at fair prices—houses that won't saddle them wit
an intolerable burden of debt. I believe industry
can operate just as efficiently in small units—yes,
more efficiently—than in large units." If the speaker
were doing nothing more than giving expression to
a personal credo, the whole matter could naturally
be passed by without concern, although most thinking people would be inclined to add material qualifications to the assertions made. Mr. Hopkins, however, made it clear that he strongly favors a national policy that would bring these dreams to realization. This obviously would necessitate central economic planning on a vast scale in a direction not
heretofore definitely proposed by public officials in
Washington. Let us hope that Mr. Hopkins is not
really as influential with the President as he is
currently purported to be.
It seems that we shall hear a great deal about
economic planning under one name or another during the months to come. The American people have
never heretofore been resigned to having their Government dictate to them in their legitimate pursuits.
The great danger in it all is that the business structure of the nation may be strained to the breaking
point before the utter infeasibility, the complete lack
of sound economic basis for all these Utopian dreams
becomes so unmistakably apparent to the general
public that it is aroused to the point of calling a halt.
M
In Defense ofIthe Constitution
HE financial community was encouraged on
Tuesday by further evidence of what appears
to be a growing tendency on the part of the courts
to insist on upholding the Constitution of the United
States in spirit, and without evasion through resort
to technicalities. On that day a Federal District
Court in Chicago granted an injunction restraining
the Government from enforcing the provisions of the
Agricultural Adjustment Administration's milk licensing agreement against six independent milk
dealers in the Chicago milk shed area.
The case, which is discussed at length in an editorial elsewhere in this issue, is important as showing a disposition on the part of the court to look at
substance rather than form. Nominally,a regulation
of the distribution of milk, the license, the court
pointed out, actually dealt with production, the dis-
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4339
tributors being used as an agency for regulating the
intra-State production of milk—an industry which
the court bad no difficulty in holding was not interState commerce but a matter wholly for regulation
by the State.
It will be recalled that the Supreme Court of the
District of Columbia, in August, declared the Agricultural Adjustment Act, called into question by
milk dealers in this same District, to be constitutional and the regulations and licenses thereunder
reasonable and valid. ' The Supreme Court has not
yet passed upon the questions thus posed. Until it
does so, the status of the law and the licenses under
it cannot be finally determined. Yet the ruling now
handed clown in Chicago, following as it does the
recent decision of the Supreme Court in the Arkansas life insurance moratorium case, does not fail
to hearten those who firmly believe that serious
danger lurks in the tendency now prevalent in legislative circles virtually to ignore the plain meaning
of the Constitution of the United States.
Priming the Pump
OW that the Reconstruction Finance Corporation and the Federal Reserve System are ready
to make loans direct to industry under the terms of
the Act recently adopted empowering them to do
so, certain commentators have revived the old expression—"priming the pump" of business—to describe the process of the lending they believe is about
to begin. It is strange how persistent the notion is
that business can be induced to function normally
by further application of precisely the practices that
brought it to its present deplorable state. Nothing
but harm could result from such reckless extension
of credit by the Reconstruction Finance Corporation and the Reserve banks as the ill-advised enthusiasts recommend. The Reserve banks obtain
funds for such purposes by the simple expedient of
entering the appropriate figures upon their books
or by printing notes against what is now merely a
technical gold reserve. The Reconstruction Finance
Corporation indirectly obtains its funds in much the
same way as the latter method. The use of such
funds for improper purposes is the essence of inflation.
As a matter of fact the impression prevails that
both the Reserve banks and the Reconstruction
Finance Corporation will be conservative in granting loans and making commitments under the new
Act. If such proves to be the case, the volume of
loans made will not be nearly so large as feared in
some quarters. At any rate, we should at length have
a test of the truth of the charge so often made that
the banks of the country generally are at present
so unduly niggardly in the extension of credit as to
hamper the return of prosperity. There is of course
also the possibility that loans advanced by the Reconstruction Finance Corporation will directly or
indirectly serve to replace credits extended by other
lenders and now outstanding. However these things
may be, we cannot view with complete equanimity
the possibility now apparently impending that the
Reserve system will presently have added a considerable volume of relatively long term assets to its already badly frozen portfolio.
N
The Federal Reserve Bank Statement
HANGES of importance are lacking this week in
the condition statement of the 12 Federal Reserve banks, combined. The Treasury discontinued
C
4340
Financial Chronicle
June 30 1934
for the time being its policy of depositing with these previous quarters.
United States Smelting & Reinstitutions large amounts of gold certificates over fining Co. declared a dividend
of $2 a share on the
and above the actual imports and domestic receipts common stock, payable July
14; previously the comof the metal, but this naturally has little effect on pany paid quarterly dividends
of 25c. a share to and
the potentialities of credit expansion already including April 14 last. Adverse
dividend action
achieved through the extensive previous "cashing" was taken by Southern California Edison
Co., Ltd.,
of the gold profit resulting from the devaluation of which reduced its quarterly dividend
to 37y a
2c.
the dollar. Gold certificate holdings of the banks share, payable Aug. 15; from 1926
to and including
actually declined to $4,781,748,000 on June 27 from May 15 1934, quarterly dividends of
50c. a share were
$4,788,726,000 on June 20, and it appears likely that paid.
this was occasioned by a reduction of the net circulaForeign Trade in May
tion of Federal Reserve bank notes to $46,347,000
ERCHANDISE exports in May were down
from $55,353,000 in the same period. Monetary
stocks increased $11,000,000, according to the sumagain, considerably below the value for any
mary of credit transactions. Quite possibly the month since September of last year. The decline
Treasury refrained from depositing certificates for was largely in cotton exports, for which commodity
the increase with the Reserve banks, or, if certifi- the movement abroad last month was smaller than
cates actually were deposited, then offsets occurred for any month since August 1931. On the other hand,
in the transactions between the banks and the merchaddise imports last month were little changed
in value from the preceding three months this year.
Treasury.
The only other item of interest in the current state- Exports amounted to $160,207,000 and imports
ment is a reduction of nearly $3,000,000 in the Re- $154,647,000 the excess of exports for May this year
serve System's holdings of United States Govern- being only $5,560,000. In April, merchandise exment bonds. This decline comes after an extensive ports were valued at $179,437,000 and imports $146,increase in the previous week, occasioned by the 523,000, the export trade balance for that month
June 15 Treasury financing. It would be gratifying amounting to $32,914,000. In May of last year exto find that the small recession now recorded indi- ports were valued at $114,203,000 and imports $106,cates a policy of concentrating the holdings in short- 869,000, the excess of exports for that month being
term securities, but only subsequent statements will $7,334,000. The increase in exports last month over
determine this point. The total holdings of United a year ago was 40.3%, while in imports it amounted
States Government • obligations were not greatly to 44.7%. For the eleven months of the present
changed, the figures on June 27 being $2,430,274,000 fiscal year,from July to May,inclusive, merchandise
against $2,430,180,000 on June 20. Treasury notes, exports were valued at $1,871,352,000, compared with
which have maturities of not more than five years, $1,320,543,000 for the same time in the preceding
were increased to $1,219,172,000 from $1,192,609,000, fiscal year, an increase for the latest date of 41.7%.
while the very-short-dated certificates and discount Imports for the same period in the 1933-34 fiscal
year amounted to $1,584,714,040, against $1,045,bills declined to $741,849,000 from $765,365,000.
Owing to an increase in "other cash," total re- 883,000 for the same time in the preceding fiscal
serves of the System were not much changed at year, an increase of 51.5%. The increase shown for
$5,044,523,000 on June 27 from $5,047,790,000 on May this year over that month in 1933, both for exJune 20. Borrowings from the Reserve banks by ports and imports, was heavy, but it was somewhat
member banks varied little, the total of discounts less than that for the eleven months of the fiscal
being now $27,015,000, while bill holdings of the year, especially in imports.
Cotton exports in May were down to 294,129 bales,
Reserve banks also showed little change at
as compared with 402,167 bales in April and 611,935
$5,215,000. Circulation of Federal Reserve notes
was modestly higher at $3,055,994,000. Deposits of bales in May 1933. It was in the value of cotton exmember banks on reserve account increased to $3,- ports, for these different months,in which the varia836,536,000 from $3,768,556,000, but Treasury de- tion was most pronounced. Cotton exports last
posits with the System declined and the aggregate month were valued at $17,545,690 against $24,458,660
of deposits was only slightly higher at $4,195,980,000. for April and $26,080,620 in May 1933. The reducThe small drop in total reserves, together with the tion last month from a year ago was equivalent to
equally modest increase in deposit liabilities, caused 32.7% against an increase in all exports of 40.3%.
a decline in the ratio of total reserves to the com- For exports other than cotton, the value last month
bined deposit and Federal Reserve note liabilities was $152,661,000 against $88,122,000 a year ago, the
increase this year amounting to 73.3%.
to 69.6% on June 27 from 69.7% on June 20.
The specie movement in May changed somewhat.
Corporate Dividend Declarations
Gold exports in May were the largest for any month
IVIDEND declarations the current week were since January, amounting to $1,780,000 at the new
featured by the favorable action taken by sev- gold price, while gold imports further declined from
eral of the large railroad systems. The Pennsylvania the very heavy movement earlier in the year, May
RR. declared a dividend of 1% on its capital stock receipts, also at the new price, being $35,362,000.
of $50 par value, payable Sept. 15; on March 15 For the eleven months, on a mixed basis, July to
last a similar dividend was paid, while the only May inclusive, gold exports from the United States
distribution made in 1933 was 1% in March. Atchi- have been $279,575,000 against $131,012,000 during
son Topeka & Santa Fe Ry. declared a dividend of the corresponding period of the preceding year. For
$2 a share on the common stock, payable Sept. 1; the same time the past year, gold imports were $791,this is the first dividend paid on the common stock 780,000, compared with $397,843,000, the year before.
since June 1 1932, when $1 a share was paid. Read- The net movement for gold in both years has been
ing Co. declared a quarterly dividend of 50c. a share, on the import side. For the past eleven months it
payable Aug. 9, which compares with 25c. a share in has amounted to $512,205,000, while in the preceding
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Volume 133
Financial Chronicle
4341
purchases of the metal, both for foreign account and
by the Government, to fulfil the provisions of the
new Silver Purchase Act. In London the price
The New York Stock Market
/
yesterday was 211 8 pence per ounce as against
HE New York stock market remained dull and 20 1/16 pence per ounce on. Friday of last week,
spiritless this week, as traders and investors and the New York quotation yesterday was 46.85c.
appeared to regard the favorable and unfavorable as against 45.40c. on Friday of last week. In the
developments as of equal importance. Turnover in matter of the foreign exchanges, cable transfers on
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stocks on the New York Stock Exchange hovered London yesterday closed at $5.0518 as against
$5.0312 the close on Friday of last week, while cable
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around the 500,000 mark, dropping below that figure on Monday and again yesterday, while totals transfers on Paris closed yesterday at 6.60c. as
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somewhat exceeded the figure Tuesday, Wednesday against 6.5934c. the close on Friday of last week.
On the New York Stock Exchange 48 stocks reached
and Thursday. There were a few good features, occasioned by new rumors of inflationary expedients and new high levels for the year, while 32 stocks touched
favorable dividend announcements, but the market new low levels. On the New York Curb Exchange
as a whole was quite without a definite trend. There 19 stocks touched new high levels for the year, while
were small gains last Saturday and equally small 37 stocks touched new low levels. Call loans on the
losses Monday, while a more sustained advance oc- New York Stock Exchange remained unchanged
curred Tuesday. Easier conditions on Wednesday at 1%.
On the New York Stock Exchange the sales at
were followed by modest gains Thursday, and the
cycle was completed by a downward drift yesterday. the half-day session on Saturday last were 233,350
Metal stocks, especially those with an interest in shares; on Monday they were 489,320 shares; on
the precious metals, were firm during most sessions, Tuesday, 617,500 shares; on Wednesday, 628,910
but the gains in this group were modified by reces- shares; on Thursday, 639,775 shares, and on Friday,
sions yesterday. Railroad stocks were stimulated 435,395 shares. On the New York Curb Exchange
by the resumption of dividends on Atchison Topeka the sales last Saturday were 54,510 shares; on Mon& Santa Fe Railway shares after an interruption of day, 107,930 shares; on Tuesday, 142,080 shares; on
two years, and by a further declaration of a 50c. Wednesday, 174,100 shares; on Thursday, 176,376
shares, and on Friday, 114,178 shares.
dividend on Pennsylvania RR. shares.
As compared with Friday of last week, prices for
The chief adverse influence with which the market
had to contend was a drastic reduction in the esti- the most part closed slightly higher than a week ago.
mated rate of steel-making operations for the cur- General Electric closed yesterday at 19% against
rent week. The American Iron and Steel Institute 19% on Friday of last week; Consolidated Gas or
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estimated the operations at 44.7% of capacity for the N. Y. at 33% against 3312; Columbia Gas & Elec.
at 13% against 13%; Public Service of N. J. at
week beginning June 25, against 56.1% for last
week, this being the largest reduction for a single 36 against 36%; J. I. Case Threshing Machine at
week since the Institute started issuing weekly re- 50% against 48%; International Harvester at 33
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ports last October. This decline apparently was against 3218; Sears, Roebuck & Co. at 4178 against
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%;
discounted to a large degree, as the announcement 411 Montgomery Ward & Co. at 2714 against 26%;
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was not followed by any material recessions in steel Woolworth at 4978 against 49%; American Tel. &
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or other stocks, but there is no doubt that it exerted Tel. at 11318 against 11414 and American Can at
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a subduing influence. Electric power production in 961 8 against 96.
Allied Chemical & Dye closed yesterday at 131
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the United States, as reported for the week ended
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June 23, was 1,674,566,000 kilowatt hours, against against 1391 4 on Friday of last week; E. I. du Pont
1,665,358,000 kilowatt hours in the preceding week. de Nemours at 88 against 88½; National Cash RegisCarloadings of revenue freight for the week to ter A at 16% against 16%; International Nickel at
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%;
June 23 were 621,872 cars, or 0.7% higher than in 26 against 251 National Dairy Products at 1734
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the preceding week. These indices furnished partial against 17%; Texas Gulf Sulphur at 34 against
offsets to the perturbing recession in steel opera- 3378; National Biscuit at 35 against 35; Conti/
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tions. The listed bond market was quiet, with high- nental Can at 79 against 78; Eastman Kodak at
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2
grade issues well maintained, while speculative obli- 97% against 97; Standard Brands at 20% against
gations followed the trend of the equities. Foreign 20%; Westinghouse Elec. & Mfg. at 36% against
exchanges offered little of interest. Grain quota- 35/ Columbian Carbon at 73% against 71%;Loril8;
tions sagged on Monday, but showed substantial lard at 18% against 1778; United States Industrial
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improvement thereafter.
Alcohol at 41% against 40%; Canada Dry at 21
As indicating the course of the commodity mar- ex-div. against 21; Schenley Distillers at 27 against
kets, the July option for wheat in Chicago closed 2734 and National Distillers at 23 against 23%.
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yesterday at 9014c. against 8978c. the close on Fri/
The steel stocks closed lower for the week, on
day of last week. July corn at Chicago closed yester- news of the sharp curtailment in production and
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day at 5878c. against 5478c. the close on Friday of the uncertainty with regard to the labor situation.
last week. July oats at Chicago closed yesterday at United States Steel closed yesterday at 38% against
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43 c. as against 40%c. the close on Friday of last 39% on Friday of last week; Bethlehem Steel at
week. The spot price for cotton here in New York 323 against 33%; Republic Steel at 16 against
4
/,
closed yesterday at 12.35c. as against 12.10c. the 1778 and Youngstown Sheet & Tube at 193 against
4
close on Friday of last week. The spot price for 22. In the motor group, Auburn Auto closed yesterrubber yesterday was 14.06c. as against 13.38c. the day at 22% against 24 on Friday of last week; Gen/
4
close on Friday of last week. Domestic copper closed eral Motors at 303 against 31; Chrysler at 3878
/
1
2
yesterday at 9c., the same as on Friday of previous against 38%, and Hupp Motors at 3% against 3 .
weeks. Silver prices closed higher for the week. In the rubber group, Goodyear Tire & Rubber closed
5g
This increase was due in large part to the heavy yesterday at 27/ against 27% on Friday of last
year, covering the same eleven months, it was $266,831,000, on the import side.
T
4342
Financial Chronicle
week; B. F. Goodrich at 12% against 1278 and
/,
United States Rubber at 18 against 18%.
The railroad stocks were irregularly changed for
the week. Pennsylvania RR. closed yesterday at
3014 against 3014 on Friday of last week; Atchison
/
/
Topeka & Santa Fe at 5812 against 57; New York
/
Central at 281 2 against 29; Union Pacific at 123
/
against 123; Southern Pacific at 24 against 23;
Southern Railway at 24 against 25, and Northern
Pacific at 24 against 23%. Among the oil stock,
Standard Oil of N. J. closed yesterday at 44 against
43y on Friday of last week; Shell Union Oil at 8
8
against 8%,.and Atlantic Refining at 2478 against
/
243 In the copper group, Anaconda Copper closed
4.
yesterday at 1478 against 14% on Friday of last
/
week; Kennecott Copper at 213 against 21; Amer%
ican Smelting & Refining at 42% against 4012 and
/
,
Phelps Dodge at 171 2 against 16%.
/
European Stock Markets
RICE trends on stock exchanges in the leading
European financial markets were generally
firm this week, notwithstanding occasional uncertainty. Inactive sessions were the rule at London,
Paris and Berlin, but the modest buying sufficed to
advance the quotations in most securities. Summer
dullness now has set in on all the large foreign securities exchanges, and the trading has been additionally
restricted this week by the many political and financial developments of importance to investors. One
of the most important of these incidents was the
start of negotiations in London on the debt service
for external German Government loans. The British
threat of a clearing system for impounding sterling
funds due to Germans occasioned a counterthreat of
a German clearing system applicable to all countries
in the British Commonwealth of Nations, and the
distressing possibility thus arises of a further
diminution of world trade. Drouth conditions continue to prevail in a wide area of Europe, and this
also tends to modify activity in securities markets.
The firm tone of leading issues indicates, however,
that such factors have been discounted to a great degree, and are overshadowed by the continued good
trade reports of the foremost industrial countries.
The registered unemployed in Great Britain now
number only a little more than 2,000,000, and the
total compares with the figure prevalent in December 1929. There are again some signs of apprehension regarding further international currency experiments, but these were not an influence on the
securities markets during the current week.
Trading for the week was started on the London
Stock Exchange in a firm fashion, but transactions
were on a very limited scale. British Government
funds made progress, while home industrial issues
were slightly irregular. Anglo-American trading
favorites were dull and not much changed, but German bonds improved on reports that the German
authorities had accepted an invitation to a conference in London on the transfer problem. In Tuesday's session demand for British funds was continued and further gains were registered. Industrial
securities also were favored, with motor and aviation stocks the leaders of the advance. South African gold mining stocks improved after a weak opening, but international issues were dull and lower.
Some improvement in business was noted Wednesday, with British funds again in greatest demand.
Stocks of aviation companies were marked sharply
p
June 30 1934
higher on statements that the British air force would
be increased without delay. Industrial stocks generally improved, and gains also were recorded in the
international issues. The firm tone was maintained
in most departments of the market, Thursday.
British funds were subjected to a little profit-taking,
but the offerings were easily absorbed and most issues showed net gains at the close. Aviation stocks
dipped, but other industrial securities were well
maintained, and there was also a good tone in international issues. British funds again were in demand
yesterday, but most other securities showed slight
declines.
The Paris Bourse was dull and somewhat irregular in the initial session of the week. Rentes
were firm and there were some advances in the gold
mining stocks listed at Paris, but most other securities were slightly easier. German loans declined
despite indications that the French Government
would take measures to maintain service. Dealings
Tuesday were again extremely quiet, but rentes remained in demand and further advances were recorded. The trading in other issues was little more
than nominal, and most changes were in the direction of slightly lower prices. There were no changes
of any importance on Wednesday, at Paris. Rentes
declined slightly because of opposition to measures
of fiscal reform in the Chamber of Deputies. Other
securities showed gains and losses in equal proportions. The irregular tendencies were continued
Thursday, as the political opposition to reform
measures was again in evidence. Rentes were not
much changed, but bank stocks lost ground. Small
advances were the rule in a quiet session yesterday
on the Bourse.
There was little trading on the Berlin Boerse in
the initial trading session of the week, but the general tone was firm. Potash stocks were especially in
demand and gains of 3 to 5 points were registered.
Changes in other groups of issues were small and in
both directions. In Tuesday's dealings advances far
outnumbered the declines, notwithstanding the
Reichsbank report showing a further large loss in
gold and gold exchange reserves. Departure of a
German delegation for London to discuss the transfer problem occasioned hopes that a trade war with
Britain would be averted, and almost all securities
improved. In a few instances the gains amounted
to 3 to 5 points. The advance was continued, Wednesday, with stocks of all descriptions in demand.
Bonds were dull, and the market conveyed the impression that the declining Reichsbank reserves at
length were causing apprehensions regarding a new
inflation in the Reich. The tone was irregular on
Thursday, partly as a result of rumors of dividend
reductions by important companies. Potash stocks
remained in demand, but other issues were slightly
lower. The trend yesterday was downward, with
recessions quite pronounced in some industrial
stocks.
British War Debt Note
HE international controversy regarding war
debts has been concluded for the time being
by a British note to the United States in which it
is suggested that the method of payment is of less
.
importance than the amount involved. This communication, published Thursday, was in response
to the American note of June 12, in which Secretary
of State Cordell Hull reminded the London Govern-
T
Volume 138
Financial Chronicle
ment that there is no connection between the debts
owed by other countries to Britain and the British
obligations to the United States. Mr. Hull also
suggested at the time that payments in goods might
be one possible avenue of approach for solution of
the transfer difficulties mentioned by the British
Government, when it notified Washington of its decision to effect no payment whatever on June 15.
The latest British communication on the subject admits that there is no legal connection between the
British international debits and credits, but reiterates that it would be impossible to contemplate a
situation in which war obligations were paid in full
while demands for repayment of war obligations due
the British Government remained in suspense. The
suggested payments in kind, it was stated, would be
subject to the same difficulties that were encountered
under the German reparations payment system'. A
statement made by General Dawes in 1924 was
quoted to the effect that deliveries in kind are not
really distinguishable from cash payments in their
financial effects. Deliveries in kind would be feasible only if they were to consist of the indigenous
products of the debtor country and if they were accepted by the creditor in an amount over and above
the normal consumption of the same products, it
was pointed out.
Although willingness was expressed to explore
further the possibilities of deliveries in kind, the
British Government remarked that it is unable to
see any method of putting such a plan into practice
that would commend itself to the United States
Government. The primary question from the British
viewpoint relates to the amount that should be paid,
having regard to all the circumstances of these debts.
The British Government regret, it was added, "that
up to the present time it has not been possible to
make further progress in this matter, but they will
.
welcome the opportunity of resuming the discussion
whenever it may appear that the present abnormal
conditions have so far passed away as to offer favorable prospects of a settlement, since they are always
anxious to remove from the sphere of controversy
all or any matters which might disturb the harmonious relations between the two countries." London
reports indicate the prevalence of an impression
there that Washington desires to postpone further
debt negotiations until after the Congressional elections in November, but this was not held in Washington to be a well founded view. Nevertheless, it
was generally agreed that the discussion will be
discontinued for the time being. There have been
no further published communications with other war
debtors, who are apparently content to await the
results of the Anglo-American exchange.
German Default Negotiations
TN a well documented reply to the German Government's moratorium note of June 15, Secretary of
State Cordell Hull has taken up the defense of all
American holders of German dollar bonds. The
American note, published yesterday, insists upon
equal treatment of American investors with the
holders of German external bonds in other countries,
and it answers point by point the contentions of the
German authorities that their moratorium declaration was due largely to policies adopted elsewhere.
"This Government receives with grave regret," Mr.
rful1 said,"the announcement that the losses already
being borne by American investors in German securi-
4343
ties are thus to be augmented. This action will be a
further dislocation of the process of international
finance on which the international trade of the world
has developed,and a discouragement to international
co-operation." Especially perturbing, the note indicated, are various suggestions that discrimination may be practiced between the various national
groups of holders of German securities. Mr. Hull
pointed out that terms of the agreements under
which German loans were floated call,in general,for
equal treatment of all investors. In the case of the
German Government's external loans the credit of
the Government is pledged on terms of unconditional
equality to all investors. This requirement for equal
treatment was emphasized several times in the communication.
Exception is taken by the Secretary of State to
a number of the contentions in the German moratorium communication. Perhaps the most telling of
the American rejoinders is the objection to the German historical survey, which intimated that the German transfer difficulties are due largely to the
former reparations payments. The United States
received no reparations payments from Germany,
Mr. Hull reports. It is pointed out that the American loans to Germany were not political in any
sense but were for productive purposes. As such,
they contributed greatly to the recovery of German
trade and industry after the collapse of 1923. The
German statement that unparalleled efforts were
made to honor the German loans and that further
payment depends upon increased absorption elsewhere of German goods also is questioned in
the American note. Policies pursued by creditor
countries are by no means the sole factors in a transfer situation such as now confronts the Reich, as
the policies pursued by the debtor Government are
at least equally important, Mr. Hull declared. "The
German Government is no doubt aware," it was
added, "that its policies have created opposition in
many parts of the world, which has expressed itself
in various trade conflicts and the probable reduction
of Germany's capacity to transfer." The German
policies unquestionably stimulated the desire of
short-term creditors for liquidation of their lines in
Germany and this contributed to the transfer crisis,
while additional reduction of exchange resources
was occasioned by the substantial repurchases of
German securities, it is contended. "The asserted
anxiety of the German Government to make every
effort to meet its obligations cannot be proven by
a mere display of its depleted balances, but must be
evidenced from an examination of the whole trend
and operation of German policy," the note remarks.
"For these and other reasons, the narrow and exclusive connection which the German Government
seeks to establish between the payment of its external obligations to American investors and the
current state of the direct bilateral commodity trade
balance between the two countries seems to this
Government a distinctly inadequate approach to
the problem."
Conferences between officials of the German and
British Governments were started at London, Wednesday, in an attempt to avoid the reprisals and
counter-reprisals that have been threatened as a result of the German Government's announced intention to default on foreign currency interest payments against the external 7 and 51 2% loans of 1924
/
and 1930. While the discussions were in progress,
4344
Financial Chronicle
Parliament in London completed the passage of the
measure giving the British Government power to
establish an exchange clearing house for impounding sterling due to Germans and paying necessary
sums to the British holders of the bonds. The text
of the British note inviting the Germans to send a
delegation to London for conversations on the default was published in London late last week. In
this communication it was remarked that British
creditors were willing to make temporary concessions of an emergency character to overcome the
transfer difficulties, but it was pointed out repeatedly that those difficulties are being aggravated by the political and economic policies of the
Reich itself. Attention was called to the large scale
repatriation of German bonds that has been in progress for some time,and it was added that "for reasons
already given a refusal to continue service on the
Dawes and Young loans cannot be justified." Germany's credit will be destroyed by the default, it
was argued, and this will gravely impair the possibilities of maintaining the imports of essential raw
materials.
Berlin made it known the following day that the
invitation would be accepted, and the German delegation arrived in London on Wednesday. It consists
of Robert Ulrich, of the German Foreign Office economic section; Fritz•Berger, of the Ministry of Finance, and Karl Blessing, a Director of the Reichsbank. The negotiations for the British Government
were conducted by Sir Frederick Leith-Ross, chief
economic adviser to the British Government, and a
group of Treasury officials. London dispatches of
Wednesday indicated that the Germans were attempting to draw distinctions between the Dawes
and Young plans, the priority of the Dawes obligations being admitted, while claims were made that
no equal obligation attaches to the Young loan.
They contended also that Great Britain ought to
absorb more German goods in order to make the
transfers feasible, but these arguments are not believed to have impressed the British authorities.
The latter were reported to be willing to consider a
reduction of the interest on the loans, but not to
forego payments altogether. The German delegation was reported, Thursday, as advising Berlin that
fresh instructions were necessary if the conference
is to succeed and the establishment of the exchange
clearing house in London averted.
The measure providing authority for the exchange
clearing system in London was passed by the House
of Commons on Monday and by the House of Lords
on Thursday, so that legal authority now exists for
the unusual step threatened by the British Government. The bill named no government, and there was
a good deal of grumbling in the House over the apparently unlimited authority conferred on the National Cabinet to deal with this or any similar situation. Even if the dispute with Germany is adjusted,
the bill will stay on the statute book as a powerful
weapon that could be invoked at any time, it was
pointed out. The measure, nevertheless, was passed
without a record vote, and the Lords rushed it
through without delay. The negotiations in London
are being observed with close interest by representatives of the British Dominions, owing to threats by
Chancellor Hitler and Dr. Hjalmar Schacht, President of the Reichsbank, that the Germans, in turn,
will establish a clearing system applicable to all
parts of the British Empire if the British Govern
June 30 1934
ment makes good its threat. Most of the Dominions
export to Germany much more than they import from
her, and a German clearing system would work hardships upon them.
The French Government appears to be acting more
quietly, but also with determination to protect the
holders within France of the two German Government loans. An announcement in Paris, on June 22,
stated that measures have been drawn which will
permit the Government, in case Germany does not
assure payment in foreign exchange of service on the
Dawes and Young loans, to arrange itself for the
transfer of the necessary sums that the German
Government is paying in marks. These measures
will be put into effect after July 1, if no accord has
been reached by that time, it was indicated. The
precise nature of the French measures has not been
revealed, but Paris reports have suggested surtaxes
on German goods as the probable method. A French
delegation left Paris for Berlin, late last week, to
negotiate a new trade treaty with the Reich and to
discuss the services on the two German Government
loans. On the outcome of the Berlin talks between
the French and Germans will depend whatever action
the French authorities have in mind. Gold and gold
exchange losses of the Reichsbank are continuing,
meanwhile, and the latest statement shows a note
cover of only 2.3%. Foreign exchange restrictions
within the Reich were tightened again last week.
Naval Armaments
AVAL armaments are in the forefront of discussion at the present time in the leading capitals of the world, with the insoluble land armaments
problem of Europe relegated to the background for
the time being. Norman H.Davis,the United States
Ambassador-at-Large and expert on armaments matters, continued his negotiations in London early this
week which are designed to smooth the way for the
naval conference of 1935. Some concern was occasioned in London by the revelation that the British
Government desires an increase in some types of
vessels over the tonnages set by the Washington and
London treaties, and it was agreed early this week
that further statements on the negotiations would
be by joint communication. Mr.Davis went to Paris,
Thursday,to confer with French authorities on naval
armaments, and this is believed to indicate that the
discussions have entered a new phase, possibly involving the British standard of a fleet equal to any
two Continental European fleets. Before he left
London, Mr. Davis conferred at length with the
Japanese Ambassador to London, Tsuneo Matsudaira. Recent reports from Tokio have indicated
that the Japanese were willing to consider a nonaggression pact with the United States in the PaCific
area, but Washington dispatches state that the
United States would not be interested in any such
accord. There have been suggestions that in view
of the naval armaments difficulties now looming,
present tonnage limitations might be extended to
1940 and the world conference held in that year
rather than in 1935. Tokio reports state, however,
that Japan would not countenance any such arrangement and would prefer to denounce the existing
treaties.
International Labor Office
EMBERSHIP of the United States in the International Labor Office, which is one of the
projects of the League of Nations, has been assured
N
M
Volume 138
Financial Chronicle
by the vote of Congress on June 16 and an invitation
for American participation extended by the Labor
Organization itself in the final sessions of a conference at Geneva late last week. This branch of
the League is autonomous and it has for its aim the
improvement of living and working standards
through higher wages and shorter working hours.
Congress granted the President authority, on
June 16, to enter the International Labor Office, but
it was stipulated in the approving resolution that
the United States shall not, by membership, assume
any obligations under the Covenant of the League
of Nations. The International Labor Conference
followed this, on June 22, by an invitation to the
United States to participate in all functions of the
Office. This entails the appointment of three delegates to represent the United States Government,
American employers and American workers. Acceptance by the United States of the invitation is
anticipated before the next conference, in 1935, and
it will automatically make the United States a member. There was a deplorable tendency in Geneva,
and also in some Washington circles, to regard these
developments as another long step by the United
States toward full membership in the League of Nations. It may be pointed out, however, that although membership in the League makes membership
in the Internatitonal Labor Office mandatory for
any nation, the converse is not true. Germany and
Japan are continuing their co-operation with the
International Labor Office, notwithstanding their
withdrawals from the League, and it is to be hoped
that the incessant propaganda for American entry
into the League will not cause doubts to arise in any
country regarding the American policy of complete
abstention from all the political activities of that
body.
German Fascism
VIDENCE has accumulated in recent weeks to
show that the German Fascist revolution at
length is reaching the stage where powerful voices
are being raised in behalf of moderate and conservative policies. Most of the evidence is furnished by
Vice-Chancellor Franz von Papen, who delivered an
exceedingly interesting speech at the University of
Marburg, on June 17, which was "suppressed," so
far as publication within Germany is concerned, by
Dr. Paul Joseph Goebbels, the Nazi Minister of Enlightenment and Propaganda. The full text of this
address, made available in last Sunday's New York
"Times," reveals that the Vice-Chancellor questioned
some of the policies followed by Chancellor Adolf
Hitler and his more youthful and headstrong followers, although full approval was expressed of the
main outlines of recent German history. It is hardly
to be doubted that the declaration by the Vice-Chancellor precipitated something of a crisis in the German Cabinet, and beneficial changes may well be
anticipated. But the numberless confident predictions now being made that the Nazi regime in Germany soon will fall appear to be little more than a
species of wish-fulfilment, reminiscent of the similar
predictions some years ago with respect to Fascism
in Italy and Communism in Russia.
In his address before the students at Marburg,
Vice-Chancellor von Papen argued forcefully for a
restoration of that freedom of speech and criticism
which Chancellor Hitler considered it necessary to
suppress early last year. Open, manly discussions
E
4345
would be of more service to the German people than
the present state of the German press, the ViceChancellor declared. "It should, indeed, be a true
service for the press to inform the Government where
defects have crept in, where corruption is breeding,
where grave mistakes have been made, where unfit
men are holding office, where sins are being committed against the spirit of the German revolution,"
Colonel von Papen added. He expressed resentment
against the "mysterious obscurity which at present
seems to overspread German popular opinion," and
declared that it is time for the statesman to call a
spade a spade. Dilating upon the dangers of "reaction to coercion," he remarked: "It is a wholly
reprehensible notion that a people could be united
through terrorism." He scored, also, the "propaganda movement against so-called critics," and held
that the German people "must not be kept everlastingly in leading strings."
The Cabinet dispute necessarily occasioned by
Colonel von Papen's remarks was promptly indicated
by the order for suppression of the speech issued by
Dr. Goebbels. President Paul von Hindenburg, however, is said to have indicated his full support of the
Vice-Chancellor in a telegram of congratulations.
Chancellor Hitler, according to some reports, expressed approval of the tenor of the address, but
urged that the remarks should have been made in a
Cabinet session rather than in a public address. It
is interesting to note that von Hindenburg and von
Papen are representatives of the old landed aristocracy in Germany, and as such doubtless have monarchist leanings, while Chancellor Hitler was aided
originally in his advance to the Chancellorship by
the industrial leaders of the Ruhr and Rhine valleys.
A basic conflict between these interests for the leadership of present-day Germany is not inconceivable,
and important changes might result from any such
discord. Whatever the genuine significance of the
developments, it is heartening to find Germans in
the highest places finally speaking out against the
harsh and rigorous methods of Hitler and his more
radical and irresponsible followers.
Canadian Monetary Policy
HAT sound monetary ideas still prevail in some
parts of the world was demonstrated during
a debate in the Canadian House of Commons, Monday, on the project for establishing a Canadian central or reserve bank, as recommended recently by a
commission headed by Lord Macmillan. Members
of the House from the Western Provinces urged that
the bank be placed on a "managed" gold basis, instead of the traditional automatic one of gold exports or iniports at the lower or upper gold points
in foreign exchange quotations. By a "managed"
gold basis, the members explained, they meant that
it should be left to the bank to buy or sell gold at
whatever price it considered expedient. The Ottawa
Government rejected this proposal, however, and it
thus appears that the Canadian bank will operate
on orthodox lines so far as gold is concerned. Prime
Minister Richard B. Bennett intimated, on the other
hand, that the relation of the Canadian dollar to
gold is not likely to be fixed definitely until monetary stability is achieved in the United States and
Great Britain. He held it "unlikely that until other
nations of the world take a forward step Canada can
do other than it does now." In the course of the
debate at Ottawa a proposal was made for Canada
T
4346
Financial Chronicle
to engage in a large-scale silver-buying policy, such
as is envisioned by the United States Government,
but an amendment requiring the Canadian central
bank to purchase large amounts of the white metal
was defeated. A clause stating that the institution
"never" will be required to purchase more silver than
the 1,681,000 ounces which Canada agreed at the
London Monetary Conference to take off the market
annually for four years was retained.
Discount Rates of Foreign Central Banks
HE Austrian official discount rate was reduced
on Wednesday (June 27) M of 1% to 43/270,
the 5% rate having been in effect since March 23
1933, when it was reduced from 6%. Present rates
at the leading centers are shown in the table which
follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Wheat Conference
INTERNATIONAL efforts to control wheat exports
and, through them, the production of this cereal,
have been jeopardized seriously by Argentine exports
far in excess of the quota for that country stipulated
at the World Wheat Conference in London, last
August. The International Wheat Commission set
up by the conference decided last Monday to postpone indefinitely the sessions at London in which
problems relating to the grain were discussed. In
some quarters this action was interpreted as virtual ending the life of the Commission. It may also
mean the end of another grand attempt to control
the production and the price of a world commodity.
There have been many such attempts in recent years,
and in view of the experiments now in progress in
this country, it is timely to point out that they have
invariably failed where production and price control
of any important agricultural product was concerned, although varying degrees of success have
been achieved with mineral and manufactured products. Agricultural control appears to be difficult
partly because of the weather and partly because
regimentation is not easy to achieve where millions
of small farmers are concerned.
Argentina began to make demands several months
ago for an increase in her export quota of 110,000,000
bushels for the year ending July 31 1934, and the
International Wheat Commission struggled unremittingly with the problem thus presented. More
exports were demanded as the result of an unexpectedly large crop in the Argentine. Drouth in
various parts of the Northern Hemisphere drove
the price of wheat up at the same time, and the
stimulus for Argentine exports thus occasioned
proved irresistible. In an attempt to save the wheat
agreement of last August, exporting countries
afflicted by drouth suggested a "loan" to Argentina
of 40,000,000 bushels of their own quotas for the
period, but the Argentine authorities never replied
to this proposal. Available statistics showed that
by the beginning of this week Argentina already had
exported 125,000,000 bushels, with scores of ships
chartered for further grain shipments from Buenos
Aires. In view of this development members of the
International Wheat Commission abandoned their
sessions, and the whole project of world wheat control now is shrouded in uncertainty.
June 30 1934
Austria__
Belgium _ _ Bulgaria__
Chile
Colombia _ _
Czechoslo7akia__
Danzig_ ___
Denmark_ _
England _ __
Estonia__
Finland__
France. _ _ _
Germany. _
Greece
Holland _ _ _
Rate in
Date
Effect
June29 Established.
Prevtous
Rate.
44
3
7
44
4
June 27 1934
Apr. 25 1934
Jan. 3 1934
Aug. 23 1932
July 18 1933
5
34
8
54
5
34
4
24
2
54
44
234
4
7
214
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
May 31 1934
Sept.30 1932
Oct. 13 1933
Sent. 18 1933
44
5
3
234
64
5
3
5
734
3
Country.
Rate in
Effect
Date
June29 Established,
Pre'
Mous
Rate.
Hungary__ 44 Oct. 17 1932 5
India
34 Feb. 16 1933 4
Ireland_... 3
June 30 1932 34
Italy
3
Dec. 11 1933 354
Japan
3.65 July 3 1933 4.38
Java
44 Aug. 16 1933 6
Lithuania
6
Jan. 2 1934 7
Norway... _ 334 May 23 1933 4
Poland_ __ _ 6
Oct. 25 1933 6
Portugal _ _
534 Dec. 8 1933 6
Rumania _ _ 6
Apr. 7 1933 6
South Africa 4
Feb. 21 1933 7
Spain
6
Oct. 22 1932 54
Sweden
234 Dec. 1 1933 3
Switzerland 2
Jan. 22 1931
%
Bank of England Statement
HE statement of the Bank of England for the
week ended June 27 shows a loss of £5,783 in
gold holdings, leaving the total at £192,143,913, as
compared with £190,584,121 a year ago. The loss of
gold together with an expansion of £4,312,000 ill
circulation resulted in a reduction of £4,318,000 in
reserves. Public deposits decreased £4,129,000 and
other deposits £2,428,094. The latter consists of
bankers' accounts which fell off £3,244,915 and other
accounts which rose £816,821. Proportion of reserve
to liabilities dropped to 46.82% from 47.61% a week
ago; a year ago the ratio was 46.76%. Loans on
Government securities fell off £87,000 and those on
other securities £2,097,477. Other securities include
discounts and advances which increased £202,594
and securities which decreased £2,300,071. The discount rate did not change from 2%. Below are the
different items shown with comparisons of previous
years:
T
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
June 27
1934.
June 28
1933.
June 9
1932.
July 1
1931.
July 3
1930.
£
£
£
MI.
E
Circulation
381,690.000 375,124.634 363,083,121 357,429,453 363,583,008
Public deposits
17,630,000 14,061.645 17,982,394 11,490,117 11,670,59k
132.826,197 147,285,248 121,301,611 133,493,071 122,367,940
Other deposits
Bankers' accounts, 96,309,104 105,120.626 86,565,354 99,401,807 84,308,248
Other accounts_ _ _ 36.517,093 42,164,622 34,738,257 34,091,264 38,062,694
Govt. securities
81,006.318 75,373,033 67,169,656 32,930,906 49,075,547
Other securities
16,983.605 28,509.132 41.241,181
DIsct. & advances_ 6,079,604 16,642,593 14,889,401 63,065,472 49,324,739
34,319,300 29,918,820
Securities
10,904,001 11,866,539 26,351,780 28,746,172 10,407,91e
Reserve notes & coin 70,454.000 75,459.487 48,870,458 66,991.655
Coin and bullion_ _ _ _ 192,143,913 190,584,121 136,953,579 164,421,108 53,645,000
157,228,008
Proportion of reserve
46.82%
to liabilities
46.76%
35.08%
46.20%
40.02
Bank rate
2%
2%
2%
Bank of France Statement
HE weekly statement of the Bank of France,
dated June 22, records a further gain in gold
holdings, the current advance being 271,114,044
francs. Gold holdings now total 79,200,553,976
francs, in comparison with 81,244,456,536 francs 11
year ago and 82,099,633,210 francs two years ago.
Credit balances abroad, French commercial bills
discounted and creditor current accounts register inForeign Money Rates
creases of 4,000,000 francs, 500,000,000 francs and
TN LONDON open market discounts for short bills 846,000,000 francs respectively. The proportion of
1 on Friday were %@l5-16%, as against 7 et, gold on hand to sight liabilities is 79.55%, unchanged
A
15-16% on Friday of last week, and 15-16% for three from a week ago and comparing with 78.06% a year
months'bills,as against 15-16% on Friday of last week. ago and 74.90% the year before. Notes in circulaMoney on call in London yesterday was A
l%. At tion show a decline of 244,000,000 francs, bringing
open market rate was reduced on June 25 the total of notes outstanding down to 79,968,402,045
Paris the
.
A
from 25 % to 23-4 % while in Switzerland the rate francs. Circulation a year ago was 82,590,987,235
francs and the year before 80,667,455,805 francs. A
remains at 13/2%.
T
Financial Chronicle
Volume 138
4347
decrease appears in bills brought abroad of 10,New York Money Rates
000,000 francs and in advances of 42,000,000 francs.
EALING in detail with call loan rates on the
A comparison of the different items for three years
Stock Exchange from day to day, 1% remained
is shown below:
the ruling quotation all through the week for both
BANK OF FRANCE'S COMPARATIVE STATEMENT.
new loans and renewals. The market for time money
Changes
has continued in the doldrums this week, no transacfor Week.
June 22 1934. June 23 1933. June 24 1932.
tions having been reported. Rates are nominal at
Francs.
Francs.
Francs.
Francs.
Gold holdings
+271,114,044 79,200,553,976 81,244,456,536 82,099,633,210
V
i@l% for two to five months, and 1@1Y % for six
.
4
Credit bale. abroad.
+4,000,000
18,110,846 2,535,766,308 4,289,844,905
a French commercial
months. The market for prime commercial paper
bills discounted._ +500.000,000 4,301,209,931 3,419,939.042 3,929,245,989
b Bills bought abr'd
—10,000,000 1,113,247,218 1,404,168,232 2,042,533,909
has been very active this week due to an increased
Adv. against securs_
—42,000,000 3,068,001,948 2,667,330,908 2,714,806,285
Note circulation
—244,000,000 79,968,402,045 82,590,987.235 80,667,455,805
supply of paper. Rates are 4% for extra choice
3
Credit current accts. +846,000,000 19,847,458,162 21,489,965,183 27,501,875,938
proport'n of gold on
hand to sight liab _
4
No chance
names running from four to six months and 1@11 %
708.88s.
7S0680.
7490°7.
a Includes bills purchased in France. b Includes bills discounted abroad.
for names less known.
Bank of Germany Statement
Bankers' Acceptances
HE Bank of Germany in its statement for the
HE demand for prime bankers' acceptances has
third quarter of June reveals a further loss in
shown some improvement this week. More
gold and bullion, the current decrease being 21,bills were offered and the market at times was fairly
839,000 marks. The Bank's gold holdings are now
brisk. Rates are unchanged. Quotations of the
down to 72,487,000 marks, in comparison with
American Acceptance Council for bills up to and
222,661,000 marks a year ago and 823,388,000 marks
including 90 days are Y
i% bid and 3-16% asked;
the year before. Reserve in foreign currency, bills
for four months, %% bid and Y asked; for five
t%
of exchange and checks and other liabilities register
and six months, M% bid and %% asked. The bill
decreases of 2,237,000 marks, 98,907,000 marks, and buying rate of the New
York Reserve Bank is M%
4,854,000 marks, respectively. The proportion of for bills running from 1 to 90
days, and proportiongold and foreign currency to note circulation is now ately higher for longer maturities. The
Federal
at a new low level of 2.3%, which compares with Reserve banks' holdings of
acceptances increased
9.0% last year and 25.9% the previous year. Notes during the week from $5,200,000 to $5,215,000.
in circulation show a contraction of 87,683,000 marks, Their holdings of acceptances
for foreign correbringing the total of the item down to 3,397,778,000 spondents however
decreased from $1,957,000 to
marks. Circulation last year aggregated 3,199,811,- $1,740,000. Open market
rates for acceptances are
000 marks and the previous years 3,716,917,000 nominal in so far as the
dealers are concerned, as
marks. An increase is recorded in silver and other they continue to
fix their own rates. The nominal
coin of 33,521,000 marks, in notes on other German rates for
open market acceptances are as follows:
banks of 1,960,000 marks, in advances of 1,479,000
SPOT DELIVERY.
marks, in investments of 17,290,000 marks, in other
—180 Days— —150 Days— —120 Days
-Bid.
Asked.
Bid.
Asked. Bid.
Asked.
assets of 10,042,000 marks, and in other daily Prime eligible bills
—90 Days— —60 Days— —30 Days—
maturing obligations of 33,846,000 marks. Below
Bid. Asked.
Bid.
Asked.
Bid. Asked.
Prime eligible bills
14
*is
we furnish the different figures with comparisons for
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
three years:
bld
Eligible non-member banks
D
T
T
SIS
X
% bid
REICHRBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Assets—
Gold and bullion
Of which depos. abroad
Reserve in foreign curr.
Bills of exch. and checks
Silver and other coin_ _
.
Notes on other Ger. bks
Advances
Investments
Other assets
Liabilities—
Notes In circulation
Other daily matur. oblIg
Other liabilities
propor. of gold dc torn
curr. to note circurn
June 23 1934 June 23 1933. June 23 1932
Retchsmarks. Reichsmarks. Bricksmarks. Reichsmarks.
72,487.000 222,661,000 823,388,000
—21,839,000
No change
33,195,000
30,012,000
90,368,000
4,005,000
—2,237,000
81,052,000 137,978,000
—98,907,000 2,982,352,000 2,977,264,000 2,869,998,000
+33,521,000 284,124,000 336,173,000 311,047,000
14,916,000
+1.960,000
14,262,000
11,727,000
80.701,000
+1,479,000
69,834,000 102,481,000
+17,290,000 669.394.000 320,190,000 354,431,000
+10.042,000 565,479,000 405,391,000 765,523,000
—87,683,000 3,397,778,000 3,199,811,000 3,716,917,000
+33,846,000 512,094,000 427,711,000 400,341,000
—4,854,000 140,789,000 176,154,000 711.889,000
_.0 ft.”.
2 3,-
a (10,
T
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
Federal Reserve Rank.
0e 00s
New York Money Market
ONEY market dealings were quiet this week in
New York, with rates unchanged in all departments. Returns afforded by the current level of
quotations are so meager that further reductions
appear unlikely, even though the pressure of funds for
employment continues to grow. The Treasury sold
on Monday an issue of $75,000,000 discount bills
due in 182 days, at an average discount of only
0.07%• Call loans on the New York Stock Exchange
were 1% for all transactions, whether renewals or
new loans. In the outside market call loans were not
available at a concession Monday, but transactions
l%
were reported at Y on all subsequent days of the
week. Time loans were unchanged at the range of
Brokers' loans against stock and bond
collateral declined $23,000,000 in the week to Wednesday night, to a total of $1,017,000,000, the Federal
Reserve Bank of New York reported.
M
Discount Rates of the Federal Reserve Banks
HERE have been no changes this week in the
rediscount rates of the Federal Reserve banks.
The following is the schedule of rates now in effect
for the various classes of paper at the different
Reserve banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in
Eflea on
June 29.
2
111
214
2
3
3
234
SH
3
3
3
2
Dale
Established.
Feb. 8 1934
Feb. 2 1934
Nov. 16 1933
Feb. 3 1934
Feb. 9 1934
Feb. 10 1934
Oct. 21 1933
Feb. 8 1934
Mar. 16 1934
Feb. 9 1934
Feb. 8 1934
Feb. 16 1934
•
Previous
Rate.
254
2
3
214
334
334
3
3
344
334
334
214
Course of Sterling Exchange
TERLING exchange is dull, but quotations this
week have been highly erratic. In Tuesday's
market owing chiefly to transactions on the other
side, sterling dropped against French francs to the
lowest quotation in history of the present franc, when
the London check rate on Paris dropped to 76.24
francs to the pound. The old gold parity was 124.21
francs to the pound. At the same time the rate for
sterling in New York dropped to $5.027 . On Thurs4
day in listless markets here and abroad sterling
jumped to 76.75 francs to the pound (the London
check rate on Paris) and was quoted as high as $5.06%
S
4348
.
Financial Chronicle
in New York. The range this week has been between $5.0234 and $5.065 for bankers' sight bills,
4
compared with a range of between $5.03% and
$5.053i. last week. The range for cable transfers
has been between $5.02% and $5.0634, compared with
A
a range of between $5.033/ and $5.053 a week ago.
The following tables give the mean London check
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
United States:
MEAN LONDON CHECKRATE ON PARIS.
76.375 i Wednesday, June 27
Saturday, June 23
76.322 I Thursday, June 28
Monday, June 25
June 29
76.277 I Friday,
Tuesday, June 26
76.47
76.606
76.625
LONDON OPEN MARKET GOLD PRICE
I Wednesday,June 27._ _138s. 1)id.
138s. Id.
Saturday, June 23
Thursday, June 28_ _ _137s. 8d.
138s. id.
Monday, June 25
June 29_ _ _137s. 5d.
138s. 230. Friday,
Tuesday, June 26
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK).
35.00
35.00 I Wednesday,June 27
Saturday, June 23
35.00
Thursday, June 28
35.00
Monday, June 25
35.00
Friday,
June 29
35.00
26
Tuesday, June
The market is at a loss to account either for the
extreme ease in sterling in the early part of the week
or for the advance on Thursday. The market was
apparently influenced more by rumors than by volume
of transactions. The extreme weakness of sterling
on Tuesday was not so surprising as the sharp upswing on Thursday, as for more than a month the
pound has been steadily receding in terms of francs,
or gold. Apparently for the past few months the
British authorities have been content to see sterling
drop in terms of francs and of dollars also, and according to well informed sources the British Exchange Equalization Fund intervened in the market
only rarely during the past two months and then
only in order to prevent too sharp a decline from day
to day, but apparently made no effort to firm up
the pound against francs, or gold. This pressure
against sterling originated largely, if not entieely,
in the return of confidence in the French franc, which
caused the withdrawal of Continental funds and gold
from London and their consequent re-employment in
France, together with an extraordinary increase in
the gold holdings of the Bank of France. This outward flow of funds from London, causing pressure
on sterling, was accelerated by the absence of opportunity for their profitable employment in London. They had been accumulating since early in
February and had sought London simply for security. The British authorities have been opposed
to foreign loans and credits ever since the abandonment of gold by Great Britain in September 1931, so
that unusable funds are glutting the London market.
It is believed that these Continental withdrawals
have now practically ceased and that neither France
nor any other European nation has much more
money on deposit in London than necessary to meet
actual business requirements.
The apparent recovery in sterling this week is due
to several causes influencing the psychology of the
market rather than to any inherent ease in other
currencies. The critical situation in Germany has,
of course, aroused nervousness abroad and tended to
send money to London for safety. Furthermore,
while the French situation continues to show improvement, opinion abroad is disturbed by such utterances
as those of M. Paul Reynaud, ex-finance minister
of France, before the Chamber of Deputies on Thursday declaring flatly that the aim of a monetary policy
should be a monetary unit with constant purchasing
power, and not one whose purchasing power increases.
June 30 1934
Such declarations revealing the existence of a tendency, in France, to entertain the idea of devaluation
sets up a speculative tendency favorable to sterling
and adverse to other currencies. The same idea
applies to monetary rumors originating here regarding
the possibility of further devaluation or inflation of
the dollar. At present the market is tormented by
the recurrence of rumors of gold price change on
this side. There is persistent talk that the price will
soon be raised from the present $35 per ounce.
Whenever this or other similar rumors appear, they
lead invariably to covering demand for sterling. Such
may have been the case on ThursdaY. The upswing
in the silver market and reports of heavy buying of
silver for official American account in the London
open market tend to create firmness in the pound.
The German situation, together with the evident
recurrence of political unrest in France, has again
stimulated some hoarding of gold, which takes the
form of purchases in the London open market.
These gold purchases are left for the most part on
deposit in the vaults of the large London banks.
Money rates in Lombard Street continue unchanged.
3
Call money against bills is in supply at 4%. Twomonths' bills are 7 % to 15-16%, three-months'
A
bills 15-16%, four-months' bills 1% and six-months'
bills 1%.
All the gold taken in the London open market this
week was taken for "unknown" destinations. It is
the general opinion of foreign exchange traders that
this gold has been taken for hoarding purposes and
generally left on deposit in London. On Saturday
last £36,000, on Monday 087,000 (part of which
came from Germany, on Tuesday £586,000, on
Wednesday £200,000, on Thursday £157,000 and
on Friday £239,000 of gold available in the London
open market were taken for unknown destination.
The Bank of England statement for the week ended
June 27 shows a decrease in gold holdings of £5,783.
The total now stands at £192,143,913, which compares with £190,584,121 on June 28 1933 and with
the minimum of £150,000,000 recommended by the
Cunliffe Committee. At the Port of New York,
the gold movement for the week ended June 27, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $6,237,000 of which $3,241,000
came from England, $1,688,000 from Canada and
$1,308,000 from India. There were no gold exports.
The reserve Bank reported a decrease of $517,000
in gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended June 27,as reported by the Federal
Reserve Bank of New York, was follows:
GOLD MOVEMENT AT NEW YORK, JUNE 21—JUNE 27, INCL.
Imports.
Exports.
$3,241,000 from England
1,688,000 from Canada
None.
1,308,000 from India
$6,237,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $517,000.
We have been notified that approximately $861,000 of gold was received
from China at San Francisco.
The above figures are for the week ended Wednesday evening. On Thursday, $1,687,800 of gold was
received from Canada. There were no exports of
gold or change in gold held earmarked for foreign
account. On Friday $828,600 of gold was received
from England; there were no exports of gold but
gold held earmarked for foreign account decreased
$250,800. On Friday $244,000 of gold was received
at San Francisco from China.
Volume 138
Canadian exchange continues firm in terms of the
dollar. Premier Bennett in speaking on the Canadian
central bank bill on Monday stated that Canada is
not on the gold standard. "It will not be on the
gold standard" he said, "until other countries have
taken appropriate action in the same sense. The
pirce of gold is fixed by statute at $20.67 until Parliament changes it. There is no chance of any country
or syndicate accumulating notes of the central bank
and taking away the gold reserve until such time as
the nations of the earth have arrived at some understanding with respect to the stability of exchange"
On Saturday last Montreal funds were at a premium
of 29-32% to 131%,on Monday at from 1% to 13/s%,
on Tuesday at from 15-16% to 1 3-32%, on Wednesday at 13/%, on Thursday at 13/8%, and on Friday
at 1@1%%.
Referring to day to day rates, sterling exchange on
Saturday last was dull but steady. Bankers' sight
was $5.039/@$5.035 8; cable transfers $5.033/
/
2
@
8
$5.033 . On Monday exchange was dull and softer.
4
The range was $5.03@$5.033 for bankers' sight and
A
$5.033/@$5.033/ for cable transfers. On Tuesday
8
sterling opened off but firmed up toward the close.
Bankers' sight was $5.02%@$5.03; cable transfers
$5.02%@$5.03%. On Wednesday London was noticably firmer. The range was $5.04@$5.053 for
bankers' sight and $5.04%@$5.053 for cable transA
fers. On Thursday sterling was strong. The range
was $5.053/@$5.06% for bankers' sight and $5.053'
8
4
@$5.063 for cable transfers. On Friday sterling
4
was lower, the range was $5.04%@$5.06 for bankers'
right and $5.05@$5.063/ for cable transfers. Closs
ing quotations on Friday were $5.05 for demand and
35.053/ for cable transfers. Commercial sight bills
finished at $5.04%;60-day bills at $5.04; 90-day bills
at $5.03%; documents for payment (60 days) at
$5.04, and seven-day grain bills at $5.04 13-16
Cotton and grain for payment closed at $5.04%.
Continental and Other Foreign Exchanges
XCHANGE on the Continental countries shows
no new trends from those of recent weeks.
The German mark occupies the center of interest
because of the moratoria which go into effect July 1.
Strange though it may seem, the so-called free marks
continue firm in terms of the dollar and of all other
currencies. The Reichsbank itself sets the price of
the free mark. This is•the mark generally quoted in
the foreign exchange columns of the press, the par
of which in terms of the new dollar is 40.33. These
are the marks that are paid for imports and part of
which have hitherto been raised for foreign debt
service, and are supposed to have their full gold value.
That is, the Reichsbank exports gold to insure the
legal value of one pound of fine gold equaling 1,932
marks, as prescribed by . the Bank Law of 1924.
There are not less than five other forms of mark
exchange, devious devices which are used for a great
many other purposes and hide the fact that the mark
has been depreciated ever since the banking crisis
of 1931. These various forms of "blocked marks"
are reported to be generally firmer in tone as the
moratoria are expected to ease the pressure on the
Reichsbank. Surely the mark can no longer be
considered as a gold currency in face of the current
statement of the Reichsbank for the quarter ended
June 23. There is a further decrease in gold coin
and bullion of 21,839,000 reichsmarks, making the
total gold holdings only 72,487,000 reichsmarks,
E
4349
Financial Chronicle
and bringing the ratio of reserves against outstanding
notes to 2.3%. A year ago the Reichsbank's gold
reserves were 222,661,000 reichsmarks and for the
corresponding period in 1932, 823,388,000 reichsmarks. The Reichsbank's gold holdings have
decreased 316,703,000 reichsmarks since Jan. 6.
The present figure is lower than any reached since
the war. The German financial situation is in every
respect extremely critical. For all practical purposes
Germany's gold coverage is now non-existent. The
growing shortage of raw materials threatens to curtail
many industries, which in turn contains a menace
of reduced employment. Information from reliable
sources indicates that the German people are profoundly concerned over the situation and are stocking
up on household goods and other requirements.
Many governmental warnings against such "sabotage" go unheeded.
French francs continue to hold the leading position
in foreign exchange despite the fact that there is some
recurrence of political unrest, and although Paris is
quiet serious riots continue to take place in some of
the large towns. There is renewed talk of devaluation and managed currency in the Chamber of Deputies and there have been some indications that the
Government has been obliged to effect compromises
with its opponents on fiscal bill amendments. In
Paris it is hoped that the fiscal reform bill will have
a speedy passage, followed by the termination of the
parliamentary session and cessation of political agitation during the summer. The Bank of France
statement for the week ended June 22 shows a further
increase of fr. 271,114,044 in gold holdings, bringing
the total to fr. 79,200,553,976. This makes the
sixteenth successive weekly increase in the bank's
gold holdings, bringing the aggregate increase for
the period to fr. 5,272,354,530. The bank's ratio
continues unchanged from last week at 79.55%,
which compares with 78.06% a year ago and with
legal requirement of 35%.
Italian lire are steady and the Italian position has
improved greatly in terms of Continental currencies
in the last two weeks. The market in lire is believed
to be thin in nearly all centers. Rome dispatches
say that no exaggerated importance should be attached to passing weaknesses of the lire, for the technical position of the currency remains sound and the
Italian authorities are in a good position to maintain
the lira at its stabilized rate. According to dispatches from Rome, Italy will be able to adhere to
gold as long as the French franc remains on the gold
basis. According to the Italian authorities the lira
is now sufficiently protected by recent exchange
restrictions aimed at preventing speculation in lire
and outflow of capital.
Austrian exchange is one of the minor units, but
interest attaches to exchange on Vienna at present
owing to a reduction in the Austrian bank rate by
M% to 432%, effective June 28. The Austrian
rate had been at 5% since March 23 1933.
The following table shows the relation of the leading currencies still on gold to the United States dollar:
France (franc)
Belgium (belga)_
Italy (Lira)
Germany (mark)
Switzerland (franc)
Holland (guilder)
Old Dollar New Dollar
Parity.
Parity.
3.92
6.63
13.90
23.54
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range
This Week.
6.59% to 6.60%
23.35 to 23.39
8.52% to 8.56.(
38.19 to 39.46
32.49 to 32.58
67.77 to 67.94
The London check rate on.Paris closed on Friday
at 76.60, against 76.35 on Friday of last week. In
4350
• Financial Chronicle
June 30 1934
New York sight bills on the French center finished Friday of last week; cable transfers at 34, against
on Friday at 6.59%, against 6.59% on Friday of last 339. Brazilian milreis are nominally quoted 8.44
week; cable transfers at 6.60, against 6.593 , and for bankers' sight bills and 83 for cable transfers,
%
Chilean exchange is nominally
commercial sight bills at 6.573.1, against 6.57. against 8.40 and
Antwerp belgas closed at 23.37 for bankers' sight quoted 103., against 103. Peru is nominal at 23.00,
bills and at 23.38 for cable transfers, against 23.35 against 23.15.
and 23.36. Final quotations for Berlin marks were
XCHANGE on the Far Eastern countries follows
38.71 for bankers' sight bills and 38.72 for cable
the trends manifest for many months. The
transfers, in comparison with 38.16 and 38.17.
Chinese currencies are generally firmer owing to the
Italian lire closed at 8.543/ for bankers' sight bills
2
improved prices for world-silver. On Thursday silver
and at 8.553/ for cable transfers, against 5.83 and
quoted in London at 209d. per fine ounce, the
5.84. Austrian schillings closed at 18.95, against was
highest since early in October. There has been heavy
18.95; exchange on Czechoslovakia at 4.15%, against
buying of silver in London by Far Eastern interests
2
%
4.153 ; on Bucharest at 1.013/, against 1.01; on
during the past week. Considerable speculative
2
Poland at 18.923/, against 18.90, and on Finland at
buying has taken place in the expectation that the
/, against 2.23. Greek exchange closed at
2.231
0.943/i for cable sterling price will be forced higher by an advance in
A
0.943 for bankers' sight bills and at
New York. In addition to the speculative buying
%
transfers, against 0.943' and 0.943 .
there have been heavy purchases in London by the
bazaars. As silver moves up, the quotations
XCHANGE on the countries neutral during the Indian
Hongkong and Shanghai are strongly inclined to
war while on the whole little changed from the on
past few weeks, are, nevertheless, so far as Swiss advance also, inasmuch as buying or selling exchange
francs and Holland guilders are concerned, slightly on Chinese cities is equivalent to a transaction in
exchange control endeavors
firmer, on average, than last week. The Scandina- silver. The Japanese
to keep the yen in harmony with the movements of
vian currencies move more or less in sympathy with sterling exchange. The Indian rupee moves of
sterling to which these units are attached by,trade course strictly in sympathy with sterling, to which it
ties.
is legally attached at the rate of is. 6d. per rupee.
Closing quotations for yen checks yesterday were
Bankers' sight on Amsterdam finished on Friday
at 67.86, against 67.80 on Friday of last week; cable 29.95, against 29.93 on Friday of last week. Hong
transfers at 67.87, against 67.81, and commercial Kong closed at 38 1-16@38%,against 36%@36 11-16
Shanghai at 34%@34%, against 33%@33.40; Masight bills at 67.83, against 67.77. Swiss francs nila at 49.85, against 49.85; Singapore at 593,
closed at 32.51 for checks and at 32.52 for cable against 59.30; Bombay at 38.05, against 37.93 and
transfers, against 32.49 and 32.50. Copenhagen Calcutta at 38.05, against 37.93.
checks finished at 22.55 and cable transfers at 22.56,
Foreign Exchange Rates
against 22.49 and 22.50. Checks on Sweden closed
to the requirements of Section 522
at 26.04 and cable transfers at 26.05, against 25.96
Tariff Act of 1922, the Federal Reserve
of the
and 25.97; while checks on Norway closed at 25.37
and cable transfers at 25.38, against 25.30 and 25.31. Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
Spanish pesetas closed at 13.67M for bankers' sight different countries of the world. We give below a
bills and at 13.683' for cable transfers, against 13.67 record for the week just passed:
and 13.68.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
E
E
PURSUANT
XCHANGE on the South American countries
presents no new features. All these currencies
continue hampered by the general demoralization of
the entire foreign exchange and trade situation and
by their own exchange control regulations. These
irksome regulations, however, show a tendency to
extend the volume of "free" or "unofficial" available
exchange. The situation is illustrated by extracts
fromaletter of a Montevideo (Uruguay)correspondent
to a London exporter and cabled to the New York
"Tribune": "I have received your samples and price
list, but our customers cannot buy because prompt
payments can only be made with black exchange,
which means an overcharge of 90% on the official
rate of exchange. These exchange troubles make
transactions more difficult every day and business
is almost paralyzed." The Argentine-American
Chamber of Commerce recently forwarded a resolution to the United States Secretary of State urging
that the State Department consider arranging with
the Argentine Government for settlement of American
balances now impounded in Argentina. The nominal
or official rate for the Argentine paper peso continues
-34, but the "unofficial" or "free"
around 3332
market rate this week shows a range of between 24.13
and 24.50.
Argentine paper pesos closed on Friday nominally
at 33% for bankers' sight bills, against 33.60 on
E
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
JUNE 23 TO JUNE 29, 1934 INCLUSIVE.
Country and Mona
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United Stales Money.
June 23. June 25. June 26. June 27. June 28. June 29.
EUROPE$
1
$
$
.188658* .188708* .188708* .188658* .188725* .188741*
Austria,whining
.233480 .233450 .233523 .233615 .233676 .233669
Belgium, belga
012500° .012500* .012500* .012500* .012500* .012500*
Bulgaria, ley
Czechoslovakia. krone .041512 .041512 .041518 .041521 .041546 .041540
224800 .224725 .224475 .225008 .225550 .225627
Denmark, krone
England, pound
sterling
5 034750 5.030541 5.028166 5.040583 5.052500 5.052500
022229 .022240 .022254 .022265 .022295 .022315
Finland, markka
065940 .065935 .065935 .065946 .065963 .065994
France, franc
Germany, reichsmark 381835 .381828 .383284 .392850 .392369 .386383
.009442 .009443 .009452 .009456
009446 .00
Greece, drachma
677742 .677864 .678278 .678692 .678642 .678471
Holland, guilder
297133* .297133* .297066* .297133* .297133* .297333*
Hungary. Deng°
.085220 .085341 .085313 .085428 .085486 .085546
Italy. lira
.252858 .252758 .252490 .253183 .253783 .253858
Norway, krone
.188675 .188733 .188925 .188800 .188826 .188966
Poland, zloty
.046135 .046090 .046115 .046125 .04(3230 .046240
Portugal. escudo
.010018 .010043 .010018 .010043 .010043 .010031
Rumania,leu
.136692 .136653 .136671 .136703 .136735 .136782
Spain. peseta
.259518 .259383 .259166 .259800 .260376 .260525
Sweden,krona
Switzerland, franc__ .324864 .324914 .325189 .325221 .325303 .325225
Yugoslavia, dinar__ .022656 .022700 .022708 .022708 .022706 .022700
ASIAChinaChefoo (yuan) dol'r .332916 .336666 .335416 .338333 .341250 .340000
Hankow(yuan)dol'r .332916 .336666 .335416 .338333 .341250 .340000
Shanghia(yuan)dar .333125 .336093 .334375 .338593 .340781 .339687
Tientsin(yuan)don: .332916 .336666 .335416 .338333 .341250 .340000
Hongkong, dollar_ _ .368593 .370625 .370000 .371875 .375625 .375312
.378375 .378200 .377540 .378600 .379350 .378312
India, rupee
.298355 .298125 .298000 .298125 .298510 .298740
Japan. yen
Singapore (S. S.) dol'r .590000 .590000 .588750 .590000 .592125 .592500
AUSTRALASIA- 1
4.011562* 4.008750'4.0i0312'4.017187*4.027187*4.026250*
Australia, pound
New Zealand, poun(L 4.023125°4.020312°4.021875* 4.028750*4.039062* 4.037812*
AFRICA
South Africa, pound_ _4.977250*4.074500*4.972500*4.981500*4.995750*4.990750*
NORTH AMER.1.009479 1.010572 1.008750 1.011171 1.010989 1.010338
Canada, dollar
Cuba, peso
1 .999687 .999687 .999687 .999550 .999687 .999687
Mexico, peso (sliver).1 .277500 .277500 .277500 .277500 .277500 .27750)
Newfoundland, dollar 1.007750 1.008250 1.006250 1.008625 1.008750 1.007037
SOUTH AMER.Argentina. peso
335725* .335333* .335250• .336025* .336800* .336833*
Brazil, milreis
.084618* .084600° .083900* .083941* .084008* .084075*
Chile, peso
.102025* .101975* .101925* .102625* .102625* .102225*
Uruguay. peso
803666* .801166* .801000* .801000 .800733* .800833*
Colombia, peso
I 581400* .579700 .579700* .578900* .578900* .578900*
•Nonimal rates: firm rates not avallsble.
Financial Chronicle
Volume 138
Gold Bullion in European Banks
HE following table indicates the amount of gold
bullion in the principal European banks as of
June 28 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
Banks of—
1934.
£
192,143,913
633,604.432
1,964,600
90,525,000
72,108,000
68,928,000
76,500,000
61,209,000
15,205,000
7,397,000
6,577,000
1933.
£
190,584,121
649,955,652
8,553,900
90,379,000
72.073,000
67,576,000
76,343,000
66,703,000
12,023,000
7,397,000
6,569.000
1932.
1931.
1930.
£
136,953,579
656,797,065
37,156,700
90,212,000
60,960,000
81,466,000
72,906,000
87,919,000
11,444,000
8,031,000
6,561,000
£
164,421,108
451,404,987
61,149,150
96,985,000
50,489,000
39,873,000
40,947.000
29,411,000
13,270,000
9,551,000
8,132,000
£
157,228,008
312,415,122
123,454,300
98,842.000
56,301,000
25,994,000
34.333,000
23.156,000
13,491,000
9,570,000
8,143,000
Total week_ 1,226,161,945 1,248.156.673 1,250,406,344
Prey. week_ 1.226.720.215 1 252 RR9 Sok 1 959 1275,41
965,633,245
902,927,430
1159 010 91A
mo naA nag
England_ _ _
France a___
Germany b_
Spain
Italy
Neth'Iands_
Nat. Beig'm
Swtiz'land _
Sweden._
Denmark
Norway __ -
a There are the gold ho dings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is £1,659,750,
The Constitution and Public Policy
Under the New Deal
Attorney-General Cummings was quoted last week
by the "Wall Street Journal" as saying that he expected "numerous crucial New Deal tests" to come
up at the next session of the Supreme Court, and
that the Department of Justice was "giving intense
study" to the cases which are multiplying in the
lower courts and are expected to be carried to the
Supreme Court for final decision. A distinction has,
of course, to be drawn between cases which involve
the constitutionality of particular provisions of recent Acts of Congress or of the action of administrative agencies or officers of the Government in interpreting such provisions, and cases in which broad
issues of public policy are also drawn into question,
but the issue of public policy can hardly fail to appear in any controversy in which the constitutional
authority of Congress or the Executive or the constitutional rights of the States as members of the
Union are presented for judicial decision. The claims
of so-called public policy, indeed, have been the keynote of the New Deal, and the lawyers of the "brain
trust" may be expected to do their utmost to convince the courts that the Constitution is flexible
enough to cover with its protection whatever, on the
plea of public interest, they wish the Federal Government to do.
The most important victory thus far scored by
the Government is the decision of Judge Faris, of the
United States District Court for the Eastern District of Missouri, sustaining the constitutionality of
the gold contract provision of the Joint Resolution
of June 5 1933. So much of the Resolution as was
involved in the ca'se provided that "every provision
contained in or made with respect to any obligation
which purports to give the obligee a right to require
payment in gold or a particular kind of coin or
currency, or in an amount in money of the United
States measured thereby, is declared to be against
public policy; and no such provision shall be contained in or made with respect to any obligation
hereafter incurred. Every obligation, heretofore or
hereafter incurred, whether or not any such provision is contained therein or made with respect thereto, shall be discharged upon payment, dollar for
dollar, in any coin or currency which at the time of
payment is legal tender for public and private debts."
The case arose on a petition of the Bankers Trust
Company of New York, as trustee, for an order requiring the payment in present currency of $34,548,000 of gold bonds of the Iron Mountain Railroad,
now a part of the Missouri Pacific System, in an
4351
amount equal to the value of the gold as fixed by law
at the time the bonds were issued.
Judge Faris, in his decision, made much of the
argument that the petition, which would increase
the indebtedness of the railroad to about $58,500,000,
would, if given a general application, "well-nigh
double the sum total of the debts outstanding and
now saddled upon transportation and industry, upon
States and municipal corporations and even upon
many individuals." He conceded that the $11,000,000,000 of "available mined gold" would doubtless
not be called upon to perform the impossible task
of discharging outstanding gold obligations variously estimated at from $90,000,000,000 to $125,000,000,000, since payment "will not contemporaneously
be demanded or exacted," but the argument, he declared, "yet discloses a theoretical and perhaps possible situation which is almost appalling." Summing
up the constitutional argument, Judge Faris held
that Congress alone has "the power to say what shall
be used as money," that no one may rightfully make
a contract "the effect of which is to nullify, obstruct
or circumvent" that power, that "every person who
enters into a contract is in law conclusively deemed
to hold in contemplation the power of the Congress
to alter and change the nature and so-called value"
of the national currency, that "no.law passed by the
Congress can be invalid when it does no more than
to carry out a power vested by the Constitution in
the Congress," and that "subsequent valid laws have
rendered strict performance of the terms of the gold
clause legally impossible."
The effect of .the decision is, of course, to give
judicial approval to an Act of Congress which impairs the obligation of contracts. Such impairment
is, by the Constitution, expressly forbidden in the
case of a State, but no such prohibition is laid upon
the United States. As far at least as the standard
and value of money are concerned, Congress may
break the faith which it has pledged, and impair
private as well as public contracts, whenever in its
discretion "public policy" will be served by so doing, the citizen, meantime, being left with no recourse
since the Government cannot be sued without its
consent.
Judge Faris's decision was handed down on June
20 at St. Louis. The satisfaction with which it was
hailed at Washington was rudely interrupted when,
on Tuesday of this week,Judge Barnes, of the United
States District Court in Illinois, granted an injunction restraining Secretary Wallace, Attorney-General Cummings, Frank le. Baker, Milk Marketing
Administrator, and the United States District Attorney for the District from enforcing a milk-licensing agreement of the Agricultural Adjustment Administration against a group of independent dealers
in milk in the Chicago milk shed area. Aside from
the question of the right of Congress to delegate
legislative power to administrative officers (a point
on which the Court, in view of judicial precedents,
was not disposed to hold the Agricultural Adjustment Act invalid), the case, it was pointed out, involved two constitutional issues: (1) whether the
action of the Secretary of Agriculture in issuing the
license fell within the powers granted to Congress
in the commerce clause of the Constitution, and (2)
whether the license trespassed upon the powers reserved to the States by the Tenth Amendment.
It was not "seriously disputed" by the Government that all of the milk which the plaintiffs bought
Financial Chronicle
4352
and sold was produced, bought and sold in Illinois.
An examination of the licensing agreement, "a very
complicated document covering nineteen typewritten
pages," revealed, according to the Court,"three principal purposes and no others." The first was "to
fix the minimum price at which producers of milk
may sell their product." The second was to "limit
the production of milk" by assigning to producers
"so-called 'bases,'" while the third was "to charge
the cost of administration under the license to the
producers by requiring the distributor to hold back
from the producer" either one or four cents per
hundredweight according as the producers were or
were not members of a Pure Milk Association. The
license, in other words, made the distributor "the
agency of the Government for the regulation of the
production of milk."
Judge Barnes, in two short paragraphs, disposed
of the Government's contention. "It seems clear,"
he said, "that the production of milk is not interstate commerce," and neither "occurs in the current
of inter-state commerce" or affects such commerce
"in the sense that those causes have heretofore been
used in the cases." Moreover, the license appeared
to the Court "to be an attempt by the Federal Government to use milk distribution for the purpose of
doing what, under the commerce clause of the Constitution, the Federal Government has no power to
do, and what, under the Tenth Amendment of the
Constitution, is reserved for action by the States
or the people."
Judge Barnes's decision seems to have aroused
great anxiety in Administration circles at Washington. According to the correspondent of the New
York "Times," officials of the Farm Administration
said that "the decision, if sustained, would wreck
some forty marketing agreements on about sixty
commodities which have brought an estimated $133,000,000 in increased prices to farmers," and would
also "mean the abandonment of several hundred
other agreements now pending before the Agricultural Adjustment Administration," since "the constitutional objections raised by Judge Barnes could
be brought against almost all marketing agreements
negotiated by the Agricultural Adjustment Administration. Although based on the Government's
right to regulate the flow of farm products in interstate commerce, it was explained that in practically
all of the agreements some phase of the commodity
movement was intra-state in character." Secretary
Wallace was quoted as saying that the decision, if
sustained, would produce"an impossible competitive
situation," while others were represented as holding
that the decision "struck at the very essence of the
Agricultural Adjustment Administration and the
National Recovery Administration."
June 30 1934
Public •policy as well as constitutional right is
prominent in the resistance which is being made
by coal producers and utility corporations to the
grandiose plans of the Tennessee Valley Authority,
and by several utility companies to the authority
claimed by the Federal Power Commission. The National Coal Association, representing the bituminous coal industry, gave its formal approval on
June 24 to a suit brought by twenty-three coal companies in the Alabama field challenging the constitutionality of the hydroelectric power program of the
Tennessee Valley Authority. The specific purpose
of the suit, as of a similar action brought by representatives of the ice industry, is to estop the Tennessee Valley Authority and its subsidiary, the Electric Home and Farm Authority, from operating
utilities, financing with Government funds the sale
of electric appliances, and absorbing parts of the
distributing systems of the Alabama Power Company. The effect of the Tennessee Valley Authority,
which draws its funds from the Government and
pays no taxes anywhere, will be, it is contended, to
wipe out millions of dollars now invested in utility,
coal or ice companies, close many coal mines and
throw thousands of miners and others out of work.
As John D. Battle, executive secretary of the National Coal Association, put the situation, "on the
one hand the Government is aiding our industry with
the National Recovery Administration code, and on
the other hand threatening us with irreparable injury through the promotion of hydroelectric power
calculated to displace millions of tons of bituminous
coal."
The Federal Power Commission, of course, is not
a New Deal creation, but the same issue of Federal
licensing authority is at stake in the controversy
which is being carried on in the Federal Courts to
prevent the erection of dams on New River, in Virginia and West Virginia, without a license from the
Commission.
Such cases as we have cited are typical of what is
likely to happen increasingly during the next few
months. Both the National Industrial Recovery Act
and the Agricultural Adjustment Act, not to mention the Securities Act, the Stock Exchange Control
Act and a dozen others,fairly bristle with challenges
to the Constitution and private and corporate rights.
Federal litigation, unfortunately, is time-consuming
as well as costly, and it will probably be months, at
least, before the country knows from the Supreme
Court how much of the New Deal legislation is
constitutional and how much must be accepted, but
nothing will chasten the "brain trusters" more than
stout insistance in court upon business or industrial
rights wherever they are sincerely believed to have
been invaded or denied.
Text of Bill Passed by Congress Revising Air Mail Laws and Creating Commission
to Report on Aviation Policy.
We give below the text of the bill enacted into law at the
recent session of Congress and signed by President Roosevelt,
revising the air mail laws and creating a Commission to
report to Congress on an aviation policy. Reference to the
new legislation appeared in our issue of June 16,page 4056.
The following is the text of the law:
[S. 31701
AN ACT
To revise air-mail laws, and to establish a commission to make a report to
the Congress recommending an aviation policy.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That the Act of April 29 1930 (46 Stat.
259, 260; U. S. C., Supp. VII, title 39, secs. 484, 465c, 465d, and 4850.
and the sections amended thereby are hereby repealed.
Sec. 2. (a) Effective July 1 1934 the rate of postage on air mail shall
be 6 cents for each ounce or fraction thereof.
(b) When used in this Act—
(1) The term "air mail" means mall of any class prepaid at the rate of
postage prescribed in subsection (a) of this section.
(2) The term "person" includes an individual, partnership, association.
or corporation.
(3) The term "pilot" includes copilot.
Sec. 3. (a) The Postmaster General is authorized to award contracts
for the transportation of air mail by airplane between such points as he
may daiignate, and for initial periods of not exceeding one year. to the
lowest responsible bidders tendering sufficient guaranty for faithful Per
formance in accordance with the terms of the advertisement at fixed rates
Provided. That where the Postmaster General holds
per airplane-mile:
Volume 138
Financial Chronicle
that a low bidder is not responsible or qualified under this Act, such bidder
shall have the right to appeal to the Comptroller General who shall speedily
determine the issue, and his decision shall be final: Provided further, That
the base rate of pay which may be bid and accepted in awarding such contracts shall in no case exceed 33 1-3 cents per airplane-mile for transporting
a mail load not exceeding three hundred pounds. Payment for transportation shall be at the base rate fixed in the contract for the first three
hundred pounds of mall or fraction thereof plus one-tenth of such base rate
for each additional one hundred pounds of mail or fraction thereof, computed at the end of each calendar month on the basis of the average mail
load carried per mile over the route during such month, except that in no
case shall payment exceed 40 cents per airplane-mile.
(b) No contract or interest therein shall be sold, assigned, or transferred by the person to whom such contract is awarded, to any other Person without the approval of the Postmaster General; and upon any such
transfer without such approval, the original contract, as well as such transfer, shall at the option of the Postmaster General become null and void.
(c) If, in the opinion of the Postmaster General, the public interest
requires it, he may grant an extension of any route, for a distance not in
excess of one hundred miles, and only one such extension shall be granted
to any one person, and the rate of pay for such extension shall not be in
excess of the contract rate on that route.
(d) The Postmaster General may designate certain routes as primary and
secondary routes and shall include at least four transcontinental routes and
the eastern and western coastal routes among primary routes. The character of the designation of such routes shall be published in the advertisements for bids, which bids may be asked for in whole or in part of such
.
routes.
(e) If on any route only one bid is received, or if the bids received appear
to the Postmaster General to be excessive, he shall either reject them or
submit the same to the Inter-State Commerce Commission for its direction in the premises before awarding the contract.
(f) The Postmaster General shall not award contracts for airmail
routes or extend such routes in excess of an aggregate of twenty-nine
thousand miles, and shall not establish schedules for airmail transportation on such routes and extensions in excess of an annual aggregate of forty
million airplane-miles.
(g) Authority is hereby conferred upon the Postmaster General to
provide and pay for the carriage of mail by air in conformity with the terms
of any contract let by him prior to the passage of this Act, or which may be
let pursuant to a call for competitive bids therefor issued prior to the passage
of this Act, and to extend any such contract for an additional period or
periods not exceeding nine months in the aggregate at a rate of compensation not exceeding that established by this Act nor that provided for in
the original contract: Provided, That no such contract may be so extended
unless the contractor shall agree in writing to comply with all the provisions
of this Act during the extended period of the contract.
Sec. 4. The Postmaster General shall cause advertisements of alrmail
routes to be conspicuously posted at each such post office that is a terminus
of the route named in such advertisement, for at least twenty days, and a
notice thereof shall be published at least once a week for two consecutive
weeks in some daily newspaper of general circulation published in the cities
that are the termini for the route before the time of the opening of bids.
Sec. 5. After the bids are opened, the Postmaster General may grant
to a successful bidder a period of not more than thirty days from the date
of award of the contract to take the steps necessary to qualify for mail
services under the terms of this Act: Provided, That at the time of the award,
the successful bidder executes an adequate bond with sufficient surety
guaranteeing and assuring that, within such period, said bidder will fully
qualify under the Act faithfully to execute and to carry out the terms of the
contract: Provided further, That, if there is a failure so to qualify, the
amount designated in the bond will be forfeited and paid to the United
States of America.
Sec. 6. (a) The Inter-State Commerce Commission is hereby empowered
and directed, after notice and hearing, to fix and determine by order, as
soon as Practicable and from time to time, the fair and reasonable rates of
compensation for the transportation of air mall by airplane and the service
connected therewith over each airmail route, but not in excess of the rates
provided for in this Act, prescribing the method or methods by weight or
space, or both, or otherwise, for ascertaining such rates of compensation,
and to publish the same, which shall continue in force until changed by the
said Commission after due notice and hearing.
(b) The Inter-State Commerce Commission is hereby directed, at
least once in every calendar year from the date of letting of any contract, to review the rates of compensation being paid to the holder of
such contract, in order to be assured that no unreasonable profit is resulting or accruing therefrom. In determining what may constitute an unreasonable profit, the said Commission shall take into consideration all
forms of gross income derived from the operation of airplanes over the route
affected.
(c) Any contract which may hereafter be let or extended pursuant to
the provisions of this Act, and which has been satisfactorily performed by
the contractor during its initial or extended period, shall thereafter be continued in effect for an indefinite period, subject to any reduction in the
rate of payment therefor, and such additional conditions and terms, as
said Commission may prescribe, which shall be consistent with the requirements of this Act: but any contract so continued in effect may be tennimated by the said Commission upon sixty days' notice, upon such hearing
and notice thereof to interested parties as the Commission may determine
to be reasonable; and may also be terminated by the contractor at its option
upon sixty days' notice. On the termination of any airmail contract,
in accordance with any of the provisions of this Act, the Postmaster General may let a new contract for air-mail service over the route affected,
as authorized in this Act.
(d) All provisions of section 5 of the Act of July 28 1916 (39 Stat. 412:
U. S. (1., title 39, secs. 523 to 568. Inclusive), relating to the administrative methods and procedure for the adjustment of rates for carriage of mail
by railroads shall be applicable to the ascertainment of rates for the transportation of air mail by airplane under this Act so far as consistent with
the provisions of this Act. For the purposes of this section, the said Commission shall also have the same powers as the Postmaster General is author
wed to exercise under section 10 of this Act with respect to the keeping,
examination, and auditing of books, records, and accounts of air-mail
contractors, and it is authorized to employ special agents or examiners to
conduct such examination or audit, who shall have power to administer
oaths, examine witnesses, and receive evidence.
(e) In fixing and determining the fair and reasonable rates of compensation for air-mall transportation, the Commission shall give consideration
to the amount of air mail so carried, the facilities supplied by the carrier.
and its revenue and profits from all sources, and from a consideration of
these and other material elements, shall fix and establish rates for each
route which, in connection with the rates fixed by it for all other routes.
shall be designed to keep the aggregate cost of the transportation of air
mail on and after July 1 1938 within the limits of the anticipated Postal
revenue therefrom.
4353
Sec. 7. (a) After December 31 1934 it shall be unlawful for any person
holding an air-mall contract to buy, acquire, hold, own, or control, directly
or indirectly, any shares of stock or other interest in any other partnership,
association, or corporation engaged directly or indirectly in any phase of
the aviation industry, whether so engaged through air transportation of
passengers, express, or mail, through the holding of an airmail contract,
or through the manufacture or sale of airplanes, airplane parts, or other
materials or accessories generally used in air transportation, and regardless
of whether such buying, acquisition, holding, ownership, or control is
done directly, or is accomplished indirectly, through an agent, subsidiary,
associate, affiliate, or by any other device whatsoever: Provided, That the
prohibitions herein contained shall not extend to interests in landing fields.
hangars, or other ground facilities necessarily incidental to the performance
of the transportation service of such air-mail contractor, nor to shares of
stock in corporations whose principal business is the maintenance or operation of such landing fields, hangars, or other ground facilities.
(b) After December 31 1934 it shall be unlawful (1) for any partnership,
association, or corporation, the principal business of which, in purpose or
in fact, is the holding of stock in other corporations, or (2) for any partnership, association, or corporation engaged directly or indirectly in any phase
of the aviation industry, as specified in subsection (a) of this section, to
buy,acquire, hold, own,or control, directly or indirectly, either as specified
in such subsection (a) or otherwise, any shares of stock or other interests
in any other partnership, association, or corporation which holds an airmail contract.
(c) No person shall be qualified to enter upon the performance of an
air-mail contract, or thereafter to hold an air-mail contract, if at or after
the time specified for the commencement of mail transportation under such
contract, such person is (or, if a partnership, association, or corporation.
has and retains a member, officer, or director that is) a member, officer.
director, or stockholder in any other partnership, association, or corporation, whose principal business, in purpose or in fact, is the holding of stock
in other corporations, or which is engaged in any phase of the aviation industry, as specified in subsection (a) of this section.
(d) No person shall be qualified to enter upon the performance of.
or thereafter to hold an air-mail contract,(1) if at or after the time specified
for the commencement of mail transportation under such contract, such
person is (or, if a partnership, association, or corporation, has a member,
officer. or director, or an employee performing general managerial duties.
that is) an individual who has theretofore entered into any unlawful combination to prevent the making of any bids for carrying the mails: Provided.
That whenever required by the Postmaster General the bidder shall submit
an affidavit executed by the bidder, or by such of its officers, directors.
or general managerial employees as the Postmaster General may designate,
sworn to before an officer authorized and empowered to administer oaths.
stating in such affidavit that the affiant has not entered nor proposed to
enter into any combination to prevent the making of any bid for carrying
the mails, nor made any agreement, or given or performed, or promised to
give or perform, any consideration whatever to induce any other person
to bid or not to bid for any mail contract, or (2) if it pays any officer, director, or regular employee compensation in any form, whether as salary.
bonus, commission, or otherwise, at a rate exceeding $17,500 per year for
full time.
Sec. 8. Any company alleging to hold a claim against the Government
on account of any airmail contract that may have heretofore been annulled.
may prosecute such claim as it may have against the United States for the
cance lation of such contract in the Court of Claims of the United States.
provided that such suit be brought within one year from the date of the
passage of this Act; and any person not ineligible under the terms of this
Act who qualifies under the other requirements of this Act, shall be eligible
to contract for carrying air mail, notwithstanding the provisions of section
3950 of the Revised Statutes (Act of June 8 1872).
Sec. 9. Each person desiring to bid on an air-mail contract shall be
required to furnish in its bid a list of all the stockholders holding more than
5 per centum of its entire capital stock,and of its directors, and a statement
covering the financial set-up, including a list of assets and liabilities: and
In the case of a corporation, the original amount paid to such corporation
for its stock, and whether paid in cash, and if not paid in cash, a statement
for what such stock was issued. Such information and the financial responsibility of such bidder, as well as the bond offered, may be taken into
consideration by the Postmaster General in determining the qualifications
of the bidder.
Sec. 10. All persons holding airmail contracts shall be required to
keep their books, records, and accounts under such regulations as may be
promulgated by the Postmaster General, and he is hereby authorized to
examine and audit the books, records, and accounts of such contractors
and to require a full financial report under such regulations as he may
prescribe.
Sec. 11. Before the establishment and maintenance of an air-mail
route, the Postmaster General shall notify the Secretary of Commerce,
who thereupon shall certify to the Postmaster General the character of
equipment to be employed and maintained on each air-mail route. In
making this determination the Secretary of Commerce, in his specifications
furnished to the Postmaster General, shall determine only the speed,
load capacity, and safety features and safety devices on airplanes to be
used on the route, which said specifications shall be included in the advertisement for bids.
Sec. 12. The Secretary of Commerce is authorized and directed to
prescribe the maximum flying hours of pilots on airmail lines, and safe
operation methods on such lines, and is further authorized to approve agreemeats between airmail operating companies and their pilots and mechanics
for retirement benefits to such pilots and mechanics. The Secretary of
Commerce is authorized to prescribe all necessary regulations to carry out
the provisions of this section and section 11 of this Act.
Sec. 13. It shall be a condition upon the awarding or extending and the
holding of any air-mail contract that the rate of compensation and the working conditions and relations for all pilots, mechanics, and laborers employed
by the holder of such contract shall conform to decisions of the National
Labor Board. This section shall not be construed as restricting the right
of collective bargaining on the part of any such employees.
Sec. 14. The Federal Radio Commission shall give equal facilities in
the allocation of radio frequencies in the aeronautical band to those airplanes carrying mail and (or) passengers during the time the contract is
in effect.
Sec. 15. After October 1 1934 no airmail contractor snail hold more
than three contracts for carrying air mail, and in case of the contractor of
any primary route, no contract for any other primary route shall be awarded
to or extended for such contractor. It shall be unlawful for airmail contractors, competing in parallel routes, to merge or to enter Into any agreement,express or implied, which may result in common control or ownership.
Sec. 16. The Postmaster General may provide service to Canada within
one hundred and fifty miles of the international boundary line, over domestic routes which are now or may hereafter be established and may authorize
the carrying of either foreign or domestic mail, or both, to and from and
points on such routes and make payment for services over such routes out
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Financial Chronicle
of the appropriation for the domestic Air Mail Service: Provided, That this
section shall not be construed as repealing the authority given by the Act
of March 2 1929 (U. S. C., Supp. VII, title 39,sec. 465a).
Sec. 17. The Postmaster General may cause any contract to be canceled
for willful disregard of or willful failure by the contractor to comply with
the terms of its contract or the provisions of law herein contained and for
any conspiracy or acts designed to defraud the United States with respect
to such contracts. This provision is cumulative to other remedies now provided by law.
Sec. 18. Whoever shall enter into any combination, understanding,
agreement, or arrangement to prevent the making of any bid for any
contract under this Act, to induce any other person not to bid for any
such contract, or to deprive the United States Government in any way
of the benefit of full and free competition in the awarding of any such contract, shall, upon conviction thereof, be fined not more than $10,000 or
Imprisoned for not more than five years, or both.
Sec. 19. If any person shall willfully or knowingly violate any provision
of this Act his contract, if one shall have been awarded to him, shall be
forfeited, and such person shall upon conviction be punished by a fine of
not more than $10,000 or be imprisoned for not more than five years.
June 30 1934
Sec. 20. The President is hereby authorized to appoint a Commission
composed of five members to be appointed by him, not more than three
members to be appointed from any one political party, for the purpose of
making an immediate study and survey, and to report to Congress not later
than February 1 1935, its recommendations of a broad policy covering
all phases of aviation and the relation of the United States thereto. Members appointed who are not already in the service of the United States shall
receive compensation of not exceeding the rate of compensation of a Senator
or Representative in Congress.
Sec. 21. Such Commission shall organize by electing one of its members
as chairman, and it shall appoint a secretary whose salary shall not exceed
the rate of $5,000 per annum. Said Commission shall have the power to
pay actual expenses of members of the Commission in the performance of
their duties, to employ counsel, experts, and clerks, to subpoena witnesses,
to require the production by witnesses of papers and documents pertaining
to such matters as are within the jurisdiction of the Commission, to administer oaths, and to take testimony, and for such purpose there is hereby
authorized to be appropriated the sum of $75,000.
Approved, June 12 1934.
Text of Railroad Labor Bill as Passed by Congress and Signed by President
Roosevelt—Measure Amends Railway Labor Act of 1926.
The action of Congress in approving, just before adjournment, the so-called Railroad Labor Bill, which amends the
Railway Labor Act of 1929, was noted in our issue of June 23,
page 4218. The newly-enacted measure was signed by President Roosevelt on June 21. It provides for the creation of a
National Adjustment Board to mediate in railway labor disputes. The Adjustment Board is created with four divisions,
each composed of an equal number of representatives of railroads and employees, and each permitted to Choose a neutral
member. The bill permits the establishment of regional or
system boards of adjustment if the railroads and employees
wish to create such boards voluntarily. The present Board
of Mediation of five members is succeeded by a National
Mediation Board of only three members. Other details of
the new legislation were given in our item of a week ago.
The text of the newly-enacted measure follows:
[H. R. 9861.1
AN ACT
To amend the Railway Labor Act approved May 20 1926, and to provide for
the prompt disposition of disputes between carriers and their employees.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 1 of the Railway Labor
Act is amended to read as follows:
"Definitions
"Section 1. When used in this Act and for the purposes of this Act—
"First. The term 'carrier' includes any express company, sleeping-car
company, carrier by railroad, subject to the Inter-State Commerce Act, and
any company which is directly or indirectly owned or controlled by or under
common control with any carrier by railroad and which operates any equipment or facilities or performs any service (other than trucking service) in
connection with the transportation, receipt, delivery, elevation, transfer in
transit, refrigeration or icing, storage, and handling of property transported
by railroad, and any receiver, trustee, or other individual body, judicial or
otherwise, when in the possession of the business of any such 'carrier':
Provided, however, That the term 'carrier' shall not include any street,
interurban, or suburban electric railway, unless such railway is operating
as a part of a general steam-railroad system of transportation, but shall not
exclude any part of the general steam-railroad system of transportation now
or hereafter operated by any other motive power. The Inter-State Commerce
Commission is hereby authorized and directed upon request of the Mediation
Board or upon complaint of any party interested to determine after hearing
whether any line operated by electric power falls within the terms of this
proviso.
"Second. The term 'Adjustment Board' means the National Railroad Adjustment Board created by this Act.
"Third. The term 'Mediation Board' means the National Mediation Board
created by this Act.
"Fourth. The term 'commerce' means commerce among the several States
or between any State, Territory, or the District of Columbia and any foreign
nation, or between any Territory or the District of Columbia and any State,
or between any Territory and any other Territory, or between any Territory
and the District of Columbia, or within any Territory or the District of
Columbia, or between points in the same State but through any other State,
or any Territory or the District of Columbia or 'any foreign nation.
"Fifth. The term 'employee' as used herein includes every person in the
service of a carrier (subject to its continuing authority to supervise and
direct the manner of rendition of his service) who performs any work defined
as that of an employee or subordinate official in the orders of the Inter-State
Commerce Commission now in effect, and as the same may be amended or
interpreted by orders hereafter entered by the Commission pursuant to the
authority which is hereby conferred upon it to enter orders amending or
Interpreting such existing orders: Provided, however, That no occupational
classification made by order of the Inter-State Commerce Commission shall
be construed to define the crafts according to which railway employees may
be organized by their voluntary action, nor shall the jurisdiction or powers
of such employee organizations be regarded as in any way limited or defined
by the provisions of this Act or by the orders of the Commission.
"Sixth. The term 'representative' means any person or persons, labor
union, organization, or corporation designated either by a carrier or group
of carriers or by Its or their employees, to act for it or them.
"Seventh. The term 'district court' includes the Supreme Court of the
District of Columbia; and the term 'circuit court of appeals' includes the
Court of Appeals of the District of Columbia.
"This Act may be cited as the 'Railway Labor Act'."
Sec. 2. Section 2 of the Railway Labor Act is amended to read as follows:
"General Purposes
"Sec. 2. The purposes of the Act are: (1) To avoid any interruption to
commerce or to the operation of any carrier engaged therein; (2) to forbid
any limitation upon freedom of association among employees or any denial,
as a condition of employment or otherwise, of the right of employees to
join a labor organization; (3) to provide for the complete independence of
carriers and of employees in the matter of self-organization to carry out the
purposes of this Act; (4) to provide for the prompt and orderly settlement
of all disputes concerning rates of pay, rules, or working conditions; (5) to
provide for the prompt and orderly settlement of all disputes growing out
of grievances or out of the interpretation or application of agreements covering rates of pay, rules, or working conditions.
"General Duties
"First. It shall be the duty of all carriers, their officers, agents, and
employees to exert every reasonable effort to make and maintain agreements
concerning rates of pay, rules, and working conditions, and to settle all
disputes, whether arising out of the application of such agreements or other- •
wise, in order to avoid any interruption to commerce or to the operation of
any carrier growing out of any dispute between the carrier and the employees thereof.
"Second. All disputes between a carrier or carriers and its or their employees shall be considered, and, if possible, decided, with all expedition, in
conference between representatives designated and authorized so to confer,
respectively, by the carrier or carriers and by the employees thereof interested
in the dispute.
"Third. Representatives, for the purposes of this Act, shall be designated
by the respective parties without interference, influence, or coercion by
either party over the designation of representatives by the other; and neither
party shall in any way interfere with, influence, or coerce the other in its
choice of representatives. Representatives of employees for the purposes of
this Act need not be persons in the employ of the carrier, and no carrier
shall, by interference, influence, or coercion seek in any manner to prevent
the designation by its employees as their representatives of those who or
which are not employees of the carrier.
"Fourth. Employees shall have the right to organize and bargain collectively through representatives of their own choosing. The majority of
any craft or class of employees shall have the right to determine who shall
be the representative of the craft or class for the purposes of this Act. No
carrier, its officers or agents, shall deny or in any way question the right of
its employees to join, organize, or assist in organizing the labor organization
of their choice, and it shall be unlawful for any carrier to interfere in any
way with the organization of its employees, or to use the funds of the carrier
in maintaining or assisting or contributing to any labor organization, labor
representative, or other agency of collective bargaining, or in performing
any work therefor, or to influence or coerce employees in an effort to induce
them to join or remain or not to join or remain members of any labor organization, or to deduct from the wages of employees any dues, fees, assessments,
cr other contributions payable to labor organizations, or to collect or to
assist in the collection of any such dues, fees, assessments, or other contributions: Provided, That nothing in this Act shall be construed to prohibit a carrier from permitting an employee, individually, or local representatives of employees from conferring with management during working
hours without loss of time, or to prohibit a carrier from furnishing free
transportation to its employees while engaged in the business of a labor
organization.
"Fifth. No carrier, its officers, or agents shall require any person seeking
employment to sign any contract or agreement promising to join or not to
join a labor organization; and if any such contract has been enforced prior
to the effective date of this Act, then such carrier shall notify the employees
by an appropriate order that such contract has been discarded and is no
longer binding on them in any way.
"Sixth. In case of a dispute between a carrier or carriers and its or their
employees, arising out of grievances or out of the interpretation or application of agreements concerning rates of pay, rules, or working conditions, it
shall be the duty of the designated representative or representatives of such
carrier or carriers and of such employees, within ten days after the receipt of
notice of a desire on the part of either party to confer in respect to such
dispute, to specify a time and place at which such conference shall be held:
Provided, (1) That the place so specified shall be situated upon the line of
the carrier involved or as otherwise mutually agreed upon; and (2) that the
time so specified shall allow the designated conferees reasonable opportunity
to reach such place of conference, but shall not exceed twenty days from the
receipt of such notice: And provided further, That nothing in this Act shall
be construed to supersede the provisions of any agreement (as to conferences)
then in effect between the parties.
"Seventh. No carrier, its officers or agents shall change the rate of pay,
rules, or working conditions of its employees, as a class as embodied In
agreements except in the manner prescribed In such agreements or in section
6 of this Act.
"Eighth. Every carrier shall notify its employees by printed notices in
such form and posted at such times and places as shall be specified by the
Mediation Board that all disputes between the carrier and its employees will
be handled in accordance with the requirements of this Act, and in such
notices there shall be printed verbatim, in large type, the third, fourth, and
fifth paragraphs of this section. The provisions of said paragraphs are hereby
made a part of the contract of employment between the carrier and each
employee, and shall be held binding upon the parties, regardless of any oth r
express or implied agreements between them.
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Financial Chronicle
"Ninth. If any dispute shall arise among a carrier's employees as to who
are the representatives of such employees designated and authorized in
accordance with the requirements of this Act, it shall be the duty of the
Mediation Board, upon request of either party to the dispute, to investigate
such dispute and to certify to both parties, in writing, within thirty days
after the receipt of the invocation of its services, the name or names of the
individuals or organizations that have been designated and authorized to
represent the employees involved in the dispute, and certify the same to
the carrier. Upon receipt of such certification the carrier shall treat with
the representative so certified as the representative of the craft or class for
the purposes of this Act. In such an investigation, the Mediation Board
shall be authorized to take a secret ballot of the employees involved., or to
utilize any. other appropriate method of ascertaining the names of their
duly designated and authorized representatives in such manner as shall
insure the choice of representatives by the employees without interference,
influence, or coercion exercised by the carrier. In the conduct of any election
for the purposes herein indicated the Board shall designate who may participate in the election and establish the rules to govern the election, or may
appoint a committee of three neutral persons who after hearing shall within
ten days designate the employees who may participate in the election. The
Board shall have access to and have power to make copies of the books and
records of the carriers to obtain and utilize such information as may be
deemed necessary by it to carry out the purposes and provisions of this
paragraph.
"Tenth. The willful failure or refusal of any carrier, its officers or agents
to comply with the terms of the third, fourth, fifth, seventh, or eighth paragraph of this section shall be a misdemeanor, and upon conviction thereof
the carrier, officer, or agent offending shall be subject to a fine of not less
than $1,000 nor more than $20,000 or imprisonment for not more than six
months, or both fine and imprisonment, for each offense, and each day
during which such carrier, officer, or agent shall willfully fail or refuse to
comply with the terms of the said paragraphs of this section shall constitute
.1 separate offense. It shall be the duty of any district attorney of the
United States to whom any duly designated representative of a carrier's
employees may apply to institute in the proper court and to prosecute under
the direction of the Attorney General of the United States, all necessary
proceedings for he enforcement of the provisions of this section, and for the
punishment of all violations thereof and the costs and expenses of such prosecution shall be paid out of the appropriation of the expenses of the courts
of the United States: Provided, That nothing in this; Act shall be construed
to require an individual employee to render labor or service without his
consent, nor shall anything in this Act be construed to make the quitting of
his labor by an individual employee an illegal act; nor shall any court fame
any process to compel the performance by an individual employee of such
labor or service, without his consent."
See. 3. Section 3 of the Railway Labor Act is amended to read as follows:
"National Board of Adjustment—Grievanees--Interpretation of Agreements.
"Sec. 3. First. There is hereby established a Board, to be known as
the 'National Railroad Adjustment Board', the members of which shall be
selected within thirty days after approval of this Act, and it is hereby
provided—
"(a) That the said Adjustment Board shall consist of thirty-six members, eighteen of whom shall be selected by the carriers and eighteen by
such labor organizations of the employees, national in scope, as have been
or may be organized in accordance with the provisions of section 2 of this Act.
"(b) The carriers, acting each through its board of directors or its
receiver or receivers, trustee or trustees or through an officer or officers
designated for that purpose by such board, trustee or trustees or receiver or
receivers, shall prescribe the rules under which its representatives shall be
selected and shall select the representatives of the carriers on the
Adjustment
Board and designate the division on which each such representative shall
serve, but no carrier or system of carriers shall have more than one representative on any division of the Board.
"(c) The national labor organizations, as defined in paragraph (a) of
this section, acting each through the chief executive or other medium designated by the organization or association thereof, shall prescribe the rules
under which the labor members of the Adjustment Board shall be selected
and shall select such members and designate the division on which each
member shall serve; but no labor organization shall have more than
one
representative on any division of the Board.
"(d) In case of a permanent or temporary vacancy on the Adjustment
Board, the vacancy shall be filled by selection in the same manner as
in the
original selection.
"(e) If either the carriers or the labor organizations of the
employees
fail to select and designate representatives to the Adjustment Board,
as
provided in paragraphs (b) and (c) of this section, respectively,
within
sixty days after the passage of this Act, in case of any original
appointment to office of a member of the Adjustment Board, or in case of a
vacancy
in any such office within thirty days after such vacancy occurs, the Mediation
Board shall thereupon directly make the appointment and shall
select an
individual associated in interest with the carriers or the group
of labor
organizations of employees, whichever he is to represent.
"(f) In the event a dispute arises as to the right of any national
labor
organization to participate as per paragraph (c) of this section in
the selection and designation of the labor members of the Adjustment Board,
the
Secretary of Labor shall investigate the claim of such labor organization
to
participate, and if such claim in the judgment of the Secretary of
Labor has
merit, the Secretary shall notify the Mediation Board accordingly, and within
ten days after receipt of such advice the Mediation Board shall request those
national labor organizations duly qualified as per paragraph (c) of
this
section to participate in the selection and designation of the labor members
of the Adjustment Board to select a representative. Such representative,
together with a representative likewise designatd by the claimant, and a
third or neutral party designated by the Mediation Board, constituting a
board of three, shall within thirty days after the appointment of the neutral
member, investigate the claims of the labor organization desiring participation and decide whether or not it was organized in accordance with section 2
hereof and is otherwise properly qualified to participate in the selection of
the labor members of the Adjustment Board, and the findings of such boards
of three shall be final and binding.
(g) Each member of the Adjustment Board shall be compensated by
the Party or parties he is to represent. Each third or neutral party selected
under the provisions of (f) of this section shall receive from the Mediation
Board such compensation as the Mediation Board may fix, together with hie
necessary traveling expenses and expenses actually incurred for subsistence,
or per diem allowance in lieu thereof, subject to the provisions of law
applicable thereto, while serving as such third or neutral party.
"(h) 'The said Adjustment Board shall be composed of four divisions,
whose proceedings shall be independent of one another, and the said divisions
as well as the number of their members shall be as follows:
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"First division: To have jurisdiction over disputes involving train- and
yard-service employees of carriers; that is, engineers, firemen, hostlers, and
outside hostler helpers, conductors, trainmen, and yard-service employees.
This division shall consist of ten members, five of whom shall be selected
and designated by the carriers and five of whom shall be selected and designated by the national labor organizations of the employees.
"Section division: To have jurisdiction over disputes involving machinists,
boilermakers, blacksmiths, sheet-metal workers, electrical workers, car men,
the helpers and apprentices of all the foregoing, coach cleaners, power-house
employees, and railroad-shop laborers. This division shall consist of ten
members, five of whom shall be selected by the carriers and five by the
national labor organizations of the employees.
"Third division: To have jurisdiction over disputes involving station,
tower, and telegraph employees, train dispatchers, maintenance-of-way men,
clerical employees, freight handlers, express, station, and store employees,
signal men, sleeping-car conductors, sleeping-car porters, and maids and
dining-car employees. This division shall consist of ten members, five of
whom shall be selected by the carriers and five by the national labor organizations of employees.
"Fourth division: To have jurisdiction over disputes involving employees
of carriers directly or indirectly engaged in transportation of passengers or
property by water, and all other employees of carriers over which jurisdiction is not given to the first, second, and third divisions. This division
shall consist of six members, three of whom shall be selected by the carriers
and three by the national labor organizations of the employees.
"(i) The disputes between an employee or group of employees and a
carrier or carriers growing out of grievances or out of the interpretation or
application of agreements concerning rates of pay, rules, or working conditions, including cases pending and unadjusted on the date of approval
of this Act, shall be handled in the usual manner up to and including the
chief operating officer of the carrier designated to handle such disputes;
but, failing to reach an adjustment in this manner, the disputes may be
referred, by petition of the parties or by either party to the appropriate
division of the Adjustment Board with a full statement of the facts and all
supporting data bearing upon the disputes.
"(j) Parties may be heard either in person, by counsel, or by other
representatives, as they may respectively elect, and the several divisions
of the Adjustment Board shall give due notice of all hearings to the employee or employees and the carrier or carriers involved in any dispute
submitted to them.
"(k) Any division of the Adjustment Board shall have authority to empower two or more of its members to conduct hearings and make findings
upon disputes, when properly submitted, at any place designated by the
division: Provided. however, That final awards as to any such dispute must
be made by the entire division as hereinafter provided.
"(I) Upon failure of any division to agree upon an award because of a
deadlock or inability to secure a majority vote of the division members, as
provided in paragraph (n) of this section, then such division shall forthwith
agree upon and select a neutral person, to be known as 'referee', to sit with
the division as a member thereof and make an award. Should the division
fail to agree upon and select a referee within ten days of the date of the
deadlock or inability to secure a majority vote, then the division, or any
member thereof, or the parties or either party to the dispute may certify
that fact to the Mediation Board, which Board shall, within 10 days
from the date of receiving such certificate, select and name the referee
to sit with the division as a member thereof and make an award. The Mediation Board shall be bound by the same provisions in the appointment of these
neutral referees as are provided elsewhere in this Act for the appointment
ot arbitrators and shall fix and pay the compensation of such referees.
"(m) The awards of the several divisions of the Adjustment Board shall
he stated in writing. A copy of the awards shall be furnished to the respective parties to the controversy, and the awards shall be final and binding
upon both parties to the dispute, except insofar as they shall contain a
money award. In case a dispute arises involving an interpretation of the
award the division of the Board upon request of either party shall interpret
the award in the light of the dispute.
"(n) A majority vote of all members of the division of the Adjustment
Board shall be competent to make an award with respect to any dispute
submitted to it.
"(o) In case of an award by any division of the Adjustment Board in
favor of petitioner, the division of the Board shall make an order, directed
to the carrier, to make the award effective and, if the award includes a
requirement for the payment of money, to pay to the employee the sum to
which he is entitled under the award on or before a day named.
"(p) If a carrier does not comply with an order of a division of the
Adjustment Board within the time limit in such order, the petitioner, or
any person for whose benefit such order was made, may file in the District
Court of the United States for the district in which he resides or in which is
located the principal operating office of the carrier, or through which the
carrier operates, a petition setting forth briefly the causes for which he
claims relief, and the order of the division of the Adjustment Board in the
premises. Such suit in the District Court of the United States shall proceed
in all respects as other civil suits, except that on the trial of such suit the
findings and order of the division of the Adjustment Board shall be prima
fade evidence of the facts therein stated, and except that the petitioner
ehall not be liable for costs in the district court nor for costs at any subsequent stage of the proceedings, unless they accrue upon his appeal, and
such costs shall be paid out of the appropriation for the expenses of the
courts of the United States. If the petitioner shall finally prevail he shall
be allowed a reasonable attorney's fee, to be taxed and collected as a part
of the costs of the suit. The district courts are empowered, under the rules
of the court governing actions at law, to make such order and enter such
judgment, by writ of mandamus or otherwise, as may be appropriate to
enforce or set aside the order of the division of the Adjustment Board.
"(q) All actions at law based upon the provisions of this section shall
be begun within two years from the time the cause of action accrues under
the award of the division of the Adjustment Board, and not after.
"(r) The several divisions of the Adjustment Board shall maintain headquarters in Chicago, Illinois, meet regularly, and continue in session so
Ionic as there is pending before the division any matter within its jurisdiction
which has been submitted for its consideration and which has not been
disposed of.
"(s) Whenever practicable, the several divisions or subdivisions of the
Adjustment Board shall be supplied with suitable quarters in any Federal
building located at its place of meeting.
"(t) The Adjustment Board may, subject to the approval of the Mediation Board, employ and fix the compensations of such assistants as it deems
necessary in carrying on its proceedings. The compensation of such employees shall be paid by the Mediation Board.
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"(u) The Adjustment Board shall meet within forty days after the
approval of this Act and adopt such rules as it deems necessary to control
proceedings before the respective divisions and not in conflict with the provisions of this section. Immediately following the meeting of the entire
Board and the adoption of such rules, the respective divisions shall meet
and organize by the selection of a chairman, a vice chairman, and a secretary.
Thereafter each division shall annually designate one of its members to act
as chairman and one of its members to act as vice chairman: Provided,
hcieever, That the chairmanship and vice-chairmanship of any division shall
alternate as between the groups, so that both the chairmanship and vicechairmanship shall be held alternately by a representative of the carriers
and a representative of the employees. In case of a vacancy, such vacancy
shall be filled for the unexpired term by the selection of a successor from
the same group.
"(v) Each division of the Adjustment Board shall annually prepare and
submit a report of its activities to the Mediation Board, and the substance
of such report shall be included in the annual report of the Mediation Board
to the Congress of the United States. The reports of each division of the
Adjustment Board and the annual report of the Mediation Board shall state
in detail all cases heard, all actions taken, the names, salaries, and duties
of all agencies, employees, and officers receiving compensation from the
United States under the authority of this Act, and an account of all moneys
appropriated by Congress pursuant to the authority conferred by this Act
and disbursed by such agencies, employees, and officers.
"(w) Any division of the Adjustment Board shall have authority, in its
discretion, to establish regional adjustment boards to act in its place and
stead for such limited period as such division may determine to be necessary.
Carrier members of such regional boards shall be designated in keeping with
rules devised for this purpose by the carrier members of the Adjustment
Board and the labor members shall be designated in keeping with rules
devised for this purpose by the labor members of the Adjustment Board.
Any such regional board shall, during the time for which it is appointed,
have the same authority to conduct hearings, make findings upon disputes
and adopt the same procedure as the division of the Adjustment Board
appointing it, and its decisions shall be enforceable to the same extent and
under the same processes. A neutral person, as referee, shall be appointed
for service in connection with any such regional adjustment board in the
same circumstances and manner as provided in paragraph (1) hereof, with
respect to a division of the Adjustment Board.
"Second. Nothing in this section shall be construed to prevent any individual carrier, system, or group of carriers and any class or classes of its or
their employees, all acting through their representatives, selected in accordance with the provisions of this Act, from mutually agreeing to the establishment of system, group, or regional boards of adjustment for the purpose
of adjusting and deciding disputes of the character specified in this section.
In the event that either party to such a system, group, or regional board of
adjustment is dissatisfied with such arrangement, it may upon ninety days'
notice to the other party elect to come under the jurisdiction of the Adjustment Board."
Section 4 of the Railway Labor Act is amended to read as follows:
"National If
Board
"Sec. 4. First. The Board of Mediation is hereby abolished, effective
thirty days from the approval of this Act and the members, secretary, officers,
assistants, employees, and agents thereof, in office upon the date of the
approval of this Act, shall continue to function and receive their salaries
for a period of thirty days from such date in the same manner as though
this Act had not been passed. There is hereby established, as an independent agency in the executive branch of the Government, a board to be
known as the 'National Mediation Board', to be composed of three members
appointed by the President, by and with the advice and consent of the
Senate, not more than two of whom shall be of the same political party.
The terms of office of the members first appointed shall begin as soon as
the members shall qualify, but not before thirty days after the approval of
this Act, and expire, as designated by the President at the time of nomination, one on February 1, 1935, one on February 1, 1936, and one on
February 1, 1937. The terms of office of all successors shall expire three
years after the expiration of the terms for which their predecessors were
appointed ; but any member apnointed to fill a vacancy occurring prior to
the expiration of the term for which his predecessor was appointed shall be
appointed only for the unexpired term of his predecessor. Vacancies in the
Board shall not impair the powers nor affect the duties of the Board
nor of the remaining members of the Board. Two of the members
in office shall constitute a quorum for the transaction of the business of
the Board. Each member of the Board shall receive a salary at the rate of
$10,000 per annum, together with necessary traveling and subsistence expenses, or per diem allowance in lieu thereof, subject to the provisions of
law applicable thereto, while away from the principal office of the Board
on business required by this Act. No person in the employment of or who is
pecuniarily or otherwise interested in any organization of employees or any
carrier shall enter upon the duties of or continue to be a member of the
Board.
"All cases referred to the Board of Mediation and unsettled on the date of
the approval of this Act shall be handled to conclusion by the Mediation
Board.
"A member of the Board may be removed by the President for inefficiency,
neglect of duty, malfeasance in office, or ineligibility, but for no other
cause.
"Second. The Mediation Board shall annually designate a member to act
as chairman. The Board shall maintain its principal office in the District
of Columbia, but it may meet at any other place whenever it deems it necessary so to do. The Board may designate one or more of its members to
exercise the functions of the Board in mediation proceedings. Each member
of the Board shall have power to administer oaths and affirmations. The
Board shall have a seal which shall be judicially noticed. The Board shall
make an annual report to Congress.
"Third. The Mediation Board may (1) appoint such experts and assistants
to act in a confidential capacity and, subject to the provisions of the civilservice laws, such other officers and employees as are essential to the
effective transaction of the work of the Board; (2) in accordance with the
Classification Act of 1923, fix the salaries of such experts, assistants, officers,
and employees; and (3) make such expenditures (including expenditures for
rent and personal services at the seat of government and elsewhere, for law
books, periodicals, and books of reference, and for printing and binding, and
Including expenditures for salaries and compensation, necessary traveling
expenses and expenses actually incurred for subsistence, and other necessary
expenses of the Mediation Board, Adjustment Board, Regional Adjustment
Boards established under paragraph (w) of section 3, and boards of arbitration, in accordance with the provisions of this section and sections 3 and 7,
respectively), as may be necessary for the execution of the functions vested
June 30 1934
in the Board, in the Adjustment Board and in the boards of arbitration, and
as may be provided for by the Congress from time to time. All expenditures of the Board shall be allowed and paid on the presentation of itemized
vouchers therefor approved by the chairman.
"Fourth. The Mediation Board is hereby authorized by its order to
assign, or refer, any portion of its work, business, or functions arising under
this or any other Act of Congress, or referred to it by Congress or either
branch thereof, to an individual member of the Board or to an employee or
employees of the Board to be designated by such order for action thereon,
and by its order at any time to amend, modify, supplement, or rescind any
such assignment or reference. All such orders shall take effect forthwith
and remain in effect until otherwise ordered by the Board. In conformity
with and subject to the order or orders of the Mediation Board in the
premises, and such individual member of the Board of employee designated
shall have power and authority to act as to any of said work, business, or
functions so assigned or referred to him for action by the Board.
"Fifth. All officers and employees of the Board of Mediation (except the
members thereof, whose offices are hereby abolished) whose services in the
judgment of the Mediation Board are necessary to the efficient operation of
the Board are hereby transferred to the Board, without change in classification or compensation; except that the Board may provide for the adjustment of such classification or compensation to conform to the duties to
which such officers and employees may be assigned.
"All unexpended appropriations for the operation of the Board of Mediation that are available at the time of the abolition of the Board of Mediation
shall be transferred to the Mediation Board and shall be available for its use
for salaries and other authorized expenditures."
Sec. 5. Section 5 of the Railway Labor Act is amended to read as follows:
"Functions of Mediation Board
"Sec. 5. First. The parties, or either party, to a dispute between an
employee or group of employees and a carrier may invoke the services of the
Mediation Board in any of the following cases:
"(a) A dispute concerning changes in rates of pay, rules, or working
conditions not adjusted by the parties in conference.
"(b) Any other dispute not referable to the National Railroad Adjustment
Board and not adjusted in conference between the parties or where conferences are refused.
"The Mediation Board may proffer its services in case any labor emergency is found by it to exist at any time.
"In either event the said Board shall promptly put itself in communication with the parties to such controversy, and shall use its best efforts, by
mediation, to bring them to agreement. If such efforts to bring about an
amicable settlement through mediation shall be unsuccessful, the said Board
shall at once endeavor as its final required action (except as provided in
paragraph third of this section and in section 10 of this Act) to induce the
parties to submit their controversy to arbitration, in accordance with the
provisions of this Act.
"If arbitration at the request of the Board shall be refused by one or
both parties, the Board shall at once notify both parties in writing that its
mediatory efforts have failed and for thirty days thereafter, unless in the
intervening period the parties agree to arbitration, or an emergency board
shall be created under section 10 of this Act, no change shall be made in
the rates of pay, rules, or working conditions or established practices in
effect prior to the time the dispute arose.
"Second. In any case in which a controversy arises over the meaning or
the application of any agreement reached through mediation under the provisions of this Act, either party to the said agreement, or both, may apply
to the Mediation Board for an interpretation of the meaning or application
of such agreement. The said Board shall upon receipt of such request notify
the parties to the controversy, and after a hearing of both sides give its
interpretation within thirty days.
"Third. The Mediation Board shall have the following duties with respect
to the arbitration of disputes under section 7 of this Act:
"(a) On failure of the arbitrators named by the parties to agree on the
remaining arbitrator or arbitrators within the time set by section 7 of this
Act, it shall be the duty of the Mediation Board to name such remaining
arbitrator or arbitrators. It shall be the duty of the Board in naming such
arbitrator or arbitrators to appoint only those whom the Board shall deem
wholly disinterested in the controversy to be arbitrated and impartial and
without bias as between the parties to such arbitration. Should, however,
the Board name an arbitrator or arbitrators not so disinterested and impartial, then, upon proper investigation and presentation of the facts, the
Board shall promptly remove such arbitrator.
"If an arbitrator named by the Mediation Board, in accordance with the
provisions of this Act, shall be removed by such Board as provided by this
Act, or if such an arbitrator refuses or is unable to serve, it shall be the
duty of the Mediation Board, promptly, to select another arbitrator, in the
same manner as provided in this Act for an original appointment by the
Mediation Board.
"(b) Any member of the Mediation Board is authorized to take the
acknowledgment of an agreement to arbitrate under this Act. When so
acknowledged, or when acknowledged by the parties before a notary public
or the clerk of a district court or a circuit court of appeals of the United
States, such agreement to arbitrate shall be delivered to a member of said
Board or transmitted to said Board, to be filed in its office.
"(c) When an agreement to arbitrate has been filed with the Mediation
Board, or with one of its members, as provided by this section, and when
the said Board has been furnished the names of the arbitrators chosen by
the parties to the controversy it shall be the duty of the Board to cause a
notice in writing to be served upon said arbitrators, notifying them of their
appointment, requesting them to meet promptly to name the remaining
arbitrator or arbitrators necessary to complete the Board of Arbitration,
and advising them of the period within which, as provided by the agreement to arbitrate, they are empowered to name such arbitrator or arbitrators.
"(d) Either party to an arbitration desiring the reconvening of a board
of arbitration to pass upon any controversy arising over the meaning or
application of an award may so notify the Mediation Board in writing, stating in such notice the question or questions to be submitted to such reconvened Board. The Mediation Board shall thereupon promptly communicate
with the members of the Board of Arbitration, or a subcommittee of such
Board appointed for such purpose pursuant to a provision in the agreement
to arbitrate, and arrange for the reconvening of said Board of Arbitration
or subcommittee, and shall notify the respective parties to the controversy
of the time and place at which the Board, or the subcommittee, will meet
for hearings upon the matters in controversy to be submitted to it. No
evidence other than that contained in the record filed with the original
award shall be received or considered by such reconvened Board or subcommittee, except such evidence as may be necessary to illustrate the interpretations suggested by the parties. "any member of the original Board
Volume 138
Financial Chronicle
is unable or unwilling to serve on such reconvened Board or subcommittee
thereof, another arbitrator shall be named in the same manner and with the
same powers and duties as such original arbitrator.
"(e) Within sixty days after the approval of this Act every carrier
Shall file with the Mediation Board a copy of each contract with its employees in effect on the let day of April 1934, covering rates of pay, rules,
and working conditions. If no contract with any craft or class of its employees has been entered into, the carrier shall file with the Mediation
Board a statement of that fact including also a statement of the rates of
pay, rules, and working conditions applicable in dealing with such craft or
class. When any new contract is executed or change is made in an existing
contract with any class or craft of its employees covering rates of pay,
rules, or working conditions, or in those rates of pay, rules, and working
conditions of employees not covered by contract, the carrier shall file the
same with the Mediation Board within thirty days after such new contract
or change in existing contract has been executed or rates of pay, rules, and
working conditions have been made effective.
"(f) The Mediation Board shall be the custodian of all papers and documents heretofore filed with or transferred to the Board of Mediation bearing
upon the settlement, adjustment, or determination of disputes between carriers and their employees or upon mediation or arbitration proceedings held
under or pursuant to the provisions of any Act of Congress in respect thereto;
and the President is authorized to designate a custodian of the records and
property of the Board of Mediation until the transfer and delivery of such
records to the Mediation Board and to require the transfer and delivery to
the Mediation Board of any and all such papers and documents filed with
it or in its possession."
Sec. 6. Section 6 of the Railway Labor Act is amended to read as follows:
"Sec. 6. Carriers and representatives of the employees shall give at least
thirty days' written notice of an intended change in agreements affecting
rates of pay, rules, or working conditions, and the time and place for the
beginning of conference between the representatives of the parties interested
in such intended changes shall be agreed upon within ten days after the
receipt of said notice, and said time shall be within the thirty days provided
in the notice. In every case where such notice of intended change has been
given, or conferences are being held with reference thereto, or the services
of the Mediation Board have been requested by either party, or said Board has
proffered its services, rates of pay, rules, or working conditions shall not
be altered by the carrier until the controversy has been finally acted upon
as required by section 5 of this Act, by the Mediation Board, unless a period
of ten days has elapsed after termination of conferences without request for
or proffer of the services of the Mediation Board."
Section 7. The Railway Labor Act is amended by striking out the words
"Board of Mediation" wherever they appear in sections 7, 8, 10, and 12 of
such Act, and inserting in lieu thereof the words "Mediation Board."
Sec. 8. If any section, subsection, sentence, clause, or phrase of this Act
Is for any reason held to be unconstitutional, such decision shall not affect
the validity of the remaining portions of this Act. All Acts or parts of
Acts inconsistent with the provisions of this Act are hereby repealed.
Approved, June 21, 1934.
BOOK NOTICE.
THE BANKING SITUATION—A.MERICAN POSTWAR PROBLEMS AND DEVELOPMENTS. By H.
Parker Willis and John M. Chapman. 924 pages. New
York: Columbia University Press. $5.
This substantial volume, equipped with 195 tables and
26 charts, is the fruit of elaborate studies.of banking conditions in the United States carried on in 1932-33 by the authors and editors and their graduate students at Columbia
University, with the aid of a grant from the Social Science
Research Council. Twelve persons besides Professors Willis
and Chapman have collaborated in the undertaking, the
specific contributions of each being carefully indicated, and
use has been made of the material collected for the Senate
Committee on Banking in connection with the preparation
of the Banking bill of 1932, of which Committee Professor
Willis served as economic counsel. Various studies made by
or under the authority of the Federal Reserve System have
also been utilized. The result is the most complete, thorough-going and statistically accurate review and criticism
of the history and methods of banking in this country during
the past few years that has yet been published.
A summary of the contents will indicate the wide scope of
the book. Part I, by Professor Willis, is an admirable account of the development of the banking crisis of 1932-33,
the various projects of reform and the Banking Act of 1933.
Part II, by various writers besides Professor Willis and
Professor Chapman, deals with the banking structure at the
present time and the process by which present conditions
have developed; commercial, investment and other types of
banking, the development of fiduciary banking, savings
banks, bank failures, and the geographical distribution of
banking facilities in the country in 1933. Part III examines
the general subject of control through bank mergers and
consolidations, branch banking, bank affiliates, reserves and
public deposits and bank examinations. The important subject of bank portfolios, including the investment operations
of commercial banks, balance sheets, real estate loans, the
securities market and industrial changes affecting banking,
are dealt with in Part IV, while Part V discusses various
aspects of central banking, including the origin and purpose
of the Federal Reserve System and its later variations and
amendments (by Professor Willis), discount policy, the acceptance market and open-market operations, and Part VI
4357
analyzes the public debt situation with special reference
to the debt as a bank asset and a basis for Federal Reserve
credit and the relation between public debts and note currency.
The book is more than a mine of information; it is also an
invaluable piece of analysis and criticism and of judicial
presentation of both sides of controverted issues. Professor
Willis, for example, declines to commit himself to one side
or the other of the crucial question whether the Federal Reserve System "ought" to have gone off gold "along with the
other banks," or whether it "'could' have maintained its
responsibility for redemption independently." "The question," he concludes, is one which "cannot be settled offhand" but "must be dealt with as the result of thorough
analysis of the policies of the Reserve System over a long
period of years." On the other hand, American bankin
legislation, he declares, "is seldom if ever able to go to the
root of the problems at which it aims, and is usually blocked
of its main purpose by the unfortunate necessity of admitting concessions in its terms which go far toward nullifying
the benefits of other portions of the law, or which in some
cases absolutely run counter to successful administration of
it." Summarizing the arguments for and against branch
banking, Professor Chapman points out that various changes
in the banking system "must sooner or later lead to rather
extensive growth or expansion of branch banking," important among these being "bank failures, bank mergers
and consolidations, chain and group banking, and the inability of the small unit banks to show sufficient earnings to
satisfy their stockholders."
The transformation which bank portfolios have undergone
through a relative increase in securities holdings and a decrease in commercial paper has been made, Professor Willis
declares, in "almost entire disregard of the principles of investment" and has left the portfolios "extremely unsatisfactory." "A clearing up of frozen portfolios throughout the
country will be necessary before we can expect that the
banking system of the nation will be restored to efficiency,
and before it can be felt that either the securities markets or
the banks occupy a reasonably strong or satisfactory position."
Professor Willis speaks with special authority regarding
the Federal Reserve System, for he was the first secretary
of the Federal Reserve Board and for some years its director
of research and consulting economist. What he has to say,
accordingly, about the contrast between theory and practice
in the history of the System marits thoughtful consideration.
He points out that the System, "virtually from the very
outset," based its discounting theoretically upon commercial
paper "but practically upon collateral security," theoretically avoided "investment or speculative operations"
while in practice financing speculation "through the use of
ndireet means,"substituted for"mutual supervision of banks
and strict joint oversight" a "mere extension of Treasury
supervision by taking the Reserve banks into partnership
with the existing systems of bank examination," theoretically got rid of Government influence in business but
practically introduced "an extended and powerful influence
upon business through the vast enlargement of the operation
of the Government and the enormous extension of Government discounting at Reserve banks," and established an
'effectual limitation" of Reserve bank operations to "a very
small group in the community," thereby making the System,
instead of "a source of mutual aid," a "medium of highly
specialized support and relief for particular groups."
To the foregoing should be added the observations of
Caroline Whitney, who in an informing chapter on discount
policy notes that the discount policy of the System has been
"rendered ineffectual by a growing dependence upon the
Goverment, debt as a source of Reserve bank credit," that
for the banks'to free their resources of the Government
bonds they must permit the price of these bonds to seek
its natural level," and that after "driving Government bonds
from bank portfolios" the Reserve banks must so extend
future credit "that the member bank credit extended on the
basis of Reserve bank credit will be used to accommodate
commerce and industry rather than to accommodate Wall
Street or to relieve the United States Government of the
necessity of collecting taxes in proportion to its expenditures."
Summing up the record and the present banking situation
in a few concluding paragraphs, Professor Willis finds the
banks of the country "still suffering from asset deterioration," partly in consequence of past management and unwise
lending before 1930 but to-day the result of the enforced
4358
Financial Chronicle
absorption of Government bonds and short-term notes, the
latter to the amount of nearly $10,000,000,000; that the
banks are thus being slowly "frozen" to death and in imminent danger of passing, directly or indirectly, under Government management, that "bad and careless banking" has
been promoted by the suspension of specie payments and of
"nearly all the limits formerly set upon note issue," thereby
preparing the way for "possible credit expansion of a
dangerous and uncontrollable type," that the "frozen" Federal Reserve System is "unable to resist, by the usual money
market methods," the financial disorganization "growing out
of the plan of filling the bankE with illiquid Government
obligations," and that the outcome of the "critical emergency" through which the banks are passing may be either
a government system or "a greatly weakened privatelyowned system." Nothing short of "complete reorganization
of the banking laws," including "provisions designed to
make banking a profession to be conducted only by men of
probity and experience," will, in Professor Willie's opinion,
meet the needs of the situation.
We commend the book not only to persons in any way
engaged in banking, but also to whoever wishes to understand
the plight into which our banking and credit systems have
been led by speculation, politics and unwisdom, and the
steps needed to make both banking and credit sound. It
is a sound piece of scholarship and constructive criticism,
and its primary appeal, notwithstanding its statistical and
other technical features, is to the average intelligent reader
who wants facts as well as matured opinions.
June 30 1934
The general trend has been upward for all classes of bonds
this week. High grades were quite strong, the Aaa average
yield again reaching 3.91%, a record low establ.shed two
weeks ago. The Aa's made a new low a 4.6%. The A's
during the week reacried 4.92%, the lowest yield for this
group, established about ten days previously. While toese
three groups of high grade issues remain at top prices, the
next lower group, the Baa's, yiela 6.03%, somewhat above
Inc year's low of 5.90% beached ir the latt ,r part of April.
All rating groups of indus4nal bones used in the Moody
averages sold ".his weak II their lowest yield levels, but the
Baa groups of railroad and utility classifications are somewhat under recent high price levels, having shown moderate
declines in the last two months, along with general stock
market trends. Lower grade and defaulted issues in these
two groups are also below high levels established earlier in
the year.
The U. S. Government bond average lost only a quarter
of a poirt after the June 15 financing was successfully carried
out, and has reached a new high of 106.04.
New high ground was again attained by some high-grade
railroad bonds. Chesapeake & Ohio ref. 43/s, 1995, closed
2
at 1053. compared with 1053.' last Friday, and Union Pacific
4s, 2008, reached a new high of 102 during the week. Medium-grade issues were quite irregular with losses predominating. Illinois Central, ref. 4s, 1955, ended the week at 84%,
off 1% points; Pennsylvania deb. 43's, 1970, closed at 91%,
off % point. Lower levels were general throughout the
second and lower-grade rail bonds. St. Paul mtge. 5s, 1975,
closed at 39 compared with 4034 last Friday; Denver & Rio
Grande Western gen. 5s, 1955, at 22 compared with 23;
International Great Northern adj. 63, 1952, were off 134
points, closing at 3034; New York Central ref. 5s, 2013, at
743 compared with 753. a week ago:
%
The utility bond market this week has been listless and
the trend Irregular. All grades fluctuated within a narrow
range displaying a moderate tendency toward softening of
prices, but recovering toward the end of the week. Commonwealth Subsidiary 53/2s, 1948, closed at 843 , up 32
%
since a week ago; Public Service of Northern Illinois 43/5
3,
1981, at 77 showed a gain of 2%; Florida Power and Light
5s, 1954, advanced to 653/a, up 2; Central Power and Light
5s, 1956, at 5734 were up 2% points.
Prices of industrial bonds as a group have undergone
little change during the week, though some irregularity was
evident in the movement of certain classifications and individual issues. Steels acted well despite a sharp drop in the
rate of operations in the industry. National Steel 5s, 1956,
made a new high at 104. Youngstown Sheet & Tube 5s,
1978, were up % at 83. The motion picture group was weak.
3
Loew's 6s, 1941, declined to 101, off 4; Warner Bros. Pictures 6s, 1939, were 334 lower at 55),{; Paramount Publix
filed 53's, 1950, were 2% lower at 52%. Meat packing
issues continued strong, close to the year's highs, with Morris
& Co. 432s, 1939, at a new peak of 99, up 1%.
The foreign bond market has been quite irregular. There
was a fractional upward trend in German corporate and municipal issues, also some recovery in German Government
bonds. Chilean issues were slightly lower as were Japanese,
while some recovery occurred in Australians. Cuba 532s,
1945, were up 6% points for the week at 30.
The $30,000,000 financing by the State of New York
stood out as the most important event of the week in municipal finance and served further to test the demand for prime
investment media. Bonds, which mature serially in from
one to ten years and bear a coupon rate of 2%, were sold at
a cost to the State of 1.83%, which compares favorably with
terms obtainable by the Federal Government. This completes the $60,000,000 financing for relief purposes authorized
by the voters last November.
Moody's computed bond prices and bond yield averages
are given in the following tables.
MOODY'S BOND PRICES.
(Baud on Average Yields.)
MOODY'S BOND YIELD AVERAGES.t
(Based on individual Closing Prices.)
vmvcovv0000000000050000m00 S0000200M0 mwmwwwwwwwwwmommwm
wwwwwwwwwwwwwwwwww
6W6.6;mWM24..WM6g60. inaMW;w6.40WM6;.. i.06aMiutmemb.1.4-.MMica0
coma.= Q4 -.4.40WW0.0.4WO MMCOMWWW.4....WW ,
101.81
102.47
101.47
100.49
100.81
100.81
100.00
99.68
98.88
98.73
98.00
97.00
106.25
96.54
99.04
78.44
v
94.73
96.70
85.23
73.25
88.50
ao no
7A 07
SA Ag
49 00
00 09
on 1111
RS 91
May 25_
18._
11-Apr. 27__
20__
13-Mar.30_ _
23._
16__
Feb. 23__
16__
Jan. 26__
19__
12-Low 1934
High 1934
Low 1933
High 1933
Yr. Agolue.29'33
a Yrs.Ago
TIIA 20'22
;0;;.66...9.26n—
tioi4WWWW
ocomm.wv...4omw
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79.68 97.47
80.60 98.41
78.88 97.47
78.66 96.54
79.68 97.16
80.37 97.31
78.88 95.33
78.99 95.33
75.50 92.68
74.36 91.39
70.52 88.36
66.55 85.74
83.72, 100.33
66.38 85.61
77.66 93.26
53.16 69.59
Weekly
105.37
104.85
104.85
104.68
104.85
104.68
104.51
104.33
103.65
102.81
00 044p0.1.a.a.a.&160a.a.O.4.4.a.
,
94.43
95.18
94.14
93.11
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
97.31
81.78
89.31
71.87
June 29._
28._
27__
26._
25__
23_ _
22__
21-_
20_ 19__
18-16__
15._
14-13-12._
11--
OcComcmcomOCcoomOccomM0C
WWWWW.WWWwwwww.....1
81.54 99.20
80.72 98.57
81.07 98.73
82.02 99.04
81.66 98.88
81.78 99.68
83.48 100.00
83.60 100.33
82.74 99.84
81.18 99.04
106.07
106.07
106.25
106.25
106.07
106.07
106.07
105.89
105.72
106.07
106.07
106.07
105.89
105.72
105.54
105.54
105.54
105.54
PPPS.P.5.5.c
4F.P54S".5".
96.39
95.78
96.23
96.70
96.85
97.00
97.31
97.31
96.70
95.78
INW,IN
98.73 114.63 107.14
98.09 114.04 106.78
98.25 113.65 106.78
98.57 113.26 106.60
98.41 112.88 106.42
98.73 112.50 106.42
98.88 112.50 105.89
98.88 112.31 105.89
98.25 111.92 105.54
97.16 111.16 104.68
xchang e Close d,
95.93 110.42 103.48
98.70 111.16 104.16
95.63 110.79 103.15
94.88 110.23 101.81
95.18 110.23 101.97
95.33 109.86 101.47
93.99 109.12 100.00
93.85 108.75 99.68
91.53 107.67 98.41
90.55 107.67 97.16
87.69 106.25 95.48
84.85 105.37 93.26
99.52 115.02 108.39
84.85 105.37 93.11
92.39 108.03 100.33
74.15 97.47 82.99
88.90 105.72
P. U. Indus.
o
RR.
99.68
99.84
99.68
99.68
99.68
99.68
99.68
99.84
100.00
100.17
100.33
100.17
100.17
99.84
99.84
99.68
99.68
99.68
S
82.02
82.14
81.90
81.78
82.02
81.90
81.90
82.26
82.50
82.74
82.74
82.38
82.26
82.02
81.90
81.90
81.90
81.90
M
Aa.
Mt.01,
41MNNOMM
Baa.
97.16
97.00
97.00
97.16
97.16
97.31
97.16
97.31
97.31
97.31
97.31
97.16
97.16
97.00
96.85
96.70
96.54
96.54
115.02
115.02
115.02
115.02
114.82
114.82
114.82
114.82
114.63
114.63
114.82
114.82
115.02
114.63
114.63
114.43
114.63
114.82
All
120 Domestic Corporate
120
1934
by Ratings.
Daily
DomesAverages.
tic.
Aaa.
As.
A.
Baa.
COMMOOMOMMMMOM..NNN
A.
108.03
108.39
108.39
108.39
108.21
108.21
108.03
107.85
107.85
108.C3
108.03
107.85
107.85
107.49
107.49
107.49
107.31
107.31
99,36
99.36
99.36
99.36
99.36
99.36
99.20
99.36
99.36
99.52
99.52
99.36
99.36
99.04
99.04
98.88
98.88
98.88
Aaa.
120 Domestic
Corporate* by Groups.
commmwmmmmmtomoomowm.000c.000b.
pi44444444444444444 44444444443
164wilauiscikiti4M Lei
June 29.... 106.04
28__ 105.93
27_ 105.86
26._ 105.85
25.... 105.72
23._ 105.75
22_ 105.79
21__ 105.76
20._ 105.91
19_ 105.94
18_ 106.03
16_ 106.02
15_ 106.00
14__ 106.02
13__ 105.78
12_ 105.56
11._ 105.49
9__ 105.51
Weekly
8_ 105.52
1._ 105.27
May 25__ 105.13
18_ 105.05
11-- 105.11
4_ 104.75
Apr. 27__ 104.21
20__ 103.65
13-- 104.35
6__ 104.03
Mar.30„ Stock E
23-- 103.32
16-- 103.52
9_ 103.06
2_ 101.88
Feb. 23_ 102.34
16- 102.21
9__ 101.69
2._ 101.77
Jan. 26_ 100.41
19__ 100.36
12-- 99.71
5- 100.42
High 1934 106.04
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. Agolue.29'33 103.47
2 Yrs.Ago
..._ nt,•nn n., n,
120 Domestic Corporate*
by Ratings.
M
U. 8.
120
Govt. Domes1934
Bonds. tie.
Daily
**
Corp.*
Averages.
P....coppogamemcm
The Course of the Bond Market
120 Domestic
Corporate by Groups.
RR.
ft
30
ForP. U. Indus. elms.
4.93
4.94
4.94
4.93
4.93
4.92
4.93
4.92
4.92
4.92
4.92
4.93
4.93
4.94
4.95
4.86
4.97
4.97
6.04
6.03
6.05
6.06
6.04
6.05
6.05
6.02
6.00
5.98
5.98
6.01
6.02
6.04
6.05
6.05
6.05
6.05
4.77
4.76
4.77
4.77
4.77
4.77
4.77
4.76
4.75
4.74
4.73
4.74
4.74
4.76
4.76
4.77
4.77
4.77
5.22
5.21
5.23
5.22
5.21
5.22
5.22
5.20
5.20
5.20
5.21
5.23
5.24
5.24
5.25
5.25
5.26
5.26
4.39
4.39
4.38
4.38
4.39
4.39
4.39
4.40
4.41
4.39
4.39
4.39
4.40
4,41
4.42
4.42
4.42
4.42
7.46
7.45
7.46
7.45
7.46
7.48
7.49
7.47
7.49
7.51
7.50
7.50
7.53
7.48
7.46
7.39
7.36
7.34
4.98
5.02
4.99
4.96
4.95
4.94
4.92
4.92
4.96
5.02
d.
5.11
5.06
6.13
5.20
5.19
5.19
5.27
5.29
5.47
5.57
5.81
6.04
4.92
6.06
5.04
6.98
6.08
6.15
6.12
6.04
6.07
5.96
5.92
5.91
5.98
6.11
4.80
4.84
4.83
4.81
4.82
4.77
4.75
4.73
4.76
4.81
5.27
5.31
5.30
5.25
5.28
5.24
5.24
5.25
5.30
5.40
4.43
4.46
4.46
4,47
4.46
4.47
4.48
4.49
4.53
4.58
7.35
7.29
7.26
7.20
7.14
7.16
7.28
7.21
7.20
7.22
6.24
6.16
6.31
6.33
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
5.90
7.58
6.16
9.44
4.91
4.85
4.91
4.97
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.73
5.75
4.83
7.22
5.48
5.43
5.53
5.57
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.20
6.74
5.43
7.17
4.64
4.60
4.66
4.72
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.38
4.97
4.60
6.35
7.34
7.23
7.25
7.38
7.49
7.52
7.55
7.57
7.97
8.05
8.38
8.53
7.13
8.85
7,23
11.19
5.78
6.84
5.53
5.88
5.09
9.61
SRI
11.00
022
7 97
7 70
1200
These prices are computed from average yields on the basis o one "Ideal" bond (431% 001113011, ma wing 11131 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. For Moody's index of bond prices by months back to 1928, see the issue of Feb. 6 1932. page 907v
.* Actual average price of 8 long-term Treasury issues. t The latest complete list of bonds used in computing these indexes was published in the issue of Feb. 10 1934.
page 920. tt Average of 30 foreign bonds but adjusted to a comparable basis with previous averages of 40 foreign bonds.
Volume 138
4359
Financial Chronicle
Indications of Business Activity
-COMMERCIAL EPITOME.
THE STATE OF TRADE
Friday Night, June 29 1934.
A good business was reported in both wholesale and retail
lines, but industrial activity slowed up somewhat. Steel
output shows a falling off; so has that of bituminous coal.
Yet electric output maintains a level above that of last year,
and there was a big increase in carloadings, owing to the
heavy grain movements in the Southwest. There has been
some falling off in the retail demand in some drouth-stricken
areas, but in other parts of the country there was a strong
buying interest. The warm weather stimulated a good demand for summer goods. Substantial sales of men's lightweight suits were reported, with women's silk and cotton
print dresses in very good demand, and sales of linen suits
the best in three or four years. Prominent in the week's
business were graduation dresses, wedding gowns and swimming suits. In the wholesale line, fall clothing, electrical
appliances, house furnishings and hardware were in good
demand. Commodity prices showed a mixed trend. Cotton
was moderately active, and prices were higher, owing to
continued lack of rain in Texas and very high temperatures.
Grain markets at times were very active, and prices show
a sharp gain for the week, particularly on corn, which is
more than 4c. higher than a week ago. Wheat is % to %c.
higher for the week; oats, 2% to 3%c. up, and rye, 2% to
3
/ Hot weather and a lack of rainfall were the principal
3
4c.
strengthening factors. Silver shows an advance since last
Friday of 145 to 165 points, and there was a gain of 67 to 68
points in rubber futures. Coffee futures show a decline.
Cocoa was irregular. Sugar was 3 points lower to 1 point
higber. Hides were 125 to 130 points down, and silk was
off lc. for the week. It was generally clear in New York
during the week, with the temperatures very high. It was
90 degrees here late in the week. The Northwestern grain
belt again experienced hot and dry conditions, and there was
an absence of rain in the Western cotton belt, where it is
badly wanted, especially in Texas. To-day it was fair and
hot here, with temperatures ranging from 66 to 95 degrees.
The forecast was for thundershowers and cooler Saturday
afternoon or night. Overnight at Boston it was 64 to 78;
Baltimore, 76 to 88; Pittsburgh, 78 to 98; Portland, Me., 60
to 74; Chicago, 76 to /00; Cincinnati, 76 to 100; Cleveland,
78 to 100; Detroit, 74 to 104; Charleston, 78 to 90; Milwaukee, 70 to 94; Dallas, 76 to 90; Savannah, 74 to 90;
Kansas City, 82 to 102; Springfield, Mo., 78 to 96; St. Louis,
82 to 102; Oklahoma City, 74 to 98; Denver, 62 to 94; Salt
Lake City, 54 to 82; Los Angeles, 62 to 80; San Francisco,
62 to 78; Seattle, 52 to 72; Montreal, 70 to 76, and Winnipeg,
54 to 76.
Large Increase in Freight Car and Locomotive Orders.
Class I railroads of the United States on June 1 had
20,011 new freight cars on order, according to reports just
received by the American Railway Association. This compares with 1,205 new freight cars on order on the same
day last year and 2,534 on June 1 1932. The reports further
showed:
The railroads on June 1 this year also had 40 new steam locomotives
on order and 107 electric locomotives. New steam locomotives on order
on May 1 1933 totaled one and on the same date in 1932 there were 18
on order. No figures are available to show the number of new electric
ocomotives on order in previous years.
In the first five months of 1934 the railroads installed 2.327 new freight
cars. In the same period last year 1,249 new cars were placed in service
and for the same period two years ago the total number installed was 1,671.
One new steam locomotive and six new electric locomotives were installed in service in the first five months this year. The railroads in the
first five months of 1933 installed one new steam locomotive and 22 in
the corresponding period in 1032.
Freight cars or locomotives leased or otherwise acquired are not included
in the above figures.
Revenue Freight Car Loadings in Latest Week Exceeded
Corresponding Period in 1933 by 2.0%.
Loading of revenue freight for the week ended June 23
1934 amounted to 621,872 cars, an increase of 4,223 cars, or
0.7% over the preceding week and an increase of 12,245 cars,
or 2.0% over the corresponding period last year. It was
also a gain of 122,879 cars, or 24.6% over the comparable
period in 1932. Total loading for the week ended June 16
16 1934 exceeded the same period in 1933 by 4.2% and the
corresponding period in 1932 by 19.1%. For the week
ended June 9 1934 increases over the like periods in 1933 and
1932 totaled 8.2% and 22.7%, respectively.
The first 16 major railroads to report for the week ended
June 23 1934 loaded a total of 272,867 cars of revenue freight
on their own lines, compared with 268,129 cars in the preceding week and 269,351 cars in the seven days ended June 24
1933. A comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines.
Weeks Ended
Reed from Connections.
Weeks Ended
June 23 June 16 June 24 June 23 June 16 June 24
1934. 1934. 1933. 1934. 1934. 1933.
21,177
20,828
13,543
16,821
15,655
2,212
2,666
4,674
13,270
4,736
43,871
17,223
57,423
5,354
24.683 23,891
4.860 4,785
24,668
21,020
13,578
17.613
15,960
1,735
2,940
4,754
14,100
4,540
41,859
17,294
58.117
5,146
Atchison Topeka & Santa Fe Ry_
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR
Chicago Milw. St.Paul & Pac. By
Chicago & North Western By.. -Gulf Coast Lines
International-Great Northern RR
Missouri
-Kansas
-Texas RR
Missouri Pacific RR
New York Chicago & St. Louis Ry
New York Central Lines
Norfolk & Western By
Pennsylvania RR
Pere Marquette By
Southern Pacific Lines
Wabash By
20,459 4,317 4,358 3,889
21,125 9,437 10,019 8,730
14,061 6.203 5,801 6,183
18,316 6,414 6,384 6,431
14,875 8,183 7,932 7,914
847
1,765 1,157 1,134
4.128 1,731 1,933 1,494
4,846 3,013 2,818 2,369
13.640 7,597 7,246 7.778
4,323 8,037 7,857 8,386
43,941 53,559 53,725 57,202
18,074 4.385 4,388 4.065
59,511 36,487 36,854 36,883
4,994 4.023 3,870 4.023
a
20.304
4,989 7,244 7,020 7,392
272,867 268.129 269,351 161,787 161,339 163.586
Total
a Not reported.
TOTAL:LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
Weeks Ended
June 23 1934. June 16 1934. June 24 1933.
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis
-San Francisco By
Total
23,550
24,321
13,047
21,756
24,743
12,698
22,396
25,877
13,272
60,918
59,197
61,545
The American Railway Association, in reviewing the week
ended June 16, reported as follows:
Loading of revenue freight for the week ended June 16 totaled 617,649
care, an increase of 2,084 cars above the preceding week, 24,890 cars above
the corresponding week in 1933, and 99,251 cars above the corresponding
week in 1932.
Miscellaneous freight loading for the week of June 16 totaled 247,402 cars,
an increase of 5,223 cars above the preceding week, 15,725 cars above the
corresponding week in 1933, and 38,994 cars above the corresponding week
in 1932.
Loading of merchandise less than carload lot freight totaled 161,393 cars,
a decrease of 1,539 cars below the preceding week this year, 7,439 cars
below the corresponding week in 1933, and 14,426 cars below the same week
in 1932.
Grain and prain products loading for the week totaled 33,788 cars, an
increase of 2,979 cars above the preceding week, but a decrease of 4,463 cars
below the corresponding week in 1933. It was, however, an increase of 7,993
cars above the some week in 1932. In the Western districts alone, grain and
grain products loading for the week ended June 16 totaled 23,135 cars, a
decrease of 4,766 cars below the same week in 1933.
Forest products loading totaled 25,086 cars, an increase of 564 cars above
the preceding week, but a decrease of 676 cars below the some week in 1933.
It was, however, an increase of 7,946 cars above the same week in 1932.
Ore loading amounted to 33,924 cars, an increase of 1,924 cars above the
preceding week, 20,987 cars above the corresponding week in 1933, and
29,634 cars above the corresponding week in 1932.
Coal loading amounted to 96,428 cars, a decrease of 4,643 cars below the
preceding week, but an increase of 1,536 cars above the corresponding week
in 1933 and 27,823 cars above the same week in 1932.
Coke loading amounted to 6,827 cars, a decrease of 97 cars below the
preceding week, but an increase of 1,887 cars above the same week in 1933,
and 3,886 cars above the same week in 1932.
Live stock loading amounted to 12,801 cars, a decrease of 2,327 cars below
the preceding week, 2,667 cars below the same week in 1933, and 2,599 cars
below the same week in 1932. In the Western districts alone, loading of
live stock for the week ended June 16 totaled 9,769 cars, a decrease of 1,898
cars below the same week in 1933.
All districts except the Southern and Southwestern reported increases for
the week of June 16, compared with the corresponding week in 1933. All
districts except the Southwestern reported increases compared with the corresponding week in 1932.
Loading of revenue freight in 1934 compared with the two previous years
follows:
1934.
Four weeks in January
Four weeks in February
Five weeks in March
Four weeks in April
Four weeks in May
Week ended June 2
Week ended June 9
Week ended June 16
Total
1933.
2,177,562
2,308,869
3,059,217
2,334,831
2,441,653
578,541
615,565
617.649
1.924,208
1,970,566
2,354,521
2,025,564
2,143,194
512,974
569,157
592,759
2,266,771
2,243,221
2,825,798
2,229,173
2,088,088
447,412
501,685
518.398
14.133,887
12,092.943
13.120.546
1932.
In the following table we undertake to show also the loadings for the separate roads and systems for the week ended
June 16 1934. During this period a total of 71 roads showed
decreases as compared with the corresponding week last year,
4360
Financial Chronicle
when the bank holiday was in effect. Among the larger carriers which continued to show increases as compared with the
same week in 1933 were the Pennsylvania System, the Baltimore & Ohio RR., the New York Central RR., the Chesapeake
June 30 1934
& Ohio Ry., the Norfolk & Western Ry., the Atchison Topeka
& Santa Fe Ry. System, the Southern Pacific Co. (Pacific
Lines), the Chicago & North Western Ry., the Great Northern
Ry., the Erie RR. and the Reading Co.:
-WEEK ENDED JUNE 16.
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)
Total Revenue
Freighi Loaded.
Railroads.
1934.
Eastern District.
Group A
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
N. Y. N. H.& Hartford
Rutland
1933.
Total Loads Received
from Connections.
1932.
1934.
911
2.688
7,852
1,002
2,829
10,827
668
1,377
2,663
6,942
641
2,683
10,198
614
239
4,267
9,425
2,705
1.920
10.956
935
222
4,657
9,421
2,437
1,798
11,216
991
26,030
26,777
25,118
30,447
30,742
5.039
8,797
12,858
156
1,222
7.294
1,549
20,574
1,597
212
279
4,666
8,613
11,898
147
1,245
7,832
1,946
19,681
1,652
389
351
4.128
7,343
10,659
192
1,119
6,687
863
17,040
1,606
430
371
6,279
5,794
12.997
1,499
1,051
6,603
35
26,811
2,186
16
182
6,374
5,451
13,290
1,686
853
6,414
93
26,728
2,040
29
189
59,577
58,420
50,438
63,452
63,147
541
1,212
6,417
18
207
267
2,208
4,063
7,606
3.337
4,736
5,354
6,200
1,128
4.785
3,909
468
1,424
7,976
25
283
368
1,414
3,692
6,961
3,510
4,449
4,860
5.507
1,352
4,903
3,452
467
1,323
7,332
26
293
163
1,965
2,623
6,181
2,899
3,720
4,590
2,863
1,007
5.218
2,367
951
1,683
9,609
44
116
1,704
988
8,660
7,570
236
7,857
3,870
5,261
1,090
7,020
2,892
007
1,737
10,770
53
106
1.813
700
5,574
7,654
205
7,900
3,858
4,128
791
7,159
3,054
61,988
50.634
43,037
56,551
56,409
Grand total Eastern District... 137,595
135,831
118,593
150,450
150.298
428
29,967
4,405
207
5,168
605
227
59
780
1,023
57,423
11.690
9,444
75
3,184
539
25,776
2,286
153
5,255
638
229
47
977
1,214
56,384
11,546
6,989
34
2,776
a
24,144
1,366
98
5,847
3
125
80
1,106
b
51,682
9,907
2,655
33
2,361
522
12.653
2,136
10
9,634
37
16
32
2,085
819
36,854
14,502
3,825
0
5,276
639
12,758
1,438
3
9,352
27
20
23
2,098
849
35,857
14,109
1,827
124,685
114,843
99,407
88,401
82,680
20,828
17,223
1.158
2,994
19,962
17,114
752
2,981
15,045
12,241
944
2.285
10,019
4,388
1,140
865
8,499
4.036
1,281
605
42,203
40,809
30,515
16,412
14,321
8,706
1,060
314
126
40
2,540
315
382
6,519
17,177
130
8,125
921
463
163
40
2,716
556
406
6.409
19.252
171
8.336
762
430
87
52
2,622
407
289
5,809
15,867
156
3,905
1,406
808
316
80
867
621
3,663
2,787
10,111
551
4,102
1,405
838
386
68
894
' 859
3,457
2,763
11,285
581
Total
Group
Delaware Az Hudson
Delaware Lackawanna & west.
Erie
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western
Pittsburgh& Shawmut
Pitts. Shawmut & Northern
Total
Group C
Ann Arbor
Chicago Ind. & Louisville
C. C. C. St. Louis
&
Central Indiana
Detroit & Mackinac
Detroit Ac Toledo Shore Line__
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis.
Pere Marquette
Pittsburgh Sr Lake Erie
Pittsburgh & West Virginia____
Wabash
Wheeling Az Lake Erie
Total
Allegheny District
Akron Canton & Youngstown_
Baltimore Az Ohio
Bessemer & Lake Erie
Buffalo Creek & GauleY
Central RR. of New Jersey....
Cornwall
Cumberland & Pennsylvania__
Ligonier Valley
Long Island
-Read. Seashore Lines_
b Penn.
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District
Chesapeake Az Ohio
Norfolk & Western
Norfolk Az Portsmouth Belt Line
Virginian
Total
Southern District
Group A
Atlantic Coast Line
ClineMeld
Charleston & Western Carolina
Durham Az Southern
Gainesville Midland
Norfolk Southern
Piedmont& Northern
Richmond Fred. & Potomac__
Seaboard Air Line
Southern System
Winston-Salem Southbound....
o
3,680
Total Loads Received'
from Connections.
1934.
1933.
1,385
3,029
7,143
940
2.699
10,085
749
Total Revenue
Freight Loaded.
Railroads.
Group
Alabama Tenn. & Northern__
Atlanta Birmingham Az Coast...
AU.& W.P.
-West.RR.of Ala
Central of Georgia
Columbus & Greenville
Florida East Coast
Georgia
Georgia & Florida
Gulf Mobile & Northern
Illinois Central System
Louisville & Nashville
Macon Dublin & Savannah....
Mississippi Central
Mobile & Ohio
Nashville Chatt. dc St. Louis_
Tennessee Central
Total
1933.
1932.
1934.
135
626
536
3,256
195
426
733
282
1,381
17,154
16,647
122
133
1,680
2,630
285
278
680
711
3.767
223
360
671
37:
1,389
17,208
17.055
139
171
1,761
2,756
283
262
549
525
2.766
183
406
638
256
1,138
16,368
12,875
105
109
1,650
2,275
306
143
465
853
2,022
142
417
1,266
329
592
8,110
3,671
299
204
1,233
1,919
421
1933.
179.
523
1,051
2,222'
154
2591,267
321
708
8,471
3,757
230.
243
1,416
2,270'
508
46,221
47.829
40,411
22,086
23,579'
Grand total Southern District..
83,530
87,051
75,228
47,201
50,217
NorthwesternDistrictBelt Ry. of Chicago
Chicago At North Western
Chicago Great Western
Chic. Milw. St. Paul & Pacific.
Chic. St. Paul Minn. & Omaha
Duluth Mamba & Northern_ _
Duluth South Shore & Atlantic
Elgin Joliet Az Eastern
Ft. Dodge Des M.& Southern.
Great Northern
Green Bay & Western
Lake Superior & Ishpeming...
Minneapolis & St. Louis
Minn. St. Paul Az S. S. Marie__
Northern Pacific
Spokane International
Spokane Portland & Seattle
843
17,776
2,396
16,821
3,107
9,372
711
5,576
278
14,581
532
1,858
1,547
5,332
8,105
287
1,550
709
15,159
2,19i
17,759
3,573
3,997
651
4,471
335
9,491
485
870
1,917
5,015
8,275
129
950
1,372
13,548
2,223
15,024
3,129
550
543
3,289
284
7,399
525
a
1,796
3,775
7,126
a
1,207
1,479
7,932
2,230
6,384
3,161
93
307
4,152
122
2,516
342
68
1,100
2,157
2,231
167
1,124
1.5547,654.
2,292
6,5152,910
52*
291
4,452'
164
2,004
34574
1,166
1,732'
2,080
158
85/
90,872
75,983
61,790
35,565
34,294,
21,177
2,510
191
13,543
1,113
12,048
2,222
715
1,618
123
1,398
1,946
688
181
18,445
232
327
9,918
181
1,558
20,093
2,927
165
13,920
1,177
12,680
2,089
561
1,372
224
1,123
2,030
515
56
14,806
303
385
9.882
146
1.249.
21,138
3,537
121
13,249
a
12,089
2,085
762
1,308
194
1,153
a
511
250
15,577
206
270
9,841
178
1,122
4,388
1,977
76
5,801
483
6,283
2,063
942
1,822
16
1,024
976
384
33
4,026
234
904
5,996
6
1,535
3,877
1,744.
27'
5,784
623
5,911
1,795
851
1,863
12
924
957
253
20
3,335,
277
1,011
6,208
4
1,273
90,133
85,709
83,591
38,939
36.749-
166
127
128
2,212
2,660
137
1,835
1,070
273
372
484
91
4.674
13,294
53
136
7,785
2,111
5,446
4.070
1,466
35
176
112
159
1,567
4,414
114
1.738
1,384
214
249
542
74
5,006
13,651
61
174
8,419
2,230
5,447
4.623
2.180
19
139
122
151
2,413
2,016
217
1,959
1.263
a
89
608
41
5,243
12,497
46
67
8,422
2,181
5,824
3,989
1,965
22
3,588
232
171
1,134
1,933
848
1,251
737
283
886
166
204
2,818
7,247
13
116
3,358
2,194
2,105
3,862
1,927
41
3,318
314161
836
1,488
895.
1,361
616
261
635
154244
2,323
7,501
16
125
3,406
1,771
1.9693,900.
2,126
37
Total
Central Western DistrictAteh. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy
Chicago & Illinois Midland....
Chicago Rock Island Ac Pacific.
Chicago & Eastern Illinois_
Colorado Az Southern
Denver & Rio Grande Western_
Denver & Salt Lake
Fort Worth dr Denver City-Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island-Toledo Peoria dz Western
Union Pacific System
Utah
Western Pacific
Total
Southwestern District
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern._
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana At Arkansas
Louisiana Arkansas Az Texas
Litchfield & Madison
Midland Valley
Missouri & North Arkansas._
Missouri-Kansas-Texas Lines..
Missouri Pacific
Natchez & Southern
Quanah Acme Ac Pacific
St. Louis San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas & Pacific
Terminal RR. Assn. of St. Louis
Weatherford M. W.& Northw_
48,631
52,533
39,222
34.817
49,274
25,115
26.638
33,457'
37,309
Total
35,114
Total
a Not available. b Pennsylvania-Reading Seashore Lines include the new consolidates lines of the West Jaggy & seashore rm., formerly part of Pennsylvania
EtR.„ and Atlantic CUT RR., formerly part of Reading Co.: 1932 figures ncluded in Pennsylvania System and Reading Co.
Number of Surplus Freight Cars in Good Repair
Decline.
Class I railroads on May 31 had 355,188 surplus freight
cars in good repair and immediately available for service,
the American Railway Association announced on June 23.
This was a decrease of 4,372 compared with May 14, at
which time there were 359,560 surplus freight cars.
Surplus coal cars on May 31 totaled 93,329, a decrease
of 7,097 cars below the previous period, while surplus box
cars totaled 213,138, an increase of 4,834 cars compared
with May 14.
Reports also showed 25,381 surplus stock cars, a decrease
of 1,141 compared with May 14, while surplus refrigerator
cars total 10,117, a decrease of 448 for the same period.
American Railway Association. This was an increase of
6,177 cars above the number in need of such repair on May 1,
at which time there were 295,191 or 15.0%.
Freight cars in need of heavy repairs on June 1 totaled
232,156 or 11.9%, an increase of 5,384 cars compared with
the number in need of such repairs on May 1, while freight
cars in need of light repairs totaled 69,212 cars, or 3.5%,
an increase of 793 compared with May 1.
Locomotives in need of classified repairs on June 1 totaled
11,080 or 22.8% of the number on line. This was a decrease
of 15 compared with the number in need of such repairs on
May 1, at which time there were 11,095 or 22.8%.
Class I railroads on June 1 had 4,899 serviceable locomotives in storage compared with 4,796 on May 1.
Number of Freight Cars in Need of Repairs Again
-More Serviceable Locomotives in Storage.
Increase
Class I railroad on June 1 had 301,368 freight cars in need
of repair or 15.4% of the number on line, according to the
Moody's Daily Index of Staple Commodity Prices Movesin Narrow Range During Week.
Primary commodity markets have showed little change on.
the average during the week, although individual commodi-
4361
Financial Chronicle
Volume 133
ties moved in erratic manner. Moody's Daily Index of
Staple Commodity Prices showed a net decline of 0.3 points
to 140.1.
Eight of the commodities comprising the Index declined
in price during the week, five advanced, and two, steel
scrap and copper, were unchanged. A one-cent drop in
hide quotations was the most important of the declines, with
hogs, wheat,lead, coffee, wool tops, cocoa and silk following.
Rubber and cotton scored the most impressive gains, with
corn, silver and sugar also advancing.
The movement of the Index number during the week.
with comparisons, follows:
140.9
2 Weeks Ago, June 15
--134.6
Month Ago, May 29
June 29 1933 -128.8
Year Ago,
148.9
1933 High, July 18
78.7
Feb. 4
Low,
142.3
1934 High, June 19
126.0
Jan. 2
Low,
140.4
141.2
140.9
140.9
140.1
141.0
140.1
June 22
Fri.,
Sat., June 23
Mon., June 25
Tues., June 26
Wed., June 27
Thurs., June 28
Fri.,
June 29
the index was 122.5%. The 0.7 of 1% increase for meats placed the present
index at 116.1% of the 1913 average as compared with 103.7 a year ago
and 113.4 two years ago.
Dairy products with an increase of 0.5 of 1% placed present prices 7%
over a year ago and 834% above two years ago when the indexes were
93.5 and 92.6, respectively. The "other foods" group. including fresh
fruits and vegetables, and canned goods, with a decrease of 134%. was the
only group showing a lower average. The present index is 101.2% of the
1913 average as compared with 94.9 a year ago and 96.2 two years ago,
showing increases of 634% and 5%,respectively.
Mr. Lubin's announcement said:
Prices used in constructing the weighted index numbers of the Bureau
are based upon reports from all types of retail food dealers in 51 cities and
cover quotations on 42 important food items. The index is based on the
average price of 1913 as 100.0. Comparisons of the current index with the
Indexes for May 22, May 8, April 24, and April 10 1934, May 15 1933 and
May 15 1932 are shown in the following table:
. INDEX NUMBERS OF RETAIL PRICES OF FOOD.
(1913=100.0)
1933
1934
1932
June 5 May 22 May 8 Ayr. 24 Apr. 10 May 15 May 15
"Annalist" Weekly Index of Wholesale Commodity
Prices Dropped 0.4 Point During Week of June 26 -Monthly Average for June Higher.
In a week of fewer individual price movements, the
"Annalist" Weekly Index of Wholesale Commodity Prices
declined 0.4 point to 114.7 on June 26,from 115.1 on June 19.
The "Annalist" said:
The farm and food products groups were lower, while textiles and miscellaneous were higher. The monthly average for June, reflecting the
advances of recent weeks, stood at 114.3, against 110.8 in May.
THE "ANNALIST" WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES.
Unadjusted for seasonal variation (1913=100).
June 26 1934. June 19 1934. June 271933.
100.5
114.1
*111.8
161.4
112.5
113.9
99.5
89.1
114.7
68.0
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
bAll commodities on old dollar basis
88.9
101.6
105.2
107.2
100.0
107.0
96.2
81.2
98.0
77.5
101.3
114.5
al11.7
161.4
112.5
114.0
99.5
89.0
115.1
68.3
• Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
THE "ANNALIST" MONTHLY INDEX OF WHOLESALE
COMMODITY PRICES.
(Monthly averages of weekly figures). •
Unadjusted for seasonal variation (1913=100)•
June 1934.
May 1934.
93.1
109.1
a113.4
162.4
112.2
114.0
99.6
89.9
110.8
65.6
84.5
98.6
100.5
99.3
99.6
107.0
96.2
79.5
94.5
77.2
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
S All commodities on old dollar basis
* Preliminary. a Revised. b Based on exchange quotations for France, Switzerland, Holland and Belgium.
DAILY SPOT PRICES.
•
Moody's Index.
Cotton.
June 19
June 20
June 21
June 22
June 23
June 25
2R
Wheat.
Corn.
Hogs.
U. S. $.
Old S.
12.35
12.20
12.20
12.10
12.15
12.35
12 AR
1.12%
1.093(
1.06%
1.074
1.1034
1.0834
1 0714
0.733.
0.72%
0.70%
0.69%
0.7134
0.72
II 724
4.69
4.86
4.88
4.87
___
4.80
4.89
142.3
141.8
140.9
140.4
141.2
140.9
140.9
84.4
84.2
83.7
83.4
83.9
83.7
55*
-No. 2 red, new, cif., domestic,
Cotton-Middling upland, New York. Wheat
-Day's average, Chicago.
New York. Corn-No. 2 ye low, New York. Hogs
Moody's Index-Daily Index o 15 staple commodities, Dec. 311931=100: March 1
1933=80.
108.2
144.2
114.9
99.9
107.4
144.7
110.5
99.7
107.3
144.0
112.6
99.0
93.7
115.8
100.1
92.2
101.3
122.6
115.3
94.3
Of the 27 cities showing advances, Chicago, where prices rose 3.2%.
showed the greatest rise. Price advances of 1% or more were registered in
Boston, Butte, Denver, Detroit, Los Angeles, Louisville, Omaha, Peoria,
San Francisco and Springfield, Ill. The advance in Washington, D. C. was
0.8 of 1%.
New Orleans had the largest decline, prices dropping by nearly 234%.
Baltimore, Cincinnati, Newark. New Haven, New York, Richmond and
Rochester showed a decrease qf 1% or more. Of the 23 cities showing price
declines, 9 registered decreases of less than 34 of 1%.
As compared with June 15 of last year, all of the 51 cities covered showed
material advances. Philadelphia, with an increase of 19%, showed the
largest advance. Seattle, with an advance of nearly 4%, showed the
smallest increase. In Washington, D. C. the increase was 15%.
Compared with the corresponding period of two years ago, 50 of the 51
cities have shown an advance in price, with Butte alone showing a decrease
in the general average. The largest increase for the two year period occurred
in Detroit where food prices advanced by 17%. Charleston, S. C., with
an increase of I%%,showed the smallest price rise. During the two year
period, food prices in Washington, D. C. advanced slightly more than 11%.
The following table shows the percent change which has taken place in
each city and in the individual food Items between May 22 1934. June 15
1933, June 15 1932, and June 5 1934:
CHANGES IN RETAIL FOOD PRICES (BY CITIES).
Per Cent Change on
June 5 1934
Compared with
Per Cent Change on
June 5 1934
Compared with
City.
City.
June 15 June 15 May 22
1932. 1933. 1934.
As compared with the index of 96.7 for June 15 1933, present prices are
% over the level of June 15, of two years
up by 12%. They are nearly
ago when the index was 100.1.
Of the 42 articles included in the index, 18 showed an increase in average
price, 9 a decline, and 15 no change. Sirloin and round steak, sliced ham,
bacon, butter, flour, and white bread were among the important items
registering price increases. Pork chops, hens, corn meal, potatoes, cabbage,
and sugar showed decidedly lower prices.
Of the 51 cities covered by the Bureau, advances occurred in 27. Decreases were registered in 23, and Portland. Ore, showed no change.
The cereal group, with an advance of 0.9 of 1%, showed the greatest
increase. The present index is 145.7% of the 1913 average and Is higher
index was 117.2. This index is
In 2434% than for June 15 1933 when the
,
apprenately 20% above that for the similar period two years ago when
+5.3 +10.0
+11.4 +14.6
+5.9 +6.4
+9.6 +11.6
+8.2 +12.2
+8.7 +13.3
-0.1
+5.0
+1.5 +12.1
+2.1
+8.3
+8.8 +11.8
+10.7 +15.2
+11.1 +16.1
+13.4 +11.5
+9.2 +9.6
+17.1 +18.9
+8.6 +14.0
+12.9 +15.0
+9.1 +12.8
+6.3 +12.7
+9.3 +9.0
+15.6 +18.5
+7.4
+5.6
+15.1 +13.9
+9.1 +11.4
+11.2 +14.6
+7.6 +11.2
-0.2
-1.1
+0.1
+1.5
+0.1
+0.7
+1.6
-0.8
+3.2
-1.1
+0.4
+0.8
+1.3
+1.7
-0.7
-0.2
-0.6
+0.5
+0.2
+1.4
+2.2
-0.6
+0.6
+0.3
June 15 June 15 May 22
1932. 1933. 1934.
+11.9
+7.5
+5.1
+6.8
+8.5
+7.2
+4.2
+13.2
+10.6
+12.6
+15.1
+3.6
+2.3
+4.6
+11.9
+8.1
+8.4
+12.4
+7.0
+6.1
+10.2
+7.1
+3.4
+10.1
+11.3
+8.4
Minneapolis
Mobile
Newark
New Haven____
New Orleans...
New York
Norfolk
Omaha
Peoria
Philadelphia_ _ _
Pittsburgh
Portland, Me__
Portland, Ore__
Providence _
Richmond
Rochester
St. Louis
St. Paul
Salt Lake City_
San Francisco
Savannah
Scranton
Seattle
Springfield, Ill_
Wash'ton,D.C.
United States--
+18.3
+10.1
+14.1
+14.5
+10.5
+12.7
+17.0
+13.3
+13.1
+19.0
+18.9
+9.3
+6.0
+8.4
+16.3
+14.0
+8.7
+18.9
+6 3
+7.1
+14.0
+11.2
+3.9
+10.9
+15.0
+12.1
+0.4
-0.4
-2.2
-1.3
-2.3
-1.7
-0.3
+1.2
+2.5
-0.3
+0.8
-0.7
-1.0
-2.2
+0.2
+0.8
+0.4
+1.7
-0.4
-0.6
+0.4
+2.9
+0.8
BY COMMODITIES.
Article.
Per Cent Change on
June 5 1934
Compared with
Sirloin steak_.
Round steak___
Plate beef
Chuck roast...
Rib roast
Ham, sliced...
Pork chops__
Bacon, sliced_
Lamb,leg of...
Hens
Salmon, red....
Lard, pure- _ __
Veg. lard sub__
Eggs. fresh____
Butter
Milk, fresh
Milk, evap
Cheese
Flour, wheat__
Corn meal
Rolled oats....
Corn flakes____
-3.0
-1.8
-2.8
-3.6
-5.5
+2.0
+20.6
+15.1
+15.6
+0.8
-17.4
+29.5
-3.1
+13.9
+24.9
+2.8
5.
;--- 4
+50.0
+10.3
-10.5
-1.2
+7.1
+8.1
+4.0
+5.8
+4.2
+13.0
+28.6
+18.1
+23.8
+13.6
+12.1
+4.1
+2.7
+18.5
+7.1
+8.8
+1.5
+1.7
+41.2
+19.4
+21.4
+3.7
Per Cent Change on
June 5 1934
Compared with
•
Article.
luta 15 June 15 Vey 22
1932. 1933. 1934.
June 15 June 15 May 22
1932. 1933. 1934.
'+1- I
-
Ended June 5.
The Bureau's index number of retail food prices remained
unchanged for the two weeks' period ending June 5, according to an announcement made June 22 by Commissioner
Lubin, of the Bureau of Labor Statistics, of the U.S.Department of Labor. The current index based on the 1913 average
as 100.0 is 108.4 as compared with 108.2 on May 8, 107.3
on April 24 and 108.5 on March 13. The latter figure was
the highest reached since January 1932. In issuing the
announcement Mr. Lubin stated:
Atlanta
Baltimore
Birmingham_
Boston
Bridgeport
Buffalo
Butte
Charleston
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Denver
Detroit
Fall River
Houston
Indianapolis...
Jacksonville _Kansas City._
Little Rock____
Los Angeles....
Louisville
Manchester...-.
Memphis
Milwaukee
-..f0 C”.".
:0'49C41,
-F
++++ “ I +÷ + I +÷
United States Department of Labor Reports Retail
Prices of Food Unchanged During Two Weeks
108.4
144.4
115.3
99.9
June 1933.
99.5
113.4
•111.6
162.8
112.4
113.9
99.5
89.5
114.3
67.8
108.4
145.7
116.1
100.4
All foods
Cereals
Meats
Dairy products
Wheat cereal._
Rice
Macaroni
Bread, whtle
Bananas
Oranges
Potatoes, white
Cabbage
Onions
Raisins
Prunes
Tomatoes,can'd
Corn, canned
Peas, canned
Pork and beans
Beans. navy...
oleomargarine.
Sugar
Coffee
Tea
Peaches,canned
+7.6
+19.7
+1.3
+17.4
-2.6
+2.1
+25.0
-35.2
-6.4
-158
+22 3
+13.7
+6.6
+297
-6.9
+14.0
-13.4
+8.2
-7 1
-0.6
+8.0
+31.7
+8.3
+22.7
-5.5
+22.1
+8.7
-23.9
-4.3
+4 3
+25.0
+20.0
+15.3
+29.7
+3.1
+7.5
-0.8
-1.9
+2 2
+11.4
--+1.3
+0.5
+4.0
-7.4
-5.4
.._
+1.9
-1.2
+1.6
-1.9
+0.6
Wholesale Commodity Prices During Week of June 16
at Highest Level Since April 1931 According to
United States Department of Labor.
The general average of wholesale commodity prices advanced during the week ended June 16 to the highest level
reached since April 1931, according to an announcement
made June 21 by Commissioner Lubin of the Bureau of
4362
Financial Chronicle
Labor Statistics of the U. S. Department of Labor. "The
index number of the Bureau of Labor Statistics rose by
1.1%," Mr. Lubin said. "The current advance places it
at 74.6% of the 1926 average." He added:
The present index is 1%% above the level of a month ago, when the index
registered 73.5. It is nearly 16% higher than the corresponding week of a
year ago, when the Index was 64.5, and 17% higher than two years ago,
when a level of 63.7 was reached. Decided advances in market prices for
fresh milk in New York and Chicago, oranges, onions, fresh pork, granulated sugar, cotton, hogs, and cows were largely responsible for the present
increase.
Of the 10 major groups of commodities covered by the Bureau, five
showed an advance, three recorded decreases, and two remained at the
level of the week before. The "All Commodities Other than Farm Products
and Foods" group showed no change in the general average. Potatoes,
wheat, white flour and steers were among the more important items showing price recessions.
As compared with the low point reached during the year 1933, all individual commodity groups have shown material advances. Farm products
show a 5855% increase; textiles a more than 43% rise and foods a 31%
,
increase. As compared with the low point reached this year, all groups
with the exception of textiles have shown advances ranging from
of
1% for hides and leather products to 12% for the food group. The textile
products group is now at the low point for 1934.
The Department of Labor issued the following table showing the present level for each commodity group as compared
with the low points during 1934 and 1933 with the per cent
of change which has taken place for each group:
•
June
16
1934.
All commodities
63.7
70.2
87.6
72.5
73.7
88.0
87.7
75.4
83.4
70.3
57.4
82.7
87.2
72.5
72.4
83.3
85.5
73.3
81.7
65.9
+11.0
+12.0
+0.5
78.9
74.6
Farm products
Foods
Hides and leather products
Textile products
Fuel and lighting materials
Metals and metal products
Building materials
Chemicals adn drugs
Housefurnisbing goods
Miscellaneous
All commodities other than farm products and foods
Low
1934.
Ier Cent
of
Change.
Low
1933.
Per Cent
of
Change.
+1.8
+5.6
+2.6
+2.9
+2.1
+6.7
40.2
53.4
67.5
50.8
60.8
76.7
69.6
71.2
71.7
57.6
+58.5
+31.5
+29.8
+43.3
+21.2
+14.7
+26.0
+5.9
+16.3
+22.6
77.6
+1.7
65.5
71.0
+5.1
59.6
smaller increase than was reported for the months of March
and April combined," states the July 1 "Monthly Review"
of the Federal Reserve Bank of New York. "Exclusive of
liquor sales, the May increase amounted to OM," the
"Review" says, continuing:
Department stores in Bridgeport and in the Capital District reported
sales 16% higher than a year ago, and with the exception of Northern
New York State stores which showed a 15% decrease, stores in the other
localities reported moderate advances in sales. In all cases, however,
the May Increases were considerably smaller than the average increaws
for March and April. Sales of leading apparel stores in this District NI ,
9% larger than last year.
Department stores in all localities and apparel stores also continued in
May to report a higher rate of collections this year than last. Stocks of
merchandise on hand, at retail valuation, remained substantially above a
Year ago, but the percentage increase was somewhat less than in the three
preceding months.
Percentage Change
From a Year Ago.
Locality.
New York
Buffalo
Rochester
Syracuse
Northern New Jersey
Bridgeport
Elsewhere
Northern New York state
Southern New York State
Hudson River Valley District
Capital District
Westchester District
All department stores
Apparel stores
+20.5
+25.2
As to the index of the Bureau of Labor Statistics the
Department said:
The largest advance for any group occurred in farm products which rose
by nearly 5% to the highest point reached this year. This group is now
approximately at the level of July 1931. The sub-groups of grains and
other farm products also reached the highest point for the past two years.
The index for grains now stands at 74.4% and the index for other farm
products at 71.1% of the 1926 average.
The index for the food group is now at the highest level since November
1931, when the index was 71.0. During the week the sub-group of butter,
cheese and milk advanced nearly 10%; the fruit and vegetable group rose
nearly 5%, and other foods including lard, raw sugar, granulated sugar
and vegetable oils increased nearly 4%. Meats advanced slightly more
than 2%. The cereal products group eased off slightly because of deolining prices of white flour, yellow cornmeal, and breakfast cereals.
Advancing prices for hides and skins caused the hides and leather products
group to move upward by 3i of 1%. Higher prices for cattle feed and
rubber were largely responsible for the 0.4 of 1% advance in the misoellaneous group. Metals and metal products showed a minor advance
because of strengthening prices for certain brass items, bar silver and ingot
copper.
The textile products group showed the largest decrease for any of the
10 major groups of commodities and reached the lowest point that has been
recorded during the current year. The decline was in the main accounted
for by lower prices for knit goods, silk and rayon items and other textile
products. These sub-groups all reached new lows for the year. Cotton
goods registered a minor advance and clothing remained at the level of
the week before.
Falling prices for gasoline, kerosene, certain lumber items, and paint
materials resulted in the fuel and lighting and building materials groups
decreasing 0.1 of 1%. Despite minor price fluctuations within the housefurnishing goods and chemicals and drugs groups, there was no change
during the week in their index levels.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets, and is based on average prices for the year 1926 as
100.00. The accompanying statement shows the index numbers of the
major groups of commodities for the past three weeks, for one month ago,
for the corresponding weeks of 1933 and 1932 and for the closing week of
1933.
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF JUNE 16,
JUNE 9, JUNE 2, AND MAY 19 1934, JUNE 17 1933. JUNE 18 1932, AND
DEC. 30 1933.
June 30 1934
Per Cent of
Accounts
Outstanding
Net Sales
Stock
April 30
on Hand Collected in May.
Feb. to End of
May.
May. Month. 1933.
1934.
+6.5
+4.1
+9.6
+8.0
+5.2
+15.7
+12.5
--15.0
+11.4
+9.8
+15.8
+8.6
+0.8
+9.1
+10.8
+14.6
+14.6
+10.2
+6.6
+18.4
+12.3
-0.2
+14.7
+9.5
+15.7
+20.7
+11.3
+14.2
+5.1
+22.4
+12.0
+5.3
50.1
43.9
43.9
35.0
42.3
35.2
29.4
+187/
+17.7
45.9
41.7
42.2
25.9
40.0
28.6
29.1
41.7
44.4
45.8
45.4
+34.9
May sales and stocks in the principal departments are compared with
those of a year previous in the following table:
Net Sales
Percentage Change
May 1934
Compared with
May 1933.
Stock on Iland
Percentage Change
May 31 1934
Compared with
May 311933.
+19.9
+16.0
+14.3
+14.2
+9.0
+8.2
+0.3
+5.4
+3.9
+1.2
+0.9
+0.7
+0.4
+0.2
-0.4
-2.9
-6.9
-11.4
+5.7
+23.6
+29.0
+30.3
+27.0
+5.4
+18.3
+5.2
+13.2
+5.3
+41.8
+11.2
+19.9
+24.9
+14.6
+17.2
+19.5
+19.2
+12.3
+9.3
Shoes
Hosiery
Men's and boys' wear
Men's furnishing
Silks and velvets
Women's ready-to-wear accessories
Musical instruments and radio
Home furnishings
Books and stationery
Furniture
Luggage and other leather goods
Tollert articles and drugs
Cotton goods
Woolen goods
Women's and misses' ready-to-wear
Toys and sporting goods
Linens and handkerchiefs
Silverware and jewelry
Miscellaneous
•
As to sales in the metropolitan area of New York during
the first half of June the Banks says:
During the first half of June. sales of the leading department stores in
the Metropolitan area of New York were less than 2% above those of the
corresponding period a year ago, and excluding sales of liquor from this
year's figures there was practically no change from a year ago. During
this period, the usual seasonal expansion does not appear to have occurred.
Increase of 123/% Reported by New York Federal
2
Reserve Bank in Chain Store Sales During May as
Compared with May 1933.
According to the Federal Reserve Bank of New York,
in its "Monthly Review" of July 1, "total chain store sales
in May were about 123.% higher than a year ago, a smaller
percentage increase than for the months of March and April
combined, but approximately the same increase as in the
first two months of the year." The Bank continues:
Sales of the candy, variety, 10
-cent, and shoe store chains were considerably larger than a year ago, but in no case was the advance as large as the
average for the two preceding months. Moderate increases in sales over
last year were reported by the grocery and drug firms.
Sales per store for all reporting chains showed a somewhat larger percentage Increase than total sales, owing to a continued reduction in the
number of stores operated by the shoe and drug chain systems.
Week Ended.
June
16
1934
Farm products
Foods
Hides & leather products.
Textile products
Fuel & lighting materials.
Metals & metal products.
Building materials
Chemicals and drugs
Housefurnishing goods_
Miscellaneous
All commodities 0th. than
farm products & foods.
All commodities
June
9
1934
June
2
1934
May
19
1934
June
17
1933
June
18
1932
Dec.
30
1933
63.7
70.2
87.6
72.5
73.7
88.0
87.7
75.4
83.4
70.3
60.7
67.6
87.2
72.7
73.8
87.8
87.8
75.4
83.4
70.0
60.6
67.7
87.7
72.7
73.7
88.7
87.6
75.3
83.6
69.6
59.6
67.2
88.5
73.5
73.2
88.7
87.0
75.4
83.0
69.7
52.8
61.0
82.8
60.2
61.4
78.9
73.4
73.8
72.8
60.6
45.4
58.5
71.2
63.6
71.6
79.9
70.9
73.0
75.7
64.0
56.0
62.5
89.6
76.0
74.5
83.3
85.4
73.3
81.9
65.6
78.9
78.9
79.0
68.5
70.0
77.6
74.6
73.8
73.9
84.5
63.7
70.8
79.0
73.5
May Sales of Department Stores in New York District
7% Above Year Ago According to Federal Reserve
Bank of New York.
"In May,total department store sales in the Second (New
York) District were 7% higher than a year ago, a somewhat
Type of Store.
Percentage Change May 1934
Compared with May 1933.
Number
of Stores.
Total
Sales.
Sales per
Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
1.3
---0.2
-16.8
-21.3
0.3
+4.4
+4.9
+15.2
+3.4
+12.4
+15.8
+23.4
+6.3
+15.4
+24.3
+42.9
+16.1
+18.2
Total
-2.4
+12.4
+15.2
Sales of Wholesale Firms in New York Federal Reserve
District Increased 16% During May Over May
Last Year.
May sales of the reporting wholesale firms averaged 16%
higher than a year ago," according to the Federal Reserve
Bank of New York, "a much smaller increase than in the
four previous months, due largely to the fact that May 1933
was the first month last year in which wholesale trade
showed substantial improvement." In its July 1 "Monthly
Review" the Bank also says:
Sales of men's clothing showed a slightly larger increase than in April.
but all other lines reported less favorable comparisons than in the immediately preceding months. Sales of the paper, stationery, and jewelry concerns, however, continued to be substantially higher than a year ago.
Sales of grocery firms were 17% larger than a year ago, but excluding liquor
sales the increase amounted to only 4%. Two of the reporting lines-shoes
-had declines in May sales as compared with a year ago,
and diamonds
following increases in previous months, and the National Federation of
Textiles again reported a substantial decline in the number of yards of silk
goods sold.
The dollar value of stocks held by the grocery, drug and hardware firms
remained substantially above a year ago at the end of May, while inventories of the diamond and jewelry dealers were considerably lower. Collections continued in May to average higher than in 1933 for practically
all lines of wholesale trade.
Percent of Accounts
Outstanding
April 30
Colleaed in
May.
Percentage
Change
May 1934
Compared frith
May 1933.
Commodity.
Net
Sates.
Groceries
Men's clothing
Cotton goods
Silk goods
Shoes
Drugs
Hardware
Stationery
Paper
Diamonds
Jewelry
+17.2
+35.4
+3.1
Stock
End of
Month.
1933.
+40.4
1:4*
=
-20.6
+3.8
+8.7
+30.3
+24.1
-8.4
+64.0
+28.3
1934.
85.9
36.8
36.2
59.3
40.2
24.3
44.1
49.8
35.7
20.7
100.0
34.2
39.6
63.6
45.2
29.3
47.4
51.3
50.4
27.4
-21.3
58.0
52.1
Weighted average
+15.9
• Quantity figures reported by the National Federation of Textiles. Inc., successor
to the Silk Association of America, Inc.; not included in weighted average for total
wholesale trade.
Reporting Groups of Wholesale Trade Show Larger
Than Seasonal Increases from April to May Ac,
cording to Chicago Federal Reserve Bank-Department Store Trade Increased 7% Compared
With an Average Decrease of M%•
The Federal Reserve Bank of Chicago, in its "Business
Conditions Report" of June 30, states that "the gains shown
for May over April in reporting groups of wholesale trade
were greater than seasonal in extent, and in drugs the increase was contrary to trend." The Bank says:
Grocery and electrical supply sales each expanded 19% over the preceding month, hardware 12%, and dry goods 9%. as against gains in the
average for the period of 4% each in groceries and electrical supplies. 3%
in hardware, and 1% in dry goods, while the increase of 2% in the drug
trade compared with a decline of 2% in the 1924-33 average for May. In
the grocery trade, the gain of 23% over last May was the largest shown in
the year-ago comparison so far in 1934. but the increases in other lines.
noted in the table, were for the most part smaller than in previous months
this year. In the first five months of 1934, electrical supply sales exceeded
those of tho corresponding period of 1933 by 80%, hardware sales were
greater by 62%, dry goods by 53%, drugs by 32%,and groceries by 21%.
In all groups, ratios of accounts outstanding at the end of May to sales
during the month were smaller than a month previous or a year ago. In
the drug, grocery, hardware, and electrical supply trades, prices appear to
be steady to upward, but dry goods prices trend slightly downward.
WHOLESALE TRADE IN MAY 1934.
Per Cent Change
From Same Month Last Year.
Commodity.
Net
Sales.
Groceries
Hardware
Dry goods
Drugs
Electrical supplies
Stoats.
+22.7
+30.0
+27.8
+25.7
+60.5
+14.5
+34.6
+59.2
+11.5
+37.4
Ratio of
Accts. Outstanding to
ColAccts. Outstanding. lettions. Net Sales.
+6.7
+8.9
+8.4
-10.5
+14.3
+20.0
+51.8
+39.6
+21.7
+92.9
94.9
175.8
217.2
178.5
146.7
As to department store trade in the Seventh (Chicago)
District the Bank states:
Seventh District department store trade increased 7% in May over the
preceding month, in contrast to a recession of 3.i % in the 1924-33 average
for May. The total for stores in smaller cities of the District and that for
Chicago showed the heaviest gains in this comparison, sales in the former
group expanding 16% over the April volume and those by Chicago stores
aggregating 12% greater, while sales of Indianapolis and Detroit firms were
only 4 and 2% larger, respectively, and Milwaukee trade declined 9%.
As in the monthly comparison, stores in smaller cities were largely respon-17 %-their
sible for the size of the increase recorded over a year ago
aggregate sales being 27% larger than for last May, while Milwaukee
stores showed the smallest gain, 9%. The fractional recession from a month
previous in stocks on hand at the end of May was less than seasonal, and
for the second successive month stock turnover failed to equal that for the
Banns month of 1933; however, turnover for the year to date continued to
be in excess of that last year. Although the May ratio of collections to
accounts outstanding was higher than that for May last year, the difference
was not so great as in the preceding month.
DEPARTMENT STORE TRADE IN MAY 1934.
Per Cent Change
May 1934
from
May 1933.
Locality.
• Chicago
Detroit
Indiana Polls
mitwaukce
.other cities
Seventh District
4363
Financial Chronicle
Volume 138
P.C.Change
lat S Mos.
1934 from
Same Peed
1933.
Net
Sales.
+13.6
+25.4
+11.4
+8.6
+27.2
&ocks End
of Month.
+21.1
+30.4
+48.6
+24.0
+20.7
Net
Sales.
+18.9
+47.2
+22.1
+21.4
+33.1
+17.5
+25.1
+27.0
Ratio Of May
Collections
to Accounts
Outstanding
End of April.
1934.
1933.
45.8
39.9
38.4
32.8
38.234.6
32.0
28.9
37.4
32.1
The dollar volume of shoes sold during May by reporting dealers and
the shoe departments of department stores totaled one-third heavier than in
April when a non-seasonal decline was recorded. The expansion in the
current period was the largest for May in any of the years 1926 through 1933
and compared with a gain of but 3% in the average for those years. As a
consequence,sales aggregated 27% above those for the corresponding month
last year, whereas in a similar comparison for April, the increase amounted
to only 33%. In the first five months of 1934, the sales volume exceeded
that of the same months of 1933 by 28%.
Similarly, the retail furniture trade experienced a more than seasonal
expansion in May, with an increase in sales of 12% as against one of 5%
in the 1927-33 May average. However, in the comparison with a year ago,
sales totaled only 10% larger, whereas in April the gain over a year previous
was 42%. As in the preceding month, instalment sales by dealers showed
heavier increases than did total sales, gaining 21% in the monthly and 40%
in the yearly comparison.
A 10% increase over April and one of 14% over a year ago were shown for
May in aggregate sales of reporting chains. Musical instrument sales were
smaller in both these comparisons and grocery sales totaled less than for
last May, but all other groups which include five-and-ten-cent store, drug,
shoe, cigar, and men's clothing chains, had heavier sales than either a
month previous or a year ago.
Weekly Electric Production Continues to Increase
Gain Over Same Period in 1933 Falls to 4.8%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended June 23 1934 was 1,674,566,000 kwh., a gain of 4.8% over the same period in 1933,
when output totaled 1,598,136,000 kwh. This was the
lowest percentage increase over a comparable period in a
preceding year shown since the week ended Nov. 4 1933.
Production for the seven days ended June 16 1934 amounted
to 1,665,358,000 kwh., as compared with 1,578,101,000
kwh. for the week ended June 17 1933, a gain of 5.5%.
The Institute's statement follows:
PER CENT INCREASES (1934 OVER 1933).
Major Geographic
Divisions.
Week Ended
Week Ended
Week Ended
Week Ended
June 23 1934. June 16 1934 June 9 1934. June 2 1934.
x4.9
6.6
5.7
4.3
9.8
7.4
x0.3
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
x2.1
5.7
7.3
5.2
7.4
11.7
x0.7
x2.2
7.0
10.3
4.5
8.6
12.6
12.5
1.9
5.6
10.9
3.2
10.2
14.0
23.5
4.8
5.5
7.3
7.8
Total United States_
x Decrease from 1933.
Arranged in tabular form, the output in kilowatt-hours of
the light and power companies of recent weeks and by
months since and including January 1931 is as follows:
ELECTRIC PRODUCTION FOR RECENT WEEKS.
-000 Omitted.)
(In Kilowatt-hours
Week of-
Week of-
1931.
1932.
1933,
1934.
Week of-
Week of-
May 5 1,632,766 May 6 1,435,707 May
May 12 1,643,433 May 13 1,468,035 May
May 19 1,649,770 May 20 1,483,090 May
May 26 1,654,903 May 27 1,493,923 May
June 2 1,575,828 June 3 1,461,488 June
June 9 1,654,916 June 10 1,541,713 June
June 16 1,665,358 June 17 1.578,101 June
June 23 1,674,566 June 24 1,598,136 June
July 1 1,655,843 July
June 30
July 8 1.538.500 July
July 7
7
14
21
28
4
11
18
25
2
9
1,429,032 May 9
1,436,928 May 16
1,435,731 May 23
1,425,151 May 30
1,381,452 June 6
1,435,471 June 13
1,441,532 June 20
1,440,541 June 27
1,456,961 July 4
1.341.730 July 11
1,637,296
1,654,303
1,644,783
1,601.833
1,593,662
1,621,451
1,609,931
1,634,935
1,607,238
1.603.713
% Inc.
1934
Over
1933.
+13.7
+11.9
+11.2
+10.8
+7.8
+7.3
+5.5
+4.8
DATA FOR RECENT MONTHS.
Month of-
1934.
1933.
January _ _ _ _
February.__
March
April
May
June
July
August
September _
October
November _
December__
7,131,158,000
6,608,356,000
7,198,232,000
6,978,419,000
6,480,897,000
5,835,263,000
6,182,281,000
6,024,855,000
6,532.686.000
6.809,440,000
7,058,600,000
7,218,678,000
6,931,652,000
7,094.412.000
6,831,573,000
7,009,164,000
1932.
7,011,736,000
6,494,091,000
6,771,684,000
6,294,302,000
6,219,554.000
6,130,077,000
6,112,175,000
6,310,667,000
6,317,733,000
6,633,865,000
6,507,804,000
6,638,424,000
1931.
7,435,782,000
6,678,915,000
7,370,687,000
7,184,514,000
7,180,210,000
7,070,729,000
7,280,576,000
7,166,080,000
7,099,421.000
7,331,380,000
6,971,644,000
7,288,025,000
1934
Over
1933.
10.0%
13.2%
16.4%
15.8%
_-_--------- -__-
__-Total
80,009.501,000 77,442,112,000 86,063,969.000
_
Note.-The monthly figures shown above are based on reports covering approximately 92% of the electric light and power industry and the weekly figures are
based on about 70%.
National Fertilizer Association Reports Slight Decline
in Wholesale Commodity Prices During Week of
June 23.
Wholesale commodity prices declined slightly during the
week ended June 23 according to the index of the National
Fertilizer Association. When computed for the week, this
index showed a loss of one point, declining from 72.1 to 72.0.
During the preceding week the index showed a gain of one
point. A month ago the index stood at 71.4. A year ago
the index stood at 62.7. (The three-year average 19261928 equals 100.) Under date of June 25 the Association,
in noting the foregoing, said:
During the latest week five of the 14 groups in the index were active.
Three groups declined and two advanced. The declining groups were foods,
textiles, and fats and oils. Th, advancing groups were grains, feeds and
4364
Financial Chronicle
livestock, and miscellaneous commodities. The foods group showed the
largest decline. The other advances and declines were small.
Among the individual commodities 32showed price declines and 20 showed
price advances during th3 la eit wear. During th3 preceding week there
were 24 declines and 32 advances. The declining commodities included
otton yarn, woolen yarns, lard, pork, flour, potatoes, wheat, good cattle.
silver, brick,lumber, kerosene, coffee, cottonseed meal and rubber. Cotton
at Galveston advanced slightly while cotton at New Orleans declined
slightly. Among the advancing commodities were butter at New York,
cottonseed oil, tallow, eggs, raw sugar, ham, apples, timothy hay, most
feedstuffs, hogs, 1 mbs, tin, hides and tankage.
T.e Index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below:
.3
100.0
All swains combined
70.2
69.2
60.7
69.3
69.9
90.8
81.4
83.8
86.2
51.4
93.2
65.9
76.9
98.8
72.0
e, i4;p.ieLsin;b
a
Foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
Agricultural implements ...._
be io
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
.4
.4
0..300000000000000-.1
730CACJ..C4C.2.-.0400001-•
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
ref cent
Latest
Each Group
Pre
Week
Bears to the
Year
Group.
June 23 ceding Month
Total Index.
Ago.
1934,
Ago.
Week.
71.5
70.1
54.7
68.4
69.6
91.3
81.0
84.1
85.8
49.0
93.2
64.7
76.6
92.4
64.9
52.6
48.3
58.6
63.0
84.4
72.2
74.2
75.4
51.8
87.9
64.1
65.7
90.1
72.1
71.4
62.7
Index of Farm Prices of United States Department of
Agriculture for June 15 Highest Since July 1931.
The farm price index, at 77 for June 15, was the highest
since July 1931, according to the Bureau of Agricultural
Economics, United States Department of Agriculture. The
ratio of farm prices to prices farmers pay advanced two
points to an index of 63, the Bureau stated, the highest
since May 1931, except for July and August 1933. Higher
prices of cotton, grain, apples, hogs and hay raised the
index three points during the month, and the figure is 13
points above that of June last year. Under date of June 27
the Bureau also said:
Sharp increases in prices at local farm markets were restricted largely
to food and feed crops. Prices of potatoes, cottonseed, cattle, calves,
sheep, lamb, wool, and work animals declined. There was no significant
increases in prices received by farmers for dairy products.
For the month, the index of grains was up II points; cotton and cottonseed, up 4 points; fruits and vegetables, up 3 points; meat animals, up 1
point. Compared with a year ago, the index of fruits and vegetables was
up 34 points; grains. up 26 points; cotton and cottonseed, up 25 points;
dairy products, up 11 points; chickens and eggs, up 14 points.
Hog prices to farmers advanced 35 cents per 100 lbs. on the average
during the month ended June 15, the average price on the latter date being
reported at $3.52 per 100 lbs. On that date last year, the average price was
$3.96 per 100 lbs. But despite the recent upturn in hog values, the decline
in the hog-corn price ratio which continued from May 15 to June 15, indicated that the profit to be obtained from from feeding corn to hogs had
been reduced to a new low level. Prices received by farmers for corn had
advanced more rapidly than prices of hogs. The hog-corn ratio on June
15 was 6.3, or 3.6 points less than on June 15 1933.
The average farm price of corn was 56 cents per bushel on June 15,
compared with 48.6 cents on May 15, and 40.2 cents on June 15 last year.
The average farm price of wheat was 78.9 cents per bushel on June 15,
compared with 69.5 on May 15, and 58.7 on June 15 last year. The
average farm price of cotton was 11.6 cents a lb. on June 15. compared with
11 cents on May 15, and with 8.7 cents on June 15 last year.
Prime of potatoes dropped 49 cents a bushel in the West South Central
States during the month,and dropped 35 cents in the South Atlantic States,
but advanced slightly in the West North Central and Far Western States.
The average farm price on June 15 was 64.4 cents a bushel, which was
9.3 cents less than on May 15, but 15 cents more than on June 15 1933.
Farmers were getting an average of 22.2 cents per pound for butterfat on
June 15, compared with 21.5 cents on May 15, and 19.7 cents on June 15
last year.
Industry and Internal Trade in Canada Continuing
Upward Trend According to Bank of Montreal.
"The main lines of Canadian industry and internal trade
have continued to accelerate in activity," states the June 2
"Business Summary" of the Bank of Montreal. The summary says that "the output of electric power has reached a
new high level in Canadian annals." We also take the following (in part) from the summary:
The newsprint output also rose to new proportions In May with 242,539
tons, compared with 216,507 in April, a figure equalled only three times
previously, and that during the exceptional peak of 1929; prevailing prices
have been low, but the high production rate is rapidly using up accumulated
raw materials and will have wide reactions upon employment. Woodpuip
and lumber exports have been strong, the latter rising from 60,800,000 feet
In April to 112.800,000 in May. Production of pig iron and steel ingots
shows moderate increase, and there have been notably enlarged outputs of
copper, lead, nickel and zinc. Gold and silver shipments have been well
maintained; sales of the latter for export were the heaviest for the year.
Construction, as measured both by contracts awarded and permits issued,
scored a sharp advance (contracts rising from $11,000,000 in April to
117.000.000 in May and building permits from $2,246,000 to $2,942,000),
but the level of activity remains low. The increase in the number of small
contracts is, however, an encouraging feature. . . .
The very substantial increase of 50% has occurred in the external trade of
Canada during the last two months over the corresponding period of 1933.
the value having risen to $178,291,000 from $119,804,000. To this increase
Imports contributed $34,000,000 and domestic exports $24,000,000. The
June 30 1934
rise in imports tells the tale of better domestic business, the value of merchandise imported last month, $52,886,800, having been exceeded in only
one month since May 1931. Total value of Canadian products exported in
May, $57,900,000, was $12,323,000 greater than In May, 1933. To this
Increase meats, mainly bacon, contributed $1,420,000, planks and boards
$678.000. newsprint $1,202,000, motor cars $744,000, copper $1,459,000 and
nickel $950,000.
A further gain in employment conditions took place, and the official
index number as of May 1st(92.0) is not only higher than the previous month
(91.3) but very much higher than in 1933 (77.6) or 1932 (87.5). Manufacturing, transportation and construction showed material gains, particularly the first mentioned. It is also to be noted that the record of commercial failures has been on consistently lower levels since the beginning of
the year, both in numbers and liabilities.
Country's
Foreign
Trade in
Exports.
-Imports and
May
The Bureau of Statistics of the Department of Commerce
at Washington on June 28 issued its statement on the
foreign trade of the United States for May and the five
months ended with May, with comparisons by months
back to 1929. The report is as follows:
United States exports declined in May, but imports increased. Exports,
Including re-exports of foreign merchandise, were valued at $160,207,000.
compared with $179,437,000 in April. General imports, which includes
goods entered for consumption immediately upon arrival plus goods entered for storage In bonded warehouses, were valued at $154,647,000 compared with $146,523,000 in April. The net balance of merchandise exports amounted to $5,560.000, considerably less than the balance of $32,914,000 recorded in April.
The movement of both exports and imports during April was considerably at variance with that which usually occurs at this season of the year.
Ordinarily exports decline about 1% from April to May, but this year the
decline amounted to 11%. As a result, the seasonally adjusted index of
export values, which had been at 50% of its 1923-25 average in March and
April, declined to an index number of 45. The value of imports, which
usually declines about 6% in May, increased 6%, bringing the adjusted
Index to 47% of its 1923-25 average, the highest level reached since last
September.
Prices of goods entering into United States foreign trade continue to
show, on the average, relatively small variation. Since the first of the
year, both export and import prices have advanced about 3%. Compared
with the second quarter of 1933, however, the unit value of both exports
and imports is approximately 25% higher. Quantities of goods exported
and imported have likewise increased. On a volume basis, both exports
and imports were greater in May than in May 1933. While no exact
statistics are available, the Bureau of Foreign and Domestic Commerce
estimates the quantity of exports and of imports to be from 10% to 16%
larger than in May 1933.
Exports of United States merchandise were valued at $157,171,000 and
Imports for consumption at $146,866,000. Goods with a value of $24,783.000 were entered into bonded warehouse, while withdrawals from bonded
warehouse for consumption amounted to $17,003,000.
May was the sixth consecutive month in which there was a substantial
increase in warehouse stocks. Allowing for withdrawals from bonded warehouse for re-export, the net addition to the value of warehouse supplies
was in the neighborhood of 6% million dollars. Since the first of the year
the net increase in the value of warehouse stocks has amounted to about
28 million dollars, a large part of which represents alcoholic beverages.
Each of the 11 leading groups of export commodities, except animal
products and the group of miscellaneous articles, was smaller in value than
in April, although half the reduction in the value of total exports was due
to smaller shipments of unmanufactured cotton and refined mineral oils.
The decline in exports of cotton was largely a seasonal movement. Smaller
exports offurs,fruits and tobacco also reflected seasonal influences. Wheat
exports decreased from 3,576,000 bushels in April to 1,456,000 bushels in
May.
Finished manufactured exports declined 9% in value as compared with
April, the first recession shown for this group since last January. The
value of total machinery exports dropped below that of the two preceding
months but continued well above those of the corresponding periods of the
two preceding years. Exports of automobiles, including parts and accessorlea, decreased about $800,000 in value as compared with April, but were
two and three-fourths times greater than in the same month of either 1933
or 1932 and about two-fifths larger than In May 1931.
Among the leading commodity exports,iron and steel-mill products,coal,
crude sulphur, and industrial chemicals increased in value during May.
Exports of meats and lards also showed substantial increases in quantity,
and as a result the group of manufactured food exports was slightly larger
In value in May than in April. Each of the other economic classes of exports declined in value during May.
Incoming shipments of a wide range of commodities were larger In
May than in April, and thus contributed to the increase in the value of
total imports. Especially notable was the increase in cane sugar imports
from the Philippine Islandsfrom 448.171,000 pounds, valued at$12,858,000.
In April to 560,250,000 pounds, valued at $15,622,000, In May. Imports
of cane sugar from the Philippine and Virgin Islands have totaled 1,740,756,000 pounds in comparison with 424,906,000 pounds imported from
foreign countries during the period January-May 1934. The shipments
from the non-contiguous possessions represented a much larger proportion
of total sugar imports than has prevailed in the same months of inunediately preceding years.
The value of crude rubber showed a further substantial increase during
May, in large part the result of the upward movement in prices. Wood
pulp and tin likewise showed important increases. Imports of coffee and
unmanufactured wool fell off considerably.
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
(Preliminary figures for 1934 corrected to June 25 1934.)
Merchandise.
May.
1934.
Exports
Imports
Excess of exports._ ._
Excess of imnorts
5 Months Pnded May.
1933.
1934,
1933.
!weasel+)
Decrease(-)
1,000
Dollars.
+316,149
+257,352
1.000
Dollars.
160,207
154,647
1,000
Dollars.
114,203
106,869
1,000
Dollars.
865,688
727,247
1,000
Dollars,
549,539
469,895
5,560
7,334
138,441
79,644
Exports and Imports of Merchandise, by Months.
1934.
Exports,Including
Re-exports-January
February
March
April
May
June
July
August
September
October
November
December
1931.
1932.
1933.
1929.
1930.
1,000
1.000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
172,224 120,589 150,022 249,598 410,849 488.023
162,805 101,515 153,972 224,346 348,852 441,751
191,015 108,015 154,876 235,899 369,549 489,851
179,437 105,217 135,095 215,077 331,732 425,264
160,207 114,203 131,899 203,970 320,035 385,013
119,790 114,148 187,077 294.701 393.186
144,109 106,830 180,772 266,762 402,861
131,473 108,599 164,808 297,765 380,564
160.119 132,037 180,228 312,207 437,163
193,069 153.090 204,905 326,896 528,514
184,256 138,834 193,540 288,978 442,254
192,638 131,614 184,070 274,856 426,551
96,006
83,748
94,860
88,412
106,869
122.197
142,980
154,918
146,643
150,867
128,541
133,518
135,520
130,999
131,189
126,522
112,276
110,280
79,421
91,102
08,411
105,499
104,468
97,087
183,148
174.946
210,202
185,706
179,694
173,455
174,460
166,679
170,384
168,708
149,480
153,773
'
135,513
132,656
157.908
146,523
154,647
0041,1000004“ 0
. - 0-.0
4
General Imports
January
February
March
April
May
June
July
August
September
October
November
December
. 0
CJVC..140300;P•.. 11
01.4.
'- 0
3-• CAW. 00 N010 0)
00 Co CA JP 0
CA Co
Smooths ending May 865,688 549,539 725,864 1,128,890 1,781,017 2,229,902
11 months ending May 1,871,352 1,320,543 1,834,187 2,896,353 4,398,924 4,980,270
1,674,994 1,611,016 2,424,289 3,843,181 5,240,995
12 months ended Dec.
368,897
369,442
383.818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
5 months ending May 727,247 469,895 636,506 933,696 1,485,642 1,932,972
11 months ending May 1,584,714 1,045,883 1,619,990 2,258,619 3,598,628 3,938,484
1,449,559 1,322,774 2,090,635 3,060,908 4,399,361
12 months ended Dec_
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR
CONSUMPTION OF THE UNITED STATES.
Merchandise-Domestic Exports and Imports for Consumption by Months.
1934.
Domestic ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1932.
1933.
1930.
1931.
1929.
1,000
1,000
1.000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
169,581 118,559 146,906 245,727 404.321 480,382
99,423 151.048 220,660 342,901 434,535
159,671
187.495 106,293 151,403 231,081 363,079 481,682
176,499 103,265 132,268 210,061 326,536 418,050
157,171 111,845 128,553 199,225 321.460 377.076
117,517 109,478 182,797 289,869 386,804
141,573 104,276 177,025 262.071 393,794
129,315 106,270 161,494 293,903 374,533
157,490 129,538 177,382 307,932 431.801
190,842 151,035 201,390 322,676 522,378
181,291 136,402 190,339 285,396 435,480
189,808 128,975 180,801 270,029 420,578
5 months ending May 850,417 539,385 710,178 1,106,754 1,758,297 2,191,725
11 months ending May 1,840,736 1,295,880 1,798,609 2,848,760 4,336,861 4,897,147
Importsfor Consump lion
128,738
January
February
125,010
153,075
March
141,143
April
146,866
May
June
July
August
September
October
November
December
92,718
84,164
91,893
88,107
109,141
123,931
141,018
146,714
147,599
149,288
125,269
124,318
134,311
129,804
130.584
123,176
112,611
112,509
79,934
93,375
102,933
104,662
105,295
95,898
183,284
177,483
205,690
182,867
176,443
174,516
174,559
168,735
174,740
171,589
152,802
149.516
316,705
283,713
304.435
305.970
282,474
314,277
218,089
216,920
227,767
245,443
196,917
201.367
358,872
364,188
371.215
396,825
381,114
350,347
347,133
372,757
356,512
396,227
332,635
302.692
.5 months ending May 694,832 466.023 630,486 925,767 1,493,297 1,872,214
11 months ending May 1.529.038 1.048.120 1.622.426 2.232.270 3.601.253 3.903.117
Gold and Silver.
5 Months Ending May.
May.
1934,
Excess of exports_
Excess of Imports...
Piker
Exports
Imports
1933.
1934.
1933.
Increase(+)
Decrease(-)
1,000
Dollars.
1,780
35,362
GoldExports
Imports
1,000
Dollars.
22,925
1,785
1,000
Dollars.
6,627
782,096
1,000
Dollars.
89,324
182,378
1,000
Dollars.
-82,697
+599,718
775,469
93,054
21,140
33,582
1,638
4,435
Excess of exports.
Excess of imports. _ _ _
235
5,275
5,321
13,934
2.457
11,106
2.797
5.940
8.613
8.649
+2,864
+2,828
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Silver.
Gold.
1934.
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1934.
1933.
1932.
1931.
1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
4,715
14 107,863
54
859 1,551
1,611 3,571
51 21,521 128,211
209
942 1,638
14
734
44 28,123 43,909
26
665
269
967 2,323
37 16,741 49,509
193 1,617 3.249
27 1,425
1,780 22.925 212,229
235 1,865 2.099
628 1,638
-__
343 1,268 1,895
40
4,380 226,117
2,572
828 2,305
.
--__
85,375 23,474 1,009
433 2,024
81,473 18,067
39
- 7,015
868 2,183
58,282
60 28,708 .- 3,321
....... 2,281
1,316 2,158
34,046
61 398,604
____
464
875
872
2,957
16 4,994
____
590 1.260 2,168
10,815
13 32,651
2,457 7,002 12,880
749 5,321
5 mos. end.May 6,627 89,324 541,721
11 mos. end.May 279,575 131,012 1007727 107,054 21,562 8,038 18,711 37,035
____ 19,041 13,850 26.485
.... 366,652 809,528 466,794
121008. end. Dec
Imports
January
FebruarY
March
April
May
June
July
August
September
October
November
December
4365
Financial Chronicle
Volume 138
1,947 128,479 34,913 34,426
452.622 30,397 37,644 16,156
237,380 14,948 19,238 25,671
54,785 6,769 19,271 49,543
35,362 1,785 16,715 50,258
1,136 20,070 63,887
1,497 20,037 20,512
1,085 24,170 57,539
1,545 27,957 49,269
1,696 20,674 60,919
2,174 21,756 94,430
1,687 100,872 89,509
3,593 1,763
855
2,128
1.823
1,693
1,955 1,520
4,435 5,275
____ 15.472
5,386
_ ___
____ 11.602
3.494
-_-___
4,106
__-- 4,083
__-_
4,977
2.097
2,009
1,809
1,890
1,547
1,401
1,288
1,554
2,052
1,305
1,494
1,203
2.896
1,877
1,821
2.439
2,636
2,364
1.663
2.685
2.355
2,573
2,138
3,215
5 mos. end.May 782,096 182,378 127,781 176.054 13,934 11,106 9,352 11,669
339,908 47,580 20,002 23,982 31,158
11 mos. end.May 791,780 397,843 499.959 612.119
___ 60.225 19.650 28.664
._ _ _ 193.197 363.315
---. pnri. Den
.
Summary of Business Conditions in United States" by
Federal Reserve Board-Little Change Notedjin
Factory Employment and Payrolls-Wholesale
Prices Showed Sharp Rise in Mid-June.
"Industrial production increased slightly in May, while
factory employment and payrolls showed little change,"
according to the Federal Reserve Board's summary of general
business and financial conditions in the United States, based
upon statistics for the months of May and June. The
summary, issued June 25, said that "the general level of
wholesale prices, after remaining practically unchanged since
the middle of February, advanced sharply in the middle
of June, reflecting chiefly increases in the prices of livestock
and livestock products." It continued:
Production and Employment.
Industrial production, as measured by the Board's seasonally adjusted
index, advanced from 86% of the 1923-1925 average in April to 87% in May.
as compared with a recent low level of 72 last November. Activity at steel
mills increased further from 54% of capacity in April to 58% in May,
while output of automobiles showed a decline. Lumber production continued at about one-third the 1923-1925 level. In the textile industries
output declined somewhat, partly as a consequence of seasonal developments. At mines coal production showed little change in volume, while
output of petroleum continued to increa,se.
In the first three weeks of June activity at steel mills continued at about
the May level, although a decline is usual at this season. Maintenance of
activity reflected in part, according to trade reports, considerable stocking
of steel. Output of automobiles declined somewhat, as is usual at this
season.
Employment in factories, which usually declines slightly between the
middle of April and the middle of May,showed little change, while employment on the railroads, in agriculture and in the construction industry
increased, as is usual at this season. Increased employment was shown at
manufacturing establishments producing durable goods, such as iron and
steel and nonferrous metals, while employment declined at establishments
producing non-durable manufactures, such as textiles and their products.
Value of construction contracts awarded, as reported by the F. W.
Dodge Corp.. has shown a decline in the spring months, reflecting a reduction in the volume of contracts for public products. The volume of construction work actually under way has increased as work has progressed
on contracts previously awarded.
Department of Agriculture estimates based on June 1 conditions indicated unusually small crops of winter wheat and rye and exceptionally
poor conditions for spring wheat, oats, hay and pastures, largely as a
consequence of a prolonged drouth. The winter wheat crop was estimated
at 400,000,000 bushels as compared with a five-year average of 630.000,000
bushels and an exceptionally small crop of 350,000.000 bushels last season.
Rains in early June somewhat improved prospects for forage and grain
crops not already matured.
Distribution.
Total freight traffic increased in May by more than the usual seasonal
amount, reflecting in considerable part a larger volume of shipments of
miscellaneous products. At department stores the value of sales showed
an increase as is usual at this season.
Commodity Prices.
During May and the first three weeks of June wholesale prices of individual farm products fluctuated widely, while prices of most other commodities showed little change. Wheat, after advancing rapidly during
May. declined considerably in the first three weeks of June. Cotton continued to advance in the early part of June. In the middle of the month
hog prices increased sharply from recent low levels. Automobile prices were
reduced in the early part of June, and copper prices advanced.
Bank Credit.
During May and the first half of June there was little change in the
volume of reserve bank credit outstanding. As a consequence of expenditure by the Treasury of cash and deposits with the Federal Reserve Banks
and a growth in the country's monetary gold stock, member bank reserve
balances adbanced further to a level $1,800,000,000 in excess of legal
requirements. In the week ending June 20, however, excess reserves
dropped to $1.675,000,000, reflecting an increase in Treasury deposits at
the Reserve banks in connection with June 15 tax receipts and sales of
Government securities.
Total loans and investments of reporting member banks increased bY
$80,000,000 between May 16 and June 13, reflecting a growth in holdings
of investments other than United States Government securities and in
open-market loans to brokers and dealers, while loans to customers declined.
Net demand deposits increased by about $400,000,000 during the period.
Money rates in the open market continued at low levels. The rate on
prime commercial paper declined to
of 1% in June, the lowest figure on
record.
Business on Pacific Coast Continuing Well Above
Levels of Early 1933 According to Wells Fargo
Bank & Union Trust Co. of San Francisco.
Pacific Coast business continues to maintain an even keel
well above the levels of early 1933, according to the June
"Business Outlook" released recently by the Wells Fargo
Bank & Union Trust Co., San Francisco. In May,according
to the Bank's Index of Western Business, industrial activity
stood at 68% of the 1923-25 average as against 60.5% in
May last year. The "Business Outlook," according to an
announcement issued June 21, says:
Industrial employment in California continues at levels well above those
of a year ago. Following three months of steady gains, employment in
May,as compared with April, declined seasonally 1.7% but average weekly
earnings increased 4.3% and total payrolls 2.5%. As cz mpared with May
of last year, employment was 27.7% larger, the increase being widely
diffused through 50 classifications of industry.
Wholesale business for the year to date in the seven far western States
continues to show sensational gains over last year. Agricultural implement sales are up 146% , furniture 62%, electrical supplies 60%, hardware
58%, shoes 11%, both dry goods and paper and stationery 42% drugs
38% , automobile supplies 33%, and groceries 1.5%.
4366
Financial Chronicle
Monthly Indexes of Federal Reserve Board-Industrial
Production Increased Slightly from April to May.
The Federal Reserve Board, under date of June 25, issued
as follows its monthly indexes of industrial production,
factory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board, 1923-1925=100)a
Without
Seasonal Adjustment.
Adjusted for
Seasonal Variation.
1934.
May.
General Indexes.
Industrial production, total
Manufactures
Minerals
Construction contracts, value b-Total
Residential
All other
Factory employment _c
Factory payrolls_c
Freight-car loadings
Department store sales
1933.
Apr.
1934.
May. May.
p90
p90
p87
p87
p86
989
86
85
00
73
78
78
p26
p12
938
82.4
32
12
49
82.2
64
D77
62
77
932
16
p15
11
p46
20
62.9 82.4
67.1
64
56
67
p77
1933.
Apr.
May.
88
89
81
79
80
76
.
36
14
54
82.3
67.3
60
73
19
13
24
62.6
42.7
56
67
Production Indexes by Groups and
Industries.
Manufactures
85
53
49
92
Iron and steel
85
77
p89
p93
108
p89
p90
108
Textiles
87
98
93
99
96
Food products
98
p94
p100
p92
__ p104
Paper and printing
33
30
35
35
32
Lumber cut
33
98 r109
r63
r85
r50
Automobiles
78
__
112
101
114
110
Leather and shoes
68
53
50
Cement
57
55
42
147152
147
152
.._
Petroleum refining
118
Rubber tires and tubes
118
94
__
139
143
130
118
145
Tobacco manufactures
128
128
Minerals
72
57
p63
60
50
Bituminous coal
D72
43
Anthracite coal
43
p76
76
73
D76
Petroleum
125
134 p129
125
136
p128
Iron ore
40
__
14
60
__
21
66
67
46
Zinc
65
64
45
45
46
29
Sliver
30
__
Lead
56
37
__
55
36
p Preliminary. r Revised.
a Indexes of production, car loadings, and department store sales based on daily
averages. b Based on 3
-month moving averages of F. W. Dodge data centered at
2d month. c Indexes of factory employment and payrolls without seasonal adjutmeat complied by Bureau of Labor Statistics.
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
(1923-25=100.)
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Variadons.
Adjustment.
Adjustment.
May Apr. May May Apr. May May Apr. May
1934. 1934. 1933. 1934. 1934. 1933. 1934. 1934. 1933.
Iron and steel
Machinery
Transportation equipment_ _
Automobiles
Railroad repair shops
Nonferrous metals
Lumber and products
Stone, clay and glass
Textiles and products
A. Fabrics
B. Wearing apparel.,....
Leatherand products
Food products
Tobacco products
Paper and printing
Chemicals and petroleum
products
A. Chemical group, except
petroleum
B. Petroleum refining
Rubber products
74.2 71.5
82.0 81.5
91.0 93.8
104.1 108.8
59.2 57.4
78.2 76.0
51.3 50.0
56.2 54.7
96.0 97.8
94.8 96.1
94.8 97.3
94.0 93.0
106.4 104.0
61.6 65.7
96.5 95.5
50.4 75.1 72.6
50.5 81.3 80.3
44.7 99.4 99.1
49.0 114.4 114.9
49.4 59.6 57.8
54.4 77.8 76.9
38.2 51.0 49.4
40.2 57.7 55.3
82.3 96.1 99.1
78.2 94.9 96.8
88.1 94.7 100.0
82.2 91.4 92.3
91.1 99.6 97.2
59.5 61.3 64.7
81.3 95.9 95.1
51.0 61.2 56.8
50.1 62.2 60.5
48.8 88.0 92.2
53.9 100.4 107.4
49.7 53.8 53.0
54.1 60.6 58.9
37.9 34.6 33.3
41.3 39.5 38.8
82.3 74.1 79.8
78.3 74.9 79.3
88.2 68.1 76.1
79.9 78.9 82.1
85.1 87.2 83.1
59.2 46.3 46.2
80.6 80.6 79.7
29.8
30.6
38.'7
42.9
38.9
35.3
20.7
24.5
52.0
52.1
48.8
57.3
70.4
42.1
64.9
107.9 109.4 87.1 106.1 113.3 85.7 88.3 92.3 68.0
107.4 109.8 85.1
975
109.7 107.8 95.4 10- 107.8 915 92:7 919 10:2
87.5 89.8 61.3 89.1 90.0 62.4 70.3 73.4 43.7
82.4 82.2 62.9 82.4 82.3 62.6 67.1 67.3 42.7
Total
a Indexes of factory employment and payrolls without seasona adjustment compiled by Bureau of Labor Statistics. Index o factory employment adjusted for
seasonal variation compiled by Federal Reserve Board. Underlying figures are for
the payroll period ending nearest middle of month.
Industry and Trade in San Francisco District During
May About Same as in April, According to Isaac B.
Newton of San Francisco Federal Reserve Bank.
In his report on business conditions in the Twelfth (San
Francisco) Federal Reserve District,Isaac B. Newton, Chairman of the Board and Federal Reserve Agent of the Federal
Reserve Bank of San Francisco, states that "Twelfth District
industry and trade were about the same in May as in April,
after allowance for seasonal factors. Reports covering the
period from the middle of April to the middle of May indicated that employment was fairly well maintained at the
highest level of the year." Dater June 21 and issued under
date of June 25, Mr. Newton's report continued:
Declines in output occurred in the lumber and flour milling industries, in
which operations were reduced as a result of transportation difficulties in
connection with the longshoremen's strike, beginning on May 9. Production
of crude oil was unchanged and refinery activity expanded further. Contract
awards for public works construction were the highest for any month since
last October, and private construction was stimulated to some extent by
increased industrial building.
Department store sales, adjusted for seasonal variations, were approximately the same in May as in April of this year and in May 1933. Freight
carloadings increased slightly more than seasonally, and sales of new automobiles declined less than is customary during May. Intercoastal shipments
through the Panama Canal, particularly from the Atlantic to the Pacific,
were substantially restricted.
Rainfall early in June improved livestock ranges and benefited most growing crops, although it damaged some deciduous fruits and berries slightly.
Ranges still show the effects of lack of rainfall, however, and, except in
June 30 1934
Washington, Oregon and northern California, crops have suffered more or
less from shortages of irrigation water. A number of counties is the district
have been classed by the Agricultural Adjustment Administration as in the
emergency drouth areas, and surplus cattle are being moved from these
regions. Outlook for grain crops, except wheat, is poorer than at this time
last year. Despite recent unfavorable growing conditions, the aggregate
yield of deciduous fruits is expected to equal the 1933 output. Stimulated
by prospects of small crops throughout the country, prices of farm products
tended upward rather consistently during the last half of May and the
first half of June.
Net demand deposits of reporting member banks continued to be expanded
during the five weeks ending June 20 by Government payments to individuals
and corporations in excess of the amounts collected from them. Banks and
individuals in the Twelfth District were allotted $52,000,000 of the United
States securities issued on June 15. Of this total, payment by banks
through deposit credit to the Treasurer's account amounted to $37,000,000,
thereby further increasing total deposits. Excess reserves of member banks
increased to a new high level on June 13 as a result of the net Treasury disbursements, but declined somewhat in the following week, due to an outflow
of funds incident to interdistrict commercial and financial transactions.
Reflecting these easy money conditions, interest rates were reduced still
further during June. Banks also continued to increase their investments in
securities other than obligations of the United States Government. Loans
showed little change during the period under review.
Increases in Employment and Payrolls from April to
May Noted in Pennsylvania Anthracite Collieries.
The number of workers on the rolls of Pennsylvania anthracite, companies showed a gain of 9% and the amount of
wages paid increased 24% from April to May, following
sharp declines in the previous month, according to figures
compiled by the Philadelphia Federal Reserve Bank from
original reports received by the Anthracite Institute from
34 companies operating 137 collieries which employed about
88,600 workers, whose average weekly earnings amounted to
$2,600,000. In the past three years employment in this
period registered declines. Under date of June 25 the
Philadelphia Reserve Bank further said:
Operating time, as measured by employee-hours actually worked in
May in the collieries of 29 companies increased 28% as compared with
April. The amount of work done was also considerably larger than at the
same time last year.
On the basis of current reports and the figures of the Bureau of Mines,
it appears that the entire Pennsylvania anthracite industry about the middle
of May employed about 126,300 workers or nearly 48% more than in May
last year. The total amount of wage payments was 113% larger than a
Year ago. Comparisons follow:
Prepared by the Department of Research and Statics of the Federal Reserve Bank
of Philadelphia.
1923-25 Average=100.
Men Employed.
Payrolls.
1931. 1932. 1933. 1934. 1931. 1932. 1933. 1934.
January
February
March
April
May
June
July
August
September
October
November
December
Yearly average
88.3
87.1
79.9
82.9
78.3
74.2
63.4
65.5
77.8
84.4
81.2
77.7
78.4
74.2
69.3
71.7
68.1
65.1
51.5
43.2
47.8
54.4
62.1
61.0
60.6
60.8
51.1
57.2
53.1
50.3
42.0
38.5
42.7
46.4
55.2
55.3
59.4
53.0
50.4
62.3
61.4
65.7
56.6
62.0
75.0
85.5
59.6
63.1
83.9
55.9
45.0
47.2
54.4
76.3
66.6
65.6
63.2
51.5
48.0
51.3
60.4
48.6
31.4
29.0
34.6
39.4
56.0
42.7
47.1
45.0
36.3
47.7
40.9
31.3
25.2
28.8
32.0
39.0
60.9
51.6
40.1
37.2
38.4
59.4
55.2
69.2
43.3
63.7
Employment Up 1.1% from April to May and Payrolls
0.2%, According to National Industrial Conference Board.
Manufacturing activity, as measured by total man-hours
worked, declined 0.8% in May from April, but total payroll
disbursements increased 0.2% and the total number of
persons at work increased 1.1%, according to the regular
monthly survey of the National Industrial Conference
Board. The survey, issued June 23, said as follows:
Average hourly earnings rose from 57.9 Cents in April to 58.7 cents in
May,or 1.4%. A decline in the average number of hours of work per week,
however, from 36.1 hours in April to 35.4 hours in May, or 1.9%, lowered
average weekly earnings from $21.00 to $20.81, or 0.9%, during the same
period. The decline in actual weekly earnings, together with a rise of
0.3% in the cost of living of wage-earners, made real weekly earnings 1.1%
lower in May than in April.
The number of wage-earners increased 1.1% from April to May. Total
man-hours worked, however, fell off 0.8% because of the reduction in the
average work-week per wage-earner.
Although total man-hours in the combined industries declined, there
were a number of industries in which increases in man-hours were recorded.
These industries were paint and varnish, iron and steel, meat Packing,
heavy equipment, book and job printing, lumber and millwork, electrical
manufacturing, machines and machine tools, hardware, and small parts,
leather tanning, paper and pulp, foundries, and paper products. The
increases ranged in the order named from 12.1% in the Paint and varnish
industry to 0.4% in the manufacture of paper products.
A comparison of conditions in May 1934 with those in May 1933 shows
Increases of 29.6% in average hourly earnings, 23.6% in average weekly
earnings, 13.5% in real weekly earnings, 46.0% in employment, 37.5%
In total man-hours, and 80.7% in payroll disbursements. Average hours
of work per week, on the other hand, were reduced 5.9% •
Unemployed Workers During May 0.6% Below April
and 40.2% Below March 1933 According to National
Industrial Conference Board.
The total number of unemployed workers in May 1934,
was 7,899,000, according to an estimate of the National
Volume 138
Industrial Conference Board issued June 27. This is a
decline of 50,000 or 0.6% from the April 1934 total and a
decline of 5,304,000 or 40.2% from the total in March 1933,
when unemployment was at its highest point. In announcing its estimate, the Conference Board said:
A slowing down in the rate of decrease of unemployment is evidenced in a
comparison of the May decrease of 50,000 with the April decrease of 72,000
and the March decrease of 589,000.
Although all industrial groups combined showed a decrease from April to
May, unemployment in two groups increased as follows: Manufacturing
and mechanical, 10,000; and domestic and personal service, 12,000. These
increases were overcome by decreases in other groups as follows: Extraction
of minerals, 32,000; transportation, 18,000; trade, 48,000; and miscellaneous
occupations, 2.000. In addition it is estimated that 27,000 new workers
became available for employment during the month.
Since March 1933, the most marked decreases have been shown in the
manufacturing and mechanical group. The number of unemployed in this
group in May 1934, was 2.544,000, a decline of 3,879,000, or 60.4% ,from
the peak of unemployment in this group in March 1933. From March 1933,
to May 1934, the number of unemployed workers decreased 57.1% in trade;
27.7% in domestic and personal service; 20.3% in the extraction of minerals;
and 11.8% in transportation.
In this estimate the workers employed through the Public Works Administration are counted as employed. Emergency workers employed under
government auspices, usually part time, in lieu of direct unemployment
relief are counted as unemployed.
The following table shows the number of unemployed workers in the
various industrial groups in March 1933, March 1934. April 1934 and
May 1934.
Number of Unemployed.
Indunrlal Group.
Extraction of minerals
Manufacturing and mechanical
Transportation
Trade
Domestic and personal service
Industry not specified
Other industries (b)
Mar. 1933 Mar. 1934 Apr. 1934 May 1934
459,000
491,000
576,000
459,000
6,423,000 2,599,000 a2,534,000 2,544,000
1,591,000 1,422,000 a1,422,000 1,404,000
913,000
961,000
2,126,000 1,020,000
439,000
427,000
607,000
432,000
416,000
539,000
420,000 a418,000
296.000
296,000
296,000
296,000
All industries
12,158.000 6.647,000 86,548.000 6,471,000
Allowance for new workers since 1930
census
1,045,000 1,374,000 1,401,000 1,428,000
Total unemployed
13,203,000 8,021,000 87,949,000 7,899,000
a Revised. b This group includes agriculture, orestry and fishing, public service
and professional service. The number given is that of the unemployed n 1930, no
figures being available from which later changes in employment can be computed.
Movement Due Partly to Mid-Year
Shutdowns.
Shipments and orders as reported by sawmills during the
week ended June 23 1934 continued at January levels; production, except for a holiday week, was lowest since February, according to telegraphic reports to the National
Lumber Manufacturers Association from regional associations covering the operations of leading hardwood and softwood mills. Many mills are closed or closing for the annual
Fourth of July shut-downs which promise to be longer than
usual this year due to slow demand and Pacific Coast strikes.
Reports from 1,378 mills for the week ended June 23 gave
production 172,858,000 feet; shipments, 141,268,000 feet;
orders, 133,024,000 feet. Revised reports for the previous
week were mills, 1,481; production, 184,253,000 feet; shipments, 162,007,000 feet; orders, 144,700,000 feet. Reviewing lumber operations during the week ended June 23, the
National Lumber Manufacturers Association further stated
in part:
Slow Lumber
Orders were below production in all reporting regions except Southern
Cypress and North Central Hardwood. Total softwood orders were 20%
below softwood output; hardwood orders, 36% below hardwood production. As in the previous eight weeks, new business fell below that of the
corresponding week of last year, all regions recording drastic declines.
Total orders were loss than half last year's volume at 54% below; production was 19% below that of last year's week and shipments were 45% below
their 1933 record.
Unfilled orders on June 23 as reported by 524 identical mills were the
equivalent of 28 days' average production, compared with 33 days' on
similar date of 1933. Gross stocks at 1.628 mills on June 23 totaled
5,530,681,000 feet.
For the third time this year weekly forest products carloadings exceeded
the 25,000 mark, 25,086 cars being loaded during the week ended June 16.
This was an increase of 564 cars above the preceding week, a decrease of
676 cars below the same week of 1933 and an increase of 7,946 cars above
similar week of 1932.
Lumber orders reported for the week ended June 23 1934 by 932 softwood mills totaled 114.554,000 feet; or 20% below the production of the
same mills. Shipments as reported for the same week were 120,834,000
feet, or 16% below production. Production was 143,794,000 feet.
Reports from 491 hardwood mills give new business as 18,470,000 feet,
or 36% below production. Shipments as reported for the same week were
20,434,000 feet. or 30% below production. Production was 29,064,000
feet.
Unfilled Orders and Stocks.
Reports from 1,628 mills on June 23,1934 give unfilled orders of 935.354,000 feet and gross stocks of 5,530,681,000 feet. The 524 identical
mills report unfilled orders as 640.108.000 feet on June 23 1934, or the
equivalent of 28 days' average production, as compared with 778,633.000
feet, or the equivalent of 33 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 416 identical softwood mills was 129.254,000
feet, and a year ago it was 165,975,000 feet; shipments were respectively
110,198.000 feet and 196,326,000; and orders received 103.204.000 feet
and 221.537,000 feet. In the case of hardwoods 198 identical mills reported production last week and a year ago 18,355,000 feet and 17,066,000;
4367
Financial Chronicle
shipments 12,694,000 feet and 27,352,000 and orders 9,737,000 feet and
24,042,000 feet.
Automobile Sales in May Show Decrease as Compared
with April.
May 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 331,641 vehicles, of which 273,765 were
passenger cars, 57,876 trucks, as compared with 354,745
vehicles in April, 214,832 vehicles in May 1933, and 184,295
vehicles in May 1932.
The table below is based on data received from 119 manufacturers in the United States, 32 making passenger cars
and 87 making trucks (10 of the 32 passenger car manufacturers also making trucks). 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:
NUMBER OF VEHICLES.
Canada.
United States.
Year
and
Month.
1934
January
February
March
April
May
Total.*
Passenger*
TartTrucks.* cahs.a
Cars.
Total.
Passen.
Cars. Trucks.
1,958
1,470
1,90a
2,912
3.657
43,255
44,041
56,525
65.714
57,876
321
27
16
1
6,904
8,571
14,180
18,363
20,161
4.946
7,101
12,272
15,451
16,504
Total mos.) 1,406,263 1,138,487 267,411
(5
365
68,179
56,274 11,905
1933Janauary
February
March
April
May
156,907
231,707
331,263
354,745
331,641
113,331
187,639
274,722
289,030
273,765
129,478
105.933
115,985
177,059
214,832
110,180
90,425
97,782
150,515
181,927
19,293
15,356
17,543
26.133
32,851
5
152
660
411
54
3,358
3,298
6,632
8,255
9,396
2,921
3,025
5,927
6,957
8,024
437
273
705
1,298
1,372
743,287
630.829 111,176
1,282
30.939
26,854
4.085
250,290
230,140
233,825
192,613
134,956
61,031
81,114
209,083
192,894
193,111
158,678
105,685
41,066
50,621
41,172
37,242
40,646
33,926
29,208
18,354
29,194
35
4
68
9
63
1,611
1,299
7,323
6,540
6,079
5,808
3,682
2,291
3,262
6.005
5,322
4,919
4,358
2,723
1,503
2,171
1,318
1,218
1,160
1,450
959
788
1,091
Total (year). 1.927,256 1,581.967 340,918
4,371
65,924
Total mos.)
(5
June
July
August
September
October
November
December
1932
January
February
March
April
May
Total(5 mos.)
June
July
August
September
October
November
December
53.855 12,069
119,344
117,418
118,959
148,326
184,295
98.706
94,085
99,325
120,906
157,683
20,541
23,308
19,560
27.389
26,539
97
25
74
31
73
3,731
5,477
8,318
6,810
8,221
3,112
4,494
6.604
5,660
7,269
619
983
1.714
1,150
952
688,342
570.705 117,337
300
32,557
27,139
5,418
183,106
109,143
90,325
84,150
48,702
59,557
107,353
160,103
94,678
75,898
64,735
35,102
47,293
85,858
235
27
9
13
5
239
291
7,112
7,472
4,067
2,342
2.923
2,204
2,139
6,308
6.773
3,166
1,741
2,361
1,669
1,561
804
699
901
601
562
535
578
22,768
14,438
14,418
19,402
13,595
12,025
21,204
Total (year). 1,370,678 1,134,372 235,187 1,119 60,816 50,718 10,098
a Includes on y factory-built taxicabs, and not private passenger cars converted
nto vehicles for hire. • United States passenger car and truck figures revised for
the months of 1933, and first four months of 1934.
Weekly Crop Report of Bank of Montreal-Satisfactory
Progress Noted in Crops as Rains Continue.
"Rains have been practically general in the Prairie Provinces during the past two days," states the Bank of Montreal
in its weekly crop report issued June 28, "the precipitation
being particularly heavy throughout Saskatchewan and
southern Alberta." The Bank adds:
These rains have followed a week of cool weather and scattered showers,
conditions that have been beneficial to the crops, which, generally speaking,
are making satisfactory progress. Grasshoppers are numerous and are
still a menace, but beyond some damage reported in southern Saskatchewan and Manitoba, the destruction of crops by these pests has not so far
been serious. In Quebec ail crops have responded to favorable weather
and are showing healthy growth. In Ontario recent rains have improved
crops generally and have revived grass pastured throughout the Province.
In the Maritime Provinces the ground contains ample moisture and warm
weather is now needed. In British Columbia good growing conditions
continue, and in most districts there is sufficient moisture for present
requirements.
1934 European Wheat Harvest Estimated by International Institute of Agriculture Below That
of 1933.
Associated Press advices, June 25 from Rome (Italy)
stated:
The International Institute of Agriculture estimated to-day that the
European wheat harvest this year will fall short of 1933 by 260,000.000
bushels. The 1934 harvest is expected to total 1,470,000,000 bushels, an
amount which approximates the 1932 crop. This year's decline is duo to the
drouth.
London Council Buys Wheat.
According to Canadian Press advices from London,
June 16, 15,000 sacks of Empire wheat are to be supplied
by the Co-operative Wholesale Society to the London County
4368
Financial Chronicle
Council. This is the first time the Society has received such
an order from the County Council. The wheat will be milled
at the Society's mills in London.
Tons of Argentine Wheat Distributed to Needy
School Children.
The following (United Press) from Buenos Aires, June 23,
is from the New York "Herald Tribune":
18,000
Eighteen thousand tons of wheat have been distributed to needy school
children this winter, and 35,000 tons offlour will soon be parceled out. Each
Saturday, Poor children receive five pounds of grain which their families
grind. Millers protested that the grinding should be done by them.
World Wheat Conference Meetings Postponed Indefinitely—Delegates Hope to Reach Production
Agreement with Argentina.
Meetings of the advisory subcommittee of the World
Wheat Conference, which had been scheduled for resumption
on June 27, have been postponed indefinitely, it was
announced in London on June 26. The committee is not
expected to meet again before the end of July. Postponement was agreed to by the delegates in the hope that in the
meanwhile the United States, Canada and Australia could
conclude an agreement with Argentina on production control.
It was also reported that delegates hope to survey the complete world wheat harvest before their next meeting. Our
last previous reference to the conference was contained in the
"Chronicle" of June 2, page 3689. United Press advices from
London on June 26 added the following information regarding
postponement of further discussions:
Unofficially, it was estimated Argentina already has exceeded her annual
export quota by 7,000,000 bushels, and this will be increased greatly
before the quota year expires July 31. This has led the other three to view
as virtually impossible any attempt to induce Argentina to curtail her
wheat acreage in the current year, but efforts are centered on persuading
Buenos Aires to cut production one or two years hence.
Review of Sugar Market for Week of June 22 by New
York Coffee & Sugar Exchange.
In its review of the sugar market for the week of June 22,
the New York Coffee & Sugar Exchange said:
Sugar futures went to new highs during the week in the most active
trading sessions of many months. After reaching new highs on Monday
(June 18) the market lost three to five points Tuesday, a technical reaction.
The balance of the week saw this loss recovered and a new high for July,
1.66 made on Friday. The net result for the week shows prices up two points.
The volume of trading amounted to 3,466 lots or 173,300 tons. The firm
raw market with nearly 100,000 tons sold during the week played its part
in influential futures. Heavy sales of Puerto Ricos were made starting at
3.05 to 3.10 and then 3.15 which was up 10 points for the week. Cubes
sold at 1.63. 1.65 and then at 1.68, a new high for Cuban sugars since
April 1930. Refiners advanced their price 10 points to 4.75 except in the
case of Pennsylvania sugar which went to 4.80 and the buying move that
followed was reported good. Philippines afloat, estimated at over 106,000
tons, will be in excess of the 1934 quota for that source, and will be put in
bonded warehouse on arrival, not available for melting this year. Refiners
have been forced, therefore, to obtain the necessary sugars from Puerto
Rico, the only available source as Cuban sellers for the most part are
awaiting the expected new trade treaty. The United States Ambassador
to Cuba in a statement to the press said that he expected that the treaty
would be concluded toward the end of July or the first of August. Cuban
production to June 15 is estimated at 2,159,161 tons. The London market
ended the week steady with heavy sales of raws reported at the equivalent
of 0.99 cents f.o.b. Cuba against 0.96% cents last week.
Overproduction of Sugar Faced by Philippine Planters.
Associated Press accounts from Manila, P. I., June 26
stated:
Serious overproduction of sugar next year faces Philippine planters,
Governor-General Frank Murphy warned to-day.
Growers, he said, were extensively overplanting the 1934-35 crop.
"which, if milled, would yield two to three times the quantity of sugar we
can dispose of in the States in 1935."
Governor Murphy promised to allocate the 69.655 short-ton refined
quota among millers this season on the basis of their 1933 output and the
raw quota next season on the basis of production for the last three years.
Shipments of Sugar to United States by Philippines
Reaches Quota Allotted for Calendar Year Under
Jones-Costigan Sugar Act.
Secretary of Agriculture Henry A. Wallace has certified
as of June 21 that the quantity of sugar brought into the
continental United States from the Philippine Islands, has
reached 1,015,185.68 short tons, the full quota allotted to
that producing area for the calendar year under the regulations issued in connection with the Jones-Costigan Act.
An announcement issued by the United States Department
of Agriculture on June 22 continued:
The Secretary of the Treasury was advised at once of the certification
so that appropriate action might be taken to prevent any further clearance
of sugar from the Philippines for consumption in this country. The certification by Secretary Wallace was made pursuant to the General Sugar
Regulations, series 1.
Sugar which may be In transit from the Phillppine.Islands will be placed
under bond upon its arrival at customs ports, as under regulations recently
issued by the Secretary collectors of customs will permit no further sugar
to arrive from any areas exceeding their quotas except as authorized by the
Secretary of Agriculture in accordance with terms and conditions authorized
June 30 1934
by him. Sugar producing areas other than the Philippines for which quotas
have recently been fixed by the Secretary are Puerto Rico, Hawaii, Cuba.
and the Virgin Islands. None of these has so far exceeded its quota.
The fixing of the quotas for the areas outside of the continental United States was referred to in our issue of June 9,
page 3863, and June 2, page 3690.
Hawaiians to Test Sugar Quota Law—Prepare Court
Action Against Jones-Costigan Act.
In wireless advices June 26from Honolulu to the New York
"Times" it was stated that the sugar industry of Hawaii
prepared on that day to take legal steps to test the validity
of the Jones-Costigan law, which fixes domestic and import sugar quotas. The advices continued:
A suit that will challenge the constitutionality of the legislation on the
grounds that it deprives United States citizens of their business rights will
be filed in the District Court in Washington as soon as possible.
The action will be brought by the board of trustees of the Hawaiian Sugar
Planters' Association with the authorization of the individual plantation
companies of the Territory. The main contention is that citizens of
Hawaii, as citizens of the United States, have been discriminated against
in favor of citizens of other areas and of Cuba, a foreign nation.
Such provisions of the Agricultural Adjustment Act as may be involved
will also be challenged, as well as the regulations of the Secretary of Agriculture that affect the production and sale of sugar from Hawaii.
It is hoped and believed that the action will clarify once and for all time
the status of the Territory of Hawaii as an integral part of the Nation.
2,161,091 Tons of Sugar Produced in Cuba Up to June
15—Exports Total 899,283 Tons, of Which 536,732
Tons Were Destined for United States.
Production of sugar in Cuba to June 15 amounted to
2,161,091 tons, while exports from Jan. 1 to June 15
amounted to 899,283 tons, according to advices to the New
York Coffee & Sugar Exchange from the Cuban Export
Corp. •Stocks on the entire island on June 15 totaled
2,302,127 tons the Exchange announced June 25. It added:
Of the exports. 536.732 tons were destined for the United States and
362,551 for other countries; 73,522 tons of the amount destined for other
countries was from the segregated stocks. Approximately 93.4% of the
decreed crop, 2,315.000 tons, has been made so far.
18,342 Short Tons of Raw and Refined Sugar Shipped
to United States from Puerto Rico During Week of
June 23, Compared with 22,528 Tons Same Week
Year Ago.
Raw sugar shipments from Puerto Rico to the United
States from Jan. 1 to June 23 totaled 514,640 short tons, an
increase of 5.7% when compared with shipments of 486,913
during a similar period last year, according to cables to the
New York Coffee & Sugar Exchange. In an announcement
issued June 25 by the Exchange it is stated that refined shipments amounted to 73,010 tons, a 27.4% increase over the
57,277 ton total for the 1933 period. Shipments of raw and
refined together for the week ended June 23 amounted
to 18,342 tons against 22,528 in the same week last year,
according to the announcement. It continued:
About 73.8% of the quota for the United States under the CostiganJones sugar bill has been shipped to date. The balance for shipment to
complete the quota figure is approximately 210,000 tons, some of which
has already been sold. The carryover into 1935, it is estimated, will be
in excess of 100,000 short tons.
Record Sugar Crop in Puerto Rico.
Press advices June 15 from San Juan,P. R., stated:
The sugar season is nearing its close with indications that the crop will
be the largest over produced here, exceeding 1,000.000 short tons. The
Fajardo Sugar Co. had an output of 131,000 tons, a record for the company,
up to Wednesday night. There will be a large carryover for next Year
as a result of the quota recently fixed.
Taiwan (Japan) Sugar Industry Reported in Strong
Position.
The sugar industry of Japan's colony of Taiwan is in a
strong position, according to a report from Consul John B.
Ketcham, made public by the U. S. Department of Commerce. As issued by the Department on June 22, the report states:
During the 1933-34 season, which was concluded in May,sugar produced
by the 45 modern mills in operktion totaled 697,794 tons, compared with
678,479 tons in the preceding sugar season. The percentage of sugar content during the season just closed was the highest on record and was attributed to unusually favorable weather conditions prevailing.
Official statistics show that a combined net profit of 46,000,000 yen
(approximately $11,800.000) was made by the 11 sugar companies °Perating in Taiwan in that year. Dividends ranged from 10% to 5%, with
an average of 7.5%.
The trade conference to be convened shortly in Batavia between Japan
and Netherland India is regarded with anxiety on the part of Taiwan sugar
manufacturers. Already, because of a report that perhaps as much as
250,000 tons of Java sugar will be allowed to be Imported into Japan, the
price of sugar has fallen and has reached the lowest point since 1931. With
1934-35 production in Taiwan scheduled to be about 1,000,000 tons, there
is certain to be a surplus over Japan's normal requirements. Leading
Taiwan sugar interests point out that the whole policy of rice control will
be affected should so much sugar from Java be Imported and hardship will
be felt by farmers who have been induced to plant sugar Instead of rice.
Volume 138
Financial Chronicle
Increase Noted in British Exports of Cotton and Rayon
Mixed Goods During First Four Months of 1934.
Improvement in trade with India and Australia caused
British exports of cotton and rayon mixed piece goods to
register a volume increase of approximately 43i% during
the first four months of 1934 compared with the corresponding period of 1933, according to a report from the American
consulate-general, London, made public on June 20 by the
United States Commerce Department. The Department
said:
4369
Dies of Texas, special counsel for the Committee. Mr. Dies
made his announcement in Washington Tuesday.
Tulsa, Okla., will be the starting spot for the investigating committee which is scheduled to hold hearings in
that city on July 9 and 10, jumping to Oklahoma City the
following day for a one-day stand. The Committee's itinerary lists further hearings at Austin,Tex.,on July 12;Houston
July 13, 14 and 15 and Tyler, Tex., July 16, 17 and 18.
While in Texas the Committee will confer with Governor
Ferguson and other State oil officials.
Shipments of such items from the United Kingdom during the January
While the investigating group, which is a sub-committee of
April period of 1934 totaled 12,720,278 square yards against 12,182,042
the House Inter-State and Foreign Commerce Committee,
square yards in the corresponding period of 1933. Exports to British India
in the 1934 period totaled 2,536,325 square yards, an increase of 27% over
may make a preliminary survey in the Pennsylvania oil
the first four months of last year. Exports to Australia totaled 1,691,638
area, this has not been definitely decided upon as yet, Mr.
square yards, an increase of nearly 32%.
Dies stated. Should such a move be approved, he added,
In contrast with the situation in respect to the British Indian and Australian markets, the report shows that substantial declines occurred in
it probably would be made before the Committee went to
exports of cotton and rayon mixed piece goods to British West Africa, the
Texas.
Dutch East Indies and Egypt during the current year compared with the
Inasmuch as it is thought that it will require the Committee
our-mont period of 1933.
at least two months to acquire sufficient data on the industry
Petroleum and Its Products—Administrator Ickes to base hearings upon, Representative Dies forecast that
Moves to Strengthen Petroleum Code—Decision of hearings would not be opened until September or October.
Circuit Court Fought—Oil Probe Opens July 9.
Tentative plans indicate that the first of the proposed hearFindings of the Petroleum Administrative Board based ings will be held in Texas with others to be held in California
upon the evidence introduced at brief hearings held in Wash- and Oklahoma.
ington Wednesday to consider amending the petroleum code
With 81% of the independent refiners in the East Texas
to provide for the establishment of quotas for inter-State area having formally signed the plan whereby in exchange
and intra-State shipments of crude oil, when such a step is for the major companies purchasing their excess stocks of
deemed necessary by Federal oil authorities, will form the gasoline, the independents pledge themselves not to purchase
basis for further action to strengthen Administrator Ickes' "hot oil" and to abide by all provisions of the petroleum code
control of the industry, oil administration officials disclosed. late Thursday, the plan is expected to be in full operation
An early decision by the Board is expected.
in the immediate future. The remaining 4% needed to make
The proposed amendment, sponsored by the American the plan operative were believed ready to sign.
Petroleum Institute and approved by the Planning and
While the original agreement called for the payment of the
Co-ordination Committee, follows:
current market price for the offerings acquired by the major
"Upon a finding by the President or the Federal agency companies, this phase of the situation caused some confusion.
that inter-State commerce in crude petroleum or the products The current market price of 3X-3M cents a gallon was
thereof is injuriously affected by an oversupply of crude offered by the majors but many independents refused,
petroleum in the United States, and that commerce in holding out for 4 cents a gallon with a few asking 5 cents.
petroleum and the products thereof is such that any remedy,
However, Howard Bennette, national co-ordinator of
to be effective in respect to inter-State commerce must refining activity, who negotiated the agreement, worked on
incidentially apply in like manner to intra-State and foreign this angle and the situation is believed cleared up. Some
commerce, the President or the Federal agency may estab- of the contracts are understood to have been signed on a
lish quotas in commerce for crude petroleum from all or any four-cent a gallon basis and it was indicated that the major
of the various pools and properties and storage sources in and independent companies had come to a working agreethe United States, and while such quotas are in effect no ment on this phase of the pact.
person shall place in commerce or receive in commerce
The contracts already signed have been placed in escrow
(foreign, inter-State or intranState) by sale, exchange, or to remain until the plan is formally declared operative.
consignment any crude petroleum in excess of quota and a Under these agreements, the major units will pay 75% on
violation of this provision shall be deemed unfair competition, shipment, 123% in 45 days and the balance in 90 days,
an unfair trade practice, and a violation of this code."
providing that the independents live up to their side of the
The Board is not limited to any specific amendments, bargain.
however, Mr. Ickes pointed out, and will render an indeA move was reported under way in Fort Worth, Texas, by
pendent ruling on the situation. The authority granted to a group of Texas operators to secure the co-operation of the
the Oil Administration in the above amendment, however, Railroad Commission in an effort to induce Adminsitrator
is to all practical purposes what he sought in the Thomas- Ickes to further reduce imports of foreign oil, now limited to
Disney oil bills, which failed in the last session of Congress. the average for the last half of 1932. The major companies
Mr. Ickes disclosed Wednesday that attorneys for the Oil have merely switched export business formerly filled in this
Administration were in New Orleans seeking to have sat country to foreign sources of supply, the group claimed, and
aside the order of the United States Fifth Circuit Court of thus the current limitation has not improved the net position
Appeals staying execution of its recent decision upholding of the American oil industry.
the validity and force of provisions of the oil code which had
Rumors widely circulated that the East Texas field would
been ruled against by a lower Federal Court. The Court of be closed by State oil authorities for 60 days were denied by
Appeals granted the east Texas independent oil men, which Commissioner E.0. Thompson who said in Austin, Monday,
brought the suit the right to appeal its decision to the that the stories probably were based upon the fact that the
United States Supreme Court.
Railroad Commission is considering making a potential test
"We have another weapon to use in enforcement of the of all the wells in the field instead of testing only key wells,
oil code," Mr. Ickes said, "in the new tax on crude oil. It as has been the practice.
supplies a means whereby the Treasury Department becomes
Commissioner Thompson also announced the appointment
a strong agency in stopping illegal production and refining of a committee of three bankers to aid in bringing "hot oil"
of 'hot oil,' as well as financing the petroleum administra- under control. The men selected—R. W. Fair of Tyler,
tion." An early announcement of details of a new plan for Tucker Royall of Palestine and Walter P.Moore of Overton—
enforcement of the code's provisions, including the market- will act with Capt. E. N. Stanley, chief enforcement officer,
ing sections, was forecast by Mr. Ickes who disclosed that in passing on all tenders for the movement of oil.
R. D. Parker, who was recently discharged by the Comhe had been collaborating with Attorney-General Cummings
mission as chief enforcement officer in the East Texas field,
on such a plan.
Support of the proposed amendment was voiced in the form joined the staff of the Texas Petroleum Council and was in
of 21 telegrams delivered at the hearings, mainly from in- Washington during the week conferring with Secretary of the
dependent associations of dealers and producers, which were Treasury Morgenthau and Guy P. Helvering, United States
unanimous in their contention that the amendment was Internal Revenue Collector, concerning methods by which
necessary to stabilize the industry and to maintain the gains the 1-10th-cent a barrel new Federal tax on crude oil production may be adopted for curbing "hot oil."
made thus far under the Administration's oil program.
Despite a slight decline from the previous week, daily
The Congressional investigation of the oil industry which
will be conducted by a special committee appointed by the average crude production in the United States last week at
House will gat under way July 9,according to Representative 2,602,100 barrels was substantially above the Federal
4370
Financial Chronicle
allowable of 2,528,300 barrels, reports compiled by the
American Petroluem Institute disclosed. The A. P. I.
reports do not include "hot oil."
Oklahoma was off 26,150 barrels on the week but the daily
average of 530,400 was 28,700 barrels over the Federal allowable. Texas,with daily average output of 1,067,200 barrels,
was 34,900 barrels above the level established by Administrator Ickes while California was the same total over its
allocated level as Texas at 535,200 barrels daily. Both
Texas and California showed a sharp gain over the previous
week's totals.
Stocks of domestic and foreign crude oil dipped 372,000
barrels during the week ended June 23 to 343,116,000 barrels,
the Oil Administration announced. A week ago, stocks
showed a drop of 287,000 barrels.
There were no price changes during the week.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
Bradford. Pa
32.55 Eldorado, Ark., 40
81.00
Corning, Pa
1.32 Rusk. Tex., 40 and over
1.08
Illinois
.87
1.13 Darst Creek
Western Kentucky
1.13 Midland District, Mich
.90
Mid-Cont., Okla., 40 and above_
1.35
1.08 Sunburst Mont
Hutchinson, Tex., 40 and over _ _ _ 1.03 Santa Fe Springs, Calif.,40 and over 1.30
Spindletop, Tex., 40 and over
1.03 Huntington, Calif.. 26
1.04
Winkler, Tex
.75 Petrolla, Canada
2.10
Smackover, Ark., 24 and over
.70
REFINED PRODUCTS
-CALIFORNIA GAS PRICES MOVE UP ON
PACT'S APPROVAL
-MID-WEST BULK GASOLINE MARKET
STRONGER-MOTOR FUEL STOCKS DECLINE.
The Standard Oil Co. of California advanced third-grade
gasoline 2 cents a gallon and standard and premium grades
2M cents a gallon following Administrator Ickes' announcement Monday that the Pacific Coast Marketing agreement
had been formally approved by the Oil Administration.
The advances, effective Tuesday morning, affected the
entire marketing area served by Standard of California save
in sections where prices had not been reduced in the recent
gasoline price war. All major companies swung into line
with the new price.
Details of the marketing agreement have already been
made public and the completed plan showed no change from
previous arrangements. In addition to the provision that
a representative of Administrator Ickes must be present
at each meeting of the Board of Governors established under
the agreement, the Administrator disclosed that he would
also appoint an impartial group of three members not affiliated in any way with the oil industry to watch operations
of the agreement and to hear complaints.
Local competitive conditions were held responsible for a
reduction of 1 cent a gallon posted on all grades of gasoline
in the Detroit area. The new price scale, which brings
quotations into line with the general price structure in the
surrounding marketing areas,lists premium grades at 20 cents;
regular at 18 and third-grade at 163/i cents a gallon, all taxes
included. Both majors and independents met the cuts.
Improved marketing conditions in Memphis and Knoxville, Tenn., brought about the end of the price-cutting that
has demoralized markets in these cities for some time Tuesday, when a general advance of 2M cents a gallon in retail
prices of all grades of gasoline was posted by all major and
independent distributors. The new level brings price into
line with the general price in that section of the State.
Chicago reports indicated strengthening in the east Texas
and Oklahoma bulk gasoline markets with low octane material in the former area being offered at 33j to 33' cents a
gallon, with stocks at the lower level reported light. In
Oklahoma, refiners are holding at 33/i to 33 cents a gallon
4
for low octane material. Some improvement in the east
Texas field is expected when the gasoline surplus purchase
plan of the Planning and Co-ordination Committee gets
under full sway. This in turn is expected to bolster the
Oklahoma market.
There were no developments of news interest in the local
market during the week with the possible exception of
rumors that bunker fuel oil prices might be lowered somewhat. Gasoline was moving into retail consumption on a
fairly good scale, but buyers were holding off on heavy commitments until the general petroleum picture is slightly
clearer.
Storage of motor fuel dipped 575,000 barrels in the week
of June 23 to 51,820,000 barrels, reports to the American
Petroleum Institute disclosed. For the first three weeks
this month,stocks showed a total decline of 1,412,000 barrels.
Reporting refineries showed a slight increase in operations
rising to 71.7% of capacity from 70.4% in the previous
week. Stocks of gas and fuel oil rose 1,317,000 barrels.
June 30 1934
Price changes follow:
June 25.
-Standard Oil of California advances third-grade gasoline
prices 2 cents a gallon and standard and premium grades 2% cents a gallon,
effective June 26. All companies followed the advance.
June 25.
-All Detroit distributors reduced gasoline prices 1 cent a gallon
on all three grades. Premium was held at 20 cents, regular at 18 cents
and third-grade at 16% cents a gallon, all taxes included.
--Gasoline prices were advanced 2M cents a gallon at Memphis
June 26.
and Knoxville, Tenn.
Gasoline, Service Station. Tax Included.
Detroit
$.175
$.19
New Orleans
$ lq
Houston
.145
22
Philadelphia
18
Jacksonville
175
.22
San Francisco:
Los Angeles:
Third grade_ _ _ _ .18
.185
Third grade_ _ _ _ .155
153
Above 65 octane_ .20
Standard
Premium
19
22
17%
Premium
.19
145
19% St. Louis
Minneapolis
.17
174
Kerosene, 41-43 Water White, Tank Car, F. 0. B. Refinery.
North Texas
New York:
$.03.44 I New Orleans, ex. 3.0544
0334-.0334
5.0534 Los Ang.,ex_ .0434-05 ITulsa
(Bayonne)
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Fuel 0 I. F. 0. B. Refinery or Terminal.
California 27 plus D
N. Y. (Bayonne):
Gulf Coast C
$1.30
Bunker C
81.00-1.10 Phlla, bunker C
1.15
Diesel 28-30 D_ ___ 1.95 New Orleans C
$1 15
1.30
Gas 0 I, F. 0. B. Refinery or Terminal.
Chicago:
;Tulsa
N. Y. (Bayonne):
$.o234-.02
'
32-38 GO _3.0244-.02K 1
28 plus GO L04.4-.0444
U. S. Gasoline, Motor (Above 65 Octane), Tank Car Lots, F. 0. B. Refinery.
N. Y. (Bayonne):
$ 0444-.04M
Chicago
N. Y. (Bayonne):
Shell Eastern Pet _$.08 si New Orleans
Standard 011N. J.:
.0454
Motor, U. 8_ --$.0834 New York:
Los Angeles, ex..05-.06
Colonial-Beacon__ .0634 Gulf ports
62-63 octane.-- .0634
045
z Texas
tStand. 011 N. Y. .07
.0634 Tulsa
0434
Gulf
*Tide Water Oil Co .0834
.06K
Republic 011
:Richfield Oil (Cal.) .07
0694
Sinclair Refining- .06I4
Warner-Quin. Co.. .07
x Richfield "Golden." z "Fire Chief," $0.07. * Tydol. $0.07. y "Good Gulf."
"Mobligas."
$0.073. t
Crude Oil Output Off Only 7,350 Barrels During Week
Ended June 23 1934, but Still Exceeds Federal
Quota by 73,800 Barrels-Inventories of Gas and
Fuel Oil Higher.
The American Petroleum Institute estimates that the daily
average crude oil production for the week ended June 23
1934 was 2,602,100 barrels, an increase of 7,350 barrels over
the previous week. The current figure exceeded the Federal
allowable figure which became effective on June 1 1934 by
73,800 barrels and further compares with a daily average
production of 2,599,100 barrels during the four weeks ended
June 23 1934 and with an average daily output of,2,513,600
barrels during the week ended June 24 1933.
Further details, as reported by the American Petroleum
Institute, follow:
Imports of crude and refined oil at principal United States ports totaled
1,221,000 barrels in the week ended June 23, a daily average of 174,429
barrels. This compared with a daily average of 124,714 barrels in the
preceding week and a daily average of 147.393 barrels over the last four
weeks.
Receipts of California oil at Atlantic and Gulf ports totaled 695,000 barrels
for the week ended June 23. a daily average of 99,286 barrels, compared
with a daily average of 82,821 barrels over the last four weeks.
Reports received for the week ended June 23 1934 from refining companies
owning 89.7% of the 3,760.000 barrel estimated daily potential refining
capacity of the United States, indicate that 2,420,000 barrels of crude oil
daily were run to the stills operated by those companies and that they had
In storage at refineries at the end of the week, 33,243,000 barrels of finished
gasoline; 6.941,000 barrels of unfinished gasoline and 105,680,000 barrels
of gas and fuel oil. Gasoline at Bulk Terminals, in transit and in pipe lines
amounted to 18.577,000 barrels. Cracked gasoline production by companies
owning 95.6% of the potential charging capacity of all cracking units.
averaged 445,000 barrels daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Federal
Actual Production.
Agency
Allowable Week End. Week End
Effectire
June 23
June 16
1934,
June 1.
1934.
3klahoms
Kansas
511,700
130,300
gorth Louisiana
Doastal Louisiana
Total Louisiana
krkansas
Eastern (not Incl. Mich.).
Michigan
Wyoming
Montana
jolorado
Total Rocky Mtn. States
lew Mexico
:Iallfornia
l'nfol TTnitar/ ClIntna
Week
Ended
June 24
1933.
530.400
127,350
556,550
130,250
528,200
129,250
530,650
110,400
60,500
57,800
28,950
144,850
54,650
504.300
52,600
49,150
57,750
57,500
28,950
145,000
51,859
500,200
52,250
48,250
58,056
56,900
27,050
144.600
52,400
494,950
53,050
48,050
42,900
47,050
19,250
156.900
58,600
565,250
80,250
50,850
116,400
Panhandle Texas
Korth Texas
West Central Texas
West Texas
East Central Texas
East Texas
Donroe
3outhwest Texas
Doantal Texas (not including Conroe)
Total Texas
Average
4 Weeks
Ended
June 23
1934.
116,650
117,100
116,000
1,032,300 1,067,200 1,05(1,400 1.052,150 1,117,050
25,200
24,500
25,350
25,300
57,650
85,250
40,500
63,200
83,000
82,850
90,600
88,500
65.00
0
33,000
108,900
32,800
31.650
102,100
30,800
31,250
101,350
31,150
31,150
102,250
32,100
30,300
88,200
15,200
38,000
8.500
3,500
34,900
8,000
2.850
34,100
7,950
2,800
34,200
7,950
2,850
29,250
6,650
2,400
45,000
47,250
503,250
38.30
0
48.000
45,750
44,850
48,000
500,300
48,800
535,200
47,150
519,900
9 F9la win
9 am 1 nn
n ann A en
n rnn 'inn
38.000
482,500
n [1.1
Riv-i
Note.
-The figures indicated above do not include any estimate of any oil which
might have been surreptitiously produced.
Financial Chronicle
Volume 138
CRUDE RUNS TO STILLS FINISHED AND UNFINISHED GASOLINE AND
GAS AND FUEL OIL STOCKS, WEEK ENDED JUNE 23 1934.
(Figures in thousands of barrels of 42 gallons each.)
Stocks
Stocks a Stocks
of
b Stocks
of
of
Gas
Unof
Finand
Repaying
Daily P. C. ished finished Other
Aver- Oper- Gaso- Gaso- Motor Fuel
Oil.
Total. P. C. age. ated, line.
line. Fuel.
District.
East Coast__
Appalachian.
Ind., Ill., Ky
Okla., Kan.,
Inland Texas
Texas Gulf__
La. Gulf.....,
-Ark.
No. La.
Rocky Mtn_
California...
Potentied
Rate.
582
150
446
461
351
566
168
92
96
848
M05..4050tMWW.C.00
b2o1.-4WW-40NON
Daily Refining
Capacity of Plants.
100.0
93.3
94.6
83.7
47.6
97.5
96.4
83.7
66.7
96.9
Crude Runs
to Stills,
475
102
342
259
96
484
109
55
44
454
81.6 16,186
72.9 1,706
81.0 8,400
67.1 5,300
57.5 1,147
87.7 4,339
67.3 1,151
71.4
277
68.8 1,109
55.2 12,205
1,256
317
1,256
758
290
1,756
208
75
181
844
208 8,453
900
161
46 3,173
558 3,371
360 1,653
196 6.521
____ 1,372
30
473
643
41
2,650 79,021
Totals week:
June 23 1934 3,760 3,374 89.7 2,420 71.7 c51,820 6,941 4,250 105,580
June 16 1934 3,760 3,374 89.7 2,375 70.4 d52.395 6.993 4,300 104,263
a Amount of unfinished gasoline contained in naphtha distillates. b Estimated.
Includes unblended natural gasoline at refineries and plants, also blended motor fuel
at plants. c Includes 33,243,000 barrels at refineries and 18,577,000 barrels at bulk
terminals, in transit and pipe lines. d Includes 34,025,000 barrels at refineries and
18,370,000 barrels at bulk terminals, in transit and pipe lines.
Lead Price Reduced 15 Points to 3.85 Cents a
New York.
Pound,
The price of lead at New York was reduced 15 points to
3.85 cents a pound on June 28 by the American Smelting &
Refining Co.
Germany Prohibits Exports of Raw Copper.
A German Government decree, effective June 6 1934,
prohibits the exportation of raw copper, according to a
cablegram received in the•United States Department of Commerce from the office of the Commercial Attache, Berlin,
and announced by the Commerce Department on June 14.
Increase of 30% Reported in World Consumption of
Tin During Year Ended April 30 Over Year Previous.
The June bulletin of The Hague office of the International
Tin Research and Development Council shows that world
consumption of tin for the year ended April 30 1934 was
129,700 tons, or 30% higher than for the preceding year,
when consumption was 99,621 tons. In noting this, an
announcement issued with regard to the bulletin said:
The increased demand was widely distributed as indicated in the following
table, which shows consumption by the principal countries and the world
totals:
•
12 Months Ended April
United States
United Kingdom
Germany
France
Italy
United Socialist Soviet Republics
British India
1934.
1933.
37,090 tons
17,478 tons
8,911 tons
9,393 tons
3,711 tons
2,715 tons
2.137 tons
110.510 tons
World totsl
58.352 tons
20,563 tons
10,686 tons
9,925 tons
4,069 tons
4,915 tons
2,000 tons
81.435 tons
129,700 tons
99.621 tons
The recovery in the United States is indicated by the babbitt metal
production figures which show an increase of 70% for the 12 months under
review, as compared with the previous 12 months. The tinplate and
automobile industries, both important creators of demand for tin, steel
and other basic materials, show substantial increases. Increased Production in these industries is indicated by a comparison of figures for the
year ended April 30, showing 2,057.000 automobile units for 1933 and
3,380,000 units for 1934. Tinplate production for the 12 months ended
April 30 1933 amounted to 2,270,000 tons and for the year ended April
30 1934, 3,350.000 tons. The output of automobiles for April 1934 was
approximately 460,000 units, compared with 254,800 units for April 1933
and 204,600 units for April 1932.
Major Non-Ferrous Metal Market Quiet
-Lead Steady
Despite Gain in Stocks.
"Metal and Mineral Markets" in its issue of Jure 28
reported that the total volume of business in major nonferrous metals was small last week, reflecting uncertainty
over the extent of the summer slump in trade in finished
products. Copper, under code control, is firm here on the
9e. basis. The unexpected sharp rise in lead stocks had no
apparent influence on the price structure of that metal.
Zinc producers are awaiting definite word on the curtailment
of concentrate production in the Tri-State district. Consumars of tin bought sparingly. Silver advanced on reports
of buying for foreign account as well as by the Treasury.
"Metal and Mineral Markets" further added:
Copper Tonnage Light.
Demand for copper in the domestic market was light last week, with
-ton level. Prices
total sales for the seven-day period falling below the 1,000
continued unchanged on a 9c., delivered Connecticut basis. General
opinion in the trade appeared to be that no material change in market
activity was probable before September.
Sales abroad were in fair volume, but with a slightly lower scale of prices
prevailing. The recession in prices was attributed almost entirely to the
prospect of increased foreign production and substantial shipments from this
country. Prices during the week ranged from 7.80c. to 7.975c., c.i.f.
The following consumers have signed temporary or permanent agreements with the Copper Code Authority and are authorized to certify their
products as containing only Blue Eagle copper: American Brass Co.;
4371
American Electrical Works; American Sterilizer Co.; American Tube
Works; Anaconda Wire & Cable Co.; Ansonia Electrical Co.: Bridgeport
Brass Co.; Bridgeport Rolling Mills Co.; Bristol Brass Corp.; A. W. Cadman Mfg. Co.; Chase Companies, Inc.; Chicago Extruded Metals Co.:
Cincinnati Railway Supply Co.; Copperweld Steel Co.; Electric Materials
Co.; Fitz, Dana & Brown; General Cable Corp.; C. A. Goldsmith Co.;
Hanson-Van Winkle-Munning Co.; Hudson Wire Co.; C. F. Hussey Co.;
Charles Lennig & Co., Inc.; Metals & Insulation Co. of America; National
Bearing Metals Corp.; Neptune Meter Co.; New England Brass Co.;
New Haven Copper Co.; Phelps Dodge Copper Products Corp.; Phosphor
Bronze Smelting Co.; Plume & Atwood Mfg. Co.; Revere Copper & Brass,
Inc.; John A. Roebling's Sons Co.; Scovill Manufacturing Co.; Seymour
Mfg. Co.; Shenango Penn Mold Co.; Nathan Trotter & Co.; United States
Steel Corp.; Waterbury Rolling Mills, Inc.: Western Cartridge Co.: Western
Electric Co.; Wolverine Tube Co.; Worthington Pump & Machinery Corp.
The foregoing companies consume over 85% of domestic copper consumption, according to H. O. King, managing director of the Copper Code
Authority.
Revised monthly quotas for secondary copper sales have been announced
as follows: American Metal, 3.493 tons; A.S. & R., 2.209; Nichols Copper.
2,209; Anaconda Copper. 1,105; Lewin Metals, 854; Nassau Smelting, 380
tons. The monthly total of 10,250 tons of secondary copper has been
established for a period of six months. The Code Authority has rejected the
applications of American Metal, A.S. & R., and Nichols Copper for quota
allowances on their sales of duty-free fluxing copper.
The ban on sales of non-Blue Eagle copper in the domestic market has
been extended from Aug. 1 to Sept. 30.
John G. Barry, mining engineer and geologist, has been named special
National Recovery Administration labor investigator for the copper industry
by General Johnson.
Lead Statistics Poor.
-made a
The gain in stocks of refined lead during May-10,450 tons
bad impression on buyers, but the market withstood the shock well, and
prices were maintained at 4c., New York, the contract basis of the American
Smelting & Refining Co., and 3.85c., St. Louis. Hope is expressed that the
Code for the lead industry will soon take care of the problem of overproduction.
Though sales of lead during the last week were well below the average,
orders for the metal were more numerous in the last two days than earlier in
the seven-day period. Sales for June shipment made to date total around
26,500 tons. Less than one-half of the July requirements of consumers have
been purchased, according to trade authorities.
Zinc at 4.25c., St. Louis.
Although some sellers reported that they had refused 4.20c. bids the
latter part of last week, the metal was said to have been freely available to
regular consumers on that basis up until the afternoon of June 27, when the
market became firmer and some business was booked at 4.25c., St. Louis.
The campaign to bring Tri-State concentrate production to a sharply
curtailed level during the summer continues, but final details of the Program are yet to be determined. The immediate objective is understood
to be an 85 to 90% shutdown during July. With the prospect prevailing
of an early initiation of a Tri-State curtailment program, general sentiment
In the trade seems to be that the price of the metal should improve shortly.
Sales of zinc during the calendar week ended June 23 totaled 4,347 tons,
according to statistics circulating in the industry.
Tin Unsettled.
Except for a fair demand from consumers that developed yesterday,
accounting for the sale of more than 150 tons of tin, the market was an
uninteresting affair, with prices unsettled. Metal was bought here during
the week by London operators who, according to some reports, have been
acquiring tin for the buffer pool.
Chinese tin was quoted nominally as follows: June 21. 50.30c.; June 22,
50.50c.; June 23, 50.50c.; June 25, 50.75c.; June 26, 50.275c.; June 27,
50.50c.
Steel Production Curtailed Sharply to Meet Seasonal
-Operations Drop
Demands, Says "Iron Age"
Approximately 12 Points-Prices Continue Unchanged.
Sharp curtailment in steel production, which had been
widely predicted in the trade following general price advances in April and May, has materialized according to expectations, said the "Iron Age" of June 28, in its summary of
iron and steel conditions in this country. While a 20% decline in output, or from 60% to 48% of capacity, in a single
week was rather drastic, it is explained by the fact that raw
steel production has recently been maintained at an artificially high rate in order to supply the diversified needs of
finishing mills which must complete shipments against
second quarter contracts this week in order to comply with
code regulations. The "Age" further went on to say:
Current ingot production is particularly hard to gauge, as furnaces are
being taken off daily and some companies began the week with a rate of
output fully 20% higher than that at which they will finish the period.
Declines have been general throughout the country, the only exceptions being
at Birmingham and Detroit, where production is unchanged.
Most of the steel being rolled this week was produced in the last fortnight, as it was necessary for producers to risk no interruption in their rolling
schedules because of a lack of the proper form and analysis of raw steel.
While the threat of a strike earlier in the month may have promoted the
accumulation of slightly larger semi-finished steel inventories than probable
rolling mill requirements seemed to warrant, this factor seems to have been
somewhat overemphasized.
That curtailment will continue next week is a foregone conclusion. A
check will be offered by the necessity for building up raw steel inventories,
which have been depleted by heavy June shipments, but steel companies will
then regulate production to the rate of consumptive demand. The extent of
such demand is the principal question confronting the industry to-day.
Building operations financed by Government funds are likely to be affected
least by summer inactivity. Such projects are not influenced by code restrictions, and shipments of structural steel reinforcing bars, sheet steel piling
and other building products will go on as usual during the next two months
to jobs which are already under way. However, backlogs for this type of
work are not especially heavy.
Structural steel awards during the last week amounted to only 8,700 tons,
compared with 28,000 tons in the preceding week. New projects, calling
for 26,750 tons of structural steel, were much more encouraging. In New
York, pier sheds on the North River will take 8,100 tons. Governmentfinanced bridges and viaducts in the Chicago area bulk rather large, the
outstanding prospective job being a toll structure across the Mississippi
River at Bettendorf, Iowa, which will require 5,200 tons of shapes. Considerable Federal dam work is also in the offing.
Contract tonnage to be shipped to the railroads during July and August
may not support steel production as much as was at first indicated. At
Chicago rail production is likely to continue at about 40% of capacity during
the next two months, but the Pittsburgh district unit is not so well occupied and will complete its commitments in another month. The Birmingham
mill is not scheduled beyond July 15.
The trend of steel consumption by the automotive industry is still difficult
to discern, but seems more encouraging. Price reductions have undoubtedly
increased retail deliveries this month, one large producer estimating that
150,000 units will be added to its sales this season by this move. Automobile makers are practically the only large steel consumers which have
placed any business for third quarter delivery. At Cleveland, a fair tonnage
of steets and strip steel has been placed with the understanding that if
shipment cannot be made by June 30, July delivery at third quarter prices
will be accepted.
Recent price changes have been negligible. Bars and semi-finished steel
at Duluth will be reduced $1 a ton on June 30, and a Cleveland maker of
cold-finished bars has filed a price $1 under recent levels, effective July 1.
This figure may not be met by other sellers. The "Iron Age" composite
prices for pig iron, finished steel and scrap all are unchanged.
The threat of labor troubles has practically ceased to be a factor in the
current steel picture. This week's sharp drop in production indicates that
operations are no longer being influenced, and the handling of the situation
at Washington is believed to be entirely satisfactory. Differences between
the arbitration plans suggested by the industry and the Amalgamated Associa•
tion are being adjusted, and under the labor disputes resolution recently
adopted by Congress, a Labor Board of three which would be satisfactory
to all concerned is expected to be established by executive order this week.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
June 26 1934, 2.199c. a lb.
Based on steel bars, beams, tank plates.
One week ago
2 1990. wire, rails, black pipe and sheets.
One month ago
2.199c. These products make 85% of the
One year ago
1.904c. United States output.
High.
0010.
1934
2.199e. Apr. 24
2.008c. Jan. 2
1933
2.015c, Oct. 3
1.867c. Apr. 18
1932
I.977c. Oct. 4
1.926c. Feb. 2
1931
2.037c. Jan. 13
1.945c. Dec. 29
1930
2.273c. Jan . 7
2.018c. Dec. 9
1929
2.317c. Apr. 2
2.273c. Oct. 29
1928
2.286e. Dec. 11
2.217c. July 17
1927
2.4020. Jan. 4
2.212c. Nov. 1
Pig Iron.
June 26 1934, $17.90 a Gross Ton.
Based on average of basic iron at Valley
One week ago
$17.90J furnace foundry irons at Chicago,
One month ago
17.90 Philadelphia, Buffalo, Valley, and BROne year ago
15.011 mingham.
High
Low.
1934
$17.90 May 1
$16.90 Jan. 2
1933
16.90 Dee. 5
13.56 Jan. 3
1932
14.81 Jan. 5
13.56 Dec. 6
1931
15.90 Jan. 6
14.79 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
Steel Scrap.
Based on No. 1 heavy melting steel
June 26 1934, 310.67 a Gross Ton.
$10.67 quotations at Pittsburgh, Philadelphia
One week ago
One month ago
10.92 and Chicago.
One year ago
10.08
High.
Low.
1934
$13.00 Mar. 13
$10.67 June 5
1933
12.25 Aug. 8
6.75 Jan. 3
1932
8.50 Jan. 12
6.42 July 5
1931
11.33 Jan. 6
8.50 Dec. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 3
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 2_2
The American Iron and Steel Institute on June 25 announced that telegraphic reports Which it had received indicated that the operating rate of steel companies having 98.1%
of the steel capacity of the industry would be 44.7% of the
capacity for the current week, compared with 56.1% last
week and 56.1% one month ago. This represents a decrease
of 11.4 points, Or 20.3%, from the estimate for the week of
June 18. Weekly indicated rates of steel operations since
Oct. 23 1933 follow:
1933Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov.20
Nov.27
Dee. 4
Dec. 11
Dee. 18
Dec. 25
193431.6% Jan. 1
26.1% Jan. 8
25.2% Jan. 15
27.1% Jan. 22
26.9% Jan. 29
26.8% Feb. 5
28.3% Feb. 12
31.5% Feb. 19
34.2% Feb. 26
31.6%
29.3%
30.7%
34.2%
32.5%
34.4%
37.5%
39.9%
43.6%
45.7%
1934Mar. 5
Mar 12
Mar. 19
Mar. 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
1934
47.7% May 7
46.2% May 14
12 7% 84 y 21
.8% May 8
43.3% June
47.4% June
50.3% June
54.0% June
55 7%
4
11
18
25
56.9%
56.6%
54.2%
56.1%
57.4%
56.9%
56.1%
44.7%
"Steel," of Cleveland, in its summary of the iron and steel
markets, on June 25 stated:
Steelworks operations, nearing the close of the most active quarterly
period since 1930, are declining less precipitately than anticipated, the
national average last week dropping only 3 points to 59%.
Open hearths are being taken off as contract shipments for the month are
being completed, and it is probable that a more marked reduction will ensue
this week.
As the third quarter approaches, the unpromising outlook in the markets
is relieved to some extent by several favorable factors. The apparent remoteness of a steel strike, and an increase in schedules for July automobile production in response to a stronger retail demand, contrary to the usual seasonal trend, are tending to maintain the industry's morale.
For some time in July, steelmakers themselves face the necessity of manufacturing for stock to round out depleted inventories. For the first time
since the industry's code was adopted last fall, purchasing practice is evidently reverting to a hand-to-mouth basis-the incentive for contracting
June 30 1934
Financial Chronicle
4372
Ihunig been swept away by the recent code revisions. This dictates preparedness for spot orders.
Some support also is derived from definite construction projects and railroad requirements, and prospective naval shipbuilding in Eastern yards.
Scrap prices show increasing strength, with advances in several districts.
Steelmakers, however, have seldom approached a quarter with such meager
order books as they have to-day. Consumers have been acquiring material
for use in July, and market prospects now pivot on how quickly those stocks
can be absorbed. The last-minute rush for deliveries has been keenest for
those products, sheets and strip, which carry the highest price advances,
ranging from $5 to $8 a ton, beginning July 1.
Steelmakers now express little apprehension regarding their ability to complete all second quarter contracts by the end of this week, except possibly
for certain grades of sheets and strip. Cancellations of June tonnage quotas
to some leading producers average about 20%. The tonnage actually delivered
this month has been less than in May; for several important interests, only
-which, however, was the heaviest since 1929.
50% to 60% of last month's
The new price levels to which the industry is moving are practically unthey have resisted pressure from automobile and parts manutested. So far
facturers, who for the present are withholding new commitments. Nut and
bolt prices have been reaffirmed for third quarter. Beginning July 1, turned
and ground shafting prices are to be based on the price of cold-finished carbon
bars, with extras for turning and grinding. Cast pipe is up $2 a ton.
Structural shape awards for the week increased to 23,612 tons, including
6,900 tons for a Government dam at Fort Peck, Mont. An award of 18,000
tons, distributed to two fabricators, for the San Francisco Bay pipe line,
features the market for plates. The Public Works Administration has finally
approved a loan to the Baltimore & Ohio RR. to build 820 coal cars in its
own shops. Great Northern is to rebuild 650 refrigerator cars.
Steelworks operations last week declined 7 points to 63% at Chicago;
4 points to 62%, Youngstown; 11 points to 47%, Buffalo; 1 point to 76%.
'
2
Cleveland; ; point to 46%, eastern Pennsylvania. They were unchanged
at 82%, Detroit; 70%, New England; 81%, Wheeling; 56%, Pittsburgh;
55%, Birmingham.
Due to recent adjustments in black pipe, "Steel's" iron and steel scrap
composite this week is up 29e. to $35.06, and the finished steel composite
le up 70c. to $55.50. The iron and steel scrap composite has advanced 8c.
to $10.37.
Steel ingot production for the week ended June 25 is placed
at approximately 57% of capacity, according to the "Wall
Street Journal" of June 27. This compares with a shade
under 60% in the previous week, and with a fraction over
60% two weeks ago. The "Journal" added:
U. S. Steel is estimated at a little under 48%, against 49% in the week
before and 48% two weeks ago. Leading independents are credited with a
rate of a fraction below 64%, compared with a shade over 68% in the preceding week and with 70% two weeks ago.
The following table gives the percentage of production for the nearest
corresponding week of previous years, together with the approximate change
from the week immediately preceding;
Industry.
U. S. Steel
50 +2%
40+2
35 -214
66 -2
95 -1
34
71
1933
1932 x
1931
1930
1929
1928
1927
x Not available.
35-4
71-1
99-1
76
74
Independents
58+3
35 -2
61 -3
92 -2
6935-1
Increase of $6,424,053
Reported in Steel Wages During
May Over April by American Iron and Steel Institute.
Payrolls in the steel industry in May reached a new postdepression high of $51,895,931, an increase of $6,424,053
over April, according to figures announced June 29 by the
American Iron and Steel Institute. At the same time, it
was revealed that 18,276 more people were employed during
the month, bringing the total number of employees up to
449,362. The Institute further announced:
The number of wage earners, 1.e., workers paid on an hourly, piecework
or tonnage basis. Increased 17,629 during the month to 409,698. This is
slightly more than 97% of the total employed at the 1929 peak and is
104,459 more than were employed a year ago. Total wages for this group
Increased during May by 18.8% to $42,916,172.
The average hourly wage per worker in May was 64.6 cents compared
with 47.3 cents In June 1933. The average hours per week for each wage
earner during May was 36.6 compared with 33.7 in April and 39.4 in June
last year.
Average hours per week for all employees, including those on salary,
was 37.1 and the average hourly wage rate was 70.3 cents, making an
average weekly Income for all employees of $28.08. Total hours worked
by wage earners increased from 58,723.813 in April to 86,450,593 in May.
During the same period the Industry's operating rate increased from 54.10%
of capacity to 58.06%.
Production of Bituminous Coal Showed Little Change
During the Week Ended June 16 1934
-Anthracite
Output Declined Sharply.
According to the United States Bureau of Mines, Department of Commerce, the total production of soft coal during
the week ended June 16 1934 was estimated at 6,112,000
net tons, a decrease of 105,000 tons, or 1.7%, from that in
the preceding week, and compares with 5,674,000 tons
produced during the week ended June 17 1933. Anthracite
production was estimated at 776,000 net tons for the week
ended June 16 1934, as against 1,057,000 tons in the previous
week and 825,000 tons in the corresponding period last year.
During the month of May 1934 there were produced a
total of 28,100,000 net tons of bituminous coal and 5,250,000
•
tons of anthracite as compared with 24,772,000 tons of
bituminous coal And 4,837,000 tons of anthracite in April
last and 22,488,000 tons of bituminous coal and 2,967,000
tons of anthracite in May 1933.
During the calendar year to June 16 1934 output amounted
to 170,224,000 net tons of bituminous coal and 30,818,000
tons of anthracite as compared with 133,497,000 tens of
bituminous coal and 20,386,000 tons of anthracite during the
calendar year to June 17 1933. The Bureau's statement
follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Calendar Year to Date.
Week Ended.
June 16
,1934.c
4373
Financial Chronicle
Volume 138
June 9
1934.d
June 17
1933.
1934.
1933.
1929.
-a
Bitum. coal
Weekly total 6,112,000 6,217,000 5,674,000 170,224.000 133,497,000 240,680,000
Daily aver_ _ 1,019,000 1,036,000 946,000 1,201,000
938.000 1,690,000
Pa. anthra.-b
Weekly total 776,000 1,057,000 825,000 30,818,000 20,386,000 33,208.000
Daily aver_ _ 129,300 176,200 137,500
219,300
145,100
236,400
Beehive coke
12,900
12,100
12,400
505,300
Weekly total
382,000 3,063,000
2,150
2,017
2,067
3,609
2,653
Daily aver__
21,272
a Includes lignite, coal made into coke, local sales, and colliery fuel. b Includes
Sullivan county, washery and dredge coal, local sales, and colliery fuel. c Subject to
revision. d Revised.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES. (NET TONS)a (000 OMITTED).
Week Ended.
Cal. Year to End of May
Monthly Production.
State.
June 9 June 2 May
1934. 1934. 1934.
192
206
Alabama
11
Ark. and Okla
11
47
65
Colorado
497
Illinois
528
179
168
Indiana
36
34
Iowa
42
Kans.& Mo
78
520
558
Ky.-Eastern
81
92
Western
21
Maryland
29
3
3
Michigan
22
23
Montana
New Mexico
17
13
18
North Dakota__ _ _
19
269
Ohio
336
1,800 1,568
Pennsylvania
72
62
Tennessee
9
12
Texas
25
Utah
27
190
Virginia
187
19
Washington
17
W. Va.-Southern b 1,444 1.470
430
Northern c
490
Wyoming
49
58
10
Other States
10
960
44
248
2,350
865
153
210
2,490
488
95
20
110
80
80
1,420
7,895
350
65
110
885
92
6.645
2,160
250
35
April
1934.
480
39
288
2.432
1,011
160
322
2,305
476
95
24
123
88
87
1,315
7,290
258
55
130
764
90
5,752
890
283
15
May
1933.
618
61
290
2,063
823
212
292
1,965
410
92
9
125
78
52
1,303
d
248
51
144
584
103
5,029
d
257
11
1934.
1933.
1929.
4,214 3,185 7,786
614 2,163
704
1,958 2.147 4,227
17,547 14,559 25,814
6,642 5.194 7,802
1,203 1,449 1,777
2,215 2,239 3,002
12,940 9,513 18,337
3,446 2,952 6,333
734
577 1,133
327
177
150
826
805 1,374
464 1,108
486
768
676
675
9,365 6.907 8,725
59,128
d
40,809
1,361 2,251
1,726
243
471
296
815 1,085 2,243
4,264 3,075 5,312
1,123
621
613
32.500 24.811 40.260
14,783
d
10,354
1,569 1,432 2,743
86
45
177
Tot. bitum. coal 6,217 5,850 28.100 24,772 22,488 156.255 199,890 219,076
Pa. anthracite.__ 1,057 1,115 5,250 4,837 2,967 28,582 18,459 30,634
Total coal
7,274 6,965 33,350 29,609 25,455 184,837 138,349 249,710
a Figures for 1929 only are final. b Includes operations on the N d: W.: C.& O.:
Virginian; K. de M.:and B.C.& G. c Rest of State. Including Panhandle and Grant,
Mineral and Tucker counties. d Original estimates in error. figures being revised.
Current Events and Discussions
The Week With the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended June 27, as reported by
the Federal Reserve Banks, was $2,468,000,000, a decrease
of $4,000,000 compared with the preceding week and an
increase of $272,000,000 compared with the corresponding
week in 1933. After noting these facts, the Federal Reserve
Board proceeds as follows:
On June 27 total Reserve Bank credit amounted to $2,465,000,000, a
decrease of $3,000,000 for the week. This decrease corresponds with
decreases of $44,000,000 in Treasury cash and deposits with Federal Reserve Banks, $9,000,000 in money in circulation and $2,000,000 in nonmember deposits and other Federal Reserve accounts and increases of
$11,000,000 in monetary gold stock and $5,000,000 in Treasury and National Bank currency, offset in part by an increase of $68,000,000 in member bank reserve balances.
There was practically no change during the week in the System's hold(ngs of bills discounted and of bills bought in open market. An increase
of $26,000,000 in holdings of United States Treasury notes was offset by
decreases of $23,000,000 in Treasury certificates and bills and $3,000,000
in United States bonds.
The statement in full for the week ended June 27 in comparison with the preceding week and with the corresponding date last year will be found on pages 4422 and 4423.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
June 27 1934, were as follows:
Increase (+) or Decrease (-)
Since
June 27 1934. June 20 1934. June 28 1933.
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
27,000,000
5,000,000
2,430,000,000
3,000,000
-1,000,000
-2,000,000
-164,000,000
-3,000.000
+455.000,000
-4,000,000
TOTAL RES'VE BANK CREDIT_ _2,465,000,000
Monetary gold stoek
7 846,000,000
Treasury and National Bank currency2,364,000,000
-3,000,000
+283,000.000
+11,000,000 +3.815,000,000
+5,000,000
+68,000.000
Money in circulation
5,301,000,000
Member bank reserve balances
3 837,000,000
Treasury cash and deposits with Federal Reserve banks
3,077,000,000
Non-member deposits and other Federal Reserve accounts
461,000,000
-9,000,000
-87.000,000
+68,000,000 +1.551,000.000
44,000,000 +2,760,000,000
-2,000,000
-56,000,000
Returns of Member Banks in New York City and
Chicago-Brokers' Loans.
Below is the statement of the Federal Reserve Board for
the New York City member banks and that for the Chicago
member banks for the current week,issued in advance of the
full statement of the member banks, which latter will not
be available until the coming Monday. The New York
City statement also includes the brokers' loans of reporting.
member banks, which for the present week shows a decrease
of $23,000,000, the total of these loans on June 27 1934
standing at $1,017,000,000, as compared with $331,000,000
on July 27 1932, the low record since these loans have been
first compiled in 1917. Loans "for own account" decreased
from $870,000,000 to $847,000,000 while loans "for account
of out-of-t,own banks" remained even at $166,000,000 and
leans "for account of others" at $4,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
June 27 1934. June 20 1934. June 28 1933.
Loans and investments-total
7,265,000,000 7,211,000.000 6,913,000,000
Loans
-total
3,236,000,000 3,262,000,000 3,400,000,000
On securities
All other
Investments
-total
U.S Government securities
Other securities
1 711,000,000 1,741,000,000 1,791,000,000
1 525,000,000 1,521,000,000 1,609,000,000
4,029,000,000 3.949,000,000 3.513,000,000
2,926,000,000 2,873,000,000 2,438,000,000
1,103,000,000 1,076,000,000 1,075,000,000
Reserve with Federal Reserve Bank._ _ _1,376,000,000 1,327,000,000
Cash in vault
41,000,000
37,000,000
788.000,000
39,000,000
Net demand deposits
Time deposits
Government deposits
6,161,000,000 6,049,000,000 5,428,000,000
692,000,000 696,000,000 749,000,000
733,000,000 733,000,000 290,000,000
Due from banks
Due to banks
76.000,000
82,000,000
87,000,000
1 581,000,000 1,582,000,000 1,248,000,000
Borrowings from Federal Reserve Bank.
Loans on secur. to brokers & dealers:
847,000,000
For own account
166,000,000
For account of out-of-town banks
4,000,000
For account of others
1,017,000,000 1,040,000,000
Total
681,000,000
336,000,000
On demand
On time
Loans and investments-total
870,000,000
166,000,000
4,000,000
705,000,000
335,000,000
699,000,000
56.000,000
9,000,000
764,000,000
558,000,000
206,000,000
Chicago.
1,453,000,000 1,452,000,000 1,247,000,000
566,000,000
585,000,000
656.000,000
285,000,000
281,000,000
289,000,000
296,000,000
339,000,000
317,000,000
887,000,000
867,000,000
591,000,000
584,000,000
303,000,000
567,000,000
300,000,000
383,000,000
208,000,000
Reserve with Federal Reserve Bank... 441,000.000
Cash in vault
41,000,000
418,000,000
41,000,000
232,000,000
130,000,000
1 319,000,000 1,312,000,000
367,000,000 359,000,000
47,000,000
47,000,000
958,000.000
355,000,000
45,000.000
185,000,000
388,000,000
218,000,000
264,000,000
Loans-total
On securities
All other
Investments-total
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
173,000,000
386,000,000
Borrowings from Federal Reserve Bank_
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements of the New York and
Chicago member banks are now given out on Thurdays simultaneously with the figures for the Reserve banks themselves
and covering the same week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 91 cities
cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on June 20:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on June 20shows increases of$327.000,000
In investments, $448,000,000 in Government deposits and $42,000.000 in
time deposits and decreases of $34,000,000 in loans and $286,000,000 in net
demand deposits.
4374
Financial Chronicle
Loans on securities increased $8,000,000 in the Chicago district and
$15,000,000 at all reporting member banks. "All other" loans declined
$33.000,000 in the New York district, $10,000,000 in the Chicago district
and $49,000,000 at all reporting member banks.
Holdings of United States Government securities increased $89,000,000
each in the Chicago and New York districts. $34,000,000 each in the Dallas
and San Francisco districts, $21,000,000 in the Philadelphia district and
$339,000,000 at all reporting member banks. Holdings of other securities
increased $9,000,000 in the New York district and declined $8,000,000 in
the Boston district, $5,000,000 in the Chicago district and $12,000,000 at all
reporting banks.
Licensed member banks formerly included in the condition statement of
member banks in 101 leading cities, but not now included in the weekly
statement, had total loans and investments of $1,081,000,000 and net
demand,time and Government deposits of $1,196,000,000 on June 20, compared with $1,022,000,000 and $1,172,000,000, respectively, on June 13.
A summary of the principal assets and liabilities of the reporting member
banks, in 91 leading cities, that are now included in the statement, together
with changes for the week and the year ended June 20 1934, follows:
Increase (+) or Decrease (—)
Since
June 20 1934, June 13 1934. June 21 1933.
Loans and Investments—total._ _17,663,000,000
+293,000,000
+858,000,000
s—total
8,055,000,000
—34,000,000
—445,000,000
On securities
All other
3,571,000,000
4,484,000,000
+15,000,000
—49,000,000
—198,000,000
—247,000,000
7
9,608,000,000
+327,000,000 +1,303,000,000
U. S. Government securities_ 6,582,000,000
Other securities
3,026,000,000
+339,000,000 +1,275,000,000
+28,000,000
—12,000,000
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
2,824,000,000
236,000,000
—57,000,000 +1,197,000,000
+47,000,000
—12,000,000
12,375,000.000
4,492,000,000
1,354,000,000
—286,000000 +1,552,000,000
+42,000,000 +156,000,000
+448,000.000 +721,000,000
1,574,000,000
3,623,000,000
—47,000,000
—147,000,000
+213,000,000
+804,000.000
6,000.000
+1,000,000
—44,000,000
British Parliament Passes Bill Aimed at German Moratorium on Dawes and Young Loans—Would Permit
Impounding of German Trade Balances in Britain—Reich Delegates Negotiate With British
Treasury Officials in Effort to Effect Settlement.
The House of Commons on June 26 gave its final approval
to a bill authorizing the seizure of German commercial
funds in the United Kingdom to protect British bondholders
during the six-months' moratorium which Germany has
proclaimed on its foreign debts, beginning to-morrow (July
1). The House of Lords approved the bill on June 28; the
Royal assent was accorded the bill on the same day, the
measure thereupon becoming the law of the land. The
House of Commons in approving the bill, made a change
whereby the operation of the measure would be limited to
two years. The bill would authorize the Government to
impound trade balances of any defaulting Nation and to
restrict imports from any coun`ry which discriminates
against British Empire goods.
On the day on which the House of Commons approved
the bill, German delegates arrived in London seeking to
negotiate a settlement of the problems raised by the German
default. Negotiations began on June 28 with Sir Frederick
Leith-Ross and a group of British Treasury officials. The
German negotiators asked for a longer period to reach a
settlement, pointing out that such a complicated dispute
can hardly be adjusted within a four-day time limit.
Regarding the further negotiations a London cablegram
June 28 to the New York "Times" stated:
While the Lords debated the Government's proposal representatives of
the German Finance Ministry were continuing the discussions with the
British begun yesterday In an effort to avert a trade war. They found
the British delegates, headed by Sir Frederick Leith-Ross, sternly insistent
on full payment on or before Sunday. They were warned once more that
if no settlement were reached in the Present negotiations the Board of
Trade would issue an order Monday establishing a clearing office, to become effective a few days later.
This afternoon, however, the discussions took a new turn, and the
German delegates conferred with their Government for fresh instructions.
The British reminded the Germans that their creditors here were still willing to reduce the interest on the private "non-Reich" loans to 3% on condition that they receive the same treatment as the Dutch or Swiss creditors.
The discussions have thus broadened until they now involve all the loans
public and private, on which Germany has threatened to suspend payment.
It is possible that this approach will lead to a compromisd averting a trade
war, which both Governments and especially the financial communities
of both countries dread.
A previous reference to the proposed British action regarding the German moratorium was contained in our issue
of June 23, pages 4204-05. On June 22 the British Government made public the text of a note inviting Germany to
send delegates to London to negotiate a settlement of the
default on the Dawes and Young loans. The British invitation was accepted June 23. A Berlin dispatch of June
26 to the New York "Times" gave the following text of the
German reply:
Acknowledging receipt of the British Government's response to the
German note of June 20, it continues:
"The German Government regrets being unable to follow the arguments
advanced, which in part seem to be based on erroneous or incomplete
June 30 1934 •
judgment on the course of the transfer conference in Berlin, and it reserves
further explanations.
"The German Government regrets, moreover, that the British Government believes that it must enforce its point of view by coersive measures,
entailing the necessity of corresponding countermeasures by the German
Government in order to avert worse injury resulting therefrom to German
business.
"On the assumption, however, that none the less the British Government
is seriously concerned for an adjustment, fair to both countries concerned,
of the problem, whose solution manifestly does not depend on Germany
alone. the German Government has accepted the invitation of the British
Government to send representatives to a conference in London."
New British Note Rejects American Suggestion of
Partial Payment on War Debts in Kind—Holds
Economic Obstacles Prevent Such Settlement—
Reiterates Connection Between Allied Indebtedness and German Reparations—Text of Note to
Secretary Hull.
The United Kingdom, in a note which was delivered to
Secretary of State Hull by the British Charge d'Affaires on
June 27, replied to Mr. Hull's note of June 12 in which the
latter had discussed the failure of Great Britain to pay the
war debt installment due on June 15, and had suggested that
Great Britain might discharge a portion of its obligation to
this country by payments in "kind." Mr. Hull had also said
that the United States sees no connection between debts
owing to Great Britain by other Nations and the British debt
to this country. The latest Britigh note said that payments
in kind are impractical and had been so described by the
Dawes Committee. With respect to the debts owed to Britain
and that owed to this country, the British Government asserted that it "did not state that payment of the British war
debt was legally contingent upon debts due to them. What
they said was that it would be impossible for them to contemplate a situation in which they would be called on to
honor in full their war collections to others while continuing
to suspend all demands for payment of the war obligations
due to them. This was a statement not of law but of fact."
The note declared that economic objections' to cash payments would also apply to payments in kind "unless those
deliveries were to consist of indigenous products of the debtor
country (excluding re-exports) and unless they were to be
accepted by the creditor country and consumed by it in addition to the goods taken from the debtor country in the normal
course of trade." The note concluded with the statement that
Great Britain would "welcome the opportunity of resuming
the discussion whenever it may appear that the present abnormal conditions have so far passed away as to offer favorable prospects for a settlement."
The original British note announcing the intention to suspend further payments was given in our issue of June 9, pages
3861-63, and the text of Secretary Hull's reply was contained
In our issue of June 16,pages 4035-36. The text of the British
note of June 27 follows in full:
BRITISH EMBASSY.
Washington, June 27 1934.
After careful consideration of the note which you addressed to Sir Ronald
Lindsay on June 12, His Majesty's Government in the United Kingdom feel
that there are two questions to which it may be useful to make further reference.
In the first place, His Majesty's Government would observe that in their
note of June 4 they did not state that payment of the British war debt was
legally contingent upon payment of the debts due to them. What they said
was that it would be impossible for them to contemplate a situation in which
they would be called on to honor in full their war collections to others
while continuing to suspend all demands for payment of the war obligations
due to them. This was a statement not of law but of fact.
Second, as regards the suggested payments in kind, His Majesty's Government would recall that the experience of German reparations showed that
transfer difficulties are not solved by a system of deliveries in kind.
As the Committee presided over by General Dawes pointed out in 1924:
"In their financial effect deliveries in kind are not really distinguishable
from cash payments."
In fact, the economic objections to cash payments would apply with
equal force to deliveries in kind, unless those deliveries were to consist of
indigenuous products of the debtor country (excluding re-exports) and unless they were to be accepted by the creditor country and consumed by it
In addition to the goods taken from the debtor country in the normal
course of trade.
If the United Kingdom were not to receive payment for goods exported on
commercial accounts her exchange resources available to purchase cotton and
other goods from America would be still further diminished. Therefore,
while not unwilling to give further consideration to possibilities In this
direction, His Majesty's Government do not at the present see any method
of putting such a plan into practices which would be likely to commend
itself to the Government of the United States of America.
In the view of His Majesty's Government, the primary question for settlement is the amount that should be paid, having regard to all the circumstances of the debts.
They regret that up to the present it has not been possible to make further progress in this matter, but they will welcome the opportunity of resuming the discussion whenever it may appear that the present abnormal conditions have so far passed away as to offer favorable prospects for a settlement,
since they are always anxious to remove from the sphere of controversy all
or any matters which might disturb the harmonious relations between the
two countries.
Volume 138
Financial Chronicle
I hare the honor to be, with the highest consideration, sir, your most
obedient, humble servant,
D. G. OSBORNE.
The Hon. Cordell Hull, Secretary of State of the Unkted States, Washington.
A Washington dispatch of June 27 to the New York "Herald
Tribune" discussed the receipt of the latest British note in
part as follows:
The note was apparently the last official word on the war debt question, leaving no doubt that the British Government intended to pay nothing, whatever in cash or in goods, until the British debt had been scaled
down.
Great Britain thus took virtually her final stand with all of America's
other World War debtors, Finland excepted, defaulting on the balance of
what was borrowed from the United States for war and post-war purposes.
Germany and Austria, which were on the other side in the war, also have
defaulted.
By the terms of the Johnson Act virtually all Europe has forfeited the
right to borrow again in the United States. . . .
Since the June 15 due date of the last installment had passed, the present
British note, like the American note of June 12, which it answered, was
plainly designed for the public record rather than with any thought of
surmounting the impasse.
Import Quotas and License Tax on Foreign Rice
Established by France.
The importation of rice into France from foreign countries
has been made subject to import quota restriction by a
decree published in the French Journal "Officiel" for June 16
1934, according to a cablegram to the United States Department of Commerce from Commercial Attache H.C. McLean,
Paris, the Commerce Department announced June 19.
It said:
The total quota for whole rice, meal and grits from all foreign countries
Is fixed at 2,700 metric tons for the period from June 16 to Sept. 30 1934.
Quotas for individual supplying foreign countries were not published.
A decision published at the same time requires the French importer to
obtain import quota licenses, and another decree establishes a tax of 10
francs per 100 kilos gross of rice authorized to be imported under these
licenses. Shipments en route or in French bonded warehouses before
June 16 will be admitted without licenses and will not be subject to the
license tax, but will be deducted from the quotas.
Germany and Argentina Grant Mutual Exchange
Concessions—Increase Exchange Quotas for Imports.
The United States Department of Commerce announced
on June 21 that it has been informed by Consul General
Avra M. Warren, at Buenos Aires, that the Argentine Exchange Control Bureau has announced the conclusion of an
agreement with Germany whereby the German exchange
quota for imports from Argentina has been increased by
10,000,000 reichsmarks of which 3,000,000 reichsmarks will
cover agricultural products imported from Argentina. In
return, Argentina has agreed to grant exchange permits for
imports from Germany, in amounts corresponding to such
increased purchases of Argentine products, the Commerce
Department stated.
Reply of U. S. to Germany's Note Declaring Moratorium
on Debts—Secretary Hull Holds Situation Due to
Policies Pursued by Germany—Cites Expenditures
on Account of Arms and Costs Incident to AntiJewish Attitude.
Exception is taken by the United States to the contentions
of the German Government in reciting the reasons which
prompted its recent Moratorium on external debts,—references to which appeared in our issues of June 16, pages
4037-38 and June 23, page 4204. In the latter item it was
noted that Secretary of State Hull had instructed the U. S.
Ambassador to Germany to protest "formally and emphatically" against the moratorium. This week, (on June 28)
Secretary Hull handed to Dr. Rudolf Leitner, German
charge d'Affaires in the absence of Ambassador Hans Luther
a note in reply to one which the secretary received on June 15
from Ambassador Luther. In his note Secretary Hull
expresses it as the belief of this country that "any transfer
situation, including the German situation, is the result
of many complex influences including all aspects of the
policies pursued by the debtor country." Pointing out that
the German note had represented Germany as a victim of
circumstances over which the government had no control,
and the future was painted as in the hands of the creditor
nations entirely. A Washington dispatch June 28 thus
summarized the contentions of Secretary Hull:
Mr. Hull listed four principal weaknesses in the German exposition of the
financial situation. They were.
1. The policies of the German Government have created opposition in
many Parts of tho world which was translated into trade conflicts and has
affected Germany's foreign exchange position. The reference was to the
widespread boycott of German goods in retaliation for mistreatment of
Jews, liberals and labor by the Nazis.
2. Anxiety aroused by various phases of German policy has caused
foreign creditors to withdraw their credits from the country.
4375
Repurchase of Bonds Cited.
3. A general belief exists that German bonds have been repurchased at
depreciated prices, at a time when the German Government is striving to
keep in existence the conditions which caused the low quotations. Exchange
used for this purpose could have been applied by the Reichsbank to liquidation of foreign service obligations.
4. Germany has purchased extensively abroad material susceptible of
military use, and this employment of available exchange has lessened her
ability to meet external obligations.
"The asserted anxiety of the German Government to make every effort
to meet its obligations cannot be proven by a mere display of its depleted
balances," Mr. Hull's note said, "but must be evident from an examination of the whole trend and operation of German policy."
The American note was handed to Dr. Rudolf Leitner, German Charge
d'Affaires, in the absence of Dr. Hans Luther, the German Ambassador.
The State Department also mane public this afternoon its translation of the
German note of June 15, announcing the moratorium.
The German contention to which Mr. Hull addressed his four points was
the following.
"Germany desires to pay her debts. This is possible only to the extent
that foreign countries, and under the present circumstances this practically
means the creditor countries, open additional markets. If the creditor
countries do not wish to do this, or are unable to, they cannot at the same
time make the impossible demand for unmodified transfer offunds in account
of debts."
Large Arne,icon Holdings Cited.
Mr. Hull said that American nationals hold "large parts" of the Dawes
and Young loans, which will be affected by the moratorium, and that
"this Government receives with grave regret the announcement that the
losses already being borne by American investors in German securities are
thus to be augmented."
The Secretary of State said that "this action will be a further dislocation
of the process of international finance on which the international trade of
the world has developed, and a discouragement to international co-operation."
It was estimated at the State Department that Americans hold a total of
4,700,000,000 marks (about $1,800,000,000) worth of German securities,
of which 3,000,000,000 marks (about $1,170,000,000) are represented by
long and medium term obligations which are affected by the moratorium.
The American note of to-day rebuked the German Government for bringing any discussions of reparations into its dealings with the United States.
In several places the American note insisted that all creditors must be
treated alike under whatever arrangements were ultimately made regarding
German external obligations. This point has been the subject of several
protests to the German Government, notably in connection with the scrip
agreements with Holland and Switzerland.
The note deplored the tendency to an increasing number of special
agreements.
Whereas the German note explained that, of foreign capital invested in
Germany after the war, half went to pay reparations creditors, Mr. Hull,
by implication, said that this was done without the knowledge of the
American investors.
State Department officials who have followed the German financial
situation held out little hope to-day that governmental efforts would benefit
American private investors to any great extent. There is little that the
Government can do, it was pointed out, beyond insisting that American
citizens get the same treatment as other foreigners.
Rumors of trade retaliations or the impounding of German credit balances
in this country were treated lightly.
Secretary Hull's note follows:
June 27 1934.
Sir. The statement submitted by the German Government on June 15
1934, concerning the present German transfer situation and the actions
taken in connection therewith in regard to Germany's foreign indebtedness,
has been examined with care corresponding to its importance.
I desire to submit the following comment arising from this examination.
1. Your government cites conclusions of the Transfer Conference held
at Berlin, April 27 to May 29 1934, whereby the respresentatives of foreign
creditors of Germany recognize that a case can be made out for concessions on debt service and that the only difficulties regarding German debts
are transfer difficulties. The communication then refers to the arrangement concerning Germany's external debts, which was foreseen by the
Transfer Conference, as creating a breathing space.
It is presumed that these statements confirm the offer announced by the
Reichsbank May 29 1934, with respect to the suspension of transfer of"
interest during the year beginning July 1 1934, on Germany's long and
medium term non-Reich debt, including provisions for exchange for matured coupons for 10
-year 3% funding bonds fo the Konversionskasse.
Your government states that, while the Dawes and Young loans were not
Included in the discussions with creditor representatives, these loans must
be included in the breathing space, as no other economic possibilities are
open for them than for the other German loans. It also states that it is
Prepared to discuss with the bodies having competence affecting these
Reich loans and with the government of the United States methods under
which transfer of the service of these loans can again be undertaken.
2. This government receives with grave regret the announcement that
the losses already being borne by American investors in German securities
are thus to be augmented. This action will be a further dislocation of the
process of international finance on which the international trade of the world
has developed, and a discouragement to international co-operation.
This Government is furthermore disturbed by the indications contained
In the communication and in other declarations emanating from official
German sources, to the effect that discrimination may be practiced between
the various national groups of holders of German securities. Under the
terms of the agreements controlling the issue of German loans, the obligations taken toward investors of all nationalities are in virtually all cases
identical, and in fact part of one general pledge. In the case ofthe Dawes
and Young loans, the credit of the German Government is pledged on terms
of unconditional equality to investors in all parts of these issues.
3. Your Government introduces its discussion of the transfer problem
by a historical note regarding the foreign indebtedness incurred by Germany
in the years 1924 to 1930. It emphasizes the fact that during that period
the German Government was making payments on reparations account and
implies that the fact that a substantial portion of the foreign exchange made
available to the Reichsbank was required for reparations payments lessens
the regard with which German foreign indebtedness must be considered.
It is unfortunate that a discussion with the Government of the United
States of the practical problem of the service of German debts should be
prefaced by expressions indicating this feeling against them on the part of
the German Government. The United States received no reparations from
Germany.
The loans made by American investors to Germany were primarily made
In accordance with loan contracts and arrangements which stated that the
proceeds were to be applied for productive purposes. A study of the.
4376
Financial Chronicle
June 30 1934
6. The German Government refers to its own obligations outstanding
announcements presented by the borrowers shows that the mass of the
in the Dawes and Young loans and suggests that it will be prepared to
indebtedness in both private and public enterprises was contracted for such
enter into general discussions with the bodies competent for these loans
purposes as reconstructing the German merchant fleet, modernizing and
and also with the Government of the United States as to the methods by
rationalizing German industries, restoring the capital reserves of banking
which the transfer of the service of the Reich loan can be resumed. The
institutions, improving the public utilities systems, the constructing of
Government of the United States understands that this part of the German
houses, roads, canals, etcetera.
communication is addressed primarily to the Governments which are
It is unquestioned that the foreign private capital which the German
element
signatory to the agreements in connection with which the Dawes and
Public authorities and enterprises borrowed was an indispensable
Young loans were floated.
in the recovery then witnessed of German production and economic vigor
It does not desire at present to comment on these suggestions further
from the collapse of 1923 to the stage where pre-war indices were surpassed.
than to state that large parts of these loans were floated in the United
This aspect of the course of German foreign borrowing was prominent
addressed,
States and are held by American investors and this Government expects
in the minds of the investors to whom the borrowing offers were
that the German Government will assure that no discrimination against
and it was their reasonable expectation that, once German industrial and
such American investors is permitted with respect to the payment or
financial institutions were re-established. German policies would be ditransfer of the service on these loans.
rected to assure to the utmost that the exiprnal obligations could be met.
Accept, sir, the renewed assurances of my high consideration.
This period of borrowing by the German public authorities, banks.
CORDELL HULL.
and short term account,
industries and other institutions, both on long
was a voluntary course of action taken by a mature industrial and trading
State whose past experience no doubt indicated the dangers of creating a
Young Loan Priority Denied by Germans.
situation in which its capital markets were subject to great disturbances in
On June 27 a cablegram from London to the New York
the event of loss of confidence in its affairs.
"Times" stated that the German delegates attempted to draw
4. The main body of the communication under acknowledgment from
paragraphs 4 to 10 constitutes an assertion and argument to the effect that
a distinction between the Dawes and Young loans when the
Germany has made efforts unparalleled in history to honor German loans.
debt negotiations with the British began at London on that
but that the transfer situation brings it about that further subday. In part the cablegram said:
stantial foreign payment by German debtors is now predominantly
dependent on the action of creditor governments along one particular line.
It was reported the Germans admitted the priority of their Dawes loan
It virtually narrows the duty and problem of fulfillment of German debt
obligations, but argued no equal obligations were attached to the Young
obligations down to this one feature of the situation.
loan. They also contended Britain must take more German exports to enThe claim that Germany has made unparalleled efforts to honor German
able payment of the interest. Neither argument impressed the British, who
since the end of 1930 the
obligations is supported by the statement that
would be willing to reduce the interest rate but not forego payment
gold and foreign exchange of the Reichsbank have been reduced from
altogether.
3,000,000,000 reichsmarks to 100,000010 reichsmarks. Referring to the
whole of the transfer situation which the German communication describes,
German Leaders Differ on Right to Criticize Nazi
and to the present state of the monetary reserves of the Reichsbank, this
Policies—Vice-Chancellor Von Pa pen Demands
Government feels constrained to make the following observations.
Freer Discussion—Propaganda Minister Goebbels
A.—The creation of any particular transfer situation and the possibilities of transferring funds needed to meet external obligations are by no
Assails Critics Who Are Not National Socialists.
means solely dependent on the policies pursued by creditor governments.
Vice-Chancellor Franz von Papen of Germany, in a speech
That the trade barriers erected throughout the world by creditor and other
before 3,000 women residents of the Saar basin territory, in
governments have seriously impeded the flow of world trade is beyond
question, and the German transfer situation has no doubt been thereby
Berlin, on June 23, praised Chancellor Hitler and declared
affected adversely.
that he had saved the Reich from threatened political colHowever, in any particular transfer situation, such as that which now
lapse. His speech attracted particular attention because on
faces Germany. the policies pursued by the debtor government are no less
crucial elements. The German Government is no doubt aware that its
June 17 Colonel von Papen, addressing students at Marburg,
policies have created opposition in many parts of the world, which has
had defended the right of conservative critics to criticize
expressed itself in various trade conflicts and the probable reduction of
Germany's capacity to transfer.
the Nazi regime and had declared that there should be a
B.—Connected therewith is the fact that one of the causes of the present
more open discussion than is found at present in the German
GerGerman monetary situation is the extremely extensive reduction of
press. This statement aroused considerable comment outside
many's short-term indebtedness during the past three years. The desire
Germany, and was assailed by Paul Joseph Goebbels, Propaof foreign creditors to withdraw their credit from Germany has been powerfully stimulated by the anxiety aroused by various phases of German policy.
ganda Minister, who in a speech at Essen, on June 24, said
C.—During the recent period of most rapid diminution of the Reichsthe enemies of the German State included persons who imoccurred substantial repurchases of German
bank's monetary reserves, there
securities previously issued in foreign markets. It is the general belief
agine national socialism is only a passing phenomenon. He
that many of these repurchases reduced exchange resources which otherwise
added that only members of the National Socialist party have
would have been available to the Reichsbank for other purposes,
the right to criticize, and that even doubts arising within the
D.—It has generally been judged that it is the obligation of a debtor
party should not be aired in public.
government to so direct its policies that sums required to meet external
obligations receive priority over all but the essential needs of the government.
A Berlin dispatch of June 17 to the New York "Times" deIt is widely believed that during recent months German foreign purchases
scribed Colonel von Papen's speech on that date, in part, as
of material susceptible of military use have been extensive and financed
follows:
out of available exchange resources. To the extent that this may have
taken place, the ability to meet external obligations would thereby have been
"Too enthusiastic young revolutionaries," he declared, "show a tendency
reduced.
to label as reactionary every conservative, including those who are fully aware
While this Government does not wish to give undue emphasis to any of
of their present duties."
the elements of the situation just cited, it believes that they adequately
The true purpose of the Nazi revolution, Colonel von Papen asserted, was
illustrate the view that any transfer situation, including the German
the creation of a new aristocracy of talent and superior character, whereas in
result of many complex influences including all aspects of
situation, is the
the present practices of certain groups within the party significant colthe policies pursued by the debtor country.
lectivist and Marxist influences are at work. He warned his audience that
The asserted anxiety of the German Government to make every effort
"Germans dare not remove themselves from the ranks of Christian peoples
to meet its obligations cannot be proved by a mere display of its depleted
and succumb to pseudo-religious materialism."
balances, but must be evident from an examination of the whole trend
Attacks on intellectuals inspired by Dr. Goebbels were answered by Colonel
and operation of German policy.
von Papen with the declaration that "the mind cannot be dismissed with the
and other reasons, the narrow and exclusive connection
5. For these
"
cry, 'intellectualism.'
which the German Government seeks to establish between the payment
Alludes to Nazi Justice.
of its external obligations to American investors and the current state of
Even the new Nazi justice was not left entirely unscathed.
the direct bilateral commodity trade balance between the two countries
"Mercy, freedom and equality before the courts," the Vice-Chancellor
seems to this Government a distinctly inadequate approach to the problem.
said, "are not to be regarded as liberalistic, but as German and Christian
Trade between any two countries unless it is decisively controlled by
concepts."
Governments for other purposes, must naturally tend to conform to the
Firtally, Colonel von Papen took up arms against the fashion in which the
underlying physical circumstances and economic constitutions of the two
whole campaign against "critics, grumblers and killjoys" has been conpermanent elements
countries. To such underlying circumstances the
ducted, declaring that the German people will not be able to carry the heavy
in the trade between Germany and the United States are due. In fact.
burdens put upon them if "every word of criticism is regarded as evidence
most of the international trade of the world must be so accounted for.
of
and if worried patriots are stamped as enemies of the State."
The exclusive emphasis, therefore, on the current and variable state of
bilateral trade balances and the tendency to make such balances, country
We quote from a Berlin dispatch of June 24 to the New
by country, the base of an increasing number of special agreements conYork "Herald Tribune" regarding Dr. Goebbels's remarks
nected with debt payments will inevitably cut across natural channels
concerning the right to criticize the policies of the Hitler
of trade and may not improbably reduce the total volume of trade and
general transfer capacity.
regime:
Furthermore, since the terms of such special agreements are apt to deReplying to the plea for free speech which Colonel von Papen made last
pend on the real or conceived bargaining position of each of the parties at
Sunday in an address to university students at afarburg, Dr. Goebbels declared
the moment, the result of the pursuit of this policy will be to make the
that the right of criticism belonged exclusively to the members of the
matter of debt payments a question of National relations rather than of
National Socialist (Fascist) party.
obligation or of contract. Such a process inevitably must result in disColonel von Papen, as it well known, Is not connected with the Hitler
crimination between various creditors, and thus augment the causes of
movement. He had his political affiliations with the extreme reactionary
dispute and ill-will between countries.
wing of the Catholic (Center) party, and he entered the Hitler Cabinet as an
In presenting these observations for the consideration of the German
Independent. Consequently, according to Dr. GoebbeWs line of reasoning,
Government, this Government does not desire to argue away the importance
the Vice-Chancellor had no right to suggest, as he did last Sunday, that the
of liberalizing the commercial policies throughout the world so that the
Third Reich of the Nazis was not the best of all possible regimes.
discharge of all international obligations will become possible with less
reduction in
Explains Right to Criticize.
strain and difficulty. It is cognizant of the fact that the
international trade brought about by the multiplication of trade barriers
"My party comrades," Dr. Goebbels shouted to a maim meeting of cheering
increased Germany's difficulties in meeting its obligations; no measures
has
Nazis, "only the National Socialist party has the right to criticize. To all
of defense have been taken against the regime of using postponements and
others, I deny that right. The right to criticize will be utilized in sufficient
reductions of payments to stimulate German exports.
measure by the National Socialist party.
It cannot admit, however, this further tendency to connect the obliga"I hold it to be wrong that the misgivings of the upper class should be
tion of making payment, with the narrow set of considerations just disbrought to public attention. It is sufficient when that class which contains
cussed, and it must reiterate its expectation that the German effort to
our shortcomings discusses them. Those who cannot remove these defects do.
meet these obligations will be as great as the sum total of all circumstances
not need to talk about them."
shaping Germany's capacity to pay permit.
Volume 138
Financial Chronicle
In another passage of his speech Dr. Goebbels said that the enemy of
National Socialism "is not to be found among the workers; he sits among
phethe elegant gentlemen who see in National Socialism only a passing
nomenon."
"The importance of these persons," he said, "should not be overestimated,
for they have no opportunity to influence the people. At times, that group
either intellecis composed of reserve army officers and at other times of
tuals or journalists or priests."
Protest to Germany Against Moratorium by Bank for
International Settlements in Behalf of Trustees
of Dawes Loan.
A warning that there are certain rigid guarantees on the
part of Germany connected with the Dawes loan and insistence that those guarantees be observed are contained in a
letter of protest sent to the German Ministry of Finance on
June 19 by the Bank for International Settlements in behalf
of the trustee nations concerned. Advices on that date from
Basle to the New York "Times," from which we quote, further stated:
The Bank as the fiscal agent and trustee for the nations that issued the
Dawes and Young loans, immediately entered its own protest last week when
the Reichebank announced its moratorium on the service of those loans.
To-day's action was taken after consultation with the countries concerned,
which as signatories of the Dawes agreement constitute the trustees for
their nationals who hold Dawes bonds. It is presumed that only the Dawes
loan is involved now, since its guarantees are much more stringent than
those of the Young loan.
The letter sent by the World Bank states that the trustees "protest
emphatically against the manifest breach envisaged by the Reich of obligations and engagements of the first rank which it assumed in the general bond as well as other documents covering this loan and which were
repeatedly confirmed by divers international treaties."
The German Government is urged to reconsider its decision, "particularly in view of the special privileges and priority rights attached to this
loan and in view likewise of the collateral guarantees afforded by the
privileges of the first charge on five principal revenues of the Reich."
The trustee nations conclude by stating that they "reserve expressly and
formally all rights and privileges covered by the guarantee of this loan."
The German moratorium on foreign debts was referred to
in our issue of June 16, page 4037.
Swedish Accounts Facilitating Payments for German
Imports from Certain Countries Reported Reopened—Agreement on Debt.
It was announced on June 19 (said wireless advices from
Berlin) that the so-called Swedish accounts facilitating payments for German imports from certain countries had been
reopened with Switzerland, Italy, Belgium, Luxemburg,
Sweden and France. The Reichsbank suddenly ceased payments into the majority of these accounts June 11. The Berlin
advices to the "Times" continued:
It is understood that the payments have been resumed following a gentlemen's agreement with the countries concerned, which stipulates that all
imports from them shall consist of bona fide products of those countries.
This effectually plugs one hole through which American and English goods
were entering the German market in considerably larger quantities than the
Reichsbank expected, with a corresponding drain on the German exchange
reserves.
Simultaneously the Government issued an official denial of an announcement in the German press that it had reached a bilateral agreement with
iwitzerland regarding the transfer of German debt payments due Swiss na,
tionals irrespective of the transfer moratorium effective for everybody else.
Follows American Protest.
This denial followed the American protest against the moratorium submitted by Ambassador William E. Dodd yesterday, which also turned
ainst discrimination previously exercised against American citizens under
a similar agreement.
Herr Ressler, the Reich Economic Leader, has issued an order that is
(larded here as another step toward a foreign trade monopoly in a modified form. The order forbids export firms, "in anticipation of the centralization of foreign trade tasks," to snake any change in their foreign organization except by permission of the Reich Economic Leader.
One reason for this move is to prevent concerns from abandoning valuable
agencies for lack of business. Another reason is to prevent Nazi party
leaders from forcing exporting firms to exclude all Jews and replace them
with party members. In this respect it is a step toward the moderation
demanded by Vice-Chancellor Franz von Papen.
New Foreign Exchange Restrictions Imposed by Germany—Payments on Any One Day Not to Exceed
Receipts—Tourists Held Within Restrictions.
New foreign exchange restrictions have been imposed by
Germany during the week—in addition to those to which
reference was made in our June 23 issue, page 4204. Under
restrictions ordered on June 22, it was stated that after
June 25, no more foreign currency would be issued on one
day than was received on that particular day. Associated
Press accounts June 22from Berlin to the New York "Herald
Tribune" further reported:
Still another step of vital importance to the general public was discontinuance of the sale of money orders payable abroad. Heretofore transfer had been limited to 50 marks ($20) a person monthly.
The general purpose of the new measure is to shield the foreign currency
and gold coverage which has dwindled to a mere 100.000,000 marks (940.000,000),including 6.242,000 marks (92,500,000)in actual foreign exchange.
according to the Reichsbank's weekly report for June 15.
4377
The new apportionment of foreign exchange, it was announced, will not
be the same for all applications and all currencies. Special attention will
be given to the needs for raw materials and foodstuffs.
Takes First Act of Reprisal.
An important phase of the new policy is the announcement that all payments abroad, which hitherto have been accomplished through bookkeeping
cancellations, must appear in the future as regular applications to the Reichsbank.
Foreign observers were quick to point out that Germany by this latest
step has virtually announced a clearing arrangement against the entire
world, taking, in effect, the first step in any question of economic reprisal.
In other words, it was pointed out, Germany has announced that she is
buying from the world exactly as much as the world henceforward is willing
to buy from her—with due consideration for raw materials and absolute
necessities.
Furthermore it is stated that Germany, by taking over control through
the Reichsbank ofsimple bookkeeping on cancellations of debits and credits
in foreign exchange, can more or less concentrate her available foreign exchange upon those products she especially desires, not what individual
merchants find they can handle to advantage.
Foreign Trade Under Thumb.
With foreign trade thus under its thumb, it was pointed out, the Reichsbank, if it so desires, can favor applications from certain countries for
foreign exchange. The indications that all applications will not receive
"equal treatment" was regarded as significant in this respect.
In the past, it was pointed out, applications for foreign exchange have
been granted out of the Reichsbank's reserve, if this was found necessary.
Under the new arrangement applications will be granted only as foreign
exchange Is made available by exports. This, it was explained, means a
virtually forced balancing of exports and imports through impediment to
imports.
There will be no change of payments in special accounts for commercial
transactions and accounts with banks of issue in various countries with
which Germany now has clearing arrangements.
Two new restrictive measures, designed to save foreign
exchange, were put into effect on June 28, according to
Berlin advices that day to the New York "Times" from
which we quote:
The nature of these and previous restrictive measures, made more drastic
by the red tape they involve, has raised serious doubts as to whether Dr.
Hjalmar Schacht, president of the Reichsbank, still has the situation in
hand or whether it is getting beyond control.
The first measure puts tourists and travelers under the general foreign
exchange regulations providing that income and outgo must balance every
day and that requests for foreign exchange can be considered only in proportion to their urgency.
Heretofore travelers have had the right to take out of Germany automatically fifty marks in silver [the mark is worth about 39.4 cents at
current exchange] and 150 marks in checks or letters of credit, for some
countries even 650 marks. Now, according to information at travel
agencies, the right to even this pitance has been withdrawn.
Must Submit Application.
Travelers may still leave Germany with fifty marks in silver, which
is useless outside the country, but if they want to get any more they must
submit an application, which will be considered in due time and may be
granted if foreign exchange is available on the day of consideration and if
the purpose of the trip is urgent enough.
This in effect stops all travel outside the land for those who are without
funds abroad.
The second measure reduces the maximum amount that emigrants may
take with them in cash to 2,000 marks, compared with 10.000 marks
heretofore.
This especially hits "Jews, Marxists and liberals" who may want to
leave a country that has no use for them. Only if they go to Palestine
may they take out more—enough in cash to meet the British mandate
requirements and an additional sum if they buy German goods when in
Palestine.
K. S. Phaff of Amsterdam to Issue Quarterly Review
of Economic Life in The Netherlands and Its
Colonies.
A quarterly review of the economic life in The Netherlands
and its colonies during the first quarter of this year has
been prepared by K. S. Phaff, Economist, of Amsterdam,
Holland. A similar review will be published hereafter at
the end of each quarter by Mr. Phaff. In a letter accompanying the initial report Mr. Phaff said:
Owing to the applications for information on the subject of economics
which reach me from time to time. I have the impression that all over
the world great interest exists in the development of the economic life
in Holland and for the measures which are taken here in order to surmount
the universal depression.
Inspired by these applications, and convinced of the fact that bankers
especially will be anxious to get a neutral opinion. I have decided to publish at the end of each quarter a concise review of the economic life in
The Netherlands and its colonies.
Finland Grants Monoply to Mond Nickel Company.
Canadian Press accounts from Helsingfors, Finland, June
25 to the New York "Herald Tribune" said:
The Finnish government to-day granted the Mond Nickel Co. sole
right to prospect nickel at Petaamo. in northern Finland. The company
agrees to begin exploitation before the end of next May, and to pay a
royalty of 5% on production.
Kiev Becomes Capital of Soviet Republic of Ukraine—
Soviet Officials Move from Kharkov, Former Chief
City,
From Keiv, U. S. R. R., June 24, Associated Press advices published in the New York "Herlad Tribune" of June
25, said:
Kiev, gaily decorated for elaborate ceremonials,to-day became the capital
of the Soviet Republic of the Ukraine. Officials came from the former'
capital, Kharkov, near the eastern boundary of the State, and were en-
4378
Financial Chronicle
thuslastically received in this more centrally situated city, which was the
first capital of the Empire.
Speeches of welcome to officials of the Republic stressed strides Russia
has made in fostering better diplomatic relations with its neighbors. It
was stated also that the strength of the Union of Socialist Soviet Republics
has become so great that Russia can defend the Dnieper River, which flows
through Kiev and winds on to the Black Sea, against any possible invasion.
The likelihood of such an invasion, however, was held to be slight because
of the improved relations with nations to the west.
Trinidad Establishes Quotas Limiting Importation of
Non-British Empire Textiles.
Quantitative quotas limiting the importation of textiles
containing 50% or more cotton and (or) artificial silk from
non-Empire countries have been set up in Trinidad for the
period May 7 to Dec. 31 1934, under the provisions of a
trade quota law passed by the Legislative Council on June 15
and published in the Trinidad "Royal Gazette," according
to a cablegram received in the United States Department of
Commerce from Vice-Consul Alfredo L. Demorest, Trinidad.
In announcing this on June 19, the Department of Commerce
said that the following quotas are established:
United States. 1,663,000 square yards; Japan, 295,000 square yards;
each other foreign country, 170,000 square yards.
No further imports of these textiles from Japan will be permitted until
after Dec. 31,since its quota is already completed.
Reserves in Europe—Comments by Federal
Reserve Board.
In its June "Bulletin",issued June 28, the Federal Reserve
Board, in its review of the month, has the following to say
regarding gold reserves in Europe:
Gold
Gold Reserves in Europe.
During recent weeks the principal gold movement in Europe has been
to France. The reserves of the Bank of France had declined sharply in
February as a consequence of the exports of gold that followed upon devaluation of the American dollar and accompanied unfavorable political
and budgetary developments in France. There was also a demand for
currency. Borrowing at the Bank of France increased, and on Feb. 9
the Bank raised its discount rate from 23i to 3%. In the beginning of
March, however, after a change of administration and the adoption of
measures designed to balance the budget, the movement of funds out of
France ceased, the exchange value of the franc rose to a point where further
exports of gold to the United States became unprofitable, and the reserves
of the Bank of France began to increase. This increase was accelerated
after the middle of April, when the Government put into effect the new
measures for balancing the budget, and by June 8 the Bank's reserves had
Increased by $313,000.000 from their low point and were above the level
Prevailing at the end of January.
Prior to the middle of April, the growth in gold reserves of the Bank of
France appears to have arisen largely from the release of gold held in
France and was accompanied by gold exports to England. Acquisitions of
gold by the Central Bank from sources within the country continued after
the middle of April and in addition a considerable part of the gold coming
on the London market was shipped to France. German gold has also been
sold in Paris. The Movement of gold to France from Switzerland, however,
which had been considerable in March and April. ceased in May.
The rebuilding of reserves of the Bank of France has been accompanied
by a reversal of the banking and currency movements that characterized
the month of February. Currency in circulation has declined and borrowing
at the Bank of France has been reduced. A part ofthe funds made available
by the gold inflow has gone into restoring Government deposits at the bank,
which had been reduced during the earlier period. The larger part of the
proceeds of the sale of gold to the bank, however, has been added to the
balances held with the Bank of France by the French commercial banks.
These deposits have been restored to the level existing at the end of January. In recent weeks short-term money rates in Prance, which had advanced in February, eased considerably and are now back to approximately
the level that prevailed before the outward movement of gold started.
On June 1 the Bank of France reduced its discount rate from 3 to 2ji %.
Cologne Court Rules Out Devalued Dollar Payment—
Vereignt Stahlwerke Ordered to Observe Gold
Parity.
The following copyright advices from Berlin June 24 are
from the New York "Herald Tribune":
The lengthy disputes regarding the significance of the "dollar clause"
for interest payments by Vereignt Stahlwerke on the dollar loan of 1926
now have been practically settled by the Cologne Court. In an appeal
brought by a Cologne bondholder, the Court ruled that the company
must pay the full nominal reichsmark amount of gold parity and not at the
devaluated dollar rate.
An anneal to the Supreme Court is impossible in this case, as the sum
involved is not high enough. Another action brought by the Berlin Bank
Union is due for a hearing next week at Dusseldorf. Stahlwerke has already
announced its intention of appealing to the Supreme Court if the decision
is unfavorable. The Frederich Krupp Co. of Essen, which appealed to
the Supreme Court in connection with a bondholder's action against the
interest payments of the 1924 dollar loan at the current rate of exchange,
declared Its readiness to pay the gold parity if the Court decision so requires.
In a similar case brought by the Hanover Savings Bank against the
Hanover Provincial Administration, which appealed a decision that it must
pay at gold parity, the provincial high court at Celle declared that the
dollar clause signified stability of the loan for which American currency was
regarded as the best exponent when the loan was issued. The subsequent
devaluation of the dollar is of no account, since the dollar clause implied
the gold value.
Newfoundland Lifts Ban on Gold Exports—But New
Ruling Will Not Permit Redemption of Paper Currency in the Yellow Metal.
On June 27 the new Commission Government of Newfoundland lifted the ban on gold exports established two
June 30 1934
years ago, said a dispatch June 27 from St. John's (Newfoundland), which went on to say:
Although no reason was given for the move, an official communique
stated that the metal would be permitted to leave the country at once.
The communique added that banks will not, however, redeem paper
currency in gold, as only the export provision of the 1932 act had been
canceled. Bankers here say they do not expect to buy gold for export,
although they may act as brokers for customers. They say they may fill
up their reserves here. It is estimated that gold held privately will run
from $3,000,000 to $5,000,000, but the former figure is believed to be the
maximum. As there are four commercial banks here with Canadian
branches, an anomalous position exists, since they may buy gold at a profit,
while the Canadians are not permitted to do so. The bankers confess they
are puzzled by the situation.
Increase During First Quarter Noted in Gold Output
in Australia—Totaled 193,938 Ounces as Compared with 166,358 During First Quarter of 1933.
Production of gold in Australia during the first quarter of
1934 was appreciably in excess of the corresponding period of
the two preceding years, a report to the United States Commerce Department from its Sydney office reveals. The
Department on June 26 said:
The total yield of the Commonwealth during January
-March of the current year was 193.938 ounces against 166.358 ounces in the first quarter
of 1933 and 148,221 ounces in the corresponding 1932 period. Queensland
mines registered the greatest proportion increase, where the first returns
of the Golden Plateau Mine at Cracow swelled the total by more than
4,000 ounces. Production in the Queensland yield, it is pointed out, has
also been increased substantially in the last two years by the Mount Coolon
Mine.
Western Australia has so far shown a steady increase in the output of
old-established mines, particularly on the Golden Mile, but the yield has
also been augmented to a marked degree by successful prospecting. When
some of the more recent flotations reach the production stage, a larger
output may be expected.
The yield of Victoria has shown a fair increase mainly because of operations at Bendigo. Many of the mines there have just begun to make regular
crushings and the yield for the year should register a substantial increase.
Greece to Defer Paying.
Under date of June 25 Associated Press advices from
Washington stated:
The $150,000 payment due from Greece July 1 is the last that may be
postponed under the agreement governing the settlement and funding
of that country's war debt to the United States. It was learned at the
State Department to-day that payment would be deferred six months.
Uruguay to Pay on Debts—Funds for Interest Sent to
New York, London and Paris.
From the New York "Times" we take the following from
Montevideo, June 24:
The Uruguayan Government has sent £1,432 to London. $17,337 to Now
York and 3.000.466 francs to Paris to meet debt interest payments due
July 1.
Montevideo banks offered funds totaling 6,000,000 pesos at low interest
rates, but Finance Minister Pedro Manini Rios did not accept, explaining
he was endeavoring to balance the budget within the limits of expected
revenues without borrowing.
Mane Heads State-Owned Insurance Bank of Uruguay.
A cablegram from Montevideo, June 26 to the New York
"Times" stated:
Former Foreign Minister Alberto Mane has resigned from the Senate
to accept the Presidency of the State-owned Insurance Bank. Dr. Mane,
who presided at the Pan-American Conference last December, left the
Cabinet when the constitutional regime was established to run for the
Senate.
Bondholders Committee Finds Improvement in Colombian Conditions Sufficient to Enable Payment in
Full of Obligations Abroad.
Recent improvement in Colombian conditions, particularly in exports, should enable that Republic to have sufficient cash to make full 1934 payment of its foreign indebtedness, according to a statement issued on June 24 by the
Independent Bondholders Committee for Colombia through
its Secretary, Lawrence E. de S. Hoover. The statement,
which attributes the improvement to the re-establishment
of confidence following the settlement of the dispute over
Leticia with Peru, says in part:
Better prices for Colombian exports, particularly coffee, and increased
gold output have stimulated commercial and Industrial activity at home
and have contributed to a more satisfactory foreign trade return, which
Is reflected in an improving National budget.
The revenue of the National Government has been exceeding the estimates
monthly since January, and for the first four months of 1934 the total
revenue amounted to 12,981,000 pesos. On the other hand,the expenditures
appropriated monthly sum up to 12.189,000 pesos, leaving a surplus of
792,000 pesos, despite the fact that appropriations have been stepped up to
conform with a larger military and naval budget. The budgetary results
so far indicate that the good results achieved in 1933,
when the National
budget produced a surplus of 6,350,000 pesos, will be very nearly duplicated
in the current year. The budget for 1934 was originally adjusted to 36.428,000 pesos. It is also gratifying to note that the budgets of the
Depart"
ments and Municipalities have been gradually improving since the latter
part of 1932.
The foreign trade returns for the first three months of the year are a
reflection of satisfactory conditions now prevailing in Colombia.
Exports
in this period amounted to 31,789,000 pesos: while imports were 14,809,000
pesos, leaving an excess of exports over imports of 16,980.000 pesos. In the
exports are included, of course, petroleum products and banana, as well
Volume 138
Financial Chronicle
as platinum exports, which amounted for the period to 4,531.000 Pesos.
Total exports in 1933 were 72,689,000 pesos and imports 50,420,000 PesosOn the basis of results achieved so far in the National budget and the
foreign trade of the country, it appears evident that Colombia in 1934 will
have a surplus sufficient to pay in full its obligations to foreign bondholders.
The results of the National budget definitely indicate that Colombia could
provide approximately 4,000,000 pesos—the amount of interest due on the
National bonds as well as short-term credits outstanding abroad. Likewise
the international accounts of the country will produce a surplus of approximately $15.000.000 in foreign exchange, as compared with total requirements of a little over $12,000,000 for service due on the National bonds,
the Departmental and Municipal bonds, as well as the mortgage bank bonds.
President-elect Lopez of Colombia Visits New York
and Washington on Good-Will Tour.
Dr. Alfonso Lopez, President-elect of Colombia, arrived
in New York on June 26 after a three-day visit in Washington, during which he was entertained by President Roosevelt
at luncheon. Dr. Lopez said that his visit was purely one
of good will. He was met at Washington by Secretary of
State Hull and other Government officials. President Roosevelt will return the visit by stopping on his cruise in July
at the port of Cartagena, Colombia.
Sao Paulo (Brazil) to Pay 20% of Coupons Due July 1
on Three External Loans.
Speyer & Co., as special agent for the State of Sao Paulo
15-year 8% external loan 1921, and Speyer & Co. and J.
Henry Schroder Banking Corp., as special agents for the
State of Sao Paulo 25-year 8% external loan of 1925 and
40-year 6% external dollar loan of 1928, announce that,
pursuant to the terms of decree No. 23,829 of the Chief of
the Provisional Government of the United States of Brazil,
funds have been deposited with them sufficient to make a
payment,in lawful currency of the United States of America,
of 20% of the face amount of the July 1 1934 coupons of the
above loans. Acceptance of such payment is optional with
holders of the above bonds and coupons, but, if accepted by
them, must be accepted in full payment of such coupons
and of the claims for interest represented thereby, says the
special agents' announcement. It adds:
Holders of July 1 1934 coupons will receive upon surrender of coupons
for cancellation, accompanied by appropriate letters of transmittal, on or
after July 2, at the offices of the above special agents $8 per $40 coupon and
$4 per $20 coupon of the 8% loans of 1921 and 1925,and $6 per $30 coupon
and $3 per $15 coupon of the 6% loan of 1928.
•
Announcement Regarding State Loan of Kingdom of
Hungary 1924—Payment of 50% fo Value of Aug. 1
1934 Coupon Anticipated.
Eliot Wadsworth, American member of the Mague Loans
Committee, has advised Speyer & Co., as American fiscal
agents for the State loan of the Kingdom of Hungary 1924,
that the following communique is being published in London
to-day (June 30):
1. The League Loans Committee have the pleasure to announce that the
Hungarian Government has duly carried out to date, and is
continuing to
carry out, the arrangements announced on July 15 1933 for the service
of
this League of Nations loan for the period to August
next. Consequently
the trustees were able to pay the coupon due Feb.1 1934 at 50% of its
value;
and it may be anticipated that they will in due course pay the coupon
due
Aug. 1 1934 at 50% also.
2. The Committee have recently been in communication
with the Hungarian Government as regards the futures service and now
make the following announcement:
The Hungarian Government again expressly recognizes
the special
and claims of thisloan;and it confidently hopes and will use its best position
endeavor
to carry out the following arrangements for its service during the period
Aug. 2 1934 to Aug. 1 1935. inclusive. The Hungarian Government
will
transfer to the trustees in foreign exchange 50% of the interest
service.
It will continue to provide in its budget in Pengoes the equivalent of
the
full service of the loan, including interest and sinking fund, and to deposit
these amounts as at present in an account at the National Bank of Hungary.
It will be entitled as hitherto to reborrow the untransferred portion of the
service against the deposit of 2% ono-year Pengo Treasury bills.
The
Hungarian Government, in view of the exceptional harvest
results
year, further offers to any bondholder who is willing to surrenderof last
on or
after Oct. 1 1934, the part
-paid coupons due in February and (or) August
1934 a cash payment in foreign exchange of 10% of the unpaid portion of
these coupons. A notice will be issued in due course with regard to the
arrangements for this payment. For the Royal Hungarian
Government
(Signed) BELA DE IMREDY,Minister of Finance.
3. In all circumstances the Committee consider that bondholders would
be well advised to acquiesce in the present proposals of the Hungarian
Government.
For the League Loans Committee (London)
(Signed) GOSCIIEN.
4379
of production costs, salaries and prices, and be an independent adviser to
the Government on co-ordination of industry and commerce.
mil 4
Aroused by Governmental operation of such enterprises as print shore,
chemical laboratories, foundries, iron and steel plants and real estate
businesses, the Confederation called 600 representatives of agricultural.
industrial and employers'societies to an organizing convention here. "State
competition in private industry" headed the four-point program. Taxes
and social legislation were other topics.
"Chilean business men will not allow the country's productive power to
be sterilized by bureaucratic domination or surrender supinely to the knife
of political ambition," warned Jaime Lorrain, Chairman.
Even before the convention was held its leaders blocked an executive
project for a daily tax of 50 centavos a worker to buy clothes for destitute
workers. The convention brought its full force against new tax impositions.
President Allessandri's recent promise not to increase taxes was announced
to have followed representations by the Confederation.
"We would proclaim a State," said Larrain in his keynote address,"which
would.
"1. Represent all National activities.
"2. Be over all groups, capable of developing a great. National economy.
"3. Consider private initiative the most useful instrument of production.
"4. Make effective the responsibility of those who manage its economy.
"5. Intervene in production only when private initiative fails, is insufficient or is necessarily subordinated to the supreme interest of the Nation.
"6. Control, stimulate and encourage organized activity."
Brazil to Form Farm Loan Bank—President Vargas
Votes $10,000,000 to Foster Agriculture Through
Loans to Farmers.
A cablegram to the New York "Times" from Rio de
Janeiro, June 27, said:
President Vargas to-day signed a decree voting $10,000,000 to create
a National rural bank aimed to foster agriculture through loans to farmers.
working jointly with the Economic Readjustment Administration. The
Agricultural Department plans an extensive campaign for diversified farming and will send experts to study the soil. Wheat planting
will be strongly
urged.
Virgin Islands to Adopt United States Currency—
Will Call In All Danish Money.
From the Memphis "Commercial Appeal," we take the
following from St. Thomas, Virgin Islands, June 16:
Danish West Indian currency, which the Islands were authorized to issue
In 1904, will cease to be legal currency at midnight of June 30 and will
be
superceded by American currency at the rate of $.965 for each Danish
West Indian dollar.
The new system will take effect under terms of an ordinance
just passed
by the Colonial Council here. The charter granted to the National Bank
of the Danish West Indies will expire June 20. It is estimated
$115,000
in coins now in circulation will be taken up by the Federal Treasury in
exchange for United States currency.
New York
Stock Exchange Rules on Bonds
Republic of El Salvador.
of
Through its Secretary, Ashbel Green, the New York Stock
Exchange issued the following announcement on June 21:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 21 1934.
Notice having been received that the interest due July 1 1934, on the
certificates of deposit representing customs first lien 8% sinking fund gold
bonds, series A, due 1948, of Republic of El Salvador will be paid on July 2
1934, less Protective Committee expenses amounting to $6 per $1,000 principal amount, on presentation of certificates for stamping:
The Committee on Securities rules that the said certificates of deposit be
quoted ex-interest $40 per $1,000 bond on July 2 1934;
That the certificates of deposit shall continue to be dealt in "flat" and to
be a delivery in settlement of transactions made beginning July 2 1934, must
be stamped to indicate payment of the July 1 1934 interest.
ASHBEL GREEN, Secretary.
Rulings on 6% External Sinking Fund Gold Bonds
of Colombia by New York Stock Exchange.
Ashbel Green, Secretary of the New York Stock Exchange,
issued the following on June 21:
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 21 1934.
Referring to the offer of the Republic to make payment in scrip on surrender of the July 1 1934 coupon on Republic of Colombia 6% external sinking
fund gold bonds, due 1961:
The Committee on Securities rules that transactions made on and after
July 2 1934 shall be settled by delivery of bonds bearing only the Jan. 1
1935 and subsequent coupons, unless otherwise agreed at the time of transaction;
That scrip received in payment of coupons shall not be deliverable
with
the bonds; and
That the bonds shall continue to be dealt in "flat."
ASHBEL GREEN, Secretary.
Two Groups Formed to Combat New Taxes in Chile—
Producers and Merchants Campaign Against State Province of Cordoba (Argentina) to Pay July 1 Coupons
on External 1734.Year 7% Bonds of 1925—Rulin
Competition in Industry.
gs
on Bonds by New York Stock Exchange.
Dissatisfaction of Chilean business men with increasing
Kidder, Peabody & Co. and First of Boston International
taxes and Governmental competition in industry has crystalCorp., fiscal agents for Province of Cordoba (Argentina)
lized in the form of two new organizations to combat Leftist
economics, said Associated Press advices June 23 from external 173' -year 7% bonds of 1925, announce that coupons
santiago, Chile, to the New York "Herald Tribune," which • due July 1 will be paid after that date in current funds at
the dollar face amount upon presentation at the New York
further reported:
office of Kidder, Peabody & Co.
groups are the Confederation of Producers and Merchants.
The new
The following rulings on the bonds by the New York Stook
and the National Economic Council. the former is to serve as the executive
body of the latter, which is to propose tax legislation, establish standards
Exchange were issued on June 28 by Ashbel Green,Secretary:
Financial Chronicle
4380
NEW YORK STOCK EXCHANGE.
Committee on Securities.
June 28 1934.
Notice having been received that the interest due July 1 1934, on Province
of Cardoba external 17Yiyear 7% sinking fund gold bonds of 1925, due
1942, will be paid on said date.
The Committee on Securities rules that the bonds be quoted ex-interest
3ji% July 2 1934;
That beginning with transactions made on July 2 1934, the bonds shall
be dealt in "and interest."
ASHBEL GREEN, Secretary.
-Year
July 1 Coupons on Buenos Aires (Argentina) 3134
63/2% Bonds of 1924 to Be Paid.
Announcement has been made by Kidder, Peabody ez Co.,
fiscal agents for City of Buenos Aires (Argentina) external
3134-year 634% bonds of 1924, series 2-B, that coupons
due July 1 will be paid in current funds at the dollar face
amount upon presentation after that date at their New
York office.
Facilities for Press, Abandoned in 1929, to Be Restored
by New York Stock Exchange.
The Committee on Publicity of the New York Stock Exchange voted on June 25 to restore some facilities to the
press which were abandoned by the Exchange early in 1929.
Headquarters for the press will be established on the fifth
floor of the Exchange building, and wiU include, it was
stated, telephones and news tickers.
Companies Desiring to List Stock, Issued Otherwise
Than for Cash, Required by New York Stock
Exchange to Give Directors or Officers Beneficial
Interest.
A new paragraph has been added by the New York Stock
Exchange to its questionnaire submitted to companies desiring to list new or additional stock on the Exchange. The
new section, numbered 27, requires the applicant company to
disclose any beneficial interest a director or officer of the
company may have in stock issued otherwise than for cash.
The new paragraph reads as follows:
27—If the securities covered in this application are to be issued otherwise
than for each, has any director or officer of the applicant company a beneficial interest, direct or indirect, in the consideration to be so received?
If so, describe such interest
In the New York "Times" of June 26 it was stated:
Whether the Stock Exchange will regard the information supplied merely
as evidence on which to make its decision as to the advisability of granting
the application or whether it will decide to include the answers in the printed
form of the listing application which is made available to the public has not
yet been decided.
The new ruling is regarded in Wall Street as a further step on the part
of the Stock Exchange to eliminate so far as possible any secrecy in company
affairs which might be harmful to stockholders.
Approximater/olume of Trading in Bonds on New
York StocklExchange Reported Daily on Bond
Tape.
The New York Stock Exchange is now reporting daily, on
the bond tape, the approximate volume of bonds traded on
the Exchange during the day. An announcement to this
effect, issued by the Committee on Publicity of the Exchange,
June 25, follows:
Beginning to-day, June 25, the Exchange will print on the bond tape,
after the close of the market each day, the approximate volume of trading
in bonds to the nearest $10,000 of par value. Separate totals will be given
for United States Government bonds, other domestic bonds, foreign bonds,
and all bonds. The exact daily volume will be published at the end of each
week, and also at the end of each month, in accordance with the procedure
now followed in reporting the volume of stock transactions.
Stock Exchange Sets Commission Rates on
Bond and Note Issues Having Five Years or Less
tollRun and Selling at $960 to $1,100—Become
Effective July 2.
A change in the policy of the New York Stock Exchange in
the matter of commissions to be charged on Government
bonds having less than five years to run was announced on
June 25 by Ashbel Green, Secretary of the Exchange. With
reference to the change, the New York "Journal of Commerce" of June 26 stated:
New York
Until now, such rates were to be mutually agreed upon, but the new sections
call for $1.25 per thousand dollars to non-members when such bonds or notes
sell between $960 and $1,100 and run from six months to five years. On
shorter maturities the rates are still to be agreed upon.
Commission rates are to be agreed upon for stocks subject to call or to be
redeemed within a year.
Secretary Green's announcement follows:
NEW YORK STOCK EXCHANGE.
Committee on Quotations and Commissions.
June 25 1934.
To the Members of the Exchange:
Article XIX, the Committee on
Referring to Paragraph (d), Section 2 of
Quotations and Commissions has determined that on all bonds or notes hav.
ing five years or less to run, whether to maturity or called for redemption,
June 30 1934
the rates specified in Section 2, Paragraphs (a), (b) and (c) of said Article,
shall apply; except, that when said bonds or notes sell at or above $960
and at or below $1,100, the following rates shall apply, per $1,000 of
principal:
To Members
To Members
(When a
(When a
To
Principal
Principal Is
NonIs Given UP).
Not Given Up.
'Members.
Time to Run—
50 cents
80 cents
81.25
Six months to five years
May be mutant's agreed upon
,
Less than six months
On stocks which, pursuant to call or otherwise, are to be redeemed within
12 months, the rates of commission may be mutually agreed upon.
The above will be effective at the opening on July 2 1934.
ASHBEL GREEN,Secretary.
Committee of Five Will Investigate Arbitrage Business
for New York Stock Exchange—Governing Committee Also Amends Constitution to Increase Personnel of Law Committee from 5 to 7.
The Governing Committee of the New York Stock Exchange on June 27 adopted a resolution authorizing the
President of the Exchange to appoint a committee to study
the methods used in foreign arbitrage transactions. It was
learned from authoritative sources on June 28 that Richard
Whitney, President of the Exchange, will probably appoint
men who are experts in the arbitrage business to conduct
the investigation, which is expected to require several
months. The last study of this character was made in
1914. The resolution, as adopted by the Governing Committee, read as follows:
"Be It Resolved, That the President appoint a Special Committee of
Five to investigate and study the present situation in the methods used
in foreign arbitrage, discretion being given to the President. under Section
8 of Article III of the Constitution, to name non-members upon this
Committee.
"And Be It Further Resolved, That this Committee shall make a report
to the Governing Committee when its investigation has been completed.
said report to contain any recommendations upon which It is considered
desirable for the Governing Committee to take action."
At its meeting on June 27 the Governing Committee
also adopted an Amendment to the Constitution, increasing
the number of members of the Law Comm;ttee from seven
to eight. This action was taken, it is reliably understood,
because of the desire to have a quorum of this important
committee at all meetings during the summer months,
when many members are often out of town. The Stock
Exchange announcement of the amendment to the Constitution read as follows:
June 28 1934.
The following Amendment to the Constitution was adopted by the GovJune 27 1934 and is submitted to the Exchange in
erning Committee on
accordance with the provisions of Article XXV of the Constitution. (ballot
enclosed herewith)
Amend Sub-Division Eighth, Section 1 of Article X, by striking from the
first sentence thereof the word "five" and inserting in lieu thereof the word
"seven"; said Sub-Division. as amended, to read.
Eighth.—A Law Committee, to consist of seven members, which shall
deal with matters of law affecting the interests of the Exchange.
It shall act in an advisory capacity to the President when requested by
him, and shall, In association with the President. represent the Exchange
in all matters affecting its general interests, and is authorized and empowered. in its discretion, to examine into the dealings of any member of
the Exchange.
ASHBEL GREEN, Secretary.
Effect of Securities Exchange Act on Corporations,
Their Officers, Directors, and Stockholders—
Counsel for Association of Stock Exchange Firms
Finds Act Contains No Provision Designed to
Exercise Direct Control Over Management.
To quote from a memorandum prepared by counsel for the
Association of Stock Exchange Firms, the newly-enacted
Securities Exchange Act of 1934 "contains no provisions
which expressly attempt to exercise direct control as euoh
over the management of corporations." This view, over the
signature of R. E. Desvernine, of Hornblower, Miller, Miller
& Boston, counsel for the Association, is contained in a
memorandum sent to members of the Association by its
President, Frank R. Hope. In his letter, dated June 20,
addressed to the members, regarding the counsel's views,
Mr. Hope says:
As the effective date of the Securities Exchange Act of 1934 draws near,
officers and directors of corporations are asking how the bill effects them
and their corporations.
Our counsel has drawn a memorandum on this point, and we enclose a
copy for your information. It Is important that you regard this document
not as a legal opinion but as a plain statement on a particular phase of
the bill. It draws attention to points that clients should discuss with their
ma' counsel.
We hope that this guide will be helpful to you and your clients.
The memorandum follows, in full:
MEMORANDUM OF THE PROVISIONS OF THE SECURITIES EXCHANGE
ACT OF 1934 AFFECTING CORPORATIONS, THEIR OFFICERS,
DISAS
PRINCIPAL STOCKHOLDERS
AND
DIRECTORS
TINGUISHED FROM THE PROVISIONS THAT ARE STRICTLY
MATTERS OF EXCHANGE REGULATION.
The Act contains no provisions which expressly attempt to exercise direct
control as each over the management of corporations. In fact, one of the
later drafts of the Bill included a provision expressly stating that the Act
Volume 138
Financial Chronicle
should not be construed to give any power over the management or control
of corporations. This provision was, however, omitted in the Act as passed,
but we understand that it was omitted because it appeared to be nothing
but surplusage. However, in an effort to protect the investing public, the
Act embodies provisions requiring the filing of reports and information,
and restricts certain transactions regarding corporations, their officers and
directors, when the securities of such corporations are registered on a
national securities exchange. These provisions, however, require action by
corporations that desire to have their securities registered.
Prohibition Against Trading in Unregistered Securities—(Section 12, Subdivisions (a), (e) and (0—Effective Oct. 1 1934.
After Oct. 1 1934, with certain exceptions, securities cannot be traded
in on a registered exchange unless such securities have themselves been
registered as required by the Act. The exceptions are (1) The Commission
may permit the continuing of trading in securities which were listed on an
exchange at the time the exchange became registered without any further
action in regard to the registering of such securities but only up to July 1
1935; (2) the Commission may permit unlisted trading privileges until
June 1 1936 to securities which had such privileges prior to March 1934;
and (3) any may permit such unlisted privileges up to July 1 1935 of any
securities which are registered on other exchanges.
Registrattion of Securities—(Section 12, Subdivisions (b), (c) and (d)—
Effective Sept. 1 1934.
In order to comply with registration requirements under the Act, information and reports must be filed with the exchange on which the securities are
to be registered, and the Commission may require duplicate originals of such
information and reports to be filed with the Commission. The Act lists the
basic information to be required, but gives the Commission power to call
for different information in case the information specified is inapplicable to
the particular security to be registered. The information specified in the
Act is as follows:
(A) the organization, financial structure and nature of the business;
(B) the terms, position, rights, and privileges of the different classes of
securities outstanding;
(C) the terms on which their securities are to be, and during the preceding
three years have been, offered to the public or otherwise;
(D) the directors, officers, and underwriters, and each security holder of
record holding more than 10 per centum of any class of any equity security
of the issuer (other than an exempted security), their remuneration and their
interests in the securities of, and their material contracts with, the issuer
and any person directly or indirectly controlling or controlled by, or under
direct or indirect common control with, the issuer;
(E) remuneration to others than directors and officers exceeding $20,000
per annum;
(F) bonus and profit-sharing arrangements;
(0) management and service contracts;
(II) options existing or to be created in respect of their securities;
(I) balance sheets for not more than the three preceding fiscal years,
certified if required by the rules and regulations of the Commission by
Independent public accountants;
(J) profit and loss statements for not more than the three preceding
fiscal years, certified if required by the rules and regulations of the Commission by independent public accountants; and
(K) any further financial statements which the Commission may deem
necessary or appropriate for the protection of investors.
The Commission is also authorized to require the filing of copies of the
charter, By-Laws, trust indentures, underwriting arrangements, &c., of the
Issuer. All of the information required is required not only for the corporation issuing the security, but also for any corporation directly or indirectly
controlling or controlled by it or under direct or indirect common control
with it, and also any guarantor of the security.
It should be noted in connection with information to be filed with the
Commission that the Act specifically provides that nothing shall be construed as requiring the Commission to reveal trade secrets or processes; and
the Act permits any person filing any information to have a hearing before
the Commission to keep such information secret. See Section 24, which
becomes effective July 1 1934.
Reports Alter Registration —(Section 13)—Effective Oct. 1 1934.
The Commission is authorized to require periodical reports to keep the
registration information up to date, and is expressly authorized to require the
filing of annual reports which the Commission may require to be certified by
Independent public accountants. It may also require the filing of quarterly
reports (uncertified!). Not only is the Commission authorized to require the
filing of such reports, but it is authorized to establish the form of the reports
and the manner of setting forth the detailed information to be contained in
the reports, including such matters as the appraisal or valuation of assets and
liabilities and the determination of depreciation and depletion and the differentiation of recurring and non-recurring income, lc. As previously stated,
this power of the Commission to prescribe the method of determining such
matters is limited to the preparation of the reports to be filed, and therefore
does not require the same practice to be followed by the corporation in reports
for its own purposes.
4381
rectly controls him or it becomes liable for the violation of the Act unless
such person or corporation acted in good faith and did not induce the commission of the particular act violating the statute.
General Powers of the Commission.
The Act gives the Commission broad powers to temporarily suspend trading in registered securities or to definitely withdraw such securities from
registration (Section 19—Effective date, Oct. 1 1934. It also gives it broad
powers to conduct investigations, require attendance at hearings, and to take
testimony, and also to subpoena witnesses and documents and to make such
hearings public if it deems such action advisable. (Sections 21 and 22)—
Effective July 1 1934.
Court Procedure—(Sections 25 and 27)—Effective July 1 1934.
The Act provides for the review by the Circuit Court of Appeals of orders
to the Commission, and gives such Court the right to affirm, modify or deny
the orders of the Commission. The findings of the Commission as to facts
are, however, conclusive if supported by substantial evidence. The Federal
Courts are granted exclusive jurisdiction of questions involving violations of
the Act.
Liabilities--(Section 18)—Effective Oct. 1 1934.
The provisions of the Act providing for the liability respecting false or
misleading statements are confined to such statements when made in any
application, report, or document filed under the Act or any rule or regulation thereunder. The false or misleading statement must be in respect to a
material fact. The person entitled to recover for such misstatement must not
have known that such statement was false or misleading, he must have relied
upon such statement, and must have purchased or sold a security at a price
which was actually affected by such statement. The amount that he is
entitled to recover is his actual damage caused by the reliance on the statement. Furthermore, the person against whom such proceedings are brought
is granted a defense if he acted in good faith and had no knowledge that
such statement was false or misleading. The Act empowers the courts to
require security for costs, including counsel fees, against either party to
the action.
Penalties—(Section 32)—Effective July 1 1934.
The penalties provided for by the Act are against persons who wilfully
violate provisions of the Act or any rule or regulation thereunder, or against
persons who wilfully and knowingly cause the violation of the Act in the
filing of applications, reports, &c. The penalties provided for are a fine of
not more than $10,000, or an imprisonment of not more than two years.
Over-the-Counter Markets
--(Section 15)—Effective July 1 1934.
In order to insure to investors protection in unregistered securities Comparable to that provided for registered securities the Commission may prescribe rules and regulations for the sale and purchase of all securities. This
is, of course, limited to brokers and dealers who use the mails or instrumentalities of inter-State commerce or the facilities of any exchange in effecting
such sales and purchases.
It. E. DESVERNINE.
Dated: New York, June 19 1984.
Hornblower, Miller, Miller & Boston,
15 Broad Street, New York City.
President of New York Curb Exchange Follows Action
of New York Stock Exchange in Holding Weekly
Press Conferences.
Following the action initiated last week by Richard
Whitney, President of the New York Stock Exchange
(reference to which was made in our issue of June 23, page
4208), E. Burd Grubb, President of the New York Curb
Exchange, met on June 22 with financial reporters and
editors in the offices of the Board of Governors of the Curb
Exchange, in the first of a weekly series of press conferences.
Mr. Grubb (said an account of the meeting given in the
New York "Times" of June 23) discussed freely the affairs
and problems of the Exchange. The account continued:
He declined, however, to be quoted on the subject of unlisted securities,
which he said constituted such a complex problem in which so much was
dependent upon the future Securities and Exchange Commission that he
felt that any attempt to discuss the matter at this time might be misleading.
He expressed confidence that the new Securities Exchange Act would be
administered fairly and intelligently. He said he had learned through his
experience in Washington to respect the ability and intentions of many
who had been suggested as possible members of the Commission. He
declared that he saw no cause for alarm in the possible selection of any
of the many persons who had been suggested.
Mr. Grubb, like officials of the Stock Exchange. expressed the opinion
that the registration fee on Exchanges under the Act would be passed on
to the broker, and believed, he said, that it might then be passed down
to the customer. He pointed out, however, that inasmuch as the Curb
Clearing Association clears odd-lot transactions as well as full lot, it would be
easier to have a record of transactions than it was on the Stock Exchange,
where only round lots are cleared. He said that 99% of the transactions
on the Curb Exchange are cleared by the Association.
Proxies--(Section 14)—Effective Oct. 1 1934.
The Commission is given broad powers to establish rules and regulations
for the solicitation of proxies.
Directors, Officers, and Principal Stockholders —(Section 16)—Effective
Oct. 1 1934.
The Act contains specific provisions intended to prevent stockholders
National Securities Exchange Act of 1934 Does Not
owning more than 10% of any class of a registered equity security, and any
Prohibit Short Selling and Stop Orders According
officer or director of a corporation, from using any special information
to Richard D. Wyckoff, Inc.
which he may obtain in that capacity to his own personal advantage. The
Act, therefore, requires any such person to report to the exchange (dupliNeither short selling nor stop orders are prohibited by the
cates to the Commission) at the time of the registration of such security or
National Securities Exchange Act of 1934, according to
within 10 days after he acquires such security a statement of his holdings
Richard D. Wyckoff, Inc., in a summary of provisions of the
of equity securities of such corporation and to keep up to date such reports
Act as it affects investing and trading. The summary points
by monthly statements, if there have been any changes. It also makes any
such person liable to pay to the corporation any profits that he makes in
out that the Commission is merely given authority to issue
buying and selling such security when he holds the security less than six
rules regarding such practices. It says:
months. The Commissioin is. however, authorized to exempt such transacHowever, the mere knowledge that it (the Commission) may exercise
tions from this requirement to the extent that it deems advisable, Also
control or place a ban on stops and short sales may be sufficient to restrain
arbitrage transactions are exempt from these provisions unless the Commislarge operators on the bear side of the market. Thus, declining movements
sion rules otherwise. The same section also makes it unlawful for any such
may be without benefit of another stabilizing force.
person to sell any such srcurity short or fail to make delivery on any such
' Taking these factors into account, there appears the possibility that
sale within certain specified times.
downward price movements might proceed at a more rapid, violent pace.
Liability of Controlling Persons—(Section 20)—Effective July 1
1934.
Upward movements, on the other hand, may develop more deliberately,
The Act also provides that when any person or corporation is liable under
since the customary short interest might be lacking to give prices their
the Act for a violation thereof, a person or corporation who directly or indiinitial impulse out of an over-sold position. It may be regarded as a fore-
Financial Chronicle
4382
gone conclusion that the stock market will continue to experience alternating cycles of bull and bear movements.
It follows from these and other considerations that students of the stock
market will have greater rather than less, need for reliance upon a logical
method of conducting their operations under the new conditions.
Procedure in Exchange of Shares of Chase Corporation
for Shares of Amerex Holding Corp. Explained by
Chandler P. Anderson Jr., President—Statement
of Condition as of June 7 1934.
In a letter to stockholders on June 25, Chandler P. Ander-
son Jr., President of the Amerex Holding Corp., New York
City, formerly the Chase Corp., explained the steps which
were taken in terminating the affiliation between the Chase
Corporation and the Chase National Bank in conformity
with the Banking Act of 1933, and also outlined the procedure to be taken by the holders of stock in exchanging
their shares of the Chase Corporation for those of the Amerex
Holding Corp. Accompanying Mr. Anderson's letter was a
balance sheet of the Amerex institution as of June 7. The
letter and balance sheet follow:
AMEREX HOLDING CORP.
(formerly The Chase Corporation)
New York
June 25 1934.
To the Stockholders:
On and before June 14 1934, each holder of shares of common stock of
The Chase National Bank of the City of New York was also the holder of
an equal number of shares of stock of The Chase Corp., the shares of the
two institutions being represented by a single unit certificate or receipt.
Accordingly, these certificates or receipts were then transferable only in
units and not separately.
To comply with the requirements of the Banking Act of 1933. the stockholders at a special meeting held on June 14 1934, approved the termination
of such joint transfer arrangements. The stockholders also approved at
the same meeting the change of the name of The Chase Corp. to Amerex
Holding Corp., the change in the par value of the corporation's shares
from Si each to $10 each, and the reduction of the outstanding shares from
7.400,000 to 740,000. These changes are now effective.
Stockholders desiring to do so, may, at their convenience, forward to the
Transfer Department of The Chase National Bank, No. 11 Broad St.,
New York City,the unit certificates or receipts held by them to be exchanged
for separate certificates for their shares of The Chase National Bank and
separate certificates for their shares of Amerex Holding Corp. For one
share of The Chase National Bank and for one share of The Chase Corp. the
stockholder will receive a separate certificate for one share of The Chase
National Bank and a separate scrip certificate representing one-tenth of
a right in respect of one share of Amerex Holding Corp. Certificates for
full shares of Amerex Holding Corp. will be issuable for 10 shares of The
Chase Corp. and multiples thereof. For the present, temporary certificates for shares of Amerex Holding Corp. will be issued. It is expected
that permanent certificates will be ready within 30 days.
Arrangements have been made with the Chase National Bank whereby
stockholders entitled to fractional interests may purchase additional fractions or sell their fractional interests at the approximate equivalent of the
then current market price for full shares without additional handling
charge for broker's commission, or otherwise
If separate certificates are to be issued in the same name as the unit
certificates or receipts, it will not be necessary to endorse the certificates or
receipts. If either of the separate certificates is to be issued in a different
name, the unit certificate or receipt must be endorsed and the signature
guaranteed by a New York Stock Exchange firm, or by a firm having
membership in the Clearing House of the New York Curb Exchange, or by
a bank (other than a Savings Bank) or trust company with its principal
office or correspondent in New York, and the transfer taxes paid.
Should a stockholder wish to dispose of the unit certificates or receipts
which he now holds before the exchange for separate certificates is made, he
is cautioned not to surrender such unit certificates or receipts without being
compensated for the Amerex Holding Corp. stock. The present quotations
for The Chase National Bank stock do not include the Amerex Holding
Corp. stock, which is quoted separately.
There is submitted herewith a statement of condition as of the close of
business June 7 1934.
CHANDLER P. ANDERSON JR., President.
Statement of Condition
AMEREX HOLDING CORP.
(formerly The Chase Corporation)
June 7 1934.
LtaMines—
•Res'tures—
,
5744,391.72 Bills and accts. payable...$16,842,145.84
Cash
18,331.05
Bills and accts. receivable 2,034,879.90 Suspense
5,479,017.76 a Tax and other reserves.. 2,027,002.80
Securities
Investments in subsidiaries 29,856,577.50 Cap stock $7,400,000.00
Surplus and
profits ___11.827,387.19 19,227,387.19
$
38,114,886.88
$38,114,868.88
a Investments in subsidiaries, including American Express Co., are reported at
valuations in accord with most recently available figures of such subsidiaries. All
assets are reported at amounts not in excess of fair values, in the opinion of officers
and directors, marketable securities being reported at market prices on June 7 1934.
Securities and investments reported at $25,471,07.41 are pledged to secure
indebtedness.
a The reserves are believed to be adequate to cover other known liabilities and
certain contingent liabilities. It is impossible to estimate at this time the extent of
every contingent liability, and the reserves, accordingly, do not purport to make
complete provision therefor.
The meeting of the stockholders on June 14, at which
time the final steps were taken in divorcing the Chase
Corporation from the Chase National Bank was referred
to in our issue of June 16, page 4043.
Sale of Stock of Equitable Trust Co. of New York to
Charles Hayden and Associates by Amerex Holding Corp.
The Amerex Holding Corp., New York,formerly the Chase
Corp., announces that it has sold to Charles Hayden and
associates the stock of the Equitable Trust Co. of New York
June 30 1934
which was organized in 1930, after the merger of the former
Equitable Trust Co. with the Chase National Bank. It is
understood that the purchase price was somewhat in excess
of the value at which the shares were carried on the books
of the Amerex Holding Corp. An announcement issued in
the matter said:
The Equitable Trust Co. has a capital of $2,000,000 and a paid in surplus
of $1,000,000. It was formed to Preserve the name of the former Equitable
Trust Co. and to perform certain trust functions of a limited character
which could not be taken over by the Chase National Bank. The Equitable
Trust Co., the stock of which is now being sold, has never done a commercial banking business.
E. A. Pierce Regards Securities Exchange Act in Main
as "a Good One"—Believes Any Statutory Defect
of Importance Will Eventually Be Corrected.
The views of E. A. Pierce, senior partner in the New York
Stock Exchange firm of E. A. Pierce & Co., regarding the new
Securities Exchange Act of 1934 were made known in a communication addressed to the firm's staff, under date of
June 9. Mr. Pierce states that "for many years I have felt
that Stock Exchange reform in certain respects was strongly
to be desired, and am on record to that effect." He goes on
to say that "from the time of the introduction of the FletcherRayburn bill I have supported the idea of regulation, and
am on record to that effect in my public hearing before the
Inter-State Commerce Commission. Bear in mind, also," he
continued, "that I am expressing myself on the bill as it relates to the operations of the commission broker and his clients, a branch of the industry which represents by far the
greater part of the whole." From the communication of Mr.
Pierce we also quote:
Despite the apprehension and gloomy forebodings of a large percentage of
those engaged in the security market business and of their clients, the Act
is, in the main, a good one. Probably some of its provisions might well be
bettered, or even eliminated; but if one may accept as an indicator the readiness of the Washington authorities to discuss, and in many instances to
modify unworkable features of the original bill, he may reasonably expect
that sooner or later any statutory defect of real importance will be corrected.
A great deal of prejudiced criticism is directed at the wide discretion left
to the Commission which will administer the Act. Wide discretion is essential. Outside regulation of the security exchanges has never before been
undertaken. The Act controls that which is probably the most important
branch of business in the country—from the standpoint of direct and/or
indirect influence, in a material sense, upon the welfare of our population.
There certainly are more farmers, for instance, than stock brokers, but most
farmers have an interest in some form of "reserve" such as direct security
investments, or indirectly through savings bank deposits, insurance pollcies, dm. No rigid Federal Act controlling a business activity so thoroughly
subject to constant change as is the security market—a business activity
which has never been standardized in any real sense of the word—could be
expected by any reasonable stretch of the imagination to work out effectively;
and no practical-minded legislator could have supported justifiably a bill
consisting entirely, or even largely, of rule-of-thumb statutory provision, the
rigid adherence to which at all times and under any condition might visit
serious adversity upon most of their countrymen. The security market needs
regulation in more ways than one, and it can be regulated properly only
through experimentation and, probably, development of error. Anything
other than wide discretion is unthinkable.
The idea that the Commission will function unwisely because of lack of
experience in security market affairs or unfairly because of unreasoning
prejudice against Wall Street doesn't appeal to me as tenable. The security
exchanges have suffered more in the past from flat-footed adherence to threadbare tradition than they are likely to in the future from experimentation at
the hands of a Commission with a fresh viewpoint; and I maintain that
there is no sound reason for expecting the exercise of unfair method in the
administration of the Act. Washington for months past has been surfeited
with claptrap regarding Wall Street and the bill, both in and out of Congress;
but after observing the open-mindedness and co-operativeness of most of
those who were principally responsible for the initiation, framing and passage of the bill, I am not disposed to attach importance to the intemperate
expressions of many who were talking for political effect, of whom most were,
without any real knowledge of their subject. You and I know that the
present management of the New York Stock Exchange, and its predecessors
for many years back, have striven earnestly and faithfully to develop and
maintain a high ethical standard for Exchange operation, and if mistakes as
to policy and procedure have been made, as they undoubtedly have, it was
the fault of the head rather than of the heart.
The Pecora investigation developed relatively little that reflected unfavorably upon the motives of the New York Stock Exchange management or any
considerable number of its members. Nevertheless, all the unsavory disclosures directly or indirectly connected with Wall Street were brought into
the picture in a manner such as to strengthen the widespread and longstanding antipathy toward the Exchange—and if any of you doubt that
antipathy, general and strong, has existed for years you have only to review
editorial pages of a cross section of the country's press to dispel your doubt.
You must judge in the light of an honest and widespread misconception of
the position of the Exchange, in a general sense an admirably conducted
institution, that which appears to you unreasonable criticism amounting in
many instances to outright abuse at the hands of Exchange detractors.
I wish I could get over to you all my firm conviction that in the long run
the average New York Stock Exchange house, as well as Ito customers, are
likely to benefit rather than suffer through the workings of the present
Act. . . .
The organization of which you are a part—undoubtedly the biggest of Its
kind, with memberships in 24 Exchanges; with 40 branches, 1,700 employees, and a 50-year background—is in an excellent position to take advantage of the promising opportunities that I am confident are in proem of
development. It would seem to me that one can safely disregard the spirit
of pessimism that presently pervades the Wall Street district, and look forward to an active and healthy security market before the year-end, unless,
as a matter of course, there comes a decided flattening out of the general
Volume 138
Financial Chronicle
business of the country, which seems extremely unlikely. There is an abundance of good business to be secured in both securities and commodities.
Let's go after it.
Cleveland Clearing House Banks to Lower Interest
Rate on Savings Accounts Effective July 1.
Advices from Cleveland, Ohio, to the "Wall Street Journal"
of June 12 said that Clearing House banks of Cleveland will
institute a lower interest rate on savings accounts on July 1.
The advices Continued:
Cleveland Trust Co., American Savings Bank, and Central United National
%
2
/
Bank will pay 21 on accounts up to $10,000 and 2% on larger balances.
Present rate is 3% up to $10,000. National City Bank will pay a flat interest
%
2
/
rate of 2% on all savings accounts. It has been paying 21 on accounts
up to $2,500 and 2% on balances above.
Federal Reserve Board Issues Interpretation of Section
21 of Banking Act of 1933—Rules on Provisions
for Examination of Persons or Organizations in
Business of Receiving Deposits.
An interpretation of certain provisions of Section 21 of
the Banking Act of 1933, regarding the periodic examinations required of persors or organizations engaged in the
business of receiving deposits subject to check, was made
public to-day (June 30) by the Federal Reserve Board in
Washington. The section, which by its terms became effective June 16 1934, reads in part as follows:
"Sec. 21(a) After the expiration of one year after the date of the enactment of this Act it shall be unlawful .. .
(2) For any person, firm, corporation, association, business trust, or
other similar organization, other than a financial institution or private
banker subject to examination and regulation under State or Federal law,
to engage to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate
of deposit, or other evidence of debt, or upon request of the depositor, unless
such person, firm, corporation, association, business trust, or other similar
organization shall submit to periodic examination by the CoYnptroller of
the Currency or by the Federal Reserve Bank of the district and shall make
and publish periodic reports of its condition, exhibiting in detail its resources
and liabilities, such examination and reports to be made and published at
the same times and in the same manner and with like effect and penalties
as are now provided by law in respect of national banking associations
transacting business in the same locality."
The Reserve Board in its statement said that the costs of
the examinations should be paid by the persons or organizations examined. The Board also ruled that examinations
should be made at least twice in each calendar year, and that
if the person or organization offers to submit to examination
by the Federal Reserve Bank of the district and does not
offer to submit to examination by the Comptroller of the
Currency, the bank should conduct the examination. Reports of condition should be made in the same manner as
reports of condition of National banks, the statement added.
The Board said that it was unable to express any opinions as
to whether persons or organizations fall within the scope of
Section 21 of the Banking Act of 1933.
The complete text of the Federal Reserve Board's statement is given below:
The Federal Reserve Board has given consideration to a number of questions arising under this section and has expressed the following views
thereon.
In any case in which a person, firm, corporation, association, business
trust or other similar organization shall submit or offer to submit to examination in accordance with the provisions of the statute, such submission
or offer should be in writing and signed by such person or by a duly authorized representative of such firm, corporation, association, business trust or
other similar organization and his authority to execute such writing should
be properly evidenced. The costs of such examinations should be paid
by the respective persons or organizations examined. In view of the provisions of the section, examinations of such persons or organizations should
be made at least twice in each calendar year and oftener if considered necessary.
It is the view of the Board,that,in a case in which a person, firm, corporation, association, business trust, or other similar organization of the kind
described in the statute submits or offers to submit to periodic examination
by the Federal Reserve Bank of the district and does not submit or:offer to
submit to such examination by the Comptroller of the Currency, the Federal Reserve Bank should make the examinations prescribed by the statute.
On the other hand, if any such person or organization submits or otters
to submit to examination by the Comptroller of the Currency and does not
submit or offer to submit to examination by the Federal Reserve Bank of
the district, the Federal Reserve Bank is under no responsibility to make
examination of such person or organization.
It will be observed that, under the terms of the section, reports of condition of persons and organizations to which the statute is applicable are to
be made and published at the same times and in the same manner and with
like effect and penalties as are now provided by law in respect of national
banking associations transacting business in the same locality; and, accordingly, such reports of condition, in all cases and without regard to the authority which may snake the examinations referred to in Section 21, should
be made to the Comptroller of the Currency and published in the same
Manner as reports of condition of national banks.
With regard to questions which may arise as to whether persons or organizations or stated transactions fall within the scope of Section 21 or are
affected by its provisions, attention is invited to the fact that the section
does not give to the Federal Reserve Board any jurisdiction or discretion
regarding the matters with which it deals, and the Board does not feel that
itlwould be appropriate for it to undertake to express opinions upon questions of this kind. The section provides a penalty of fine or imprisonment
for any violation of its provisions and the determination of the question
whether a person or organization should be prosecuted for such violation
is a matter entirely within the jurisdiction of the Department of Justice.
4383
The section does not give to the Comptroller of the Currency, the Federal
Reserve Bank or the Federal Reserve Board any discretion or power to
require a person or organization to submit to examination or to determine
what persons or organizations should submit to examination. In the circumstances, as indicated in the statement published in the Federal Reserve
Bulletin for January 1934. at page 41, an expression of opinion by the Federal Reserve Board on the question whether the section is violated would
not afford protection from prosecution if the Department of Justice upon
consideration of the matter should take the position that a person or organization had violated the statute and should feel it necessary to prosecute for
such violation.
Interest Rates on Savings and Time Deposits to Be
Reduced from 3% to 2% by Dayton, Ohio, Banks
Effective July 1.
Member banks of the Dayton (Ohio) Clearing House Association will, effective July 1, reduce the annual interest rate
on savings deposits to 2% against the current 3% rate, according to Dayton advices, June 20, given in the Chicago
"Journal of Commerce" of June 21. It is also stated that the
semi-annual interest rate on time deposits will be cut from
3% to 2%.
Establishment of State Clearing House in Virginia
Authorized by Virginia Bankers Association—To
Recommended Scale of Service Charges.
The establishment of a State Clearing House Association,
which will recommend a scale of charges for services rendered by any bank, was authorized on June 8 by the Virginia
Bankers Association, in annual convention at Virginia Beach.
In the Richmond "Dispatch" it was stated that it was the
sense of delegates that the minimum service charge should be
50c. a month on all accounts not averaging a $50 balance, with
an extra charge of 3e. a check for each check in excess of five
a month. In North Carolina, it was pointed out, the service
charge for such accounts is $1 a month, based on a $100 average balance. It was added that the Clearing House, when
set up, would recommend service charges to the different
banking groups, always keeping in mind local conditions,
speakers pointed out. From the same account we quote:
Profit on Service.
Code requirements stipulate that a bank should not render any service at a
loss, speakers emphasized. E. B. Spencer, of Roanoke, Chairman of the
Bankers' NRA Committee for Virginia, said it was essential that banks apply
to their own business the same principles they demand of borrowers.
Action by Virginia bankers followed an address by Robert M. Hanes, President of the Wachovia Bank dz Trust Co., Winston-Salem, N. C., and the discussion of service charges led by Mr. Spencer.
Mr. Hanes vigorously presented his views. He said, in part:
"I have lost all patience with the banker who says his customers will not
stand for any honest and fair charges they might make for their services.
"I am absolutely convinced that provided we frankly inform our customers
as to the necessity for changes in our charges, we need not fear any adverse
criticism from them. No bank to-day can maintain the liquid position that
every well-managed bank must have, accept the low return of high-class
investments, and at the same time continue to give its services away. There
is but one answer to such a program, and that is bankruptcy."
Begins Here July 1.
Richmond banks will put new changes into effect July 1, it was reported
here to-day.
Action by the convention to-day, it was emphasized, does not interfere with
the principle of local autonomy leaving each locality to adopt its own rules
consistent with fair practice provisions.
Regulations Establishing Metered Service Charges on
Checking Accounts Adopted by Milwaukee Clearing
House Association—Will Become Effective Aug. 1
Governing All Banks in Milwaukee County, Wis.
Metered service charges on checking accounts will become
effective Aug. 1, under regulations recently adopted by the
Milwaukee Clearing House Association, it has been announced by Charles J. Kuhnmuench, President of the Association. Banks throughout Milwaukee County, Wis., will be
governed by these regulations. Mr. Kuhnmuench stated:
The new metered charges are based on analysis of bank operating costs
in this community. They are graduated according to the activity of each
account—that is, the amount of service required by the customer in relation
to his average daily balance.
The purpose of metered service charges is to enable each
checking account to "stand on its own feet," Mr. Kuhnmuench
explained. Codes embodying similar charges are already in
effect in other leading cities, in compliance with the National
Recovery Administration code governing banks. Article 8 of
the nation-wide code specifies that Clearing House Associations Shall adopt uniform regulations "whereby services rendered by banks shall be compensated for either by adequate
balances or by a scale of charges."
Standardized cost accounting methods, said an announcement issued June 22 by the Milwaukee Clearing House Association, are set forth in the Clearing House Regulations to
provide a uniform base for metered charges on accounts of
$500 or less, as follows:
4384
Financial Chronicle
On average daily balances of less than $100 there is a monthly privilege
charge of $1, and 10 free checks are allowed during the month; additional
checks, 4c. each.
There is a monthly privilege charge of 50c. on balances of $100 to $199,
with 10 free checks allowed per month; additional checks, 4c. each.
There is no monthly privilege charge on balances of $200 and over, and
one free check is allowed for each $10 of average balance in excess of the
first $100; additional checks, 4c. each.
Accounts in excess of $500 are subject to special analysis to determine
whether the bank is compensated for the service rendered.
The term "check" as used in the regulations includes all checks and receipts covering withdrawals of funds.
The announcement also stated:
Banks are required to charge for out-of-pocket expenses, such as exchange,
collection fees, cost of Imprinting checks, endorsement stamps and other items
actually paid by the bank in behalf of customers.
It is generally known that banks in the past offered numerous services
purely as an accommodation or for competitive reasons, with resulting losses.
A survey made by the American Bankers Association reveals that, in the past
10 years, banks throughout the country have given away in free services an
amount equal to their entire capital. More than half of all checking accounts
In American banks were carried at a loss, according to the American Bankers
Association survey.
During certain periods such losses were offset by the favorable return on
Investment securities and income from loans, Mr. Kuhnmuench declared. But
in recent years the low rate of return on Government bonds and other highgrade issues, the slack demand for commercial loans, and the necessity for
greater margins of liquidity have compelled the adoption of service charges
In the interests of sound banking.
"Adequate compensation for services rendered is essential to safe and
efficient bank operation," Mr. Kuhnmuench said, "and metered charges are
designed merely to compensate the bank for the use of its facilities when the
customer's account does not provide an ample balance of loanable funds."
Meeting in Washington of Governors and Chairmen of
Federal Reserve Banks With Federal Reserve
Board—Consideration Given to New Powers Under Securities Exchange Act and Loans to Industry.
Among matters to which attention was given this week,
at Conferences in Washington of the Governors and Chairmen of the Federal Reserve Banks with members of the
Federal Reserve Board, were the new powers conferred on
the Board under the Securities Exchange Act of 1934, and
the making of loans to small industries,—provision for
which is made in the bill passed by Congress just before
adjournment and referred to in our issue of June 23, page
4219. In another item in this issue we give a statement
made public by the Board on June 26 regarding the plans
respecting loans to industries, and likewise give in full the
Board's regulations governing such loans. Following the
conclusion of the first day's Conference (June 25) Eugene
R. Black, Governor of the Federal Reserve Board, issued a
statement saying:
The meeting discussed the functions of the Federal Reserve Board in
connection with the Stock Market Exchange Act.
A thorough study is being made of the law both here and by our agents
in New York. No action need be taken by the Board until Oct. 1. It
will be at least two months before the margin requirement is determined,
since that will be based on conditions existing when the decision is reached.
A further statement was issued as follows by Governor
Black on June 26:
On June 25 and 26 the Federal Reserve Board held conferences with the
Chairmen and Governors of the Federal Reserve Banks. At these conferences there was full discussion of credit conditions throughout the
country. Special consideration was given to the new powers granted to
the Federal Reserve system by the Securities Exchange Act and the amendment to the Federal Reserve Act authorizing the Federal Banks to make
loans for the purpose of providing working capital to industry.
Reports were made of progress in the study of stock exchange operation
and of regulations to be adopted relating to marginal requirements for
loans made for the purpose of purchasing or carrying securities. Since
the power of the Board relative to margins does not become effective until
October 1, regulations covering this matter will not be published for several
weeks.
Particular attention was devoted at the conferences to loans to supply
working capital for industry. Each Reserve Bank reported that progress
had been made in setting up an organization to make such loans and in
selecting an advisory committee of industrialists to help in this work.
The Reserve banks reported that they are now ready to receive applications for working capital loans from industrial concerns.
The total amount of such loans authorized by Congress is approximately
$280,000,000, and it was expected that the needs of small enterprises would
be given primary consideration in making such loans.
A regulation of the Board covering loans for industrial purposes was
approved by the conference and will be promptly published.
Pr The Washington correspondent of the New York "Journal
of Commerce" stated that Governor Black explained that
Carl E. Parry, assistant director research and statistics for
the Federal Reserve Board, is now in New York making a
study of stock exchange practices and his report to the
Board will be the basis for the margin requ4rements.
Federal Reserve Board Grants Blanket Permit to Member
Banks to Participate in Dealer's Syndicates Floating
Government, State and Municipal Bonds, Etc.
The Federal Reserve Board announced on June 25 that
it had granted a blanket permit whereby member banks
would be allowed to participate with investment bankers in
syndicates handling bonds of the United States Government,
State, municipal and other political subdivisions thereof,
June
30 1934
obligations issued under authority of the Federal Farm Loan
Act, issues of the Federal Home Loan banks and/or aligntions issued by the Home Owners Loan Corporation. Heretofore, individual permits were required. As to this we quote
the following from the New York "Journal of Commerce"
of June 26:
Section 32 of the Banking Act of 1933 requires that the Federal Reserve
Board pass upon whether member banks be permitted to hold "correspondent" relationship with dealers in securities. Regulation R under this
section defines participation in bond syndicates as a correspondent relationship.
Issued Last Winter.
The regulation was issued last winter. At first the member banks were
uncertain as to whether or not, on giving proposals for the formation of
underwriting syndicates, it was necessary that they apply for permits.
In an indirect way the Board decided at once that they were required to
do so. The banks were told that in order that the Board be enabled to
rule on whether or not the relationship was that of "correspondent," it
would be necessazy for the bank in question to fill out a full application.
Later this was simplified by having the banks apply directly for a permit
instead of for information on whether or not they had to make such applications.
During the past two weeks it had been predicted that the previous
rulings largely would be nullified. To a large extent this is accomplished
by the new ruling. However, the Federal Reserve agent must continue
to watch over the formation of bond syndicates and member banks to
keep him so informed. Particularly the undue use of bank credit in the
flotation of new securities is to be avoided.
The statement issued this week by the Reserve Board
was made available in this city by the Federal Reserve
Bank of New York; the Board's statement follows:
Permit to Member Banks Relating to Participation in Underwriting and
Dealing in Municipal and Other Securities.
Section 32 of the Banking Act of 1933 prohibits correspondent relationships between member banks of the Federal Reserve System and dealers
in securities unless there is a permit therefor issued by the Federal Reserve
Board. Such correspondent relationships include regular associations
between member banks and dealers in securities in connection with underwriting and dealing in securities, and Section 32 does not contain any exception based upon the kind of securities underwritten or dealt in. However.
paragraph "Seventh" of Section 5136 of the Revised Statutes of the United
States as amended by the Banking Act of 1933, specifically excepts certain
municipal and other obligations from the restrictions upon underwriting
and dealing in securities by National banks contained in such Section 5136.
These restrictions and the exceptions thereto are also made applicable to
State member banks by the provisions of Section 9 of the Federal Reserve
Act as amended.
The Federal Reserve Board is authorized by Section 32 to issue permits
for correspondent relationships between member banks and dealers whenever it finds that it is not incompatible with the public interest to do so,
and the Board has decided that it is not incompatible with the public interest
to grant permits authorizing correspondent relationships between member
banks and dealers in securities in connection with underwriting and dealing
In the securities exempted from the restrictions contained in Section 5136
of the Revised Statutes.
Heretofore, the Federal Reserve Board has followed the practice of
Issuing individual permits covering such correspondent relationships, but
In order to relieve member banks and dealers from the burden of preparing
and filing formal applications in cases of the kind herein described, the
Board has granted a blanket permit under Section 32 for the period until
Dec. 1 1934 authorizing correspondent relationships between any member
bank or banks and any dealer or dealers in securities in connection with
underwriting and dealing in those securities excepted from the restrictions
contained in Section 5136 of the Revised Statutes, namely. obligations
of the United States, general obligations of any State or of any political
subdivision thereof, obligations issued under authority of the Federal
Farm Loan Act, obligations issued by the Federal Home Loan Banks.
and/or obligations issued by the Home Owners' Loan Corporation. Each
member bank which exercises the privilege granted by such permit shall
furnish to the Federal Reserve Agent at the Federal Reserve Bank in the
district in which the member bank is located, such information concerning
Its operations under this permit as the Federal Reserve Board may require.
The following circular in the matter has been addressed
to members of the Federal Reserve Bank of New York:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1394, June 25 1934: Supplementing Circular No.
1390.
dated June 9 1934.]
Permit for Correspondent Relationships Between Member Banks and Dealers
In Securities.
To all Member Banks in the
Second Federal Reserve District:
This circular supplements my Circular No. 1390 dated June 9 1934.
At the request of the Federal Reserve Board all member banks in the
Second Federal Reserve District are advised that the Federal Reserve
Board has, by the telegram quoted from below, granted a revocable permit
under Section 32 of the Banking Act of 1933 for a period until Dec. 11934,
for correspondent relationships between any member bank or banks and
any dealer or dealers in securities in connection with underwriting and
dealing in the following types of securities; only:
Obligations of the United States.
General obligations of any State or of any political subdivision thereof.
Obligations issued under the authority of the Federal Farm Loan Act,
Obligations issued by the Federal Home Loan Banks,and/or
Obligations issued by the Home Owners Loan Corporation;
that. instead of the formal applications usually required, each member bank
which exercises the privilege granted by such permit shall promptly furnish
to the Federal Reserve Agent of the district in which such member bank is
located, such information concerning Its operations under such permit as
the Federal Reserve Board may require; and that the Board will, at an
early date, advise as to the information which must be submitted.
I quote below from the telegram referred to, which was addressed to me
by the Federal Reserve Board under date of Juno 23 1934:
Board has heretofore granted individual permits under Section 32 of
Banking Act of 1933 for member banks to act as correspondent banks for
dealers in securities in connection with underwriting and dealing in securities
exempted from restrictions contained in Section 5136 Revised Statutes of
United States. Board has now decided to grant and hereby grants permit
under Section 32 of Banking Act of 1933 for period until Dec. 1 1934. for
Financial Chronicle
Volume 138
correspondent relationships between any member bank or banks and any
dealer or dealers in securities in connection with underwriting and dealing
in the following types of securities only: Obligations of United States.
general obligations of any State or of any political subdivision thereof,
obligations issued under authority of Federal Farm Loan Act, obligations
issued by Federal Home Loan banks, and/or obligations issued by Home
Owners Loan Corporation. This permit is subject to revocation in whole
or in part as to any or all member banks or dealers after reasonable notice
and opportunity to be heard. Instead of formal applications usually required, each member bank which exercises privilege granted herein shall
promptly furnish to Federal Reserve Agent of district in which member
bank is located such information concerning its operations under this
permit as Federal Reserve Board may require, and Board will at an early
date advise as to information which must be submitted. Upon receipt of
required information, each Federal Reserve Agent will be expected to
review promptly facts involved ij each correspondent relationship covered
by this permit in his district, and to advise Board of any case in which
facts are such as to indicate that permit should be revoked as to particular
relationship. Each Federal Reserve Agent is requested to review all correspondent relationships covered by this permit in his district, and advise
Board, not later than Nov. 15 1934. whether in his opinion it will be compatible with the public interest to renew this permit, stating reasons for
his opinion. Please advise all member banks in your district concerning
this permit.
J. H. CASE,
Federal Reserve Agent.
Federal Deposit Insurance Law—Regulation Governing Withdrawal of Non-Members from Temporary
Fund,
The Federal Deposit Insurance Corporation has sent to
insured banks the following regulation (Regulation E),
approved June 18 and effective as of that date, governing
the withdrawal of banks, not members of the Reserve System, from the temporary insurance fund.
Scope of Regulation.
This regulation relates to the manner of exercise of the right of any bank
which is not a member of the Federal Reserve System to withdraw from
the Temporary Federal Deposit Insurance Fund on July 1 1934.
SECTION 1.
Statutory Provisions.
Sub-section (y) of Section 1213 of the Federal Reserve Act, as amended,
provides in part as follows:
"The Corporation shall prescribe by regulations the manner of exercise
of the right of non-member banks to withdraw from membership in the
Fund on July 1 1934, except that no bank shall be permitted to withdraw
unless ten days prior thereto it has given written notice to the Corporation
of its election so to do."
SECTION 2.
No member bank of the Federal Reserve System is entitled to withdraw
from the Fund on July 1 1934, and accordingly each such bank will continue for the period of extension of the Fund to have its deposits insured by
this Corporation as provided by law.
Each Fund member which is not a member bank of the Federal Reserve
System will continue for the period of extension of the Fund to have its
deposits insured by this Corporation as provided by law unless it shall
exercise its right to withdraw as of July 1 1934, by fulfilling the requirements hereinafter enumerated.
SECTION 3.
First, any non-member insured bank, which did not expressly or impliedly
agree with this Corporation In connection with its admission to the Fund to
fulfill a conunitment to sell preferred stock or capital obligations to the
Reconstruction Finance Corporation; or second, any such bank even though
it did so agree, which has fulfilled its commitment to the Reconstruction
Finance Corporation; or third, has been relieved by this Corporation from
its agreement with this Corporation to fulfill such commitment, shall be
entitled to effect Its withdrawal from the Fund as of July 1 1934 by complying with the following requirements and not otherwise:
(a) Notice of the election of the bank to withdraw from the Fund by a
letter or telegram properly directed to the Federal Deposit Insurance Corporation, Washington, D. O., must be sent by an agent of the bank on or
before June 20 1934.
(b) A resolution must be lawfully adopted by the governing board of
the bank on or before June 25 1934, stating that the bank elects to withdraw from the Fund as of July 1 1934. Said resolution, if adopted prior to
sending the notice prescribed in sub-section (a) of this section, shall authorize the person who subsequently sends such notice to so do. The resolution referred to in the first sentence of this sub-section, if adopted subsequent to sending the notice prescribed in sub-section (a) of this section,
shall ratify the act of sending such notice.
(c) A copy of the resolution, attested and bearing the bank's seal and
which complies with the preceding sub-section, must be properly addressed
and mailed to the Federal Deposit Insurance Corporation, Washington,
D. C., on or before June 25 1934,
SECTION 4.
Any non-member insured bank which expressly or Impliedly agreed with
this Corporation at the time of its admission to the Fund to fulfill a commitment to sell preferred stock or capital obligations to the Reconstruction
Finance Corporation which has not fulfilled such commitment, and which
has not been relieved by this Corporation from its agreement with this
Corporation to fulfill such commitment, shall exercise its right of withdrawl from the Fund on July 1 1934, in the following manner.
(a) It shall comply with sub-sections (a),(b)and (c)of Section 3 hereof.
(13) The bank shall comply with either paragraph (I) or (ii) hereof but
is not required to comply with both.
(I) The bank must fulfill its commitment to the Reconstruction Finance
Corporation, or in lieu thereof obtain capital funds from other sources
in an amount at least equal to the amount of capital funds it would have
obtained by fulfilling Its commitment to the Reconstruction Finance Corporation and submit to the Federal Deposit Insurance Corporation satisfactory proof of the obtaining of such capital funds from other sources.
(ii) If the bank does not comply with paragraph (I) it shall submit to
the Corporation a certificate signed by at least two executive officers of
such bank and a majority of the board of directors or trustees as to whether
or not, according to the best judgment of such officers and directors or
trustees, the bank has assets of sufficient value to meet all of its obligations
to depositors and other creditors and shall further submit proof by affidavit
of the same officers that the bank has notified the authority having supervision of such State banks that it has elected to withdraw from the Temporary Federal Deposit Insurance Fund on July 1 1934.
4385
Tenders of $251,941,000 Received to Offering of $75,-day Treasury Bills
000,000 or Thereabouts of 182
Dated June 27—$75,353,000 Accepted at Average
Rate of 0.07%.
Henry Morgenthau Jr., Secretary of the Treasury, announced on June 25 that tenders of $251,941,000 had been received at the Federal Reserve banks and the branches thereof,
up to 2 p. m., Eastern Standard Time, that day, to the offering of $75,000,000, or thereabouts, of 182-day Treasury bills,
dated June 27 1934. Secretary Morgenthau said that $75,353,000 of the tenders received bad been accepted. The bills,
which mature on Dec. 26 1934, when the face amount will be
payable with interest, were sold at an average rate of about
0.07% per annum,on a discount basis, the same rate at which
the last previous bills (dated June 20) sold. The Secretary
said that the average price of the June 27 bills is 99.966. He
added:
The accepted bids ranged in price from 99.976, equivalent to a rate of
about 0.05% per annum, to 99.958, equivalent to a rate of about 0.08% per
annum, on a bank discount basis. Only part of the amount bid for at the
latter price was accepted.
The offering was announced on June 21 by Secretary Morgenthau, and was referred to in our issue of June 23,
page 4211.
Regulations of Federal Reserve Board Governing
Loans to Smaller Industries — Reserve Banks
Authorized to Extend Loans up to $280,000,000—
Issuance of Rules Follows Conferences Between
Governors of Reserve Banks and Board.
Plans for the making of loans to the smaller industries,
in accordance with the bill, as finally approved by Congress
on June 16 and signed by the President, were perfected at
conferences held this week in Washington between members
of the Federal Reserve Board and Governors and Chairmen
of the 12 Federal Reserve banks; the conferences were also
attended by Jesse Jones, Chairman of the Reconstruction
Finance Corporation. The enactment of the "loans-toindustry" bill was noted in our June 23 issue, page 4224.
The regulations governing the making of loans under the
new measure were made public by the Reserve Board on
June 27, at which time the Board issued a statement in
which it said that the Federal Reserve banks "are authorized
to have outstanding such loans in an aggregate amount not
exceeding $280,000,000, but additional loans may be made
out of funds received through repayment of outstanding
loans, so that the aggregate amount of credit to be extended
under this authority may be several times as large as the
initial amount." Authority is given by the Board to all
Reserve banks to make such loans without referring them
to Washington for approval, says the Board's announcement.
It is also stated therein that it is expected "that the Federal
Reserve banks will not compete with local banks, but rather
will assist and co-operate with them in meeting local requirements for working capital." In its June 27 issue the
New York "Journal of Commerce" said:
Similar Rates to Prevail.
Direct advances to industry by the Federal Reserve banks will be made
at the same interest as prevail for outstanding loans of the same character.
according to the expectations of bankers yesterday. In fixing the rates
for such advances, it was said, the Reserve authorities will not seek to
influence the credit structure. While an arbitrary minimum rate may
be imposed, this rate will not be utilized as a medium of credit policy.
It was believed.
The Reserve banks will not directly advance their own funds so that the
loans made will not have the effect of increasing banking reserves. Such
reserves now total more than $1,600,000,000 more than requirements.
Were the Reserve banks to advance their own funds, giving borrowers
checks on the Reserve banks, such checks would be redeposited in commercial institutions, thus creating additional reserves.
Divide Risk.
The commercial banks will advance the actual cash, but will assume only
20% of the risk on a given loan, the Reserve banks assuming the remaining
80%. Earnings on the loan, it was believed, will be divided in part on
the basis of the assumption of risk. As a loan is made the Reserve banks
will agree, at the request of the commercial bank, to discount the advance.
Not until advances have been discounted would there be any increase
in the volume of banking reserves.
It was considered possible that in the event such advances are rediscounted. the Reserve banks might rediscount them with commercial
banks, thus reversing the traditional procedure. The purpose would
be to reduce excess reserves. Certain types of advances to the United
States Treasury by the Reserve banks have in the past been divided among
commercial banks.
The new law, as we indicated in our item of a week ago,
in addition to providing for loans of approximately $280,000,000 through the Reserve System, also provides for loans
for working capital to small industries to a total of $300,000,000 by the RFC. Regarding the loans to be made through
the Reserve banks, the Board's statement of June 27 said:
A survey made by the Federal Reserve Board through Reserve banks
and chambers of commerce showed that this condition is widespread and
Is not being met by existing facilities. Small industries find it difficult
4386
Financial Chronicle
at present to obtain their requirements of working capital
through the
capital market, while commercial banks and other financial
institutions
in many cases are hesitant about undertaking on their single
responsibility
the risks involved in making relatively long-time loans for working
capital
purposes.
Recognizing the need of these industrial and commercial businesses
for additional working capital to enable them to continue or resume normal
operations and to maintain employment or provide additional employment, Congress has granted Federal Reserve banks broad powers to enable
them to provide such working capital, either through the medium of other
banks, trust companies and other financing institutions, or, in exceptional
circumstances, directly to such commercial and industrial businesses. It
is believed that the facilities thus afforded will aid in the recovery of business, the increase of employment and the general betterment of conditions
throughout the country.
Federal Reserve banks are authorized to have outstanding such loans
in an aggregate amount not exceeding approximately $280,000,000. but
additional loans may be made out of funds received through repayment
of outstanding loans, so that the aggregate amount of credit to be extended
under this authority may be several times as large as the initial amount.
These loans are to be made by Federal Reserve banks in their own districts and applications for such loans should be directed to these banks.
The Federal Reserve Board in its regulation gives authority to all Federal
Reserve banks to make such loans without referring them to Washington
for approval.
In making these loans Federal Reserve banks will have the aid of advisory committees consisting of five active industrialists resident in the
District. Progress has been made in the selection of such committees
and the banks are now ready to consider such loans.
Reserve banks are authorized to make loans or advances or commitments for such loans or advances to financing institutions, which in turn
advance the funds for working capital purposes to established industrial
or commercial enterprises. Maturity of the loans must not exceed five
years and the financing institutions must assume at least 20% of the risk
of any loss that may occur.
In exceptional circumstances Federal Reserve banks may also make
direct advances to industrial or commercial undertakings that are not
able to obtain the required funds from usual banking sources on reasonable
terms.
It is expected, however, that Federal Reserve banks will not compete
with local banks, but rather will assist and co-operate with them in meeting
local requirements for working capital. Federal Reserve Board and
Federal Reserve banks are confident that the banks of the country will
join with the System in this endeavor to hasten economic recovery.
At the recent conference the Governors and Chairmen of the 12 Reserve
banks all reported that there was need for this class of loans in their districts and undertook to set up promptly the necessary machinery for
considering applications for such loans and to carry out vigorously the
purposes of this additional power of the System to serve commerce and
industry. The Reserve banks will undertake through the advisory committees of industrialists to canvass the situation in their districts with
a view to determining where loans for working capital purposes can be made
in the public interest to industrial and commercial enterprises.
It was agreed that these loans would be made chiefly to small and medium
size enterprises, which have the greatest need for such assistance, to whose
needs primary consideration was given by Congress, and in the improvement of whose condition the Reserve System under this law is primarily
concerned.
In another item further reference is made to the conferences between the Reserve Board and Governors of the
Reserve banks. Below we give the regulations governing
loans, as issued June 27 by the Board:
FEDERAL RESERVE BOARD.
Regulation S, Series of 1934.
Discounts, Purchases, Loans and Commitments by Federal Reserve
Banks to Provide Working Capital for Established Industrial or
Commercial Businesses.
Sec. I. Statutory Provisions.
Sec. 13b of the Federal Reserve Act as amended by the Act of June 19
1934 reads in part as follows:
Sec. 13b. (a) In exceptional circumstances, when it appears to
satisfaction of a Federal Reserve bank that an established industrialthe
or
commercial business located in its District is unable to obtain requisite
financial assistance on a reasonable basis from the usual sources, the Federal
Reserve Bank, pursuant to authority granted by the Federal Reserve
Board, may make loans to, or purchase obligations of, such business, or
may make commitments with respect thereto, on a reasonable and sound
basis, for the purpose of providing it with working capital, but no obligation shall be acquired or commitment made hereunder with a maturity
exceeding five years.
(b) Each Federal Reserve bank shall also have power to discount for.
or purchase from, any bank, trust company, mortgage company,
corporation for industry, or other financing institution operating credit
in its
District, obligations having maturities not exceeding five years. entered
into for the purpose of obtaining working capital for any such established
Industrial or commercial business; to make loans or advances direct to
any such financing institution on the security of such obligations, and
to make commitments with regard to such discount or purchase of obligations or with respect to such loans or advances on the security thereof.
including commitments made in advance of the actual undertaking of
such obligations. Each such financing institution shall obligate itself
to the satisfaction of the Federal Reserve Bank for at least 20% of any
loss which may be sustained by such bank upon any of the obligations
acquired from such financing institution, the existence and amount of any
such loss to be determined in accordance with regulations of the Federal
Reserve Board: Provided. That in lieu of such obligation against loss
any such financing institution may advance at least 20% of such working
capital for any established industrial or commercial business without
obligating itself to the Federal Reserve Bank against loss on the amount
advanced by the Federal Reserve Bank: Provided, however, That such
advances by the financing institution and the Federal Reserve Bank shall
be considered as one advance, and repayment shall be made pro rata
under such regulations as the Federal Reserve Board may prescribe.
(c) The aggregate amount of loans, advances and commitments of the
Federal Reserve banks outstanding under this section at any one time,
plus the amount of purchases and discounts under this section held at
the same time,shall not exceed the combined surplus of the Federal Reserve
banks as of July 1 1034, plus all amounts paid to the Federal Reserve
banks by the Secretary of the Treasury under subsection (e) of this section,
and all operations of the Federal Reserve banks under this section shall
be subject to such regulations as the Federal Reserve Board may prescribe.
(d) For the purpose of aiding the Federal Reserve banks in carrying
out the provisions of this section, there is hereby established in each Federal
Reserve District an industrial advisory committee, to be appointed by
the Federal Reserve Bank subject to the approval and regulations of
the Federal Reserve Board, and to be composed of not less than three nor
more than five members as determined by the Federal Reserve Board.
Each member of such committee shall be actively engaged in some industrial pursuit within the Federal Reserve District in which the committee
is established, and each such member shall serve without compensation,
but shall be entitled to receive from the Federal Reserve Bank of such
District his necessary expenses while engaged in the business of the coin-
June 30 1934
mittee, or a per diem allowance in lieu thereof to be fixed by the Federal
Reserve Board. Each application for any such loan, advance, purchase,
discount or conunitment shall be submitted to the appropriate committee
and, after an examination by it of the business with respect to which the
application is made, the application shall be transmitted to the Federal
Reserve Bank, together with the recommendation of the committee.
Sec. II. Transactions by Federal Reserve Banks with Financing Institutions.
(a) Legal Requirements—Under the provisions of subsection (b) of
Sec. 13b of the Federal Reserve Act, a Federal Reserve bank is authorized
to discount obligations for, purchase obligations from, and make loans or
advances on the security of such obligations direct to, any bank, trust
company, mortgage company, credit corporation for industry or other
financing Institution (hereinafter referred to as "financing institution")
operating in Its District and to make commitments with regard to such
discounts, purchases, loans or advances, subject to the following requirements:
(1) Obligations which are the subject of such discounts, purchases,
loans, advances or commitments must have been or must be entered into
for the purpose of obtaining working capital for an established industrial
or commercial business;
I Such obligations must have a maturity of not exceeding five years:
2)
3) Each such financing institution shall
In) Obligate itself to the satisfaction of the Federal Reserve Bank for
at east 20% of any loss which may be sustained by such Reserve bank
upon any such obligation acquired from such financing institution, the
existence and amount of any such loss to be determined in accordance
with subsection (d) of section III of this regulation; or
(b) In lieu thereof, advance at least 20% of such
In such event the advances by both such financing working capital and
Institution and the
Federal Reserve Bank shall be considered as one advance and repayment
shall be made on a pro rata basis.
(b) Applications by Financing Institutions for Discounts, Purchases,
Loans. Advances, or Commitments with Respect Thereto.—Bach application*
by a financing institution to a Federal Reserve bank for the discount or
purchase of an obligation entered into for the purpose of obtaining working
capital for an established industrial or commercial business or for a loan
or advance on the security of such an obligation or for a commitment with
regard to such discount, purchase, loan or advance, must be transmitted
to the Federal Reserve Bank of the District in which the principal place
of business of the applicant is located and shall be submitted by such
Federal Reserve Bank to the Industrial Advisory Committee of such
District. Such application must be made in writing on a form furnished
for that purpose by the Federal Reserve Bank and must contain or be
accompanied by such information, agreements and documents as the
Federal Reserve Bank may require.
(c) Grant or Refusal of Application.—In making any discount for or
purchase from any financing institution of obligations entered into for the
purpose of obtaining working capital for any established industrial or
commercial business or making any loan or advance on the security thereof
or any commitment with regard to such discount, purchase, loan or advance, the Federal Reserve Bank shall ascertain to its satisfaction:
(1) That such obligations have been or will be entered into for the
purpose of obtaining working capital for an established industrial or commercial business located in its District;
(2) That tho financial condition and credit standing of the obligor and
indorsers, if any, upon such obligations and of such financing institution
and the value of the security offered, if any, Justify the granting of such
accommodation; and
(3) That the transaction will comply with the requirements of the law
and of this regulation with regard thereto and, in so far as such Reserve
Bank may be able to ascertain, does not involve a violation by any person
of the provisions of Section 22 of the Federal Reserve Act.
(d) Existence and Amount of Losses.—The Federal Reserve Bank shall
be deemed to have sustained a loss upon any obligation acquired from
a financing institution in accordance with the provisions of this section
of this regulation whenever the board of directors of such Reserve bank,
after investigation, shall have determined that such obligation or any
part thereof is a loss and such Reserve bank, after having obtained the
approval of the Federal Reserve Board, shall have charged off of the books
of the Reserve bank the amount so determined to be a loss. The amount
of loss in any such case shall be deemed to be the amount so charged off,
together with unpaid interest thereon. Such financing institution shall
reimburse the Federal Reserve Bank for the portion of such loss for which
such financing institution shall have obligated itself, with interest' on
such portion of such loss until the date of such reimbursement. If any
recovery be realized on the amount of the loss ascertained in accordance
with this subsection, such financing institution and the Federal Reserve
Bank shall be entitled to share pro rata in the amount so recovered.
Sec. III. Direct Transactions in Exceptional Circumstances by Federal
Reserve Banks with Established Industrial or Commercial Businesses.
(a) Legal Requirements.—A Federal Reserve bank may exercise its
authority to make loans or to purchase obligations of an established industrial or commercial business located in its District or to make commitments with respect thereto under subsection (a) of Sec. 13b of the Federal
Reserve Act: (1) In exceptional circumstances; (2) when it appears to
the satisfaction of the Federal Reserve Dank that such established industrial
or commercial business is unable to obtain requisite financial assistance
on a reasonable basis from the usual sources; (3) pursuant to the authority
hereinafter granted by the Federal Reserve Board; (4) for the purpose of
providing such established industrial or commercial business with working
capital; (5) on a reasonable and sound basis; and (6) with respect to obligations which have maturities not exceeding five years.
(b) Authorisation by Federal Reserve Board.—The Federal Reserve
Board, pursuant to the provisions of subsection (a) of Sec. 13b of the
Federal Reserve Act, hereby authorizes every Federal Reseivo bank.
in exceptional circumstances, until such time as the Federal Reserve
Board may revoke or modify such authority, to make loans to and purchase obligations of an established industrial or commercial business in
its District, and to make commitments with respect thereto. subject to
the provisions of the law and this regulation.
(c) Applications by Established Industrial or Commercial Businesses for
Loans. Purchases, Or Commitments with Respect Thereto.—Bach application*
by an established industrial or commercial business to a Federal Reserve
bank for a loan to, or the purchase of the obligations of, such business,
or a commitment with respect to such a loan or purchase, must be transmitted to the Federal Reserve Bank of the District in which the principal
place of business of the applicant is located and shall be submitted by
such Federal Reserve Bank to the Industrial Advisory Committee of
such District. Such application must be made in writing on a form furnished for that purpose by the Federal Reserve Bank and must contain
or be accompanied by such information, agreements and documents as
the Federal Reserve Bank may require.
* Attention is invited to the requirements of subsections (h)
(k)
of Section 22 of the Federal Reserve Act quoted in the appendixand this
to
regulation, with regard to material statements or overvaluation of security
in connection with applications of this kind and with regard to the giving
or receiving of fees, commissions, bonuses or things of value for procuring
or endeavoring to procure from a Federal Reserve Bank any credit accommodation,either directly from such Federal Reserve Bank or indirectly
through any financing Institution.
Volume 138
(d) Grant or Refusal of Application.—In making any loan to or purchasing the obligations of any established industrial or commercial business
or making any commitment with respect to such a loan or purchase, the
Federal Reserve Bank shall ascertain to its satisfaction:
(1) That the circumstances are exceptional;
(2) That the obligor upon the obligation to be purchased or to evidence
such loan is an established industrial or commercial business located in
its District;
(3) That the proceeds of such loan or purchase are to be used to provide
working capital for such business;
(4) That such obligor is unable to o tam n requisite financial assistance
on a reasonable basis from the usual sources;
(5) That the financial condition and credit standing of the obligor
and indorsers, if any, upon such obligations, and the value of the security
offered, if any, justify the granting of such accommodation on a reasonable
and sound basis; and
(6) That the transaction will comply with the requirements of the
law and of this regulation with regard thereto and,in so far as such Reserve
bank may be able to ascertain, does not involve a violation by any person
of the provisions of Section 22 of the Federal Reserve Act,
Sec. IV. Industrial Advisory Committees.
(a) Membership of Committees.—The Industrial Advisory Committee
established in each Federal Reserve District under the provisions of subsection (d) of Sec. 13b of the Federal Reserve Act shall consist of five
members actively engaged in some industrial pursuit within the Federal
Reserve District in which the committee is established and it shall be
the duty of such committee to consider all applications made to the Federal
Reserve Bank for discounts, purchases, loans, advances and commitments
pursuant to the provisions of Sec. 13b of the Federal Reserve Act and to
make recommendations to the Federal Reserve Bank with respect thereto.
The membership of such committee shall consist of persons who are familiar
with the problems and needs of industry and commerce in such District.
As soon as practicable, the board of directors of each Federal Reserve
Bank shall submit for the approval of the Federal Reserve Board the names
of the persons in the District of such Federal Reserve Bank selected by
such board of directors for service on such committee and, if approved
by the Federal Reserve Board, such persons shall serve as members of
said committee until March 1 1935.
On or before Feb. 15 1935, and on or before the fifteenth day of February
of each year thereafter, the board of directors of each Federal Reserve
Bank shall submit to the Federal Reserve Board for its consideration the
names of the persons selected to serve for the ensuing year as members
of the Industrial Advisory Committee of the District of such Federal
Reserve Bank and,if approved by the Federal Reserve Board,such persons
shall serve for terms of one year commencing on the first day of March
of such year. Vacancies that may occur in the membership of such committees shall be filled in like manner and persons appointed to fill such
vacancies shall hold office for the unexpired terms of their predecessors.
(b) Recommendations of Committees.—The Industrial Advisory Committee to which an application for any such discount, purchase, loan, advance or commitment by the Federal Reserve Bank of the District shall
have been submitted, after an examination by It of the business with
respect to which the application is made and a consideration of the necessity
and advisability of granting the application and of such other factors as
it may deem appropriate, shall transmit the application to the Federal
Reserve Bank together with the recommendation of the committee.
Sec. V. Aggregate Amount of Accommodations Which May Be Extended
by a Federal Reserve Bank.
Except with the permission of the Federal Reserve Board, the aggregate
amount of loans, advances and commitments of each Federal Reserve
Bank made pursuant to the provisions of Sec. 13b of the Federal Reserve
Act and outstanding, plus the amount of purchases and discounts acquired
under that section and held at the same time, shall not exceed the surplus
of such Federal Reserve Bank as of July 1 1934, plus all amounts paid
to such Federal Reserve Bank by the Secretary of the Treasury under
subsection (e) of Sec. 13b of the Federal Reserve Act.
Sec. VI. Rates of Interest and Discount.
All rates of interest and of discount established by any Federal Reserve
Bank with respect to loans, advances, discounts, and purchases made
under authority of the provisions of Sec. 13b of the Federal Reserve Act
shall be subject to the approval of the Federal Reserve Board.
Sec. VII. Reports by Federal Reserve Banks.
Each Federal Reserve Bank shall make a daily report to the Federal
Reserve Board of all transactions entered into pursuant to the authority
conferred by Sec. 13b of the Federal Reserve Act on the Federal Reserve
Board's Form BD4, prescribed for the reporting of discount transactions.
Sec. VIII. Changes in Regulations.
The Federal Reserve Board, pursuant to the authority conferred upon
It by Sec. 13b of the Federal Reserve Act, will alter, modify or amend
the provisions of this regulation from time to time in its discretion.
Appendix.
There Is printed below the text of subsections (h). (I) (j) and (k) of
Sec. 22 of the Federal Reserve Act, as amended by the Act of June 19 1934,
which relate in part to the subject matter of this regulation:
(h) Whoever makes any material statement, knowing It to be false, or
whoever willfully overvalues any security, for the purpose of influencing
In any way the action of a Federal Reserve Bank upon any application,
commitment,advance, discount, purchase, or loan, or any extension thereof
by renewal, deferment of action, or otherwise, or the acceptance, release,
or substitution of security therefor, shall be punished by a fine of not
more than $5,000 or by imprisonment for not more than two years, or both.
(I) Whoever, being connected in any capacity with a Federal Reserve
Bank (1) embezzles, abstracts, purloins, or willfully misapplies any moneys,
funds, securities, or other things of value, whether belonging to it or
edged or otherwise entrusted to it, or (2) with intent to defraud any
Federal Reserve Bank, or any other body politic or corporate, or any Individual, or to deceive any officer, auditor, or examiner, makes any false
entry in any book, report, or statement of or to a Federal Reserve Bank,
or, without being duly authorized, draws any order or issues, puts forth,
or assigns any note, debenture, bond, or other obligation, or draft, mortgage, judgment, or decree shall be punished by a fine of not more than
$10,000 or by Imprisonment for not more than five years, or both.
(j) The provisions of Sections 112, 113, 114, 115, 116 and 117 of the
Criminal Code of the United States, in so far as applicable, are extended
to apply to contracts or agreements of any Federal Reserve Bank under this
Act, which, for the purposes hereof, 811.11 be held to include advances,
loans, discounts, purchase and repurchase agreements; extensions and
renewals thereof; and acceptances, releases, and substitutions of security
therefor.
(k) It shall be unlawful for any person to stipulate for or give or receive,
or consent or agree to give or receive, any fee, commission, bonus, or thing
of value for procuring or endeavoring to procure from any Federal Reserve
Bank any advance, loan, or extension of credit or discount or purchase
of any obligation or commitment with respect thereto, either directly from
such Federal Reserve Bank or indirectly through any financing institution,
unless such fee, commission, bonus, or thing of value and all material
facts with respect to the arrangement or understanding therefor shall
be disclosed in writing in the application or request for such advance,
loan, extension of credit, discount, purchase, or commitment. Any violation of the provisions of this paragraph shall be punishable by imprisonment for not more than one year or by a fine of not exceeding $5,000,
or both. If a director, officer, employee, or agent of any Federal Reserve
4387
Financial Chronicle
Bank shall knowingly violate this paragraph, he shall be held liable in
his personal and individual capacity for any loss or damage sustained
by such Federal Reserve Bank in consequence of such violation.
$2,000,000,000 Lending Program Launched by Building
and Loan Associations.
Launching of a $2,000,000,000 lending program by the
building and loan associations, matching their loan operations in a normal year, was announced at Chicago, on June 23,
by Philip Lieber, of Shreveport, La., President of the United
States Building & Loan League. The plan is to seek to place
this amount in loans to home owners and would-be home owners within the coming 12 months. Mr. Lieber lists, as follows,
the five major factors which have increased the lending
capacity of the associations:
1. An approach to normal income from new accounts and from additional
payments on existing share accounts. One hundred and fifty thousand new
shareholders came into the associations during the first four months of the
year, and the recently-enacted low providing for a Federal Savings & Loan
Insurance Corporation will undoubtedly speed up the inflow of new savers'
funds.
2. A definite fall off in the applications made by present investors for
repurchase of their shares, April of this year having shown the smallest number of accounts closed in a long time.
3. The accelerated rate of Home Owners' Loan Corporation bond exchanges,
the addition of considerable sums to the relief funds of the Corporation, fully
a third of which will find their way into the associations in exchange for
mortgages in the relief class.
4. The increasing membership of the associations in the Federal Home
Loan Bank System gives 2,500 of them, representing the larger part of the
total building and loan assets, direct entry to the reserve facilities of the
System. Both the 1934 Federal law amending the Home Owners' Loan Act,
and the National Housing Act have paved the way for an easier flow of
money into the Federal Home Loan Bank System to be used for advances
to its member institutions.
5. Repayments on existing mortgage loans held by the associations, normally bringing in more than $720,000,000 a year, have picked up considerably
and add to the loaning funds available.
Treasury Purchased No Government Securities During
Week of June 23.
The Treasury Department made no purchases of Governmentsecuritiesin the open market during the week of June 23,
it is indicated in a statement issued by the Department on
June 25. This is the fourth consecutive week that the
Treasury has failed to purchase any securities for the investment accounts of any of the various Government agencies.
The Treasury's last purchases of securities, amounting to
$5,000,000, were made during the week of May 26. Since
the inception of the Treasury's support to the Government
bond market last November (reference to which was made
in our issue of Nov. 25, page 3769) the weekly purchases
have been as follows:
$7,909,000
68,748,000 Mar. 17 1934
Nov. 25 1933
37,744.000
2,51.5,000 Mar. 24 1934
Dec. 2 1933
23,600,000
7,079,000 Mar. 31 1934
Dec. 9 1933
42,369,400
16,600,000 Apr. 7 1934
Dec. 16 1933
20,580,000
16,510,000 Apr, 14 1934
Dec. 23 1933
30,500,000
11,950,000 Apr. 21 1934
Dec. 30 1933
4,885,000
44,713,000 Apr. 28 1934
Jan. 6 1934
5.001,500
33,868,000 May 5 1934
Jan. 13 1934
500,000
17,032,000 May 12 1934
Jan. 20 1934
4,000,000
2,800,000 May 19 1934
Jan. 27 1934
5,000,000
7,900,000 May 26 1934
Feb. 5 1934
.22,528,000 June 2 1934
Feb. 13 1934
7,089,000 June 9 1934
Feb. 17 1934
1,861,000 June 16 1934
Feb. 24 1934
10,208,100 June 23 1934
Mar. 3 1934
6,900,000
Mar. 10 1934
•In addition to this amount, $638,400 of bonds held by the Treasury as collatera
security for postal savings deposits purchased Feb. 9 by FDIC.
Hoarded Gold Amounting to $909,098 Received During
Week of June 20—$53,708 Coin and $855,390 Certificates.
Receipts of gold coin and certificates during the week of
June 20 by the Federal Reserve Banks and the Treasurer's
office, according to figures issued by the Treasury Department on June 25, amounted to $909,097.58. Total receipts
since Dec. 28 1933, the date of the issuance of the order
requiring all gold to be returned to the Treasury, and up to
June 20, amount to $90,412,405.57. Of the amount received during the week ended June 20, the figures show,
$53,707.58 was gold coin and $855,390 gold certificates. The
total receipts are shown as follows:
Received by Federal Reserve banks:
Week ended June 20
Received previously
Total to June 20
Received by Treasurer's office:
Week ended June 20
Received previously
Gold
Coin.
$52,507.58
28,066,603.99
Gold
Certificates.
$837,790.00
59,615,010.00
828,119,111.57 $60,452,800.00
$1,200.00
247.994.00
$17,600.00
1,573,700.00
8249,194.00 $1,591,300.00
Total to June 20
Note.—Ciold bars deposited with the New York Assay Office in the amount of
$200,572.69 previonsly reported.
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 Fed-
4388
Financial Chronicle
oral Reserve banks and agents. The figures this time are for
May 31 1934 and 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
$5,357,372,048, as against $5,367,572,469 on April 30 1934
and $5,812,319,611 on May 31 1933, 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:
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a Does not include gold other than that held by the Treasury.
b These amounts are not included in the total since the gold or silver held as
security against gold and silver certificates and Treasury notes of 1890 is included
under gold, standard silver dollars and silver bullion, respectively.
C $1,560,000 secured by silver bullion held in the Treasury (Act May 12 1933).
d This total includes $29,775,222 deposited for the redemption of Federal Reserve
notes ($1,275,810 in process of redemption).
e Includes $1,800,000,000 Exchange Stabilization Fund.
f Includes $37,829,467 lawful money deposited for the redemption of National
bank notes ($21,638,251 in process of redemption, including notes chargeable to
the retirement fund), $4,720,300 lawful money deposited for the redemption of
Federal Reserve bank notes ($2,243,212 in process of redemption, including notes
chargeable to the retirement fund), $1,350 lawful money deposited for the retirement of additional circulation (Act May 30 1908), and $80,676,117 lawful money
deposited as a reserve for Postal Savings deposits.
* The amount of gold and silver certificates and Treasury notes of 1890 should
be deducted from this amount before combining with total money held in the
Treasury to arrive at the total amount of money in the United States.
12 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.
Nole.-Gold certificates are secured dollar for dollar by gold held in the Treasury
for their redemption for uses authorized by law: silver certificates are secured
dollar for dollar by standard silver dollars held in the Treasury for their redemption
(or by silver bullion); United States notes and Treasury notes of 1890 are secured
30 1934
380,532.05 Fine Ounces of Silver Purchased During
Week of June 22 by Treasury Department.
In accordance with the President's proclamation of Dec. 31
1933 which authorized the Treasury Department to buy at
least 24,000,000 ounces of silver annually, the Department
purchased 380,532.05 fine ounces during the week of June 22,
which compares with 206.790.36 fine ounces purchased during the week of June 15. A statement issued June 25 by the
Treasury showed that of the amount purchased during the
latest week, 275,423.75 fine ounces were received at the
Philadelphia mint; 2,628.30 fine ounces at the San Francisco
mint,and 102,480 fine ounces at the Denver mint. Since the
issuance of the proclamation, referred to in our issue of Dec.
23 1933, page 4440, the weekly receipts are as follows (we
omit the fractional part of the ounce):
Week EndedJan. 5
Jan. 12
Jan. 19
Jan. 28
Feb. 2
Feb. 9
Feb. 16
Feb. 23
Mar. 2
Mar. 9
Mar. 16
Mar. 23
Mar. 30
OUPIAII.
1,157
547
477
94,921
117,554
375,995
232,630
322,627
271,800
126.604
832,808
369,844
354,711
Week Ended
Apr. 6
Apr. 13
Apr. 20
Apr. 27
May 4
May 11
May 18
May 25.
June 1
June 8
June 15
June 22
Ounces
.
569,274
10,032
753,938
436,043
647,224
600,631
503,309
885,056
295.511
200,897
206.790
380,532
The statement by the Treasury Department contained a
corrected figure on total receipts of silver through June 22
of 8,495,000 fine ounces.
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3.812.208,410
1,756.768.446
1412.360,791
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MONEY OUTSIDE OF THE TREASURY.
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3,799,746.458
2,436.864430
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by a gold reserve of $156,039.431 held in the Treasury. Treasury notes of 1890
are also secured dollar for dollar by standard silver dollars held In the Treasury;
these notes are being canceled and retired on receipt. Federal Reserve notes are
obligations of the United States and a first lien on all the assets of the issuing
Federal Reserve bank. Federal Reserve notes are secured by the deposit with
Federal Reserve agents of a like amount of gold certificates or of gold certificates
and such discounted or purchased paper as is eligible under the terms of the Federal
Reserve Act, or until March 3 1935, of direct obligations of the United States if
80 authorized by a majority vote of the Federal Reserve Board. Federal Reserve
banks must maintain a reserve In gold certificates of at least 40%, Including the
redemption fund which must be deposited with the United States Treasurer, against
Federal Reserve notes in actual circulation. Federal Reserve bank notes are
secured by direct obligations of the United States or commercial paper, except
where lawful money has been deposited with the Treasurer of the United states
for their retirement. National bank notes are secured by United States bonds
except where lawful money has been deposited with the Treasurer of the United
States for their retirement. A 5% fund is maintained in lawful money with the
'treasurer of the United States for the redemption of National bank notes and
Federal Reserve bank notes.
New Offering of $75,000,000 or Thereabouts of 183-day
Treasury Bills
-To Be Dated July 3 1934.
Tenders to a new offering of $75,000,000, or thereabouts,
of 183
-day Treasury bills, to be dated July 3 1934, were received at the Federal Reserve banks and the branches thereof
up to 2 p. m., Eastern Standard Time, yesterday (June 29).
The bills will mature on Jan.21935, and on the maturity date
the face amount will be payable without interest. Announcement of the offering was made on June 26 by Henry Morgenthau Jr., Secretary of the Treasury. The bills were sold on a
discount basis to the highest bidders, and the accepted bids
will be used, in part, to meet an issue of $50,151,000 of similar
securities whidh mature on July 3. In his announcement of
the offering, Secretary Siorgenthau said, in part:
They (the bills) will be issued in bearer form only, and in amount'
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 29 1934,
all tenders received at the Federal Reserve banks or branches thereof up to
the closing hour will be opened and public announcement of the acceptable
prices will follow as soon as possible thereafter, probably on the following
morning. The Secretary of the Treasury expressly reserves the right to
reject any or all tenders or parts of tenders, and to allot lets; than the amount
applied for, and his action in any such respect shall be final. Those submitting tenders will be advised of the acceptance or rejection thereof. Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
July 3 1934.
The Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt from all
taxation, except estate and inheritance taxes. No loss from
the sale or
other disposition of the Treasury bills shall be allowed as a deduction, or
otherwise recognized, for the purposes of any tax now or hereafter imposed
by the United States or any of its possessions.
In Six-line Amendment to Housing Bill Congress Votes
to Itself Right to Borrow from Home Owners' Loan
Corporation.
We quote as follows Associated Press advices from Washington June 23:
In a six-line amendment to the Housing Bill, Congress voted itself the
right, hitherto denied, to borrow money from the Home Owners Loan
Corporation and various farm loan agencies.
Volume 1"
Financial Chronicle
This proposal originally was killed when it appeared as a separate bill.
The amendment changes an act passed this year to enable members of
Congress to receive Government benefit payments for crop reduction.
This act, only six lines long, nullified provisions of the Criminal Code
which subjected members of Congress to a $3,000 fine if they entered into
contracts with the Government.
The result of the amendment would be to allow members who wish
to claim they are in distress and cannot pay the mortgages on their homes,
to obtain loans from the Home Owners Loan Corporation.
Similarly members may now borrow under the several farm relief acts.
Clarifying Amendment to Corporate Bankruptcy Bill
Passed by Congress Before Adjournment.
Following the signing by President Roosevelt on June 7
of the Corporate Bankruptcy bill, Congress has since passed
a clarifying amendment to the law. This amendment passed
the Senate on June 14, while the House passed it on the
following day,June 15, In the House on June 15 Representative Celler indicated that the amendment had been requested
by Federal Judges all over the country. He also said:
It provides for the landlords filing their claims against bankrupt estates
provided the case is pending in court now and that the six months within
which the claims must be filed has not elapsed.
Through inadvertence it was left out of the corporate reorganization
bill. This perfects that bill and is quite essential if we are to avoid a great
deal of expense and inconvenience in opening up the old estates.
The following is the amendment as passed by the Senate
and House on June 14 and 15 respectively:
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled, That section 4(a) (7) of the Act
entitled "An Act to amend an Act entitled 'An Act to establish a uniform
system of bankruptcy throughout the United States', approved July 1
1898, and Acts amendatory thereof and supplemental thereto", approved
June 7 1934, is hereby amended by adding at the end of said clause (7)
after the words "Provided further, That the provisions of this clause (7)
shall apply to estates pending at the time of the enactment of this amendatory Act", the words "in which the time for filing such claims has not
expired."
The text of the Corporate Bankruptcy bill, as signed by
the President on June 7, was given in our June 16 issue,
page 4013.
President Roosevelt Signs Kerr Bill, Designed to Control Tobacco Production by Taxes on Output
Above Quotas.
President Roosevelt on June 28 signed the Kerr tobacco
production control bill, designed to control tobacco production through the imposition of punitive taxation on output
in excess of quotas assigned by the Secretary of Agriculture.
Final Congressional approval of this measure was noted in
our issue of June 23, page 4214. J. B. Hutson, chief of the
tobacco section of the Department of Agriculture, said on
June 28 that administrative regulations will be announced
shortly. The Act itself is similar in principle to the Bankhead Cotton Control Act, also passed at the last session of
Congress. Associated Press Washington advices of June 28
summarized its leading provisions as follows:
4389
of the property. The President may raise both of these billion-dollar
limits at his discretion.
The act also makes possible the exchange of existing short-term mortgages
on homes for 20-year guaranteed, amortized mortgages.
The Lumber Association expects an immediate surge of building as soon
as the machinery of administering the Housing Act gets into operation.
President Roosevelt Signs Bill Granting Secretary of
Interior Control over Public Domain for Conservation of Grazing Lands.
The Taylor Bill, giving the Secretary of the Interior control
over the public domain in an effort to conserve grazing lands,
was signed by President Roosevelt on June 28. The measure
creates grazing districts with an aggregate area of not more
than 80,000,000 acres. President Roosevelt, in a statement
issued after signing the bill, said that by enacting the law
the Federal Government has taken "a great step forward
in the interest of conservation, which will prove of benefit
not only to those engaged in the livestock industry but also
to the nation as a whole."
President Roosevelt Signs Executive Order Allocating
$150,000,000 for Drouth Relief—Money Is Part of
$525,000,000 Appropriated by Congress.
President Roosevelt,in an Executive Order issued June 23,
allocated $150,000,000 for the purpose of drouth relief in
the West and Middle West. This amount will be taken
from the $525,000,000 appropriated at the recent session
of Congress and will be spent as follows: $12,500,000 for
Civilian Conservation Corps camps; $25,000,000 for loans
to farmers for seed, feed, freight, summer fallowing and
similar purposes; $56,250,000 for Federal Emergency Relief
Administration loans to States; $12,500 for the purchase
of lands in drouth-stricken areas, and $43,760,000 for the
"purchase, sale, gift or other disposition of seed, feed and
livestock and for transportation thereof."
The text of the Executive Order follows:
EXECUTIVE ORDER.
(Allocating funds to meet the emergency and necessity for relief in stricken
agricultural areas.)
By virtue of, and pursuant to, the authority vested in me by the "Emergency Appropriation Act, fiscal year 1935" appropriating $525,000,000
to meet the emergency and necessity for relief in stricken agricultural
areas, there is hereby allocated to the director of em-rgency conservation
work for the establishment and maintenance of Civilian Conservation Corps
camps the sum of $12,500,000 to the Farm Credit Administration for
making loans to farmers for seed, feed, freight, summer fallowing and
similar purposes, under such terms and conditions as the Governor thereof
may prescribe, the sum of $25,000,000; to the Federal Emergency Relief
Administration for making grants to States, the sum of $56,250,000 and for
the purpose of increasing employment through the purchase of lands in
the stricken areas, the sum of $12,500,000; and to the Secretary of Agriculture or such agency as he may designate, the sum of $43.750,000 for the
purchase, sale, gift or other disposition of seed, feed and livestock and for
transportation thereof.
FRANKLIN D. ROOSEVELT.
The White House. June 23 1934.
Levying an ad valorem tax of 33 1-3%—unless Secretary Wallace fixes a
lower rate which may not be less than 25%—on all tobacco produced this
season by growers not having allotments under the voluntary adjustment
program.
Maryland tobacco, Virginia sun-cured and cigar leaf tobacco are exempted
this year. The act may be extended to any type of the 1935-36 crop if
three-fourths of the growers of a type want it continued.
Reopening the voluntary sign-up campaign to allow growers thirty days
to apply for contracts.
Permitting small growers, in sympathy with the act but not able to
qualify for adjustment contracts, to receive allotments of production which
may be sold without payment of the tax, conditioned by the fact that such
growers will not share in benefit payments.
President Roosevelt Signs Federal Procedure Act,
Giving United States Supreme Court Power to
Prescribe Uniform Rules for Federal Courts.
President Roosevelt on June 19 signed the Federal Procedure Act, giving to the United States Supreme Court the
power to prescribe uniform rules of practice and procedure
for Federal courts in actions at law. When Congress thus
relinquished its right to establish procedure, it took what
President Roosevelt described in a statement as "one of the
most important steps ever taken in the improvement of
our judicial system." The President added that under the
President Roosevelt Signs National Housing Bill— Act a complicated system which had resulted in much
National Retail Lumber Dealers' Cut Prices 10%.
confusion would be supplanted by "a simplified, flexible,
The Administration's housing bills, which is to be known as scientific, correlated system of procedural rules prescribed
by President Roosethe National Housing Act, was signed
by the Supreme Court."
velt on June 28. Final Congressional action on the bill was
Attorney-General Cummings, in a statement on June 19,
in our issue of June 23, page 4221—coincident with
noted
expressed the hope that "the system of procedural rules
the approval of the bill by the President a 10% reduction prescribed by the Supreme Court for the Federal trial courts
in the price of lumber and building material was announced will serve as a model for the several States, and that eventuby the National Retail Lumber Dealers' Association to aid ally we shall have a uniform system of procedure throughout
the Administration's housing program. At the same time the country, in the Federal and State courts alike."
General Johnson (we quote from a Washington dispatch to
The statement issued by President Roosevelt in signing
the New York "Times"), ordered a revision of the "model the bill on June 19 follows:
mark-up" in the Retail Lumber Code to make possible reducThe enactment by the Congress of this measure, which gives to the
Supreme Court of the United States the power to prescribe uniform rules
tions to consumers. The same account said:
Railroad rates and labor costs, the President indicated also will have to
be lowered to carry forward his plan to rejuvenate the building industry.
The NRA "model mark-up" is the percentage which the retail lumber
dealer must add to his invoice cost for the expenses of administration,
handling and storage. The average for the whole country has been 41%,
with a mark-up of 45% in New York City. The average mark-up under
the new order is 29%. under 34% for New York City.
The Housing Act makes possible loans of $1,000,000.000 by banks,
building and loan associations, and other lending agencies for repairs and
renovations with a guarantee of 20% by the Government.
It also provides for the insurance up to $1,000,000,000 of mortgages on
do not exceed $16,000 nor 80% of the value
new homes, provided that they
of practice and procedure for the Federal courts in actions at law, represents
one of the most important steps ever taken in the improvement of our
judicial system. Its significance at once will be recognized in informed
legal circles.
The procedure which has heretofore been followed is based upon a complicated patchwork of disconnected statutes and judicial decisions, superimposed upon the varying practice in the several States. The confusion
resulting from such an unscientific system has, of necessity, been productive
of uncertainty, expense and delay.
For the complicated procedure of the past, we now propose to substitute
a simplified, flexible, scientific, correlated system of procedural rules
prescribed by the Supreme Court. The members of that great tribunal
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Financial Chronicle
are pre-eminently qualified to Lischarge the duty which has been entrusted
to them.
All of us who are seriously concerned with the problem of legal reform
and the speeding up of the administration of justice regard the passage
of t is bill as a distinct achievement.
President Roosevelt Signs Resolution Passed by Congress Authorizing Return to Canada of Historic
Mace Taken by United States Forces During
War of 1812.
On June 16 President Roosevelt signed a resolution passed
during the late session of Congress authorizing the President
to return to the Dominion of Canada,"In token of the mutual
friendship . . . existing between the people of the
United States and those of Canada," the mace of the Parliament of Upper Canada taken by United States forces in 1812,
and since preserved in the United States Naval Academy at
Annapolis. As was noted in our issue of May 12, page 3204,
in a special message to Congress on May 4, the President
asked that body to authorize the return of the mace to the
Parliament of Ontario. The resolution was passed by the
Senate on May 15, and by the House on June 11. As passed
by both branches of Congress, and signed by the President,
the resolution reads:
Authorizing the President to return the mace of the Parliament of Upper
Canada to the Canadian Government.
Whereas, The mace of the Parliament of Upper Canada, or Ontario, has been
the symbol of legislative authority at York (now Toronto) since 1792; and
Whereas, The mace then in use was taken at the Battle of York, April 27
1813, by the United States forces and since has been preserved in the
United States Naval Academy at Annapolis; and
Whereas, On July 4 1934 there is to be unveiled in Toronto a memorial
tablet erected by the United States Daughters of 1812 to the memory of
General Pike and others of the United States forces who were killed in
action: Now, therefore, be it
Resolved, &e., That the President be, and he is hereby, authorized to
return said mace to the Canadian Government in token of the mutual friendship and good will existing between the people of the United States
and
those of Canada.
President Roosevelt Vetoes 14 Minor Bills, in Preference to Allowing Measures to Die by "Pocket Veto"
—Signing of Other Bills—Bill Establishing Federal
Credit System Signed.
President Roosevelt on June 26 announced that he had
vetoed 14 bills, giving brief statements of his reasons for
vetoing the measures. A statement issued at the White
House referred to the section of the Constitution authorizing
so-called "pocket vetoes," under which all legislation not
signed by the President within ten days after the final adjournment of a Congressional session, excluding Sundays,
is automatically vetoed. The White House statement
added:
The President has desired, however, to take a more affirmative position
than this, feeling that in the case of most legislation reasons for definite
disapproval should be given. Therefore, he has written on the copy of
each bill the words "disapproved and signature withheld" and has appended in every case a brief statement giving the reason or reasons for disapproval.
All of the bills vetoed were of the type known as "relief
bills," designed—to — it
ad--7A or recompense alleged cliams
against the Government. In every case the President cited
the reason for the veto from a report by some department
or bureau to which the bill had been referred for examination.
The President on June 26 also signed five minor bills.
One of these authorizes the George Washington Bicentennial
Commission to print and distribute additional sets of the
writings of George Washington. Another is an act authorizing the formation of a corporation to "insure the more
effective diversification of prison industries and for other
purposes." In signing this bill Mr. Roosevelt issued the
following statement:
I am glad to approve this bill because it represents a distinct advance
in the progress of prison industries. Without any important competition
with private industry or labor. the Government can provide increasingly
useful work for those who need to learn how to work, and to learn that
work in itself is honorable and is a practical substitute for criminal methods
of earning one's livelihood.
Additional
-bills signed by the President were indicated
as follows in a Washington dispatch June 27 to the New
York "Times."
Credit Union Bill Approved.
Among the bills of general interest approved were the following:
To establish a Federal Credit Union System, under which loans would
be made available to persons of small means for provident purposes through
a National system of co-operative credit.
To simplify the administration of air mail contracts and routes.
To permit Congress to re-examine permanent appropriations annually.
To provide for taxation and regulatory control over the manufacture.
importation and sale of machine guns and other firearms.
In all, said the "Times" dispatch, 155 bills were disposed
of by the President on June 27,-124 having been approved
and 31 vetoed. Among the bills vetoed was one which
June 30 1934
would have raised the parity values of wheat from $1.08 to
$1.13.
President Roosevelt Vetoes Bill Authorizing Consideration of Additional Factors in Determining Parity
Values of Farm Products--Measure Was Supported
by AAA, but Doubt Had Been Raised As to Constitutionality.
President Roosevelt on June 27 vetoed the Shipstead bill,
which would have authorized the Secretary of Agriculture to
consider additional factors in determining parity prices for
basic agricultural commodities and in determining production
benefits and processing taxes. The bill would have raised
the parity value of wheat from $1.08 to $1.13, and at the
same time the processing tax on wheat would have been
advanced from 30 to 34 cents a bushel. Although the measure was endorsed by the Agricultural Adjustment Administration, the President vetoed it because, despite its taxation
features, the Senate approved the bill before the House,
thus raising doubts as to its constitutionality.
President Roosevelt Radio Message on Progress of
Recovery Program—Task of Congress That of
Completing Work Begun a Year Ago—Future
Plans Involve Security of People of Nation, Social
Insurance and Development of Land and Water
Resources.
In a nation-wide radio message broadcast from Washington on June 28, President Roosevelt outlined some of the
major enactments of Congress, and observed that "as we
review the achievements of this session . . . it is
made increasingly clear that its task was essentially that of
completing and fortifying the work it had begun in March
1933." Among the measures to which reference was made
by the President were the Corporate and Municipal Bankruptcy Acts, the Farm Relief Act, the bill providing loans to
industry, the Labor Adjustment Act. Included in the list,
too, was the National Housing Act, to which the President
affixed his signature on June 28, and to which we refer elsewhere in these columns to-day. "Relief was" said the
President, "and continues to be our first consideration."
"It calls for large expenditures" he added,"and will continue
in modified form to do so for a long time to come." In citing
recovery as the second step, the President said, "it is sufficient for me to ask each and every one of you to compare
the situation in agriculture and industry with what it was
15 months ago." Among other things he said:
The simplest way for each of you to judge recovery lies in the plain facts
of your own individual situation. Are you better off than you were last
year? Are your debts less burdensome? Is your bank account more secure?
Are your working conditions better? Is your faith in your own individual
future more firmly grounded?
"In the working out of a great National program which
seeks the primary good of the greater number, it is true"
said the President "that the toes of some people are being
stepped on and are going to be stepped on. But these toes
belong to the comparative few who seek to retain or to gain
position or riches or both by some short cut which is harmful
to the greater good." He declared the program of the past
year "to be definitely in operation, and that operation,
month by month, is being made to fit into the web of old
and new conditions."
"In this same process of evolution," said the President,
"we are keeping before us the objectives of protecting, on
the one hand,industry against chiselers within its own ranks,
and, on the other hand, the consumer through the maintenance of reasonable competition for the prevention of the
unfair skyrocketing of retail prices." In addition, he continued, "we must still look on the larger future." He went
on to say:
I have pointed out to the Congress that we are seeking to find the way
once more to well-known, long-established, but to some degree forgotten
ideals and values. We seek the security of the men, women and children
of the nation.
That security involves added means of providing better homes for the
people of the nation. That is the first principle of our future program.
The second is to plan the use of land and water resources of this country'
to the end that the means of livelihood of our citizens may be more adequate
to meet their daily needs.
And, finally, the third, principle is to use the agencies of government
to assist in the establishment of means to provide sound and adequate
protection against the vicissitudes of modern life—In other words, social
insurance.
Reference was made by the President to the renovation
which the White House office building is to undergo during
his absence from Washington this summer, and he observed:
If I were to listen to the arguments of some prophets of calamity who are
talking these days, I should hesitate to make these alterations. I should
fear that while I am away for a few weeks the architects might built some
strange new Gothic tower or a factory building or perhaps a replica of the
Kremlin or of the Potsdam Palace. But I have no such fears. The architects
Financial Chronicle
Volume 138
and builders are men of common sense and of artistic American tastes.
They know that the principles of harmony and of necessity itself require
that the building of the new structure shall blend with the essential lines
of the old. It is this combination of the old and the new that marks orderly
peaceful progress—not only in building buildings but in building government itself.
Our new structure is a part of and a fulfillment of the old.
In full the President's address follows:
It has been several months since I have talked with you concerning the
problems of Government. Since January those of us in whom you have
vested responsibility have been engaged in the fulfillment of plans and policies which had been widely discussed in previous months. It seemed to
us our duty not only to make the right path clear but also to tread that
path.
Review of Congressional Legislation.
As we review the achievements of this session of the Seventy-Third
Congress it is made increasingly clear that its task was essentially that of
completing and fortifying the work it had begun in March 1933. That
was no easy task, but the Congress was equal to it.
It has been well said that while there were a few exceptions, this Congress
displayed a greater freedom from mere partisanship than any other peacetime Congress since the administration of President Washington himself.
The session was distinguished by the extent and variety of legislation enacted and by the intelligence and good-will of debate upon these measures.
I mention only a few of the major enactments. It provided for the readjustment of the debt burden through the Corporate and Municipal Bankruptcy Acts and the Farm Relief Act. It lent a hand to industry by encouring loans to solvent industries unable to secure adequate help from banking
Institutions. It strengthened the integrity of finance through the regulation of securities exchanges.
It provided a rational method of increasing our volume of foreign trade
through reciprocal trading agreements. It strengthened our naval forces
to conform with the intentions and permission of existing treaty rights.
It made further advances toward peace in industry through the Labor
Adjustment Act. It supplemented our agricultural policy through measures widely demanded by farmers themselves and intended to avert pricedestroying surpluses.
It strengthened the hand of the Federal Government in its attempts
to suppress gangster crime. It took definite steps toward a National
housing program through an act which I signed to-day designed to encourage private capital in the rebuilding of the homes of the Nation. It created a permanent Federal body for the just regulation of all forms of communication, including the telephone, the telegraph and the radio.
Finally, and I believe most important, it reorganized, simplified and
made more fair and just our monetary system, setting up standards and
policies adequate to meet the necessities of modern economic life, doing
justice to both gold and silver as the metal bases behind the currency of the
United States.
In the consistent development of our previous efforts toward the saving
and safeguarding of our National life, I have continued to recognize three
related steps, the first was relief, because the primary concern of any Government dominated by the humane ideals of democracy is the simple
principle that in a land of vast resources no one should be permitted to
starve.
Relief was and continues to be our first consideration. It calls for large
expenditures and will continue in modified form to do so for a long time to
come. We may as well recognize that fact. It comes from the paralysis
that arose as the after-effect of that unfortunate decade characterized by
a mad chase for unearned riches and an unwillingness of leaders in almost
every walk of life to look beyond their own schemes and speculations.
In our administration of relief we follow two principles: first, that direct
giving shall, wherever possible, be supplemented by provision for useful
and remunerative work, and, second, that where families in their existing
surroundings will in all human probability never find an opportunity for
-maintenance, happiness and enjoyment, we will try to give them
full self
a new chance in new surroundings.
The second step was recovery, and it is sufficient for me to ask each
and every one of you to compare the situation in agriculture and in industry
to-day with what it was fifteen months ago.
At the same time we have recognized the necessity of reform and reconstruction—reform because much of our trouble to-day and in the past
few years has been due to a lack of understanding of the elementary principles of justice and fairness by those in whom leadership in business and
finance and public affairs was placed—reconstruction because new conditions in our economic life as well as old but neglected conditions had to
be corrected.
Substantial gains well known to all of you have justified our course. I
could cite statistics to you as unanswerable measures of our National
progress—statistics to show the gain in the average weekly pay envelope
of workers in the great majority of industries—statistics to show hundreds
of thousands re-employed in private industries and other several millions
given new employment through the expansion of direct and indirect assistance of many kinds, although, of course, there are those exceptions in
professional pursuits whose economic improvement, of necessity, will be
delayed.
I also could cite statistics to show the great rise in the value of farm
products—statistics to prove the demand for consumers' goods, ranging
all the way from food and clothing to automobiles, and of late for durable
goods—statistics to cover the great increase in bank deposits and to show
the scores of thousands of homes and farms which have been saved from
foreclosure.
But the simplest way for each of you to judge recovery lies in the plain
facts of your own individual situation. Are you better off than you were
last year? Are your debts less burdensome? Is your bank account more
secure? Are your working conditions better? Is your faith in your own
individual future more firmly grounded?
Also, let me put to you another simple question:
Have you as an individual paid too high a price for these gains? Plausible self-seekers and theoretical die-hards will tell you of the loss of individual liberty.
Answer this question also out of the facts of your own life: Have you lost
any of your rights or liberty or constitutional freedom of action and choice?
Turn to the Bill of Rights of the Constitution, which I have solemnly
sworn to maintain and under which your freedom rests secure. Read each
provision of that Bill of Rights and ask yourself whether you personally
have suffered the impairment of a single jot of these great assurances.
I have no question in my mind as to what your answer will be. The record is written in the experiences of your own personal lives.
In other words, it is not the overwhelming majority of the farmers or
manufacturers or workers who deny the substantial gains of the past year.
The most vociferous of the doubting Thomases may be divided roughly
Into two groups. First, those who seek special political privilege, and.
second, those who seek special financial privilege.
4391
About a year ago I used as an illustration the 90% of the cotton manufacturers of the United States who wanted to do the right thing by their
employees and by the public, but were prevented from doing so by the
10% who undercut them by unfair practices and un-American standards.
It is well for us to remember that humanity is a long way from being
Perfect and that a selfish minority in every walk of life—farming, business,
finance and even Government service itself— will always continue to think
of themselves first and their fellow-being second.
In the working out of a great National program which seeks the primary
good of the greater number, it is true that the toes of some people are being
stepped on and are going to be stepped on. But these toes belong to the
comparative few who seek to retain or to gain position or riches or both
by some short cut which is harmful to the greater good.
In the execution of the powers conferred on it by the Congress the Administration needs and will tirelessly seek the best ability that the country
affords. Public service offers better rewards in the opportunity for service
than ever before in our history—not great salaries, but enough to live on.
In the building of this service there are coming to us men and women with
ability and courage from every part of the Union.
The days of the seeking of mere party advantage through the misuse
of public power are drawing to a close. We are increasingly demanding
and getting devotion to the public service on the part of every member of
the Administration, high and low.
Program of Past Year Definitely in Operation.
The program of the past year is definitely in operation, and that operation month by month is being made to fit into the web of old and new conditions. This process of evolution is well illustrated by the constant
changes in detailed organization and method going on in the National
Recovery Administration.
With every passing month we are making strides in the orderly handling
of the relationship between employees and employers. Conditions differ,
of course, in almost every part of the country and in almost every industry.
Temporary methods of adjustment are being replaced by more permanent
machinery and, I am glad to say, by a growing recognition on the part
of employers and employees of the desirability of maintaining fair relationships all around.
So also, while almost everybody has recognized the tremendous strides
in the elimination of child labor, in the payment of not less than fair minimum wages and in the shortening of hours, we are still feeling our way in
solving problems which relate to self-government in industry, especially
where such self-government tends to eliminate the fair operation of competition.
In this same process of evolution we are keeping before us the objectives
of protecting on the one hand industry against chiselers within its own
ranks, and on the other hand, the consumer through the maintenance of
reasonable competition for the prevention of the unfair sky-rocketing of
retail prices.
Looking to Future—Administration of Relief.
But, in addition to this, our immediate task, we must still look to the
larger future. I have pointed out to the Congress that we are seeking to
find the way once more to well-known, long-established but to some degree
forgotten ideals and values. We seek the security of the men, women and
children of the Nation.
That security involves added means of providing better homes for the
people of the Nation. That is the first principle of our future program.
The second is to plan the better use of land and water resources of this
country and to the end that the means of livelihood of our citizens may be
more adequate to meet their daily needs. And finally, the third principle
is to use the agencies of Government to assist in the establishment of means
to provide sound and adequate protection against the vicissitudes of modern life—in other words, social insurance.
Later in the year I hope to talk with you more fully about these plans.
Program Fulfillment of Old and Tested Ideals.
A few timid people, who fear progress, will try to give you new and
strange names for what we are doing. Sometimes they will call it "fascism," sometimes "communism," sometimes "regimentation," sometimes
"socialism," but, in so doing, they are trying to make very complex and
theoretical something that is really very simple and very practical.
I believe in practical explanations and practical policies. I believe
what we are doing to-day is a necessary fulfillment of what Americans
have always been doing—a fulfillment of old and tested American ideals.
Let me give you a simple illustration:
While I am away from Washington this summer a long-needed renovation of and addition to our White House office building is to be started.
The architects have planned a few new rooms built into the present all-toosmall one-story structure. We are going to include in this addition and
In this renovation modern electric wiring and modern plumbing and modern
means of keeping the offices cool in the hot Washington summers. But the
structural lines of the old Executive office building will remain.
The artistic lines of the White House buildings were the creation of
master builders when our Republic was young. The simplicity and the
strength of the structure remain in the face of every modern test. But
within this magnificent pattern, the necessities of modern Government
business require constant reorganization and rebuilding.
If I were to listen to the arguments of some prophets of calamity who are
talking these days, I should hesitate to make these alterations. I should
fear that while I am away for a few weeks the architects might build some
strange new Gothic tower or a factory building or perhaps a replica of the
Kremlin or the Potsdam Palace,
But I have no such fears. The architects and builders are men ofcommon
sense and of artistic American tastes. They know that the principles of
harmony and of necessity itself require that the building of the new structure shall blend with the essential lines of the old. It is this combination
of the old and the new that marks orderly, peaceful progress—not only in
building buildings but in building Government itself.
Our new structure is a part of and a fulfillment of the old.
All that we do seeks to fulfill the historic traditions of the American
people. Other nations may sacrifice democracy for the transitory stimulation of old and discredited autocracies. We are restoring confidence
and well-being under the rule of the people themselves. We remain, as
John Marshall said a century ago, "emphatically and truly, a Government of the people." Our Government "in form and in substance . . .
emanates from them. Its powers are granted by them, and are to be exercised directly on them and for their benefits."
Before I close, I want to tell you of the interest and pleasure with which
I look forward to the trip on which I hope to start in a few days. It is
a good thing for every one who can possibly do so to get away at least once
a year for a change of scene. I do not want to get into the position of not
being able to see the forest because of the thickness of the trees.
Forthcoming Trip.
I hope to visit our fellow-Americans in Puerto Rico, in the Virgin Islands,
In the Canal Zone and in Hawaii. And, incidentally, it will give me an
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Financial Chronicle
opportunity to exchange a friendly word of greeting with the Presidents
of our sister Republics, Haiti and Colombia and Panama.
After four weeks on board ship, I plan to land at a port in our Pacific
Northwest, and then will come the best part of the whole trip, for I am
hoping to inspect a number of our new great National projects on the Columbia, Missouri and Mississippi Rivers, to see some of our National
parks, and, incidentally, to learn much of actual conditions during the
,
trip across the Continent back to Washington.
While I was in France during the war our boys used to call the United
States "God's country." Let us make it and keep it "God's country."
-Bacon
President Roosevelt Suspends Section of Davis
Act Requiring Payment of Prevailing Local Wages
on Government Construction Projects—Provision
Seen as Conflicting with NRA.
President Roosevelt has issued an Executive Order
temporarily suspending the operation of portions of the
Davis-Bacon Act which guaranteed that workers on Government construction projects must receive wages at least as
large as those paid locally, it was revealed on June 22. It was
said that this action had been taken because these provisions
of the Act conflicted with the National Industry Recovery
Act, causing "administrative confusion and delay." As a
result of the Order, the Public Works Administration
minimum wage scale will be made effective on Government
construction throughout the country.
Issuance of the Executive Order was made known by
Engineer Commissioner Gotwals of the District of Columbia,
who was testifying before the Senate Labor Committee which
is investigating certain wage questions in connection with
Government contracts. A Washington dispatch of June 22
to the New York "Journal of Commerce" described the new
regulations as follows:
The preamble of the Presidential Order, as read to the Senate committee
by the District Government official, quoted the sections of the Davis.
Bacon law and of the Recovery Act which relate to wage standards to be
required on Government building projects.
After quoting sections of these two laws, Mr. Gotwals said the Order
stated that "the Secretary of Labor and the Administrator of Public Works
have informed me that the concurrent operation of the aforesaid provisions
of the Davis
-Bacon Act and the National Industrial Recovery Act caused
administrative confusion and delay which could be avoided by suspension
-Bacon Act."
of the provisions of the Davis
Suspension of the Davis
-Bacon Act, it was explained by District officials
and National Recovery Administration attorneys, means that wages on
public projects will be governed by the construction code. This means it
was stated, that the rates agreed upon between employers and employees
on April 30 1933, under the construction code, will prevail.
Made Retroactive.
The Executive Order was signed by the President on June 5, it was
stated, retroactive to June 16 1933, to overcome the conflict in the Davis
-Bacon law, enacted in 1931,
Bacon Act and the recovery law. The Davis
contains a section permitting the President to suspend it in case of a
"National emergency."
The NRA issued a statement on June 22 tegarding the
proposed amendment of the construction code, and said that
any objections to its modification must be submitted to
Deputy Administrator Robert N. Campbell before July 4.
The NRA proposes to delete the provisions of Article IV
(A) Section 2(F) of the code, and substitute the following:
"(F) It (the code authority) shall administer this code in any branch of
the industry for which no divisional code authority shall have been established, and if in its opinion the policies of the Act require, it may recommend to the Administrator than an additional chapter of this code be established for any such division of the industry."
Other proposed changes in the code were noted as follows
in the Washington dispatch of June 22 to the "Journal of
Commerce":
The general contractors' division of the construction industry through its
code authority has submitted an application for a modification of its code
by an amendment which provides for the deletion of the following clause:
"A general contractor shall not bid upon a private construction project
upon which bids have been open, or at any time within 90 days next thereafter, except there be substantial changes in plans and specifications."
July 10 Set as Deadline.
Notice was also given that any criticism of this amendment must be submitted to Deputy Administrator Campbell, prior to July 10.
A further modification provides for the formation of a budget and the
mass of contributions to the same for the mason contractors' division of the
construction industry. Objections to this amendment must be submitted to
Deputy Administrator Campbell prior to July 12.
President Roosevelt Endorses Plan for Medals for
Members of Each Congress.
President Roosevelt has endorsed the suggestion of a
Maryland sculptor that special medals be minted for the
members of each Congress, according to Associated Press advices from Cumberland, Md., on June 21, which added:
The idea was originated by John Conlon, now living in Paris, who wrote
to his brother, Thomas F. Conlon, of Cumberland, this week, explaining his
plan and enclosing a copy of the President's letter.
The sculptor proposed that a specially designed medal be struck annually
for each member of the National Legislature as a means of identification and
as an heirloom for his family. He submitted a design for a medal for the
Seventy-third Congress, which completed its work this week.
President Roosevelt advised the sculptor to present his proposal to Representative David J. Lewis, of Cumberland, for submission to Congress. Accompanying the Chief Executive's letter was an endorsement of the idea
from Senator Copeland.
June 30 1934
President Roosevelt, in Letter to American Automobile
Association, Says Problem of Safer Highways Must
Be Solved—Expresses "Deep Concern" Over Many
Accidents,
President Roosevelt, in a letter read on June 25, at the convention of the American Automobile Association, in Washington, said that he was "deeply concerned over the staggering toll of deaths, injuries and heavy property damage caused
by highway accidents." The letter, addressed to Thomas P.
Henry, President of the Association, said that some solution
of the accident problem must be found. It read, in part, as
follows:
We cannot longer afford to temporize with this problem.
Those who use the highways must realize the responsibility they assume
when they take the wheel.
Safer conditions for travel undoubtedly would contribute to a greater use
of the highways, now that shorter working hours and more leisure time is
assured by the national recovery program.
It is to such organizations as the American Automobile Association that
we look for leadership in the continuing effort to work out a solution of
the accident problem. You are to be congratulated on what you have accomplished in the past and on the broad-gauged program you are formulating
for the future.
I extend to you and your associates my cordial good wishes for a successful
convention.
President Roosevelt Leaves Sunday (July 1) on Fourweek's Vacation—On Cruiser Houston Will Visit
Puerto Rico, Virgin Islands, Colombia, Panama
and Hawaii—Receives Preliminary Report from
National Planning Commission,
President Roosevelt plans to sail Sunday (July 1) from
Annapolis, Md., on the cruiser Houston for a four weeks'
vacation, during which he will visit Puerto Rico, the Virgin
Islands, Colombia, Panama and Hawaii, returning to the
United States at Portland, Ore., or Seattle, Wash., and traveling overland to the capital. The trip will mark the first
visit to be made by an American President to South and
Central America while in office. Mr. Roosevelt will be accompanied on the trip by two of his sons and a small staff
of aides. Two destroyers will follow the Houston as far as
the Panama Canal. Three newspaper men will travel on one
of these, and will transfer to the cruiser San Francisco for
the voyage in the Pacific.
After receiving an honorary degree from Yale University
on June 20 (as noted in our issue of June 23, pages 4225-26),
the President went to New London, Conn., where,on June 22,
he witnessed the annual races between the Harvard and Yale
crews on the Thames River. On June 23 he motored to his
home at Hyde Park, N. Y., where he remained until the evening of June 25, arriving in Washington the following morning. Before leaving Hyde Park the President received a preliminary report from the National Planning Commission,
organized by Secretary of the Interior Ickes. He approved
a program which he will present to the next Congress, which
contemplates huge expenditures over a period of years for
both land and water development.
Plans for the President's forthcoming cruise were outlined,
In part, as follows in a Washington dispatch of June 23 to
the New York "Herald Tribune":
The first and second stops will be at Puerto Rico and the Virgin Islands.
In each place he will have an opportunity to observe the effects of Public
Works Administration and Civil Works Administration projects in outlying
American possessions, phases of his New Deal which he will study at first
hand during much of his time ashore during the entire trip.
The third stop, at Cartagena, Colombia, to call on President Enrique Olaya
Herrera, will be an expression of his "good neighbor" policy in Latin American affairs. At a ceremonial luncheon he will, in effect, be accepting the
hospitality of all South America, a "good will" gesture which no other President has had the opportunity to make while in office. He also may make it
the occasion for putting into effect the first of the reciprocal trade treaties
under his new tariff bargaining policy, the pact with Colombia having recently
been concluded.
Gesture to South America.
The call at Cartagena was added to the tentative itinerary only recently.
It provided for a "good neighbor" visit which might be expected to have a
more far-reaching effect in Latin America than the stops contemplated in
Panama. Colombia stands as a gateway between North and South America,
is a proud, independent State standing high in the councils of that continent, and has never been declared, as Panama has been, to be under the
American wing.
Panama, naturally, has been included in the itinerary from the first.
The President plans to go ashore in that Central American country severs.'
times. On one of these calls he will again be the guest at a ceremonial State
luncheon on Latin American soil, which will be given by President Harmodie
Arias, with whom he has had friendly personal contacts in Washington.
/era Its Joys.
Hawaii 0/
Once out of the Panama Canal, the President will be free from the sight
of land for the longest leg of his voyage to Honolulu. There he will meet
again one of the first men who ever brought the Hawaiian Islands within
the range of his personal acquaintance, Samuel Northrup Castle, brother of
William It, Castle, former Under-Secretary of State. Samuel Castle, now
living in Honolulu, was a senior at Harvard while the President was a freshman. His father, William Richards Castle, now 85 years old, has long been
prominent attorney in Honolulu.
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Financial Chronicle
We quote below from a dispatch of June 25 from Hyde Park
to the "Herald Tribune" regarding the preliminary report on
national planning as submitted to the President:
On the basis of the reports of the National Planning Commission, President
Roosevelt will submit to the next Congress a vast long-range program by
which he hopes to map the development of the country along many lines and
to regularize and systematize the appropriations for public works and kindred
Government activities. Steady expenditure of $400,000,000 or $500,000,000
a year may be involved. The final report of the Commission will be ready
when the President returns from his Hawaiian trip.
The national plan to be advanced by Mr. Roosevelt will include not only
physical developments of land and water in the order of their proposed undertaking, but a chart for directing action on interrelated sociological, economic
and governmental problems.
The removal of marginal farm lands from production as better farm lands
Is reclaimed, the shifting of populations to better the conditions of those
on a sub-standard scale of living, the introduction of the combination occupation of part-time farming and part-time industrial work, the control in the
public interest of the power and other products of water developments, and
the division of responsibility over these projects among Federal, State and
local governments, these are represented to be only some of the matters which
the President wants comprehended in the program.
The President's National Planning Commission was established last winter
by Mr. Ickes, at the suggestion of the President, to make a survey of the
possibilities of national development in all its phases. Congressional leaders
who were under pressure from all sides for developmental appropriations, were
called into conference by Mr. Roosevelt. Agreement was reached on the
desirability of a long-range program on which Congress could proceed in
the normal way with appropriations while being somewhat freed from those
log-rolling tactics which lumped least-needed projects with the moat-needed.
Delighted with Report.
Mr. Roosevelt said he was delighted with the preliminary report
of the
Commission, and said it had enjoyed splendid co-operation from Army engineers, the reclamation service, the forestry service, the Commerce and Labor
Departments and other Federal agencies. The President said that the work
of the Commission would not supersede planning along specific lines by the
different Federal agencies with respect to their own specialties.
The national long-range planning, the President continued, is an effort to
tie together all these special plans such as reforestation, protection against
soil erosion, land usages, flood control and similar developments. The purpose is to have a general program which will be a co-ordination of all these
matters.
The scope of the Commission's report is broad enough to include all
national resources, a term more comprehensive than natural resources, the
President explained. While natural resources would have to do only with
land and water, the other term would include, he pointed out,
the economics
of communities, the relocation of sections of
the people and the division of
governmental responsibility.
In the sharing of responsibility it is the President's idea that the Federal
Government must have jurisdiction over developments
of an inter-State area
such as that involved in the main valley of the Mississippi.
A Mississippi
tributary, however, might be the responsibility of one or
two States.
H. L. Hopkins Describes Administration's Plans for
Permanent Relief Program—Favors Unemployment
and Old Age Insurance and Decentralization of
Industry-16,000,000 on Relief Rolls To-day.
Long-range Administration plans for Federal relief and
social legislation were outlined on June 25 by Harry L. Hopkins, Relief Administrator, who stated at a press conference
that relief problems can no longer be considered on merely a
temporary basis, but must include the establishment of unemployment insurance similar to that in effect in the United
Kingdom. Mr. Hopkins said that any permanent program
should also include the payment of old-age pensions, the continuation of public works and a reorganization of
construction projects to meet the needs of the people, and the decentralization of industry. Remarking that there are 16,000,000
people on relief rolls in this country at the present time,
Mr.
Hopkins said that giving direct relief to millions of
people
Is not "the American way of doing things."
He predicted that the housing program contemplated by
the new Housing Act would be started by next winter, and
also foresaw a plan whereby "1,000,000 men would be put to
work one way and another that would put 2,000,000 to work
another way." We quote further from his remarks at
the
press conference, as given, in part, in a Washington dispatch
June 25 to the New York "Times":
on
Asserting that many people believed President Roosevelt was just making
a gesture when he outlined a social program to Congress, he said:
"Fortunately, we have a man in the White House who believes in
doing
things."
Then he outlined a system of social reform in which publicly financed
public works would supplement the incomes of farmers and industry,
would
he decentralized and carried on by small units, with individuals owning plots
of productive ground and homes.
This would be accomplished by industry itself, with the aid of the Government, he said. He foresaw legislation in the next Congress with this end in
view, but believed that some of the program would be operating
"within a
few months." He looked for removal of population in large numbers from
cities like New York
. "I see people living on low-priced land," he added, "in decent houses
bought at a fair price so that the purchaser will not be loaded so deeply in
debt that he can't get out. The land will really be used by the people to
live on."
"Fluctuating Appropriation."
Public works, however financed, would have to be integrated with the
needs of particular people, Mr. Hopkins said in speaking of supplementing
the incomes of farmers with such projects. He thought that a "fluctuating
appropriation for public works" would have to be part of the Government's
annual Program.
4393
"Co-ordinating public works and the people is one way of settling the
unemployment problem," he added.
Besides the giant housing program to stimulate industry, M. Hopkins
thought that "a wide decentralization, along the lines of the Ford plan, might
increase employment in industry and would surely help people to supplement
their industrial incomes from the land."
He did not believe that the process of industrial decentralization would
require legislation.
In reply to a question, Mr. Hopkins said he thought that "you can manufacture goods in small units," and that he observed "a tendency that way."
"I believe business will do it itself with the help of the Government," he
explained.
He believed that there would be no rise in prices as a result of this move
and that the railroads would be helped by it.
"Obvious" Need for Insurance.
Stating that to put relief on a permanent basis "obviously there should be
unemployment insurance," he maintained there would be "no difficulty in
instituting such a system now," and that, despite its critics, "the British
system has worked very well."
While this part of the program would have to be "submitted to the next
Congress," he said he was "not worried" about constitutional difficulties
in writing an unemployment insurance law.
"We're finding out things about employability and employables," he explained, stating that many people, too old or otherwise incapable of being
employed, would have to be put on direct pensions.
"In many families we find two able-bodied men who are unable to find
work," he added. "If we can get work for one of these men, our problem
will be largely over, we now believe."
Secretary Morgenthau Orders All Treasury Employees
to Resign Office in Political Parties Before Sept. 1
—About 100 Officials Affected.
All Treasury Department employees must resign any offices they may hold in political parties if they desire to remain with the Treasury after Sept. 1, Secretary of the
Treasury Morgenthau announced on June 21. After making
public a letter to all bureau chiefs in which he stated that it
was his "firm conviction that no officer or employee of the
Treasury ought to continue to hold any political party offices," Mr. Morgenthau said at a press conference that "it
has been demonstrated that a man cannot collect for Uncle
Sam and the party both." There are approximately 60,000
Treasury employees, and it was reported from Washington
that the Secretary's order will compel probably more than
a hundred Federal employees to resign as members of political
committees.
Mr. Morgenthau's letter follows:
On June 5 I addressed a letter to all employees of the United States
Treasury Department for distribution through the various bureaus and
divisions, directing attention to the provision of Federal law with respect
to political activity by Government employees and the solicitation of contributions for political purposes.
This letter was prompted by the discovery that in more than one instance persons employed by the Treasury Department had either violated
the law in this respect, or had committed acts which constituted gross impropriety in view of their official positions. Disciplinary action in several
of such cases was found to be necessary.
Since distribution of this letter I have received inquiries from several
employees of bureaus and divisions of the Treasury as to the legality and
propriety of their continuing to hold office in regular political party organizations. I have considered this matter very carefully and I have come to
the firm conviction that no officer or employee of the Treasury Department
ought to continue to hold any political party office. It seems to me that
the holding of any such political party office is not compatible with the
public interest and will hamper the officer or employee in the effective discharge of his governmental duties.
I wish, therefore, that you would send a circular letter to all officers and
employees serving under you in the Treasury Department requesting those
who hold such political party offices to submit their resignations from such
offices, to be effective not later than Sept. 1 1934, or, if they so elect, to
submit their resignations from office or employment in the Treasury Department, to be effective not later than the same date.
Discussing officials who will be affected by the order, a
Washington dispatch of June 21 to the New York "Times"
said, in part:
W. A. Julian. Treasurer of the United States, will resign as National
Committeeman from Ohio,and Guy T. Helvering, Commissioner of Internal
Revenue, as Democratic State Chairman of Kansas. Several National
Committeewomen, who have been appointed as Collectors of Customs, are
also affected by this order which follows investigation of complaints that
campaign funds were being collected by Federal employees in Detroit and
Philadelphia.
Among the National Committeemen and Committeewomen besides
Mr. Julian affected by the order are:
Mrs. Nellie Taylor Ross, Director of the Mint and Vice-Chairman
of the Democratic National Committee, who resigned her political position
recently, but whose resignation has not been accepted.
Mrs. Bernice S. Pyke, Collector of Customs and Committeewoman
from Ohio.
Joseph Wolf. Collector of Internal Revenue and Committeeman from
Minnesota.
Mrs. Stanley V. Hodge. Collector of Customs and Committeewoman
from Minnesota.
Mrs. Farmer Jerman. Collector of Customs and Committeewoman from
North Carolina.
Mrs. Isabelle Ahearn O'Neill, Special Inspector in the Narcotic Division
and Committeewoman from Rhode Island.
Mr. Helyering said to-day that he would resign late in August as Chairman of the Kansas State Committee.
Since the Government began investigation of the solicitation of campaign
funds by officials, Horatio J. Abbott, National Committeeman from Michigan, has resigned as. Collector of Internal Revenue in Detroit and two of
his subordinate] are under suspension.
Alvin Fix. Collector of Internal Revenue in Philadelphia, resigned recently at the request of President Roosevelt, after it was disclosed that
4394
Financial Chronicle
political funds had been solicited from Federal employees as well as business
men. Five assistants were suspended for a year.
Order Placing Embargo on Silver Exports Except Under
License Issued By Secretary of Treasury Morganthau.
An order placing an embargo on exports of silver, except
under license, was issued on June 28 by Secretary of the
Treasury Morganthau. The order is similar to that which
was put into force a year ago in the case of gold exports.
Secretary Morganthau's order of this week, which was
issued with the approval of the President, barring exports
of silver, excepts from licensing requirements, fabricated
silver, ores and metals containing silver in relatively small
amounts and foreign silver coins. In a Washington dispatch
June 28 it was stated:
The order, it is understood, followed information that arrangements
had been made to-day for the export of about 3,000,000 ounces of the white
metal, apparently by speculative interests which hoped that if the silver
was held by them abroad they could obtain higher prices for it, under the
Administration silver buying program, than if it was among the stocks
held here.
The Silver Purchase Act provided that the Treasury should not pay
more than 50 cents an ounce for any silver stocks held in this country on
May 1. Thereafter the date of purchase, quantity and price were to be
within the discretion of the Secretary of the Treasury.
It is assumed that the silver for which export shipment was arranged
to-day was part of the stock held in the United States as of May 1,and that
the owners believed that the Treasury prices would go above 50 cents an
ounce soon. Gambling on this, it is reported, holders of a quantity of
silver here have discussed the advisability of getting it out of the country.
The embargo order was so framed as to make possible all exports which
were necessary in legitimate trading in silver, the only provision being
in these instances that such shipments must be licensed. Persons who have
legitimate obligations to meet, contracted before the issuance of the order,
are safeguarded by the licensing system.
From the first the Treasury has sought to shape its silver buying program
under the Silver Purchase Act so that persons who accumulated stocks
at home in anticipation of silver legislation by Congress would not make
a large profit out of the inauguration of a new phase of the Administration's
monetary program.
The signing of the Silver Purchase Bill by President
Roosevelt was noted in our issue of June 23, page 4222.
The text of Secretary Morgenthau's order follows:
Whereas. Section 6 of the Silver Purchase Act of 1934 provides as follows:
"Sec. 6. Whenever in his judgment such action is necessary to effectuate
the policy of this Act, the Secretary of the Treasury is authorized, with the
approval of the President. to investigate, regulate or prohibit, by means of
licenses or otherwise, the acquisition, importation, exportation or transportation of silver and of contracts and other arrangements made with
respect thereto; and to require the filing of reports deemed by him reasonably necessary in connection therewith. Whoever willfully violates the
provisions of any license, order, rule or regulation issued pursuant to the
authorization contained in this section shall, upon conviction, be fined
not more than $10,000 or, if a natural person, may be imprisoned for not
more than ten years, or both; and any officer, director or agent of any corporation who knowingly participates in such violation may be punished
by a like fine. imprisonment, or both."
Whereas, in my judgment, such action is necessary to effectuate the
policy of said Silver Purchase Act of 1934.
Now, therefore, I, Henry Morgenthau, Jr., Secretary of the TreasurY,
do hereby prescribe the following provisions for the investigation, regulation and prohibition of the acquisition, importation, exportation or transportation of silver and of contracts and arrangements made with respect
thereto, and requirements concerning the filing of reports deemed by the
Secretary of the Treasury reasonably necessary in connection therewith.
Sec. 1. Definitions.—As used in this order the term "person" means
an individual, partnership, association or corporation; and the term "continental United States" means the States of the United States, the District
of Columbia and the Territory of Alaska.
Sec. 2. Exportation or Transportation from the continental United
States.—Except as otherwise specifically provided in Sections 4. 5 and 6
hereof, no person shall export or transport from the continental United
States any silver except under license issued pursuant to Section 3 of this
order.
Rules for Licenses.
Sec. 3. Licenses.—The Secretary of the Treasury, subject to such
regulations as he may prescribe, acting directly or through such agency
or agencies as he may designate, may issue licenses authorizing the exportation or transportation from the continental United States of silver
which the Secretary of the Treasury, or the designated agency, is satisfied.
(a) Is required to fulfill an obligation to deliver such silver outside of
the continental United States, incurred or assumed by the applicant on
or before the date of this order.
(b) Has been owned on and continuously after the date of this order
by a recognized foreign government, foreign central bank, or the Bank
for International Settlements.
(c) Was imported for prompt re-export, or was imported in silver bearing
materials under an agreement to refine such materials and export the silver
so refined.
(d) Is of a fineness of 0.8 or less; or
(e) With the approval of the President, for other purposes not inconsistent with the purposes of the Silver Purchase Act of 1934.
Sec. 4. Fabricated silver.—Silver contained in articles fabricated and
held in good faith for a specific and customary use and not for their value
as silver bullion may be exported, or transported from the continental
United States, without the necessity of obtaining a license.
",.Provided, that a statement containing such information as may be required by the Secretary of the Treasury shall have been executed, sworn
to, and filed in duplicate with the Collector of Customs at the port of shipmentfrom the continental United States,or with the postmaster at the place
of mailing; and such collector or postmaster shall have endorsed on the
duplicate copy of such affidavit that he is satisfied that the shipment from
the continental United States is not being made for the purpose of holding
or disposing of such articles outside of the continental United States primarily for their silver content.
Provided, that persons leaving the continental United States may carry
with them such articles owned by them and for their personal use in their
June 30 1934
fabricated form, of a fine silver content not exceeding 100 troy ounces,
without the necessity of filing such affidavit or obtaining an export license
under this order.
Sec. 5. Metals Containing Silver.—Metals containing not more than 50
troy ounces of fine silver per short ton may be exported or transported
from the continental United States without the necessity of obtaining a
license under this order:
Provided that the Collector of Customs at the port of export or the postmaster at the place of mailing may require the furnishing of such evidence
and the execution of such affidavits as are necessary to satisfy him as to
the silver content of the metals.
Sec. 6. Silver Coln.—Silver coins may be exported or transported from
the continental United States without the necessity of obtaining a license
under this order.
Sec. 7. Collectors of Customs and postmasters.—At the time any license
is issued under Section 3, the issuing agency shall transmit a copy thereof
to the Collector of Customs at the port of export designated in the license.
The Collector of Customs shall not permit the exportation or transportation
from the continental United States of silver in any form except upon surrender of a license issued under Section 3,a copy of which has been received
by him from the agency authorized to issue such license.
Provided that a license under this order shall not be required to export
or transport from the United States silver described in Sections 4, 5 and 6,
If the provisions of such sections respectively are complied with. In the
event that the shipment is to be made by mail, a copy of the license shall
be sent to the postmaster of the postoffice designated in the application,
who will act under the instructions of the Postmaster General in regard
thereto.
Sec. 8. Exports Prohibited by Other Orders, Etc.—The provisions of
Sections 3, 4, 5 and 6 shall not be construed to authorize any exportation
or transportation from the continental United States, prohibited by any
other order or by any law, ruling or regulation.
Sec. 9. Reports.—The Secretary of the Treasury shall require the filing
ofsuch reports,in such manner,at such times.and containing such information as is deemed by him reasonably necessary in connection with the investigation, regulation, or prohibition of acquisitions, importations, exportations or transportations of silver, and of contracts and arrangements
made with respect thereto.
Sec. 10. Regulations.—The Secretary of the Treasury is hereby authorized and empowered to issue such regulations as he may deem necessary
to carry out the purposes hereof. Licenses and permits granted in accordance with the provisions of this order and such regulations may be issued
through such officers and agencies as the Secretary of the Treasury may
designate.
Sec. 11. Penalties.—All persons are hereby informed that Section 7 of
the Silver Purchase Act of 1934 prescribes penalties for willful violation
of any of the provisions hereof or of any license, order, rule or regulation
issued or prescribed under the authority hereof.
This order and any regulations, rules and licenses prescribed or issued
hereunder may be modified or revoked at any time.
Approved:
FRANKLIN D. ROOSEVELT,
HENRY MORGENTHAU,JR.
Secretary of the Treasury.
House, June 28. 1934.
The White
Regulations of Internal Revenue Bureau Governing
Tax on Silver—Permits Brokers Acting for Foreign
Customers to Report"On Information and Relief."
Supplementary regulations were issued by the Bureau of
Internal Revenue at Washington on June 27 (incident
to the tax on silver), permitting silver brokers dealing
for the account of customers outside the United States to
prepare memoranda required for these transactions and swear
to them "on information and belief." It was pointed out
in Washington advices June 27 to the New York "Times"
(from which the foregoing is taken), that under Regulation 85
the owner was required to submit a sworn memorandum
giving the date of the silver transfer, the name and address of
the person who transferred it, the one to whom it was transferred, the interest in the silver to be transferred, the price,
the date and the manner of acquisition, whether or not a
"wash sale" was involved and the allowed expenses. The
advices from which we quote continued:
In many cases it appeared inconvenient or impossible for a broker
operating for a foreign customer to obtain the sworn statement of the
owner.
Therefore Guy T. Helvering Commissioner of Internal Revenue has authorized the broker to prepare a memorandum on cabled information from
his customer, to affix the proper stamps and file the papers with the Commissioner on transactions taking place prior to Sept. 1.
The following formal ruling was announced.
"When a broker before Sept. 1 1934, liquidates a long interest in silver
bullion for a customer outside the United States, if it is impossible to
obtain the memorandum sworn to by the owner before the date required
by Regulation 85 for delivery or filing thereof, the broker shall prepare a
memorandum on behalf of the owner from cabled or other information and
swear to it on information and belief. Stamps in the amount of tax, if any,
shown to be due shall be affixed to this memorandum, except as stated
below.
"This memorandum shall be substantiated by a statement sworn to
by the owner, to be filed as early as practicable with the collector.
"Brokers holding long positions for owners outside the United States
should immediately procure sworn statements covering facts which must
be shown upon liquidation of such interests and which are not within the
broker's knowledge, since in the case of liquidations on and after Sept.
1 1934, all memoranda verified on information and belief must be accompanied by sworn supporting data.
"Brokers in the United States should obtain from customers outside of
the United States authorizations for purchase and affixing of stamps and
shall be responsible for the delivery of properly stamped memoranda. A
broker shall not execute any transfer for a customer outside of the United
States in the absence of such authorization, except that a broker may
liquidate a long position standing on his books on or before June 28 1934.
without such authorization and may deliver the memorandum without
stamps affixed, on condition that he shall make every reasonable effort to
obtain from the customer authority for the purchase of stamps to be affixed
as soon as possible to the memorandum, and shall not remit any balance
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Financial Chronicle
to such customer until he has obtained such authority, and shall, in determining margin or similar requirements, treat as a liability of the customer
any unpaid amount of the tax, computed on such information as is available
to the broker."
Rules and Regulations Governing Administration of
New York State Milk Publicity Tax Law.
Rules and regulations governing the administration of the
newly enacted milk publicity tax law of New York State were
completed on June 15 and were issued on June 16 by Mark
Graves, State Commissioner of Taxation and Finance. It
was announced by Commissioner Graves that the Tax Commission has automatically registered the entire list of more
than 3,000 milk dealers licensed by the State Milk Control
Board exclusive of the stores located in the Metropolitan
area. Mr. Graves said that any milk dealers whose names
do not appear on the Control Board's list may make application for registration by writing the Tax Commission. The
announcement, June 15, of the Department of Taxation
and Finance said:
When their supply of milk and cream is purchased from outside New
York State, stores such as groceries, dairies and delicatessens and users of
milk and cream such as hotels, clubs, restaurants, drug stores, soft drink
stands and the like, are required to be registered and pay the tax. Such
stores must also register and pay the tax if they purchase from New York
producers who do not elect to pay the tax in behalf of the stores.
The tax of one cent per 100 pounds on fluid milk or its equivalent in
cream is intended to raise $500,000 to be spent on advertising and publicity
designed to increase the sale and use of these products.
Promulgation of the regulations followed days of study by the Tax Commission and a series of conferences with representatives of the dairy industry.
The tax became operative on May 1 and the first return, which covers
sales made during the month of May,is to be filed as soon as the blanks are
distributed.
Milk dealers who handle milk and cream which they do not produce are
required to pay the tax thereon when it is sold and delivered directly to
users or consumers, such as householders, hotels, clubs, restaurants, drug
stores, soft drink stands and like establishments, and to grocery, dairy,
delicatessen and similar stores for resale. Dealers who handle milk and
cream which they themselves produce are required to pay the tax on that
which they sell and deliver directly to users and consumers but are not
required to pay the tax on sales to stores for resale, although they may
elect to do so and thereby relieve the stores of the inconvenience of making
returns and paying the taxes.
Intermediate dealers in milk and cream, including shippers, brokers and
milk co-operative bargaining associations, are not required to pay the tax
unless they sell and deliver directly to users and consumers or to stores for
resale.
The administration of the milk tax law by the Department has been
placed in experienced hands. Deputy Commissioner John H. Thompson,
Director of the Sales Tax Bureau, will have general supervision of the work
and William J. Carey, Assistant Director of the Motor Fuel Tax Bureau,
will be in direct charge of the administration.
In making public a digest of the regulations the Department said in part:
Under the law the first payments of the new tax are due during June
and are to be based on sales during the month of May. Dealers need not be
unduly concerned because they have not received copies of regulations and
tax returns, however, as they will be allowed a 10
-day extension (until
July 10) to get the returns to the Department before the penalty will be
imposed. . .
The regulations define milk as meaning "the whole lacteal secretion
obtained from cows and sold in fluid form or as cream for human consumption." It is explained that milk and cream which are used in manufacturing cheese, malted milk, ice cream, or other products, or for any
purpose other than for human consumption in fluid form, are not subject
to the tax. Skimmed milk, butter milk and cultured milks are also nontaxable.
List of Exemptions.
The regulations specify a number of special cases where sales of milk
and cream normally taxable are held to be exempt. When consumed by a
producer where no sale is involved, the tax is not applicable. Neither is the
tax payable when sales of milk and cream by a producer to other than milk
dealers are loss than 3,000 pounds of fluid milk in any month. In this case,
however, a return must be made to the State Tax Commission, as proof of
exemption.
Milk and cream produced without the State and imported for sale within
the State is taxable, the Commission has ruled.
According to the law, the tax is payable by "milk dealers." This point,
which proved most troublesome to the Commission during its recent
conferences, has been clarified by defining a taxable dealer as follows
(a) Those who do not produce any of the milk and cream sold by them;
(b) Those who produce all of the milk and cream sold by them;
(c) Those who produce some, but not all of the milk and cream sold
by them.
Users and consumers are required to pay the tax on milk and cream used
by them when it comes into their possession from without the State, the
regulations point out. Hotels, clubs, resmurants and similar establishments
fall into this group, and the fact is stressed that the same rule applies to
stores which resell to consumers.
kt According to the law each milk dealer is permitted to deduct from the
amount of money otherwise payable to the producer, one-half the amount of
tax paid by the milk dealer on milk and cream purchased from the producer.
A milk dealer who fails to file a return or pay the tax within the time required is subject to a penalty of 5% of the amount of tax due. In addition
he must pay 1% for each month of additional delay. Furthermore, if a
dealer files a return which is judged to be wilfully false he is guilty of a
misdemeanor.
New York City Distributes Milk to Needy at 8 Cents a
Quart, After Court Sustains One-Cent Price Rise
Ordered by State Milk Control Board.
New York City has been distributing milk for the past
three weeks to needy and unemployed families at a price
of only 8 cents a quart. This action was taken after the
New York State Milk Control Board ordered an increase
4395
of one cent a quart in retail milk prices in all large cities
throughout the State, and the Federal Statutory Court in
New York City on June 8 refused to countermand the order.
The Court refused an injunction to restrain the State officials
from enforcing the price-fixing provisions of the State Agricultural and Market Law. The opinion was handed down
in a suit brought by Borden's Farm Products Co., and said
that the Court had no concern with the State policy of pricefixing. It added, however, that "to fix minimum prices for
milk may in the end result in lessening consumption and
leave the farmer, who is the putative beneficiary, in a worse
position than he was before."
Minimum Milk Price in New Jersey Increased 1-Cent—
Becomes Effective To-morrow (July 1).
Announcement of a 1-cent increase in the minimum price
of milk in New Jersey was announced on June 28 by the
New Jersey Milk Control Board. The increase, which becomes effective to-morrow (July 1) affects both grade A and
grade B milk. The Control Board said that 75% of the
increase will go to the producer and the remainder to the
distributor.
Federal Court Enjoins AAA Against Enforcing Milk
Licensing Provisions in Chicago District—Rules
Milk Distribution is Not in Inter-State Commerce.
Federal Judge John P. Barnes of Chicago on June 26
issued an injunction to restrain the Secretary of Agriculture
and other Government officials from enforcing the provisions
of Agricultural Adjustment Administration milk licensing
agreements against three Chicago milk distributors. At the
same time he denied a counter motion by the Government
which sought to enjoin the distributors from continuing in
business in violation of the milk licensing agreement. The
Court ruled that milk production and distribution in the
Chicago district could not be regulated by the Government
inasmuch as it did not constitute inter-State commerce.
Associated Press advices from Chicago on June 26 described
the case and the decision as follows:
The injunction was asked on behalf of the Edgewater Dairy Co., tne
Joliet Dairy Co., and Anton Michaleck and Joseph Wagner Jr., milk
distributors. The petition alleged that the plaintiffs were being interfered
with by Government officials and were being threatened with prosecution
for alleged violations of various provisions of the AAA.
In a similar case several weeks ago Federal Judge William H. Holley, the
newest appointee to the Chicago Federal bench, held the milk licensing
agreement valid and enjoined a dairyman from continuing business in
violation of the code.
In his ruling Judge Barnes said:
"It seems clear that the production of milk is not inter-State commerce
and the Court's best judgment is that the production of milk does not
occur in the 'current of inter-State commerce'in the same sense that those
clauses have heretofore been used.
"The 'license for milk—Chicago sales area, as amended,' in question in
this case, seems to the Court to be an attempt by the Federal Government
to use milk distributors for the purpose of doing what, under the commerce
laws of the Constitution, the Federal Government has no power to do.
and what, under the Tenth Amendment of the Constitution, is reserved
for action by the State for the people."
James Speyer Sails for Europe.
James Speyer sailed last night (June 29) on the "Olympic"
for his usual holiday trip to Europe; he expects to return
early in September.
Frank R. McNinch Re-appointed by President Roosevelt
to FPC—Chairman Is Named for Another Five-year
Term.
President Roosevelt on June 22 reappointed Frank R.
McNinch a Federal Power Commissioner for a five-year term.
Mr. McNinch has been acting as Chairman of the Power Commission, and bas been directing utility investigations based on
the President's power program. Associated Press Washington advices of June 22 commented on his reappointment, in
part, as follows:
The reappointment of Mr. McNinch was viewed as forecasting a vigorous
push by the Administration for rounding out all stages of the President's
power-utility program, enunciated before, during and after Mr. Roosevelt's
election.
The appointment was viewed by friends of Mr. MeNinch as based on the
fact that the Chairman's public power ideas were in close accord with those
held by the President.
Mr. McNinch's only public comment on his reappointment was:
"I greatly appreciate this further expression of the President's confidence
and approval of my official conduct."
Under Mr. DicNineh's Chairmanship, the Power Commission has begun a
three-fold schedule of studies, based on Mr. Roosevelt's power program.
Under order of the President, it is engaged in a nation-wide survey of all
power sites. Within the scope of this order came a report on a project long
favored by the President, development of the resources of the international
sector of the St. Lawrence River.
The Commission also is making a comparison of electric rates for all principal communities of the country and a study of the costs of transmitting
energy from hydro-electric plants.
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Financial Chronicle
The regular duties of the Commission include the general duty of investigating applications for power projects and licensing such projects as are
found to be warranted, with a view not only to power projects but to irrigation, flood control and navigation.
Governor Harrison of Federal Reserve Bank of New
York Sails for Europe To-day--Will Go to Basle
Incident to Meeting of Directors of Bank for
International Settlements.
George L. Harripon, Governor of the Federal Reserve
Bank of New York, will sail to-night (June 30) on the
SS. Bremen. He plans to visit the Bank for International
Settlements at Basle, whose directors are to meet on July 9.
Governor Harrison will be accompanied by Allan Sproul.
Assistant to the Governor and Secretary.• From the New
York "Sun" of last night we take the following:
To avoid misinterpretation Governor Harrison explained that he has
been invited to attend the July meeting, the last one until fall, and that he
had taken the opportunity to visit with the Governors of the Federal
Reserve Bank's Foreign Correspondents while they were all gathered
In one place, rather than calling at various central banks individually.
The Governor is not a director of the World Bank and his trip has no
official connection with it.
The invitation of the B. I. S directors was made several weeks ago
and has since been supplemented by invitations of individual Governors
of the Reserve Bank's foreign correspondent banks.
Governor Harrison said he would go direct to Basle, returning by way
of Paris and London. He expects to be back before the end of July.
Recent Departure of T. W. Lamont of J. P. Morgan &
Co. for Europe.
Thomas W. Lamont, of J. P. Morgan & Co., sailed
(June 20) on the White Star liner Majestic for a month's
trip to England and France. Mr. Lamont, it is understood, will spend three weeks in London and about 10 days
in Paris.
Rexford G. Tugwell Takes Oath as Under-Secretary
of Agriculture.
Rexford G. Tugwell, who has been acting as Assistant
Secretary of Agriculture, on June 20 took the oath of office
as Under-Secretary of Agriculture, thus becoming the first
man to fill this position, which was created by President
Roosevelt. A Washington dispatch of June 20 to the New
York "Times" said that Secretary of Agriculture Wallace
expressed the hope that M. L. Wilson, Chief of the Subsistence Homesteads Division of the Interior Department,
would succeed Mr. Tugwell as Assistant Secretary. The
dispatch added:
Dr. Wilson has generally been credited with being minor o th Agricultural Adjustment Act. He was chief of the wheat section of the AAA prior
to being drafted by the President to carry out the subsistence homesteads
Idea.
The confirmation by the Senate of Mr. Tugwell's nomination was noted in our issue of June 16, page 4062.
Oscar B. Ryder of Virginia Sworn in as Member of
United States Tariff Commission,
Oscar B. Ryder, of Alexandria, Va., was sowrn in as a
member of the United States Tariff Commission on June 23.
Mr. Ryder was nominated to the office on June 13 by President Roosevelt and the nomination was confirmed by the
Senate on June 18. Reference to the confirmation of the
appointment was made in our issue of June 26, page 4227
Death of Robert E. Christie, Jr., President of Investment Bankers Association of America and Partner
in Dillon, Read & Co., New York.
Robert E. Christie, Jr., a member of the banking firm
of Dillon, Read & Co., New York City, and President of
the Investment Bankers Association of America, died on
June 25 of heart disease. Mr. Christie, who was 41 years
old, was aboard an airplane enroute from Akron, Ohio, to
Chicago, Ill., when he was stricken. The plane was over
Archbold, Ohio, and the pilot made an emergency landing
at the airport a few minutes after the landing of the plane
Mr. Christie was pronounced dead by a physician. An
account in the New York "Times" of June 27 summarized
as follows Mr. Christie's career:
Born in New York, he was educated in private schools and at Princeton
University, from which he graduated with the class of 1915. When the
United States entered the World War he entered the air service and was
commissioned a captain in the air corps. He acted as aide to John D.
Ryan. Under-Secretary of War. In 1918 he accompanied Mr. Ryan and
Newton D. Baker, Secretary of War,on a tour of inspection of the American
Expeditionary Force.
After the war he became associated with William A. Read & Co., which
In 1921 became Dillon, Read & Co. He was made a member of the firm
of 1927. Mr. Christie was chosen President of the Investment Bankers
Association last year after having been for three years a member of the
Governing Board.
Under his leadership the association formulated a code for its members
which was put into use this year. In 1928-9 he was l'resident of the
Bond Club of New York. In his home village. Scarsdale, he took an active
part in civic affairs. For several years he was a village trustee and served
June 30 1934
as Mayor for two years. He was a trustee of the Scarsdale Foundation
and a director of the Hartsdale National Bank, A. G. Spalding & Bros.
and the Goodyear Tire & Rubber Co.
In a statement issued at Washington June 26, B. Howell
Griswold, Jr., Chairman of the Investment Bankers Code
Committee (of which Mr. Christie was a member) paid
tribute to the life and work of Mr. Christie in behalf of
himself and his associates. The statement follows:
Bob Christie, in the judgment of those who best knew of his work,
has probably done more for investment banking in the United States
than any many in his generation.
Deeply impressed with the public interest inherent in his profession,
he felt strongly that it demanded of him and of each one in it the highest
form of integrity. Having confidence in the honesty and integrity of
those in his profession and believing that the many have suffered in reputation for the sins of the few, he endeavored everywhere to impress this
viewpoint upon others, at the same time that he set up the highest standard
within the profession, to which all who claim the name of investment
bankers would be required to adhere.
Modest, truthful, fair, able, he impressed all those with whom he came
In contact, and his contacts were many.
A vigorous and seemingly tireless worker, he sacrificed his life to his
work. His associates of the Code Committee will remember him with
gratitude, admiration and affection.
On June 28, funeral services for Mr. Christie were held
at the Hitchcock Memorial Church, Scarsdale. Many
messages of condolence were received by his family from all
parts of the country. President Roosevelt and Secretary
of the Treasury Henry Morgenthau, Jr., being among those
expressing their sympathy.
Honorary pallbearers were Douglas Dillon, Duncan H.
Read, Earl Holsapple, Sidney Weinberg, James V. Forrestal,
William H. Draper, Jr., Dean Mathey, Albin K. Schoepf,
Henry Schwable, Alden Little, Kenneth Smith and Wallace
Zachary.
Death of Isaac B. Newton, Chairman of Board and
Federal Reserve Agent of Federal Reserve Bank
of San, Francisco.
Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent of the Federal Reserve Bank of San Francisco, died on June 22 at his home in Los Angeles. Mr.
Newton was 72 years old and had been ill about three weeks.
He was born at Norwich, N. Y., in September 1861, and
graduated from Yale University in 1883. Following his
graduation he went to Los Angeles and became Secretary
and Treasurer of Harper & Reynolds Company, hardware
merchants. Mr. Newton remained with the firm until
1919. As to Mr. Newton's banking career the Los Angeles
"Times" of June 23 said:
While with Harper & Reynolds. Mr. Newton entered the banking business in 1907 when he became a director of the Farmers' and Merchants'
National Bank and chairman of its finance committee. He also was connected at various times with the California Bank and the American National Bank.
When the local (Los Angeles) branch of the Federal Reserve Bank was
formed in 1920. Mr. Newton became Chairman of the Board and held the
office until 1926, when he was made Federal Reserve Agent and Chairman
of the Board of the San Francisco Bank.
Death of Loren S. Spoor, Secretary, Treasurer and
Manager of Westchester County Clearing House
Association, White Plains, N. Y.
Loren S. Spoor, Secretary, Treasurer and Manager of the
Westchester County Clearing House Association, White
Plains, N. Y., died June 19 at the White Plains Hospital.
Mr. Spoor, who was 47 years old, became Commissioner of
Finance of White Plains in 1926, holding that office until
1932. He then became Vice-Prasident of the Westchester
Title & Trust Co., of White Plains, in charge of the banking
department, and in 1933 took his position with the Westchester County Clearing House Association. Mr. Spoor had
also served as a director of the White Plains Community
Chest.
Death of W. B. Campbell, Senior Partner in Price,
Waterhouse & Co.
William Bynner Campbell, executive senior partner in
Price, Waterhouse & Co., accountants, died on June 22 in
New York City. He was 52 years old. Mr. Campbell, who
had been senior partner of the firm since 1927, was a member
of the council of the American Institute of Accountants, and
had served on many of the Institute's most important committees. He had been Chairman of the Insttute's special
Committee on Co-operation with bankers. He had directed
the auditing of the accounts of the late Ivar Kreuger.
The New York "Herald Tribune" of June 23 outlined
Mr. Campbell's career in part as follows:
Mr. Campbell. a member of an old Scottish family with an estate,
"Dalhanna, at Curnnock;Ayrshire, Scotland, was born at Heaton Norris,
Stockport, England, and was educated in various English private schools.
He became a member of the Institute of Accountants in England and Wales
Volume 138
Financial Chronicle
in 1905, and the following year went to Toronto, Canada, and later to
Buffalo.
In January 1911 he joined the staff of the Chicago office of Price. Waterhouse & Co., and in 1917 was admitted to partnership in charge of the
Detroit office. In 1927 he was made executive senior partner in New York.
On Institute's Council.
Mr. Campbell was a member of the council of the American Institute of
Accountants, and served as Chairman of that body's special committee
on co-operation with bankers. From 1922 through 1928 he was a member
of the Institute's board of examiners. He was also a member of the board
of directors of the New York State Society of Public Accountants, held
C.P.A. certificates in New York and several other States, and during the
World War served with the Treasury Department in Washington.
Death of Charles S. Thomas, Former Senator and
Governor of Colorado.
Charles S. Thomas, former United States Senator and
Governor of Colorado, died on June 24 in Denver, following
a long illness. He was 84 years old. Mr. Thomas, long
an advocate of a silver currency standard, attacked several
of the policies of the Roosevelt Administration, notably the
1933 order forbidding gold hoarding. He represented Colorado in the Senate from 1913 to 1921, and was one of the
leaders in the campaign to prevent the United States joining
the League of Nations. Associated Press advices from
Denver June 24 described his career as follows:
Though a Democrat all his life, the former Senator frequently clashed
with leaders of his party. He termed "undemocratic" the powers given
Franklin D. Roosevelt as President and during the Wilson Administration
he opposed participation by the United States in the League of Nations
and the Versailles Treaty. Mr. Thomas retired from active political life
last year when the President called for the surrender of gold to the Treasury
In connection with the National banking crisis. Mr. Thomas had acquired
more gold than the law allowed and defied the Government to seize his
"hoard" of $120.
Mr. Thomas sought unceasingly during his service in the Senate to
have silver rehabilitated as a currency base.
Surplus of Federal Intermediate Credit Banks Increased $15,000,000—Remainder of $40,000,000 Revolving Fund Created to Provide Additional
Surplus and Capital.
Announcement was made on June 25 by Governor W. I.
Myers of the Farm Credit Administration that he had
recently called $15,000,000 from the United States Treasury
to increase the surplus of the 12 Federal Intermediate Credit
Banks. This is the balance of the revolving fund of $40,000,000 created by an Act of Congress, approved Jan. 31 1934
for the purpose of providing the Intermediate Credit Banks
with the additional capital and surplus deemed necessary
to meet the increased demands for agricultural production
and marketing credit.
The first call from the fund, which increased the capital
and surplus of the banks by $25,000,000, was made by
Governor Myers the early part of this month. Reference
to this call was made in our issue of June 9, page 3886.
Presidents of Federal Land Banks Visit Springfield,
Mass., Bank—Inaugurate New Policy of Meeting
Occasionally at Various Land Banks as Well as in
Washington.
W. I. Myers, Governor of the Farm Credit Administration, announced June 23 that the Presidents of the 12
Federal Land Banks who had been meeting in Washington
the three previous days, had adjourned their activities to
meet again in Springfield, Mass., at the invitation of the
Federal Land Bank of that city. Mr. Myers stated that this
move inaugurates the new policy of having the Presidents
of the 12 banks meet occasionally at one of the Federal
Land banks as well as in Washington. In this way, Governor
Myers said, the officers gradually will become generally
acquainted with the 12 institutions and their procedures.
He added:
At Springfield, the Presidents will study the business operations of the
bank and give particular attention to the organization of the field work,
research and statistical set-up and methods of collection.
This visit will provide an opportunity to the Presidents to study these
features of operation to which the Bank of Springfield has been devoting
particular attention.
Federal Home Loan Bank of Cincinnati to Pay Second
Dividend of $250,000.
A second dividend of $250,000 will be paid July 7 by the
Federal Home Loan Bank of Cincinnati to its stockholders,
including the United States Government, according to
the Cincinnati "Enquirer" of June 13. The first dividend
was declared by the bank on Sept. 2 1933, and was also
the first to be declared by any of the Federal Home Loan
banks. References to the first dividend were made in our
issues of Nov. 4 1933, page 3239, and Sept. 16 1933, page
2048. The latest dividend of $250,000 is at the rate of 2%
to be paid to stockholders of record May 11, according to
an announcement made June 12.by Harry S. Kissel, Spring-
4397
field, Chairman of the Board of the institution, the "Enquirer" said. It continued:
The dividend covers the period from Oct. 1 1933 to July 1 1934, the first
having been paid on earnings up to Oct. 1. The two dividends, Chairman
Kisse11 said, would make a total of $370,000 returned to stockholders since
establishment of the Cincinnati bank.
Under the law, Mr. Rime11 said, the bank is required to set up a reserve
of 20% from its earnings. Payment of this second dividend is an evidence
of the desire on the part of the board of directors to return to the 387
member building associations of Ohio, Kentucky and Tennessee, as much
of the profits of the bank as are consistent with conservative operating
policies, he said.
The total investment of the building associations in the bank represents
$4,210,000, of which approximately $1,200,000 was subscribed by Cincinnati associations.
The "Enquirer" quoted Mr. Kissell as stating:
The Cincinnati Bank now has available practically unlimited funds for
the use of its member institutions. With the reduction of its interest rate
to 43(% for the six months' period commencing July 1 and with the further
advantage of receiving loans up to 10 years maturity, the member associationsshould now be in a position to plan constructively for the future.
The banks were granted permission on May 24 by the
Federal Home Loan Bank Board to lower their rates to as
low as 4%. We made reference to this action in our issue
of May 26, page 3525.
Frank H. Warder, Former New York State Superintendent of Banks Released from Prison—Served
3 Years of 5- to 10
-Year Sentence Imposed Incident to Charges Growing Out of City Trust Co.
Failure.
After serving 3 y aars, 5 months and 14 aays of a 5- to
10-year sentence received on a charge alleging the acceptance
of a bride of $10,000 from the late Francesco M. Ferrari,
President of the City Trust Co. of New York, which failed
in February 1929, Frank H. Warder, former Superintendent
of Barks of New York State, was released from Sing Sing
Prison on June 26. The former Superintendent, who was
released on good behavior, will be on parole until Jan. 12
1941. He was committed to Sing Sing Prison on Jan. 12
1931, following the upholding of the 5- to 10-year sentence
on Jan. 2 of that year by the Appellate Division of the
New York State Supreme Court. Sentence was imposed
on Nov. 8 1929 on the bribery charges and Warder was
released from the Tombs on Nov: 26 1929 under bail of
$50,000 pending the appeal made to the Appellate Division.
Warder resigned as Superintendent of Banks when investigation was started into the failure of the City Trust Co.
At the trial it was alleged that he accepted the $10,000
bribe in return for refraining from examining the books of
the institution. References to the former Superintendent's
conviction, and his sentence, were given in our issues of
Jan. 17 1931, page 434; Dec. 14 1929, page 3741, and Nov.
16 1929, page 3113.
Joseph W. Harriman Sentenced to 43.2" Years Imprisonment for Conviction on 16 Counts of Misuse of
Funds—Execution Stayed Until July 3 to Permit
Appeal.
Joseph W. Harriman, former President of the Harriman
National Bank and Trust Company of New York City, who
was convicted on 16 counts in the Government's suit charging false entries in depositors accounts and the misapplication
of the bank's assets, was sentenced on June 27 to 43/i years
imprisonment on each of the 16 counts. Judge John C.
Knox stated that the sentences would run concurrently.
After sentence had been pronounced Mr. Harriman's attorney filed notice of appeal and asked that bail of $25,000
be continued. Judge Knox referred the matter to the United
States Circuit Court of Appeals and stayed the execution
of the sentence until July 3.
The conviction of Mr. Harriman was noted in our issue
of June 23, page 4228, while other previous references to
his trial, were contained in our issues of May 19 (pages
3375-76) and May 26 (pages 3549-50). The remarks of
Judge Knox, in pronouncing sentence June 27, were quoted
as follows in the New York "Times" of the following day:
"If the score to be settled here," said Judge Knox, "concerned only Mr.
Harriman and myself as private individuals, I feel certain that I would
respond to the prompting's of sympathy engendered not only by the predicament of the defendant but by the loyalty and devotion of his kinfolk
which, through the five weeks of trial, has been nothing short of heroic.
I have never been more impressed by the anxious concern and deep devotion of members of a defendant's family than I have been in this case, but
unfortunately for Mr. Harriman and myself I am, as it were, custodian
of a trust for the public, and as faithfully as I know how I must render
Just service.
"The law has been flagrantly violated. The jury rendered a just and
carefully arrived at decision. The trial was as fair as I knew how to make
it. If I could consider only Mr. Harriman's age, his undoubted illness
and the fact that the house of cards which he erected has fallen in disorder
about him, I might dispose differently of this case, but that is not the
situation.
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Financial Chronicle
"Not only must I consider the depositors of the Harriman National
Bank and Trust Company but the interests of the depositors in each and
every bank throughout the country. These people have entrusted funds
to others and they depend upon them.
"This is no time for moralizing. Each of us can do that for himself in
this case. It is a time to put personalities in the background. The offenses charged must be dealt with objectively and sternly. I have gone
over this case carefully, have given it my best judgment and have reached
what seems the best conclusion of which I am capable.
"It is amaiing how great the interest in this case has been and still is
all over the country. Letters have been written to me from points far
and wide, stacks of them, telling me just how, from the writers' point of
view, I should assess punishment or why there should be no punishment
at all. The latter class of advisers urge that this defendant be treated as
a victim of a cataclysm which has fallen more or less to the lot of all of us
•during the past few years. But each of us stands fast in the face of his
adversity and loss. That is a message that must go to every one."
AAA Purchases 374,378 Cattle in Four Drouth States—
Benefit Payments to Farmers Total $216,000,000—
$8,500,000 Allocated to Purchase Land in Drouth
Area.
The Agricultural Adjustment Administration announced
on June 26 that within the past three weeks it has purchased
374,378 cattle in emergency drouth areas of Minnesota,
Wisconsin and North and South Dakota. The cattle-buying
program may later be extended to other emergency areas.
Cattle bought up to June 25 included 58,190 head from
Minnesota, 239,370 from North Dakota, 72,991 from South
Dakota and 3,827 from Wisconsin. Purchases represented
more than 42% of all the cattle on farms from which they
were bought. Contracts have been awarded to 11 packing
concerns for processing the meat, which will ba distributed
to the needy.
Processing Tax on Large-sized Cotton Bags Abated by
Secretary of Agriculture Wallace—Compensating
Tax Terminated on Jute Fabric.
Secretary of Agriculture Henry A. Wallace signed on
June 12 a certification and the necessary proclamations
which abate the processing tax on large-sized cotton bags,
terminates the compensating tax on jute fabric used in the
manufacture of large jute bags, and terminates the compensating tax on paper used in the manufacture of large
paper bags. The announcement by the Agricultural Adjustment Administration further announced:
In addition the compensating rate of tax on paper used In the manufacture of paper towels was reduced and the compensating tax on paper
fabric used in the manufacture of open mesh paper bags was adjusted
by a modification in their definition.
The initial finding by the Secretary of Agriculture was included in a
certification under Section 15 (a) of the Agricultural Adjustment Act
in which he found that large cotton bags, that is, cotton bags having a
cut area of 950 square inches or over and a weight basis of 380 pounds or
over, or a cut area of 1.475 square inches or over and a weight basis of
170 pounds or over, or intermediate bags provided that for each pound of
decrease in the basis weight from 380 pounds per thousand bags, the cut
,
6
area per bag is at least 2; square inches greater than 950 square inches,
were of such low value, considering the quantity of cotton used in their
manufacture, that the payment of the processing tax on cotton is causing,
in large part, a decrease in the use ofsuch cotton bags and a further accumulation of surplus stocks of cotton. Hereafter, according to the certification,
the processing tax on cotton going into the manufacture of such cotton
bags is to be abated or refunded.
Simultaneously a proclamation was signed by the Secretary which
terminates the compensating rate of tax on large jute bags and lowers the
rate on jute fabric going into small jute bags from 2.9 cents per pound to
2.1 cents per pound. The regulations which will abate the tax on large
jute bags defines these bags in substance as bags having a cut area of less
than 950 square inches or a basis weight of less than 393 pounds of jute
content per thousand bags, or jute bags having a basis weight greater than
393 pounds per thousand bags but less than 872 pounds per thousand
bags, provided that for each pound decrease from 871 pounds per thousand
bags, the cut area per bag is not more than 1.08 square inches greater
than 950 square inches.
The adjustment of the compensating rate of taxes on paper bags involves
the abatement or refund of the tax on bags with a capacity of 75 Pounds
or over. The adjusted rates on paper bags having a sacking capacity of
pounds and over and less than 75 pounds, printed, labelled or other4
wise Identified as bags designed and in form for use in the packaging of
grain flours, corn meal, sugar, salt, fertilizers, feed or potatoes is as follows:
4 to 5.4 lb. size_ _31.24 per 1,000 13 to 16.9 lb. size_ _ __$3.11 per l,000
5 to 7.9 lb. size__ 1.47 per 1.(;00 17 to 29.9 lb. size_ ___ 3.96 per 1,000
7.91 per 1,000
8 to 10.9 lb. size__ 2.02 per 1,000 30 to 74.9 lb. size_ _
11 t 12.9 lb. size_ _ 2.25 per 1,000
The rate of tax on paper fabric going into open mesh paper bags was
left unchanged, but is limited to bags having a cut area of less than 950
square inches per bag or having a basis weight of less than 369 pounds of
paper content per thousand bags and bags having a basis weight greater
than 369 pounds per thousand bags but less than 825 pounds paper content
Per thousand bags, provided that for each pound decrease from 825 pounds
the cut area per bag is not more than 1.15 square Inches greater than
950 square inches.
The rate of tax on paper used in the processing of paper towels was
reduced from .715 to .346 per pound weight of paper.
Inquiry Into Oil Industry Proposed in Resolution
Adopted by House—Administration's Oil Production Control Bill Shelved at Late Session of Congress—President Roosevelt's Letter Urging Support
of Bill.
A resolution adopted by the House of Representatives on
June 15 (by a vote of 220 to 36) calls for an investigation
into the production, importation, storage, transportation,
June 30 1934
refining and purchase and sale of petroleum to determine
whether there is an excessive supply, and if it exists, whether
it affects Commerce in petroleum. The investigation is to
be undertaken by the House Committee on Inter-State
Commerce, or a subcommittee thereof, which is required
to report its findings to Congress, together with such recommendations for legislation as it deems advisable. In the
Washington "Evening Star" it was noted that the House
Inter-State and Foreign Commerce Committee voted on
June 14, by a vote of 12 to 5, not to consider at this session
the Administration-supported Thomas-Disney oil production control bill. The item from which we quote also said:
Chairman Rayburn disclosed the Committee had adopted instead a
resolution for submission to the House suggesting the appointment of a subcommittee to investigate the necessity for oil legislation. It would report
at the next Congress.
Most observers believed the Committee's action definitely killed the
prospect of oil legislation at this Congress, despite the fact that a bill
almost identical with the Disney measure is pending in the Senate.
The resolution passed by the House follows:
House Resolution 441.
Resolved, That the Committee on Inter-State and Foreign Commerce, as
a whole or by subcommittee, is authorized and directed to investigate
(1) the production, importation, storage, transportation, refining, purchase
and sale of petroleum and its products for the purpose of determining
whether there is an excessive supply of petroleum and its products: whether
such excessive supply, if it exists, injuriously affects commerce in petroleum
and its products and has the effect of rendering unprofitable the operation
of wells of small but settled production and will cause their abandonment
before the maximum economic yield is obtained: whether premature extraction of petroleum from natural resources, induced by absence of restrictions upon the quantity which may move in commerce, results in waste
and inferior uses; whether restrictions should be placed upon the quantities
of petroleum and its products which may move in commerce when an
excessive supply exists, and, if so, whether such restrictions should regulate
and co-ordinate commerce in petroleum and its products among the several
States and with foreign nations, with fair and equitable apportionment
among the States and among different operators and sources of supply;
and whether commerce in petroleum and its products is of such a nature
that it may be regarded as a unit for the purpose of establishing quotas
irrespective of whether transactions are inter-State or intra-State, or whether
exportation or importation is involved: and (2) all other questions in relation to the subject of regulating commerce in petroleum and its products.
The Committee shall report to the House (or to the Clerk of the House
if the House is not in session) during the present Congress the results of its
investigation, together with such recommendations for legislation as it
deems advisable.
For the purposes of this resolution the Committee,or any subcommittee
thereof, is authorized to sit and act during the present Congress at such
times and places within the United States, whether or not the House is
sitting, has recessed, or has adjourned, to hold such hearings, to require
the attendance of such witnesses and the production of such books, papers
and documents, and to take such testimony as it deems necessary. Subpoenas shall be issued under the signature of the Chairman of the Committee or any member designated by him, and shall be served by any
person designated by such Chairman or member. The Chairman of the
Committee or any member thereof may administer oaths to witnesses.
During the debate on the resolution in the House on June 15
Representative McFarlane called attention to the fact that
President Roosevelt had on May 22 addressed identical
letters to Senator Logan, Chairman of the Senate Committee
on Mines and Mining, and Representative Rayburn, Chairman of the House Committee on Inter-State and Foreign
Commerce,asking the Committee's support of the legislation;
copies of the letters were also sent to Senator Thomas and
Representative Disney. President Roosevelt's letter read
as follows:
May 22 1934.
My Dear Mr. Chairman.—I have received a disturbing letter from the
Administrator for the Petroleum Industry, Hon. Harold L. Ickes, informing me of the continued daily production of oil in excess of the maximum
amount determined on by the Administrator pursuant to authority under
the petroleum code.
The Administrator states that the records of the Bureau of Mines during
the first three months of this year show a daily average production of
"Illegal" oil of 149.000 barrels. Technically speaking, this may not all
have been "hot" oil, but in a real sense it is, since it is oil produced in excess
of the allowable. While the final figures of the Bureau of Mines are not
available for the months of April and May. it is unquestionably true that
there is growing disregard for production orders issued under the petroleum
code and that the trend of hot oil produced Is upward. For example, it is
stated on reliable authority that the daily excess production in the east
Texas field alone is running at 60,000 to 75.000 barrels per day. Other
estimators say that this figure should be much higher. The "Oil and Gas
Journal" recently estimated that there was illegal production in the country
as a whole of 198.475 barrels per day during the week ending May 12.
If the principle of prorating production under a code is to be maintained,
it seems necessary that the existing law should be strengthened by the
passage of the bill which has been introduced in the Senate by Senator
Thomas and in the House by Congressman Disney and supported by the
011 Administrator.
It is a simple fact that as a result of the work of the Oil Administrator,
definite progress has been made both in eliminating unfair practices and in
raising the prices of crude petroleum to a reasonable level, which has brought
added employment and more fair wages to those engaged in oil production.
I am frankly fearful that if the law is not strengthened, illegal production
will continue and grow in volume and result in a collapse of the whole
structure. This will mean a return to the wretched conditions which
existed in the spring of 1933.
I hope, therefore, that the proposed legislation can be enacted. I do
not want to see this important American industry reduced to the condition
under which it was operating before the Oil Administration started its work.
Very sincerely yours,
(Signed) FRANKLIN D. ROOSEVELT.
Volume 138
Potato Marketing Agreement for Southeastern States
Tentatively Approved by Secretary Wallace.
According to Washington advices, marketing agreements
covering the early potato industry in the southeastern
States have been tentatively approved by the Secretary of
Agriculture, Henry A. Wallace, and are being submitted
to contracting shippers for acceptance. The advices, given
in the "Wall Street Journal" of June 25, continue:
The agreement provides that it may become a part of a National system
of marketing agreements for that industry if agreements for other producing areas are developed later. It seeks to bring market supplies of potatoes
more nearly in line with demand through a system of control and regulation of shipments. It is intended to become effective for the 1935 crop,
but is so worded that districts designated to use the proration provisions
for this year's crop may do so.
3,000 to 6,000 Carloads of Potatoes to Be Purchased by
FERA from Maryland, Virginia and North Carolina
for Relief Purposes.
Announcement was made on June 25 by Harry L. Hopkins, Federal Relief Administrator, that the Federal Emergency Relief Administration will purchase between 3,000 to
5,000 carloads of potatoes from farmers in Maryland, Virginia and North Carolina. In noting this, Washington
advices to the "Wall Street Journal" of June 25 said that
Mr. Hopkins' decision to buy the produce followed a conference with Governors from the three States, who stressed
the need of buying up the surplus potato crop.
A week previous, on June 18, Administrator Hopkins
notified Governor Ehringhaus of North Carolina, that the
Federal Government had authorized the purchase of 25,000
bushels of potatoes daily from growers in that State. In
the Raleigh "News & Observer" of June 19 it was stated
that Mr. Hopkins had said the FERA would not make any
effort to boost prices, but leaders in the movement for price
increases felt confident that such large purchases by the
Government would make for higher prices. The paper
quoted continued:
The potatoes will be used for relief needs in this and other States and
especially in the drouth area.
The drive for higher prices began June 5 when a group of growers conferred with Governor Ehringhaus following a steady decline in prices.
Since that time, the Governor has led the movement and last week proclaimed a "digging holiday" until last Sunday night.
The Governor said last night he was keeping in close touch with the
situation and would do all in his power to force prices UP.
Virginia Has Holiday.
Governor Perry of Virginia yesterday appealed to Virginia growers and
shippers to withhold shipments until the condition of the market improved.
Governor Ehringhaus had feared that large shipments in Virginia would
depress prices further.
Overproduction of potatoes this year sent prices down from an average
of $2.60 a barrel last year to latest quotations of $1.50 a barrel. On top
of that decrease, the price of fertilizer rose considerably.
Load of Uncertainty Lifted from Business with Adjournment of Congress, Says Guaranty Trust
Co. of New York—Finds Bewilderment at Complexity and Cost of Government's Program—
Principle Underlying Silver Purchase Act Dangerous and Unsound.
In some respects, the session of Congress that has just
closed lifts an unusually heavy load of uncertainty, states the
Guaranty Trust Co. of New York in the current issue of "The
Guaranty Survey," its monthly review of business and financial conditions in the United States and abroad, published
June 25. "The Survey" regards as "perhaps the strongest
impression left on business by the actions of the session" that
of "bewilderment at the complexity and the huge cost of the
Government's program." The Gold Reserve Act and the Silver Purchase Act are among the Congressional measures
which are commented upon in "The Survey," from which we
quote:
Partly because of the exigencies of the economic situation and partly
because of the political make-up of Congress, the recent session witnessed
more business and financial legislation and proposed legislation of a drastic
and far-reaching character than any other in many years, with the possible
exception of that of 1933.
A year ago, however, the situation was so serious and business confidence
was at Bud' a low ebb that the prospect of sweeping legislation was regarded
by many ordinarily conservative business men as a possible means of escape
from an intolerable state of affairs. This year an entirely different situation exists. Both business and financial conditions have improved, and
many exp-'"enced observers are of the opinion that further progress toward
recovery can best be promoted by an abandonment of radical and experimental measures.
Many Powers Delegated.
In one important respect, however, adjournment brings less relief this year
than usual. So many legislative and discretionary powers have been delegatetd to the executive branch of the Government that the end of the session
leaves many unsettling possibilities. The nation's currency can be inflated
or further devalued; tariff rates can be raised or lowered, and business can
be subjected to additional restrictions of various kinds, whether or not Con.
gross is in session.
Nevertheless, adjournment is unquestionably welcomed by the majority of
business men. Not only is executive freedom of action still subject to certain
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Financial Chronicle
limits, but the Administration, whether rightly or wrongly, is considered less
likely than Congress to take seriously harmful action. Accordingly, the end
of the session has created a feeling of distinct relief in business circles.
The 1934 legislation is extremely difficult to evaluate as a whole from
the point of view of its effects on business, partly because such appraisal
involves a large element of prediction, partly because business authorities are
by no means in agreement on all points, and partly because many of the new
laws contain a bewildering variety of both constructive and unwise provisions. On the whole, the 1934 session, like that of 1933, was characterized
by a close adherence to the wishes of the Administration. It marked, therefore, a further development of the policies that constitute the "New Deal,"
including the delegation of broad powers to the Administration and the
extension of governmental activities in the economic field.
An examination of the laws enacted by both sessions of the Seventy-third
Congress discloses that a large proportion of them consist of outlines of
policy, the specific application of which is left to the discretion of the
Administration. In general, it appears that the session just closed concerned
itself less with temporary emergency measures and more with acts of a permanent and fundamental nature. This difference arose from the changes
that occurred in economic and political conditions during the interval between
the sessions. The 1933 session was called upon to deal with a compelling
emergency and to do pioneer work in the application of a new theory of
Government. The 1934 session convened after nearly a year of rapid and
fairly well-sustained recovery, and after several months of experience with
the legislative measures previously enacted. Its task, therefore, was not so
much to blaze a new trail as to consolidate gains and correct errors.
Huge Cost of Recovery Program.
Perhaps the strongest impression left on business by the actions of the
session, viewed as a whole, is one of bewilderment at the complexity and
the huge cost of the Government's program. It is impossible to contemplate
public expenditures on such a scale without some uncertainty regarding the
final outcome. The theory is clear enough: the Government, after "priming
the pump" of business recovery, steps away and allows private enterprise
to "carry on" along normal lines. But there is no guaranty that the "priming" process will be successful. Even if it is, the people will have to face a
tax burden that will be difficult to carry and that will present a constant
temptation to resort to unsound expedients. Taxation heavy enough to support and gradually liquidate a public debt of $32,000,000,000 or more is
economically possible, but it will never be popular.
Gold Reserve Act Outstanding Measure.
One of the first items of legislation enacted was the Gold Reserve Act,
undoubtedly the outstanding action of the session, and perhaps the most important financial measure adopted since the creation of the Federal Reserve
System. The enactment of the law was followed immediately by an executive
order fixing the weight of the gold dollar at 15 5/21 grains nine-tenths fine,
or 59.06% of the former weight.
From the long-term point of view, the effect of the Gold Reserve Act is
to alter radically the nature of the country's monetary system. Although
it is commonly said that the United States has returned to the gold standard,
the present system lacks several of the essential features of a true gold
standard, as that term has been generally understood in the past, including
gold coinage, the use of gold as legal tender in payment of debts, and the
convertibility of paper currency into gold. The present system is more
accurately described as an "international gold bullion standard."
Other Monetary Legislation.
Another important monetary measure is the Silver Purchase Act, which
declares it to be the policy of the United States to maintain one-fourth of its
total stock of money metal in the form of silver and three-fourths in gold.
The principle underlying the Act is dangerous and unsound; but its practical
significance is uncertain, inasmuch as the rate of silver accumulation is left
entirely to the discretion of the Administration.
Still another monetary Act passed at the recent session is that extending
the privilege of the Federal Reserve banks to use United States Government
securities as collateral for the issue of Federal Reserve notes. This is an
emergency measure and is comparatively little used at present because of the
large amount of gold available for use as collateral. It is potentially inflationary, and is not in harmony with the theory of currency elasticity on
which the Federal Reserve System is based. It would be unfortunate if the
privilege should be allowed to become a permanent feature of the monetary
system.
The amendments to the Securities Act constitute the most clearly constructive piece of legislation, from the business point of view, enacted during the
session. They are intended to liberalize certain features of the Act that have
proved particularly harmful in their effects on the capital market. They
do not include all the midifications that are to be desired, but they mark
commendable progress toward the correction of some of the unworkable features that have virtually paralyzed the market for new securities during
the last year.
The Bank Deposit Insurance Act contains a variety of provisions. Its
most constructive feature is the postponement of the dangerous plan for a
permanent guaranty of deposits through a continuation of the temporary
guaranty for one year, or until June 30 1935. The maximum amount covered
by the guaranty is, however, increased from $2,500 to $5,000. It is to be
hoped that the postponement will be followed by a definite renunciation of
the permanent guaranty plan.
Several pieces of agricultural legislation were enacted, including a farm.
bankruptcy bill permitting farmers to scale down debts and avert foreclosures
by making small payments for six years without the consent of creditors.
Policies of this kind cannot be regarded as contributing to the permanent
solution of the farm problem. The farm-bankruptcy bill has not yet been
signed by the President; and it is reported that considerable pressure is being
brought to bear upon him to withhold his approval from this drastic measure,
which contains possibilities of serious shock to the nation's financial structure
and disastrous effects on farm credit.
On the whole, however, the results of the session are fairly reassuring from
the business point of view. To be sure, the new legislation includes experimental measures that will create some misgivings. On the other hand, the
most drastic and unsound proposals were defeated, while certain serious
errors committed in the 1933 sessions were recognized and at least partly
corrected.
Such actions as dollar devaluation, enormous public expenditures, the new
silver policy, and the attempt at direct control over agricultural output are
certainly not calculated to stimulate confidence. But great encouragement
can be derived from the avoidance of direct currency inflation, the failure of
the most flagrant attempts at raids on the Federal Treasury, the absence of
radically unsound labor legislation, the postponement of the permanent plan
for guaranteeing bank deposits, and modification of the Securities Act.
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Financial Chronicle
General Johnson Attacks Second Report of Darrow
Board—NRA Administrator, in Letter to President
Roosevelt, Says Charges Are Unfounded in Fact.
General Hugh S. Johnson, National Recovery Administrator, on June 27 assailed the second report of the National
Recovery Review Board headed by Clarence Darrow as
"even more inaccurate and inconsequential than the first."
In a letter to President Roosevelt, transmitting a statement
by Donald R. Richberg, NRA General Counsel, summarizing the NRA reply to charges contained in the Darrow
report, General Johnson charged that the Board was using
its position "solely to manufacture false material for any
politician who may be demagogue enough to use this kind of
political coin as honest money."
The report, General Johnson declared, said that the chief
evils of the NRA codes are monopoly and oppression. He
denied that the Board had been able to prove the slightest
evidence of either monopoly or oppression and said that,
"on the contrary, the wholly ineffective attempt has proved
the case of NRA better than we ever could do it by any positive testimony or argument." Many of the complaints
received by the Darrow board, the NRA Administrator said,
are on codes not yet approved and on provisions not yet
effective. The total of .complaints, he added, represents
only six out of every 25,000 firms now operating under codes,
and he contended that this circumstance, taken with a study
of the report itself, "adds confidence rather than misgivings
of NRA."
General Johnson discussed in detail the principal charges
of the Darrow board, and declared that all were unfounded.
He said that the complaints regarding the asbestos code
are based on provisions which have never been approved.
With regard to the assertion that "some unrevealed and
mysterious agency" changed the boot and shoe code, General
Johnson said that this is "a fabrication out of the whole
cloth." In reply to the allegation that the cement code
was used by powerful interests to extend their power and
multiply their profits, General Johnson said that actually
profits in this industry have decreased and there has been
no advance in price.
With regard to the criticisms of the retail code, General
Johnson said that the Darrow board comments were "pure
nonsense" and were "typical of the unfairness, untruth, temper, spirit and utter worthlessness of these reports." He
also discussed complaints made against the codes for the
coffee, lumber, lead pencil, plumbing fixtures and retail
food and grocery industries, and in each case asserted that
the charges were unfounded in fact.
General Johnson Approves Aluminum Code for Trial
Period of 90 Days—Pact, Effective July 11, Includes Provision Against Monopolistic Practices.
A code of fair competition for the aluminum industry,
which was signed on June 27 by General Hugh S. Johnson,
Recovery Administrator, will become effective July 11. The
code is provisional in character, and will operate for a trial
period of 90 days. During that period an investigation will
be made of past practices in the industry, in order to determine the extent to which the code has protected "small
enterprises from any alleged oppression or discrimination."
The code will be administered by an authority of 11
members. It contains provisions for minimum wages, prohibits child labor, and includes a so-called anti-monopoly
clause. Other features of the pact described below, outlined
in a Washington dispatch of June 27 to the New York
"Times:"
General Johnson said that during the trial period he would investigate
any complaints of unfair competition "in the sale of fabricated products
at prices constituting unfair competition, oppressing small enterprises,
tending toward monopoly or the impairment of code wages and working
conditions."
An anti-monopoly provision of the code declares as follows:
"No provision of this code shall be so applied as to permit monopolies
or monopolistic practices or to eliminate, oppress or discriminate against
small enterprises."
The compact provides for a week of forty hours, with certain exceptions,
and minimum wages varying from 30 to 373.4 cents an hour for various
Classes of workers. There is a differential in favor of the South and also
a sex differential.
The assertion that General Johnson, in approving the provisional code,
had surrendered to the "trusts" was made by Oswald F. Schuette, who
represents independent aluminum interests.
Seller of Automobile Charged with Violation of Minimum Price Provisions of NRA Code for Motor
Vehicle Retailing Business.
The first case of alleged violation of the provision in the
National Recovery Administration code for the motor vehicle
retailing business which prohibits underselling, was charged
June 30 1934
on June 22, when Gordon S. Harris of New York City was
accused of selling an automobile at a discount, and was
held for Special Sessions by Magistrate Van Armitage, who
fixed bail at $1,500. The complaint was made by the New
York Code Authority, of which John B. Hulett is Administrator. Harold H. Straus, attorney for the Code Authority,
is said to have charged that Mr. Harris was "the outstanding
automobile bootlegger in the industry." This charge was
denied by Jacob Marx, defense attorney, who said that Mr.
Harris was not a motor vehicle dealer and had no showroom.
The New York "Times" of June 23 gave further details
of the charges as follows:
Howard A. Boyd, who said he lived in the Weylin Hotel of this city,
testified that on Feb. 5 1934 he had bought from Harris a Ford sedan at
a $50 discount from the regular delivered price. He was employed at the
time on the local Code Administrator's staff. He said he had made the
purchase in Harris's office, 307 Fifth Avenue, and had signed a contract
which, however, had been voided by a later agreement. The purchase
price agreed upon, he testifi d, was $627.72. The price at which, under
the code, the car had to be sold by dealers in this city, another witness
asserted, should have been $677.72.
Mr. Boyd land John J. Gross, also from the Administrator's office, declared that Harris had told them that the second agreement was necessary
"to get around the code." Gross declared that the alleged purchase had
been made following complaints against Harris's alleged activities received
by the Code Administration.
Hosiery Mills at Harriman, Tenn., Shut Down Because
NRA Refuses to Return Blue Eagle, Taken Away
in April—Plant Officials Charge NLB Rendered
Prejudiced Decision on Complaints Regarding
Collective Bargaining.
The Harriman Hosiery Mills Co., of Harriman, Tenn.,
closed its doors on June 25, thereby throwing 653 employees
out of work, after charging that this action was necessitated
because of "persecution" by the National Recovery Administration. Officials of the plant had threatened on June 22 to
shut down unless the Blue Eagle, 'which was removed on
April 20 by General Hugh S. Johnson, Recovery Administrator, was returned immediately. The NRA insignia had
been withdrawn from the company at the recommendation of
the National Labor Board, which said that officials had refused to bargain collectively with their employees. A notice
posted on the company's bulletin board on June 25 said that
"the action of General Johnson and the NRA have convinced
us that they intend to wreck this concern and make its operation impossible."
The mills are the principal industry in Harriman, which
has only 4,000 inhabitants. When the Blue Eagle was removed, in April, 69 other firms voluntarily removed their
NRA insignia as a gesture of sympathy.
T. Asbury Wright, Counsel for the mills, in a letter to General Johnson, made public on June 25, charged that the NLB
was composed principally of men who were naturally sympathetic to labor and who had decided unjustly regarding complaints against the mills. We quote the letter as follows:
General Hugh S. Johnson,
Administrator, NRA, Washington, D. C.
Dear Sir: On April 20, by your order as Administrator of NRA, the Harriman Hosiery Mills was deprived of the use of the Blue Eagle. Your action
was based upon the recommendation of the NLB, which was dominated and
controlled by the American Federation of Labor. Out of the six members
who sat at our hearing, three—William Green, John L. Lewis and George
Berry—being Presidents of national labor union,; Father Francis Haas,
avowed labor union supporter; Leo Wolman, consumer member, and only one,
Pierre du Pont, representing industry.
The only conjecture of guilt that this prejudiced Board could assume was
that the company "entered negotiations in bad faith with the definite Intention not to make any agreements with the representatives of its employees."
This Board could not find where we had done anything wrong, but their
accusation of "bad faith" indicates they suspect us of "thinking wrong."
This is purely "mind reading" on the part of the NLB, but is being used to
destroy a concern of more than 20 years of fair and successful operation and
the savings of two generations of loyal and true American citizens.
The above conjecture was based solely on a disorderly mess of unsworn,
illegal, incompetent testimony, and passed upon by a prejudiced Board which
has shamefully abused the confidence reposed in its membership, and which
has made of itself an agency for the unionization of industry. Such conjecture is not worthy of any consideration. You condemned Clarence Darrow
for reporting on such testimony, yet you acted upon that type.
In our opinion, the NLB is not qualified to judge "bad faith." Their
general counsel, in a meeting with mill officials, suggested that trickery be
utilized to deceive the strikers in settling the strike. This scheme was also
suggested by the Director of Compliance.
We were advised by those two gentlemen to make the strikers believe we
were going to take them back and then take a few, and that this sort of cheap
trickery would satisfy those two branches of the "New Deal."
Even your own Secretary, in discussing ways and means of settling the
strike, advised us to take back 50 strikers, work them for a week or 10 days
and then let them out.
You personally told us to discharge present loyal employees and employ
strikers in their places. Your personal representative (A. R. Glancy), who
left here to-day, would not restore the Blue Eagle unless we signed a written
Instrument requiring us to discharge present layol employees and replace
them with strikers.
We would like to know if the Blue Eagle is the property of the law-abiding
citizen of the United States or if it is a plaything to be held over the heads
of honorable and decent employers as &cudgel to browbeat and bulldoze them
Volume 138
Financial Chronicle
Into surrendering their constitutional rights for the benefit of outside agitators, whose only purpose is to exploit labor fork their own personal gain.
You have been advised in writing by the Department of Justice that they
have completed their investigation and find that we are not guilty of violating the law or the code, and they find nothing in this case to justify prosecution. Have you no regard for this unprejudiced, non-political, unbiased legal
branch of the Government?
For several months we have pleaded and reasoned with the various departments handling our case. We are now convinced that facts and justice play
no part whatever in the consideration of a matter of this kind. We are convinced that through boycotting and every other means at your disposal you
have set out to wreck this concern. No email concern can withstand all the
agencies of the Government when they are employed for this purpose. We
are therefore closing this plant to-day per attached copy of notice to
employees.
The Constitution of the United States guarantees that no citizen shall be
deprived of life, liberty or property without a just, fair and impartial trial.
You well know that by an administrative action you are doing the company irreparable damage for which it has no recourse, as the Government
cannot be sued except by permission. If the company is a law violator the
courts are open to you to prove our guilt and have just penalties inflicted.
Even a criminal accused of the most heinous crime must be tried in a court
of justice. We have been unjustly, unfairly and in an un-American manner
deprived of our property rights in the Blue Eagle.
Copy of this letter is being sent to the President of the United States.
Yours very truly,
HARRIMAN HOSIERY MILLS,
By T. ASBURY WRIGHT TR, Representative and Attorney.
From Associated Press accounts from Washington, June 25,
we take the following:
The Harriman case has been a subject of controversy for months. It
began with a strike on Oct. 26, after the alleged dismissal of employees for
union activities. Both the NLB and the Atlanta Regional Board attempted
to settle the dispute.
In February the NLB said that the firm's rejection of an agreement with
Its employees "impugns the good faith of the company and is indioative of a
desire to perpetuate discord, foster industrial unrest and to obstruct the
forces of recovery."
A month later, in a formal "findings of fact," the Board said the company
"has had the intent not to reach any agreement."
It added:
"The Harriman Hosiery Mills has infringed the rights of its employees to
bargain collectively through representatives of its own choosing as recognized by Section 7A of the National Industrial Recovery Act by entering
negotiations with bad faith with the definite intention not to make any
agreement with the representatives of its employees."
The Board also said members of an employees' committee, upon returning
to Harriman after a visit to Washington to appear before the Board, were
arrested on charges of violating an injunction issued in connection with the
strike. About 75 employees were said to have been jailed.
On March 13, Senator Wagner, Chairman of the NLB, wrote to General
Johnson transmitting the finding of fact, and saying:
"An opportunity was afforded the Harriman Hosiery Mills on March 12 to
show cause why this case should not be referred to the Compliance Division
of the NRA for the withdrawal of its Blue Eagle and to the Department of
Justice for appropriate action."
Hosiery Code Authority Recommends Shutdown for
All Mills for Two Weeks Between July and September—Urges Reduction in Shifts and Higher
Minimum Wages.
Every hosiery mill in the United States will institute a
complete shut-down of two weeks at some time between
July 1 and Sept. 1, according to a decision reached on June 22
.by the Hosiery Code Authority. The Authority also urged
that shifts be reduced from 40 to 35 hours, effective July 16,
and recommended that certain minimum wage provisions of
the hosiery code be increased. Earl Constantine, Executive
Director of the Authority, said that the decision will affect
approximately 600 companies employing 145,000 workers.
The recommendations, which were unanimously approved by
the members of the Authority on June 22, were as follows:
1. That within the period of July 1 to Sept. 1 1934 each hosiery plant be
required to suspend productive operations for two weeks. Each plant shall
be free to select the two weeks it prefers, and such two weeks need not be
consecutive.
2. That the length of shifts of productive operations be reduced from 40
to 35 hours, including full-fashioned footing equipment operated on a two.
shift basis, effective July 16 1984.
3. That those minimum wage provisions of the code which have proven to
be materially below prevailing actual earnings and, therefore ineffective, be
increased to an extent which will substantially protect the overwhelming
majority of the mills from the unfair competition resulting from the few
mills whose wage rates approximate the minimum wages, making such minimum wages in effect Inax1111111118.
Consumers of 75% of United States Copper Sign Temporary Buying Contracts with Producers—H. 0.
King Granted Leave of Absence from NRA to Head
Copper Code Authority.
Consumers of copper who use approximately 75% of the
metal remelted in the United States have entered into
temporary buying contracts with producers,it was announced
on June 24 by H.0. King, Executive Director of the Copper
Code Authority. Mr. King, who was formerly Division
Administrator of the National Recovery Administration, was
granted leave of absence by the NRA to become an impartial
Administrator for the copper industry, despite a regulation
of the NRA which forbids a man who had acted as a Deputy
je, the formation of a code from working for the Code
Authority. The NRA stated that it had made this exception
4401
because of the existence of an emergency in the copper mining
industry. The NRA announcement, issued on June 19, said:
There is a specific NRA regulation which absolutely forbids any man.
who, having acted as a Deputy in the formation of a code. has resigned
and gone to work for that Code Authority, from appearing before NRA
or having any contact therewith by correspondence or otherwise in connection with such code.
It is a necessary rule and Mr. King's appointment is in flat violation
of it, but it is permitted because of real emergency, the great distress
among copper miners.
Mr. King announced on June 22 that sales of non-Blue
Eagle copper would be prohibited until September 30. The
prohibition against sales of copper not produced under code
terms had previously extended only to August 1. The Code
Authority has rejected the applications of the American
Metal Co., American Smelting & Refining Co. and Nichols
Copper Co. for quota allowances on their sales of duty-free
fluxing copper.
Revised Code for Baking Industry Becomes Effective
July 9—Changes by President Roosevelt Meet
Objections Advanced by National Bakers' Council.
The National Recovery Administration code for the baking
industry will become effective July 9, with some of its provisions revised from the form in which it was originally
approved by the NRA. Under an Executive Order issued
by President Roosevelt June 16, there was inserted a provision prohibiting the giving of premiums by members of
the industry. This section had been endorsed by the National Bakers' Council, which will act as Code Authority.
The revision also extends until Nov. 15 the period in which
a report is to be made by the industry on the operation of
the labor provisions of the code. The Code Authority had
protested the original provision requiring a report within
90 days of the effective date of the code.
The New York "Journal of Commerce" outlined the principal changes in the modified code in part as follows:
Premiums are forbidden, the stay of Section 6 in the original signature of
the code being removed by the new Executive Order. Thus the bakers win
an important point, being the lone large member of the food industry to
get approval cf prohibition of premiums. Just a week ago the millers'
code was signed with a similar clause stayed. The concession to bakers is
no doubt in deference to the 99% vote against premiums at the public
hearing of the code last Jan. 31.
Longer Trial Period.
Another concession made by the modified Executive Order is the lengthening of the trial period for the sections on labor, hours and wages, originally
set at 90 days. The Bakers' Council will be granted until Nov. 15 to make
Its report, which, of course, allows a more thorough study. The Recovery Administration still retains the right to make changes in the labor,
hours and wages sections at the end of the time.
However, there is no longer a fear that an injustice will be worked toward
the bakery industry thereby. Such trepidation was ended at a meeting
of a committee of members of the National Bakers' Council with Administrator Hugh S. Johnson in Washington earlier last week.
In this meeting the industry's problems were squarely put up to Administrator Johnson. The fairness with which these were considered, and the
promptness with which the new Executive Order was rushed through for
Presidential signature, convinced a once dubious Bakers' Council that tbe
NRA was sincerely concerned with the welfare of the industry.
NRA Co-operation Promised.
Now the bakers have their code in essentially the form they desired it.
They have the assurance that the Recovery Administration will back them,
and in turn they assured General Johnson at the Washington meeting of
their co-operation. All that remains is the organization of the local code
enforcement machines.
A previous reference to the baking code appeared in our
issue of June 9, page 3883.
Cleaning and Dyeing Industry Abandons NRA Code—
Letter from Authority to President Roosevelt
Charges General Johnson with Bad Faith in
Suspending Price Control Clause Without Notice.
The Code Authority for the cleaning and dyeing industry,
in a letter to President Roosevelt on June 20, announced
that it had abandoned its National Recovery Administration
Code of Fair Competition. The letter charged that General
Hugh S. Johnson, Recovery Administrator, had displayed
bad faith in suspending the price-control clause three weeks
ago without giving any notice or hearing. This action, it was
charged, was in direct violation of a promise made by General
Johnson that no material change in the code would be made.
Abandonment of the code affected 11,000 cleaning plant
owners and 350,000 workers. Sol Rosenblatt , NRA Deputy
Administrator in charge of the code, said that the wage and
hour provisions would still be enforced, despite the announcement by the Code Authority.
A Washington dispatch of June 20 to the New York
"Times" noted the contents of the letter to the President
as follows:
The President was informed that fully 97% of the plant owners and retail
outlets were eager and ready to comply with the trade practice provisions.
It was said that in 132 out of 312 local areas there had been virtually complete compliance, while breakdown in compliance in other areas had been
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Financial Chronicle
due to delays by the Government in enforcement against a handful of
Individuals.
Among tne benefits declared to have resulted from the trade practice
provisions were cited the elimination of racketeering, payment of higher
wages to employees for fewer hours, improvement of quality of service and
protection of the small units.
The President was informed that more than $350,000 had been spent
In the formulation and submission of a code and the establishment of
a Code Authority and office staff.
"The recovery program which promised so much to the cleaning industry
has resulted in far worse conditions than were prevalent before the adoption
of our code," said Mr. Harkness, the Code Authority chairman. "During
the past six months we secured the compliance of 97% of the cleaners of the
country with the code provisions.
"The Recovery Administration, in suspending the price clause, has deprived us of all the benefits which we had hoped to obtain, and we are
now asked to continue to bear the heavy burdens of shorter hours and
Increased wages.
"Abandonment of price control in our industry has resulted in complete demoralization of the trade in many large centers. Already evidences
of vicious racketeering practices which had been eliminated under the code
are beginning to appear in different sections of the country, and we cannot
hope to maintain stabilized conditions and eliminate the chiseling element
without enforcement of this all-important feature."
The Code Authority for the cleaning industry reported a net gain of
23% in payrolls during the first quarter or1934. as compared with the same
Period last year. The average weekly hours worked by plant employees are
now 39.2, as compared to 49.9 reported last year. Average hourly rates of
pay in cleaning plants throughout the country have increased 35.8% under
the code.
At the same time, it is declared that cleaning prices were lower to-day in
every section of the country than ever before, except for the periods when
ruinous price wars were prevalent.
NRA Approves Canning Trade's Code Authority.
The National Recovery Administration has announced that
official recognition has been extended to the Code Authority
for the canning industry. Under date of June 22, a dispatch
from Washington to the New York "Journal of Commerce"
added:
The members of the approved body are:
Elmer E. Chase, Richmond Chase Co., San Jose, Calif.
Fred B. Childs. Libby, McNeill & Libby, Chicago, Ill.
William Clapper, Grimes Canning Corp., Des Moines, Iowa.
S. E. Comstock, Saider Packing Corp., Rochester, N. Y.
Ralph 0. Dulany, John H. Dulany & Son, Fruitland, Md.
Alfred W. Eames, California Packing Corp., San Francisco, Calif.
Frank Gerber, Fremont Conning Co., Fremont, Mich.
Francis A. Harding, William Underwood, Watertown, Mass.
Porter S. Lucas, Roy Nelson Canning Co., Crane, Mo.
H. E. MacConaughey, Hawaiian Pineapple Co., Ltd., San Francisco, Calif.
K. K. Mayer, Kuner Empson Co., Brighton, Colo.
Julian McPhillips, Dorgan-McPhillips Packing Co., Mobile, Ala.
W. A. Miskiman, Illinois Canning Co., Hoopeston, Ill.
Robert C. Paulus, Paulus Bros. Packing Co., Salem, Ore.
Fred A. Stare, Columbus Foods Corp., Columbus, Wis.
NRA Code for Cocoa and Chocolate Industry Approved.
Approval of a National Recovery Administration code for
the cocoa and chocolate manufacturing industry was announced on June 18 by Hugh S. Johnson, NRA Administrator.
Associated Press advices from Washington, on that date,
said:
The code, immediately effective, provides a basic maximum 40-hour week
at minimum wages of 421A,c. an hour for males and 371c. for females.
/
2
Office workers will receive at least $17 a week. A proposal to prohibit
premiums was suspended in the approval order.
In 1929 the industry had 6,249 workers receiving annual wages of
$7,778,061, and an output valued at $120,000,000. To-day there are 69
units, of which 28 are engaged primarily in cocoa and chocolate production.
The NRA expects operation of the code to boost employment to more than
95% of the 1929 level.
It is stated that capital investment totals $80,000,000 and
annual production is now about 887,000,000. .
Code Authority for Bottled Soft Drink Industry
Completed.
The following, from Washington, June 22, is from the New
York "Journal of Commerce":
Meeting this week, the newly-elected Code Authority for the bottled soft
drink industry completed organization by the election of officers and then
prepared a budget of proposed expenditures which has been submitted to the
National Recovery Administration for approval.
The officers elected are: Chairman, Charles V. Rainwater, Atlanta, Ga.;
Vice-Chairman, William B. Hatfield, Brooklyn, N. V.; Treasurer, Irving M.
Oberfelder, Baltimore, Rd.; Law Officer, W. Parker Jones, Washington,
D. C., and Assistant Secretary, Curtis D. Cecil, Washington, D. C. The Code
Authority directed that the Law Officer should serve as Code Director.
Besides Messrs. Rainwater and Hatfield, the members of the Bottled Soft
Drink Code Authority are: James Verner Jr., Detroit, Mich.; J. B. O'Hara,
Dallas, Tex.; Frank P. Carr, Philadelphia, Pa., and William H. Willis,
Washington, D. C. Mr. Willis is the NRA member of the Code Authority.
The other members are manufacturers of soft drinks.
Code of Fair Competition for Banking Industry to
Become Effective July 9.
The date when the code of fair competition for the banking
industry, originally set for June 18, has been changed to
July 9 by President Roosevelt, according to an announcement June 18 by the National Recovery Administration.
In a Washington account June 18 to the New York "Journal
June 30 1934
of Commerce" it was Eitated that at the same time, the
President permitted the code provision prohibiting the use
of premiums to go into effect. The original order approving
the code specified that the premium clause should be stayed
pending further order. The advices to the paper indicated
also said:
Report Deadline November 15.
Although the Executive Order approving the code stipulated that a report
on the operation of the code's labor provision be submitted within 90 days.
the President deemed it advisable, in his order of to-day, to extend this
period of report until November 15.
The text of the Executive Order is as follows:
"Whereas, certain facts have been submitted by members of the banking
industry indicating the necessity of certain modifications in the code of
fair competition for said industry, as approved by me on May 28 1934;
and
"Whereas, it appears necessary in the public interest to make such
modifications in order to effectuate the purposes of the Act:
"Now, therefore, I. Franklin D. Roosevelt, President of the United
States, pursuant to the authority vested in me by Title I of the National
Industrial Recovery Act, upon due consideration of the facts and upon
the recommendation of the Administrator for industrial recovery, hereby
order:
Terms of Order.
"1. That the effective date of the code of fair competition for the banking
industry and the same hereby is stayed until July 9 1934.
"2. That the second condition of the order of May 28 1934, approving
the said code, staying the provisions of Article VII, Section 6 (prohibiting
premiums), until my further order, is hereby eliminated and the provisions
of said section shall be in full force and effect on the effective date of said
code.
"3. That the period within which the code authority is to report its
investigation of the operation and the effect of the provisions of Articles
III. IV and V (labor provisions) to me is hereby extended from the date
designated in said order of approval to Nov. 15 1934."
William Green Finds Continued Gains in Employment
—A. F. of L. Head Estimates 10,267,000 Idle in May
—Asserts Business Men Should Devote More Attention to Problem.
Unemployment decreased by almost 300,000 in May, and
a further decrease was noted in the first part of June, according to a statement on June 26 by William Green, President
of the American Federation of Labor. Mr. Green said that
gains in employment are not now so rapid as they were in
early spring, however. He estimated industrial unemployment in May at 10,267,000, compared with 10,108,000 in
September 1933. Asserting that the fact that more than
10,000,000 are without work in industry is a basic reason
for delayed business recovery, Mr. Green declared that
industrialists are not giving this problem the attention it
deserves. "Business men in general," he said, "are taking
no responsibility for these millions, making no general effort
to get them back to work." His statement follows:
Men and women are still going back to work, although employment
gains are not so rapid now as they were in the early spring. Our unemployment estimate for the country as a whole shows that nearly 300,000 went
back to work in May, and trade union reports for the first part of June
show employment still gaining. Trade union weighted figures show 20.7%
of the membership unemployed in April, 20.0% in May (revised), and
19.7% in the first part of June (preliminary).
Gradually workers are regaining the winter employment losses. Unemployment in industry is not yet back to the September 1933 level, for 10,267,000 were out of work in May, compared to 10,108,000 last September.
Employment in building is beginning to increase, although gains are small;
nearly 150,000 went back to work in April and May,but more than 1.400,000
are still without work. Small gains in May were quite general throughout
industry: in factories, nearly 10,000 went back to work, farms 42.000,
mines nearly 40,000, wholesale and retail trade 28,000, roads nearly 30,000.
railroads 45,000.
For the 10.267,000 still without work in industry. the Government is
Increasing its emergency work program. More than 115,000 were added
to Public Works Administration pay rolls in May and the number on the
work program of the Relief Administration has risen from 550,000 at the
beginning of April to more than 900,000 at the end of May and 976,000
in mid-June; conservation camps have enrolled 16,000 more. In these
services, more than 1,660.000 were employed in May, reducing those
entirely without work to 8.600.000. The Government emergency pay roll
In these services is over $80,000,000 a month.
Need is greater among the millions unemployed than it was at this time
last year. In April 1933, 4.475,000 families were on relief rolls; in April
this year the figure was approximately 3,850,000, with about 750,000 On
the Emergency Relief Administration work program, or a total of 4,600,000.
Federal payments for relief were $73,000,000 last April, compared to $150.000,000 for relief FERA work program this year. The increase cost is due
to greater need and to the improvement in relief payments.
The fact that more than 10,000,000 are still without work in industry
is a basic reason for our tardy business recovery. This problem deserves
first attention from industrialists; it is not receiving the attention needed.
Business men in general are taking no responsibility for these millions,
making no general effort to get them back to work. The Government
alone is caring for them through emergency relief—this provides only a
meager living for one-sixth of them.
American Federation of Labor Plans to Organize Automotive Workers—Delegates Form National Council
to Conduct Campaign.
The American Federation of Labor has "welt-defined
plans" to unionize the automobile industry, William Green,
President of the A. F. of L., told a National conference of
delegates from 80 local unions at Detroit on June 23.
Mr.
Green urged the formation of a National Executive Council
to "advise with the National representative of the A. F. of L.
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Financial Chronicle
in carrying out all matters pertaining to the complete organization of the automobile industry." On the following day
(June 24) the conference created the United Automobile
Workers' National Council, consisting of 11 members from
various States which have local automobile unions. The
Chairman will be appointed by Mr. Green. The function
of the Council will be to advise the National representative
of the Federation regarding the problems and desires of the
Federal Auto Workers Unions, and to co-operate in organization campaigns.
Associated Press advices from Detroit or June 23 quoted
Mr. Green as follows:
4403
Chief Point in the Dispute.
The dispute for many weeks has waged about the question of the hiring
of the halls. These halls, where longshoremen are to be hired under a proposal
that has been under discussion for some weeks, have been the focus of the
main argument. The employers wished to control the halls and the unions
also demanded that privilege. Last week Secretary of Labor Perkins
suggested that the question be arbitrated.
Creation of this first agency probably will be followed by the setting up
of similar ones for other industries as disputes arise to make the action
necessary.
Settlement of Threatened Steel Strike Announced by
President Roosevelt—Representatives of Employers
and Workers Agree to Appointment of Board to
Investigate Labor Relations—President Establishes
National Steel Labor Relations Board.
"If I were to advise the automobile manufacturers," he said, "I would
advise them to accept the fact that the workers are organized, and to bargain
President Roosevelt on June 28 announced the settlement
collectively with them. The most important objective in this movement
of the threatened steel strike, through the appointment of a
Is the development of co-operative relations between those who own the
Industry and those who serve it."
board of three members to arbitrate differences between
Of "company unions." he said they offer "the form without the subemployers and workers. Representatives of steel company
stance," and that men who might submit to discrimination or discharge
officials and of their employees agreed to the formation of
"become active rebels when a company union is forced upon them."
"In the brief space of one year," Green told the more than 100 delegates
such a board, the President said, and would accept its
assembled from 17 States,"we have organized more than 150 unions in the
jurisdiction in their dispute. The President named as
automotive industry.
members of the newly-created National Steel Labor Relations
"It is our firm and fixed intention to establish an international union in
the automotive industry; to charter it as an affiliate of the American FederaBoard: Judge Walter P. Stacy of North Carolina; Rear
tion of Labor and to maintain it as a part of our National family."
Admiral Henry A. Wiley, retired, of New York, and James
He said a National automobile council of organized workers was planned
as a step preliminary to presentation of union charters by the A. F. of L.
Mullenbaeh of Chicago. Agreement between employers and
employees was negotiated by Secretary of Labor Perkins,
President Roosevelt Appoints Board to Investigate and the President followed her suggestions in forming the
Longshoremen's Strike—Pacific Coast Walkout board of arbitration.
In a statement issued at the White House on June 28, the
Continues to Tie Up Shipping—Executive Order
Names Agency Under Authority of New Law,
President said that the functions of the Board will be limited
President Roosevelt, acting for the first time under the to labor relations in the steel industry. He added that the
authority of a resolution approved June 19 which provides Board has been authorized to investigate cases of alleged
him with the power to establish boards to handle labor violation of the collective bargaining clause of the National
disputes, issued on June 26 an Executive Order creating the Industrial Recovery Act, to mediate in labor questions, to
National Longshoremen's Board to investigate the long- serve as a board of voluntary arbitration and by secret ballot
shoremen's strike which has hampered shipping on the to conduct labor elections to determine representatives for
Pacific Coast for several weeks. The strike began on May 9, collective bargaining. The President said that he antias noted in our issue of June 16, pages 4067-68. The Pres- cipated that the Board "will serve to maintain industrial
ident's Executive Order carried the notation, "Approval peace with justice and to further the establishment of sound
recommended, Frances Perkins, Secretary of Labor." Miss standards of labor relations in this important industry."
Perkins intervened last week in an effort to end the strike He concluded by paying tribute to "the constructive And
and suggested the appointment of the board. The President reasonable spirit" displayed by both employers and
named as Chairman•Archbishop Edward J. Hanna of San employees.
We give herewith the President's statement:
Francisco, while the other members are Edward F. McGrady,
In accordance with the authority just conferred upon my by a Joint
Assistant National Recovery Administration Administrator
resolution of Congress, I have to-day established a "National Steel Labor
for labor, and 0. K. Cushing, a San Francisco attorney.
Relations Board." This board consists of three impartial members who
The President created the new agency in connection with will be thoroughly independent in their judgments and who are fully
the Department of Labor, and ordered the Board to report empowered to act under the law. They will make reports to me,through the
activities from time to time.
of
regarding its activities and findings. The text of the Execu- Secretary of Labor,thetheir will be limited to labor relations in the iron
Board
The functions of
tive Order is given below:
and steel industry. In that field the Board is authorized to hear and
By virtue of the authority vested in me under Title 1 of the National
Industrial Recovery Act and under a joint resolution approved June 19
1934, Public Resolution 44, 73rd Congress, and in order to effectuate said
Act and joint resolution, I, Franklin D. Roosevelt, President of the United
States, do hereby issue the following Executive Order.
Section 1. There is hereby created in connection with the Department
of Labor a board to be known as the National Longshoremen's Board,
which shall be composed of the Right Rev. Edward J. Hanna, Chairman;
0. K. Cushing and Edward M.McGrady. Each member of the Board shall
receive necessary travelling and subsistence expenses, and each member
who, prior to the issuance of this Order, was not an officer or employee
of the United States shall, in addition thereto, receive $20 per diem.
Section 2. The Board shall have authority to appoint without regard
to the provisions of the civil service laws or the Classification Act of 1923,
as amended, no more than 15 employees and to incur financial obligations
necessary for the proper performance of its duties. Obligations and expenses
incurred under the authority of this Order shall be paid out of the funds
approved by the Fourth Deficiency Act, fiscal year 1933. approved June 16
1933.
Section 3. The Board is hereby authorized in connection with the longshoremen's strike on the Pacific Coast and labor problems relating thereto—
(a) To investigate issues, facts, practices and activities of employers
that are burdening or obstructing, or threatening to burden or obstruct.
the free flow of inter-State or foreign commerce, and
(b) To hear, make findings of fact and take appropriate affirmative
action regarding complaints of discrimination against or discharge of
employees, and
(c) To act as voluntary arbitrator upon request, and
(d) To exercise all other powers conferred upon a board established
under the authority of Public Resolution 44, 73rd Congress, and
(e) To make a report to the President through the Secretary of Labor
of the activities, the findings, the investigations and the recommendations
of the board.
Section 4. The Board shall cease to exist when it has completed the
duties it is authorized to perform.
'
FRANKLIN D. ROOSEVELT.
The White House, June 26 1934.
Approval recommended.
FRANCES PERKINS, Secretary of Labor.
A Washington dispatch of June 26 to the New York
"Times" referred to the longshoremen's strike as follows:
The strike has been bitter and prolonged, and has affected coastwise
and transoceanic shipping. Longshoremen and seamen have engaged in
many battles with the police and special deputies, many men have been
injured and quantities of goods have been damaged or destroyed.
The southern end of the strike zone is said to be the most severely affected
because of the long open shop attitude of the Los Angeles employers.
determine cases of alleged violations of Section 7-A ofthe National Industrial
Recovery Act, to mediate in labor questions, to serve as a board of voluntary arbitration and by secret ballot to conduct labor elections to determine
who are representatives of workers for collective bargaining.
The general outline of this order was suggested by independent proposals
which came from workers and from employers in the industry and which
have been modified after conference with government officials. It is from
these proposals that the specific details of this order have been drawn.
Though the order is, in form, the President's, it represents in substance
expressed suggestions of employers and recommendations of employees to
me.
I am glad that such progress has been made, and I anticipate that the
special board so created will serve to maintain industrial peace with justice
and to further the establishment of sound standards of labor relations in
this important industry. I appreciate the constructive and reasonable
spirit which has prevailed in both groups. I confidently expect full cooperation of both sides with this Board.
We also annex the President's Executive Order creating
the National Steel Labor Relations Board.
Executive Order.
By virtue of the authority vested in me under Title 1 of the National
Industrial Recovery Act (48 Stat. 195; U. S. C. Title 15, No. 701 et seq.)
and under a joint Resolution approved June 19 1934 (Public Resolution 44,
73d Congress), and in order to effectuate the policy of said Act and Joint
Resolution, I, Franklin D. Roosevelt, President of the United States, do
hereby prescribe the following executive order:
Section 1. (a) There is hereby created in connection with the Department of Labor a board to be known as the "National Steel Labor Relations
Board," which shall be composed of Walter P. Stacy, chairman, Henry A.
Wiley and James Mullenbach. Each member of the board shall receive
necessary traveling and subsistence expenses, and, in addition thereto,
$40 per diem.
(b) The Board shall have authority to appoint employees, without regard
to the provisions of the Civil Service Laws or the Classification Act of 1923
as amended, and to incur financial obligations in the proper performance of
its duties. Obligations and expenses incurred under the authority of this •
order shall be paid out of the funds appropriated for the purposes of the
National Industrial Recovery Act by the Fourth Deficiency Act, fiscal
year 1933, approved June 16 1933 (48 Stat. 274, 275).
Section 7-A Covered.
Section 2. The Board is hereby authorized in connection with labor
problems relating to the iron and steel Industry—
(a) Promptly to investigate, hear and determine any charges of interferences, restraint or coercion of employees in the exercise of their rights as
defined in Section 7(A) of the National Industrial Recovery Act or Article
IV,No. 1, of the code offair competition for the iron and steel industry. and
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Financial Chronicle
any complaint of discrimination against or discharge of any employee in
violation of the rights as defined in said section; and
(b) The mediate in any dispute arising between employers and employees
In the iron and steel industry; to arrange, when the Board shall deem it
necessary, for conferences for collective bargaining or adjustment of grievances between employers and representatives of employees chosen in
accordance with the requirements of Section 7(A) of the National Industrial
Recovery Act (48 stat. 198; U. S. C. Title 15. No. 707(A) ), Article IV,
No. 1, of the code of fair competition for the iron and steel industry and
Public Resolution 44, 73d Congress, and by mediating and conciliating to
promote the settlement of controversies between employers and employees
In the industry; and
(c) To serve as a Board of voluntary arbitration or to create boards of
voluntary arbitration in any labor dispute between employers and employees
in the iron and steel industry, provided that such dispute is voluntarily
submitted for arbitration by both the parties thereto.
(d) To exercise all the powers provided in said Public Resolution 44,
73d Congress, for a board established under said resolution.
Section 3. Whenever, after its services are involked, by employers or
employees, the Board, upon investigation, shall find that an election is
necessary to determine by what person, persons or organization employees
desire to be represented, the Board is authorized to order and conduct an
election by a secret balot (including primary elections when deemed
advisable) in order to determine by what person, persons or organization
employees desire to be represented. After each such election the Board
shall certify the result to all concerned, and the person, persons or organization certified as the choice of the majority of those voting shall be accepted
as the representative or representatives of said employees for the purpose
of collective bargaining, without thereby denying to any individual employee or group of employees the right to present grievances, to confer
with their employers or otherwise to associate themselves and act for mutual
aid or protection.
Section 4, The Board shall have access to such payrolls and other documents as will enable the Board to prepare and certify lists of employees
eligible to vote in elections.
Section 5.(a) The Board, with the approval of the President, shall make
the prescribe such rules and regulations as it may deem necessary for the
exercise of the powers conferred in this order.
(b) The Board shall make a report to the President through the Secretary
of Labor of its activities, findings, investigations and recommendations.
Section 8. The Board shall cease to exist when, in the opinion of the
President, it has completed the duties it is authorized to perform.
FRANKLIN D. ROOSEVELT.
With regard to President Roosevelt's action in establishing
the Board, William Green, President of the American
Federation of Labor, was quoted on June 28 as saying:
The American Federation of Labor deems it advisable to withhold comment for the present upon the appointment of the National Steel Labor
Relations Board.
"It will be the purpose and policy of the American Federation of Labor
to co-operate with the National Steel Labor Relations Board and to render
all service possible in bringing about the settlement of all grievances and
disputes upon a fair, just and satisfactory basis."
The most recent reference to the threatened steel strike
was contained in our issue of June 23, pages 4235-36.
Federal Reserve Board Reports Member Bank Reserve
Balances Continuing at High Level—Finds Condition of Banks Improved in Recent Months—
Liquidation of Indebtedness to RFC.
In its review for the month of May contained in its June
"Bulletin" issued June 28, the Federal Reserve Board
reports that member bank reserve balances continued during
May at the high level reached in April, and in the last
week of May were $1,700,000,000 in excess of legal requirements. Tne Board comm3nts on the liquidation of the
incebtedness of member banks to the Reconstruction
Finance Corporation, which, it says, "may reflect the use
for that purpose of funds acquired through the sale to the
Corporation of preferred stock and capital notes and debentures." "This review," says the Board, "indicates that
the condition of operating banks, particularly in country
districts, has improved in recent months, as shown by the
fact that these banks have been able to reduce their indebtedness to the Reserve banks, to the RFC,and to others.
At the same time progress has been made in making available
to depositors funds that had been tied up in closed banks."
We Quote from the review as follows:
Excess Reserves.
Member bank reserve balances continued during May at the high level
reached in April and in the last week of May were $1,700,000,000 in excess
of legal requirements. There were no considerable changes during May
in any of the items that affect member bank reserve balances. Changes
in the stock of monetary gold and in money in circulation were small and
there have been no substantial changes in the cash and deposit position of
the Treasury.
For the period from the end of January, when the new parity of the dollar
was established, to the latest available date in May, member bank reserve
balances showed an increase of $1.100,000.000. reflecting in large part the
deposit with the Reserve banks by member banks of the proceeds of gold
imported from abroad and the disbursement by the Treasury of funds
previously held in cash or on deposit with the Reserve banks.
Condition of Reserve Banks.
Holdings of United States Government obligations by the Reserve banks
have remained at a constant level, but since the end of January the total
volume of Reserve bank credit declined by $150,000,000 through the
maturing of acceptances held by these banks and through further liquidation
of indebtedness by member banks. The decrease of about $100,000,000
in the Reserve banks' holdings of acceptances reflects the fact that, with
the prevailing ease in the money market and the large volume of excess
reserves held by member banks, bankers' acceptances have been a desirable
investment for member banks and others and consequently have not been
offered to the Reserve banks. The decline of $50,000,000 in discounts
held by the Reserve banks to $34,000,000, the lowest level since the early
June
30 1934
days of the System, has reflected a further liquidation of indebtedness.
largely by member banks in country districts. Banks in financial centers
have been out of debt to the Federal Reserve banks for a long time and
in addition have had a large volume of excess reserves. At the beginning
of the year there were still many small banks throughout the country,
however, that carried a considerable load of indebtedness. The liquidation
of indebtedness by these banks reflects in part improvement in business
conditions and the consequent ability of customers to repay bank loans
which had long been frozen. It constitutes a strengthening of the banking
position.
The reduction of member bank indebtedness to the Federal Reserve
banks has been continuous since the beginning of 1932, except for a brief
period during the banking crisis in the spring of 1933. The chart (this
we omit—Ed.] shows the course of Reserve bank discounts during 1932.
1933, and the first five months of 1934, with separate lines for discounts
for banks in New York City,in other leading cities, and outside these cities.
Borrowings from RFC.
In 1932 liquidation of indebtedness of member banks to the Reserve
banks was accompanied by an increase of their borrowings from the RFC.
In the past year and a half, however, indebtedness of member banks to the
RFC has also been reduced. In September 1932 member banks owed the
RFC $242,000,000, in the middle of 1933 they had reduced this debt to
$51,000,000, and by March of this year they had further liquidated it to
$24,000,000. Part of this decline may be due to the suspension of some of
the member banks which were in debt.
Some of the liquidation of the indebtedness of members banks to the
RFC may reflect the use for that purpose of funds acquired through the
sale to the Corporation of preferred stock and capital notes and debentures.
At the end of April the Corporation had disbursed $640,000,000 in the
purchase of such capital obligations, a large part of which was purchased
from member banks. For the most part, however, the banks that sold
preferred stock were not in debt, as is indicated by the fact that as of
March 5 out of $400,000,000 of preferred stock, capital notes, and debentures sold by member banks, 6200,000,000 was sold by banks in New
York City and Chicago, which have been out of debt for a long time.
$130,000,000 by banks in reserve cities, where indebtedness recently
has been small, and only $70,000,000 by country banks, which had a
relatively large amount of indebtedness It is clear, therefore, that sales
of capital obligations to the RFC for the most part have not been for the
purpose of repaying borrowed money. These sales in general have been
in line with a policy of strengthening the capital structure of the banks.
While RFC loans to active banks have been declining during the past
year, the Corporation has made a large volume of loans to receivers, conservators, and liquidating agents of closed banks and to mortgage loan
companies for the purpose of assisting in the reorganization or liquidation
of unlicensed and closed banks. The amount authorized by the RFC
for that purpose up to May 18 1934 was $788,000,000, including agreements to make loans upon fulfillment of specified conditions. Of this
amount about $510,000,000 has been disbursed.
This review indicates that the condition of operating banks, particularly
in country districts, has improved in recent months, as shown by the fact
that these banks have been able to reduce their indebtedness to the Reserve
banks, to the RFC, and to others. At the same time progress has been
made in making available to depositors funds that had been tied up in
closed banks.
Rental and Benefit Payments by AAA Up to June 20
in Excess of $216,000,000—Processing Taxes of
$328,379,500 Collected to End of May.
More than $216,000,000 in rental and benefit payments
had been sent out to farmers in 46 States by June 20, and
$328,379,500 in processing taxes had been collected to the
end of May, the Agricultural Adjustment Administration
announced June 23. The Administration said:
Payments to the wheat growers of the United States to June 20 totalled
$88.945,373, but this figure did not include administrative costs of county
production control associations. Corn and hog payments to the same date
amounted to $5.713,563. Tobacco payments to June 20, covering all Mies
of tobacco, amounted to $11,751.982. Rental and benefit payments on
cotton, on old and new contracts, were $131,822,949. Of this sum, $112.631.125 was on 1933-34 contracts to May 12, and $19,191.824 on 1934-35
contracts to June 15. In addition to this sum,cotton growers also had been
paid $38.990,928 on cotton options exercised by entering the cotton Producers' pool and $11,785,408 by direct sales of cotton.
Processing tax collections to June 1 by commodities,
according to the Administration were as follows:
Wheat, $108,602,252; cotton, $134,635,293; tobacco. $16.066,606; field
corn, $3,915,388; hogs. 659,475,786, making a total of $63,391,174 for corn
and hogs. In addition, processing taxes amounting to $7,684,181 were
collected on paper and jute and this money likewise will be used for rental
and benefit payments.
Processing tax collections on all commodities amounted to $43,292,450
for May alone. The total of all processing taxes collected to June 1 is 89.9%
of the total amount which, the finance division estimated will have been
collected by June 30. The June 30 figure is estimated at $373,800,000.
The Administration issued as follows the rental and
benefit payments on each commodity by States:
Wheat.
[Does not include administrative expenses of county associations.
)
$14,572 Michigan
$566,457 Oklahoma
Arizona
$4,669,125
1,884 Minnesota-----1,256,647 Oregon
Arkansas
1,820,353
814.062 Missouri
California
1,046,796 Pennsylvania
174.207
Colorado
1,447,827 Montana
4,221,646 South Dakota__ 3.487,037
Delaware
75,178 Nebraska
4,018.507 Tennessee
86,842
5,183 Nevada
Georgia
20.316 Texas
3,671.937
Idaho
2,320,196 New Jersey_ _
7,751 Utah
450,982
1,894,822 New Mexico
Illinois
340,239 Virginia
371,045
1,288.355 New York
Incllana
30,414 Washington __
3,960,171
292,393 North Carolina_
Iowa
36,857 West Virginia
52,298
16,651,461 North Dakota_ 9,850,430 Wisconsin
Kansas
26,430
Kentucky
170,346 Ohio
1,178,774 Wyoming
277,056
Maryland
546,981
Cotton.
[1933-34 Contracts.]
Alabama
Arizona
Arkansas
California
Florida
Georgia
$9,612,381
267,535
10,848,686
163,804
261,827
8,058,228
Kentucky
Louisiana
Mississippi
Missouri
New Mexico-
41,865
5,004,504
10,098,181
1,845 691
363,935
North Carolina_$2,858,728
11,703,449
Oklahoma
South Carolina_ 4,717,073
3,330,709
Tennessee
43,323,161
Texas
130,327
Virginia
Financial Chronicle
Volume 131
Illinois
Indiana
Iowa
Maryland
$32,223
20,560
4,429,887
1,889
Alabama
Arizona
Arkansas
California
Florida
Georgia
$2,391,222
98,574
1,781,625
318,368
25,011
2,453,867
Corn and Hogs.
Michigan
$680
Minnesota
740,051
Missouri
457,166
Nevada
9,306
Cotton.
[1934-35 ContractS.[
Kentucky
$19,331
Louisiana
1,337,264
Mississippi
2,104,054
New Mexico
209,035
North Carolina., 424,916
Virginia
West Virginia
Wisconsin
Oklahoma
South Carolina_
Tennessee
Texas
Virginia
$2,230
8,557
11,010
1155,555
1,886,390
1,315,448
4,627,801
43,335
Tobacco.
[Not including administrative costs of production control associations]
Alabama
$1,236 Massachusetts__ $104,924 Pennsylvania__ $500,940
Connecticut____ 216,573 Minnesota
25 699 South Carolina_ 1,454,760
80,646
,
Florida
Missouri
5,068 Tennessee
2,833
Georgia
1,307,811 New Hampshire
2,383 Vermont
439,283
Illinois
267 New York
26.237 Virginia
30,134
Indiana
38,707 North Carolina.. 4,791,007 West Virginia
458,285
Kentucky
1,650,402 Ohio
359,508 Wisconsin
Maryland
27,178
American Iron and Steel Institute Finds Employees
Favor Representation Plans-Cites Heavy Voting
as Indicating Opposition to Outside Union Leadership-Statement By President Green of A. F. of L.
Final results of elections which were held in practically all
major steel plants during recent weeks indicate that employees strongly favor company representation plans rather
than outside union representation, according to a statement
issued June 23 by the American Iron and Steel Institute.
The Institute said that more than 90% of the total number
of eligible employees voted in final elections, as compared
with 85% voting at the primaries, and added that the larger
turnout of voters at the final elections indicates increasing
support of employee representation plans. The statement
asserted that the results of the election confirm the position
of the steel industry that strike threats by union leaders
were not supported by the majority of employes. 'The
Institute's statement read in part as follows:
While normally the turn out for elections is somewhat more than for
the primaries, the recent showing is considered highly significant in view
of the fact that the elections were held in the heat of publicity surrounding
the recent convention in Pittsburgh of the Amalgamated Association of
Iron, Steel and Tin Workers. Strike talk by union leaders clearly had
the effect of causing an increasing number of employees to participate in
their own method of choosing representatives for collective bargaining.
The figures for final votes cover the United States Steel Corporation.
Youngstown Sheet & Tube Co., Jones & Laughlin Steel Corporation,
Republic Steel Corporation, Sharon Steel Tube Co., Wheeling Steel Corporation, Pittsburgh Steel Co. and the Inland Steel Co.
The total number of employees eligible and available to vote in these
companies was 214,561. Of this number, 193,362, or 90.12% cast ballots
under the employee representation plans, indicating their participation and
support in this form of collective bargaining.
These figures clearly confirm the position of the Steel Industry that
strike talk by union leaders was not supported by the vast majority of
employees.
At the Gary tin mill plant of the American Sheet and Tin Plate Co., the
employees included on the ballot the question: "Are you in favor of terminating the plan of employee representation?" The vote in favor of
continuing the plan constituted a majority of 73.6% of employees voting.
Even though some employee representation plans make no restriction on
the choice of employees as to their representatives, it is significant that in
practically all cases, employees only were placed for nomination for employee representatives.
At the Gary coke plant of the Illinois Steel Co., Ernest Curtis, a district
organizer for the Amalgamated Association of Iron, Steel & Tin Workers,
was nominated as an employee representative but was defeated in the
final election. No other outsiders were nominated at the plants of the
U. S. Steel Corporation out of a total of approximately 1,900 nominations.
The total number of eligibles includes all employees below supervisory
grade who are carried on the company payrolls. Participation of 90% of
these employees in the balloting is significant in view of the fact that many
of the eligibles were absent because of part-time work or shut-down departments. In all cases, elections are conducted and controlled by employees
with no interference on the part of managements.
In a statement issued on June 27, William Green, President of the American Federation of Labor, challenged the
assertion of the American Iron and Steel Institute that
90% of the workers in the steel industry are satisfied with
company representation plans. We quote in part from his
statement, as given in United Press advices from Washington June 27:
"If," said Green, "returns from workers' elections as announced by the
steel corporations are correct, a perfect state of satisfaction prevails. But
the existence of this alleged state of satisfaction, as well as the analysis
made of these elections, are contradicted by the facts."
Green charged the elections were company union polls, that election
machinery was set up by the steel barons and that actual voting took place
inside the steel Plants.
"The management and bosses were everywhere in evidence," he charged,
"and the elections were held in company union atmosphere. There could
be no other result than the one announced. The workers were given to
understand, through suggestions and otherwise, that the corporations
wished the company union plan approved. The workers clearly understood how they were to vote.
"The vote," Green declared, "represented a vote of fear, of coercion
and of intimidation." He said the fact that the institute "refuses" to
permit elections under supervision of the National Labor Board, "shows
the corporations would not dare risk permitting a free and independent
vote."
Be further alleged that because the United States Steel Corporation
was hostile, an outside election petitioned by 50% of the workers employed
in the Carnegie plant at Duquesne, Pa., was never held.
4405
Illinois Manufacturers Association Declares in Favor
of Private Ownership and Operation of Railroads
as Stimulant to Business.
A declaration in favor of private ownership and operation
of railroads would prove a stimulant to business generally
and help restore the confidence of investors, the Illinois
Manufacturers' Association said in a statement issued on
June 17. In the Chicago "Tribune" of June 18 it was said
that copies of the statement requesting that the Administration make such a declaration were dispatched by the Association to President Roosevelt, Co-ordinator of Transportation
Joseph B. Eastman,and members of the Illinois delegation in
Congress. The paper quoted also said:
Fails Public Interest.
Government ownership and operation was described by the Association 88
"an uneconomic and unwarranted policy which would add billions of dollars
to the present stupendous and fast-growing public debt, and would not be in
the interest of investors, shippers, and the general public."
"Business of the railroads in general would be stimulated and permanently
improved if the Federal Government would take a firm and definite stand
in favor of private ownership and operation," the Association added.
Would Restore Confidence.
"This policy would go far toward restoring confidence to investors, would
afford material aid to such railroad reorganization plans as may be necessary,
and would be an effective demonstration by our Government that private
initiative and enterprise are not to be supplanted in a country which has
been built on such factors, by dubious experiment involving State control."
Necessary financial reorganizations which some carriers face do not constitute a valid reason for adopting a general policy of Government ownership,
the Association asserted.
Efforts to Rebuild Capital Structure of Banks on
10 to 1 Basis-President Crowley of FDIC at Wisconsin Bankers Association Urges Banks to Sell
Additional Capital to RFC.
Addressing the Wisconsin Bankers Association, at Milwaukee, on June 19, Leo T. Crowley, President of the Federal
Deposit Insurance Corporation, reviewed the history of the
banking situation in Wisconsin for the last few years, and
while dealing primarily with banking conditions in that
State incident to the crisis of a year ago, pointed out that
the crisis was not limited to that State, but was nation-wide.
President Roosevelt's two-fold program in dealing with the
situation was commented upon by Mr. Crowley, as to which
he said, in part:
First, he proposed to authorize the Reconstruction Finance Corporation to
buy preferred stock, capital notes or debentures in the banks of this country
in order that they might acquire an adequate capital structure and thus give
the depositors the safety to which they were entitled. Second, he proposed
to set up a corporation to be known as the FDIC, which, under its Temporary
Fund, would insure the first $2,500 of their deposits for the masses of the
people. The essence of the President's program was to re-establish and
stabilize confidence in the banking structure of our country.
By Dec. 31 of 1933 the FDIC, under the program, had to determine the
solvency of the State banks which asked to be admitted to the insurance
fund. I want to recall to you that Wisconsin was one of the first States
to enable its banks to take advantage of this program. Here in Wisconsin
your Banking Commissioners and the members of your Board of Review
worked night and day and week after week to get the banks into a position
where they might obtain this deposit insurance.
In practically every instance in Wisconsin this position could not be
attained, due to the lack of local capital, until the RFC had come to the
assistance of the banks. Therefore, it was not until the RFC had given the
FDIC a blanket commitment that it would buy either preferred stock or
capital debentures in nearly every Wisconsin bank in an amount determined
by the FDIC that your institutions were eligible for membership in the fund.
So, let us understand each other. Your commitment with the RFC was a
part of your agreement with the FDIC that when you were taken into the
fund you would make your institution solvent. You would rebuild your capital structure; you would place your institution in such a position that the
FDIC could certify it as an institution which, under the laws of the United
States, was eligible for membership in the fund.
Now, what does it mean to the FDIC to make such a certification for
banks in Wisconsin? On March 31 of this year the book capital of 630
banks in this States amounted to about 89 million dollars. The total deposits
In those banks amounted to about 540 million dollars. Upon the basis of
examinations which have recently been made, it appears that the net sound
capital in those 630 banks is about 50 million dollars. In other words, the
total net sound capital investment in the banks in Wisconsin amounts to
less than 10% of the total deposit liability in those institutions. This is an
unhealthy situation, and must be corrected.
Analysis of the size of your banks and the amount of insured deposit liability will serve to demonstrate the FDIC's interest in putting this structure on a sound foundation. I am taking these figures from the study made
on the basis of the $2,500 maximum of insurance. You will, of course,
realize that under the legislation recently passed raising this maximum to
$5,000 on July 1, the FDIC's liability in Wisconsin will be very materially
increased.
There are in Wisconsin 617 banks which are insured. Of these, 108 are
National banks, 14 are State banks which are members of the Federal Reserve System, and 500 are State banks which are not members of the
Reserve System. 419 of the banks of the State have deposit liebility of $500,000 or less. Of the total deposit liability in these banks the
FDIC has an insured liability of 69% under the $2,500 maximum. You
have 140 banks with a deposit liability of $150,000 or less, and the FDIC here
has an insured liability of 74%. You have 100 banks with total deposit
liability of from $500,000 to $1,000,000 with insured liability of 66%. You
have 60 banks with deposit liability from $1,000,000 to $2,000,000 and
insured liability of 65%. You have 16 banks with deposit liability of from
$2,000,000 to $5,000,000 with insured liability of approximately 63%, and
you have 12 banks with deposit liability of from $5,000,000 to $50,000,000
4406
Financial Chronicle
with insured liability of about 49%. You have one bank with deposit liability of over $50,000,000 with insured liability of a little over 29%. This
makes a total average insured liability under the $2,500 limit of about 54%
for all the banks in Wisconsin. If we were to exclude public funds deposited
in these banks the insured liability of the FDIC would be advanced to in the
neighborhood of 62%. Under the new limit of $5,000 of insured liability
In each account this will probably be increased by more than 10%.
Gentlemen, I believe this tremendous liability of the FDIC here in Wisconsin gives it a distinct right to have some voice in the building of a sound
capital structure and in the efficient operation of your instituton. We have
no desire to interfere with your management. Please understand that. But
we do feel that bearing this huge liability the least we may expect from
you is that you will fulfill your obligations and complete your agreement
with us in accepting funds from the RFC.
It is the hope of the FDIC that with your co-operation we will be able
to rebuild the capital structure of the banks of this nation and State on a
30 to 1 basis. Our purpose in doing this is to give the depositors ample
protection. That is the only purpose.
If we can accomplish this, it is our judgment that a tremendous stride
will have been taken towards business recovery.
This brings up the claim of a few chronic alarmists, some echoes of which
have been heard in Wisconsin, concerning Government control of business.
Let me assure you, the Government haa no desire to own the capital structure of your banks. You flatter yourselves if you believe the Government
wishes to enter your institutions. The Government is merely trying to protect depositors by RFC commitments because the money has not been available locally. But let me say this to you: Those Wisconsin bankers who
have RFC commitments and who can secure local aid to a degree sufficient
to cure their impairments will find that the RFC will be happy to cancel
their commitment.
There has been considerable discussion about the employment of these
funds and considerable confusion regarding the much-discussed liquidity of
various institutions. Perhaps you hesitate to recall that only a few months
ago you had bills payable, the great majority of you, to a point where you
had very few assets on which you could borrow. I want to emphasize that
much of the liquidity which you enjoy to-day is because of the wisdom and
foresight of your banking commissioners in obliging you to segregate your
new deposits until you were able to put your houses in order and in a
solvent condition. Liquidity and solvency are not part of our discussion
here. Every bank operating in a State must have a sound capital structure.
If you cannot furnish it locally, some other source must provide you with
temporary aid to build and cement that structure. . . .
In any discussion of banking the problem of the small bank is extremely
Important. I believe the small institution has a definite place in the financial
structure under our present social set-up, but the small banker has many
special problems. I suggest to those of you who are operators of small
banks that you form groups to study the problem in your own particular
field. With such an organization you could certainly devise methods of
putting your banks on a more substantial footing, and I'm sure you would
learn many things by studies and surveys which would be of great benefit
to you as individual bankers. You would also be able to snake wise and
helpful suggestions to the Legislature, and thus obtain the enactment of
laws beneficial particularly to small banks.
I have mentioned the possibilities in a study of the field. I think this is
a good place to give you an analysis of the amount of money which the
State of Wisconsin has received from Federal agencies because of the Government's desire to assist this State in re-establishing itself after the
depression.
The RFC has total authorizations in Wisconsin of more than $55,000,000,
which includes its capital purchases in banks.
The Farm Credit Administration in the first 11 months of operation completed refinancing to the extent of about $27,000,000 in Wisconsin.
The Home Owners' Loan Corporation up to a recent date had completed
5,715 loans in Wisconsin for a total of more than $21,000,000.
The completed Civil Works Administration program put more than
$35,000,000 to work in Wisconsin.
Public Works Administration projects in Wisconsin total about
$15,000,000.
Federal expenditures for highways total nearly $10,000,000.
The Federal Emergency Relief Administration allotment to Wisconsin,
exclusive of drouth relief, has been nearly $30,000,000.
Specific allotments for drouth relief amount to $4,400,000.
Already Federal assistance in Wisconsin is verging on $200,000,000, and
the program is not complete. Look at it another way: The population of
Wisconsin is, roughly, three million people. That means the Government has
brought nearly $66 into this State for every man, woman and child.
June 30 1934
banking. A multiplicity of laws will not take the place of these elements.
A simplification of legal conditions will aid the banking business to emerge
from its difficulties.
Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of June 23 (page 4241),
with regard to the banking situation in the various States,
the following further action is recorded:
Reopening of
CALIFORNIA.
With a payment of $60,000, the $250,000 loan by the
Reconstruction Finance Corporation to the Colusa County
Bank at Colusa, Calif., in receiv3rship, has been cleared
up, it was reported on June 9 by State Superintendent of
Banks, Edward Rainey, of California. The San Francisco
"Chronicle" of June 10,from which this is learned, continuing
said:
Henceforth all assets will go toward payments to depositors. When the
bank was closed at the time of the bank holiday it had $600,000 secured
liabilities, including the loan. In addition to retiring these liabilities in full,
depositors have been paid $470.000 out of original claims of $1,670,000.
Rainey said proposed farm financing through the Federal Land Bank
and the Home Owners' Loan Corporation will bring an additional $200,000
In cash available to individual depositors.
GEORGIA.
The Pembroke National Bank, Pembroke, Ga., which
had been in the hands of a conservator since the National
banking holiday in March of last year, was to reopen on
June 25 with H. S. Cohen, the conservator, as President,
according to Associated Press advices from Pembroke on
June 23, which went on to say:
Mr. Cohen, formerly connected with the Citizens St Southern National
Bank in Atlanta and the Citizens Bank at Gainesville, announced in Atlanta that depositors would receive one hundred cents on the dollar from
proceeds of a $106,000loan made on assets of the bank by the Reconstruction
Finance Corporation.
Certain assets of the bank were purchased by the National Realty Co.,
a mortgage loan company and the RFC loaned the money on these assets
permitting the bank to pay depositors in full. The capital of the re-opened
bank will be $25,000 and surplus $5,000. . . .
A. B. Stapler will be Cashier of the institution. Other officers have not
yet been selected.
ILLINOIS.
The respective depositors of the closed North-Western
Trust & Savings Bank of Chicago, Ill., and the closed WestSide Trust & Savings Bank of that city will receive dividends
of 20% and 30% r@spectively early in August, according to
an announcement by William J. O'Connell, receiver for the
institutions. The above information is obtained from the
Chicago "News" of June 26, which added:
Mr. O'Connell returned from Washington yesterday (June 25) after
receiving loans of $2,500,000 and $1,650,000 from the Reconstruction
Finance Corporation on securities of the respective institutions.
The loan for the West Side Trust leaves the way open for completion of
reorganization plans contemplating a new National Bank. Waivers of 70%
of deposits have been obtained under the proposal.
Regarding the affairs of the closed Fond du Lac State
Bank of East Peoria, Ill., a Washington, D. C., dispatch
yesterday, June 29, to the New York "World-Telegram,"
contained the following:
The Federal Deposit Insurance Corp. announced to-day (June 29) that
the first Federal pay-off under the terms of the Deposit Guarantee Act will
be made on Monday (July 2) when it makes good $125,220 of deposits in
the closed Fond du Lac State Bank of East Peoria, Ill.
A new National Bank to be known as the Deposit Insurance National
Bank of East Peoria was chartered to-day to handle the pay-off.
IOWA.
Banking Hampered by Multiplicity of Laws According
to D. J. Needham, Counsel of A. B. A.—Address
Before Wisconsin Bankers Association.
The great mass of laws relating directly and indirectly to
banking which have been adopted in the United States by
Congress and by the various State Legislatures during the
past decade, has resulted in confusion, complexity and uncertainty in the normal operations of every banking institution, it was declared by D. J. Needham, General Counsel
American Bankers Association, New York City, before the
Wineonsin Bankers Association convention at Milwaukee,
Wis., June 19. Mr. Needham said:
While no doubt such legislation was honestly intended to improve the
business of banking and the motive behind its introduction and enactment
was characterized by sincerity of purpose, nevertheless not all of it has,
under the test of practical experience, contributed materially to the improvement of sound banking practices.
The fact is that the bankers are enveloped in a maze of intricate and
complex laws which make it necessary for every prudent bank executive to
stop, look and read before taking any important step in even the daily
routine work of his institution. His lawyer must be his constant daily
business companion.
More and more laws will not contribute to sound banking, but on the
contrary a release from unnecessary legal entanglements, coupled with the
exercise of sound judgment and discretion founded upon common business
sense, is one of the great needs of banking to-day. The bankers should
demand from his State and Federal legislative institutions simplification
rather than further complication of the laws governing his institutions.
Common sense in any line of endeavor, coupled with a sense of public
responsibility, Is essential to any business or proffession and especially
Marshalltown, Iowa, advices on June 21 to the Des Moines
"Register" of June 21 stated that sale of the Caneleve
Savings Bank of Vancleve, Iowa (which has been operating
on a restricted basis) to the Melbourne Savings Bank at
Melbourne, Iowa, was announced by officials on June 20.
The dispatch added:
Sixty per cent of the Vancleve bank's deposits totaling $45,000 will be
released Immediately. The remainder will be placed in trust for liquidation. A branch office will be maintained in Vancleve.
LOUISIANA.
Approval by the Comptroller of the Currency of the
organization of a new bank to be known as the Calcasieu
Marine National Bank with headquarters in Lake Charles,
La., was announced on June 19. The new organization,
which is expected to open between July 1 and July 15,
will be headed by U. A. Bell, a Lake Charles attorney,
as President. Advices to the New Orleans "Times-Picayune" from Lake Charles on June 19, from which the above
information is obtained, furthermore said in part:
Frank Roberts, banker here for many years, will be Chairman of the
Board. W. T. Burton, Sulphur capitalist and contractor, will be vicePresident; W. Elray Howard, banker from Beaumont, Executive vicePresident; Alfred E. Roberts, Cashier; and A. Stanford Dudley, Assistant
Cashier.
The new bank will maintain branches at DeQuincy, Sulphur and Binton,
and, if certain legislation now before the State Legislature Is adopted,
branches are contemplated in Allen and Jefferson Davis parishes.
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Financial Chronicle
Volume 138
The capital, surplus and undivided profits of the new bank will be
$625,000, of which $300,000 is taken by the Reconstruction Finance
Corporation and the remaining $325,0000 is taken by strong interests
Identified with the business activities of Southwest Louisiana.
An order authorizing liquidators of tha Interstate Trust &
Banking Co. of New Orleans, La., to advertise for 10 days
their intention to pay depositors of the bank 10% of their
deposit claims was signed on June 23 by Judge Hugh C.
Cage in the Civil District Court, according to the New
Orleans "Times-Picayune" of June 24, which went on to
say:
Liquidators of the bank announced Friday (June 22) that permission to
advertise their intention to pay the percentage of deposits would be sought
In compliance with "recent decisions of Louisiana courts."
In an announcement Friday, 0. H. Pittman and Walter Cook Keenan.
special agents for J. S. Brock, State Bank Commissioner, in the liquidation,
and Charles W. Hogan, Liquidator for the directors, stated that recent
State Court decisions "render necessary an additional formality with reference to the proposed 10% distribution to depositors of the Inter-State
Bank."
Disbursement of the 10% of deposits was scheduled to have been started
Friday, but the matter will be advertised 10 days before this is done, the
liquidators announced.
MARYLAND.
Announcement was made by John J. Ghingher, State
Bank Commissioner for Maryland, on June 22 that a dividend of 123/% was being paid to the depositors and creditors
of the Baltimore County Bank at Towson, Md., according
to the Baltimore "Sun" of June 23, from which we quote
furthermore as follows:
This bank has been operating on a restricted basis since the banking
holiday, in charge of a conservator. Its plan of reorganization provided
for three new banks: the Bank of Baltimore County at Towson, the White
Hall Bank at White Hall and the Randallstown Bank at Randalistown, all
of which opened for business some months ago.
MASSACHUSETTS.
Chairman Jones said that Mr. Ferry's visit related to the "cleaning up
of the affairs" of the Guardian National. This was taken to indicate the
early termination of the receivership of B. C. Schram, appointed March
13 1933.
The plan upon which Mr. Ferry has been working contemplates termination of the receivership in accordance with a plan for slow liquidation
by a committee named by the larger depositors.
"I believe that they have almost reached the point where they can clear
up the Guardian National and then swing over to the First National Bank,"
Mr. Jones said. "They hope to work out the same plan for the First
National as they worked out for the Guardian. I hope they may succeed."
Considerable significance also was attached to the transfer of Robert
S. Beach, of the legal staff of the RFC,from Washington to Detroit.
Mr. Beach is a former Saginaw attorney. It was stated that he has
been assigned to the completion of the work of the RFC in Michigan.
The Federal Grand Jury inquiry into the causes of Detroit,
Mich., bank collapses got under way on June 20, when 10
men, most of them former officers of the First National
Bank Detroit, answered subpoenas. The Detroit "Free
Press" of June 21, reporting the matter, went on to say:
The jury investigation, expected to take several weeks, started shortly
after 10 a. m. with the appearance of C. 0. Thomas, receiver of the First
National Bank. Thomas spent but a few moments before the jury, presumably identifying bank records.
Then in succession followed Nathan Frankel, Department of Justice
accountant, who came here from Washington; Richard Lansburgh, attached to Thomas' staff; Herman A. Leitner, an officer of the National
Bank of Detroit and formerly a loaning officer of the First National; Fred
Brown, assistant to Thomas; George S. Hoppin, Jr., an employee of the
National Bank of Detroit and formerly Cashier of the First National;
Ray H. Murray; Adam A. Strauss; Paul C. Panzer and Benjamin G.
Vernor.
The jury is meeting behind closed doors on the eighth floor of the new
Federal building and is having facts pertaining to the history of the closed
banks presented to it by Guy K. Bard, Special Assistant United States
Attorney. . . .
The same paper in its June 22 issue, stated that six witnesses were interrogated the previous day, June 21, as
follows:
Because the estimated assets of the Real Estate Cooperative Bank of Boston, Mass.,included a large proportion
of actual and potential real estate foreclosures which could
be realized only at depreciated prices, liquidation of the
bank was ordered on June 21 by Arthur Guy, State Bank
Commissioner for Massachusetts. The Boston "Transcript"
of June 21, authority for the above, went on to say:
Clarence D. Blessed, Fred Brown and Alfred T. Wilson, former VicePresidents; A. A. McGonagle, an accountant formerly in charge of statements; Charles Condne, of the savings division, all of the First National
staff, and Nathan Frankel, an accountant of the Department of Justice.
The co-operative bank has been certified to the Co-operative Central
Insurance Fund for liquidation. Mr. Guy also declared that the demands
of the shareholders were too great under present conditions to permit the
continuance of the bank.
Under the fund, the shareholders of the Boston bank, totaling 1.500 will
receive 100 cents on every dollar invested. Approximately $2,400,000 is
due the shareholders.
Total assets of the bank are listed at $2,500,000. The first action against
the co-operative bank was taken at the time of the bank holiday. At that
time, shareholders were notified that they would not be allowed to withdraw more than $50.
R. T. Jackson, First National Savings & Trust Co., Port Huron; F.
Robert Jubb, Auditor, First National, Kalamazoo; Norman Rudolph,
Assistant Cashier, National Bank of Commerce; John Larsen, Assistant
Cashier, Grand Rapids National; C. J. Harmon, Auditor, Flint National;
Mrs. Mary Inch Simpson, filing clerk, Union Guardian Trust Co.
W. G. Hawley, National Bank, of Ionia; Russell Fairless, Auditor,
National Bank of Grand Rapids; Harold Schroeder, Department of Justice
Auditor; T. M. Mulheron, Department of Justice Auditor; Julius Posner,
accountant under Receiver B. C. Schram.
MICHIGAN.
That remaining assets of the closed Guardian National
Bank of Commerce of Detroit, Mich., justify bringing
dividends up to 96%, with Reconstruction Finance Corporation help under the Steagall bill, Alex. J. Groesbeck,
receiver for the Guardian Detroit Union Group, Inc.,
reported to Circuit Judge Adolph F. Marschner on June 22.
Dividends already paid amount to 68% and voluntary
subordination of large claims has eliminated all accounts
under $1,000 by payment in full. The Detroit "Free
Press" of June 23, authority for the foregoing, continuing,
said:
Judge Marschner approved Mr. Groesbeck's first annual report and continued the receivership for another year.
When that statement was filed several weeks ago, Mr. Groesbeck estimated the assets justified an 85% payoff.
"The Depositors Committee has since made a careful appraisal of remaining assets, with permission of the Comptroller, and has reported that
96% is possible."
The Groesbeck statement was the first revelation of the report of the
depositors' appraisal, which has been in progress for weeks, and has important bearing on the presence In Washington of Hugh J. Ferry, Chairman
of that committee, and Howard Stoddard, in consultation with Chariman
Jesse Jones, of the RFC,on plans for further depositor relief.
The Groesbeck statement accounted for $1,870,000 realized on holding
company assets, with operating expenses approximating $66,000.
Receiver B. C. Schram, of the Bank of Commerce, has collected approximately $1,000,000 in stockholder assessments, it also was reported.
Mr. Groesbeck advised the Court that he regarded his receivership trust
as a matter of public service, and though It has occupied much of his time
for the last 13 months, he did not expect to be remunerated.
Washington, D. C., advices to the Detroit "Free Press"
on June 21, reporting Hugh J. Ferry's and Howard J.
Stoddard's conference with Jesse H. Jones, Chairman of
the RFC, regarding the winding up of the bank's affairs,
contained the following:
Hugh J. Ferry, Chairman of the Depositor's Committee of the Guardian
National Bank of Commerce, Detroit, who was responsible for working out
the plan which resulted in payment in full to all depositors in that Institution with accounts of $1,000 or less confered to-day (June 21) with Jess H.
Jones, Chairman of the RFC.
He was accompanied by Howard J. Stoddard, chief examiner for the
RFC, whose services have been loaned by Mr. Jones to C. 0. Thomas,
receiver for the First National Bank, Detroit.
In its issue of June 27, the "Free Press" stated, that 11
witnesses, most of them attaches of outside units of the
Guardian Detroit Union Group, Inc., appeared before the
Jury. The witnesses were:
The paper added:
Although Alex J. Groesbeck, Receiver of the Group, had been subpoenaed as a witness, he did not appear. It is believed, however, that
records in his custody were placed at the jury's disposal.
NEW JERSEY.
Completion of a two-weeks campaign for the signing of
depositors for the reorganization of the Ocean Grove National
Bank of Ocean Grove, N. J. (which closed Dec. 23 1931)
was celebrated on the night of June 25 by a "victory parade,"
it is learned from advices from that place to the New York
"Times," which continuing said:
Under the reorganization plan depositors agree to convert one-half an
anticipated dividend of 30% into stock in the new First National Bank
of Ocean Grove. The price of the new stock is $15 a share, $10 of which
is applied to capital and $5 to surplus. More than 150 shares were signed
in excess of the 1,500 which the reopening committee had set as its goal.
The capital of the new bank will be $50,000; surplus, $25,000. Already,
through liquidation, depositors have received 20% of their deposits in the
closed institution.
Reopening is expected by August I after a directorate has been chosen
and an expected loan of $189,000 is received from the Reconstruction
Finance Corporation.
A dividend of 65% is being paid to depositors of the
Bank of Englewood, Englewood, N. J., by Randall Lynsky,
the liquidating agent, according to advices from Athens, Ga.,
to the Chattanooga "News," which furthermore said:
This represents a payment of approximately $40,000. It is said other
dividends will be declared later.
The bank was closed early in the year 1933. The first receiver was Mr.
Stone, who was succeeded by Mr. LynskY.
NEW YORK.
Plans for the establishment of a new bank in the Borough
of Queens, New York, N. Y., under the title of the United
Bank of Long Island, were approved recently at a meeting
of representatives of the Forest Hills National Bank, Forest
Hills; the Ozone Park National Bank, Ozone Park, and the
Richmond Hill National Bank, Richmond Hill, at the home
of James J. Munro, Richmond Hill. Mr. Munro, who is
Chairman of the Depositors Protective T.P.n.gue of the Ozone
Park National Bank, represented also the Richmond Hill
bank, of which he is receiver. The Richmond Hill bank is
now being liquidated. The New York "Herald Tribune" of
June 18 in reporting the matter continuing said:
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Financial Chronicle
The other bank representatives were Louis C. Gosdorfer and Howard
P. Duriand for the Forest Hills National Bank and Elmer W. Bogert,
conservator of the Ozone Park National Bank, which closed after the March
1933 bank holiday.
Under the approved plans, the new bank will have a capitalization of
$376.000, of which $230.000 will be in common stock, $50,000 in preferred
stock and $96,000 in surplus and undivided profits. The plan, which
has the approval of James F. T. O'Connor, Comptroller of Currency,
further provides for an increase in the capital stock of the Forest Hills
bank by $100,000, the purchase of acceptable assets of the Ozone Park
National Bank and the payment of a dividend to the depositors of the
Ozone Park bank equivalent to not less than 50% of their deposits when
the bank closed.
The depositors of the Ozone Park bank, who have subscribed to stock in
that bank under the reorganization plan, will be allowed to transfer their
holdings to stock in the new bank at $12.50 a share, as against the proposed
book value of the new stock at $13.75.
The main office of the new bank will be located at the present offices
of the Forest Hill bank, at 9902 Metropolitan Avenue, Forest Hills. Queens.
It is also expected that one of the several branches of the Richmond Hill
bank will be utilized.
Concerning the affairs of the closed Larchmont National
Bank & Trust Co. of Larchmont, N. Y., advices on June 25
from Larchmont to the New York "Times" had the following
to say:
Major Franklin Brooks, receiver for the Larchmont National Bank,
said to-day (June 25) he expected to visit Washington this week to seek
approval of a second dividend for depositors of the closed bank. The last
dividend of 15% liberated about $200,000 of funds and the next dividend,
expected to be paid not later than early fall, will be in the same amount
if the receiver is successful.
NORTH CAROLINA.
The 8,000 or more depositors of the defunct Page Trust
Co. (head office, Aberdeen, N. C.) who have proved their
claims, will in the near future receive a first dividend payment
of 20%. This is made possible by the granting of a recent
loan of $350,000 from the Reconstruction Finance Corporation. In reporting the above, advices from Sanford, N. C.,
on June 18, appearing in the Raleigh "News & Observer,"
went on to say:
J C. Pittman of Sanford, Secretary of the depositors' committee, is
advised by G. P. Hood, Commissioner of Banks, that the checks are being
drawn in his office and will be available for the depositors as soon as possible.
OHIO.
The Citizens' Savings Bank of Pemberville, Ohio, was
to pay its fourth and final dividend of 70% on restricted
accounts on June 25, according to advices from that place
on June 21 printed in the Toledo "Blade," which furthermore said:
The dividend was made possible by a loan of $50,000 from the Federal
government.
The following in regard to the affairs of the Pettisville
Savings Bank of Pettisville, Ohio (which is being operated
on a restricted basis), appeared in a dispatch from that
place under date of June 22, printed in the Toledo "Blade":
A group of business men and farmers of this community were In Columbus Monday (June 18) conferring with the State Banking Department
with regard to reorganizing the Pettisville Savings Bank.
The old bank will be changed from a private one with a capital and
surplus of $15,000 to an incorporated bank with $42,000 capital and surplus.
The assets of the old bank are being liquidated by the State Banking
Department.
The Warren State Bank of Warren, Ohio, closed since
Jan. 1 1933, will be reopened on or about Aug. 1, according
to an announcement by the reorganization committee on
June 23. A Warren dispatch by the Associated Press,
reporting the above, went on to say:
The reorganization plan provides for payment In full of preferred claims,
public funds, bills payable and 25% to all other creditors and depositors.
The remaining 75% will be placed in a trust fund and liquidated as soon
as possible. The reopening will release $221.000. No money will be
borrowed to reopen the bank, but a stock issue of $60,000 is being sold,
which will be the capital of the reorganized bank.
OREGON.
The First Security Bank of Beavarton, Ore., succeisor of
the Gaston State Bank, of Gaston, Ore., opened for business
at Beaverton on June 16 with a capital of $25,000, A. A.
Schramm, State Superintendent of Banks, announced on
June 18. The capital stock of the Gaston State Bank was
$10,000. A dispatch from Salem, Ore., on June 18 to the
Portland "Oregonian" reporting this, went on to say:
All unrestricted deposits of the Bank of Beaverton were taken over by
the First Security Bank, while the restricted deposits were placed in the
hands of the State Superintendent of Banks for liquidation.
Jay Gibson Is President of the First Security Bank.
The Portland "Oregonian" of June 16, in indicating the
then approaching opening of the new institution, said in part:
Plans under way call for the opening of a new bank at Beaverton. . , •
It will be known as the First Security Bank, a State institution.
The plan contemplates removal of the Gaston State Bank from that
town to Beaverton, where it will occupy a small room adjoining the Bank
of Beaverton, where the Chamber of Commerce of that city has been
conducting some relief work. The Gaston bank Is headed by Jay Gibson.
one of the well known bankers of the State, and he will, of course, remain
at the head of his institution when It opens in its new location.
The Bank of Beaverton was not licensed following the National banking
holiday, but has been conducting a truss account business. All unrestricted
deposits will be taken over by the new bank.
June 30 1934
While Mr. Gibson will head the First Security, Earl Bowman, formerly
with the Commercial National Bank at Hillsboro for five years, and at
present Vice-President and Manager of the Bank of Sherwood, will assist
him as Cashier.
PENNSYLVANIA.
The Pittsburgh "Post-Gazette" of June 28 is authority
for the statement that a new bank, the Keystone National
Bank in Pittsburgh, Pittsburgh, Pa., a reorganization of
the old Keystone National Bank of that city, will open for
business shortly at 322 Fourth Ave. The paper continued:
The bank will open without any restrictions, releasing about $2,500,000 in deposits, officers of the bank announced.
The new bank is headed by S. Clarke Reed, who started his banking
career in 1898 in the Peoples National Bank and remained there until he
joined the Oil Well Supply Co.in 1914. He resigned there as Vice-President
in 1930 and since has been connected with the Pennsylvania State Banking
Department as Deputy Receiver.
Herman M. Schaefer is the new Vice-President and Cashier. He entered the employ of the old Marine National Bank in 1907, was made
Assistant Cashier in 1917 and remained in that capacity until the Marine
was bought and merged with the former Third National Bank of Pittsburgh. He served in the same official capacity in the Third National
until it was taken over in October 1931, by the Mellon National Bank.
Since then Schaefer has been connected with the Fidelity Trust Co.
A. S. Beymer, former President, who was connected with the old Keystone National for more than 50 years, will be Chairman of the Board
In the new bank.
The bank was closed during the holiday a year ago last March. Since
that time Beymer and others have been laboring on plans for reorganization.
The plans were approved some time ago by the Comptroller of the Currency
but details and technicalities caused the delay.
Additional time was consumed in arranging the sale of preferred stock
to the RFC,one of the means of strengthening the institution and qualifying
it for Federal deposit insurance.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
At a meeting of the Executive Committee of the Board of
Trustees of Central Hanover Bank & Trust Co., New York
City, held June 26, Donald F. Bush and Kenneth S. Walker
were appointed Assistant Secretaries.
William H. Taft II was appointed an Assistant Vice-President of the Central Savings Bank, New York City, on May 14.
Mr. Taft is a nephew of the late President Taft.
The General Motors Acceptance Corp., New York City, has
filed two applications with the New York State Banking Department for permission to open a branch office at Providence, IL I., and a branch at Knoxville, Tenn. The Banking
Department on June 15 granted the corporation authority
to open a branch at Seattle, Wash.
Kimball C. Atwood, founder and Chairman of the Board
of the Preferred Accident Insurance Co. of New York, died
on June 27. Mr. Atwood was 81 years old. For many
years he was a Vice-President and director of the old Merchants Exchange National Bank, and when it was merged
with the Bank of America he became a director of that
institution. He came to New York from Maine as a young
man and in 188.5 founded the Preferred Accident Insurance
Co. Mr. Atwood, at the time of his death, was also President and director of the Atwood Grapefruit Co., which he
foun le.; director of the Preferred Havana Tobacco Co.;
Chairman of the Board of the Protective Indemnity Co.,
and Vice-President and dir,3ctor of the Worcester Salt Co.
Michael Furst, banker and senior partner of the law firm
of Furst, Schwartz & Schwager, of Brooklyn, N. Y., died
of pneumonia on June 27. He would have been 78 years
old on July 15. Mr. Furst was one of the founders of the
Montauk Bank of Brooklyn, and was formerly a director
of the Mechanics Bank of Brooklyn and the National
Exchange Bank & Trust Co., and a former trustee of the
Greater New York Savings Bank. He was formerly Chairman of the Board of the National Title Guaranty Co., of
which, at the time of his death, he was a director. At his
death he was also Chairman of the Board of the Stockholders Realty Corp. The deceased was graduated from
Yale University in 1876 and Columbia Law School in 1878,
in which year he was admitted to the bar. He practiced
law alone for some years and then formed the firm of Furst &
Furst with a nephew. In 1918 he became senior partner
of Furst, Schwartz & Schwager. Mr. Furst served as
President of the Brooklyn Bar Association from 1927 to
1931 and was a member of the American Bar Association
and New York State Bar Association.
An application, filed on June 16 by the United Loan Corp,
Brooklyn, N. Y., for permission to change its name to the
United Loan Industrial Bank, was approved by the New York
State Banking Department on June 19.
Volume 138
Financial Chronicle
The New York State Banking Department has approved
plans to reduce the capital stock of the Citizens' Trust Co.
of Fredonia, N. Y., from $200,000 at a par value of $100 a
share to $100,000 at a par value of $50 a share.
The RFC has granted loans to the National Bank of
North Hudson and the Union City National Bank, both
of Union City, N. J., to enable the receiver, Samuel Stock,
Federal agent in charge of the liquidation of the institutions,
to make a fourth dividend payment to the depositors. A
Washington, D. C., dispatch on June 28 to the "Jersey
Observer," authority for the foregoing, went on to say:
The amount of the loans was not made known, but it was understood
that at least 3375,000 had been granted the National Bank of North
Hudson. It usually takes about two months between the granting of
such a loan and actual declaration of a dividend for depositors of a closed
bank. According to information available here the next dividend will
amount to 4 or 5%.
The depositors of the National Bank of North Hudson have received
so far 55% of their claims, while those of the Union City National have
received more than 60% of their money. Both banks were members of
the A. M. Henry Chain which was closed on Aug. 6 1931.
The new Citizens' First National Bank & Trust Co. of
Ridgewood, N. J., formed by the union of the First National
Bank & Trust Co. and the Citizens' National Bank & Trust
Co. of that place, opened on June 25 in the building of the
old First National Bank & Trust Co., according to Ridgewood
advices, on the date named, to the New York "Times." We
also learn from the dispatch that Dr. Harry S. Willard, formerly Chairman of the Board of the First National, holds the
same office with the enlarged institution, while Fred Z Board,
formerly head of the Citizens' National Bank & Trust Co., is
President. The proposed consolidation of these banks was
referred to in our May 19 issue, page 3388.
Stockholders of the People's National Bank of New Brunswick, N. J., on June 22 voted to increase the capital stock of
the institution from $200,000 to $450,000 by issuing 2,500
shares of cumulative preferred stock with a par value of $100
a share, according to New Brunswick advices on June 23,
printed in the New York "Herald Tribune."
The Citizens' National Bank of Windber, Pa., went into voluntary liquidation on June 2. The institution, which was
capitalized at $100,000, was succeeded by the Citizens' National Bank in Windber.
The Northwestern National Bank in Philadelphia, Philadelphia, Pa., was chartered by the Comptroller of the Currency on June 16. The new institution, which is capitalized
at $500,000, consisting of $250,000 preferred stock and
$250,000 common stock, succeeds the Northern National Bank
& Trust Co. James A. Bell is President of the new bank and
C. H. White, Cashier.
The Delta National Bank, Delta, Pa., was chartered by
the Comptroller of the Currency on June 22. The new organization, which succeeds the People's National Bank, is capitalized at $50,000, consisting of $26,000 preferred and $25,000
common stock. W. E. Arthur is President and W. A. Hoke,
CaShier, of the new organization.
Charles Coatsworth Pinckney, a Vice-President of the
Bank of Commerce & Trusts, of Richmond, Va., was found
dead in the surf at Virginia Beach, Va., on June 20. The deceased banker is believed to have suffered a heart attack
while swimming. He was 59 years old.
The Comptroller of the Currency on June 18 granted a charter to the Citizens' National Bank of Berkeley Springs, Berkeley Springs, W. Va. The new bank succeeds two Berkeley
Springs banks, the Morgan County Bank and the Bank of
Berkeley Springs, and is capitalized at $50,000, made up of
$20,000 preferred stock and $30,000 common stock. J. A.
Proctor beads the institution and S. L. Edler is Cashier.
Effective May 18 last, the First National Bank of Vermilion, Ill., capitalized at $25,000, was placed in voluntary
liquidation. There is no successor institution.
Directors of the Northern Trust Co. of Chicago, Ill., on
June 19 declared the regular quarterly dividend of $4.50 a
share, payable July 2 1934 to stockholders of record on
June 19, maintaining its $18 annual rate, according to the
Chicago "Tribune" of June 20, which furthermore said:
It had been predicted in La Salle Street the bank would maintain its
regular rate. The Board appointed William 0. Weidert and William S.
Turner Assistant Secretaries.
4409
That the Broadway Trust & Savings Bank, at Broadway
and Clark St., Chicago, Ill., was to cease banking operations on June 23 (the 12th anniversary of its founding)
and begin paying off, as of that date, all its accounts in full,
is learnt from the Chicago "Tribune" of June 23. We quote
from the paper as follows:
Arthur G. Strassheim, President, explained (June 21) that he decided
to close the bank because profits were not sufficient to make it worth
while to operate.
Mr. Strassheim stated that the bank's deposits now total $1,200,000.
At the peak of the boom period it had 83,500,000 In deposits. On the day
the National Bank Holiday started these had shrunk to 8280,000.
The bank opened on an unrestricted basis at the close of the banking holiday and in the intervening time built its deposits up to the present figure.
Mr. Strassheim stated that he has maintained his bank in a highly liquid
condition and that he never had to impose restrictions.
The capital of the bank is $200,000, with a surplus of $40,000. Mr.
Strassheim, whose family has long been in the real estate business on the
North side, will continue to operate his real estate office and will operate
the safety deposit vaults now maintained in connection with the bank. For
the convenience of the neighborhood he will run a currency exchange.
The Broadway Trust occupies quarters in which Henry Strassheim,
father of Arthur G. Strassheim, organized his real estate business 42 years
ago. Arthur Strassheim has been engaged in business in the same location for 32 years.
Stockholders in the defunct Metropolitan Trust Co. of
Detroit, Mich., must assume the liability for payment of
claims of depositors who had $1,000,507 on certificates of
deposit when the bank closed, the State Supreme Court
ruled June 21, according to advices from Lansing, Mich.,
on that date to the Detroit "Free Press," which added:
The case was appealed from the Wayne County Circuit Court by 14
stockholders. The action was brought originally by Scott E. Lamb and
Charles A. Smith, receivers.
The claims allowed by the receivers total $1,262,198, and assets are
appraised at $968,246.
The Comptroller of the Currency on June 19 chartered the
First National Bank at Neillsville, Neillsville, Wis., with
capital of $50,000, half of which is preferred stock and half
common stock. It replaces the First National Bank of Neillsvile. A. E. Dudley and James A. Musil are President and
Cashier, respectively, of the new institution.
According to a Chicago dispatch on June 25 to the "Wall
Street Journal," a special meeting of the stockholders of the
Northwest Bancorporation (head office Minneapolis) is to
be called to ratify a reduction in stated value of the capital
stock of the organization from $25,000,000 to $8,000,000, and
to authorize an increase in the reserve for contingency to
$12,000,000. The advices went on to say:
Consolidated balance sheet as of Dec. 31 last shows total deposits of
$290,282,635 against $290,210,506 at the close of 1932. Cash and due from
banks, United States Government bonds and other bonds and securities and
proceeds from sale of preferred stock and debentures to the Reconstruction
Finance Corporation totaled $222,213,507 as compared with total for these
items (excluding amount due from sale of securities to the Government) of
8182,889,788 at close of 1982.
Effective May 15, the First National Bank in Amboy, Amboy, Minn., went into voluntary liquidation. The institution,
which had a capital of $25,000, was succeeded by the Security
National Bank of Amboy.
That depositors of the Northwest Davenport Savings
Bank and the Home Savings Bank, both of Davenport,
Scott County, Iowa, and the Bettendorf Savings Bank at
Bettendorf, Scott County, Iowa, were to receive a second
dividend payment totaling approximately $998,000, was
reported in Davenport advices on June 23 to the Chicago
"Tribune," which went on the say: '
Northwest Davenport will pay 35%. $738,722: Home Savings. 25%
$224,000.and Bettendorf Savings banks, 18%,835.300. Previous dividends
of 5% were paid by the Northwest and Home and 10% by the Bettendorf
Savings Bank.
Effective June 18, the First National Bank of Odebolt,
Iowa, capitalized at $140,000, was placed in voluntary liquidation. The institution was not absorbed or succeeded by
any other banking association.
We learn from the St. Louis"Globe-Democrat" of June 18,
that effective June 15 the Mercantile-Commerce Bank &
Trust Co. of St. Louis, Mo., divorced its midtown branch,
the Mercantile-Commerce National Bank, at 701 North
Grand Ave. This was done at the direction of the Federal
Reserve Board in compliance with the Banking Act of 1933,
the pertinent provisions of which went into effect on June 16
We quote in part from the paper as follows:
Under the announced plan, the parent bank and trust company turned
over the stock in the branch bank to five trustees, who In turn issued
100,000 shares of beneficial interest, which are being distributed now pro
rata to stockholders of the parent bank. There are 100,000 shares of $100
4410
Financial Chronicle
par value stock in the parent bank,so that holders get one share of beneficial
Interest in the midtown institution for each share of Merccntlle-Commerce
held. In effect, ownership devolves on the stockholders as individuals
Instead of the bank.
Mercantile-Commerce has an option, as entered into with the trustees.
to buy back the mid-town branch,if permitted under the law in the future,
at book value, within the life of the trust agreement, which extends 20
years.
W. L. Hemingway will continue as Prelident of the mid-town branch,
as well as of the parent bank, and all other officers there will continue as
heretofore, as the trustees have sold back enough of the stock for qualifying
directors. . . .
The officers are: George W. Wilson, Chairman, Executive Committee;
John G. Lonsdale, Chairman of the Board; Mr. Hemingway, President;
G. N. Hitchcock, Vice-President; Adolf H. Hanger, Cashier and Assistant
Trust Officer; J. A. McCarthy. Vice-President and Trust Officer; Oscar
G. Schalk, Comptroller; and William F. Hucke, Assistant Cashier.
The Grand Avenue institution had been opened on Aug. 1 1930, under
the State law, which permits a trust company to own one bank, although
branch banking is not permitted under Missouri law.
Under the new setup, the double liability connected with national bank
stock falls on the individual owners, instead of a corporate entity. However. because of the disparity between the size of the branch and the parent
bank, this liability amounts to only $3.50 for each share of the parent bank.
There are 3,500 shares of the branch of $100 par value, its capital being
$350,000 and surplus $75,000, as of its statement last March 5. It reported deposits of $3,286,305 and total resources of $4,123,536.
The five trustees, who are directors of the parent bank, are: Albert M.
Kellar, F. August Luyties, Carl F. G. Meyer, James J. Mullen and Edgar
M. Queeny.
rune 30 1934
Association (head office, San Francisco, Calif.), has bean
promoted to a Vice-Pr asidency and transferred to Los
Angeles to supervise business extension activities in Southern
California, according to an announcemant made June 18
by Will F. Monish, President of the organization. The
San Francisco "Chronicle" of June 19, from which this is
learnt, likewise said:
Accompanied by Charles P. Partridge. Vice-President in charge of the
Bank of America's business extension department. Sutherland leaves
to-day (June 19) for Los Angeles to take over his new office.
A member of the San Francisco banking fraternity since 1915, he is
well known in financial and business circles.
Alexander Allan Paton, Chairman of Martin's Bank, Ltd.,
Liverpool, Eng., died at Thornton Hough, Eng., on June
27, it is stated in United Press advices from that place,
June 28. He was 60 years old. Mr. Paton was Chairman
of the Royal Insurance Co., Ltd., and the Liverpool &
London & Globe Insurance Co., Ltd. He was also a member
of the council of the British Cotton Growers Association.
From 1915 to 1918 Mr. Paton was attached to the British
Embassy at Washington.
THE CURB EXCHANGE.
That a sale of $25,000 capital debentures by the Farmers'
Curb stocks have been quiet and without noteworthy
& Merchants' Bank of Coolidge, Ga., to the RFC was
formally consummated recently, is learned from Thomas- movement during the present week. Prices were irregular
ville, Ga., advices on June 23, appearing in the "Florida most of the time and the volume of sales has been of very
small proportions. There were brief periods of strength
Times-Union," which also said:
among some of the more active stocks in the oil shares,
Through this arrangement the bank is given a capital stock of $50,000,
the former capital stock having been $25,000 since its organization in
utilities and specialties, but the gains were generally small
1911. Boykin Morrison, is President of the bank and A. P. Megakee,
and not especially significant.
Cashier.
-4--Stocks on the Curb Exchange continued to move irreguAdvices to the Jackson "News" from Monticello, Miss., larly downward on Saturday, the only exceptions being the
on June 23 stated that with the payment of a 7% dividend oil shares which reversed their trend and showed modest
beginning June 25, depositors of the Bank of Monticello, in gains at one period during the trading. International
liquidation, will have received a total of 26% of their deposits Petroleum remained unchanged from the previous close.
in the institution, which was turnad over to the Mississippi Standard Oil of Indiana moved up a fraction and Humble
State Banking Department on Jan. 6 1931. The dispatch Oil improved Yi point. Gulf Oil of Pennsylvania moved
up from 615 to 62
A
added:
In the general list, price swings were
This is the second dividend to be paid this year, a 10% dividend having
usually confined to fractions, though most of the trading
been paid in February.
favorites were not on the active list during a large part of the
session. Trading was extremely dull and the volume was
On June 18 the First National Bank in Da'hart, Dalhart,
Tex., was chartered by the Comptroller of the Currency. down to the minimum.
The tone of the market was slightly firmer on Monday,
The institution is capitalized at $50,000, made up of $25,000
preferred stock and $25,000 common stock and replaces two though the improvement extended only to a few selected
Dalhart banks, the First National Bank and the Midway issues. The turnover was again small and little interest
was manifest in the trading. There were some fractional
Bank & Trust Co. C. C. Woods is President of the new instiadvances in the oil group, but these were not maintained
tution and A. H. Hesse, Cashier.
and most of the stocks showed no change as the market came
to a close. Mining and metal shares were easier and most
Purchase of assets of the private banking firm of White
of the specialties were unchanged.
& Co. of Lancaster, Tex., by the First National Bank of
The market was somewhat firmer on Tuesday, but trading
that place, was announced recently, according to Lancaster
again turned dull and most of the active issues again moved
advices on June 23 to the Dallas "News," which went on
downward. There were occasional exceptions like Philip
to say:
Morris Consolidated, which advanced to a new top for the
For 36 years the White bank has operated as a private bank. On account
year. Glen Alden Coal also was strong but made little gain.
of economic changes and recent National laws centralizing the banking
system under control of the Federal Government, it was decided to retire.
Mining and metal stocks were practically at a standstill
It has placed with the First National Bank funds sufficient to pay all
and the general run of specialties showed little or no
depositors.
change.
Public utilities were slightly higher during the morning,
The First National will move into its new home July 1, the building
formerly occupied by White & Co.
but dropped off as the day progressed. Some of
the liquor
stocks were firmer, but the improvement did not last,
both
Announcement of the election of P. N. Trepagnier and Hiram Walker and Distillers Seagram
being down at the close.
W. D. C. Lucy as Assistant Cashiers at a recent meeting
Prices on the Curb Exchange were somewhat improved
of the directors of the San Jacinto National Bank of Houston, on Wednesday, and while the gains
were small, there was a
Tex., was made on June 23 by A. R. Cline, President of the better tone in evidence throughout
institution. In reporting the matter the Houston "Post" utilities shares were fairly firm and the session. Public
showed small gains for
also said in part:
such stocks as American Gas & Electric, Electric Bond
&
Mr. Trepagnier began his connection with the bank in 1927 as Manager
Share and Niagara Hudson. Oil issues showed moderate
of the transit department and has progressed through various other departimprovement as they moved upward under the leadership
present post.
ments to his
Mr. Lucy is a native Houstonian. . . . He entered the bank's
of Gulf Oil of Pennsylvania. Humble Oil was an exception
employ in the trust department in February 1929. Since then he has served
and sagged before the close. Mining shares were
as head of the new-business department and utility clerk.
lower,
and so were most of the liquor group. Specialties showed
Dividends have been paid recently to two Colorado banks only minor changes.
Only small changes were apparent on Thursday as trading
according to the Denver "Rocky Mountain News" of June
continued in light volume. Oil stocks were
21, which said:
irregular,
Humble Oil being moderately firm, while Standard
Dividends were paid yesterday (June 20) to creditors of two Colorado
Oil of
banks, Grant McFerson, State Bank Commissioner, announced.
Indiana sagged and Gulf Oil of Pennsylvania moved
within
Depositors of the Yampa Valley Bank at Hayden will receive an 8%
comparatively narrow limits. Practically no changes
dividend, amounting to $3,652.23. The new dividend brings to 68% the
were
recorded in the public utility group. Specialties were at
amount received by creditors.
a
A 5% dividend is being paid to depositors of the Colorado State Bank
standstill and mining and metal stocks were idle. Alcohol
at Canon City. The dividend amounts to $5,392.41 for common creditors
shares were easier, though there was a fractional gain in
and $803.88 for preferred creditors and brings to 45% the amount paid in
Hiram Walker toward the end of the session.
liquidating the bank's affairs.
Irregularity continued to dominate the trading on Friday,
H. Lloyd Sutherland, heretofore an Assistant Vice- and while the changes were, for the
most part, insignificant
President of the Bank of America National Trust & Savings the tendency was moderately
downward. There were occa-
Volume
Financial Chronicle
138
4411
sional exceptions, notably Dow Chemical, which moved
above par and Glen Alden Coal, which showed a fractional
gain. Several of the most popular of the trading stocks
were practically at a standstill and most of the oil shares
and many of the mining issues moved around with little or
no net change. Public utilities sagged slowly and there
were a number of small losses scattered through the specialties list. Alcohol stocks were idle, Distillers Seagram selling
around its previous close and Wright Hargreaves closed
fractionally lower. As compared with Friday of last week,
some of the more active of the trading favorites were moderately higher, American Gas & Electric closing on Friday
night at 263/8, against 25 on Friday of last week; Consolidated Gas of Baltimore (3.60) at 65%, against 643';
Creole Petroleum at 123 , against 12; Gulf Oil of Pennsyl%
vania at 633/2, against 61; Humble Oil (New) at 42, against
41%; International Petroleum at 27%, against 27; Pennroad Corp. at 2%, against 29-i; Standard Oil of Indiana (1)
at 273., against 263 ; Teck Hughes (.60) at 63/8, against
%
6%, and United Gas Corp. at 23 , against 2%.
4
A complete record of Curb Exchange transactions for the
week will be found on page 4443.
already passed the H01180 of Representatives, had been passed by the
Senate.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Imports.
Exports.
Soviet Union (Russia)
£45,200 Bombay (via other ports)- £5,000
Belgium
4,197
3,600 New Zealand
11.1. S. A
205,325 T.J. S. A
99.720
Australia
11,445 Other countries
4,401
Canada
8,802
Other countries_
163
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
The stocks in Shanghai on the 9th inst. consisted of about 118.800,000
ounces in syeee, 388,000,000 dollars and 28,400,000 ounces in bar silver,
as compared with about 121,200,000 ounces in sycee, 383,000,000 dollars
and 27,400,000 ounces in bar silver on the 24 inst.
Week Ended
June 29 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
'Total
Sales at
New York Curb
Exchange.
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic. Government. Corporate.
$112,000
126,000
75,000
136,000
93,000
37,000
$10,000 $1,598,000
54,0/0 2,741,000
54,000 2,948,000
80,000 3,077,000
95,010 2,830,000
70,000 2,810,000
769,174 $15,062,000
$579,000
$363,000 $16,004,000
1934.
1933.
Stocks
-No,of shares_
769,1/4
3,855,248
Bonds.
Domestic
$15,062,000 $20,955,000
Foreign government
579,000
756,000
Foreign corporate
363,000
941,000
Total
516,004,00j $22,652,000
Jan 1 to June 29.
1934.
1933.
38,293,270
40,455,147
$568,653,000
20,961,000
17,378,000
$462,968,000
21,217,000
22,778,000
$606,992,000
$506,963,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
June 13 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £191,333,148
on the 6th inst., showing no change as compared with the previous Wednesday.
During the week the Bank announced the purchase of £77,535 in bar
gold.
About £2,600,000 of gold was disposed of in the open market during the
week, and offerings were readily absorbed, enquiry being chiefly from
private operators. Owing to the keenness of the demand, prices have
ruled at a premium over French and American parities.
Quotations during the week:
IN LONDON.
Per Oz.
Equivalent Value
Fine.
off Sterling.
June 7
1375. 13id.
12s. 4.69d.
June 8
1378. 434d.
12s. 4.42d.
June 9
1375. 8Ad.
12s. 4.064.
June 11
1375. 9 d.
12s. 3.97d.
June 12
137s. 7 d.
12s. 4.154.
June 13
138s. 1 d.
12s. 3.61d.
Average
137s. 7.50d.
12s. 4.154.
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 4th inst. to mid-day on the 11th inst.:
Imports.
Exports.
Germany
£806,719 France
£7,462
France
304,334 Netherlands
63,655
Netherlands
37,502 Belgium
7,200
Belgium
60,450 Switzerland
1,103
Switzerland
88,413 U. S. A
646,933
Iraq
19,603 Other countries
696
China
438,621
British India
1,096,328
British Malaya
36,368
British South Africa
1,802,347
Hongkong
11,638
Australia
136,381
New Zealand
31,797
Other countries
22,798
£4,893,299
E727,049
The SS. "Mongolia" which sailed from Bombay on the 9th inst. carries
gold to the value of about £352,000 of which E337,,000 is consigned to
London and £15,000 to New York.
The Transvaal gold output for May 1934 amounted to 898,418 fine
ounces as compared with 865,822 fine ounces for April 1934 and 944,604
fine ounces for May 1933.
SILVER.
Until to-day, prices showed no movement of importance, the tendency
slightly easier. China sold and the Indian Bazaars both bought and
being
sold with American operators showing little interest. Sales have been
made on Continental account, but on the whole business has been quiet.
To-day, a moderate demand found the market poorly supplied and
prices rose sharply in consequence, being fixed at 19 15-16d. for both cash
and two months' delivery, representing rises of 5-16d. and Xcl. as compared
with the respective quotations of yesterday. At the advance, the tone is
rather uncertain.
According to a Reuter message from Washington dated June 11. the
Secretary of the United States Treasury announced that the Treasury
recently imported 5,000,000 ounces of silver from London. It is understood that this was paid for with gold from the Stabilization Fund. On
the same day, it was reported that the Silver Purchase Bill, which had
June 7
June 8
June 9
June 11
June 12
June 13
Average
IN LONDON
-Bar Silver per Oz Std..
Cash. dello.
2 Mos. deliv.
193-(d.193-i'd
June
19 4d.
,
1913-16d. June
195
,
4d.
19 13-164 June
19 11-16d. 19gd.
June
1950.
1911-154.June
19 15-164. 19 15-16d. June
19.792d.
19.7504.
IN NEW YORK.
(Per ounce .999 Fine.)
6
7
8
9
11...,
12
45 7-16c.
45%c.
45 cT.
45 .
45 16c.
453jc.
The highest rate of exchange on New York recorded during the period
from the 7th inst. to the 13th inst. was $5.07N and the lowest 35.0335.
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)
May 31.
June 7.
Notes in circulation
17,939
17,927
Silver coin and bullion in India
9,631
9,617
Gold coin and bullion in India
4,155
4,155
Securities (Indian Government)
2,984
2,969
Securities (British Government)
1,169
1,186
May 22.
17,877
9,568
4,155
2,984
1,170
Total.
54,510 $1,476,000
107,930 2,561,000
142,080 2,819,000
174,100 2,861,000
176,376 2,642,000
114,178 2,7.13,001
Week Ended June 29.
£113,318
£274,535
Quotations during the week:
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Sat.,
June 23.
Silver, per oz_ _ 20 5-16d.
Gold, p.fine oz. 1388.1d.
Consols, 255% Holiday.
British 355%W. L
Holiday.
British 4%1960-90
Holiday.
French Rentes
(In Parts)3% fr. Holiday.
French War L'n
(in Paris)5%
1920 amort Holiday.
Mon.,
June 25.
2055d.
138s.1d.
7855
Tues.,
Wed.,
Thurs.,
Fri.,
June 26. June 27. June 28. June 29.
20 5-16d. 20 7-16d. 2055d.
2150.
13843.255d. 1388.150. 1378.8d. 1378.5d.
7855
795-16
799-16
7955
103
103
10355
11355
114
11455
10355
11455
1035i
11455
78.00
78.40
78.10
77.60
77.50
114.50
114.75
114.75
113.60
113.90
The price of silver in New York on the same days has been:
Silver in N. Y.,
per oz. (cts.)
455i
4555
4555
4555
46
4655
COURSE OF BANK CLEARINGS.
Bank clearings this week show a decrease as compared
with a year ago. Preliminary figures compiled by us, based
upon telegraphic advices from the chief cities of the country,
indicate that for the week ended to-day (Saturday, June 30)
bank exchanges for all cities of the United States from which
it is possible to obtain weekly returns will be 14.9% below
those for the corresponding week last year. Our preliminary
total stands at $4,716,984,627, against $5,543,767,278 for
the same week in 1933. At this center there is a loss for the
five days ended Friday of 19.8%. Our comparative summary for the week follows:
Clearings-Rdurns by Telegraph
Week Ended June 30.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$2,384,031,941
173,849,640
243,000,000
139,000,000
60,386,238
66,100,000
78,786,000
76,987,533
68,923,718
51,399,848
40,594,440
23,493,000
$2,972,178,867
184,188,682
199,000,000
168,000,000
52,969,585
48,400,000
80,000,000
69,357,102
39,647,410
36,953,486
31,983,209
14,928,000
-19.8
-5.6
+22.1
-17.3
+14.0
+36.6
-1.5
+11.0
+76.4
+39.1
+26.9
+57.4
Twelve cities, 5 days
Other cities, 5 days
$3,406,552,358
524,268,165
$3,897,606,341 -12.6
471,196,675 +11.3
Total all cities, 5 days
All cities, 1 day
$3,930,820,523
786,164,104
OA 'lc noA DO,
„
$4,368,803,016 -10.0
1,174,964,262 -33,1
Tntlal nil ni.loa .............
C.G C.., ,11 7 010
.
r
•
I
1•1 0
•
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 in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended June 23. For
that week there is a decrease of 1.5%, the' aggregate of
clearings for the whole country being $5,032,889,565, against
$5,108,711,538 in the same week in 1933.
Outside of this city there is an increase of 16.2%, the bank
clearings at this centre having recorded a loss of 9.8%. We
June 30 1934
Financial Chronicle
4412
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 loss of 9.6%, and in the Boston Reserve District of
8.4%, but in the Philadelphia Reserve District there is a
gain of 17.5%. In the Cleveland Reserve District the
totals are larger by 22.0%, in the Richmond Reserve District by 42.3%, and in the Atlanta Reserve District by
34.9%. The Chicago Reserve District has to its credit
an increase of 23.6%, the St. Louis Reserve District of
12.9%, and the Minneapolis Reserve District of 4.7%.
In the Kansas City Reserve District the gain is 15.1%,
in the Dallas Reserve District 39.0%, and in the San Francisco Reserve District 22.6%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK cis'. 17 NGS.
Week Ended June 23.
Clearings at
1934.
Seventh Feder al
Mich.
-Adrian -Ann Arbor_ _ -Detroit
Grand Rapids_
Lansing
Ind.
-Ft. Wayne
Indianapolis
South Bend_..
Terre Haute
Wis.-Milwaukee
Ia.-Ced. Rapids
Des Moines...
Sioux City-- Waterloo
-Bloomington
m.
1933.
Inc. or
Dec.
Reserve D 'strict-Chi cago51,283
290,121
386,460 -YtTo
45,459,476 +63.3
74,218.073
826,584 +99.4
1,648,223
1,272.296
505,909 +151.5
414,912 +55.6
645,438
10,651,000
8,549,000 +24.6
721,237
366,494 +96.8
3,806,123
3,157,904 +23.4
12,862,083
11,311,907 +13.7
645.028
184,388 +249.8
6,122,153
4,603.710 +33.0
2,593,993
2.291,513 +13.2
1932.
1931.
74,864
375,537
76.007,561
2,660,392
1,027,000
842,619
10,365,000
875,641
2,433,349
14,331,653
710,158
4,836.959
1,909,376
124,164
803,687
144,333,847
3,947,187
2,324.366
3,423,987
14,946,000
1,049,262
3.648,158
21,869,305
2,348,550
5,459,986
3,773,867
nAn.da
+52.1
+13.7
+34.5
+29.2
+98.9
+17.0
891,709
225,776,728
437,901
1,976,963
428.955
1,457.256
1,286,747
352,484,178
767,396
2,531.289
1,118.200
1,857,460
344,974,369
279,046,417 +23.6
347,419,621
568,097.634
54,200,000
16,565,632
7.434,9)14
80,000,000
19,890,937
10,254,060
1931.
$
228,692,127
3,564,854,060
259,764,385
174,151,701
76,604,433
75,192,644
279,046,417
89,958,779
79.027,125
95,216,742
32,863,446
153,339,679
$
$
%
397,134,368
-8.4
185,279,750
-9.6 2,515,873,176 5,393,103,152
376,345,197
255,729,735
+17.5
281,701,938
+22.0
179,000,238
122,872,184
95,107,614
+42.3
122,387,911
72,644,281
+34.9
568,097,634
347,419,621
+23.6
110,983,263
78,711,057
+12.9
84,511,349
65,679,492
+4.7
99,973,895
134,259,039
+15.1
35,047,452
42,337,603
+39.0
222.958,105
156,402,327
+22.6
5,032,889,565
1.902,073,074
5,108,711,538 -1.5
1,637,298.860 +16.2
4,086,868,638
1,651,817,983
7,856,691,743
2,588,139,156
am oln ant
054 621 17c 4.08
009 MR 071
310 166 e13
29 oltisoa
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
Week Ended June 23.
Clearings at
1933.
$
S
First Federal Reserve Dist rict-Boston
-Bangor___
de.
413,877
333,454
Portland
1,491.032
943,235
dass.-Boston._ 181,310,759 200,000.000
Fall River__ - _
531,370
650,541
Lowell
332,953
295,967
New Bedford...
529,615
495.666
Springfield_ _..
2.715,133
2,829,448
Worcester
1.377,260
1,407,532
7.onn.- Hartford
8,972,499
10,334.121
3.684,802
New Haven...
3,455,379
EL 1.
-Providence
7,736,200
7,358,300
9. H.-Manchea
505,718
359,061
209,371,595
228,692,127
inc. or
Dec. I
1932.
$
1931.
$
I
+I ++1
ttiedtZGOLOW.
I+ti
1934.
Total(12 cities)
255,101
197,470,218
369,506
1,767,359
391,751
734,225
Eighth Federa I Reserve Die tact
-St.Lo uls-
$
Federal Reserve plata.
309,731,595
1st Boston_ ...12 cities
3,222,846.000
2nd NewYork....12 "
305,191,430
3rd Philadelpla 9 "
212,423,139
4th Cleveland__ 5 "
109,017,010
5th Richmond _ 6 "
101,408,308
6th Atlanta____10 "
344,974,369
768 Chicago _ _ _19 "
101,547,296
8th St.Louis... 4 "
82,769,960
9th MInneapolLs 7 "
109.604,048
1068 Kansas City10 "
45,675,767
5 "
11th Dallas
188,060,643
12th San Fran_ _12 "
111 cities
Total
Outside N. Y. City
1932.
387,918
224,549,959
497,125
2,284,113
779,188
859,015
Total(19 cities)
/11C.07
Dec.
1933.
1934.
Week End. June 23 1934.
Chicago
Deratur
Peoria
Rockford
Springfield_
338,559
1,757,552
158,827.111
730,359
325,709
420.393
2,795,067
1.804,436
6,923,499
4,406,533
6,648,500
302,032
561.562
2.821,373
360,000.000
804,529
430,968
630.821
3,486.580
2,774,791
8,940,294
6,773.023
9.438,300
472,127
-8.4
185,279,750
397,134.368
Second Feder al Reserve D istrict-New
10,798,957
5,059,740
N Y,
. -Albany..
710.156
Binghamton_ _ _
922.838
28,566,824
27,681,561
Buffalo
486,174
478,030
Elmira
Jamestown_ __ _
305.196
543.319
New York_ _ _ _ 3,130,816,491 3,471.412.678
5.541,694
Rochester
5,465,227
4,384,124
Syracuse
2.980.389
2.646.507
2,896,123
2onn.-Stamford
426.491
N. J.
-Montclair
*350.000
16,650,898
15,519,290
Newark
24,949,376
28,107,977
Northern N. J.
York-53.1
3,573,433
4.627.577
+29.9
682,717
855,490
21,941,380
+3.2
36,073.328
620.673
847.427
+1.7
513.765
+78.0
779,008
-9.82.435.050.655 5,268,552,588
-1.4
5,632,080
7,953.070
3,763.034
2,882,494
-32.0
+9.4
2,496.311
2,736,571
420,572
-17.9
547,956
29,782,495
+7.3
19.584,002
36.584,608
22,475,094
+12.7
Total(12 cities) 3,222,846,000 3,564,854,060
Mo.-St. Louis_
Ky.-Lonisville_
Tenn.
-Memphis
Ill.-Jacksonville
Quincy
67,600,000
21,573,127
12,033,169
341 000
285,000 +19.6
510,431
838.266
Total(4 c'it'es).
101.547,296
89,958,779 +12.9
78,711,057
110,983.263
Ninth Federal Reserve Dis trict-Minn eapoll s2,851.488
2,392,309
3.349,813 -14.9
54,677,862
56,868.985 -3.9
45,426,026
M inneapolls.....
13,809,676
20.042,085
14,663,100 +36.7
St. Paul
1,376,462 +15.1
1.430,641
1,584,913
N. D.
-Fargo_
587.562
489,981
460.370 +6.4
S. D.
-Aberdeen
257,609 +39.1
280,564
358.226
Mont -Billings.
1,752,714
2.050,786 +34.8
2,765,405
Helena
3,117,346
58.645.072
17.464.201
1,686,050
796.249
458.767
2.345.664
+4.7
65,679,492
84,511,349
Tenth Federal Reserve Dia trict-Kens as City
102.623
43,356 +136.7
Neb.-Fremont.
46.060
Hastings
1,636,249 +14.1
1.867.688
Lincoln
24.305.653
20,167,776 +20.5
Omaha
1.652,767
2,121,383 -22.1
Topeka
3,016.282
2,410,2U +25.1
Wichita
65,128,316 +14.9
74,841,935
Mo.-Kans. City
2,761,198 -3.8
2,657,057
St. Joseph-550,606 -8.4
504,626
Colo.-Col. Spgs
609,357
397.600 +53.3
Pueblo
135,878
108,917
1,469.829
20,773.721
2,388,512
3,851,107
67,278.299
2,437,744
709,895
819,993
196,915
261,144
2,558,129
31,552,173
3,369,750
5,131,083
85,604,449
3,732,496
799,859
1,053,041
95,216,742 +15.1
99,973,895
134,259,039
Eleventh Fade rat Reserve District--Da Has
530,614 +23.9
Texas-Austin.-.
657,372
24,452.849 +44.2
35,264,933
Dallas
5,119,385 +11.8
5.721,846
Ft. Worth _ _
1,176,000 +64.5
1,935.000
Galveston
1,584,598 +32.3
2,096,616
La -Shreveport.
687,423
25,869,605
5,275,813
1,226,000
1,988,611
1,296,370
30,219,875
6,294,341
1,579,000
2,948.017
32,863,446 +39.0
35.047,452
42,337.603
Twelfth Feder al Reserve D istrict-San Pretzel sco20,311,628 +26.6
22,483,996
25,705,295
Wash -Seattle..
4,181.000 +79.8
5,310,000
7,51(1,000
Spokane
231.508 +108.9
483,613
407,014
Yakima
17,118.377 +38.1
23,643,420
17,253,112
Ore.
-Portland..
8.683,257 +17.8
10.227,981
8,366,546
Utah-S.L. City
3,272.963 -19.5
2,936.644
Callf.-L. Beach_
2.634.000
2,544.818 -2.7
Pasadena _ _ _
2.476.460
2.552,098
3,414,253 +104.4
6,978,679
Sacramento _ _ _
5,320,417
90,214,543 +16.1
San Francisco
104,749,075
88.190,167
1,346,021 +9.8
1.478.337
San Jose
1.315364
911.107 +15.1
Santa Barbara.
1,049,128
1,068,662
1,110,204 +0.8
Stockton
1,118.655
1,198.207
29,154,462
7,783.000
581.392
25,717,195
12.520,570
5,027.389
3.665.938
5,518,477
128,506.417
1.832,967
1,153,298
1,497,000
Total(7 citiee)-
Total(10 cities)
Total (5 cities).
82,769,960
109,604,048
45.675,767
62,300,000 +8.5
17,362.357 +24 3
10,011,422 +20.2
79,027,125
-9.6 2,515,873,176 5,393,103,152
Total(12 cities)
Third Federal Reserve Dis trict-Philo delphi a
388,629
302,651 +24.6
377,073
-Altoona___
.
Pa.
b
b
b
b
Bethlehem_ _
344,425
253,092 -6.1
237.656
Chester
983,978
663,185 +19.8
794,513
Lancaster
Philadelphia... 294,000,000 252,000,000 +16.7 244,000,000
1,826,298
932,339 +4.5
974,662
Reading
2,150,211
1,644,424 +20.0
1,973.285
Scranton
1,497,192
1.337.087 -2.0
1,309,948
Wilkes-Barre
893,002
879,507 +14.0
1,002,293
York
3,646,000
1,752,100 +158.1
4,522,000
N. J.
-Trenton
620,222
b
663,466
2,072.979
358,000,000
2.558,357
3.755.145
2,358,724
1,416,304
4,900.000
255,729,735
376,345,197
Fourth Feder al Reserve D strict-Clev elandc
c
---c
Dhlo- Akmn.___
cc
--c
Canton
38,124,124
35,939,430 +20.1
43,174,296
Cincinnati
60.623.825
48.577 147 +35.8
65,952,719
Cleveland
6,466.100
6,498,600 +23.8
8,046,600
Columbus
1,093,473
904,036 +28.8
1.164,827
Mansfield
b
b
b
Youngstown..
74.692,716
82,232,488 +1471
--Pittsburgh
. 94,084,697
Pa.
c
c
48,844,382
95,135,068
9,562.600
1,279,804
b
126,880,084
Total(9 cities).
305,191,430
259,764,385 +17.5
174.151,701 +22.0
179,000,238
281,701,938
Fifth Federal Reserve Dist rict-Rich= ond97,578 +30.6
127,409
W.Va.-Hunt'ton
2,254,000 -5 1
2,140,000
Va.-Norfolk
23,466,586 +26.3
29,648,130
Richmond
607,434 +24.9
758.528
-Charleston
.3.C.
37,422.322 +65.8
62,048.573
-Baltimore_
14d.
12,756,513 +12.1
14,294,370
D.C.-Washing'n
332,159
2,376,828
25,765,838
638,584
48,395,826
17,598,379
590,610
3,015,594
30,999,043
1.356,304
64.479,390
22,431,243
76,604,433 +42.3
95,107,614
122,872,184
Sixth Federal Reserve Dist rict-Atlant a1,912,912
2,234,337
3,726,526 -400
Tenn.-Knoxvale
7,697.243
7,803,215 +33.8
10,511,270
Nashville
23,700,000
29,800,000 +23.8
36,900,000
Ga.-Atlanta....
652,015
673,295 +43.3
964.766
Augusta
356.217
419,847 +19.7
502,608
Macon
7,608,483
7,758.941 +46.7
11,381,000
.-Jack'nville.
Fla
7,840,893
9,169,010 +55.0
14.208,104
Ala.-Birm'ham.
647.368
778.922 +31.0
1,020,091
Mobile
bb
b
-Jackson
Miss.
67,972
85,175 -T-1.:1
90,644
Vicksburg
22,161,178
14,927,713 +58.1
23,595,488
-New Orleans
La.
1,500,000
11,632,327
32,664.673
1,016,506
626,846
10,449,303
11,779,008
1.071.902
b
92,566
51,554,780
Total(5 cif les)_
1• Total(6 cities).
iTotal(10 cities)
212.423,139
109,017,010
101,408,308
75,192,644 +34.9
72,644,281
122,387,911
188,060,643
153.339.679 +22.6
Grand total (111
cities)
5,032.889,565 5.108,711.538
156,402,327
222,958.105
-1.5 4.086.868,638 7.856,691,743
Outside New York 1,902,073,074 1,637,298,860 +16.2 1,651,817,983 2,588.139,155
Week Ended June 21.
Clearings at
1934.
1933.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax.
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William.,...
NewWestminister
Medicine Hat...
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert....
Moncton
Kingston
Chatham
Sarnia
Sudbury
95.519,531
100.957,611
45,808.162
14.099.743
4,763.172
3.958.687
1,825.720
4,019,878
4,491,288
1,596,023
1.502,906
3.113.081
3.662.147
2,756.648
304.016
386.848
1,178,913
484.838
873,751
867.070
464,522
197,084
646.749
650.403
995,326
2,758.529
278,727
674.766
505.220
388,041
524.061
657.343
85,915,416
104.632,686
48,468,287
14,643.629
4,863,115
3.922.252
2.018,726
3.979,563
5,616,667
1.541,240
1,480.837
3,063,236
3.455,993
2,730,949
293,529
329.063
1,231,727
472.504
964,816
844,978
404,111
198,618
614.859
566,530
1.044,975
2.236,892
245,838
616,714
550,272
417,049
567,123
598,981
Total (32 cities)
300,910,804
298,531,175
Inc. or
Dec.
1932.
1931.
+11.2
-3.5
-5.5
-3.7
-2.1
+0.9
-9.6
-1.0
-20.0
+3.6
+1.5
+2.6
16.0
0.9
3.6
+17.6
-4.3
+2.6
-9.4
+2.6
+14.9
-0.8
+5.2
+14.8
-4.8
+23.3
+13.4
+9.4
-8.2
-7.0
-7.6
+9.7
$
67.380,452
70.508.491
34,569.858
11,798,586
5,144,483
3.819,365
2.022,633
3.802.872
6,116,025
1.476,888
1,075,017
2,769.545
3.384.848
2,527,566
307,189
611,904
1,558,254
500,541
791,105
620,310
406.465
170,338
606,123
625,811
1,267.365
2.526,198
268,553
760,735
381,247
371.220
535,334
530.860
$
98,389.271
98,278.995
44,731,164
15,610.467
6.726,581
3,982,928
2,386,549
5,180,743
6.588.683
2.079.804
1.705,718
3,017,231
4,314387
2,926.343
375,129
343.544
1,506,277
610,264
926.527
622,269
553,772
231,572
692.822
612,152
822,439
3,059,354
395,547
797,557
652,623
483.731
613.930
948,340
+0.8
229,236.271
310,166.813
b No clearings available. c Clearing House not functioning at present.
• Estimated.
Volume 138
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
June 23 June 25 June 26 June 27 June 28 June 29
1934.
1934.
1934.
1934.
1934.
1934.
Francs. Francs. Francs. Francs. Francs. Francs.
Bank of France
11,700 11,600 11.600 11,400 11,400
1,425
Banque de Pads et Pays Has1,445
1,436
1,435
169
Banque d'Union Parisienne
178
181
181
-22i
244
Canadian Pacific
234
231
240
Canal de Suer
18,900 18,900 18,300 18,900 18,900
Cie Distr. d'Electricitie
2,350 2,350 2,335 2,325
Cie Generale d'Electilcitie
1.170
1,710
1,710
1.710
27
Cie Generale Transatlantique_....
27
27
27
27
Citroen B
165
167
164
164
---Comptolr Nationale d'Escompte
1,002
1,005
1,015
1,000
"iio
Coty 8 A
150
140
130
130
Courrieres
276
277
280
277
Credit Commercial de France
710
717
717
715
Credit Lyonnais
7
- )
2,070 2,070 2,060 2,050 2,5i(
gaux Lyonnais
2,520 2,510 2,510 2,540 2,510
Energle Electrique du Nord_
655
635
633
635
Energie Electrique du Littoral
826
837
838
835
Kuhlmann
583
589
590
589
L'Air Llquide
Roil-750
7
750
750
7.50
750
Lyon (1' L M)
day
982
996
984
979
---Nord Sty
_-_1,415
1,436
1,435 1,439
Orleans Ry
470
470
470
471
Pathe Capital
__
64
64
64
66
Pechiney
1,062
1,045
1,043, 1,057
Rentes, Perpetual 3%
78.00
777.60 77.EE1
78.10
78.40
Rentes 4%, 1917
86.10 86.70 86.00 85.80 86.30
Recites 4%, 1918
86.40 86.80 86.60 86.80 86.50
Rentes 44%, 1932 A
91.40 91.90 91.60 91.10 91.60
Rentes 44%, 1932 B
89.60 90.10 90.10 89.40 89.70
Rentes 6%, 1920
114.50 114.75 114.75 113.60 113.90
Royal Dutch
1,630 1,640
1,630
1,620
1,620
Saint Gobain C & C
1,262
1,272
1,280
1,272
Schneider & Cie
1,590
1,585
1,622
1,574
Societe Francalse Ford
52
52
50
51
51
Societe Generale Fonclere
66
67
67
68
Societe 1 yonnaise
2,520 2,510 2,525 2,520
Societe Marseillaise
521
520
520
515
Tubize Artificial Silk prof
110
114
112
115
Union d'Electricitie
701
703
712
708
Wagon-Lits
79
80
80
80
iio
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
June June June June
27.
23.
25. 26.
Per Cent of Pa
Reichsbank (12%)
154
154
154
Berliner Handels-Gesellschaft (5%)
89
89
89
Commerz-und Privat Bank A
56
54
53
Deutsche Bank und Disc.:into-Gesellschaft-.
62
63
61
Druidner Bank
65
66
65
Deutsche Reichsbahn (Ger Rye) prof(7%)._
111
112 112
Allgemelne Elektrizitaets-Gesell(A E 0). Roll 23
24
24
Berliner Kraft u Licht (10%)
142 142
day 141
Dessauer Gas (7%)
133 132 133
Geefuerel (5%)
109
108
106
Hamburg Elektr-Werke (8%)
125
125
125
Siemens & Ilabike(7%)
151
150 150
I0 Farbenindustrie(7%)
150 150 150
Salzdetfurth (74 -4)
171
171
169
Rheinische Braunkohle (12%)
234 233 235
Deutsche Erdoel(4%)
121
120
120
Mannesmann Roehren
66
65
65
Hapag
28
28
27
Norddeutscher Lloyd
33
33
33
June June
29.
28.
154
89
57
63
66
111
24
142
134
107
124
150
149
172
233
120
65
27
33
153
90
57
63
66
111
24
143
133
108
125
149
149
172
235
119
64
26
31
NATIONAL BANKS.
The following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
CHARTERS ISSUED.
Capstal.
June 16-Northwestern National Bank in Philadelphia, Philadelphia, Pa
$500,000
Capital stock consists of $250.000 common stock and $250,000
preferred stock. President, Jas. A. Bell; Cashier, 0. H.
White. Will succeed No. 3,491, the Northwestern National Bank & Trust Co. of Philadelphia.
June 18
-Citizens National Bank of Berkeley Springs, Berkeley
Springs, W. Va
50,000
Capital stock consists of $30,000 common stock and $20,000
preferred stock. President, J. A. Proctor; Cashier, S. L.
Edler. Will succeed Bank of Morgan County and Bank of
Berkeley Springs, Berkeley Springs, W. Va.
June 18
-First National Bank in Dalhart, Dalhart. Texas
50.000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, C. C. Woods; Cashier, A. H.
Hesse. Will succeed No. 6,762, the First National Bank
of Dalhart,and Midway Bank & Trust Co., Dalhart, Texas.
-The First National Bank at Neillsville, Neillsville,
June 19
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, A. E. Dudley; Cashier, Jas,
A. Musil. Will succeed No. 9,606, First National Bank of
Neillsville.
June 22
-The Delta National Bank, Delta, Pa
50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, W. E. Arthur; Cashier, W. A.
Hoke. Will succeed No. 5,198, the Peoples National
Dank of Delta.
VOLUNTARY LIQUIDATIONS.
-The First National Bank in Amboy. Minn
June 16
Effective May 15 1934, Liq. Committee, C. L. Cole, R. J.
Sturgeon and Herbert Dredge, care of the liquidating bank.
Succeeded by "The Security National Bank of Amboy,"
Charter No. 14,068.
-The First National Bank of Odebolt, Iowa
June 19
Effective June 18 1934. Liq. Committee, Robert B. Adams,
George H. Hanson, William P. Adams, John Q. Adams,
William P. Adams,2d, Fred E. Einspahr and Leo. P. Beck,
being the board of directors of the liquidating bank. Not
absorbed or succeeded by any other banking association.
-The First National Bank of Vermilion. Ill
June 20
Effective May 18 1934 (12 m.). Liq. Committee, F. J. Fessant, Joseph Fessant, B. M. Huffman, C. A. Hornberger
and W. M. Givens, care of the liquidating bank. No
absorbing or succeeding bank.
June 21-The Citizens National Bank of Windber, Pa
Effective June 2 1934. Liq. Committee, John A. Hartman,
0. J. Shank and M.L. Berkey,care of the liquidating bank.
Succeeded by "Citizens National Bank in Windber,"
Charter No. 14,082.
25,000
140,000
25,000
100,000
BRANCHES AUTHORIZED,
-The First National Bank of Shreveport, La. Location of
June 20
branches, 1871 Texas Avenue, Shreveport, Ls.; 123 E. 70th Street,
Shreveport, La. Certificates Nos. 994A and 995A.
4413
Financial Chronicle
CHANGE OF TITLE AND LOCATION.
June 22
-The First National Bank of McFarland, McFarland, California, to, First National Bank in Delano, Delano,California.
AUCTION SALES.
Among other securities, the following, not actually dealt in
at the Stock Exchange, were sold at auction in New York,
Jersey City, Boston, Philadelphia, Buffalo and Baltimore
on Wednesday of this week:
By Adrian H. Muller & Son, New York:
$ per Share.
Shares. Stocks.
$6 lot
39 Huguenot Trust Co. of New Rochelle, New York (N. Y.)
$8 lot
10 U. S. Lines, Inc. (Del.), preference, no par
$175 lot
10 Yale & Towne Manufacturing Co.(Conn.), common, par $25
Per Cent.
Bonds$42,000 Kentucky Natural Gas Co., 2 year 6% mortgage gold bonds, dated
$420 lot
April 1 1931 with April 1 1932 and subsequent coupons on
$20,000 Kentucky Natural Gas Co., 2 year 6% mortgage gold bonds, dated
$200 lot
April 1 1931 with April 1 1932 and subsequent coupons on
$10,000 Kentucky Natural Gas Co., 2 year 6% mortgage gold bonds, dated
$100 lot
Apri 1 1931 with April 1 1932 and subsequent coupons on
By Adrian H. Muller & Son, Jersey City, N. J.:
$ per Share.
Stocks.
Shares.
1,000 A. B. See Elevator Co., Inc. (Del.), 2nd /Ad.. par $100
$15
556 Amoskeag Co.(N. H.), corn,, no par
154
1,257 The Bymdun Corp.(N. Y.), corn., no par
$2
3,000 Clinchfield Coal Corp. (Va.), corn., par $100
$2
2,295 Burns Bros.(N. J.) V. T. C. (for new Class "A" corn.), no par
$2
5 Burns Bros. (N. J.) Class "A", no par
Bonds.
714% Flat
$143.000 Warner Sugar Corp. 78, due Jan. 1 1939
934% Flat
$1,000 Warner Sugar Corp. 7's, due Jan. 1 1939 (stamped)
By R. L. Day & Co., Boston:
Stocks.
Shares.
$ per Share.
5 Harvard Trust Co., Cambridge, ex dividend, par $20
48
71.905 Combination Orchard Co., par $1
$300 lot
600 Iona Consolidated Gypsum Corp., Ltd., common B, voting trust certifi$14 lot
cate; 10 Radial Hydrocarbon Processes, Inc
100 Kreuger & Toll Co., American certificates, 100 Kronens
50c. lot
354
50 Shawmut Bank Investment Trust
Per Cent
Bonds$25 lot
$2,355.65-100 Combination Orchard Co. 6s, March 1942, Series B
$1,000 Pittsburgh Valve Foundry Sc Construction Co.. 6s, Nov. 1942_5% flat
By Crockett & Co., Boston:
Shares. Stocks.
$ per Share.
9 Second National Bank, Nashua, N. H., par $100
80
57
20 Draper Corporation
50 Orpheum Circuit, Inc., preferred, par 3100
154
3834
50 General Public Service Corp.. $6 preferred
3 Quincy Market Cold Storage & Warehouse, common, par $100
6
10 Fairbanks Co., C-D preferred
454
48 New England Bond & Mortgage Co., preferred. par $50; 33 33-80 New
England Bond & Mortgage Co.,common
$6.50 lot
250 Kreuger & Toll Co. (American certificates); 350 International Match
19.50 lot
Corp., participating preferred, par $35
50 Northern Texas Electric Co., preferred, par $100; 5 Northern Texas
Electric Co., common, par $100;$450 Northern Texas Electric Co., preferred
stock scrip; 50 Galveston-Houston Electric Co., preferred, par $100; 30
Galveston-Houston Electric Co., common, par $100; 50 Hercules Petroleum
Co., class A, par $10; 157 Consolidated Petroleum Corp., B, par $10; 5
Booth Fisheries Corp., B common; 100 Cuban Cane Products Co., Inc.,
common; $12.800 Port Wentworth Terminal Corp., partic. certificate____885 lot
Per Cent.
Bonds154 flat
$3,000 Lake Shore Electric Railway Co. 5s, Feb. 1 1933
24 flat
$5,000 Bertha-Consumers Co. 7s, June 1 1934
By Barnes & Lofland, Philadelphia:
$ per Share.
Shares. Stocks.
2554
100 Central-Penn National Bank, par $10
16
10 Chester-Cambridge Bank & Trust Co., Chester, Pa, par $20
30 Pennsylvania Company for Insurances on Lives and Granting Annuities,
3154
par $10
86
15 Girard Trust Co., par $10
4354
10 Strawbridge & Clothier Co., 7% preferred, par $100
4 Bankers Securities Corp., common, voting trust certificates
254
By A. J. Wright & Co., Buffalo:
$ per Share.
10c.
Shares. Stocks.
10 Angel International Corp
By Weilepp, Bruton & Co., Baltimore:
Shares. Stocks.
8 Per Share.
1,000 American & European Investment Corp
12540.
1,863.895-25,000,000 Undivided Interest in Trustee Certificate of Banks
Miller Supply (Cabell County, W. Va)
$4,000 lot
1
325 Marine Torch Co., common
$200 Mortgage Guarantee Certificate on Herbert V. Realty Co. (Riviera
$100 lot
Apartments, Atlantic City)
$450 lot
50 Peoples Bank of Elkton, Md
$1 lot
Warrants to purchase 49 shares Sella( Gel Corp
$5 lot
251 Washington Consolidated Title Co.(par $1)
Per Cent.
Bonds$7.000 Brotherhood of Locomotive Engineers Bldg. Association, 2nd mort10%
gage serial (3s. due Feb. 1 1945
42 per $100 bond
5200 Mortgage Guarantee Certificate Seaside Hotel, N. J
$7 lot
$2,000 Ohio Kentucky Gas Convertible 7s, due Feb. 1 1932
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.
When Holders
Per
Share. Payable. ofRecord.
Affiliated Products (monthly)
Sc Aug. 1 July 16
25c July 1
Ague Caliente
Agnew Surpass Shoe Stores
20c Sept. 1 Aug. 15
Preferred (quar.)
$131 Oct. 1 Sept. 15
Adams(J. D.)Mfg. Co.,common (quar.)
15c Aug. 1 July $15
Allied Chemical & Dye Corp., common (guar.). $154 Aug. 1 July 11
Amerada Corp. (quarterly)
50c July 31 July 14
American Can Co. common (quar.)
$1 Aug. 15 July 25a
American Cast Iron l'ipe 6% preferred
143 July 2 June 27
American Cities Power & Light
75c Aug. 1 July 15
American Credit Indemnity of N. Y.(quar.)
25c Aug. 1 July 25
American Coal of Allegany County
50c Aug. 1 July 11
American Home Products Corp.(monthly)
20c Aug. 1 July 14a
American Ice Co.. preferred (quar.)
8154 July 25 July 6
American Investment Co.of Illinois pref.(qu.) - 43 Mc July 2 June 21
40c Aug. 1 July 13a
American Light & Traction Co.common (quar.)
% Aug. 1 July 13a
Preferred (guar.)
American Machine & Foundry Co., corn. (qu•)20c Aug. 1 July 13
25c July 14 July 3
American News Co.(hi
-monthly)
50c July 2 June 16
American Optical
4414
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
American Shipbuilding (quar.)
50c Aug. 1 July 14
American Thermos Bottle
25c July 2 June 25
American Water Works & Elec.(quar.)
25c Aug. 1 July 6
50c July 16 June 26
Arlington Mills
Atchison Topeka & Santa Fe Ry. Co.common—
$2 Sept. 1 July 31
Atlas Plywood Corp
50c July 15 July 2
Augusta & Savannah RR.(8.-a.)
$23 July 5 June 21
,
5
Extra
25c July 5 June 21
Auto Finance,preferred (semi-ann.)
87%c July 16 June 30
Autoline Oil Co..8% preferred (monthly)
20c July 2 June 30
Baker Hamilton & Pacific Co., preferred
50c June 30 June 20
Bangor Hydro-Electric Co., common (quar.)--30c Aug. I July 10
Sc July 2 June 30
Battle Creek Gas
Sc Aug. 1 July 31
Ditto
$1% July 2 June 20
6% preferred (quar.)
$1% July 31 July 2
Beatty Bros., 1st preferred (quar.)
2d preferred (3.-a.)
$3% July 2 June 30
Bell Telephone of Pennsylvania (quar.)
$2 June 30 June 30
$1.13 July 6 July 2
Beverly Gas & Electric (quar.)
h$3% June 23 May 1
Birmingham Electric Co.,7% preferred
h$3 June 23 May 1
$6 preferred
87 Mc July 1 June 22
Brandtjen & Kluge, Inc.,7% prof. (quar.)
25c July 30 July 16
Briggs Mfg.Co
20c Sept. 1 Aug. 15
Campe Corp., common
Aug. 1 July 15
$1
6$4% preferred (quar.)
June 30
Canada American Trust Shares (bearer)
$2 July 3 June 21
Canadian Fire Ins.(Winnipeg, Man.)(semi-ann)
87%c July 31 June 30
Canadian Industries A & B (quar.)
75c July 31 June 30
A & B (extra)
July 2
Canadian International Lt.& Pr., pref. (3.-a.)- July 16 June 30
Canadian Light & Power (semi-ann.)
50c July 2 June 20
Carnation Co
$1 July 20 July 10
Carolina Clinchfield & Ohio By.(quar.)
$14 July 20 July 10
Stamped certificates(quar.)
20c Aug. 1 June 30
Central Hudson Gas & Elec. v. t. c. (quar.)---$1% July 2 June 22
6% preferred (quar.)
43 c Aug. 1 July 14
Central Power & Light Co.,7% preferred
6% preferred
37%c Aug. 1 July 14
37%c Aug. 1 July 23
CharLs Corp.(quarterly)
4
Charlottesville Woolen Mills pref. (semi-ann.)- - $1, July 1 June 14
Extra
25c July 1 June 14
Chesapeake & Potomac Telep. Co.of Bait.—
$4 July 16 June 30
Preferred (quarterly)
$1
Chess. & Potomac Telep. (Bait.), 7% pf. (qu.) 51M July 16 June 30
Cincinnati Postal Terminal & Realty Co.
July 15 July 5
6Y2% preferred (quar.)
City Rail (Dayton, Ohio),6% pref. (quar.)- $1% June 30 June 20
Cleveland By.(quar.)
July 2 June 25
Certificates of deposit(quar.)
July 2 June 25
Collateral Loan Co.(quar.)
July 2 June 12
Columbia Mills quar.)
July 2 JUDO 26
Columbus Ry. Power & Light Corp.
SIX July 2 June 15
6% preferred (quarterly)
Class B preferred (quar.)
$14 Aug. I July 14
Commonwealth Life Ins. Co.(Ky.)(quar.)40c July 2 June 27
Consol. Cigar Corp., preferred (quar.)
SPA Sept. 1 Aug. 15a
Prior preferred
51% Aug. 1 joiy 16a
Consol.Lobster(quar.)
10c July 16 July 9
Corcoran Brown Lamp, preferred (quar.)
51f4. July 1 June 20
Corn Products Refining common (quar.)
• 75C July 20 July 2
Preferred (quar.)
S14 July 16 July 2
p Consumers Power Co.6% pref. (quar.)
July 2 June 15
$1
7% preferred (quar.)
$1 4 July 2 June 15
Cresson Consol. Gold Mining & Milling
3c Aug. 15 July 31
Crowell Publishing,7% pref.(s.
$3% Aug. 1 July 24
-a.)
Cuneo Press. Inc., common (quar.)
30c Aug. 1 July 20
Curtiss-Wright Export Corp. pref. (quar.)
Si
July 15 June 30
Darby Petroleum
25c July 25 July 10
Dayton Power & Light Co.,6% preferred (mo.)
50c Aug. 1 July 20
Des Moines Gas Co.8% preferred (quar.)
$1 July 2 June 20
7% preferred (quar.)
87%c July 2 June 20
40c July 16 July 10
Detroit Paper Products
52 July 2 June 30
Detroit Toledo & Ironton RR
15c July 20 June 30
Devonian Oil (guar.)
10c July 20 June 30
Extra
$3 July 2 June 30
Discount Corp. of New York (quar.)
12$4%
Distillers Co., Ltd.. common (final)
e50% July 2 June 16
Dow Chemical
50c July 2 June 22
Eagle Lock Co.(quar.)
1 Sept. 15
15c Oct
Eastern Gas & Fuel Assoc
$1.125 Oct. 1 Sept. 15
Prior preferred stock (auar.)
SI% Oct. 1 Sept. 15
$6 preferred (quarterly)
25c Aug. 15 Aug. 1
(quar.)
Eaton Manufacturing Co.
50c July 1 June 15
Egry Register Co.,class A (quar.)
25c July 2 June 30
Electrical Products (semi-annual)
July 16 June 29
El Paso Electric Co.(Del.)7% pref.(quar.)---- Si
51% July 16 June 29
$6 preferred (quar.)
-a.)- - $3% July 16 July 5
Ely & Walker Dry Goods Co.,7% pref.(s.
$3 July 16 July 5
-a.)
6% preferred (s.
Equitable FireIns. Co.(Charleston,S. C.)(5.-a.) $2% July 1 June 29
50c July 1 June 29
Extra
Aug. 1 July 16a
Eureka Pipe Line Co. (quar.)
June 30
Fafnir Bearing Co.(quar.)
25c July I June 16
Family Loan Society (ouar.)
87%c July 1 June 16
$3% preferred (guar.)
37%c July 1 June 16
$3% preferred (extra)
51% Aug. 1 July 16
Fiberboard Products,6% pref.(quar.)
51X July 2 June 20
Fiberloid Corp. (quarterly)
$14 July 2 June 20
7% preferred (guar.)
s Ins. Co. of Wash. & Georgetown
Firemen
80c July 2 June 24
(Washington, D. C.), semi-annual
10c July 20 July 5
Firestone Tire & Rubber, corn. (quar.)
34c June 30
First All-Canadian Trust Shares
lc June 30
Deferred shares
51% July 2 June 30
First National Bank of North Bergen (N. J.)
50c July 2 June 22
Franklin Process(guar.)
50c July 2 June 20
Frick Co
75c July 2 June 20
6% preferred (Guar.)
75c Aug. 1 July 16.
General Mills Co.,corn.(guar.)
30c Aug. 1 July 10
Gold Dust Corp., corn.(quar.)
30c Aug. I July 10
Gold Dust(nuarterly)
52 June 30 June 23
Grace(W. R.)& Co., pref. A (guar.)
$4 June 30 June 23
Preferred B
75e July 2 June 15
Greenfield Gas Light (quar.)
75c Aug. 1 July 16
6% preferred (guar.)
$1 July 16 June 30
Hamilton Woolen
51X July 16 June 30
Harrisburg Gas,7% pref.(quar.)
51.125 June 30
Hart & Conley Co., Inc. (quar.)
684c Aug. 1 July 15
Hartford Electric Light Co.(quar.)
Hartford Steam Boiler Inspection & Ins. Co.—
40c July 2 June 25
Quarterly
$1 July 2 June 25
Extra
75c Aug. 15 Aug. 4
Hawaiian Commercial Sugar (guar.)
45c July 2 June 27
Haverhill Gas Light (quar.)
Aug. 15 Aug. 3
1
Hercules Powder Co.. pref.(quar.)
Aug. 15 July 25
Hershey Chocolate (quar.)
51 Aug. 15 July 25
$4 cony. preferred (quar.)
SPA July 3 June 23
Highland Dairy,7% pref.(quar.)
lc July 15 June 30
Holly Development Co. (quar.)
1% July 16 June 29
Hollinger Consol. Gold Mines, Ltd.(mo.)
July 16 June 29
1
Monthly, extra
July 2 June 22
Holyoke Water Power (guar.)
Home Telep.& Teleg.Co.,(Ft.Wayne,Ind.)(qu) 62%c July 2 June 26
$P4 July 2 June 26
7% preferred (s.
-a.
51X June 30 June 22
Ho2er Electro Chemical,6% pref
40c Aug. 1 July 12
Horn & Hardard Co.. N.Y.,corn.(quar.)
20c July 2 June 11
Humbolt Malt & Brew,pref. A (quar.)
15c Aug. 1 July 20
Hussmann-Ligonier cony. pref.(initial)
Aug. 1 July 20
e2
Cony. preferred
Oct. 10 Sept. 22
$1
International Business Mach. Corp. (quar.)_ _
45c Aug. 1 July 13
International Cigar Machinery Co
Name of Company.
June 30 1934
When Holders
Per
Share. Payable. ofRecord.
$1% Aug. 1 July 14
International Printing Ink Co., pref. (qu.)
International Tea Stores (final)
18
Amer. dep. rec. (final)
18A
Oct. 1 Sept.14
Intertype Corp., 1st pref.(quar.)
37%c June 30 June 18
Investors Mtge. & Guarantee Co.(Conn.)
June 30 June 19
7% preferred (quar.)
$1
July 2 June 20
Iowa Power & Light Co.,7% pref. (quar.)
$1
$1% July 2 June 20
6% preferred (quar.)
Jefferson Lake Oil (guar.)
25c Aug. 1 July 15
Kansas City, St. Louis & Chicago R11.$1% Aug. 1 July 19
6% guaranteed preferred (quar.)
Kansas Power Co.,(Chicago),$7 pref.(quar.)_ _
$14 July 2 June 30
51% July 2 June 20
$6 preferred (quarterly)
Kansas Power & Light Co., 7% pref. (quar.)
514 July 2 June 20
6% preferred (quarterly)
$1% July 2 June 20
Keystone Watch Case Corp., corn
/41 July 16 July 5a
un
1 Jul e 13
Laclede Steel Co.,common (quar.)
x % Jun 30j y 261
l5c
Lane Bryant, Inc.,7% preferred (guar.)
Lehigh & Hudson & River By (quar.)
$1 June 30 June 21
Lerner Stores Corp.,6$4% pref
h$1.% July 10 July 2
Link Belt Co.,common (quar.)
10c Sept. 1 Aug. 15
Preferred (quar.)
$14 Oct. 1 Sept. 15
Liquid Carbonic (guar.)
25c Aug. 1 July 17
Lock Joint Pipe,8% pref. (guar.)
$2 July 2 June 22
8%preferred (quarterly
.
$2 Oct. 1 Sept. 20
Loew s, Inc., $6% pref. guar.)
$114 Aug. 15 July 28
Lone Star Gas Corp., prof. (quar.)
51.63 Aug. 1 July 16
17
Lord & Taylor Co.. 2d pref. (quar.)
15 July 31
v.
$4 Aug.1 jr
Los Angeles Gas & Elec.,6% pref.(guar.)
July
Aug.
Louisiana & MissourPRiver RR.
7% guaranteed pref. (8.-a.)
$3X Aug. 1 July 20
Louisville Gas & Elec. Co.(Kentucky)
7% preferred quar.)
1$4% July 14 June 30
6% preferred quar.
July 14 June 30
p4% July 14 June 30
5% preferred quar.)
Lowell Elect.Light(quar.)
90c July 13 June 30
5
3j
0
30
e 3 . une 2 5
Lynn Gas & Electric (quar.)
$134
Trust certificates (guar.)
June 27
M & P Stores 7% preferred (quar.)
Maine Gas,$6 preferred (quar.)
5134 July 16 Juno 26
11.37c June 30
Major Corp. Shares
$5 July 3 June 29
Manu Life Insurance Co. (8.-a.)
15c July 3 June 20
Maritime Telep. & Teleg. Co.(quar,)
17%c July 3 June 20
7% preferred (quar.)
$1 June 30 June 10
Martel Mills, preferred
July 6 une 0
$2 .Jta y 16 June 30
Massachusetts Lighting Cos. $8 pref. (quar.)--$6 preferred (quar.)
July 16 June 30
Massachusetts Utilities Assoc., pref.(guar.).--A y 5
ul
50cAug.
May Hosiery Mills $4 cum. pref
h$334 Sept. jug. 13
Melville Shoe Corp. common (quar,)
5134 Aug. 1 July 13
First preferred (quar.)
7%c Aug. 1 July 13
Second preferred (quar.)
$134 July 15 July 15
Mercantile Amer. Realty CO.. pref. (quar.)
Sc July 31 July 15
Merland Oil of Canada
Missouri Power & Light $6 preferred (guar.)_ _ _ - 5134 July 2 June 20
Mohawk Hudson Power Corp.$7 pref.(quar.)_ _ 514 Aug. 1 July 16
75c June 19 June 19
Montreal Finance, Ltd..8% preferred
80c July 16 June 30
Montreal Telephone Co.(quar.)
524 July 14 July 5
Montreal Tramways,common (guar.)
514 July 1 June 15
Municipal Gas(Texas),$7 pref.(quar.)
/43 Aug. 1 July 16
National Bearing Metals Corp.,7% preferred_ _
$2 Aug. 1 July 20
National Carbon,8% preferred (quar.)
25c June 30 June 8
New Bedford Cordage
Class B
8
0
2
40c July 3 Juno 25
25c
New England Equity Corp
$2 July 2 June 25
8% preferred (quar.)
50c Aug. 10 July 20
New Jersey Zinc (guar.)
h$134 July 2 June 15
New York & Richmond Gas6% preferred
$2 June 30 June 30
New York Telephone (guar.)
Niagara Firelnsurance Co.(N.Y.)(guar.)
$1 July 3 June 27
$2 Sept.19 Aug. 31
Norfolk & Western By.common (quar.)
51 Aug. 18 July 31
Adjustment preferred
5134 Sept. 1 Aug. 15
North American Edison Co. preferred (quar.)
88c July 16 July 6
North Boston Lighting Prop.(quar.)
88c July 16 July 6
Voting trust certificates (quar.)
75c July 16 July 6
6% preferred (guar.)
Northern Indian Pub. Serv.,7% pref.(quar.)_ _ 87%c July 14 June 30
uly 4
t y 1
115c JA uug. 12 Jt.ne 30
7
6% preferred (guar.)
68$44c July 14 June 30
5 % preferred (quar.)
preferr
Northern Insurance Co. of New York
$155 July 20 July 14
Northern N.Y. Utilities, Inc.,7% lst pref.
(qu.)
34
Oakland Cotton Mills, preferred (s.
-a.)
34
Oceanic Oil Co
c une 30 J une 230
jjrunuly 212
Ohio Loan Co
5134 July 1 June 30
8% preferred (quar.)
$2 July 1 June 30
Ohio Telephone Service Co.7% pref. (quar.)_
5134 July 1 June 23
Old Colony Light & Power Assoc
6% preferred (quar.)
2
111 y
$1b
7e 11ly 5 June 21
0
3
Orchard Farm Pie Co. class A (quar.)
une 2
5c J
JI0y 2
Pacific Lighting Corp. common (quar.)
uly 1
-715c Aug. 15
Pacific Southwest Realty 6%% pref. (quar.)__ _ 514 uly 1 June 22
5%% preferred (quar.)
1 June 22
514 Jul
Pacific Truck Service Corp.. 7% pref. (quar.)_ _ 17%c June 30 June 30
Pan American Airways Corp
25c Aug. 1 July 20
Paterson & Hudson River RR (8.-a.)
Si 34 July 2 July 2
Pemberthy Injector (guar.)
$234 Juno 30 June 26
Extra
$234 June 30 June 26
Penmans, Ltd., common (quar.)
75c Aug. 15 Aug. 6
Preferred (guar.)
Aug. 1 July 21
Pennsylvania RR. Co
50c Sept.15 Aug. 1
Perfection Petroleum Co.6% preferred (guar.)._ 37%c July 2 June 30
Philadelphia Electric Co.$5 pref. (quar.)
514 Aug. 1 July 10
Philadelphia Elec. Power Co.8% pref.(quar.)_ _
50c Oct. 1 Sept. 5
Pittsburgh Thrift Corp.(quar.)
1734c June 30 June 11
7% preferred (quar.)
514 June 30 June 11
Pneumatic Scale Corp.(quar.)
1734c July 2 June 22
Pocahontas Fuel preferred (semi-annual)
$3 June 30 June 19
Potomac Electric,7% preferred (guar.)
5134 Aug. 1 July 20
6% preferred (quar.)
5134 Aug. 1 July 20
Power Corp. of Canada, Ltd.,6% pref. (quar.)_ 134 0 July 16 June 30
6% non-cumul. pref. (quar.)
75c July 16 June 30
Premier Shares (s.
10 July 16 June 30
,
-a.)
Public Service Elec. & Gas $5 pref.(quar.)
$14 June 30 June 1
Pyle National Co.8% preferred (quar.)
52 June 30 June 19
8% preferred
1$7 June 30 June 19
Quarterly Income Shares, Inc
3c Aug. 1 July 15
Rapid Electrotype Co.(extra)
20c July 15 July 1
Reading Co.(quar.)
50c Aug. 9 July 12
1st preferred (quar.)
50c Sept. 13 Aug. 23
2d preferred (guar.)
50c Oct. 11 Sept. 20
Reed Roller Bit
25c June 30 June 20
Rhode Island Elect. Protective Co.(quar.)
5134 July 2 June 21
Rochester Packing Co. pref.—Div. omitted.
Rome & Clinton RR.(8.-a.)
5234 July 1 June 21
Safety Car Heating & Lighting Co
$1 Augh 15 Aug. 1
St. Croix Paper Co.,common (quar.)
7550cc June3106 June206
St. Joseph Stockyards Co. (quar.)
St. Paul Union Stockyards Co.(guar.)
3 June 20
50c
0
2
San Antonio Pub.Serv.,7% pref.(quar.)
$134June 30 June 20
8% preferred (quarterly)
June
San Carlos Milling Co.(monthly)
28c July 16 j y 2
Jul e 0
uu
2
San Diego Consol. Gas & Electric Co—
Preferred (quarterly)
% July 14 June 30
Sanford Mills
_.$1 July 15 June 26
Securities Investment Co.of St. Louis
50c July 2 June 25
8% preferred (quar.)
$2 July 2 June 25
Seeman Bros., Inc.. common (quar.)
6234c Aug. 1 July 16
Sharp & Dohme,Inc., pref.(guar.)
8734c Aug. 1 July 17
40c July 2 June 25
Shasta Water (quarterly)
Slattery (E. T.) Co.,7% preferred (quar.)
$134 July 2 June 16
1234c July 2 June 23
S. M A Corp.(quar.)
JulyJ
lig
6114
Financial Chronicle
Volume 138
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
50c
Smyth Manufacturing (quar.)
Southern Berkshire Power & Electric
75c
Southern Bleachery & Paint Works,pref.(quar.) $1%
Southern Calif. Edison Co., Ltd.,common (qu.) 374c
Southern Canada Power Co., Ltd., corn.(qu.)_ _
20c
Southern County Gas & Elec. Co.of Calif.
6% preferred (quar.)
$I4
Southern Franklin Process Co.7% pref. (quar.) 51%
Southern New England Telep.(quar.)
Southern Weaving Co.7% pref.(semi-annual)-50c
Semi-annual
Southwestern RR.Co. of Ga.. 5% guaranteed-Spicer Mfg. Corp.,$3 preference (quar.)
75c
Springfield Gas Light(Mass.)(quar.)
38c
Springfield Ry..preferred (s.
-a.)
$2
Stamford Gas & Electric Co.(quar.)
Stearns (Ferd'k) & Co.7% preferred
Stony Brook RR. Corp.(s.
-a.)
$3
Extra
$1
Suburban Elect. Security. 1st pref.(quar.)
$14
Super Corp.of Amer.,tr. abs.ser. C
11.8c
Series D
11.8c
Supervised Shares, Inc.(quar.)
1.2c
Teck-Hughes Gold Mines (quar.)
15c
Telautograph (quar.)
25c
Tex-O-Ran Flour Mills
15c
Third Twin Bell Oil Syndicate (hi-monthly)---10c
Thompson Products, Inc., preferred
h$7
Tide Water 011 Co.5% pref.(quar.)
$14
Title Insurance of Minnesota (semi-annual)_ _ _
$I
Toledo Light & Power Co., pref. (quar.)
$1
Towle Manufacturing Co.(quar.)
Union Public Service(Mimi:)7% pf. A & B (qu.)
$6 preferred 0& D (quar.)
51
Union Twist Drill Co.,common (quar.)
25c
Preferred (quarterly)
$1%
United GasImprovement(guar.)
30c
5% preferred (quar.)
United Gas Public Service(Del.)$6 pref.(quar.)
United Gold Equities of Can.(quar.)
r2Tic
Extra
r24c
United Milk Products,3d pref.(quar.)
75c
United Power & Light Corp (Kan.)7% prof(qu.) $13i
.
United Security, Ltd. (guar.)
50c
United States Smelting, Refining & Mining Co.
Common (quarterly)
$2
Preferred, capital stock (quar.)
87 c
Utica Clinton & Binghamton RR.deb.(s-a)
- 32
Vanadium Alloys Steel
50c
Vermont Lighting,6% pref.(quar.)
$14
Victor Brewing
Sc
Warren Foundry & Pipe
50c
Waterbury Farm Foundry & Mach.(quar.)
75c
Weinberger Drug Stores, Inc., common (quar.)
25c
Western Power Corp.,7% preferred (quar.)---- $I
West Penn Electric Co..7% pref.(quar.)
$1
6% preferred (quar.)
SI
Westinghouse Electric & Manufacturing Co.—
Preferred (quarterly)
874c
Westmoreland, Inc. (quar.)
30c
Williams(It. C.)(quar.)
25c
Wisconsin Gas & Electric Co.6% pref.0 (quar.) 514
Wisconsin Telep.,pref.(quar.)
$1%
Worcester Suburban Electric(quar.)
SI
Worthington Ball A
50c
Wristley(A.B.), pref.(quar.)
$1%
1?0,
114
July 2 June
June 29 June
July 2
Aug. 15 July
Aug. 15 July
25
21
20
31
July 14 June 30
July 10 June 30
July 16 June 30
June 30 June 22
June 30 June 22
July 2 June 19
July 16 July 3
July 16 July 2
July 2 June 20
July 16 June 30
June 30 June 20
July 5 June 30
July 5 June 30
Aug. 1 July 15
June 30
June 30
July 16 June 30
Aug. 1 July 11
Aug. 1 July 16
July 2 June 20
June 30 June 26
July 1 June 25
Aug. 15 Aug. 1
July 2 June 20
July 2 June 15
July 2 June 23
July I June 20
July 1 June 20
June 30 June 26
June 30 June 26
Sept. 29 Aug. 31
Sept. 29 Aug. 31
July 2 June 23
July 16 July 10
July 16 July 10
July 2 June 27
July 2
July 16 June 27
July 14 July 5
July 14 July 5
June 26 June 16
Aug. 10 Aug. 1
July 2 June 25
July 16 July 2
Aug. 1 July 16
July 2 June 26
July 2 June 28
July 16 June 30
Aug. 15 July 20
Aug. 15 July 20
July 31 July 16
Oct. 1 Sept.15
Aug. 1 July 16
July 16 June 30
July 31 June 20
June 29 June 21
July 14 June 30
July 2 June 20
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced, this week, these being given in the preceding table.
Name of Company.
When Holders
Per
Share. Payable. of Record.
Abbott Laboratories, Inc. (quar.)
50c
Extra
15c
A-B-C Trust Shares E (special)
5.057c
& Straus. Inc.,Abrahm
30c
corn. (quar.)
Preferred (quar.)
$1%
Extra
15c
Acme Steel(quarterly)
374c
Special
124c
Adams Express Co., pref.(qual.)
$1
Aetna Casualty & Surety quar.)
40c
Aetna Fire Insurance Co.(quar.)
40c
Aetna Life Insurance Co
10c
Affiliated Products. Inc. (monthly)
bc
Agnew Surpass Shoe Store, Ltd.. pref.(quar.)-- $15f
75c
Air Reduction Co. (quar.)
Alabama Great Southern RR. Co.. preferred
3
AlabamaPower Co.. $7 pref. (guar.)
$1
gg preferred (quar.)
$I
$5 preferred (quar.)
$1
Albany & Susquehanna RR.(s.
$4
-a.)
Agricultural Insurance (Watertown, N.Y.)(qu.)
65c
Allegheny & Western Ry.(11.-a )
$3
Allemania Fire Ins.(Pitts.,Pa.)(guar.)
25c
Extra
10c
10c
Alles & Fisher, Inc.(quarterly)
Allied Chemical & Dye Corp. pref. (quar.)
11%
874c
Allied Laboratories preferred (quar.)
Aloe (A. S.) Co.. 7% preferred (quar.)
/41
Aluminum Co. of Amer.. pref
3735c
Aluminum Goods Mfg.(guar.)
10c
50c
Aluminum Mfg.(quar.)_
Quarterly
50c
Quarterly
50c
preferred (quar.)
$13(
$1%
7% preferred (quar.)
7% preferred cmar.
$1%
Amalgamated Leather Cos., Inc., pref
50c
American Bakeries Corp., 7% pref. (quar.)- $134
75c
American Bank Note Co.. pref. (quar.)
20c
American Brake Shoe & Fdy. Co.,common
Preferred (guar.)
$1%
American Can Co., pref. (guar.)
1%%
75c
American Chicle (quarterly)
SI
American District Teieg. Co.of N.J.. com.(qu.)
51
7% preferred (quar.)
$134
American Cigar Co., preferred (quar.)
50c
American Crayon (quar.)
American Discount of Ga.64% pref. (s.
-a.)- -- $1.62
15c
Quarterly
25c
American Enka Corp. (quar)
$1%
American Envelope,7% pref. (quar.)
$1%
7% preferred (guar.)
$134
American Express Co.(quar.)
10c
American Factors, Ltd.(monthly)_ _ _
$14
American Felt 6% preferred (quar.)
$134
American Fork & Hoe Co.. pref. (quar.)
25c
American Gas St Electric, corn. (quar.)
Common (semi-annual)
Preferred (quarterly)
15'
American General Ins. (Houston). (quar.)
$2
American Hard Rubber.8% Pref.(quar.)
25c
American Hardware Corp.(quar.)
25c
Quarterly
Quarterly
25c
American & Hawaiian Steamship Co. (quar.)
k
July 2 June 18
July 2 June 18
June 30
June 30 June 21
Aug. I July 14
June 30 June 21
July 2 June 20
July 2 June 20
June 30 June 15
July 2 June 16
July 2 June 18
July 2 June 16
July 1 June 16
July 3 June 15
July 16 June 29
Aug. 15 July 14
July 2 June 15
July 2 June 15
Aug. 1 July 16
July 2 June 15
July 2 June 26
July 2 Tune 20
July 2 June 21
July 2 June 21
July 2 June 15
July 2 June 11
July 1 June 26
July 2 June 21
July 1 June 15
July 1 June 20
June 30 June 15
Sept.30 Sept. 15
Dec. 31 Dec. 15
Tune 30 June 15
Sept.30 Sept. 15
Dec. 30 Dec. 15
July 1 June 20
July 2 Juhe 15
July 2 June 11
June 30 June 22
June 30 June 22
July 2 June lba
July 2 June 12
July 15 June 15
July 15 June 15
July 2 June 15
July 1 June 20
July 1 June 20
July 1 June 20
July 2 June 15
Sept. 1 Aug. 25
Dec. 1 Nov. 25
July 2 Tune 22
July 10 lone 30
July 2 June 15
July 15 July 5
July 2 June 7
July 2 June 7
Aug. 1 July 9
June 30 June 20
July 2 June 16
July 1
Oct. 1
Jan. I
July 2 June 15
Name of Company.
4415
When Holders
Per
Share. Payable. ofRecord.
20c July 2 June 14
American Home Products Corp.(mo.)
37 Mc Sept. 1 Aug. 28
American Hosiery Co.(quar.)
74c July 2 June 10
American Investment Co.of 11.,B(quar.)
4.43c June 30
American Investors Trust Shares
25c June 30 June 15
American Maize Products
$1% June 30 June 22
7% pref.(guar.)
July 1 June 15
$1
American Mfg. Co. preferred (guar.)
60c July 1 June 25
American Motorist Insurance Co.(quar.)
$1 34 July 2 June 16
American Optical Co., 1st pref. (quar.)
37qc July 2 June 6
American Power & Light Co.$6 preferred
31 c July 2 June 6
$5 preferred
1 June 30 June 8
American Safety Razor Corp.(quar.)
20c July 2 June 19
American Screw (quar.)
h$434 Sept. 1 Aug. 3
American Smelting & Refining preferred
75c July 2 June 14
American Snuff Co , common (quar.)
$14 July 2 lune 14
Preferred (quarterly)
50c June 30 June 15
American Steel Foundries, 7% pref. (quar.)
50c July 2 June lb
American Stores Co.(quarterly)
50c July 2 June ba
American Sugar Refining Co.. corn. (quar.)
51% July 2 June ba
Preferred (quarterly)
$134 July 2 June 15
Superpower Corp. 1st pref.(quar.)
American
50c July 2 June 25a
American Surety Co.of N. Y.
July 16 June 15
$2
American Telephone & Telegraph (guar.)
25c July 2 June 20
American Thermos Bottle Co.common (guar.)
874c July 2 June 20
7% preferred (quar.)
1234c July 2 May 31
American Thread Co.. pref. (5.-a.)
% July 2 June 9
American Tobacco Co. preferred (quar.)
American Water Works & Electric Co.—
$134 July 2 June 8
$6 first preferred (quar.)
5131 July 16 June 15
American Woolen Co.. Inc.. preferred
624c July 2 June 15
American Wringer (quar.)
75c July 3 June 23
Amoskeag Co.,common (s.
-a)
$24 July 3 June 23
Preferred (s.
-a.)
15c July 2 June 20
Anchor Cap Corp. cumulative (guar.)
$1% July 2 June 20
$64 preferred (guar.)
reg....x w7 % Aug. 7 June 8
Anglo-Persian Oil (Do., Am.dep.rec. ord.
w
% July 31 June 9
Ordinary shares
Sc July 2 June 25
Angostura-Wuppermann Corp. (guar.)
$1% July 1 June 20
Apex Electric Mfg. Co. preferred (quar.)
Appalachian Electric Power Co.,7% pref. (qu.) h.51% July 2 June 5
$14 July 2 June 5
$6 Preferred (quarterly)
50c June 30 June 15
Apponaug Co., common (quarterly)
h58c July 2 June 15
Arkansas Power& Light,$7 pref
h50c July 2 June 15
$6 preferred
$1% July 2 June 9
Armour & Co. of Delaware 7% pref.(quar.)-10c July 2 June 25
Arrow Hart Hegeman Electric, corn. (quar.)— $1% July 2 June 25
Preferred (guar.)
25c July 2 June 22
Arundel Corp. (quarterly)
Si% July 1 June 15
Associated Breweries, (Can.), pref. (quar.)
Associates Investment, corn. (guar.)
$1 June 30 June 20
June 30 June 20
$1
Preferred (quarterly)
-a.) $24 Aug. 1 June 30
Atchison Topeka & Santa Fe Ry.Co.,pref.(s
$24 July 1 June 12
Atlanta Birmingham & Coast RR. -a.)
(s.
25c July 2 June 30
Atlantic City Sewerage(quar.)
51 June 30 June 20
Atlantic Steel (quar.)
75c Sept. 1 Aug. 20
Atlas Corp.,$3 pref. A (guar.)
75c Dec. I Nov.20
53 pieferred (guar.)
Atlas Powder Co., pref.(quar.)
*134 Aug. 1 July 20
Atlas Thrift Plan(Mont,Que.),7% pref.(quar.) 174c July 3 June 23
$3 July 2 June 15
Attleboro Gas Light (quar.)
Austin. Nichols & Co. Inc....prior A (quar.)
$14 Aug. I July 16
Automatic Voting Machine Corn.—
25c July 2 June 20
Common (initial)
250 July 2 June 16
Automobile Insurance (guar.)
74c July 15 June 30
Aviation & Industrial Corp., A (guar.)
25c July 1 June 15
Avondale Mills, A & B (quar.)
$1.45 July 2 June 26
Avon. Genesee & Mt. Morris RR 3347c guar
80c July 1 June 15
Axton-Fisher Tobacco Co., A (guar.)
40c July 1 June 15
Class B (quarterly)
$14 July 1 June 15
Preferred (quarterly)
25c July 2 June 20
Babcock & Wilcox Co.(quarterly)
35c July 2 June 16
Backstay-Welt Co. common (special)
$14 July 14 June 30
Baldwin. 6% cum. pref. (quar.)
(s.
Valley Ext. RR. -a.) $1 34 July 2 Tune 30
Baltimore & Cumberland
25c June 20 June 20
Bancamerica-Blair Corp
18c July 1 June 20
Bancohio Corp. (quar.)
620 July 2 May 3
1
Bangor & Aroostook RR.Co.corn.(guar.)
July 2 May 31
SI
Preferred (quar.)
July 2 June 15
SI
Ban‘vrIlydro-Electric Co..7% pr.(qtr.)
July 2 June 15
$1
6% preferred (quarterly)
30c June 30 June 15
-a.)
Bankers Investors Trust of Amer.(s.
July 2 rune 12
Bankers Trust Co.(quarterly)
7
1 ° July 2 June 22
Bank of the Manhattan Co.(quar.)
Bank of New York & Trust Co.(quar.)
$33-' July 2 Tune 22
$1 July 1 June 20
Barber(W.H.)& Co., pref.(quar.)
$1% Oct. 1 Sept.20
Preferred (quar.)
$1% Jan. 1 Dec. 20
Preferred (quar.)
50c June 30 June 23
Barcelona Traction, Light & Power common _ _ _
6.87c June 30
Basic Industry Shares. bearer (s.
-a.)
13.62c June 15 June I
Basic Investments of Canada A
115.34 June 30
Bay State Fishing, 7% pref
July 15 June 30
$1
Bank Cigars, Inc.. preferred (quar.)
July 2 June 14
Si
Beatrice Creamery Co. preferred (guar.)
July 2 June 15
Beaver Fire Insurance
$6
50c July 2 June 15
Beech Creek RR (quarterly)
75c July 2 June 12
Beech-Nut Packing Co., corn. (quar.)
Bell Telephone of Can.(quar.)
$1 34 July 16 June 23
Bell Telep. of Penna.,634% pref.(quar.)
$1 % July 14 June 20
51 July 2 June 20
Bell View Oil Syndicate guar.)
75c July 1 June 20
Belt RR.& Stockyards (quar.)
51 July 2 June 15
Berger Bros. 8% preferred (quar.)
15c July 2 June 20
Bickford's, Inc., common (guar.)
July 2 June 20
62
Preferred (quarterly)
Bigelow-Sanford Carpet, pref
$2 June 30 May 10
$1% July 1 June 20
Binghamton Gas Works, 7% pref. (guar.)
124c July 2 June 25
Bird & Son, Inc. (quarterly)
3754c Aug. 15 Aug. 11
Block Bros. Tobacco (quar.)
3734c Nov. 15 Nov. 11
Quarterly
June 30 June 25
51
Preferred (quar.
Sept.30 Sept.25
51
Preferred (guar.
$14 Dec. 31 Dec. 24
Preferred ((war.
$1% Aug. 1 July 20
Bloomingdal
pref. (quar.)
Bohn Aluminum Sc Brass Co
Bros.,
75c July 2 June 15
Bon Ami class A (qual.)
$1 July 31 July 14
Class B (quar.)
50c July 1 June 19
Boots Pure Drug,ord. register (extra)
5%
Borg-Warner Corp. common
25c July 1 June 15
Preferred (quarterly)
$1% July 1 June 15
Boston Acceptance 7% pref. (quar.)
174c June 30 June 15
Boston & Albany RR. Co
$2% June 30 May 31
Boston Elevated (quarterly)
$131 July 2 June 9
Boston-Herald Traveler
400 July 2 June 22
Boston Insurance(Mass.)(quarterly)
54 July 2 June 20
Quarterly
$4 Oct. 1 Sept. 20
June 20
Boston & Providence R.R. Co.(quar.)
$2.125 July
Quarterly
$2.125 Oct. 1 Sept. 1
Boston RR. Holding, pref. (s.
$2 July 10 June 30
-z.)
Boston Warehouse & Storage Co.(guar.)
$ui June 30 June 1
Boston Wharf Co. (semi-annual)
$1% June 30 June 25
Bourbon Stockyards (quar.)
al July 2
Bower Roller Bearing Co.,(gum.)
25c July 20 July 1
Bralorne Mines. Ltd.(quar.)
15c July 16 Tune 30
Brantford Cordage Co. preferred (quar.)
50c July 15 June 20
Brazilian Traction, Light & Power CO. pref.(qu) Slit July 3 June 15
June 30 June 15
Brenner Norris Realty Investors (s.
-a.)
600 June 30 June 15
Bridgeport Gas Light (guar.)
40c July 16 June 30
Bridgeport Hydraulic (quar.)
Briggs & Stratton Corp , corn. (quar.)
25c June 30 June 20
Extra
10c June 30 June 20
Brill° Mfg. Co.. Inc., corn.(qual.)
15c July 2 June 15
Class A (quar.)
50c July 2 June IS
4416
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Bridgeport Machine Co.preferred
h$1 June 30 June 20
Bristol Brass Corp.7% preferred (guar.)
$1% July 2 June 15
British American Oil Co., Ltd. (guar.)
r20c July 3 June 16
British-Amer. Tobacco Co..ord.(Interim)
zrolOd July 7 June 4
British Columbia Power Co.. class A (quar.)
37c July 16 June 30
British Columbia Telep.. 6% prof. (quar.)_.._ 31% Ji ly 1 June 15
6% 2d pref. (quarterly)
$1)4 Aug. 1 July 17
Broad Street Investing (Jo , Inc
20c July iJune 18
Brooklyn Borough Gas (guar.)
513.4 July 10 June 30
6% preferred (guar.)
75c July 2 June 20
Extra
6%c July 2 June 20
Brooklyn-Manhattan Transit Corp., pref.(qu.)_ $1a July 16 June 30
Brooklyn Trust Co. (s.
July 2 June 23
-a.)
Brooklyn & Queens Transit Corp. pref.(guar.) _ $134 July 2 June 15
Brooklyn Union Gas Co.(guar.)
31% July 2 June 1
Bruck Silk Mills, Ltd. (quar.)
25c July 16 June 15
Bucyrus Erie Co. preferred
50c July 2 June 21
Bucyrus Monignan Co.. class B •quar.)
450 July 2 June 20
Buffalo Insurance Co.(guar.)
$3 June 30 June 19
Buffalo Niagara Sr Eastern Power. pref. (guar.)
40c July 2 June 15
51% Aug. 1 July 14
$5 1st preferred (quarterly)
Bugwell Food Markets.7% pref. A
70c Aug. 1 Aug. 1
Building Products, A & B (guar.)
25c July 1 June 15
July 7 June 23
Builders Exchange Building of Balt. (s.
-a.)
July 7 June 23
Extra
3
60c June 30 June 4
Bulolo Gold Dredging Ltd_
75c July 2 June 23
Burco, Inc., $3 cony. pref. (guar.)
zw15%
Burmah Oil Co., Ltd., corn. (final)
Common, bonus
rw2%%
e33 -3%
Common, bonus
50c July 3 June 15
Burt (F. N.) Co., Ltd., corn. (guar.)
Preferred (guar.)
31% July 3 June 15
Calamba Sugar Estates (guar.)
40c July 1 June 15
7% preferred (guar.)
35c July 1 June 15
Calgary Power Co., corn. (guar.)
$1% July 3 June 15
California Electric Generator, 6% pref. (guar.) $1% July 2 June 5
California Ink (quarterly)
50c July 2 June 22
California-Oregon Power,6% pref. (guar.)
75c July 16 June 30
7% preferre I (guar.)
87)5c July 16 June 30
Camden & Burlington County By.(semi-ann.)_ _
75c July 2 June 15
Cameron Machine Co.,8% pref.(guar.)
$2 June 30 June 20
Canada Dry Ginger Ale, Inc., (guar.)
25c July 16 July 2
25c July 25 June 30
Canada Northern Power Corp.. Ltd.,corn.(qu.)
Preferred (guar.)
P4% July 16 June 30
Canada Packers Co.,7% pref
h$1% July 3 June 15
Canada Permanent Mortgage (guar.)
$2 July 3 June 15
Canada Southern By. (semi-ann.)
$13-' Aug. 1 June 29
Canadian Canners. Ltd., 1st pref.(guar.)
r$1% July 3 June 15
r7)4c July 3 June 15
2d preferred
Canadian Celanese, Ltd.,7% pref. (guar.)
51% June 30 June 15
h75c June 30 June 15
7% preferred
Canadian Converters CO.. common (quar.)..
50c Aug. 15 July 31
Canadian Cottons, Ltd.. cont. (guar.)
r$1 July 4 June 17
Preferred (quarterly)
41% July 4 June 17
Canadian Fairbanks Morse, pref. (quar.)
$134 July 14 June 30
Canadian Foreign In,est ors Corp. (quar.)
25c July 1 June 20
July 1 June 20
$2
8% preferred (quarterly)
Canadian General Electric, corn. (guar.)
75c July 2 June 15
Preferred (quar.)
r87 We July 2 June 15
Canadian Industries, pref. (guar.)
$1% July 16 June 30
Canadian Oil Co., Ltd., pref. (guar.)
$2 July 1 June 20
Canadian Westinghouse Co. (guar.)
50c July 1 June 20
Canadian Wirebound Boxes, class A
rh25c June 30 June 15
Canfield Oil. 7% pref. (guar.)
$13-i June 30 June 20
Cannon Mills Co. (quarterly)
50c July 2 June 16
Capital Administration Co., Ltd.—
Preferred series A (guar.)
75c July 1 June 18
Carnation Co..7% pref. (quar.)
$1% July 2 June 20
Preferred (guar.)
$1% Oct. 2
Preferred (guar.)
$1% Jan. 1
Carolina Power & Light Co., $7 preferred
87c July 2 June 15
75e July 2 June 15
$6 preferred
Carolina Tel.& Tel.(guar.)
$2)4 July 2 June 23
250 July 16 July 9
Carpel Corp. (guar.)
Case (J. I.) Co. 7% preferred
$1 July 1 June 12
Case Lockwood & Brainard (guar.)
32% July 2 June 18
-a.)
$1.20 July 2 June 20
Cayuga & Susquehanna RR.(s.
Celanese Corp. of America,7% 1st preferred__ _ $3% June 30 June 15
7% prior preferred (guar.)
31% July 1 June 15
Central Aguirre Associates (guar.)
'37%c July 2 June 19
_ 12 c Aug. 15 Aug. 5
Central Cold Storage Co. common (guar.)
Central Fire Ins.(Balt.)(s-a)
July 2 June 18
1
Central Franklin Process, let & 2nd pref. (qu.)_ $1% July 2 June 30
Central Hanover Bank & Trust Co. (quar.)___ _ $1% July 2 June 18
Central Illinois Light Co.,6% pref. (quar.)_ _ 1%% July 2 June 15
7% preferred (quarterly)
131% July 2 June 15
Central Maine Power Co.7% pref.(guar.)
$1% July 2 June 11
6% and $6 preferred (guar.)
31% July 2 June 11
Central Power Co.. 7% preferred (guar.)
87)4e July 16 June 30
6% preferred (quarterly)
75c July 16 June 30
Central Tube (monthly)
10c June 30 June 9
Centrifugal Pipe Corp. (guar.)
10c Aug. 15 Aug. 5
Quarterly
10c Nov. 15 Nov. 5
_ _ 37)5c June 30 June 20
Chain Store Products preferred (quar.)_
Champion Coated Paper Co.,common (guar.)._ Si
Aug. 15 Aug. 10
1st and special preferred
51% July 1 June 20
Champion Fiber Co., pref. (guar.)
31% July 2 June 20
Champion International 7% pref. (guar.)
31% July 2 June 15
Common (guar.)
$1% July 2 June 15
Chase Brass & Copper. gtd. pref. A
31% June 30
Chatham Mfg. Co..7% pref.(quar.)
SI% July 2 June 20
6% preferred (quarterly)
$1% July 2 June 20
Chemical Bank & Trust Co.(guar.)
45c July 2 June 19
Chesapeake Corp. (quarterly)
63c July 2 June 8
Chesapeake & Ohio By. Co.. corn. (guar.)
70c July 1 June 8
Preferred (semi-annually)
$33.1 July 1 June 8
Chicago Daily News (semi-ann.)
50c July 2 June 20
E tra _
50c July 2 June 20
$7 preferred (guar.)
$1% July 2 June 20
75c July 1 June 15
Chicago Electric Service (guar.)
25c June 30 June 20
Chicago Flexible Shaft Co.. corn. (guar.)
25c July 2 June 15
Chicago Junction Rys.& Union Stkyds.(nu.)_ _ _
$1% July 2 June 15
Preferred (quarterly)
Chicago Towel Co. preferred (guar.)
$1% June 30 June 20
50c July 2 June 8
Chickasha Cotton Oil (special)
Christiana Securities,7% pref. (quar.)
51 31 July 2 June 20
250 June 30 June 1
Chrysler Corp. corn. (guar.)
250 June 30 June 1
Common extra
250 July 1 June 20
Cincinnati Advertising Products Co. (guar.)
$13.1 July 1 June 15
Cincinnati Gas Sr Electric.5% pref.(guar.)
Cincinnati Newport & Coy. Lt. & Traction___ _ $1% July 16 June 30
$1.125 July 16 June 30
Preferred (guar.)
$6 July 31 July 21
Cincinnati Northern BR.Co.(s-a)
$1.12 July 2 rune 20
Cincinnati & Suburban Bell Telen. Co.(quar.)
40c June 30 June 16
Cincinnati Union Stockyards(guar.)
si July I June 20
Cincinnati Union Terminal,4% pref.(quar.)
$i Oct. 1 Sept.20
4V preferred (guar.?
si
Jan. 1 Dec. 20
4% preferred (guar./
July 2 June 20
Citizens Water (Washington. Pa.)(guar.)
Citizens Wholesale Supply, 7% pref. (quar.)_ _ _ 87%c June 30 June 28
75c June 30 June 28
6% preferred (guar.)
50c June 30 June 15
City TOO & Fuel Co., corn. (guar.)
$13.1 July 2 June 27
City Investing Co., pref.(guar.)
25c July 1 June 20
Claude Neon Electrical Products Corp
$13.' July 2 June 20
Clearfield & MahonIng RR (s.-a.)
$5 July 31 July 21
Cleveland, Cinc. Chicago & St. Louis(semi-ann.)
$1% July 31 July 21
5% preferred (guar.)
50c July 1 June 20
Cleveland Electric Illuminating (guar.)
87%c Sept. 1 Aug. 10
Cleveland & Pittsburgh. reg. gtd. (guar.)
87)5c Dec. 1 Nov. 10
Registered guaranteed (quar.)
50c Sept. 1 Aug. 10
Special guaranteed (guar.)
50c Dec I Nov. 10
Special guaranteed (guar.)
Name of Company.
June 30 1934
Per
When Holders
Share. Payable. of Record.
Cleveland Union Stockyards (guar.)
Clinton Trust Co. (quarterly)
Clinton Water Works Co.. pref.(guar.)
Clorox Chemical (quarterly)
Cluett, Peabody & Co., pref. (guar.)
Coca-Cola Bottling (Del.) (guar.)
Coca-Cola Co., common (guar.)
Class A (sem -annual)
Coca-Cola International Corp., class A (s.-a.).. _
Common (quarterly)
$3
Cohen (Dan.)
40c
Coleman Lamp & Stove
50c
Colgate-Palmolive-Peet Co., pref. (quar.)
$1%
Collyer Insulated Wire
15c
Colonial Finance Corp.of R.I.,7% pref.(guar.) 17%c
Colt's Patent Fire Arms Mfg. Co.(quar
25c
Columbian Vise & Mfg. Co.(guar.)
750
Columbia Pictures Corp. common (guar.)
25c
Common (semi-annual)
f234%
Commerce Liquidating (St. Louis, Mo.)(1lq.)
$1
Commercial Credit Co., corn. (guar.)
25c
636% 1st preferred (quarterly)
134%
7% 1st preferred (quarterly)
1"(%
8% class B preferred (quarterly)
2%
75c
$3 class A cony, stock (quarterly)
Commercial Credit Trust (guar.)
50c
Commercial Investment Trust Corp.. corn.(qu.)
50c
Convertible preference stock
Commercial National Bank & Trust Co.(guar.)$2
Commercial Solvents Corp. common (semi-ann.)
30c
Commonwealth Edison Co. (quar.)
$1
Commonwealth Investment (Calif.) (guar.).
4c
Commonwealth & Southern Corp.$6 pf. (guar.) $1%
Commonwealth Utility, pref. A (guar.)
$1%
Preferred B (guar.)
$1%
Preferred (guar.)
Commonwealth Water & Light,$7 pref.(guar.)_ $1.
$6 preferred (quarterly)
$1.%
Concord Gas Co., preferred (guar.)
Si
Confederation Life Association (guar.)
Quarterly
$1
Quarterly
Si
25c
Congress Cigar Co., corn. (guar.)
Connecticut Fire Ins.. Hartford ((mar.)
75c
Connecticut Gas& Coke Sec. Co..$3 pf.(quar.)_
20c
Connecticut General Life Ins. (Hartford) (qu.)_
10c
Connecticut Investment Management
Connecticut & Passumpsic Rivers RR.—
$3
Preferred (s.
-a.)
Consolidated Gas Co.of N. Y., pref. (quar.)
31%
Consolidated Gas, El. Lt.& Pow.Co.of Balt.—
90c
Common (quarterly)
$131
Series A, 5% preferred (quarterly)
Series I), 63- preferred (quarterly)
$1%
$1%
Series E, 53.4% preferred (quarterly)
h50c
Consolidated Film Industries. pref
Consol. Min. & Smelt. Co.of Canada (semi-an.)
4%
$2
Consolidated Oil Corp.8% pref. (quar.)
Consolidated Paper. pref. (guar.)
17)ic
5c
Consolidated Royalty Oil Co.(quar.)
-a.)
Consolidated Traction of N. J (s.
$2
Consumers Gas Co.(Toronto) (guar.)
$2%
Consumers Power Co..$5 pref.(guar.)
$131
$1%
$5 preferred (guar.)
7% preferred (guar.)
cif I%
$1%
7% preferred (quarterly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
63-' preferred (monthly)
6% preferred (quarterly)
$134
31.65
6.6% preferred (guar.)
$1.65
6.6% preferred (quarterly)
55C
6.6% preferred (monthly)
550
6.6% preferred (monthly)
55c
6.63- preferred (monthly)
6.6% preferred (monthly)
55c
Continental Assurance (guar.)
50c
Continental Baking Corp., pref. (guar.)
$1
Continental Bank Sr Trust Co. (quar.)
20c
Continental Gas St Electric Corp.. pref. (guar.)_
Continental Gin,6% pref.(guar.)
$131
-a.)
Continental Ins. Co. (s.
60c
Continental Public Service (s.-a.)
5%
Coon (W. B.) Co.,7% pref.(guar.)
$1%
Cornet Phosphate Co
$1
-a.)
11 .8668c
Corporate Trust Shares, original (s.
Series AA (semi-annual)
11 .3139c
Series AA modified (semi-annual)
4 .7426c
Accumulative (semi-annual)
11 .3540c
Accumulative (modif.)(semi-annual)
4 .7458c
Cottrell (C. B.) & Sons (annual)
$4
63-' preferred (guar.)
Courier Post Co. preferred (quay.)
Creamery Package Mfg. Co. (guar.)
Preferred (quar.)
Cream of Wheat(quarterly)
Crown Willamette Paper Co.. 37 1st pref
Crum & Forster,8% pref.(guar.)
Common (quarterly)
Crum & Forster Insuranceshares Corp.
8% preferred (quarterly)
52
Cudahy Packing Co. common (guar.)
62%c
Curtis Publishing Co.. $7 cum. pref
hil 31
Dairy League Corp.7% pref. (semi-ann.)
$1%
Danahy-Faxon Stores (guar.)
250
Davenport Hosiery Mills, Inc., common
50c
Dayton & Michigan RR..8% pref. (quar.).
$1
Dayton Power & Light Co.6% pref. (monthly)..
50c
Deisel-Wemmer-Gilbert common
12)4C
Preferred (5.-a.)
Delaware RR.(semi-annual)
Si
De Long Hook & Eye 0o. (quarterly)
750
Denver Union Stockyards (guar.)
50c
Quarterly
50c
Quarterly
50c
7% preferred (guar.)
$1%
7% preferred (guar.)
51%
Deposited Bank Shares of N. Y.(s.-a.)
2)4%
Detroit Edison Co. capital stock (guar.)
31
Detroit Hillsdale & Southwestern (semi-ann.)- $2
Detroit River Tunnel Co.(s.
-a.)
34
Devoe & Raynolds Co.,Inc.,class A & B (qu.)- _
25c
Class A & B common (extra)
25c
First and second preferred (quar.)
$1%
Diamond Shoe Corp. common (guar.)
15c
63.4% preferred (guar.)
51%
6% second preferred (semi-annual)
30c
Diamond State "[Wen..
% nref. (guar.)
$1%
Diversified Trustee Shares, series 0
5.49c
Dixon (Jos.) Crucible Co
1%
Doctor Pepper Co.(guar.)
15c
Quarterly
15c
Dome Mines. Ltd. (quay.)
50c
Extra
$1%
Dominion Glass, common (quar.)
$1 3.1
Preferred (ouarterlY)
$1%
Dominion Rubber Co , pref. (guar.)
.5131
Dominion Security Corp.(Rich., Va.)(s-a)
3131
Dominion Stores Ltd.. common (guar.)
r30c
Dominion Textile Co.. Ltd.. common (guar.)._
514
Preferred (quarterly)
$ui
July 2 June 22
July 2 June 11
July 16 July 2
July 1 June 20
July 2 June 21
July 1 June 19
July 2 June 12
July 2 June 12
July 2 June 12
July 2 June 12
July 1 June 15
July1 June 23
July 1 June 9
July 1 June 25
July 10 July 2
June 30 June 9
July 2 June 20
July 2 June 15
Aug. 2 June 15
June 27
June 30 June 9
June 30 June 9
June 30 June 9
June 30 June 9
June 30 June 9
June 30 June 20
July 1 June 5a
July 1 June 5a
July 2 June 27
June 30 June 1
Aug. 1 July 14
Aug. 1 July 14
July 2 June 8
July 2 June 15
July 2 June 15
July 2 June 15
July 2 June 20
July 2 June 20
Aug. 15 July 30
June 30 June 25
Sept 30 Sept. 25
.
Dec. 31 Dec. 25
June 30 June 18
July 2
July 2 June 15
July 2 June 16
July 14 July 2
Aug. 1 July 1
Aug. 1 June 29
July 2 June1115
July 2 June 16
July 2 June 15
July 2 June 15
July 2 June 8
July 16 June 30
Aug. 15 Aug. 1
July 1 June 20
July 25 July 15
July 16 June 3
July 2 June 15
July 2 June 15
Oct. 1 Sept. 15
July 2 June 15
Oct. 1 Sept. 15
July I June 15
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
Oct. 1 Sept. 15
July 2 June 15
Oct. 1 Sept. 15
July 1 June 15
Aug. 1 July 16
Sept. 1 Aug. 15
Oct. 1 Sept. 15
June 30 June 15
July 1 June 18a
July 1 June 15
July 2 June 12
July 2 June 15
July 10 June 30
July 16 June 30
Aug. 1 July 14
July 2 June 21
June 30
June 30
June 30
June 30
June 30
July 2 June 21
July 2 June 21
July 1 June 15
July 10 July 1
July 10 July 1
July 2 June 23
July 1 June 13
Sept.30 Sept.19
July 15 July 5
June 30 June 20
July 16 July 5
July 2 June 20
July 2 June 30
June 30 June 18
July 2 June 15
July 3 JUDO 15
July 1 Juno 20
July 2 June 20
July 2 June 15
July 2 June 15
July 1 June 20
July I
Oct. 1
Jan. 1
Sept. 1 Aug. 20
Dec. 1 Nov. 20
July 2 May 15
July 16 June 30
July 7 June 20
July 16 July 10
July 2 Juno 20
July 2 Juno 20
July 2 June 20
July 2 Juno 20
July 2 June 20
July 2 June 20
July 14 June 20
June 30
June 30 June 18
Sept. 1 Aug. 15
Dec. 1 Nov. 15
July 20 June 30
July 20 June 30
July 3 June 15
July 3 June 15
June 30 June 20
July 2 Juno 20
July 2 June 15
July 3 June 15
July 16 June 30
Volume 138
Name of Company.
Financial Chronicle
When Holders
Per
Share. Payable. of Record.
15c July 2 June 25
Dominguez Oil Fields (monthly)
e50% July 2 June 16
Dow Chemical
h$3% July 1 June 20
Dow Drug, 7% preferred
60c July 2 June 2
Draper Corp.(guar.)
$14 July 1 June 20
Driver-Harris Co., 7% pref. (guar.)
1% July 2 June 15
Duke Power Co., corn. (guar.)
Preferred (quarterly)
149' July 2 June 15
$2 July 2 June 20
Duplan Silk Corp., pref. (guar.)
E.I. duPont de Nemours& Co.—
El% July 25 July 10
Debenture stock (quarterly)
124c July 2 June 22
Duquesne Brewing, A,pref(guar.)
Duquesne Light Co..5% 1st pref.(guar.)
$lh July 16 June 15
$1 July 2 June 26
Eagle Warehouse & Storage (quar.)
25c June 30 June 20
Daniel Co. (quar.)
Early &
El% June 30 June 20
7% pref. quarterly
Eastern Gas & Fuel Associates, prior pref.(qu.) $1.125 July 1 June 15
$8 preferred (quarterly)
$14 July 1 June 15
75c June 30 June 25
Eastern Magnesia Talcum (guar.)
$1% July 1 June 15
Eastern New Jersey Power 6% pref. (guar.)
8
Eastern Steamship Lines, 1st pref. (qu.)
814 July 2 June 15
87%c July 2 June 15
Preferred (guar.)
Eastern Steel. Products. 7% pref. (guar.)
$14 July 3 June 15
-a.)
$34 July 31 June 30
Eastern Theatres, Ltd.. pref. (s.
Eastern Township Telep. Co
36c Oct. 15 Sept. 15
Eastman Kodak, corn. (euar.)
$1 July 2 June 5
Preferred (quarterly)
51% July 2 June 5
$14 July 17 July 7
-a.)
East Penn RR.,6% gtd. (s.
Ecuadorian Corp., Ltd.. corn. (guar.)
ulc July 1 Tune 9
Preferred 8100 par (semi-ann.)
3Si% July 1 June 9
Edmonton City Dairy,64% pref. (guar.)
$14 July 3 June 15
Elder Mfg.Co.,8% 1st pref.(guar.)
$2 July 1 June 20
Class A (quarterly)
$14 July 1 June 20
Common (quarterly)
25c July 1 June 20
Electric Auto-Lite Co. 7% pref. (cluar.)
1614 July 1 June 25
Electric Bond Ss Share Co., 86 pref. (quar.)_ _
El% Aug. 1 July 6
$5 preferred (quarterly)
$14 Aug. 1 July 6
Electric Cont roller & Mfg. Co.(guar.)
25c July 2 June 20
10c Aug. 1 July 16
Electric Power Assoc., Inc., class A
10c Aug. 1 July 16
Common
50c July 2 June 9
Electric Storage Battery Co.common (quar.)
50c July 2 June 9
Preferred (guar.)
$2 July 2 June 28
Elizabethtown Consol. Gas(guar.)
$2 June 30 June 20
Elizabethtown Water Consol. (5.-a.)
$1 Oct. 1 Sept. 20
Elizabeth & Trenton (8-a)
$14 Oct. 1Sept.20
5% preferred (s-a)
$1.61 July 2 June 20
Elmira & Williamsport RR..pref.(8.-a.)
El% July 16 June 29
El Paso Electric, pref. (guar.)
50c July I June 15
Emerson's Bromo-Seltzer. 89' pref. (quar.)
El Sept. 1 Aug. 22
Empire & Bay State Teleg.,4% guar.(guar.)--$1 Dec. 1 Nov. 21
1% guaranteed (guar.)
$14 July 1 June 15
Empire Power Corp. $6 preferred
25c July 2 June 22a
Empire Trust Co.(guar.)
75c July 1 June 18
Endicott-Johnson Corp., corn. (guar.)
El% July 1 June 18
Preferred (guar.)
$2 Aug. I July 25
Eppens, Smith (semi-annual)
10c July 2 June 15
Equitable Office Building
$14, July 2 June 15
7% preferred (quarterly)
7c June 30 June 25
Equity Trust Snares in American reg. (8.-a.)_
7c June 30
In American coupon. on caution No. 8
Escanawba Power & Traction,6% pref.(quar.)_ $14 Aug. 1 July 27
$14 Nov. 1 Oct. 26
6% preferred (quar.)
3c June 30 June 16
Eureka Standard Consol. Min. Co.(guar.)
124c July 1 June 15
Eureka Vacuum Cleaner Co. (guar.)
$1.20 July 2 June 30
Excelsior Life Ins. Co.(Toronto) (s.-a.)
25c July 16 June 30
Excess Ins. Co. of America, common
25c Sept. 1 Aug. 15
Faber Coe & Gregg (quarterly)
25c Dec. 1 Nov. 15
Quarterly
Quarterly
25c 3-1-35 2-15-35
Sc July 2 Tune 15
Falconbrldge Nickel Mines
75c July 2 Tune 15
Fall River Electric Light (guar.)
25c July 2 June 25
Fanny Farmer Candy Shops (guar.)
60c July 2 June 25
Preferred (quarterly)
Farmers & Traders Life Insurance Co.(quar.)
$24 July 1 June 10
Quarterly
$24 Oct. 1 Sept. 10
50c July 1 June 15
• Faultless Rubber,corn. (guar.)
Federal Insurance Co. (Jersey City, (s.
-a.)
$I July I June 21
15c July 2 June 21
Federated Dept. Stores, Inc. (guar.)
10c July 2 June 21
Extra
Feldmuehle Paper & Cellulose (Berlin)
6%
60c July 10 June 30
Fidelity-Phenix Fire Insurance Co. (8.-a.)
Fidelity Title & Trust (Stamford),(guar.)
$14 June 30 June 30
$6 July 1
FifE h Ave. Bank (guar.)
$10 July 1
Extra
20c June 30 Tune 20
Filene's (Wm.) Sons Co., corn. (guar.)
10c June 30 Tune 20
Extra
EP% July 2 June 20
Preferred (guar.)
$24 July 2 June 16
Finance Co. of Penna. (guar.)
$25 July 2 June 20
First National Bank (guar.)
h5c July 16 Juno 25
First National Corp. of Portland (Ore.)
62%c July 2 June 9
First National Stores, Inc.,common (quar.)
$14 July 2 June 9
Preferred (quar.)
$1.4 June 30 Tune 20
First State Pawners Society(guar.)
July 2 Tune 15
$1
Fisher Flouring Mills, 79' pref. (guar.)
$14 July 14 June 30
Fishman (M. H.) Co.,79' pref. A & B (quar.)
814 July 2 June 12
Fisk Rubber Corp.$6 pref.(guar.)
Five-Year Fixed Trust Shares, bearer (s.
-a•) - 29.45c June 30
12.17c June 30
Fixed Trust Oil Shares. bearer (8.-a.)
Pixel Trust Shares—
17.176c June 30
Original series, bearer (s.-a.)
16.028c Tune 30
Series Ti, Dearer (s.
-a.)
142 July 1 June 19
Flour Mills of Amer., $8 prof. A
50c July 15 July 10
Food Machinery. 64% preferred (monthly).
50c Aug. 15 Aug. 10
6%% preferred (monthly)
50c Sept. 15 Sept. 10
64% preferred (monthly)
Foreign Light & Power Co.,6% 1st pref.(guar.) El Si July 1
20c Tune 30 June 26
Fostoria Pressed Steel Corp
400 July 1 June 12
Fourth National Investors Corp.common
$14 July 2 June 15
Fre man (A. J.),6% pref.(guar.)
$14 Aug. 1 July 12
Freeport Texas Co.6% preferred(quar.)
87 c July 2 June 20
Fruehauf Trailer Co..7% A preferred (quar.)
51% July 2 June 25
Fuller Brush,7% pref.(guar.)
$3 July 2 June 25
Fulton Trust Co. (quarterly)
e2% July 2 June 14
Fundamental Investors
8.6c. June 30
Fundamental Trust Shares, series A
Sc. June 30
Series B
15c June 30 Tune 15
Gachin Gold Syndicate (guar.)
10c June 30 Tune 15
Extra
874c July 1 June 15
Galland Mercantile Laundry (guar.)
$14 July 2 June 15
Gan Co., Inc.. E6 preferred (guar.)
$14 July 2 June 15
Gannett Co., Inc., $6 preferred (guar.)
25e July 1 June 20
Gardner Denver Co.. common
34 July 16 June 30
Gardner Electric Light (semi-ann.)
$24 July 2 June 19
5% preferred (semi-ann.)
10c July 2 June 23
Garlock Packing Co.,common (guar.)
10c July 2 June 23
Extra
$24 July 2 Juno 20
Gas & Electric of Bergen Co.(N. J.)(s-a)
General American Investors Co., Inc., pref.(qu.) $14 July 2 Tune 20
General American Transportation Corp.
50c July 1 June 15
Common (semi-annual)
El% Sept. 1 Aug. 23
General Cigar Co.. Inc.. preferred (guar.)
$14 Dec. 1 Nov.22
Preferred (guar.)
80 fr.
Generale d'Electricite
15c July 25 June 29
General Electric Co., corn. (guar.)
25 June 29
$10 special stock (guar.)
zw8% July
15
General Electric (Great Britain) ord.reg
xw8
Amer. dep. rec, for ord. reg
$3.4 July 13 July 6
General Italian Edison Electric Amer Shares.._
8
51 / July 2 June 20
General Machinery Corp.,7% pref. (guar.)._ _ _
$14 July 2;June 140
General Mills, Inc., pref. (guar.)
$14 Aug. 1 Jury 9
General Motors Corp.. E5 pref.(guar.)
15c July 2 June 18
General Printing Ink Co., common
$14 July 2 June 18
Preferred (quarterly)
Name of Company.
4417
When Holders
Per
Share. Payable. ofRecord.
25c July 2 June 11
General Railway Signal Co., common (quar.)__
$14 July 2 June 11
Preferred (quarterly)
—$1% June 30 June 20
pref. (guar.)
General Tire & Rubber
Co..
General Water, Gas & Electric, $3 pref.(guar.). j75c. July 2 June 15
$14 July 2 June 15
Georgia Power Co $6 preferred (guar.)
$14 July 2 June 15
E5 preferred (guar.)
15c July 2 June 20
Gibson Art Co (guar.)
Sc July 2 June 20
Extra
h87% July 2 June 20
Gilbert(A. C.).$34 cumulative preferred
Aug. 1 July 2
Gillette Safety Razor Co., prefererence (guar.)- El
8% July 1 June 15
Glens Falls Ins. Co.(N. Y.)(guar.)
25c July 2 June 11
Glidden Co.(guar.)
$14 July 2 June 11
Preferred (guar.)
25c July 2 June 15
Goderich Elevator & Transit (8.-a.)
25c July 2 June 11
Goldblatt Bros.(guar.)
$14 June 30 June 16
Gold Dust Corp. preferred (guar.)
$14 July 2 June 20
Gold & Stock Telegraph (guar.)
514 July 2 June 20
Goodyear Textile Mills Co., pref. (guar.)
El July 2 June 1
Goodyear Tire & Rubber Co..7% pref. (quar.)_
(Can.). corn. (guar.). 741% July 3 June 15
Goodyear Tire & Rubber
711% July 3 June 15
Preferred (guar.)
50c June 30 June 20
Gorton-Pew Fisheries (guar.)
$14 Aug. 1 July 12
Gotham Silk Hosiery Co., pref. (guar.)
14% July 2 June 20
Gottfried Baking Co.,Inc., preferred (quar.)
14% Oct. 1 Sept. 20
Preferred (quar.
14% Jan. 2 Dec. 20
Preferred (guar.
$3 June 30 June 28
(N.R.)6% int pref. (semi-annual)
Grace
53 Dec. 29 Dec. 27
6% first preferred (semi-annual)
10c June 30 June 20
Grand Rapids Varnish Corp
25c June 30 June 18
Granite City Steel Co.(quar.)
25c July 2 June 12
Grant(W. T.),(guar.)
10c Aug. 1 July 25
Great Lakes Engineering Works (guar.)
Sc Aug. 1 July 25
Extra
Great Lakes Power Co.,ser. A $7 pref. (quar.).... $14 July 16 June 30
25c July 2 June 20
(guar.)
Great Lakes Steamship Co., Inc.
Gt. Western Electro Chem Co..6% 1st pf.(qu.) $14 July 1 June 20
$5 July 3 June 20
Great Western Life Assurance (guar.)
60c July 2 June 15
Great Western Sugar Co.,common (quar.)
$14 July 2 June 15
Preferred (quarterly)
Green & Coats Street Phila. Passenger By.,pref_ $14 July 7 June 22
El% Oct. 6 Sept. 22
Preferred
SI% July 2 June 15
Green (D.) Co.. 6% preferred (guar.)
El% July 1 June 20
Greenwich Water & Gas.6% pref. (guar.)
25e July 2 June 15a
Greif Bros. Cooperage Corp.. ci A corn
$14 July 1 June 20
Greif (L.) & Bro. Inc.. 7% pref. (guar.)
25c July 2 June 20
Griesedieck Western Brewery Co
50c July 2 June 25
Griggs Cooper (guar.)
81% July 2 June 25
7% preferred (quar.)
31% June 30 June 25
Gross (L. M.),7% pref. (guar.)
5100 June 30 June 9
Group No. I Oil Corp. (guar.)
Guarantee Co. of N. Amer.(Montreal)(quar.)_ El% July 16 June 30
82% July 16 June 30
Extra
5% June 30 June 8
Guaranty Trust Co. of N. Y.(quar.)
51% July 2 June 20
Gulf Power Co., $6 pref. (guar.)
SI% July 2 June 15
Gurd (Chas.), 7% pref. (guar.)
Hackensack Water Co.7% pref. class A (auar.) 43%c June 30 June 18
15c Sept. 1 Aug. 16
Hale Bros. Stores. Inc.(guar.)
15c Dec. 1 Nov. 15
Quarterly
45c July 3 June 9
Halifax Fire Insurance Co
25c July 2 June 15
Halold Co. (quarterly)
xwi07c July 2 June 15
250
Extra
$14 July 2 June 15
79' preferred (quarterly)
no 0% June 30 May 31
:4
1
Hamilton United Theater, pref.(guar.)
Hammermill Paper Co.,6% Pref. (guar.)
El % July 2 June 15
Handley Page,10% porde. pref. reg
10% partic. pref.(Am.dep.rec.)
$14 July 2 June 20
Hanes (P. H.) Knitting Mills.7% pref.(guar.)
July 20 July 10
$2
Hannibal Bridge (quar.)
40c July 2 June 18
Hanover Fire Ins. Co.(guar.)
25c July 1 June 23
Harbauer Co
El% Aug. 1 July 21
7% preferred (quar.)
707 preferred (guar.)
814 Oct. 1 Sept.21
$14 Jan. 1 Dec. 21
(guar.)
79 preferred
Harbison-Walker Refractories, pref.(quar.)____ i%% July 20 July 10
$14 Sept. 1 Aug. 15
Hardesty (R.) Mfg.,7% pref.(guar.)
Dec. 1 Nov. 15
$1
7% preferred (guar.)
70c. July 15
Harrisburg Bridge, preferred
& Connecticut Western RR. Co.
Hartford
$1 Aug. 31 Aug. 20
2% preferred (s.-a.)
50c July 2 June 15
Hartford Fire Insurance Co. (guar.)
75c June 30 June 15
Hartford Gas (quarterly)
50c June 30 June 15
89' preferred (quarterly)
$1 July 1 June 20
Hatfield-Campbell. Creek Coal pref. (qu.)
15c July 1 June 20
Prior preferred (guar.)
20c June 30 June 25
Hawaiian Agricultural Co.(monthly)
60c July 15 July 5
Hawaiian Sugar (guar.)
20c June 30
Hawaii Consolidated By., Ltd., 7% pref. A_
July 2 June 16
$1
Hazel-Atlas Glass Co
14% June 30 June 28
Heath (D. C.) & Co., pref. (guar.)
$I % July 2 June 11
Helme (Geo. W.) Co., corn. (guar.)
July 2 June 11
Preferred (quarterly)
$3% July 1 June 15
Hershey Creamery.7% pref.(s-a)
$1% July 2 June 20
Heyden Chemical,7% pref.(guar.)
10c July 27 July 20
Hibbard. Spencer, Bartlett & Co.(mo.)
100 Aug. 31 Aug. 24
Monthly
10c Sept.28 Sept.21
Monthly
50c Sept. 15 Sept. 8
Hickok Oil Co. (semi-annual)
$184 July 1 June 23
7% preferred (guar.)
June 25
Hobart Mfg. Co
July 2 June 30
Hoelscher (Wm.) & Co.. pref. (s.
-a.)
Jul) 15
Holly Sugar Corp., preferred
$14 Aug.
Honolulu Plantation (monthly)
15c July 10 June 30
July 2 June 20
Horn & Hardart Baking (Phila.)(quar.)
$1
$1.05
Household Finance. pref.(guar.)
75c
Quarterly
,
65frs
Hotchkiss
(France)
75c July 14 June 30a
Household Finance Corp.cl. A & B corn.(qu.)_ _
87 c July 14 June 30a
Panic. preference (guar.)
June 30 June 25
Houston Natural Gas, 7% pref. (guar.)
87c
June 30 June 20
Howes Bros. Co., 7% 1st pref. (guar.)
El
June 30 June 20
7% preferred (quarterly)
El
6% preferred (guar.)
$14 June 30 June 20
Howey Gold Mines, Ltd
3c July 2 May 31
Humble Oil& Refining Co.(guar.)
25c July 1 June 1
Hunts, Ltd., A and B (guar.)
12%c July 2 June 16
Huron Sr Erie Mortgage (Ontario) (guar.).
_ $14 July 3 June IS
Hutchinson Sugar Plantation (me.)
10c July 5 June 30
Huylers of Del., 7% pref. stamped (guar.)
$1 July 2
7% preferred unstamped (guar.)
$1 July 2
Hygrade Sylvania (guar.)
50c July 2 June 9
Preferred (guar.)
$14 July 2 June 9
Ideal Cement (quarterly)
25c July 1 June 15
Ideal Financing Assoc.. A (guar.)
12%c July 2 June 15
$8 preferred (quarterly)
E2 July 2 June 15
¶2 cony. preferred (quarterly)
50c July 2 June 15
Illinois Central RR..leased lines (s.
-a.)
July 2 June 11
E2
Illinois Northern Utilities, 6% pref. (quar.)_...... $1
Aug. 1 July 14
Illuminating Shares (quarterly)
50c July 2 June 20
iai Life Assurance (guar.)
July 3 June 30
$.3
Quarterly
$34 Oct. 1
Jan. 1
Quarterly
$3
June 30 June 6
Imperial Tobacco Co.of Can.,ord. slut. (guar.)_ rl
July 20 June 21
Incorporated Investors (semi-annual)
July 2 June 22
Independent Pneumatic Tool Co.(guar.)
July 2 June 22
Extra
July 2 June 5
Indiana General Service, 6% pref. (quar.)
July 2 June 5
Indiana & Michigan Electric.7% pref.(quar.)
July 2 Tune 5
6% preferred (guar.)
July 1 June 5
Indianapolis Power & Lt. Co.,
% pt.(guar.)July 1 June 5
6% preferred (guar.)
June 30 June lla
Indianapolis Water Co.. 5% pref. ser. A (guar.)
Aug. 1 July 27
Industrial CottonMllls .H..8 .) %pf.
(R
(qr.)
.0 .7
Imr
4418
Financial Chronicle
Name of Company.
Per
When Holders
Share. Payable. ofRecord.
Industrial Rayon Corp.(new stock)
42c July 1 June 18
(intal)_Igerso-Rnd
Co., pref. (s.
-a.)
$3 July 2 June 4
Inland Investors, Inc. (guar.)
15c July 2 June 20
Inspiration Hosiery Mills, pf.(qu.)
$I X June 30 June 20
Insurance Co. of North America (s.
-a.)
$1 July 16 June 30
Interallied Investors Corn..cl. A (s.
35c July 15 July 9
-a.)
Intercolonial Coal, Ltd.(s -a.)
$2 July 3 June 21
8% preferred (s.
-a.)
$4 July 3 June 21
Interlake Steamship Co. (guar.)
25c July 1 June 13
International Business Machines Corp. (guar.). 51% July 10 June 22
International Button Hole Mach. Co.(quar.)-20c July 2 June 15
Extra
10c July 2 June 15
International Carriers, Ltd., capital stock
5c July 2 June 18
International Harvester Co., common (quar.)
15c July 16 June 20
International Hydro-Elec. System. pref. (guar.) 8736c July 16 June 25
International Nickel Co. of Canada, corn
10c June 30 May 31
Preferred (quar)
51 31 Aug. 1 July 3
International Ocean Telegraph (guar.)
El% July 2 June 30
International Salt Co
37%c July 2 June 15a
International Shoe Co .corn. (guar.)
500 July 1 Tune 15
International Silver Co..7% pref (guar.)$1 July 1 June 140
International Teleg. Co.of Maine (semi-annual) $1.33 July 2 June 15
Interstate Hosiery Mills (guar.)
500 Aug. 15 Aug. 1
Quarterly
50c Nov. 15 Nov. 1
Intertype Corp., 1st pref. (guar.)
$2
July 2 June 15
2d preferred (s-a)
33
July 2 June 15
Investment Foundation pref. (guar.)
38c July 16 June 30
Preferred
hl2c July 16 June 30
Investors Corp.of R.I..$6 pref.(guar.)
$135 July 2 June 20
Investors Royalty Co. preferred (guar.)
50c June 30 June 20
Investors Trust Shares, A (guar.)
$33.1 July 3 June 30
Iowa Public Serv.,57 1st & 2nd pref.(qu.)
S1 ,I July 2 June 20
13636, 1st preferred (quarterly)
El
July 2 June 20
$6. 1st preferred (quarterly)
$1 14 July 2 June 20
Iron Fireman Mfg. Co., corn. (quar.)
20c Sept. 1 Aug. 10
Common (guar.)
20c Dec. 1 Nov. 10
Irving Investors Fund, investors' shs. (quar.)
50c July 15 June 30
Irving Trust Co.(guar.)
25c July 2 June 4
Island Creek Coal Co.common (guar.)
50c July 2 June 21
Preferred (guar.)
El% July 2 June 21
Jamaica Public Service common (guar.)
25c July 3 June 15
Preferred (guar.)
$1 31 July 3 June 15
Jamestown Telep. Corp.7% 1st pref.(guar.)51X July 2 June 15
Series A preferred (semi-annual)
5236 July 2 Tune 15
Jams Investors Corp.,$6 pref. A (quar.)
$1
uly 1 June 20
Jefferson Electric Co
25c July 2 June 15
Jersey Central Power & Light Co.
7% preferred (guar.)
5131 July 1 June 11
6% preferred (guar.)
$I
uly 1 June 11
534% preferred (guar.)
5134 July 1 June 11
Jewel Tea Co., Inc., common (guar.)
75c July 14 June 30
Johns-Manville Corp.. pref. (guar.)
51/ July 2 une 18
Preferred (quarterly)
July 2 une 18
Joliet & Chicago RR., gtd.(guar.)
51%July 2 June 20
Joplin Water 'Works,6% pref. (guar.)
$136 July 16 July 2
Judson Mills, 7% pref. A & B
$1 31 July 2 May 25
Kahn's(E.) Sons.7% pref.(guar.)
$1 4 July 1 June 20
3
Kalamazoo Vegetable Parchment Co. (quar.)_ _
15c June 30 June 20
Quarterly
15c Sept.30 Sept.20
Quarterly
15c Dec. 31 Dec. 20
Kansas City Power & Light, let pref. B (guar.).
136 July 1 June 14
Kansas Elec. Power Co..7% Pref.(guar.)
14 July 2 June 15
6% Jr. preferred (quarterly)
$136 July 2 une 15
Kansas Gas & Elec. Co.,7% pref. (guar.)
5131 July 2 June 19
El
$6 preferred (quarterly)
July 2 June 19
Katz Drug Co.. preferred (quar.)
51% July 2 June 15
Kaufmann Dept. Stores, Inc., corn. (quar.)- 20c July 28 July 10
Preferred (quar.) •
$131 July 2 June 9
Raynee Co., pref. (quar.)
5131 July 2 une 20
Kentucky Utilities Co.,6% pref. (quar.)
5136 July 14 June 25
Kelvinator Corp
1234c July 15 June 15
Kennecott Copper
15c lune 30 June 15
Keystone Public Serv. $2.80 pref. (quar.)
70c July 1 June 15
Keystone Steel & Wire, pref. (guar.)
5131 July 15 July 5
Kimberly-Clark Corp.. pref. (guar.)
51% July 2 June 12
King Royalty, 8% pref. (guar.)
52 June 30 June 15
(guar.)
Rings County Ltg. Co.B 7% pref.
21 31 July 2 June 18
5% preferred (quarterly)
X July 2 June 18
Common(quar.)
51 )4 July 2 June 18
6% preferred (quarterly)
$134 July 2 Tune 18
Klein (D. Emil) Co..common (quar.)
25c July 2 June 20
Hopper's Gas & Coke Co.. pref. (guar.)
$1 34 July 2 June 10
Kresge (S. S.) Co.,common
20c June 30 June 14
Preferred (quarterly)
X June 30 June 14
_ 51 )4 July 2 June 20
Kroger Grocery & Baking. 6% pref. (guar._
7% preferred (quarterly)
$131 Aug. 1 July 20
Kuhlmann (Paris)
20 fr.
Lackawanna RR.of N. J.. 4% gtd.(quar.)
El July 2 June 8
Lambert Co.. common (guar.)
75c July 2 June 18
Lamont Corliss & Co. (guar.)
5134 July 1() June 20
Extra
El July 10 June 20
Landers, Frary & Clark,corn.(guar.)
3734c June 30
COMMOO (guar.)
3736c Sept.30
Common (guar.)
3736c Dec. 31
Landis Machine. pref. (guar.)
$131 Sept. 15 Sept. 5
$131 Dec. 15 Dec. 5
Preferred (guar.)
314 July 2 June 21
Lane Co., Inc. (quar.)
Preferred (quarterly)
5131 July 2 June 21
5236 June 30 June 22
Larus & Bros.. B
8% preferred (guar.)
52 June 30 June 22
60c July 2 June 22a
Lawyers County Trust Co. (quarterly)
10c June 30 June 20
Lazarus (F. & K.) Co. corn. (guar.)
Sc June 30 June 20
Extra
Leaders Filling Station, 8% pref. (guar.)
51 July 2 June 22
30c July 5 June 30
Lee & Cady
20c Aug. 1 July 160
Lee Rubber & Tire Corp
Lehigh Portland Cement Co.. pref
8734c July 2 June 14
c July 6 June 22
Lehman Corp.(guar.)
Lenox Water Co. (semi-annual)
52% July 2 June 15
75c July 2 June 22
Life Insurance of Va.(guar.)
Liggett & Myers Tobacco Co., pref. (quar.)_
El% July 2 June 11
30c Aug. 1 July 26
Lincoln Nat. Life Ins.(Ft. Wayne)(guar.)
30c Nov. I Oct. 26
Quarterly
51 )4 July 2 June 20
Linde Air Products, 6% pref. (guar.)
$1 34 July 2 June 15
Link Belt CO.. preferred (guar.)
50c Sept.10 Aug. 25
Little Miami RR.special guaranteed (quar.)
50c Dec. 10 Nov. 24
Special guaranteed (guar.)
Original guaranteed (quar.)
$1.10 Sept. 10 Aug. 25
$1.10 Dec. 10 Nov. 24
Original guaranteed guar )
Little Schuylkill Nay., R. & Coal (semi-ann.). $1.10 July 15 June 15
25c Tune 30 June 16
Loew's. Inc. (quar.)
14131 June 30 June 15
Loew's (Marcus) Theatres. 7% pref
El% June 30 June 15
Lone Star Gas Corp., preferred (quarterly)
Long Island Lighting Co.. ser. A 7% pref. (qu.) 131% July 1 June 15
136% July 1 June 15
Series B 6% preferred (guar.)
-a.)
El July 2 June 20
Long Island Safe Deposit (s.
50c July 2 June 15
Loomis Sayles Mutual Fund, Inc. (quar.)
*114 July 1 Tune 18
Loose-Wiles Biscuit Co . pref. (guar.)
5216 July 2 June 16
Lord & Taylor. common (guar.)
30c July 2 June 15
Lorillard (P.) Co., corn. (guar.)
Preferred (quarterly)
5131 July 2 June 15
374c July 2 Tune 15
Loudon Packing Co.(quar.)
12(4c Tilly 2 June 1F
Extra
514 July 2 June 22
Ludlum Steel Co.,636% pref. (quar.)
51% July 1 June 22
Lunkenheimer Co., 6%% Pref. (guar.)
El 3i Oct. 1 Sept. 21
6)4% preferred (guar.)
$14.4 Jan. 2 Dec. 22
6)4% preferred (guar.)
40c July 2 June 15
Lykens-Valley RR. & Coal (semi-ann)
$3 July 2 June 15
Lynchburg & Abingdon Teleg. (semi-annua)
100 fr.
Lvonnalse des Eaux
50c July 14 June 30
MacAndrews & Forbes. COM. (quar.)
El% July 14 June 30
Preferred (quarterly)
1
Name of Company.
June 30 1934
Per
When Holders
Share. Payable. of Record
MacFadden Publications, inc., $8 pref
$3 July 10 June 30
Mack Trucks, Inc
25c June 30 June 15
Magma Copper Co
50c July 16 June 29
Magnin (I.) & Co
10c July 15 June 30
Preferred (guar.)
$14 Aug. 15 Aug. 5
Preferred (guar.)
$135 Nov. 15 Nov. 5
Mahonhag Coal RR. Co., common (quar.)
55631 Aug. 1 July 16
Preferred (semi-annual)
814 July 2 June 25
Manchester Gas,7% pref. (guar.)
5131 July 2 June 20
Mani Agriculture. Ltd.(guar.)
15c July 2
Manischewitz (B.) Co., pref. (guar.)
5134 July 2 June 20
Manufacturers Finance Co. (Bait.), pref. (qur.) 214c June 30 June 22
Manufacturers Trust Co. (guar.)
25c July 2 June 15
Mapes Consol Mfg.(quar.3
75c July 2 June 15
Marconi's Wireless Teleg. Co.. Ltd., corn
zw(3%
Marine Midland Corp. (guar.)
10c July 2 June 15
Marion Water. 7% pref. (quar.)
$131 July 2 June 20
Marlin Rockwell Corp. (guar.)
50c July 2 June 21
Massawippi Valley RR. (semi-ann.)
$3 Aug. 1 July 1
Mathieson Alkali Works, Inc., corn. (quar.)
373'4c July 2 June 11
Preferred (quarterly)
5131 July 2 June 11
May Department Stores (quar.)
40c Sept. 1 Aug. 15
McCall Corp., common (quar.)
50c Aug. 1 July 14
MeColl-Frontenac Oil Co.. 6% pref. (quar.)
4136 July 14 June 30
McKeesport Tin Plate Co. (quar.)
$1 July 2 June 15
McQuay Norris Mfg. Co.. common (quar.)
75c July 2 June 22
Mead Johnson & Co., corn. (guar.)
75c July 2 June 15
Extra
25c July 2 June 15
Preferred (semi-annual)
35c July 2 June 15
Memphis Power & Light Co.,7% pref. (quar.)_
X July 2 June 16
6% preferred (quarterly)
$136 July 2 June 16
Merchants Bank (guar.)
50c July 2 June 20
Merchants & Miners Transportation Co.(quar.)_
40c June 30 June 18
Merchants Nat. Realty 6% pref. A & B (quar.)_ 51% July 1 June 25
Merchants Refrigerating Co. of N. Y.(quar.)
25c June 30 June 23
Merck Corp. preferred
$2 July 2 June 18
Mesta Machine Co.. corn. (guar.)
25c July 2 June 16
Preferred (quarterly)
$1.36 July 2 June 16
Metal Package Corp.. common (guar.)
July 2 June 15
$1
Metal Thermit Corp.(guar.)
SI Aug. I July 20
7% preferred (guar.)
51 34 July 1 June 20
Metropolitan Coal, pref.(guar.)
81 34 June 30 June 23
Metroploitan Edison, $I pref. (guar.)
5134 July I May 31
5136 July 1 May 31
$6 preferred (quarterly)
$5 preferred (quarterly)
514 July 1 May 31
Meyer-Blanke. pref. (guar.)
5134 July 2 June 20
h$3)4 July 2 June 20
Preferred
-a.)
Michigan Central RR. (s.
$25 July 31 July 21
Middlesex Water 7% pref. (semi-ann.)___ _
5336 July 2 June 22
$2 July 1 Tune 26
Midland Steel Products (guar.)
Milland Grocery 65" preferred (semi ann.)
53 July 1 June 20
Mill Creek & mine fiiii Navigation & RR.(s-a)_ $131 July 12 Tune 30
Minneapolis Gas Light, 5% units (guar.)
$1 34 July 2 June 20
Minn.
-Honeywell Regulator, 6% pref. (quar.)_
5116 July 1 June 20
Minnesota Mining & Mfg
15 July 2 June 20
Minnesota Power & Light Co.7% pref
53.31 July 2 lune 11
$6 & 6% preferred
$1.12 July 2 lune 11
Miss. River Power, pref. (quar.)
$14 July 2 June 15
Mississippi Valley Puollc Service
6% preferred B (guar.)
8136 July 2 June 21
Edison Co.,$7 pref. (guar.)
Missouri
58 1-3c July 2 June 20
Missouri River-Sioux City Bridge Co. pref.(qu.) $1 31 July 16 Tune 30
Mitchell (J. S.) 7% pref. (guar.)
5134 July 3 Tune 15
-a)
Mobile & Birmingham RR., 4% gtd (s
$2
July 2 June 1
Mock, Judson, Voehringer, common
25e July 15 July 1
7% preferred (guar.)
$131 July 1 June 15
Monarch Knitting. 7% preferred
141 July 3 Tune 15
Monongahela Valley Water, pref. (guar.)
$131 July 16 July 2
Monongahela West Penn Public Service Co.
7% preferred (quarterly)
4334c July 2 June 15
Monroe Chemical, pref. (guar.)
87%c Tilly 2 June 15
Montgomery Ward & Co.. class A
h$134 July 2 June 19
Montreal Light, Heat & Power Consolidated
Common (quarterly)
38c July 31 June 30
Moore Corp., Ltd.. preferred A & B (quar.)
5134 July 3 June 15
Moore Dry Goods Co.(guar.)
$134 July 1 July
Quarterly
$134 Oct. 1 Oct. 1
Quarterly
5136 Jan. 1 Ian. 1
Morris & Essex RR
5134 July 2 June 6
Morris Finance, A (guar.)
$136 June 30 June 20
Series B (guar.)
30c June 30 Tune 20
7% preferred (quar.)
*134 June 30 Tune 20
Morris 5 & 10c. Stores, 7% pf.(quar.)
$134 July 1 June 20
7% preferred (guar.)
*134 Oct. 1 Sept. 20
Morrison Cafeterias Consol.. pref.(guar.)
July 30 June 23
Morris Plan Co. of Savannah, Ga. (8.-a.)
Junel
Morris Plan Ins. Soc.(guar.)
SI Sept. 1 Aug. 25
Quarterly
$1 Dec. 1 Nov. 26
-a.)
Morristown Securities $5 pref.(s.
5234 July 2 June 15
Mosser (J. K.) Leather Co
50c July 16 July 2
Motor Finance Corp.,8% pref.(guar.)
$2 June 30 June 23
Mountain Producers Corp. (guar.)
15c July 2 Tune 15a
Mountain States Telephone & Telegraph
$2 July 16 June 30
-a.)
Mount Carbon & Port Carbon RR.(s.
$1 31 July 12 June 30
Mount Vernon Woodberry Mills. pref
h$236 June 30 June 16
Murphy (G. C.). 8% pref. (guar.)
32 July 2 June 22
Murray (J. W.) Mfg. Co.,8% pref. (quar.)
52 July 2 June 20
Mutual Chem. of America, pref.(guar.)
$134 Sept.28 Sept. 20
Preferred (guar.)
14 Dec. 28 Dec. 20
Myers (F. C.) & Bros. (guar.)
25c June 30 June 15
Preferred (guar.)
$1.34 June 30 June 15
Nashua Gummed & Coated l'aper Co.
7% preferred (guar.)
81 54 July 2 June 25
Nashville & Decatur RR.. 736% guar. (s.-a.).._ 933.c July 2 June 20
Nassau & Suffolk Ltg.,7% preferred (quar.)_ _ _ $1.4 July 1 June 15
National Battery Co., pref.(guar.)
55c tune 30 Tune 15
National Biscuit Co., corn. (guar.)
50c July 14 June 15a
Common (guar.)
50c Oct. 15 Sept. 14
Preferred (quar.)
$1 4 Aug. 31 Aug. 17
3
National Breweries, common (guar.)
40c July 2 June 15
Preferred (quarterly)
44c July 2 June 15
National Candy Co.. corn. (guar.)
25c July 1 Tune 12
1st & 2nd preferred (guar.)
5134 July 1 June 12
National Cash Register, new corn. (init.)
1236c July 15 ,June 30
National Casket, pref.(quarterly)
$1.4 June 30 June 15
National Container Corp.. preferred (quar.)—
50c Sept. 1 Aug. 15
Preferred
h50c Sept. 1 Aug. 15
Preferred (guar.)
50c Dec. 1 Nov. 15
Preferred
h50c Dec. 1 Nov. 15
National Dairy Prod. Corp.. common (quar.)_ _
30c July 2 Tune 4
Class A & 13 preferred (guar.)
$134 July 2 June 4
National Enameling & Stamping Co
50c June 30 June 4
National Finance Corp.of Amer.(guar.)
15c July 2 June 11
6% preferred (quarterly
Mc July 2 June 11
Extra
15c July 2 June 11
National Finance Corp.(Bait.). A.& B.(quar.)_
10c July 1 June 23
8% preferred (quarterly)
20c July 1 June 23
National Fire Ins. Co. (Hartford) (guar.)
• 50c July 2 June 21
National Fuel Gas Co
25e July 16 June 30
National Grocers 73" pref
141 X July 2 June 19
National Gypsum.7% pref. (guar.)
si July 2 June 15
National Investors Corp., $534 pref. (quar.)
h5234 July 1 Tune 12
National Lead Co.,common (quar.)
EY June 30 June 15
Class T1 nreferred (guar.)
$114 Aug. 1 July 20
National Licorice,6% pref.(quarterly)
5136 Juno 30 June 15
National Oil Products. Inc.. $7 pref.(quar.)_ _ _ _
$134 July 2 June 20
National Power & Light, $6 pref. (guar.)
El% Aug. 1 July 6
National Refining Co..8% preferred
h$2 July 1 June 15
National Standard Co.(quar.)
50c July 2 June 20
Adjustment dividend
20c July 2 June 20
National Sugar Refining Co. of N. J
50c July 2 June 1
National Tea Co., corn. (guar.)
15c July 2 June 14
$1;u
Volume 138
Name of Compantl.
Financial Chronicle
When Holders
Per
Share. Payable. of Record.
Nation-Wide Securities (Md.)
1.9c July 2 June 15
Natomas Co.(quarterly)
15c July 2 June 15
Naumkeag Steam Cotton
$1 July 2 June 23
Nevada-Calif. Electric, preferred
$1 Aug. 1 June 30a
h$3 July 2 June 9a
Preferred
Newark Consol. Gas 5% guaranteed (semi-ann.) $291 July 2 June 21
Newark Telep.(Ohio),6% pref.(quar.)
$191 July 10 June 30
Newberry (J. J.) Co.. corn. (guar.)
25c July 1 June 16
New Brunswick Lt. Ht. & Pr. 5% pref. (s.
-a.)
$291 July 2 June 21
1.4 ow Castle VI ater,6% pref.(guar.)
$191 July 2 June 15
New England Gas & Elec. Assoc.$5X pt.(quay.) $1% July I May 31
New England Invest'& Security 4% pref.(s.
-a.)
$2 July 2 June 20
New England Power Assoc..$2 pref.(guar.)_ _ _ _
50c July 2 June 11
$191 July 2 June 11
$6 preferred (quarterly)
Common
25c July 16 lune 30
New England Teton. & Teleg. Co
$1% June 30 June 8
New IIampshire Fire Insurance (quar.)
40c July 2 June 16
New Hampshire Power, 8% pref. (guar.)
$2 July 1 June 15
New Haven Water (semi-ann.)
32 July 2 June 15
N. J. & Hudson River R.& Ferry Co.(5.-a.)- $3 July 2 June 30
New Jersey Pow.& Lt.$6 pref.(guar.)
$191 July 1 May 31
$5 preferred (quarterly)
$184 July 1 May 31
New Jersey Water. 7% pref. (quar.)
$191 July 2 Tune 20
New London Northern RR.(quar.)
$291 July 1 June 15
Newport Electric. 6% pref. (guar.)
$191 July 1 June 15
New Rochelle(N. Y.) Trust (guar.)
50c July 1 June 15
New York & Harlem RR.(semi-ann.)
$291 July 2 June 15
Preferred (semi-annual)
$291 July 2 June 15
N.Y. Lackawanna & Western. 5% gtd.(quar.)_ $1 91 July 2 June 15
New York Mutual Teleg.(8.-a.)
75c July 2 June 30
New York Power & Light Corp..7% pref.(qu.)_ $1% July 2 June 15
$6 preferred (quay.)
$191 July 2 June 15
New York Shipbuilding Co. founders'shs.(qu.)_
10c July 2 June 21
Participating shares (quar.)
10c July 2 June 21
Preferred (guar.)
$184 July 2 June 21
New York Steam Corp., 6% pref. (guar.)
$191 July 2 June 15
7% preferred A (quarterly)
July 2 June 15
$1
New York Telephone. pref. (guar.)
$1% July 15 June 20
New York Trust Co. (guar.)
5% June 30 June 23a
Niagara Alkali Corp.,7% pref.(guar.)
$184 July 1 June 14
Niagara Share Corp. of Maryland—
Class A preferred (guar.)
$191 July 2 June 15
Niagara Wire Weaving. $3 pref. (quar.)
75c July 2 June 15
$3 preferred
hil Si July 2 June 15
1900 Corporation, class A (quar.)
500 Aug. 15 Aug. 1
Class A (quarterly)
50c Nov. 15 Nov. 1
Nipissing Mines Co
12!4c
Noblitt-Sparks Industries (guar.)
25c July 2 June 20
Noranda Mines, Ltd
r$1 June 30 June 13
North American Co.,common
1291c July 2 June 5
Common
el% July 2 Tune 5
Preferred (guar.)
75c July 2 June 5
North American Rayon Corp.—
75c July 1 June 25
Prior preferred (guar.)
7% preferred (guar.)
$1 8 . July 1 June 25
4
North Carolina Rit. gtd. stk. (s.
$391 Aug. 1 July 20
-a.)
North Central Texas Oil Co., pref.(quar.)
$1% July 2 June 11
Northern Central Ry. (semi-ann.)
$2 July 15 June 30
Northern Ontario Power Co.. corn. (quar.)
50c July 25 June 30
6% preferred (quarterly)
1X % July 25 June 30
Northern Pipe Line Co.(semi-ann.)
25c July 2 June 15
Northern RR.of N. J.4% guaranteed (quar.)
$1 Sept. 1 Aug 22
4% guaranteed (quar.)
$1 Dec. I Mar.21
Northern States Power Co.(Del.), corn. (guar.)
25c Aug. 1 June 30
7% preferred (quar.)
1'%% July 20 June 30
6% preferred (guar.)
191% July 20 June 30
North Judd Mfg. Co. (guar.)
25c June 30 June 21
Northland Greyhound Lines. pref. (quar.)
$184 July 2 June 20
North Shores Gas. 7% pref
h50c July 2 Tune 9
Northwestern Boll Telep. (guar.)
$1 June 30 June 28
691% preferred (guar.)
SIM July 14 June 20
North Western Teleg. Co.(8.-a.)
$IX July 2 June 15
Norwalk Tire & Rubber Co. pref. (guar.)
87 Sic July 2 June 22
Norwich Pharmacal Co. (guar.)
$1 X July 2 June 20
Quarterly
$1 X Oct. 1 Sept. 20
Quarterly
$191 Jan. 1 Dec. 20
Norwich & Worcester RR.8% pref. (guar.)-$2 July 2 June 15
50c July 2 June 20
Novadel-Agene Corp.. common
Nova Scotia Light & Power (guar.)
75c July 2 lone 16
Nunn Bush & Weldon Shoe, 1st pref
h$3 X June 30 June 15
Oahu By.& Land Co.(monthly)
15c July 15 July 11
Oahu Sugar Co., Ltd. (monthly)
10c July 14 July 6
Ogilvie Flour Mills Co. (guar.)
$2 July 3 June 22
Ohio Brass Co.6% pref. (quar.)
h$191 July 14 June 30
6% preferred (guar.)
h$1 91 July 14 June 30
Ohio Edison Co.. $5 pref. (guar.)
SI X July 2 June 15
July 2 June 15
$1
$6 preferred (quarterly)
$6.60 preferred (quarterly)
$1.65 July 2 June 15
$7 preferred (quarterly)
$131 July 2 June 15
$1.80 July 2 June 15
$7.20 preferred (quarterly)
Ohio Electric Power Co., 7% pref. (guar.)
h$1X July 2 June 20
July 2 June 20
6% preferred (quar.)
Ohio Finance Co., 8% pref. (guar.)
July 2 Tune 11
$2
Class A (quar.)
July 2 June 11
$1
Ohio Loather Co. common (quay.)
25c July 1 June 20
First preferred (quar.)
$2 July 1 June 20
Second preferred (guar.)
$184 July 1 June 20
Ohio & Mississippi Teleg. Co
$291 July 2 June 16
Ohio Public Service Co..7% pref. (monthly)- 58 1-3c July 2 June 15
6% preferred (monthly)
50c July 2 June 15
5% preferred (monthly)
41 2-3c July 2 June 15
Ohio Wax Paper (quarterly)
20c July 1 June 20
Oil & Industries
25c July 2 June 20
Oilstocks, Ltd
20c
Old Colony RR.(guar.)
$1 4 July 2 June 18
8
Old Colony Trust Assoc., 1st see. tr. shs.(quay.)
15c July 2 June 15
Omnibus Corp.. pref.(guar.)
$2
Onomea Sugar Co.(mo.)
20c July 20 July 9
Ontario Loan & Debenture (quay.)
31 X July 3 rune 15
Ontario Mfg. Co. common (guar.)
25c June 30 June 20
Common (quay.)
25c Oct. 1 Sept. 20
Preferred (quar.
$1 X June 30 June 20
$184 Oct. 1 Sept. 20
Preferred (guar.
Orange & Rocklan Electric,7% pref. (quar.)_ _ $191 July 1 June 25
6% preferred (guar.)
$191 July 1 June 25
O'Sullivan Rubber
10c June 30 May 31
50c July 3 June 15
Ottawa Electricity
50c July 3 June 15
Ottawa Traction
Ottawa Light. Heat & Power Co., corn. (quar.). $191 July 2 June 15
Preferred (quar.)
$184 July 2 June 15
$1.08 July 1 June 15
Otter Tall l'ower Co.(Minn.),$6 pref
$591 preferred
990 July 1 June 15
50c July 2 June 15
-a.)_
Pacific & Atlantic Teleg.Co. of (1.8.(a.
Pacific Commercial Inc. (semi-ann.)
50c June 30 June 20
Sc July 2 lone 15
Pacific Finance Co. of Calif.(Del.)
Pacific Gas & Electric Co., common (quar.)._ _ _ 37Sic July 16 June 30
Pacific Lighting Corp.. $6 pref.(guar.)
$191 July 16 June 30
40c July 1 June 20
Pacific Mutual Life Insurance Co.(guar.)
h75c July 2 June 15
Pacific Southern Investors, preferred
$191 June 30 June 20
Pacific Telegraph & Telephone (guar.)
Preferred (guar.)
$191 July 16 Tune 30
75e July 2 June 20
page-Hersey Tubes, Ltd., common (guar.)
Preferred (quarterly)
$1 84 July 2 June 20
Panama Power& Light Corp..7% pref.(quar.)_ $1% July 2 June 15
60c July 2 June 23
Pan-American Life Ins.(N. 0.) (s.
-a.)
25c June 30 June 19
Park Davis & Co.(guar.)
10c June 30 June 19
Extra
$184 June 30 June 20
Paul Knitting Mills, pref. (guar.)
h$191 July 2
0
Peaslee Gaulbert Corp. 77 pref
30 fr
Pechlney Chemicals Co
$191 Aug. 15 Aug. 6
Peninsula Telephone Co., 7% pref. (quar.)
Name of Company.
4419
When Holders
Per
Share. Payable of Record.
70c July 2 June 11
Penn Central Light & Power,$2.80 pref.(qu.)__
$191 July 2 June 11
$5 preferred : guar.)
30c June 30 June 20
Penney (J. C.) Co . corn. (guar.)
Preferred (quarterly)
$191 June 30 June 20
Penna. Co.for Ins. on Lives & Granting Ann'ties
40c July 2 June 11
Quarterly
$2 June 30 June 20
Penna. Conley Tank Car 8% pref. (guar.)
Pennsylvania Gas & Electric—
$191 July 2 June 20
$7 and 7% preferred (quarterly)
h$191 July I June 15
oenna. Glass Sand, $7 preferred
$1 July 2 June 15
Penna. Investment (Phila.), pref
55c July 2 June 20
Pennsylvania Power Co..$6.60 pref.(mo.)
55c Aug. 1 July 20
$6.60 preferred (monthly)
55c Sept. 1 Aug. 20
$6.60 preferred (monthly
3191 Sept. 1 Aug. 20
$6 preferred (quarterly)
3191 July 2 June 15
Pennsylvania Power & Light $7 pref. (quar.)
5191 July 2 June 15
$6 preferred (guar.)
$191 July 2 June 15
$5 preferred (guar.)
75c July 14 June 30
Pennsylvania Salt Mfg. Co.(quar.)
Pennsylvania Telep. Corp.,6% pref.(guar.).— $191 July 1 June 15
60c July 2 June 23
Penna Warehouse& Safe Deposit (guar.)
75c July 2 June 15
Pennsylvania Water & Power Co. (guar.)
51)4 July 2 June 15
Preferred (quarterly)
$.2 June 30 June 20
-a.)
Peoples Coll. Corp.. 8% pref. (s.
Sly, June 30 June 20
-a.)
77 preferred (s.
0
50c June 30 June 20
Common
25c July 2 Tune 8
Peoples Drug Stores (guar.)
62Sic July 2 June 15
Peoples Nat. Gas,5% pref.(guar.)
$184 July 2 June 20
Peoria Water Works,7% pref.(guar.)
50e July 1 June 15
Perfect Circle Co. (quarterly)
30c June 30 June 20
Perfection Stove Co. (quarterly)
$1 '4 Oct. 1 Sept. 25
Peterborough RR. (semi-ann.)
50c July 2 June 20
Peter Paul, Inc. (guar.)
25c July 2 June 13
Pet Milk Co., coin. (guar.)
Preferred (quay.)
$191 July 2 June 13
3c July 3 June 23
Petrol. Oil & Gas, Ltd
25c July 2 June 14
Phelps Dodge Corp.. special
20c July 25 July 2
Philadelphia Co common (quay.)
$6 cum. pre`errel (quay.)
3191 July 2 June 1
$5 cum. preferred (guar.)
$191 July 2 June 1
Philadelphia Electric Power Co.
50c July 1 June 9
8%. $25 par. preferred (guar.)
$291 July 10 June 30
Philadelphia & Trenton RR. (guar.)
25c. July 16 July 2
Philip Morris & Co.(quar.)
Philip Morris Consolidated, Inc.—
4
438 c July 2 June 18
Class A (quarterly)
6%
Philips'Incandescent Lamps(interim div.)
Phoenix Finance, pref. (quay.)
50c July 10 July 1
50c Oct. 10 Oct. 1
Preferred (quar.)
50c Jan. 10 Jn 1 '35
Preferred (guar.)
50c July 2 June 4
Phoenix Ins.(Hartford, Conn.)(guar.)
Photo Engravers & Electro, Ltd
50c Sept. 1 Aug. 15
3191 July 2 June 15
Pie Bakeries. Inc., 7% pref. (quay.)
75c July 2 June 15
$3 cum. 2d preferred (guar.)
75c July 10 June 30
Piedmont & Northern By. (guar.)
Pilgrim Mills (quay.)
$1 June 30 June 23
15c July 3 June 2
Pioneer Gold Mines of British Columbia, Ltd
10c July 2 June 21
Pioneer Mill, Ltd.(monthly)
75c Oct. 1 Sept. 15
Pittsburgh Bessemer & Lake Erie R.R. (5.-a.)..
Pittsburgh Fort Wayne & Chicago R.R.(quar.). $191 July 2 June 11
Quarterly
$184 Oct. 2 Sept. 10
Quarterly
$191 Jan. 1 Dec. 10
7% preferred (quay.)
$184 July 2 June 11
$191 Oct. 2 Sept 10
7% preferred (guar.)
$14.4 Jan. 1 Dec. 10
7% preferred (guar.)
Pittsburgh Sr Lake Erie RR (s.-a.)
$184 Aug. 1 June 29
Pittsburgh, McKeesport & Youghiogheny RR
(Semi-annually)
$191 July 2 June 15
-a.)
Pittsfield Si North Adams RR.(s.
5291 July 2 June 30
35c July 2 June 9
Pittsburgh Plate Glass Co.(guar.)
Pittsburgh Youngstown & Ashtabula RE.
$184 Sept. 1 Aug. 20
7% preferred (guar.)
7% preferred (guar.)
$184 Dec. 1 Nov.20
Plainfield Union Water (quay.)
$184 July 2 July 2
$184 July 1 June 15
Planters Nut & Chocolate Co.(guar.)
Plaza Permanent Bldg. & Loan Assoc. Balt.—
3391 June 30 June 30
Semi-annual
50c. July 2 June 25
Plume & Atwood Mfg.(quay.)
25c June 30 June 12
Plymouth Oil Co.(guar.)
$I% Sept. 15
Pollock Paper & Box Co., pref. (quay.)
5134 Dec. 15
Preferred (quarterly)
$191 July 2 June 15
Ponce Electric, 7% pref. (quay.)
50c Aug. 31 Aug. 20
Portland & Ogdensburg RR (quay.)
$191 July 3 June 15
Porto Rico Power Co.,7% pref. (quar.)
SI X July 2 June 30
Powdrell & Alexander. Inc., pref. (guar.)
Powell River. 7% preferred
$191 Sept. 1
77 preferred
0
$191 Dec. 1
25c July 2 June 16
Pratt & Lambert, Inc., corn
r3c July 16 June 16
Premier Gold Mining Co.. Ltd
32 July 14 June 25
Procter & Gamble Co..8% pref. (quay.)
25c July 2 June 15
Providence Gas (quay.)
5234 July 2 June 13
Providence & Worcester RR.(guar.)
Provident Adj. Si Inv.. Ltd..6 X% pref.(quar.)_ $191 July I June 23
5191 July 3 June 15
Provincial Paper Co.7% pref. (guar.)
$191 July 16 June 30
Prudential Investors. Inc. $6 pref. (quar.)
*191 July 2 lone 20
Publication Corp.. 7% orig. pref. (guar.)
3791c July 2 June 20
Public National Bank & Trust Co.(quay.)
Public Service Colorado. 7% pref. (monthly).— 58 1-3c July 2 June 15
50c July 2 June 15
6% preferred (monthly)
41 2-3c July 2 June 15
57° preferred (monthly)
5191 Aug. 1 J,,ly 14
Public Service Co. of No. 111. 7% pref. (quar.)
3134 July 14 July 14
6% preferred (quar.)
70c Sept. 29 Sept. 1
Public Service Corp. of N. J. common (quar.)
$2 Sept. 29 Sept. 1
8% preferred (quay.)
$1 4 Sept. 29 Sept. 1
8
7% Preferred (quay.)
$191 Sept. 29 Sept. 1
$35 preferred (quar.)
50c July 31 July 2
6% preferred (monthly)
50c Aug. 31 Aug. 1
6% preferred (monthly)
50c Sept. 29 Sept. 1
6% preferred (monthly)
Public Service Co. of Oklahoma
$191 July 2 June 20
7% prior lien stock (quay.)
$1 Si July 2 June 20
6% prior lien stock (quay.)
70c June 30 June 1
Public Service Corp. of N. J.. corn. (quar.)
$2 June 30 June 1
$8 preferred (quar.)
$191 June 30 June 1
$7 preferred (guar.)
$1 X June 30 June 1
$5 preferred (quay.)
6% preferred (monthly)
50c June 30 Tune 1
Public Service Electric & Gas Co.,$5 pf. (qu.)- $191 June 30 June 1
7% preferred (quay.)
$13-I June 30 June 1
Pullman, Inc. (quay.)
75c Aug. 15 July 24
Quaker Oats Co.. common (guar.)
$1 July 16 July 2
6% preferred (guar.)
$191 Aug. 31 Aug. 1
Queensboro Gas & Electric. 6% pref. (quar.)
$191 July 1 June 15
Rand Mines, Ltd.,ordinary registered
38 6d.
Ordinary bearer
3s 6d.
Rath Packing Co., common (quay.)
50c July 1 June 20
Reading Co.. 2d preferred (guar.)
50c July 12 June 21
Reece Button-Hole Machine Co.(quar.)
20c July 2 June 15
Extra
100 July 2 June 15
Reece Folding Machine Co. (guar.)
Sc July 2 June 15
Reed Roller Bit, common (guar.)
25c July 2 June 20
Reliance Mfg. Co.(Ill.), common (quay.)
15c Aug. 1 July 20
$1 x July 1 June 20
Preferred (quarterly)
July 2 June 15
Rensselaer & Saratoga RR (s.-a.)
$4
20c Aug. 10 July 31
Republic Insurance. Texas (guar.)
20c Nov. 10 Oct. 31
Quarterly
lc. July 1 June 20
Republic Investors Fund
Republic Stamping & Enameling Co.(quar.)
25c July 10 July 1
Republic Supply Co. (guar.)
25c July 5 July 2
2
Quarterly
25c Oct. 5 net
Reversible Collar
$1 July 2 June 20
4420
Financial Chronicle
Per
When Holders
Name of Company.
Share. Payable. of Record.
Reyn (R. J.) Co., B (quar.)
75c July 2 June 18
Reynolds (R. J.) Tobacco, corn. (guar.)
75c July 2 June 18
Common B (guar.)
75e July 2 June 18
Rice-Stix Dry Goods Co.,common
25c Aug.
July 15
1st & 2nd preferred (guar.)
Juno 15
$1% July
Richmond,Fredericksburg & Potomac RR.Co.—
COMInon voting stock (semi-annual)
82 June 30 June 22
6% voting & non-voting corn. stock (semi
82 June 30 June 22
Richmond Water Works,6% pref.(quar.) -an.) $1% July 2 June 20
Rich's, Inc.,
% preferred (guar.)
31% June 3(1 lone 15
Ridge Ave. Passenger By. (Phila., Pa.)
July 2 June 15
(quar.)- 83
Rike-Kumler Co.. 7% preferred (guar.)
$131 July I June 25
Riverside Silk Mills,class A
h25c July 3 June 15
Class A (quarterly)
25e July 3 June 15
Robbins(Sabin) Paper,7% pref.(guar.)
SIN July 1 June 25
Rochester Telephone Corp.(guar.)
$131 July 2 June 20
634% 1st preferred (quarterly)
81% July 2 June 20
5% 2nd preferred (quarterly)
$131 July 2 June 20
Rockville-Willimantic Lighting
$1 34 July 1 June 15
7% preferredcruar.)
Tool
6% preferred guar.)
$1% July 1 June 15
Ross Gear &
Co.,common (guar.)
30e July 1 June 20
Royal Baking Powder (guar.)
25c July 2 June 4
6% preferred (quarterly)
$134 July 2 June 4
Royal Dutch Petroleum Co.(annual)
6%
Rubber Plantations Invest. Trust common
=2 %
Safeway Stores. Inc., common (guar.)
75c July 1 June 19
6% preferred (guar.)
$1% July 1 June 19
7% preferred (guar.)
$1% July 1 June 19
St. Croix Paper. pref. (s.
-a.)
113 July 2 June 22
St. Joseph & Grand Island By. Co.. 1st pref _ _
$5 June 30 June 29
St. Joseph By., Lt., Heat & Pow.,5% pref.(qu) 81% July 2 June 15
St. Louis Bridge, 1st pref.(s.
-a.)
$3 July I June 15
2nd preferred (quarterly)
81% July 1 June 15
St. Louis National Stockyards (guar.)
$134 July 2 June 25
San Francisco Rem. Loan Association (quar.)__
75c June 30 June 15
Santa Cruz Portland Cement (guar.)
$1 July 2 June 20
Saratoga & Schenectady RR.(8.-a.)
83 July 15 July 1
Savannah Electric & Power 8% pref. A (quar.)82 July 2 June 15
734% preferred B (guar.)
$1% July 2 June 15
7% preferred C (guar.)
$l
July 2 June 15
6ti% preferred B (guar.)
$1% July 2 June 15
Sayers & Seovill,6% pref.(guar.)
$1% July 2 June 20
Common (guar.)
$1% July 2 June 20
Schuylkill Valley Nay. & RR.(semi-annual)___ $1% July 12 June 30
Scottish Type Investors A & B (qu.)
Sc June 30 May 31
Scott Paper Co.. corn. (guar.)
37tic June 30 June 16
7% series A preferred (guar.)
$1% Aug. 1 July 17
6% series B °referred (quar.)
81% Aug. 1 July 17
Scoville Mfg. Co. (quarterly)
25c July 2 June 15
Scranton Electric Co., $6 preferred (guar.)
$134 July 2 June 5
Second International Securities Corp
6% 1st preferred (guar.)
50c July 2 June 15
Second National Investors Corp..$5 preferred
h95e July 1 June 12
Second Twin Bell (monthly)
20c July 5 June 30
Securities Holding Corp.. 6% pref
50c July 3 June 15
Segrave Corp. 87 preferred (guar.)
81% July 2 June 20
Selected American Shares
4.79 Juno 30 Juno 29
Coupon No. 10 (s.
-a.)
4.7907c June 30
Selected Cumulative Shares Coup. No.6 (s.
-a.)- 12.353c July 2
Selected Income Shares Coup. No.8(5.-a.)
7.8565c July 2
Selected Industries. Inc.. 3534 Prior stock (qu.)
81% July 1 June 16
Shaffer Stores, 7% pref. (guar.)
$I
July 1 June 30
Shamokin Valley & Pottsville RR.(semi-ann.)
Aug. 1 July 15
$1
Shattuck (Frank G.) Co.(guar.)
July 10 June 20
Shawmut Association (guar.)
10c July 2 June 15
Shell Transport & Trading Co., common (final)x w734%
Shenango I alley Water,6% pref. (guar.)
Sept. 1 Aug. 28
$1
6% preferred (quar.)
$1% Dec. 1 Nov.20
Shuron Optical Co.6% iarior pref.(guar.)
$1.% July 2 June 25
Silver King Coalition Mines (quar.)
15c June 30 June 20
Silverwoocis Dairy
htl July 3 June 18
Singer Mfg. Co.(guar.)
ti June 30 June 9
Extra
$234 June 30 June 9
Sioux City Stockyards Co., pref. (guar.)
Aug. 15 Aug. 14
$1
Preferred (guar.)
Nov. 15 Nov. 14
$1
Siscoe Gold Mines, Ltd.(guar-)
June 30 June 15
Extra
lc June 30 June 15
Smith (S Morgan) Co.(guar.)
$1 Aug. 1
Quarterly
$1 Nov. 1
South Carolina Power Co.. $6 pref. (quar.)---- $155 July 2 June 15
Southeastern Cottons,Inc
$4 July 1
7% preferred
$334 July 1
Southeastern Express Co.(semi-annual)
82% July 2 June 15
Southern Acid & Sulphur (guar.)
50c Sept.15 Sept.10
7% preferred (guar.)
$131 July 1 June 10
7 preferred (quar.)
Oct. 1 Sept.10
Southern Calif. Edison Co., Ltd.. orig. pf.(qu.)
2
July 15 June 20
534% preferred series C (guar.)
154 0 July 15 June 20
Southern Calif. Gas, preferred A (guar.)
37tic July 14 June 30
6% preferred (quarterly)
3734c July 14 June 30
Southern Canada Power Co.. Ltd..6% pf.(qu.) 134% July 16 June 20
Southern Indiana Gas & Electric Co.
7% preferred (guar.)
July 1 June 20
ti
6.6% preferred (guar.)
1.65
July 1 June 20
6% preferred (guar.)
July 1 June 20
6% preferred (semi-annual)
July 1 June 20
Southland Royalty Co. common (guar.)
Sc July 14 June 30
South Manchuria Ry
8%
South Penn Oil Co. (quar.)
30c June 30 June 15
South Pittsburgh Water.7% pref.(guar.)
81% July 16 July 2
6% preferred (guar.)
July 16 July 2
$1
5% preferred (s.
-a.)
Aug. 20 Aug. 10
$1
South Porto Rico Sugar Co.,corn.(guar.)
60c July 2 June 13
Preferred (quarterly)
$1 4 July 2 June 13
2
Southwestern Bell Telephone. pref. (guar.).
July I June 20
Southwestern Gas & Elec. Co.7% pref.(guar.). S1A July 2 June 15
8% preferred (quar.)
July 2 June 15
Southwestern Light & Power Co..6% preferred. h50c July 2June 15
SouthWest Penna. Pipe Lines (guar.).
$I July 2 June 15a
Sparta Foundry (quarterly)
75c June 30 Juno 15
Spencer Kellogg & Sons, Inc., corn. (guar.)..._
30c June 30 June 15
Spencer Trask Fund. Inc.(guar.)
12tic June 30 June 15
Springfield Fire & Marine Ins. (quar.)
$1.12 July 2June 20
Springfield Gas & Electric Co.—
Preferred series A (guar.)
$1% July 2 June 15
Springfield Rye.,4% pref. (8.-a.)
$2 July 2 June 20
Extra
75c July 2 June 20
(Semi-annual)
81.15 July 2 June 20
Square D Co.. class A
27 tie Tune 30 June 20
Stahl-Meyer. Inc., preferred (guar.)
$134 July 2 June 21
-a.)
Staley,(A. E.) Mfg..7% pref.(s.
$334 June 30 June 20
Standard Brands, Inc.. common (quar.)
25e July 2 June 4
$134 July 2 June 4
$7 cum. preferred (guar.)
Standard Cap & Seal Corp.common (quar.)___ _
60c Aug. I July 5
Standard Coosa-Thatcher (quar.)
1234c July 1 June 20
7% preferred (quar.)
$13' July 15 July 15
40C July 23 July 16
Standard Fire Ins. Co.(Trenton)(guar.)
Standard Fuel. 6ti% preferred (guar.)
$1% July 2 June 15
Standard Gas & Electric Co.,86 cum. pf. (qu.)_
45c July 25 June 30
5234c July 25 June 39
$7 cum. preferred (quar.)
-a.)
Standard Oil Exports Corp.. pref.(s.
$234 June 30 June 9
50e July 31 July 2
Standard Oil Co. of Kansas(quar.)
Standard Oil Co (Ohio),5% pref. (quar.)
$1 31 July 16 June 30
Standard Power & Light Corp.. pref
52340 Aug. 1 July 14
common (quar.)
50e July 2 June 19
Standard Screw Co.
Preferred (semi-annual)
83 July 2 June 19
lc July 2 Juno 20
Standard Utilities. Inc
25c July 2 Juno 15
Stanley Works (quarterly)
P.,8% preferred (guar.)
37tic. Aug. 15 Aug. 1
Starrett (L. S.). preferred (quarterly)
$1 34 June 30 June 18
Name of Company.
June 30 1934
When Holders
Per
Share. Payable. of Record.
State & City Bldg., 6% preferred (guar.)
$11g July 2 June 20
2
State Theatre, pref. (quar.)
July 2 June 23
Steel Co. of Canada, corn. (guar.)
30c Aug. 1 July 7
Preferred (quarterly)
4331c Aug. 1 July 7
Stein (A.) & Co., preferred (guar.)
81% July 2 June 15
Stix, Baer & Fuller. 7% pref. (quar.)
43%C. June 30 June 15
Sunoco Products,8% preferred (guar.)
$2 July 1 June 20
Superheater Co. (guar.)
12tie July 16 July 5
Superior Portland Cement
July 1 June 23
h27
Monthly
271c. July 1 June 23
Superior Water, Light & Power, pref. (quar.)
July 2 June 15
Supersilk Hosiery Mills, 7% preferred
h$1 4 July 2 June 15
Supertest Petroleum Corp.(guar.)
25e June 30 Juno 15
Ordinary (guar.)
25c June 30 June 15
Bearer (guar.)
25e June 30
Ordinary bearer (guar.)
25c June 30
87 preferred A (guar.)
June 30 June 15
$l
$134 preferred Il (guar.)
37tic June 30 June 15
Sussex RR.(s.-a.)
50c July 2 June 15
Sutherland Paper Co., common
10c July 2 June 20
Swedish Ball Bearing Co., pref.(guar.)
$1 31 June 30 June 12
Swift & Co.(quarterly)
12)g July 1 June 9
Sylvanite Gold Mines
June 30 May 26
Tacony-Palmyra Bridge,common (quar.)
25c June 30 June 10
Common class A (quarterly)
25e June 30 June 10
Tamblyn (G.) Ltd., preferred (guar.)
ISM July 3 June 23
Taunton Gas Light Co.(guar.)
$1% July 2 June 15
Taylor Milling Corp.(guar.)
25c July 2 June 12
Telephone Investment Corp. (monthly)
20c July 1 June 20
Monthly
20c Aug. 1 July 20
Tennessee Elec. Power Co.5% pref.(guar.)._ _
El ti July 2 June 15
67 preferredquar.)
$1% July 2 June 15
75 preferred guar.)
81% July 2 June 15
7.2% preferred (guar.)
$1.80 July 2 June 15
6% preferred (monthly)
50c July 2 June 15
7.2% preferred (monthly)
60c July 2 June 15
Texas Corp.(quar.)
25c July 1 June 1
Texas Electric Service, ES pref. (guar.)
July 2 June 15
Teton Oil & Land Co.,common (quar.)
15e June 30 June 9
Thatcher Mfg. Co., pref. (guar.)
Aug. 15 July 31
Thayers, $334 pref. (8.-a.)
July 2 June 15
Tide Water Assoc. Oil Co.. 6% pref
: :c June 30 June 8
hS2 e
r90
:
10
Third National Investors Corp..corn.(quar.)40c July 1 June 12
Thrift Stores. Ltd., common (guar.)
July 2 Juno 20
7% 2d preference (guar.)
July 2 June 20
6347 1st preference (guar.)
July 2 June 20
Time. Inc.(guar.)
July 2 June 20
Extra
25c July 2 June 20
8634 preferred (guar.)
July 2 June 20
Tintie Standard Mining Co.(guar.)
734c June 30 June 16
Tip-Top Tailors, Ltd.,7% pref
July 3 Juno 15
h$1
Title Insurance & Trust (quar.)
40e July 2 Juno 20
Title & Mtge. Guar. Co.(N. 0. La.)(s.
-a.)____
$2 July 1 June 30
Tobacco & Allied Stocks. Inc
$l July 16 July 6
Toledo Edison Co., 7% pref.(monthly)
58 1-3e July 2 June 15
67 preferred (monthly)
50e July 2 June 15
5% preferred (monthly)
41 2-3c July 2 June 15
Toronto Elevators, 7% pref.(guar.)
$1 34 July 16 July 3
Toronto Mtge. Co. (Ont.) (quar.)
$134 July 2 June 16
Torrington Co. (quarterly)
75c July 2 June 21
Travelers Insurance Co. (guar.)
$4 July 1 June 18
Tr -Continental Corp.. $6 pref. (guar.)
$134 July 1 June 16
Trico Products Corp., common (guar.)
6234c July 2 June 18
Trinidad Leaseholders, Ltd—
Amer. dep. rec, for ord. reg
zw5a
Troy & Bennington RR.(semi-annual)
Aug. 2 July 20
Trumbull Cliffs Furnace, prof (quar.)
July 2 June 15
$1
Tuckett Tobacco Co., Ltd.. pref. (quar.)
July 14 June 30
Sb
Tunnel RR.of St. Louis(s.-a.)
July 2 June 15
Twin Bell Oil Syndicate (monthly)
July 5 June 30
$2
Twin City Bldg. & Loan Assn. A, B,& C.(s.
-a.) $134 July 1 June 23
Twin States Gas & Elec. 7% prior lien (quar.)__ $1% July 2 June 15
Underwood Elliott Fisher Co.,common (quar.)_ 37tic June 30 June 12
Preferred (guar.)
$131 June 30 June 12
Union Carbide & Carbon Corp
35c July 2 June 1
Union Elec. Light & Power (Ill.)6% pref.(qu.)_ $1
July 2 June 15
Union Elec. Light & Pow.(Mo.)7% prof.(qu.)_ $1
July 2 June 15
6% preferred (quarterly)
$1
July 2 June 15
Union Pacific RR common
July 2 June 1
$1
Union Stockyards of Omaha (guar.)
June 30 June 20
$1
United Biscuit Co.of Amer.,pref.(guar.)
$131 Aug. I July 16
United Carbon Co.. common (guar.)
44e July 2 June 16
Preferred (s.
-a.)
$3 X July 2 June 16
United Companies of N.J.(quar.)
52% July 10 June 20
United Corp $3 preferred (guar.)
75c July 2 June 5
United Dyewood Corp.. pref.(guar.)
$131 July 2 June 15a
United Fruit Co.,corn. (quar.)
50c July 14 June 21
United Gas & Electric Co.5% pref.(semi-ann.).
July 15 June 30
United Gas & Electric Corp., pref. (guar.)
1% 0 July 1 June 15
United Gas Improvement Co.common (guar.)._
3 c June 30 May 31
Preferred (quar.)
$131 June 30 May 31
United Gold Equities of Canada, Ltd—
Standard Shares
2.5c July 16 July 2
United Gold Mines
lc July
June 30
United Investment Corp.(Des Moines)(guar.). 2%c July 15 June 20
1
United Light & Rys.(Del.),7%_prlor pref.(mo.) 53 1-3e July 2 June 16
6.36% prior preferred (monthly)
53c July 2 June 16
6% odor preferred (monthly)
50c July 2 June 16
United Loan Corp.(guar.)
$131 July 2 June 20
Extra
50c July 2 June 20
United N..1. RR.& Canal (guar.)
July 10 June 20
Quarterly
$2
Oct. 10 Sept. 20
Quarterly
$2
Jan. 1 Doc. 20
United N. Y. Dank & Trust, C-3 reg..
11.404 July 1 June 1
0-3 bearer
11.4048c July
United Shirt Distributors. 7% pref. (guar.)._ _. 87 tic July 1 June 15
1
United Shoe Machinery Corp. (guar.)
6234c July 5 June 19
Preferred (quar.)
3734c July 5 June 19
United States Banking Corp.(monthly)
July 2 June 18
United States El. Light & Pow. Shares (Md.)—
Voting shares
lc July 2 June 15
United States Foil, class A & B common (guar.)
15c July 2 June 15
Preferred (quarterly)
$131 July 2 June 15
United States Gauge. 7% pref. (s.-a.)
$1 31 July 2June 20
Semi-annual
July 2 Tune 20
United States Guarantee (quar.)
June 30 June 22
United States Gypsum Co.. corn. (guar.)
25e July 2 June 15
Preferred (quar.)
$134 July 2 June 15
U. B. Petroleum Co.(guar.)
le Sept. 10 Sept. 5
Quarierry
lc Dec. 10 Dec. 5
Foundry Co.. corn.(guar.)
U S. Pipe &
12 34c July 20 June 30
Common (quay.)
12tic Oct. 20 Sept.29
Common (guar.)
12tic Tan. 2() Dec. 31
Preferred (guar.)
SOc July 20 June 30
Preferred (guar.)
30e Oct. 2 Sept.29
Preferred (guar.)
30c Ian. 20 Dec. 31
United States Playing Card (guar.)
25c July 2 June 20
United States Tobacco Co.,common (guar.)...
July 2 Juno 18
Preferred (quarterly)
July 2 June 18
United States Trust Co.(guar.)
$15 July 2 Juno 20
Extra
$10 July 2 June 20
United Verde Extension Mining (guar.)
25c Aug. 1 July 5
Universal Leaf Tobacco common (quar.)
50c Aug. I July 17
Extra
61 Aug. 1 July 17
Preferred (guar.)
82 July 2 June 28
Universal Products Co.(guar.)
20c June 30 June 20
Upper Michigan Pow.& Lt.,6% pref. (quay.).
Aug. 15
6% preferred ((Puri
Nov. 15
6% preferred (guar.
Jan. 1
Upressit Metal Cap Corp.,8% prof.(guar.)._
July 2 June 15
Valley RR.of New York (8.-a.)
$234 July 2 June 15
0
Ii
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Valve Bag,6% preferred
Van de Kamps Holland Dutch Bakers—
$6M preferred (quar.)
Vapor Car Heating Co., Inc.. 7% pref
Venezuela Oil Concessions, Ltd.. corn. UMW__
Vermont & Boston Telegraph Co. (s.
-a.)
Victor Monoghan, 7% preferred (quarterly)
Virginia Public Service, 7% pref. (quar.)
6% preferred (quarterly)
Vortex Cup Co.. common
Class A (quar)
Vulcan Detinning Co., preferred (quar.)
Preferred (quar.)
Wagner Electric Co.. preferred (guar.)
Walgreen Co., preferred (quar.)
Ward Baking Corp., 7% preferred
Ware River RR., guaranteed (s-a)
Waukesha Motor Co.. common (guar.)
Wayne Knitting Mills Co.,6% pref.
Wooden & Co.(quar.)
Wesson Oil & Snowdrift Co.,Inc.,com.(quar.)
Western Assurance Co.(Toronto), pref. (3.-a.)Western Grocers, Ltd., pref. (quar.)
Western Maryland Dairy, $6 pref. (quar,)
Western Massachusetts Companies
Western New York & Penna. By.(s.
-a.)
5% preferred (quarterly)
Western N.Y. Water Co.$5 pref.(quar.)
Western Tablet & Stationery.7% pref.(quer.)_ _
Western United Gas & Electric, pref.(quar.)_
6% preferred (quar.)
Westinghouse Air Brake Co.(quar.)
West Jersey & Seashore RR..common (s.
-a.)
West Kooteny Power & Light Co..pref.(qu.)_
Westmoreland, Inc. (guar.)
Westmoreland Water.$6 Pref.((Mar.)
West New Brighton Bank (Staten Is., N. Y.)—
Semi-annual
Weston Electrical Instrument Co.—
Class A (quarterly)
Class A
Weston (Geo.). Ltd.,common (quar.)
West Penn Electric Co., class A.
West Penn Power Co., 7% prof. (quar.)
6% preferred (quarterly)
West Point Manufacturing Co
Extra
West Texas Utilities Co., pref. (guar.)
Westvaco Chlorine Prod.. pref. (quar.)
West Virginia Pulp & Paper Co.common (quar.)
Weyenberg Shoe Mfg.. preferred (quar.)
Preferred (quarterly)
Whitaker Paper, preferred (guar.)
White Villa Grocers preferred (quar.)
.
2 June 16
h$I%
July
$1%
h$355
55%
$2
$131
$131
$1%
30c
6254c
1g
1
1 lq o
$154
$1%
50c
$3
30c
31%
50c
123ic
$1.20
$131
$1 Si
50c
$1%
$1
$1
$1
$1
$1
,
12%c
81
$131
30c
$1H
July 1 June
Sept.10
July
July
July
July
July
July
July
Oct.
July
July
July
July
July
July
June
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
July
9
2 June 16
1
2 June 10
2 June 10
2 June 15
2 June 15
20 July 10
20 Oct. 10
2 June 20
2 June 20
2 June 15
2 June 30
I June 15
2 June 20
30 June 20
2 June 15
2 June 30
15 June 20
2 June 20
31)June 14
2 June 30
2 June 30
1 June 22
1 June 20
2 June 18
2 June 18
31 June 30
2 June 15
3 June 26
2 June 15
2 June 15
$3 July 10 June 30
50c
h50c
25c
$131
1%
75c
$151
10c
$1
$1
$1
$1
July 2 June 19
July 2JIM 19
July 3 June 20'
June 30 June 15
Aug. 1 July 5
Aug. 1 July 5
July 2 June 15
July 2 June 15
July 2 June 15
July 2 June 15
July 2 June 19
Sept. 15 Sept. 5
Dec. 15 Dec. 5
July 1 June 20
July 2 June 15
Weekly Return of the New York City
Clearing House.
The weekly statement issued by the New York City
Clearing House is given in full below:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, JUNE 23 1934.
Clearing House
Members.
• Capital.
'
•Surplus and Net Demand
Deposits.
Undivided
Average.
Profits.
$
Bank of N Y & Trust Co
6,000,000
Bank of Manhattan Co_
20,000,000
National City Bank... __ 127,500,000
Chem Bank & Trust Co
20,000,000
Guaranty Trust Co
90,000,000
Manufacturers Trust Co
32,935,000
Cent Hanover Bk & Tr Co
21,000,000
Corn Ezell Bank Tr Co_
15,000,000
First National Rank...._
10.000,000
Irving Trust Co
so,000.000
Continental 13k & Tr Co
4,000,000
Chase National Dank
elSO.270.000
Fifth Avenue Bank
500.000
Bankers Trust Co
25.000,000
Title Guar & Trust Co.._
10,000,000
Marine Midland Tr Co_
5,000,000
New York Trust Co.__
12,500,000
Comm'l Nat Bk & Tr Co
7,000,000
Public Nat Bk & Tr Co8,250,000
Totals
614,955,000
Time
Deposits,
Average.
$
$
$
10,503,000
92,059,000
9,885,400
30,618,000
280,835,000
31,931,700
35,561,900 8921,471,000 166,798,000
21,785,000
316,390,000
47,510,600
52,116,000
177,660,100 b1,001.092,000
247.059.000 101,179,000
10,297,500
44,691,000
540,853,000
61,291,500
22,625,000
182,476,000
16,083,700
354,241,000
15,782,000
73,717,000
371,630,000
9,700,000
57,612,800
27,212,000
2,549,000
3,467,400
81,338.000
e59,526,800 01,260,170,000
41,072,000
852,000
3,148,900
38,474,000
60,610,800 d547,144,000
285,000
17,864,000
10,655,800
47,109,000
4,989,000
7,314,700
207,003,000
23,440,000
21,490,900
49,868,000
1,180,000
7.572,600
46,986,000
33,882,000
4,860,600
700,200,700 6,552,539,000
662,786,000
* As per offIctal reports: National, March 5 1934 State, March 31 1934; trust
companies, March 31 1934: e as of March 15 1934.
Includes deposits In foreign branches as follows: (a) 8215,578.000:(b)558,927.000;
(c) $68,723.000; (d) $15,165,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House. The
following are the figures for the week ended June 22:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY. JUNE 22 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
$
Grace National
25,154,500
Trade Bank ot N.Y. 3,074,072
Brooklyn—
Peoples National__ —
4.960,000
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
$
99,900
128,006
$
1,725,800
790,252
80,000
305.000
s
$
1,853,600 24,171,700
110,421 3.434,827
222,000
I
Loans
Disc. and
Investments
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
54,920,300
6,482,971
9,192,444
15,581,300
30,198,800
63,889,635
$
$
*3,700,300 7,799,500
89,735
470.828
517,315
296,193
*2,588,400 1.442,600
*4,594,500
422,900
7,476,222 18,413,837
91,381,000
25,278,705
2,570,000 18,490.000
1,550,628 6.161.590
4,857,000
Gross
Deposits.
8
1,250,800 55,464,300
600,327 5,995,603
62,293 8,113,610
1,494,800 15,902.900
32,374,300
61,235,696
270,000 96,018.000
26,350,937
Includes amount with Federal Reserve as follows: Empire, 82.646,400;
Fiduciary, $285,774; Fulton, $2,451,200; Lawyers County, 83,934,700.
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Whittall Can Co , Ltd.,634% preferred
Wichita Union Stockyards, 8% prof. (s.
-a.)
Quarterly
Wichita Water,7% pref.(quar.)
White Rock Mineral Springs Co. (guar.)
1st preferred (quar.)
2d preferred (guar.)
Wilcox-Rich Corp class A (guar.)
Will & Baumer Candle, preferred (guar.)
Wilson & Co .7% preferred (quar.)
Winn & Lovett Grocery Co., class A (quar.)
Preferred (guar.)
Winstead Hosiery (quar.)
Quarterly
Woodley Petroleum Co
Woodward & Lathrop
7% preferred
Worcester Salt (quarterly)
6% preferrei (guar.)
Wright-Hargreaves Mines (quar.)
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Yale & Towne Mfg. Co.(quar.)
Quarterly
Young (J. S.) Co.(guar.)
• 7% preferred (guar.)
Young(L. A.) Spring & Wire, common
/41a July 2 June 15
July 16 July 10
$134 June 30 June 21
July 16 July 2
$1
50c July 2 June 22
$1% July 2 June 22
$234 July 2 June 22
62Mc June 30 June 20
$2 July 2 June 15
h$15,1, July 2 June 16
50c July 1 June 20
131% July 1 June 20
$134 Aug. 1 July 15
$134 Nov. 1 Oct. 15
110% Sept.30 Sept.15
30c June 30
$1% June 30
50c June 30 June 20
$1 34 Aug. 15 Aug. 6
10c July 2 June 9
Sc July 2 Jure 9
25c July 2 June 20
25c Aug. 1 July 20
25e Sept. 1 Aug. 20
25c Oct. 1 Sept.20
15c July 2 June 11
15c Oct. 1 Sept.21
$1.% July 2 June 22
$181 July 2 June 22
25c Aug. 1 July 16
t The New York Stock Exchange has ruled that stock will not be quoted
ex-dividend on this date and not until furtner notice.
j The New York Curb Exchange Association has ruled that stock will
not be quoted ex-dividend on this date and not until further notice,
aTransfer books not closed for this dividend.
d Correction. e Payable in stock.
f Payanle in common stock. g Payable in scrip. h On account of accumulated dividends. 5 Payable in preferred stock.
n A dividend on the convertible preference stock, optional series of 1929,
of Commercial Investment Trust Corp. has been declared payable in
common stock of the corporation at the rate of 1-52 of 1 share of common
stock per share of convertible preference stock, optional series of 1929. so
held, or at the option of the holder (exercisable in the manner stated in the
certificate of designation, preferences and rights of the convertible preference stock, optional series of 1929), in cash at the rate of $1.50 for each
share of convertible preference stock, optional series of 1929. so held.
p On March 9th. Consumers Power Co. announced the declaration of a
dividend on the6% pfd. stk. at the rate of $1.50 payable July 2, to holders
of rec. June 15. The rate on the 7% pfd. announced at the same time was
Incorrectly stated as $1.50 and should have been $1.75.
r Payable in Canadian funds, and in the case of non-residents of Canada.
a deduction of a tax of 5% of the amount of such dividend will be made.
u Payable in U. S. funds. v A unit. w Less depositary expenses.
x Less tax it A deduction has been made for expenses.
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 June 27 1934,
in comparison with the previous week and the corresponding
date last year:
June 27 1934. Juno 20 1934. June 281933.
Assets—
$
$
aold certificates on hand and due from
1,663,145,000 1,601,246.000
U. S. Treasury.:
Sold
1,934,000
1,707,000
Redemption fund—F. R. notes
62,302,000
.65,428,000
Aber cash
$
278,125,000
620,078,000
7,057,000
86,767,000
1,730,280.000 1,665,482,000
1,921,000
2,038,000
992,027,000
3,000,000
Total reserves
Redemption fund—F.R. bank notes
Bills discounted:
Secured by U. S. Govt. obligations—
Other bills discounted
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total U.S.Government securities
Other securities
Total bills and securities
Gold held abroad
Due from foreign banks
F. R. notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp.stook-All other assets
Total assets
3,528,000
10,894,000
3,564,000
10,877,000
22,050,000
36,105,000
14,422,000
14,441,000
58,155,000
1,951,000
1,937,000
2,511,000
169,173,000
386,649,000
224,433,000
172,173,000
375,984,000
232,098,000
182,314.000
268,616,000
300,098,000
780,255,000
780,255,000
751,028,000
35,000
35,000
2,263,000
796,663,000
796.668,000
813,957,000
1,195,000
8,253,000
119,309,000
11,449,000
42.529,000
29,649,000
1,195,000
6,045.000
115,501,000
11,449,000
42,529,000
27,636,000
1,312,000
4,610,000
89,497,000
12,818.000
23,194,000
2,741,365,000 2,668,426,000 1,940,415,000
LW-Utiles—
Gross
Deposits.
TRUST COMPANIES—AVERAGE FIGURES.
Manhattan—
Empire
Federation
Fiduciary
Fulton
Lawyers County
United States
Brook1101—
Brooklyn
Kings County
4421
Financial Chronicle
Volume 138
640,185,000 637,767.000 648,628,000
F. It. notes In actual circulation
55,358,000
36,209,000
35,473,000
F.It. bank notes In actual circulation net
.
Deposits—Member bank reserve scot.... 1,597,028.000 1,545,540,000 955.949 000
14,120,000
28,527,000
44,626,000
U.S. Treasury—General account
7.068,000
2,036,000
3,319,000
Foreign bank
20.594,000
133,286,000 134,574,000
Other deposits
1,778,259,000 1,710.677,000
Total deposits
117,358,000 114,091,000
Deterred avallabWty Items
60,298,000
60.302,000
Capital paid in
45,217,000
Surplus
45,217.000
Reserves (FDIC stock, self insurance
47,266,000
47,266,000
&c.)
16.901,000
17,305,000
All other liabilities
997,731. 0
00
86,316,00€
58,535,00t
85,058,001
1,667,000
7,122,000
Total liabilities
2,741,365,000 2,668,426,000 1,940,415.000
Ratio of total reserves to deposit an
60.3%
F. R. note liabilities combined
71.5%
70.9%
Contingent liability on bills purchased
11,444.000
209,000
for foreign correspondents
567.000
•"Other cash" does not include Federal Reserve notes or a bank's own Federal
Reserve bank notes.
These are certificates given by the U. S. Treasury for the gold taken over
from the Reserve banks when the dollar was on Ian. 31 1934 devalued from 100
cents to 59.06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
4422
Financial Chronicle
June 30 1934
Weekly Return of the Federal Reserve Board.
The fol,,wing is the return issued by the Federal Reserve Board Thursday afternoon,June 28,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 Boa..d's comment upon the returns for the latest week appears in our department of "Current Events
and Discussions.'
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JUNE 27 1934.
June 27 1934. June 20 1934. June 13 1934. June 6 1934. May 30 1934. May 23 1934. May 18 1934. May 9 1934. June281933.
ASSETS.
5
$
$
$
3
$
3
3
5
1
Gold Ms, on band dt due from U. 8..x.-- 4,781,748,000 4,788,726,000 4,787,162.000 4,706,157.000 4,648,631.000 4,633.584,000 4,583.812,000 4,585,034,000 966,694,000
Gold.
2.533,003,000
Redemption fund (F. R. notes)
24,972,000
26,254,000
28,200,000
30,010,000
29,774,000
29,923.000
44,068,000
30.165,000
30.631,000
Other cash •
237,803,000 232,810,000 233,854,000 223,321.000 223.880,000 238,142,000 236,520,000 234,299,000 290,507,000
Total reserves
5,044,523,000 5,047,790,000 5.049,216,000 4.959.488,000 4,901.685.000 4,901,649.000 4.850,497.000 4.849,964.000 3,834,272,000
Redemption fund-F. R. bank notes
13111s discounted:
Secured by U. S. Govt. obligations
Other bills discounted
4,335,000
4,720.000
5.354,000
5,275,000
5,791,000
7,392,000
6.047.000
21,829,000
5,618.000
23,379,000
9,038.000
24,662,000
6,413,000
27,838,000
6.312,010
28,090,000
6,277.000
30.297,000
45,144,000
145,837,300
27,956,000
27,876,000
28,997,000
33,700,000
34.251,000
34,402,000
36,574,000
190,981,000
5,215,000
5,200,000
5,201,000
5,221,000
5,178,000
5.263,000
5.501,000
6.656,000
8,186,000
469,253,000 472,206,000 406,416.000 406,258.000 406,194.000 406,208,000 406,190,000 407,860,000
1,219,172,000 1.192,609,000 1,202,264,000 1,214,508,000 1,216,490,000 1,217,000.000 1,233,599,000 1.237,089,000
U. S. Government securities--Bonds
Treasury notes
Special Treasury certificates
Certificates and bills
4.434.000
6,760.000
21,196,000
27,015,000
Total bills discounted
Bills bought In open market
4,352,000
6,732,006
20,283,000
440,836,000
703,047,000
4,695,000
741,849,000 765,365,000 821,726,000 809,470,000 807,470,000 806,992,000 790,367,000 786,660,000 829,329,000
Total U. S. Government securities- 2,430,274,000 2,430,180,000 2,430.406,000 2,430,236,000 2,430,154,000 2,430,200,000 2,430,156,000 2,431,818,000 1,975,212,000
Other securities
519,000
527,000
534.000
534,000
535.000
546.000
2,848,000
546.000
747.000
Total bills and securities
2.463,023,000 2,463.863,000 2.464.017,000 2,464,988,000 2,469,5673000 2,470,260,000 2,470.605.000 2.475,795.000 2,177,227,000
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks -Uncollected Items
Bank premises
Federal Deposit Insurance Corp. stockAll other resources
Total assets.
3,129,000
20,517,000
435,509,000
52,630,000
139,299,000
46,206,000
3,129,000
17,318,000
466,297,000
52,630,000
139,299,000
44,247,000
3.128,000
18,165,000
494,632,000
52,610,000
139,299,000
53.824,000
3.122.000
18,451.000
435,751.000
52,609.000
139,299.000
49.090,000
3,135,000
3,125.000
3.134.000
15,382,000
16,995,000
20.430,000
397.257,000 423,048,000 501,044,000
52,602,000
52,597,000
52,595,000
139.299,000 139,299.00f
139,299,000
47,926.000
48,577,000
46,131,000
3,134,000
16,260.000
406,394,00(1
52.569,000
139,299,000
45.581,000
3,729,000
16,411,000
340,469,000
54,312,000
50,193,000
(.209.171,0008.238.925,000 8.279.586,000 8,127,232,000 8,032,214,000 8.060.262.00( (.089,011.000 7.994,787.000 6,484,005,000
LIABILITIES.
F. R. notes in actual circulation
3,055,994,000 3,054,216,000 3.054,479,000 3,068,807.000 3.051,604,000 3.038.297,000 1,061,279,000 3.059.927.000 3,061,324,000
F. R. bank notes in actual circulation.--46,347,000
55,353,000
57,340.000
58,748,000
60.422,000
66.252.000 120,081,000
81,439.006
63,752.000
-Member banks' reserve account 1,836,536,0003.788,556,000 3,895,108,000 3,787,048,000
Deposits
3,762,920,000 ,767,269,000 3.694.493.000 3.677,863,000 2,286,207.000
U.S. Treasurer-General account-a-- 134,396,000 196,951,000
47,893,000
55,029,000
75,758.000
51.636.000
01,343.000
45,074,000
60,115,000
Foreign banks
5,767,000
4,484,000
4.322,000
20,286,000
3,686.000
5.592.000
6.915,000
5,510.000
4.649,000
Other deposits
219,281,000 219,943,000 246.474,000 225.816,000 227,598,000 238.809,000 246,981,000 249,983,000 148,261,000
Total deposits
4,195,980,000 4,189,934,000 4,193,797,000 4,092.308,000 4,047,746.000 4.061,031,000 3.991,197,000 3.994,876,000 2.509,783,000
Deferred availability items
436,342,000 464,856,000 489.990,000 429,302.000 399.832.000 427.374,000 501.685,000 401,661,000 339,652,000
Capital paid In
147,129,000 147,107,000 146.460,000 146,433,000 146.271,000 146,470.000 146.202.000 146,279.000 146,744,000
Surplus
138,383,000 138,383.000 138,383,000 138.383,000 138,383.000 138.383.000 138.383.000 138.383,000 278,599,000
Reserves(FDIC stock, self insurance. &C.) 161.834,000 161,83 000 161,833,000 161.832.000 161,832.000 161.832,000
12,179,000
161.832,000 161,831.000
All other liabilities
27,162,000
27,242, 9
37,304.000
31,419,000
15,643,000
26,124,000
25.436,000
24,681.000
25,578,000
Total liabilities
5,709,171,000 8,238,925,000 8.279,586,000 8.127.232.000 8.032,214,0008.060.262.000 8.089,011.000 7.994,787,000 6.484,005,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
69.5'0
89.7%
69.7%
69.3%
89.0%
89.0%
68.8%
68.8%
68.7%
Contingent liability on bills purchased for
foreign correspondents
1,740.000
1.957,000
2,093,000
2.447.000
2,730,000
3.268,000
36,060,000
3.622.000
4.002.000
Maturity Distribution of Bills and
Short-term Securities
1-15 days bills discounted
18-30 days bills discounted
31-60 days bills discounted
81-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market.-18-30 days bills bought in open market
31-60 days bills bought in open market
61-90 days bills bought in open market...
Over 90 days bills bought in open market
Total bills bought in open market
1-15 days U. S. certificates and bills
18-30 days U. S. certificates and bills-31-60 days U. S. certificates and bills-61-90 days U. S. certificates and bilis--Over 90 days U. S. certificates and bills-Total U. S. certificates and bills
1-15 days municipal warrants
18-30 days municipal warrants
31-60 days municipal warrants
61-90 days municipal warrants
Over 90 days municipal warrants
Total municipal warrants
$
$
3
3
$
$
3
$
18,766,000
1,392,000
1,268,000
5,276,000
313,000
20,006,000
1,075,000
1,514,000
5,064,000
297,000
h2.927.000
1,505,000
1.856.C90
2,927,000
601,000
22,451,000
2,644,000
1,763,000
1,846.00W
293,000
26,540.000
2,474.000
1.893.000
2.497.000
296,000
24,480.000
5,334.000
2.007,000
2,132.000
298.000
25,118.000
3,502,000
3,037,000
2,499.000
246,001
27,015,000
27,956.000
27.876.000
28.997,000
33.700.000
34.251,000
34.402.001
1,411,000
2,762,000
844,000
198,000
1,358,000
371,000
3,128,000
343,000
197.000
1,404,000
3,354,000
246,000
868,000
1,406.000
659.000
2,788,000
2,571,000
108,000
1,638.000
771,000
237.000
315,000
464,000
4,247.000
928,001
204,00(
435,00)
3.934,00)
6,178.000
5.263.000
5,215,000
5,200,000
5,201.000
5,221.000
31,470,000
19,600,000
82,462,000
116,769,000
491,548,000
33,105,000
33,225,000
80,262,000
129,469.000
449.304,000
88,604.000
31.470,000
67,880.000
110,629.000
523.143,000
79,136.000
32,105,000
48,225,000
75,662,000
574.342,000
100,096.000
51,070,000
64.462,000
591.842,000
741,849,000
765,365,000
821.726.000
809,470,000
484,000
492,000
492.000
7.000
492,000
7,000
35,000
35,000
35.000
35,000
5,501,001
_
534,000
-
534.000
36.574,000
190,981,000
2.218,000
191,000
437.000
3,810,000
1,370,000
1,552,000
2,697,000
2,567,000
-
6,656,000
8,186,000
130,466,000
17,725,000
594,703,000
41,613,000
46,025,000
108,495,000
284,562,000
348,634,000
790.367.000
786,869,000
829,329,000
506,000
2,727,000
10,000
5,000
499.000
8,000
5,000
35.000
35.000
35,000
38,000
73,000
548,000
548,000
547,000
2,848,000
94,736,000
85,330,000
56,962,000
589.964.000
807.470,000
808,992,000
500,000
506.000
35.000
527,000
136,381,000
16.677,000
14,555,000
18,468,000
4,900,000
43,975,000
21.325,000
70,981,000
62.210.000
34,430,000
604,421,000
5,000
519,000
3
24,950,009
2,813,000
5,777,000
2,460,000
574,000
535,000
Federal Reserve Notes
Issued to F. R. Bank by F. It. Agent.-- 3,338,310,000 3,348,703,000 3.351.519,000 3.359.601.000 3.330,083,000 3,332,511,000 3,337.686.000 3,345,138,000 3,327,308.000
Held by Federal Reserve Bank
282.316,000 294,487,000 297,040,000 290.794,000 278,479,000 294.214.000 276,407,000 285,211,000 265,984,000
In actual circulation
3,055,994,000 3.054,216,000 3,054,479,000 3,068,807.000 3,051,604.000 3,038.247,000 3,081,279,000 3,059,927,000 3,061,324,000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold ctfs on hand & due from 13.6. Trees
3,073,656,000 3.102,871,000 3,076,771,000 2.999,771.000 3,004,771,000 3,014,771.000 3,021,771,000 3,013.771.000 1 523 266000
By gold and gold certificates
Gold fund-Federal Reserve Board
1 285933000
B eligible paper
15,725,000
16,245,000
15.672.000
15,271.000
18.871,000
17,009 000
18,440.000
18,875,000 115,779,000
292,000,000 267,000,000 302.700,000 375.300.000 364.300,000 352.300,000 341.300,000 349,300,000 441.200,000
U. S. Government securities
Tote collateral
3,381,381,000 3,388.116,000 3,395.143,000 3,390,342.000 3,387,942,000 3,384,080.000 3,379,511,000 3,381.946,000 3,366,180,000
•"Other cash” does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
These are wrath:atoll given by the U, S. Treasury for the gold taken over from the Reserve banks when the dollar was on Jan. 31 1934
devalued from 100 cents to
59,06 cents, these certificates being worth less to the extent of the difference, the difference itself having been appropriated as profit by the Treasury under the provisions
of the Gold Reserve Act of 1934.
a Caption changed from "Government" to "U. S. Treasurer-General account" and 3100.000.000 Included In Government deposits on May 2 transferred to "other
,ecosita;
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JUNE 27 134
Two Ciphers (00) Omitted.
Federal Reserve Bank of-
Total.
Boston. New York.
Phila.
Cleveland. Richmond Atlanta.
Chicago.
St. Louis. Minneap. Kan.Cay. Dallas. San Fran.
$
$
3
RESOURCES.
$
3
$
$
3
$
$
$
$
$
Gold certificates on hand and due
from U.S. Treasury
4,781,748,0 399,521,0 1,663,145,0 275,737,0 347,760.0 176,722,0 121,106,0 1,020,208,0 162,363,0 97,254,0 146,166,0 92,023,0 279,743,0
554,0 4,543,0
Redemption fund-F. R. notes
968,0 1,168,0 1,005,0
2,183,0
1,707,0 2,606,0 3,080,0 1,568,0 3,479,0
24,972,0 2,111,0
Other cash
31,378,0 11,349,0 12,678,0 10,791,0 6,166,0 12,704,0
65,428,0 35,507,0 12,316,0 8,705,0 12,570,0
237,803,0 18,211,0
Total reserves
5,044,523,0 419,843,0 1,730,280,0 313,850,0 363,156,0 186,995,0 137,155,0 1,053,769,0 174,680,0 111,100,0 157,962,0 98,743,0 296,990,0
474.0
Redem. fund-F. R. bank notes_
715,0
858,0
2,038,0
250,0
4,335,0
Bills discounted:
127,0
44,0
95,0
Sec. by. U.S. Govt. obligations
110,0
124,0
114,0
69,0
441,0
78,0
3,528,0 1,086,0
916,0
6,732,0
359,0
433,0
177,0
375,0
Other bills discounted
17,0
564,0
757,0
508,0
289,0
10,894,0 5,555,0
355,0
20,283,0
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
27,015,0
5,215,0
1,271,0
371,0
14,422,0
1,951,0
642,0
487,0
6,641,0
536,0
871,0
193,0
141,0
121,0
730,0
649,0
577.0
178,0
272.0
142,0
485.0
85,0
477,0
142,0
486,0
360,0
469,253,0 27,225,0
1,219,172,0 80,454,0
741,849,0 50,000,0
169,173,0 30,022,0 35,998,0 17,501,0 15,143,0
386,649,0 84,947,0 109,175,0 53,076,0 45,719,0
224,433,0 52,151,0 67,852,0 32,985,0 28,416,0
76,501,0 16,166,0 17,358,0 15,672,0 20,387,0 28,107,0
218,102,0 47,509,0 29,814,0 46.976,0 31,506,0 85.245,0
136,240,0 29,525,0 18,490,0 29,196,0 19,582,0 52,979,0
Total U.S. Govt. securities- 2,430,274,0 157,679,0
Other securities
519,0
780,255,0 167,120,0 213,025,0 103.562,0 89,278,0
484,0
35,0
430,843,0 93,200,0 65,662,0 91,844,0 71,475,0 166,331,0
Total bills and securities
2,463,023,0 159,321,0
Due from foreign banks
3,129,0
236,0
Fed. Res. notes of other banks_
20,517,0
3620
Uncollected Items
435,509,0 42,966,0
Bank premises
52,630,0 3,224,0
Federal Deposit Ins. Corp.stock_ 139,299,0 10,230,0
All other resources
811,0
46,206,0
796,663,0 174,781,0 214,154,0 104,626,0 90,033,0
109,0
119,0
300,0
341,0
1,195,0
1,126,0 1,358,0 1,085,0
590,0
8,253,0
119,309,0 35,805,0 42,965,0 34,870,0 12,074,0
11,449,0 4,170,0 6,788,0 3,128,0 2,372,0
42,529,0 14,621,0 14,147,0 5,808,0 5,272,0
29,649,0 5,465.0 1,414,0 1,853.0 2,433,0
432,222,0 93,462,0 66,232,0 92,258,0 72,094,0 167,177,0
222,0
88,0
88,0
7,0
10,0
414,0
602,0 1,534,0
916,0
750,0
2,811,0 1,130,0
59,303,0 16,170,0 12,397,0 23,497,0 15,806,0 20,347,0
1,657,0 3,485,0 1,757,0 4,089,0
7,387,0 3,124,0
19,749,0 5,093,0 3,510,0 4,131,0 4,359,0 9,850,0
579,0
967,0
470,0
268,0 1,118,0
1,179,0
Total resources
8,209.1710637,2430 2,741,365,0 550,481,0 644,765,0 338,757,0 250,533,0 1,576,834,0 293,937,0 196,771,0 282,807,0 194,890,0 500,788,0
LIABILITIES.
F It. notes in actual circulation_ 3,055,994,0 243 834 0 640 185 0 248,567,0 306,390,0 140,469,0 134,064.0
F. R. bank notes In act'l Wean_
:
35:473 0 4,793,0 4,280,0
'490:0
46,347,0
Deposits:
Member bank reserve account_ 3,836,536,0 312 905 0 1,597,028,0 206,547,0 229,740,0 133,931,0 71,621,0
U. S. Treasurer-Gen. sect... 134,396,0 1,630 0
1,119,0 8,152,0 8,768,0 6,173,0
44,626,0
:
Foreign bank
359,0
142,0
131,0
389,0
3,319,0
269,0
5,767,0
Other deposits
219,281,0 2,366,0 133,286,0 7,526.0 8,499,0 3,899,0 9,119,0
765,792,0 131,224,0 94,872,0 107,169,0 40,079,0 203,349,0
1,311,0
641,161,0 112,767,0 68,213,0 128,763,0 114,327,0 219,533,0
43,472,0 3,184,0 2,096,0 7,294,0 4,592,0 3,290,0
266,0
105,0
124,0
105,0
86,0
472,0
5,544,0 13,809,0 7,923.0 3,756,0 1.476,0 22,078,0
Total deposits
4,195,980,0 317,170,0 1,778,259,0 215,581.0 246,750,0 146,740,0 87,044,0
De/erred availability items
436,342,0 43,217,0 117,358,0 34,672,0 43,224,0 34,269,0 11,586,0
Capital paid in
60,302,0 15,406,0 12,690,0 4,970,0 4,394,0
147,129,0 10,739,0
Surplus
45,217,0 13,352,0 14,090,0 5,171,0 5,145,0
138,383,0 9,610,0
Reserves: FDIC stock, self insurance, &c
47,266,0 17,121,0 16,447,0 6,963,0 7,853,0
161,834,0 11,283,0
All other liabilities
447,0
175,0
894,0
989.0
17,305,0
900,0
27,162,0
Total liabilities
690,649,0 129,884,0 78,318,0 139,918,0 120,500,0245,167.0
61,421,0 17,557,0 12.211,0 22,990,0 17,910,0 19,927,0
12,618.0 4,027,0 3,049,0 4,148.0 3,998,0 10,788,0
20,681,0 4,756,0 3,420,0 3,613,0 3.683,0 9,645,0
5,946,0
543,0
22,718,0
2,955,0
4,535,0
366,0
4,748,0
221,0
5,489,0 11,465,0
447,0
1,920,0
8,209,171,0 637,243,0 2,741.365,0 550,481,0 644.765.0 338,757,0 250,533,0 1,576,834,0 293,937,0 196,771,0 282,807,0 194,890,0 500.788,0
Memoranda.
Ratio of total res. to dep. & F. It.
note liabilities combined
Contingent liability on bills purchased for torn corrennnnliann.
69.6
74.8
71.5
67.6
65.7
65.1
62.0
72.4
66.9
64.1
63.9
61.5
66.2
1 "do n
loo n
507 n
1570
172 0
080
(/20
2211 0
590
41 fl
coo
54-1 A
128.0
•"Other Cash" does not include Federal Reserve notes or bank's own Federal Reserve bank notes.
FEDERAL RESERVE NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Boston. New York.
Total.
Cleveland, Richmond Atlanta.
Phila.
Chicago.
St. Louts. Minneap. Kan.City. Dallas. San Fran.
Federal Reserve notes:
$
$
Issued to F.R.Bk. by F.R.Agt_ 3.338,310,0287,900,0
Held by Fedi Reserve Bank___ 282,316,0 24,066,0
$
$
$
$
$
737,683,0 263,814,0 322,289,0 149,134,0 154,682,0
97,498,0 15,247,0 15,899,0 8,665,0 20,618,0
$
$
$
$
$
$
801,910,0 136,030,0 99,853,0 114,288,0 45.757,0 244,970,0
36,118,0 4,806,0 4,981,0 7,119,0 5,678,0 41,621,0
In actual circulation
3,055,994,0 243,834,0
Collateral held by Agent as security for notes issued to Wu:
Gold certificates on hand and
due from U.S. Treasury-- 3,073,656,0 271,117,0
Eligible paper
15,725,0 1,182,0
U. S. Government securities.. 292,000,0
640,185.0 248,567.0 306,390,0 140,469,0 134,064,0
765,792,0 131,224,0 94,872,0 107,169,0 40,079,0 203,349,0
743,706,0 227,000,0 264,931,0 131,340,0 96,385,0
642,0
450,0
8,847,0 2,345,0
416,0
35,000,0 60,000,0 19,000,0 60,000,0
809,513,0 118,936,0 80,000,0 97,290,0 46,675,0 186,763,0
477,0
308.0
171,0
189,0
561,0
137,0
60,000,0
18,000,0 20,000,0 20,000,0
752,553,0 264,345.0 325,573,0 150,790,0 156.801.0
801.074.0 137.073.0 100.189,0 117.461.0 47.152.0 247,071,0
Total collateral
3.381.381.0 272.299.0
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent al-
BOOM. New York.
Total.
Federal Reserve bank notes:
Issued to F. It. Bk.(outstdg.)Held by Fedi Reserve Bank._
$
61,058,0
14,711,0
$
1,511,0
1,021,0
In actual circulation-net ...
Dollat. pledged agst. mast. notes:
Discounted & purchased bills__
U. S. Government securities__
46,347,0
490,0
66,474,0
66,474,0
Total collateral
Phila.
Cleveland. Richmond Atlanta.
$
$
$
36,682,0 16,035,0 4,705,0
1,209,0 11,242,0
425,0
35,473,0
$
Chicago.
St. Louis. Minneap. Kan.City. Dallas. San Fran.
$
8
$
$
$
3
2,125,0
814,0
4,793,0
4,280,0
1,311,0
5,000,0
36,974,0 16,500,0
5,000,0
3,000,0
5,000,0
36,974,0 16,500.0
3
5.000,0
3,000.0
• Does not include $93,277,000 of Federal Reserve bank notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks in 91 leading cities from which weekly returns are obtained. These figures
are always a week behind those for the Reserve banks themselves. The comment of the Reserve Board upon the figures for
the latest week appears in our department of "Current Events and Discussions," immediately preceding which we also give the
figures of New 1'i:irk and Chicago reporting member banks for a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS JUNE 20 1934 in Millions of Dollars).
Federal Reserve District
-
Total.
On securities
All other
ROOMS with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government depasits
Due from banks
Due to banks
Borrowings from F. R. Bank
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.Citg. Dallas. San Fran.
$
8
$
$
$
$
$
$
$
1,189
347
416
1,827
337
513
350
551
1,824
_
$
8,121
$
1,043
670
3,759
499
419
170
176
740
201
158
203
184
876
3,571
4,484
-total
Loans
U. S. Government securities
Other securities
Phila.
$
1,145
8,055
-total
Loans and investments
Investments total
-
Boston. New York
$
17,663
263
407
1,952
1,807
234
265
201
218
60
110
62
114
343
397
75
126
39
119
61
142
60
124
221
655
600
351
9,608
475
4,362
544
770
177
161
192
348
311
164
3,061
1,301
292
252
576
194
126
51
107
51
1,084
740
344
312
6,082
3,026
212
100
139
53
237
111
232
181
51
2,824
236
12,375
4,492
1,354
1,574
3,623
Ii
251
48
841
340
114
124
188
1,386
48
6,458
1,117
773
143
1,644
5
136
12
670
308
73
160
229
122
18
623
461
55
90
171
I
45
11
210
135
9
84
59
28
6
171
131
33
76
74
463
49
1,539
485
69
253
472
70
8
330
164
35
90
141
38
4
217
122
9
70
91
73
10
414
168
26
199
234
275
122
67
127
117
73
8
951
• 139
14
627
939
91
158
173
4424
Financial Chronicle
-ore
Tamin
ginartrial
"„itr „rn.rt riE
g
.
United States Government Securities
Bankers Acceptances
PUBLISHED WEEKLY
NEW YORK AND HANSEATIC CORPORATION
Terms of Advertising
Transient display matter per agate line
45 cents
Contract and Card rates
On request
CHICAGO OFFICE-In charge of Fred. D. Gray, Western Representative.
208 South La Salle Street, Telephone State 0613.
LONDON OFFICE-Edwards & Smith, 1 Drapers' Gardens, London, E.C.
37 WALL ST., NEW YORK
U. S. Treasury Bills-Friday, June 29.
Rates quoted are for discount at purchase.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Bid.
Railroad and Miscellaneous Stocks.
-For review of the
New York stock market, see editorial pages.
The following are sales made at the Stock Exchange this
week (June 23 to June 29 inclusive) of shares not represented
in our detailed list on the pages which follow:
1
STOCKS.
I Sales
Week Ended June 29. , for
Week.
Range Since Jan.l.
Range for Week.
Lowest.
Highest.
Lowest.
Highest.
Parl Shares.
per share. , per share. $ per share.S per share.
RailroadsMar 184 June
Det & Mackinac pf _100
20 16 June 261 1639June 26 10
Havana Elec Ry 14_100
Jan 839 Apr
180 4 June 26 44June 26 3
Hudson ex Manh pf_100
100 17 June 28 17 June 28 18
May 264 Jan
Int Rys of Cent Am pf 100
10 1539June 28 15%June 28 734 Ja 224 Apr
Market St Ry corn_ -100
110 1 June 28 1 June 28
y, Jan 239 Mar
100
Preferred
10 3%June 29 34-Rule 29 334 Jun
84 Apr
100
2d preferred
40 239June 25 2%June 25 1
Jan 44 Apr
Morris & Essex
50
70 674June 27 684June 28 58
Ja 71
Apr
zNew Orl Tex& Mex100
10 14 June 26 14 June 26 114 Jan 25
Feb
Northern Central _ 50
100 8539Jtme 25 86%June 20 81
Mar 8739 May
Pitts Ft W & Ch pref100
40 165 June 25165 June 25141K Jan 165 June
Wheeling & L Erie_ _100
10 2839June 26 2839June 26 25
Mar 29
Apr
Preferred
100
10 36 June 27 36 June 27 25
Jan 36
June
Indus. & Misce11.Am Mach & Mets etfs..•
Amer Radiator & Stand
Sanitary pref__ _100
Andes Copper Mining_*
Armour de Co (Illinois)
pref receipts
Art Metal Construct _10
Austin Nichols prior A *
Bon Ami class A
*
Briggs &
Stratton_Chicago Yellow Cab_ *
Collins & Alkman pf 100
Conde Nast Publica'ns•
Conn Sty & Lighting100
ConsolCigar pref (7)100
Crown W"mette lot pf.•
Cushm Sons 01(7%) 100
Preferred (8%)__ _ _*
Devoe & Rayta 1st 0100
Fairbanks Co ctfs_25
Preferred
__100
Fed Min & Smeltpf 100
ctfs_Florshiem Shoes el A•
Greene Cananea Cop100
Guantanamo Sug pf 100
K C Pow & Lt pf ser B •
Kresge Dept Stores_ _1
ioo
Preferred
Omnibus Corp pref_100
Peoples Drug Storos_.•
61.5% cony pref 100
Revere Cop & Br pf_100
Sou Dairies cl A
Stand Brands pref__100
100
The Fair pref
Untd Amer Bosch ___•
United Dyewood OLIN
S Express
100
100
S Tobacco pref
Union Pipe & Rad p110)
Utah Copper
10
Yadsco Sales pret_ _ _100
• No par value.
1,400
74,June 25
94June 27
439 Jan 10
May
101194June 2511931June 2511134 Jan 121
May
100 7 June 25 7 June 25 6
May 10% Apr
200 714June 28 714June 28 683 Jun 71% June
9
,
30 639.1une 25 64June 25 5
Jan 931 Apr
10 60 June 27 60 June 27 394 Jan 64
Apr
2901 80 June 28 82 June 23 78
May 83
Apr
200 19 June 26 1939June 25 15
Jan 244 Apr
106 134June 27 1339June 27 114 Apr z16
May
320 774June 27 8139.1une 25 7739 June 94
Apr
100 939June 25 939.1une 25 7% Jan 1339 Apr
10 61 June 23 61 June 23 50
Jan 61
June
120 49 June 25 503jJune 28 31
Jan 59
Apr
10 60 June 26 60 June 28 47
Jan 69
Apr
10 8639June 23 8639June 23 80K Mar 91
May
206 85 June 29 85 June 29 6839 Apr 90 June
10108%June 23108%June 23 99
Feb 110
May
206
%June 25
34 June 2
%June 25
Apr
101 5 June 25 5 June 25 3
Feb 94 Apr
1001 90 June 28 90 June 28 70
Jan 95
Apr
500: 24 June 29 24 June 29 15
Jan 25
Apr
16 45 June 27 45 June 27 18
Jan 59
Apr
200, 26 June 27 303
4June 28 74 Jan 31
Feb
661094June 251104June 29 9739 Jan 1114 Apr
1001 4 June 28 4 June 28 239 Jan 74 Feb
Jan 55
201 4339June 26 45 June 26 19
Apr
1001 94 June 29 94 June 29 89
Feb 95
Jan
1,200 48 June 23 55 June 29 21 Jan 55 June
110199 June 27 109%June 27 86
Jan 10939 June
isa 88 June 25 90 June 25 46 Jan 90 June
10, 6 June 26 6 June 26 6
June 939 Mar
190,1244June 29 1254June 25 121,14 Jan 126
June
78 June 28 50
Jan 83
Apr
370 11 June 28 124June 29 9 Jun 17
Feb
30; 67 June 29 68 June 26 5931 Mar 75% May
4 May 14 Apr
106 • %June 29
%June 29
20 145 June 27145 June 27 126
Jan 145
May
130: 14 June 26 144June 29 44 Jan 24
Apr
201 644June 29 6439June 29 614 Jan 67
Apr
100 224June 27 22%June 27 21
Jan 22% June
v Companies reported in receivership.
The Week on the New York Stock Market.
-For
review of New York stock market, see editorial pages.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
June 29 1934.
Railroad
Stale,
Stocks,
Number of and AI(scat. Municipal it
Shares.
Poen Bonds.
Bonds.
0000,
).
Saturday
Monday
Tuesday
Wednesday _ _
Thursday
Friday
'0(1.11
Sales at
New York Stack
Exchange.
-No. of shares.
Stocks
Bonds.
Government bonds__ _
State & foreign bonds_
Railroad & misc. bonds
32,432,000
4,919,000
5,719,000
6,450,000
6,112,000
6,304,000
vcn VII 050 nnn
ell 275l ,nn
United
States
Bonds.
Total
Bond
Sales.
---$434,000 $3,850,000
850,100
7,514,100
2,760,500 10.331,000
1,279,100
9,327,100
2,638,800 10,443,800
1,509,400
9,320,400
$984,000
1,745,000
1,851,500
1,598,000
1,693,000
1,507,0)0
Week Ended June 29
1934.
CO A72 Onn 5511,va
Ann
Jan. Ito June 29
1933.
1934.
1933.
3,144,250
25,641,385
213,141,022
340,859,129
59,471,900
9,378.500
31,936,000
87,698,800
17,585,000
64,929,000
$327,397,200
361,007,000
1,365,826,000
$260,247,100
388,454,500
1,063,435,000
10.786,400 $90,212.800 1.2.054,230,200 31,712,137,500
Total
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Friday, June 29.
Maturity,
Int.
Rate.
Bid.
Sept. 15 1934_ ..
Aug. 1 1935__
June 15 1939._
Aug. 1 1934._
Dee. 15 1934___
Mar. 15 1935_
Dec. 15 1935_ ..
.
Feb. 11938.,.
Dee. 15 1936...
134%
134%
234%
234%
24%
23,%
24%
24%
234%
100".,
101 2232
101"32
1008.2
1018.2
101 2,22
103.22
..2
103,
103.32
Asked.
Matur UP
100", Apr. 15 1936_ _.
101 22,, June 15 1938_
101", June 15 1935_
Feb. 151937_._
101..2 Ain'. 15 1937._.
101", Mar. 15 1938....
103 ., Aug. 1 1936_ _ _
,
103, Sept.15 1937._ _
..2
104"32
June 30 1934
Int.
Rule.
Bid. Asked.
--24% 104,22 104..,
234% 10112,2 104",,
3%
10221 2 102".,
.
3'7
101242 10111..
3%
1042.22 10488
,
3%
101". 104".,
2
34% 105.32 105',
34% 105 s2 105".,
,
July 3 1934
July 11 1934
July 18 1934
July 25 1934
Aug. 1 1934
Aug. 8 1934
Aug. 15 1934
Aug. 22 1934
Aug. 29 1934
Sept. 5 1934
Asked,
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
Bid.
Sept. 26 1934
Oct. 3 1934
Oct. 10 1934
Oct. 17 1934
Oct. 24 1934
Oct. 31 1934
Nov. 7 1934
Nov. 14 1934
Nov. 21 1934
Dec. 19 1934
Dec. 28 I9'14
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%
0.15%*
0.15%
0.15%
United States Government Securities on the New
York Stock Exchange.
-Below we furnish a daily record
of the transactions in Liberty Loan, Home Owners' Loan,
Federal Farm Mortgage Corporation's bonds and Treasury
certificates on the New York Stock Exchange:
Daily Record of U. S. Bond Prices. June 23 June 25 June 26 June 27 June 28 June 29
-- - ---- --104 32 104 33 104°32 104 32 104'32
,
,
,
1012.2 104.22 104.22 104... 104?..
104,
32 104
,
,
, 101'.31 104 31 104 32
,
1
3
5
36
5
___
High
First Liberty Loan
____
339% bonds of 1932-47._ Low.
____
Close
(First 3398)
____
Total sales in $1,000 units__
__
Converted 4% bonds of_ 1 High
1932-47 (First 4o).
____ ___
____
____
-_-_
____
Total sales in 61,000 units_
.., 103 22 103.., 103,
,
... 103,...
Converted 44% bonds_ I High 103,22 103,
,
,
, 103 32 103"
,
103 32 103 32 103
,
,
of 1932-47 (First 44s) Low_ 103
close 103'32 103"33 103, 103, 103, 103"32
32
,
33
10
10
23
18
15
42
Total sales in $1,000 units__
Second converted 44% High
----------------___ ____
__ _
____
____
____
bonds of 1932-47 (Firsti Low_
Second 4348)
___ _
____
____
____
___
____
Total sales in $1.000 units_ __
- 2
,
High 10322.12 10320n 103n, 103.22 1032..2 1031.st
?ourth Liberty Loan
932 103"32 1031'412 103,082 10328,2 103222.
bonds of 1933-38._ Low_ 103'
434%
Close 1031.22 103", 103", 1032.8 1032.32 103",
(Fourth 4.34s)
14
7
11
61
23
Total sales in $1,000 units__
34
2.22 101"2: 1012
.22 10122 2 101 2.., 1012,
I High 10
?ourth Liberty Lean
..
.
.., 101 1.22 101201, 10120.. 10122n
44% bonds (2d called). Low- 101 1,22 101,
Close 101 2 22 101. 32 1012.32 1012232 101"32 101",
,
6
10
Total sales in $1,000 units__
4
3
28
71
,
Treasury
High
......._ 11221n 1132 2
-___ 1132n 11310,,
_ 1132n 1138n
____ 1122h2 112",
Low_
43.4s 1947-52
__ 113 32 113,
0
...
,
Close - 112..2 113
16
164
87
____
---Total sales In $1,000 units...
106
High 108,232 108"32 1082.33 109.32 105", 108",
Low. 108", 109"32 1081.32 108"32 1082
45, 1944-54_
., 1.08"33
Close 1032212 10822,2 10820,2 1032032 10822,2 108"..
2
7
98
Total sales in $1.000 units...
17
33
16
.
IlIgh 10318 2 103l2s2 103'
2,2 10321 2 1032,32 103283,
,
,
Low_ 103 ..2 103".2 1031°32 103", 103", 103"32
454s-334s, 1943-45
.
Close 1031 22 103",, 103. 32 1032.32 1032,32 1032,32
,
7
18
Total sales in $1,000 units__
61
64
15
94
High 106", 1092,32 10)1",, 107
107.22 107,
..,
Low_ 10627,2 1062.., 10620,2 1062222 107
331s. 1946-56
1070
.2
Close 106", 106", 100"32 107
107
10711
,
7
36
Total sales in $1,000 units__ _
4
11
11
3
High
---_
---_ 1011.32
____ 101". 104"32
34s, 1943-47
-- -_
-___ 104.6
, __-_ 104.732 104"32
1 I ow_
--------10418,,
Close
101,8 2 101",,
,
Total sales in $1,000 units_ - _
----106
____
1
21
-High 101722 101',, 101,
33 101,
33 101 U32 101"32
32 101 232 101,
Low_ 101,
3s, 1951-55
33 101 832 101", 101.'32
Close 101'n 101433 101 32 101 32 101.432 101+ 32
,
,
,
3
Total sales in $1.000 unU3__
42
316
8
10
280
Imo; 1016. 101, 10110,, 10111, 101,2,2 101,
31
..,
2
3s, 1946-18_
.. 101,
Low_ 1018
32 101,
32 101 33 101",, 101",,
,
32
close 101, 101832 101.032 101"32 101", 101",
116
Total sales in $1,000 units....
85
592
477
638
127
High 1042.i2 10122
.. 105
____ 105 22 105.s,
,
339s, 1940-43
(low. 1042... 1042222 10428 2
.
__ 105,
32 10.5,
32
Close 1042..2 104".. 105
-___ 105.32 105 33
,
Total sales in $1,000 units__
8
23
2
--- _
1254
____ 1012.22 1042,n
High
---- 105...
- - -I ow_
- - - - 101", 101"32
34s, 1941-43
-_ 105
--Close
- -- - 1042,3 104E32
---- 105 2
,
-- -____
Total sales in $1,000 units_
1
41
2
35
High 102"., 102 42 10212a2 102.2 2 102",2 101
,
:
;
18
3395, 1946-49
Low_ 102",, 1021.22 10200,, 102",, 102",, 1021131
i
Close 102.022 1020 102,222 102,2
.2
., 102,122 102 ...
,
8
Total sales In $1,000 units...
57
105
44
4
19
32
High 1012, 1012,32 104 42 1013°32 105332 105432
,
32
% 1042, 1012,32 105
334,, 1941
1 Low_ 1042, 1012
,
105 32
,
Close 10422,2 104"s2 104",2 104", 105., 105,
,
2
Total sales in $1,000 units__
101
245
186
27
17
,
High 103 33 103
,
, 103
,
, 103.2
,103.33 103",
1.ow.. 103222 103,22 103 ., 103 33 103"32 1031,32
34s, 1944-46
,
,
,
, 103.32 103 33 103 32 103"32 103",
Close 103
,
,
130
Total sales in $1,000 units__
32
283
313
102
51
., 101,,, 1012,32 101",
vderal Farm Mtge
I High 101 1.22 101,232 101 2
.., 101,222 101.32 101'',, 101"32 101"32
344s, 1944-64
i Low_ 101,
Close 101 1.22 10112.2 1012.4: 10121 2 10122,, 1012,33
.
3
s
Total sales in ELM) unUs___
78
374
277
16
High 10012,2 10012,2 10020a2 10018n 10021,2 10028n
ederal Farm Mortgage
,
3s, 1949
1 Low_ 10012 2 100l1,2 100222 10018,2 10018,2 100l2,2
Close 100", 100..12 100.32 100. 12 1002.22 100",
,
1
Total sales in 51,000 unites.__
50
97
15
163
69
ome Owners' Loan
High 10020,2 10022:2 100 8,2 100":2 10022 2 10021,2
,
1951
II ow_ 1002832 10020.2 100"., 100", 1002,32 100"33
is,
.
Close 1002 22 10020.2 1002812 1002822 1002.22 10080
..
106
Total sales in $1,000 units_ _ _
126
215
126
245
28
ome Owners' Loan
( High 100", 100. 32 100"32 10012
,
,1001l, 1002°22
3s, series A. 1952
4 tow. 100"32 100.°32 100232 100", 100", 100",
(Close 100", 100..32 100"33 100.
, 100", 100",
,
8
Total sales in $1,000 units...
210
228
439
74
191
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
2
.5
3
3
Fourth 43,s (uncalled)
Fourth 434s (2,1 cAlled)
Treasury 4s, 1914-54
Treasury 33.is, 1913-17
103.22 to
101".. to
103.2,, to
10112.2 to
103,
...
101"..
10822,2
10412n
The Curb Exchange.
-The review of the Curb Exchange is
given this week on page 4410.
A complete record of Curb Exchange transactions for the
week will be found on page 4443.
4425
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
1..4r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
.
NOTICE.
-Cash and deferred delivery sales are disregarded In the day's range, unless they are the only transactions of the day.
sales in computing the range for the year.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 23.
Monday
June 25.
Tuesday
June 26.
IVednesday
June 27.
Thursday
June 28.
FrulaY
June 29.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
No account is taken of such
PER SHA ICE
Range Since Jan. 1.
-share lots.
On basis of 100
PER SHARE 6
Range for Precious
Year 1933
Lowest.
Highest.
Lowest.
Highest.
$ per share 3 per share $ per share
per share $ per share $ per share Shares.
Par $ per :hare
Railroads
$ per share
$ Per Share $ Per chars
5713 573
4 563 573
4
4 5712 6014 5912 6114 585 6018 5812 595s 23,500 Atch Topeka & Santa Fe100 5112May 14 733 Feb 5
8
4
3458 Feb 8018 July
.
86
.853 867
8 87
87
4
87
8814 8912 x8712 8712 *8612 8712
900
Preferred
100 7018 Jan 5 8912June 27
50
Apr
79114 June
4912 4012 4012 3914 403
383 383
8 3814 3912 39
8
8 3812 3914 4,400 Atlantic Coast Line RR_ 100 3414May 14 5438 Feb 16
1612 Feb 59 July
2318 233
4 231g 2312 23
2414 24
2412 233 2414 233 24
4
8
11,300 Baltimore & Ohio
100 21 May 12 3412 Feb 5
838 Feb 377s July
.27
281s 273 275
8
8 2714 2834 .28
2914 2812 2812 2814 28 4 1,300
Preferred
,
2412 Jan 9 3738 Feb 6
100
9 12 Apr
3914 July
4314 4212 4212 4212 4212 423 43
.42
4
43
43
43 43
800 Bangor dr Aroostook
50 3912 Jan 9 46 18 Feb 1
413 1)ec
Jan
4
20
108 108
•10612 108
10812 10912 .108 10912 10913 10912 10912 110
210
Preferred
100 9518 Jan 5 110 Apr 20
683 Jan 1 10 Aug
8
9 2 012* 4 12
,
93
*934 12 .10
12 .
10
12 .10
12
100 Boston & Maine
912June 6 1912 Feb 5
100
Apr
6
30 July
*5
612 *5
612 *5
612 •5
612 .5
612
612 •5
Brooklyn & Queens Tr_No par
47 Jan 8
8
83 Feb 7
8
312 Mar
93 July
8
.46
48
*45
48
*4514 48
48
48
*4612 48
•46
48
100
Preferred
No pa? 41 Jan 18 5814 Apr 26
353 Apr 60,8 July
4
3712 377
8 37, 377
4
4
3 363 3778 377 3812 373 38
g
4
373 3818 7,200 Bklyn Manri Transit_.No par
4
2.814 Mar 27 4014May 23
213 Fel, 4114 July
4
03 .92
93
93
93
92
93
93
03
9212 9213
900
$6 preferred series A _No par 8218 Jan 4 9434 Apr 28
64 Mar 8313 June
147 15
8
143 15
4
1412 15
143 143 "0 8 1414 1418 1414 20,500 Canadian Pacific
8
4 1374
'
25 123 Jan 2 1814 Mar 12
4
712 Apr 2073 July
9212 9212 *90
95
95 .90
•90
93 •90
95
•90
05
20 Caro Clinch & Ohio stpd__100 70 Jan 6 92123une 23
5014 Apr 7912 July
.63
.6318 73
73
*6312 69
64
6414 .65
68 •65
68
200 Central RR of New Jersey _100 62 June 1 92 Feb •
38
Apr 122 July
465 47
8
4
463 473
8 47
4818 4753 48
473 4818 473 48
8
8
11,500 Chesapeake & Ohio
25 3913 Jan 5 485
8June 16
243 Feb 4914 Aug
8
.33
8 4
*3
*3
4
4
.33
8 4
33
8 33
8
3
3
300 :Chic & East III Ry Co.... 100
2,Jan 15
3
7 Feb 17
12 Apr
8 July
312
312 31, *314
314 312
37
8 37/4
312 418
33
4 33
4
800
6% preferred
17 Jan 9
100
8
8 Feb 16
12 Apr
812 July
8
33
8 33
318 314
318 318 *3
312
312 *3
3 2 •3
,
400 Chicago Great Western
23
100
4May 14
512 Feb 1
13 Apr
8
73 July
8
8 •712 83
.7,
8 .75s 83
2 812 *734 83
8 *73
4 812
713 7 2
,
100
Preferred
100
614 Jan 4 117 Feb 19
8
213 Apr
147 July
8
412 412
412 412
412 412
412 434
412 43
8
4,
2 412 2,800 Chic Milw St P & Pac__No par
414 Jan 2
812 Feb 5
1
Apr
113 July
4
8
77
8 77
73
4 8
73
4 81g
73
4 8
73
4 77
712 73
8
4 8,700
Preferred
63
100
451ay 14 1314 Feb 5
112 Fell
1814 July
97
8 914 4,900 Chicago & North Western. 100
914 93
9
914 912
/1
918 912
8
914 93
92
,
65s Jan 3 15 Feb 5
114 Apr
16 July
1612 1612 1612 1638
1612 17
1712 1712 1714 1714 173 173
8
14 Jan 3 28 Feb 16
900
s
Preferred
100 13
2
Apr 243 July
4
, 33
8 *314
33
8
314 .
314
3,
4 3,4
314 312 .3i.
318 31 1
900 :Chicago Rock lel & PacIfici00
614 Feb 7
23 Jan 3
4
2
Apr
1018 July
*55
8 57
•53
4 6
*53
4 6
*512 6
8 .53
100
53
4 534
4 6
7% preferred
45 Jan 3
100
8
95 Feb 6
8
312 Apr
1912 July
412 412
.118
418
*418 47
g
*418 5
*418 434
414
300
414
6% preferred
100
4May 14
33
8 Feb 6
27 Apr
8
15 July
*2812 3112 2812 281* *2812 3112 3112 33
3218 3214
33
33
12 Colorado & Southern
100 27 Jan 4 403 Feb 1
8
1514 Feb 51 July
24
217
8 2212 247
8 223 223
4
2612 2612 2512 26
4 2312 26
260
4% let preferred
100 20 Jan 4 331.4 Feb 9
1212 Apr 423 July
4
•18
223 *19
4
223 •I8
8
2258 •
223
22
8 22
22
•20
23
50
4% 2d preferred
100 20 Jan 12 30 Feb 3
10 Mar 30 July
.33
8 4
•314 4
4 *3 4 334
3
3 14
33g
338 *314 33
90 Consol RR of Cuba pref
,
100
218 Jan 5
1 14 Feb
63 Feb 5
4
103 June
8
8 712
712 *0
*612 712 '6
712 .6
712 •63
8 712 •63
Cuba RR 6% pref____ _. 100
3 4 Jan 15 1013 Jan 23
,
212 Jan
16 June
•5214 54
*513 502 56
8
56
5514 5514 55
55
5412 5434
800 Delaware & Hudson
100 49 June 2 7312 Feb 1
375 Fet
8
933 July
4
223 2314 2214 23
4
2212 233
4
, 223 233
8 2312 237
4 22544 235
8 6,600 Delaware Lack & Western_50 20187May 12 333 Feb 5
4
1714 Feb 46 July
8
9
.
831
9
9
834 83
9
4 .8
300 Deny & Rio Or West pref. 100
.
814 87
8
5 4 Jan 19 1314 Mar 28
3
2
193 July
Feb
4
4 183 133
183 1834
1812 183
4
4
19
4 1914 20
193 *183 197
8
4
8 1,400 Erie
101. 137 Jan 8 247 Feb 5
8
8
3 4 Apr
3
2534 July
*2312 2412 '2312 2412 24
25 '2414 25
2414 25
24
24
900
First preferred
100 16 Jan 3 2814 Apr 26
412 Apr 2912 July
"183 193
4
4 193 193 .183 20 '183 20
4
4
4
4
183 1914 17
4
17
Second preferre.I
700
100 12 Jan 3 23 Apr 21
212 Apr
2314 July
2112 213
4 2114 223g 213 223
4
4 217g 2234 213 2212 213 2218 14,600 Great Northern pref
4
s
100 18 May 14 3212 Feb 5
45 Apr
8
333 July
4
.
9
13
*9
13
•9
13
•9
*9
13
•9
12
13
Gulf Mobile & Northern100
57 Jan 10 1614 Feb 20
13
134 91,1
1112 July
.22
28
'22
*21
28
28
28 .2012 28
*21
*2012 28
Preferred
100 15 Jan 11 35 4 Feb 21
3
*34
212 Mar 2312 July
1
*3
4
1
•4
3
1
*34
.
3
4 1
1
Havana Electric By Co No par
*3
4
1
7 Feb 13
8
112 Jan 23
38 Dec
234 June
*714 7 4 *714 8
3
*7 4 8
,
73
8 7:
18 *714 8
8
77
8 77
200 Hudson & Manhattan
100
618Jurie 5 1218 Feb 7
612 July
19 June
2414 243
8 24
2412 2378 2512 25
253
s 243 255
8 2412 251
4
5.000 Illinois Central
100 22 May 14 387 Feb 5
8
812 Apr503 July
4
*3.5
43
*35
43
42
*36
4,311
40
3978 397 *35
8
33
100
6% pref series A
100 35 Jan 13 50 Apr 26
16 Ma
6018 July
'Cl
63
61
61
*61
70 •
62
64
*62
20
63, "62
4
6314
Lease.] lines
100 483 Jan 5 66 May 2
4
31 Mar 60 July
*1612 20
*1612 20
*1612 1838 •1612 187g •161z 19 .161z 19
RR Sec ctfs series A 1000 16 May 23 2414 Feb 6
_412 Apr 34 July
77
s 8
8
8
•77
8 884
A
8
83
.8
4
8
8 18
700 :Interboro RapidTran v t c 100
7 May 14 133 Jan 2
4
418 Feb
133 Dec
4
.12
1312 *12
.11
11
14 .12
14
14
14
.1214 1312
100 Kansas City Southern
10C 11 Jan 8 193 Apr 21
4
612 Fel
247 July
8
1912 .16
.16
1912 •17
1912 .
16
19
•16
10
•16
19
Pre.erred
100 153 Jan 5 2712 Apr 21 812 Mar 3414 July
4
1514 153
8 1134 1512 15
16
153 153
4
4 1512 151
15
1514 2,300 Lehigh Valley
8May 14 2114 Feb 5
50 125
4
83 Feb273 July
8
5034 503 *493 502
4
8
8 503 52
3
5212 53
52
5314 5112 5214 1,300 Louis,III & Nashville_ _ __100 4814 Jan 4 6212 Apr 20
,
2114 Jan 6712 July
"23
27
•23
27 .23
27 .23
25 .
23
25 .23
25
:Mrio ha
nd 3t4an Ry 7% guar _100 20 Jan 3 3212Mar 29
12 Ma
Oct
28
.14
15
14
14
14
15
133 133
4
1438 143 143
4 14
8 1,100
8
Mod
guar
100 13 Nlay 12
195 Jan 12
8
*7
Jan
6
Oct
20
93
*7
93
4 *7
93
4 •7
9
7
7
'6
100 Market St Ry prior pref
778
47 Jan 16 1214 Apr 24
100
8
8 June
178 Mar
•5
8
7
8
*3
8
3
4
3
8
3
3
12
3
8
3
4 3,400 :Minneapolis dr St Louls_ _100
"2
13 Mar 28
8
12 Jan 11
Jan
;83
914 July
27
1
2 1,
*112 2
*112 2
•112 17
.112 2
•Ilz 2
•113 17
8
Minn St Paul & SS Marie_ 100
4June 6
3 8 Feb 6
5
13
July
.238 312 .23
s 31
. .23
8 312 .23
8 31
"214 31
*214 314
drreliel c333
100
4
13 Jan 8 • 518 Apr 20
77.
4%
114 Apr
812 July
*02 412 *312 41
412 41
.3,
2 4,
2
.3 8 4
3
•33
8 4
10
leased line
312 Jan 2
712 Mar 10
100
213 Dec
1413 July
918 918
912
918
912
9
912 93
938 97
8
912 912 2,200 MO-Han-Texas RR____No par
8
712hlay 14 147 Feb 5
1718 July
53 Jan
4
23
23
"223 231
4
233 233
8
4
4 233 233
2312 2312 2212 223
4 1,200
Preferred merles A
8
100 173 Jan 5 343 Frb 6
4
1112 Jan
3714 July
.334 4
33
4 33
*33
4 37
8 .33
4 4
.33
4 4
•33
4 4
100 :Missouri Pacific
100
6 Feb 5
3 Jan 2
1', Apr
1014 July
6
6
6
6
6
6
6
6
512 53
53
4 6
Cony preferred
4 1,200
412 Jan 3
100
4
13 Apr
93 Feb i
8
15, July
4
37
37
.36
37 .35
42
35
35
33
34
*3213 34
150 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
13
57 July
Jan
•112 131
13
4
*112 17
13
8 *113
.112
17
8
/3 •13
17
17
8
100 Nat Rya of Mel 1s1 4% pt. 100
•12
214 Feb 23
1 May 16
84
312 June
*3
, Mar
8
8
3
•2
2
3
4
5
8
513
3
8
3
8
300
3
4
2d preferred
3
4
100
3 Jan 5
8
1 Mar 7
283 2912 283s 293
4
2838 3014 223 307
4
8 2912 30 4 2812 223 31,400 New York Central_ __. No par 2538May 14 454 Feb 5
,
8
Fe), 5812 j e
14', Fen
ja
138 July
.173 2114
4
Pi
18
.1914 201 4 •1858 2012 .18
2012 .1714 19
100 N Y Chic dr St Louis Co ..100 15 Jan 3 267 Apr 24
8
218 Jan
273 Aug
3
3214 3112 323
32
8 3014 32
32
3-14 32
32
31
3118 1,703
Preferred series A
100 1713 Jan 3 4314 Apr 23
23 Apr 3414 July
8
*11912 121 .120 122 .121 12212 12212 12212.122 12212 122 12312
60 N Y & Harlem
50 108 Jan 2 139 Feb 1 100 Mar 1583 June
4
1518 153
8 1412 1512 145 157
8
8 1512 157
8 151s 1538 147g 147, 6,500 N Y N 11 & Hartford
81May 14 2418 Feb 5
100 133
8
11 18 Feb 347 July
243
21
4 237 245
8
8 233 25
4
24.8 243
1
4 237 2412 2378 2412 5,800
8
Cony preferred
Apr
100 2312 Jan 6 375 Feb 5
8
18
56 July
712 712 *7I
71.
712
7$.1
7 4 *714 73
3
4
714
738 *714 73
400 N Y Ontario & Western_ _..100
4
7i4 m, 12
4y
115 Feb 5
7
8
73
133
8
5,
71: Dec
*7, 1
7
8
7
8
*7
8
*7
1
8 1
1
1
700 N Y Railways pref
No par
Mar
8June 5
July
13 Jan 16
4
*23
7
8 3
.238 3
.238 3
.23s 3
23
8 23
8
27
8 27
8
200 :Norfolk Southern
114 Jan 3
418 Apr 211
100
12 Apr
47A July
18112 183
.
18134 1813 1813 1813 182 182
4
4
18212 1837 18312 18312
4
8
600 Norfolk & Western
lig 161 Jan 5 1837
9912 99
8June 28 I1112 Mat 177 July
*99
99
.9712 99
2884 983
4 99
99
99
99
80
Adjust 4% pref
100 82 Jan 8 100 June 9
74 May 3712 Sept
233 2 4 233 24
4 0
8
24
2434 253
25
8 243 2514 24
8
4
100 2118 Jan 6 3113 Apr 11
9 8 Apr
5
3478 July
.218 312 .218 312 '21,8 312 .218 338 .218 312 .218 2514 9,300 Northern Pacific
31
.
Pacific Coast
2 Jan 4
10
(13
8 ar 14
7 July
Jan
1
812 .
.4
213 812 .4
812 *413 812 '4
812 •4
812
1st preferred
No par
10 July
33 Jan 19 1114 Apr 20
4
15 Feb
8
.
212 5
•212 514 .210 51 .
212 514 •212 514 *212 514
2d preferred
No pa
2 Jan 3
Feb
1
7 July
612 Mar 14
8 3014 3028 3018 31
308 303
31 14 313
4 3118 315
8 3014 31 18 18,200 Pennsy:vaula
•31g
50 2814May 14 377 Feb 19
4214 July
133 Jar
4
8
•33
8 412 *33
8 412 .31y
412 *318 412 *31
, 412
Peoria & Eastern
4 Jan 16
100
8 Feb 17
9 July
7 Feb
8
.26
2712 26
26
*23
271* •24
2712 .2312 2678 .22
2712
100 Pere Marquette
100 1612 Jan 10 39 Apr 24
37 MaT
8
37 July
8
•371.2 427 .3712 427 .41
8
427 •41
8
427g •41
427 .41
8
4278
Prior preferred
100 18 Jan 13 5112 Apr 23
Jan 4412 July
6
36 .
.31
31
36
*31
36 •
31
36
*31
3518 .31
36
Preferred
*31, 314 *314 4
100 1612 Jan 10 43 Apr 23
412 Feb 3812 July
4
4
*314 4
*314 4
.314 4
30 Philadelphia Rap Tran Co50
3 Feb 8
57g July
6 Apr 25
2 Jun
•7
72, 73
838 *714 83
/4 *712 818
8 *1 7/1 83 . 8 83
3
8
67
100
8
7% preferred
50
412 Jan 12 16 Apr 24
3 Dec10 July
35 .19
•19
35 '19
35
•19
35 .19
3018 '19
255
8
Pittsburgh dr West Virginia 100 15 Jan 3 27 Feb 21
612 Apr
35 4 July
3
493
4 50
497 *47
.47
8
51
51
517
8
5114 5114 *4914 5112 1,000 Reading
43 Jan 2 563 Feb 5
51
8
2312 Apr 6212 July
.
3712 4118 .3712 4112 .3813 4118 .3812 4118 .3812 4118 .40
41
1st preferred
50 337 Feb 7 41 12June 11
8
25
Apr
38 July
3714 3714 .37
3812 37
37
*3414 3818 *3512 383
8 3833 383
8
300
2d preferred
50 2918 Jan 11
2312 Mar 37 July
3912June 19
*818 11
*818 11
.313 11
*818 11
9
9
.818 9
100 Rutland ItR 7% prof
100
15 Feb 7
1812 July
712May 14
Jan
6
27
8 27
g
4 3
•23
23
4 23
4 3
4
234
23
234
3
3
1,500 :St Louis-San Francisco_ _100
23 Jan 2
8
8
4 8 Feb 6
5
93 July
8
7 Jan
8
.33
8 37
8 *312 37
33
8 358
,
312 3 2
35
8 35
8
312 3 2
500
,
1st preferred.......____100
214 Jan 4
618 Apr 4
I
914 July
Apr
02 15
.812 15
O
*812 15
. 2 15
8,
*85 15
8
.85 15
8
St Louis Southweatern___.100
Jan 19
22 July
514 Mar
1
1
118
1
Its
1
1
1
1
lls
1
llg 5,700 :Seaboard Air Lino_.__No pa, 1213 Jan .4 20 Mar 8
1
2 Feb 6
3 July
I, Jan
218
.13
4
218 .2
218
218 •2
218 .2
218
2
2
200
Preferred
13 Jan 11
100
4
38 Mar
318 Feb 21
8
47 July
2314 237g 23
237
8 23
2412 2414 2518 243g 2514 24
25
26,400 Southern Pacific Co
100 1812 Jan 5 333 Feb 5
4
4
11 18 Feb 383 July
'2518 2512 2412 2512 2412 257
8 2538 26
247g 257
, 233 2434 10,700 Southern Railway
4
100 217
8May 14 3612 Feb 5
4 18 Mar
36 July
8 3013 302
8 303s 3214 3218 3218 303 317
3028 302 .
4
8 30
303
4 2,500
Preferred ..
1011 273
8May 12 41 14 Apr 26
49 July
8
57 Jan
43 .41
•40
43
*4012 42 .40
43 .41
43
•41
43
Mobile & Ohio stk or Ws 100 39 Jan 19 473 Apr 20
4014 July
Jan
4
8
28
25
25
•25
*25
28 .25
32
•25
32
•25
32
100 Texas & Pacific Ry Ca. .100 185 Jan 3 4314 Feb 1
3
6
*63
Apr 43 July
8
15
.53
8 6
558 53
8
6
6
.512 612
6
6,
4
800 Third Avenue
100
52
8June 26
1218 June
418 Feb
8 4 Jan 12
,
.5
•5
512
6
5
5
478 47
8 •412 5
*45
8 5
200 Twin City Rapid Trans No par
13 Jan 10
8
43 June
4
3 Dec
812 Apr 24
4
25
25
25
25
•25
28
25
25 •22
243 •21
243
40 Preferred
4
100
6 Jan 12 39 Apr 24
412 Dec
15 June
121 12212 122 12314 123 123
*12012 123
122 1221 12212 123
2,300 Union Pacific
100 11012 Jan 4 1337 April
61 14 Apr 132 July
8
*8414 851 .811s 85
,
8518 8518 8412 853
8 85
85
•843 85
4
400 Preferred
100 713 Jan 18 8.533June 27
Apr
7512 July
4
56
.31, 33
*3
8 *314 31
32
,
3
314 314
3
•314 33
200 :Wabash
4
*100
214 Jan 5
712 J1119
1 12 Jan
418 .10 30
53
8 53
3 •512 61,
512 512
1.612
612
4 *53
53
4 53
4 6
,
Preferred A
300
100
97 July
31s Jan 2
8
Ils Apr
83 Apr 26
8
4
4
113 113 •113 1214
4
117 123
8
8 12
1212 •1218 121
12
1218 1,700 Western Maryland
100
884 Jan 2 1714 Feb 20
Feb
16 July
4
1712 •15
.15
1712 •l414 171 •15
1712 •15
171 .15
1712
2d preferred
1912 July
100 12 Jan 9 23 Feb 2l1
5 8 Jan
3
*518 6
518
518
51r. 512
5
5
514 51
518 514
1,000 Western Pacific
2 4 Jan 2
3
Apr
100
912 July
1
812 Mar 29
111 4 1131
103 1114
4
113 12
8
113 113
4
8
4 113 113 •11
8
113
8 2,300
Preferred
100
43 Jan 5 1712Mar
8
17 Mar
8
July
•Bid and asked prices, no sales on this day.
:Companies reported In recelvershlp.
a Optional sale
c Cash sa e. s Sold 15 lays
r Ex-dividend.
p Es-rights.
New York Stock Record-continued-Page 2
4426
June 30 1934
or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SECOND PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT.
Saturday
June 23.
Mondat,
June 25.
Tuesday
June 26.
Wednesday I Thursday
June 27.
June 28.
Friday
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ per share $ per share 3 per share
812 8 4
5
814 812
812 83
4
*7712 80
*7713 80
*7713 80
2712 2712 2714 2714 273 28
8
*914 9
*914 10
9
/
1
4
/ *9
1
4
*5
514 *5
514
5
5
4 718 *83
*63
4 7
/ *63
1
4
4 71
/
4
97 4 98
3
9812 997
8 983 101
4
214 214
.212 213 *214 238
/
1
4
1914 19; 1912 194 1914 203
*514 53
4 *514 6
*514 6
2; 2
*253 2
/
1
4
24 24
3
/
1
4
3
1314 1338 1313 1312
*1312 14
13
*1112 1312 .12
*12
14
12
12
*1113 13
*1214 14
*18
21
.18
21
.18
21
4
13914 1393 13612 1393 136 13712
4
8
8
*1257 130 *1257 130 •125% 130
15; 1653 1553 1653
16
16
154 1512
*1412 15
15
15
Industrial & bilacel. Par
$ per share $ per share $ per share Shares.
No par
83
4 9
5,900 Adam. Express
84 9
3
88 9
7
100
30
*7712 80
Preferred
7712 7712
*7713 80
No par
28
2812 28; 29
1,700 Adams M0118
28
28
10
100 Address Multigr Corp
9
/ 9
1
4
/ *9
1
4
9 8 *9
7
92
7
No par
100 Advance Rumely
*5
6
6
*518 53
4 *5
500 Affiliated Products Ino_No par
83
4 83
4
63
4 7
*53
4 718
9918 3,500 Air Reduction Ina____No par
4
1003 10112 2993 10014 99
4
400 Mr Way Elee Appliance No par
211
214
218 2%
214 214
20; 2118 21
2214 2114 217 39,700 Alaska Juneau Gold M1n__10
A P W Paper Co
No par
*514 6
*514 6
*514 6
No par
8
8
8 6,100 Alleghany Corp
2 8 27
5
23
4 24
23
4 24
Pref A with $30 warr___100
1,000
13
131 131 1318 1318 13
/
4
/
4
Pref A with $40 warr___100
*12
1313 *12
1318 *12
1314
Fret A without Warr __100
500
13
*12
1314 *12
*1214 13
NO par
Allegheny Steel Co
19
/
1
4
*18
1978 *18
*18
21
3 7,600 Allied Chemical & Dre_No par
13112 1323
1343 13713 13112 134
8
100
8
Preferred
8
1257 130 *1257 130 *125% 130
4 3,409 Allis-Chalmers Mfg____No par
8
16 • 1812 157 1618 1513 153
.*1.5
1512 *1412 15
300 Alpha Portland Cement No par
15;.
*15
1
Amalgam Leather Co
4
4 .418 43
4 *418 43
43
4 *418 43
*418 43
4 *4
*44 5
7% preferred
50
4
4
4
4
*313 333 *3112 333 *3112 33% .3112 333 *3112 333 *3112 333
4
4
No par
2,400 Amerada Corp
51
5019 4978 50
50
5012 5012 5012 *50
5112 5112 50
700 Amer Agrio Chem (Del) No par
8
*33
3312 331s 3318 333 3312 *3212 40
33
*33
3314 33
10
4 8,100 American Bank Note
213
4 2114 213
8
20
2012 207 2214 21
20
20
21
*20
50
Preferred
380
4614 453* 4614 4638 4612 464 4713
4984 493
4 4612 48% 45
10,500 American Beet Sugar._No par
8
12
123
8 12
4
123
4 123 1314 127 1314 1214 13
123
8 12
100
7% preferred
1,000
70
714 69
70% 6812 69
671 70
68
70
6714 68
500 Am Brake Shoe & Fdy-No par
253 26
4
4
4
7
*2614 277
8 25 8 251 *253 2614 2614 2614 *253 27
100
Preferred
50
110 110 *1073 110
110 110
109 109
4
*108 110 *108 110
26
964 973
/
1
4 6,700 American Can
4 9612 97
97
983
96 4 98
3
9614 97
9512 96
100
Preferred
200
145 147
145 145 *145 147
144 144 *142 147 *14112 145
900 American Car & Fdy___No par
4 2114 22
3 2012 2012 213 213
*2013 211
/
4
4
21
21
2012 213
100
Preferred
460
*4118 42
3914 4012 4012 4013 *4012 42
417
3914 3914 *39
*714 1014 *8
No par
American Chain
1014 *6
1014 *6
1014 *6
1014 *6
1014
100
*26 35 *2512 34 *2512 34 *2512 35 *2512 35
*2514 35
7% Preferred
No par
1,200 American Chicle
55
44 5812 55
56
5 4 *5
63
56
5513 58
' 55
56
56
10
100 Amer ColortYPe Co
*4
414 *312 4
*34 4
*312 4
*312 4
313 312
34
35
3514 35; 35
3414 3,300 Am Comni'l Alcohol Corp....20
4 3113 35
3414 343
4 3413 343
1; 13 11,100 Amer Encaustic Tiling_No par
8
2
214 214
214 214
11 13
/
4
4
118 218
214
Amer European Sees-No par
*618 714 *6
/
4
54 7
714 .8
* 13 712 *618 714 *61 714
63
818 814 3.300 Amer & For% Power__.No par
838 812
814 812
81 83
/
4
8
83
3 84
8
8;
No par
Preferred
900
203 203
8
8 2053 2012
*2014 22
204 204 2012 2013 *2013 21
/
1
/
1
No pa,
2nd preferred
800
11
11
12
*11
113 *11
4
10 4 103
3
4 1053 11
*103 11
4
No par
*16
163 *1512 1614
4
*1812 17
$6 Preferred
*1513 1612 *1513 17
*1512 17
200 Amer Hawaiian 8 8 Co--10
157
14 .14
1514 *14; 1538 *1418 1518 14
*14
15; *14
100 &met Hide & Leather_No par
*7
*7
8
8
*7
712 *7
7
7
*7
8
8
100
Preferred
*28
32
*28
32
*28
32
*2713 32
*2713 32
*27
32
1
400 tmer Home Products
3
/ 3478
1
4
4
4
4 34
4
*3412 34 4 343 34; *3412 34; 343 34; 343 343
No par
63
8 638 3,200 tmerican Ice
63
4 63
83
8 83
4
63
4 63
4
6; 6;
612 613
100
6% non-cum prat
100
373 3753
3
53 *3513 403 *363 4014 *3814 4018 *3614 38
4
*3614 40
1,800 Amer Internal Corp-No par
8
8
8
8 18
8
812
84 83
/
1
8 *8
813
*8
813
*14 1
3
4
3
4
7
g
7
8
700 Am L France & Foamite No par
1
1
1
*7
8
7
8
kl
100
Preferred
30
7
618 618 *6
. 7 4 7 4 *WS 54 *618 814 *1353 814
3
3
800 tmerican Locomotive _No par
2334 24
*2318 24
24
24
8
24
2412 24
241 *2318 247
/
4
100
Preferred
300
551
/
4
553* *55
5614 *53
*54
55
*5014 55% 55
55
55
800 Amer Mach & Fdry Co_No par
14; 14; 145g 148
15
15
*1414 1412 1412 1412 *1412 15
17,900 Amer Mach & Metals_No par
753 87
853 914
82
4 9
83
4 9
712 7'2
712 7
/
1
4
8
4
22
2218 213 217
8 217 2214 2214 221 227 24
233 2418 9,800 Amer Metal Co Ltd__ No par
4
8
/
4
100
6% cony preferred
200
*77
86
83
8518 *76
8518 7614 7614 *77
912 *76
7913 7
270 kmer News Co Ino____No par
26
28
*25
25
26
26
25
251 *25
/
4
25 2514 25
7
71
/
4
74
3
7
718 714
714 73* 6,100 4mer Power & Light__No par
714 73
4
714 7 4
3
No par
88 preferred
1,700
4
2012 2012 203 203
213
4 2012 21
21
2118 *21
/
4
4 201 21
No par
$5 preferred
500
1814 1814
*1814 21
*1814 19
*1814 1912 1814 1814 *1814 19
4
His 14i2 1414 1412 14
14; 13,200 Am Red & Stand San'y No par
133 141 13; 1413 1314 1414
4
/
4
25
1912 185 1914 6,000 American Rolling Mill
8 1813 1912 194 198 19
3
183 1912 183 193
8
400 Ameilcan Safety Razor No par
54
54
*5312 54
*5312 54
54
543 543
8
8 54
54
54
45
(
500 American Seating v e_No par
414 414 *438
414 414
4114 414
413 412
414 414
300 Amer Ship & Comm___No par
118
*1
1
1
*1
118
1
1
114
*1
114 *1
200 Amer Shipbuilding Co.No par
4
8
*2212 2412 223 2212 *2212 2412 2212 2234 2318 2413 '233 2413
4222 42
/ 43; 4234 44
1
4
39,800 Amer Smelting & Rata _No par
423 44
8
/ 4212 41
1
4
41
414 40
/
1
100
12213 12213 *120 12412 125 125
Preferred
200
*12112 125 *121 128 *121 124
100
2nd preferred 6% cum
500
95 95
93
93
92 92
91
91
*91
92
*90
93
25
700 American Snuff
8
4
4
*5812 5914 583 5914 *583 5914 5914 5913 *587 5912 59 59
100
Preferred
10
4
*120 1223 *120 12212 *120 12212 *120 12213 12214 12214 .120 12211
1614 2,500 Amer Steel Foundries-No par
183
4 1614 1612 16
/ 1612 16
1
4
*153 1614 1514 1512 15
4
100
Preferred
663 70
8
90
8
663 665* *663 70
8
8
66% 6618 *663 79
*6618 75
No par
100 American Stores
4278 42 8 *4112 43
7
*4118 43. *4118 43
*413 43
4
*4118 43
100
4
8 6,000 Amer Sugar Refining
651a 6612 653 663
6434 66
4
8 623 65
617 617
8
8 617 633
100
Preferred
500
120 120
11918 11918 11914 11914 .118 120
11814 11814 *119 120
200 Am Sumatra Tobacco_No par
*1712 1814 *1712 1814 *1712 1814
18
*1714 1812 1714 1714 18
100
11318 11414 10,600 Amer Telep & Teleg
/
4
114 1143 11312 11453 1131 11414 115 11512 11413 115
8
25
74
74
741 2,100 American Tobacco
/
4
74
7312 74
723 728
4
4 72; 74
*713 73
4
25
Common claw B
7614 12,700
763
4 76
7714 76
743 7713 76
4
73 4 74; 74; 75
3
100
Preferred
100
*121 12212 12213 12212 *121 12214 *121 12214 *121 12214 *121 12214
63
812 *8
*54 613 *6
/
1
:Am Type Founders___No par
613 *8
/
1
*614 6; *54 8
100
Preferred
80
168
41518 1518 151s 15% 15% 1512 *1514 1614 *1518 1614
*15
/
1
201 3,200 Am Water Wks & Eleo_No par
/
4
4 201 2012 20
/
4
1912 1912 1913 194 1913 2014 20; 203
No par
1st Preferred
*75
79
*75
79
*75
78
•75
78
*75
78
*74
81
1014 1013
4
4
/
1
/ 102 104 103 11
1
4
/
1
1014 1014 104 10
*1013 11
603 61%
4
4
603 61
603 61
8
8 593 60
60% 607
8 5812 607
114
114
1
114
118
112
114
114
113 112
11
4 13
4
413 43
614
4
414 48
3
3 2 412
4
312 53
6
53
4 53
4
6
6 18
*618 613 *618 612
618 618 *618 7
4
*8
67
*3913 48
*3912 48
*3912 48
*3913 45
*3912 45
*3912 45
/
1
15; 144 153
/
1
8
143 154 1414 1518 144 1518 15
8
/
1
14; 15
8
*1913 1218 *1012 1218 1013 1012 *101 1218 1114 1112 *1118 1218
21
2112 *20
,
2012 2012 *20 4 2114 2114 2114 2114 2114 *20
*933 9512 *933 9612
4
4
*933 98
97 97
4
*9312 98
*93; 98
31
31
*3012 31
*3018 31
30
*2918 3018 *2814 3014 *29
115 115 *115 120
4
*11334 120 *1133 120 *115 120 *115 120
*92
93
4
4 913 92
4
91; 913
4 913 913
9112 9112 *9112 92
53
4 53
4
8
6
6 14
5% 6
58 63
55* 5 3
7
513 53
8
8
3
3
2 4 27
8
8
21
8 318
2 4 23
2; 23
4
234 2 4
3
8
/
4
6814 67
6814 673 701 7014 71; 8918 70;
67
66
65
5
5
4 4%
43
47
8 5
5
5
5
5
518
5
612 612 *614 7
*612 712 *612 712 *612 712 *612 712
112 112
4
*1; 13
4 *112 13
*112 2
*lss 2
*13
8 2
12 8 125
,
8
*1112 13
4
11; 12
*113 12
*1112 13
*118 13
4
8
8
*5514 648 *5518 647 .5518 647 *5514 647 *5618 6014 *5512 6014
*4514 55
*4518 5712 *4518 5712 .4514 5712 *4514 55
*4514 55
*38
40
40
4012 *38
40, .38
2
38 .38
38
.33
42
*17
19
*17
19
*16
19
19
*16
19
*16
19
*18
4 245* 25
2538 253* 253
243 25
4
4 2518 25
2434 2518 243
4
*4814 4812 4814 4814 481 49
*4814 50
49
*46
49
*46
10012 10012 .10012 101
•100 101 *10018 101 *10014 101 *10012 101
*814 10
*814 10
*812 10
9
9
912
*9
*9
10
2214 2514
/
4
4
2318 2522 20 2514 2412 251 2414 25
24
25
1214 1214 1212 1212 1214 1214 12
12
4
*11; 1312 *113 1214
614 68
8
614 65
8
614 63
8
614 612
825 523
618 6
/
1
4
1118 10; 10
/
1
4
/
4
8
8 103 101 10; 11; 11
103* 103
8 1018 105
/
4
8
/
1
43
/ *4318 464 *431 481 *4318 4812 *4318 4813
1
4
*43
*43
45
97
97
9912 9712 98
9912 .98
*97
9913 9913 99; *97
412 413 *414 4% *414 478 *414 44 *44 47
*412 5
29
29
*29
397 .
8 129 30
2718 28
28
28
28
28
s
753
71 73
/
4
714 712
75*
712 753
Vs
714
/
1
4
714 7
*2912 2978 2913 2913
30 30
30
30
2913 30
30
30
95
*93
98 I 95
98
98
98
96 .93
9713 96
*93
4 16; 16;
1514 1612 *16 .181
16
/
1
143 154 15; 15; 16
4
*91
_ *91__
*91 105
*8712 105
90
90
*8713 90
6313 6312 6312 64
*64 86
64
*63
64
*61
6412 *60
/ 12
1
4
/ 12; 123
1
4
3
4
3 123 123
1214 *1214 12; 1214 1214 12
12
8
8
8
8
3
*11614 1161 1163 1161 *11618 1161 11613 1193 *118 11912 *116 11912
3
14; 1512 14 4 15 I 142 1514
*
8
1412 144 143 1512 14; 15
17 I 164 17
17
1718 17
17
/
1
1714 17
17
j16'2 17
• Bid and 443.d prices. no sales on this day
1,400 American Woolen____No par
up
Preferred
2,100
1
9,800 Am Writing Paper
No par
Preferred
5,100
800 Amer Zinc Lead & Smelt___1
25
Preferred
27,400 Anaconda Copper MinIng_50
300 Anaconda Wire & CableNo par
No par
300 Anchor Cap
$6.50 cony preferred_No par
10
100 Archer Daniels Midrd-No par
100
7% preferred
10
700 Armour & Co (Del) pref_100
21,800 Armour of Illinois class A-25
25
Class B
8,500
100
Preferred
23,200
5
1,300 Arnold Constable Corp
No par
200 Artloom Corp
100 Associated Apparel Ind No par
I
400 Associated Dry Goods
100
6% tat preferred
100
7% 2d preferred
25
40 Associated Oil
At 0 & W I SS Lines_No pa
25
5,700 Atlantic RefinIng
No par
400 Atlas Powder
100
Preferred
10
No par
100 Atlas Tack Corp
11,200 Auburn Automobile____No par
No par
1,200 Austin Nichols
-5
6,900 Aviation Corp of Del (The)
5,700 Baldwin Loco Works_No par
100
Preferred
90 Bamberger (L)& Co prof _100
No par
100 Barker Brothers
6; cony preferred___100
%
180
5
8,300 Barnsdall Corp
No par
800 Bayuk Cigars !no
181 preferred
100
90
25
1,000 Beatrice Creamery
Preferred
100
100
20
200 Beech Nut Packing Co
1,300 Belding Heminway Co_No par
Belgian Nat Rye part pref _
15
4,400 Bendix Aviation.
2,400 Beneficial Indus Loan __No par
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for PflI4OUS
Year 1933.
Lowest.
Highest.
$ ver Mare
$ Per share 8 Per share $ Per Mare
/
4
11
3 Feb
6 2 Jan 6 111 Feb 5
1314 July
7014 Jan 25 7712 Apr 19
89 Apr 71 June
8
16 Jan 5 341 Apr 5
8 Apr 2153 July
8
7 4 Jan 5 113 Feb 6
3
5 Apr 1218 June
/
1
4
7; Feb 5
412May 14
11 Feb
4
98 July
3
9; Feb 6
6 Jan 13
/
1
4
5; July
111 May
4
913
4June 2 10614 Jan 24
4712 Feb 112 Sept
338 Apr 26
17 Jan 3
3
4 May
12 Feb
173
8May 12 23 3 Jan 15
7
1118 Jan 33 Aug
778 Apr 24
5 Jan 13
1
Jan
ins July
212May 14
514 Feb 1
814 July
7 Apr
1
7
5 4 Jan 4 1618 AV 10
k
1
Apr 217 July
5 8 Jan 3 145 Apr 10
3
8
lls Apr 21 July
5 Jan 6 1438 Apr 9
14
114 Mar 20 July
15 June 16 2318 Feb 23
5 Mar 26 July
12612May 14 16034 Feb 17
70 4 Feb 152 Dee
8
12218 Jan 16 130 June 22 115 Apr 125 Oct
133
4May 12 233 Feb 5
8
6 Feb 26 s July
1
123 Jan 2 2018 Feb 5
4
6 4 Jan 24 July
1
318May 12
7 4 Mar 12
3
11 Feb
8
914 July
25 Jan 6 45 Mar 13
5 Feb 40 July
4112 Jan 4 5518June 8
1812 Mar 4758 Nov
2514 Jan 4 86 Jan 24
714 Mar 35 July
1418 Jan 4 2514 Apr 27
8 Mar 2812 July
40 Jan 4 5018 Apr 27
34
Apr 497 June
8
712 Jan 4 1312June 19
1
Jan
163 July
4
4613 Jan 4 727
8June 18
23 Jan 64 Sept
4
233
4May 14 38 Feb 6
94 Mar 4212 July
96 Jan 10 11018 Apr 18
80 Mar 106 Aug
9014May 14 1073 Feb 15
4
4913 Feb 10012 Dec
12612 Jan 6 14518 Apr 13 112 Feb 134 July
j
1814June 2 337 Feb 5
618 Jan 3911 July
/
4
3814 Jan 8 5813 Feb 5
15 Feb 593 July
4
613 Jan 11 1214 Feb 27
13 Mar 14 July
8
20; Jan 10 40 Apr 24
813 Mar 311 July
/
4
4614 Jan 8 6053June 18
34 Mar 5114 July
8
613 Fen 5
33 Jan 29
2 Feb
611 June
32 June 2 6212 Jan 31
13 Feb 89 July
/
1
4
118June 27
5 Feb 16
1
Jan
8 June
55*June 2 1012 Feb 3
37 Apr 13 July
8
7 May 10 133 Feb 6
4
3 Feb 19;June
/
1
4
17 Jan 4 30 Feb 7
714 Apr 444 June
/
1
" 43 Apr 2714 June
9 4 Jan 4 1718 Feb 6
3
8
12 Jan 4 25 Feb 6
81 Apr 35; July
/
4
1312Ma8' 14 22; Feb 16
418 Jan 2112 July
814May 24 1013 Feb 5
212 Mar
16 June
/
1
4
2612May 14 42 Mar 16
1312 Feb 5712 June
24; Dec 421 May
2818 Jan 6 36; Apr 26
/
4
618 Jan 4 10 Feb 5
3 Feb
1712 June
/
1
4
3614 Jan 8 4514 Mar 26
25 Feb 57 June
/
1
4
618 Jan 8 11 Feb 6
414 Feb
1518 July
112 Apr 4
et Jan 5
312 June
14 Apr
4 Jan 18 10 May 22
114 Jan
12 June
4
2214Ju11e 2 383 Feb 6
57 Jan 3918 July
8
49 June 1 7433 Mar 13
17% Jan 83 July
13 Jan 4 10 4 Feb 5
3
8; Feb 22; July
314 Jan 3 1014May 11
6 June
1
Jan
18 Jan 4 27; Feb 15
3 Feb 233 July
/
1
4
8
73 Jan 2 91 Feb 15
154 Jan 75 Nov
/
1
/
1
4
21 Jan 3 343 Mar 13
4
17
Jan 3012 July
5 s Jan 4 1214 Feb 6
7
4 Feb
197 July
8
/
1
4
13; Jan 8 29 Feb 6
9 Apr 4118 July
/
1
4
4
121 Jan 5 2614 Feb 7
9 Apr 35 July
May 14 175 Feb 1
12
4 8 Feb 19 July
5
*May 14 284 Feb 19
/
1
163
5; Mar 311 July
/
4
36 Jan 13 5434 Apr 26
204 Apr 47; July
/
1
Jan 10
7; Feb 19
34
7 Mar
3
74 July
/
1
2; Jan 30
1 Jan 4
412 June
Is Apr
1914 Jan 4 30 Jan 30
1112 Mar 3884 June
4May 10 5114 Feb 15
353
10 4 Feb 5313 Sept
3
100 Jan 2 125 June 29
31
Jan 9912 Dec
/
4
711 Jan 2 95 June 22)
201 Jan 73 July
/
4
483 Jan 5 5912June 27
4
3212 Jan 5114 Sent
106 Feb 2 2125 June 13 1021 Jan 112 July
/
4
14 June 2 284 Feb 5
45 Feb 27 July
s
sJune 2 81 Jan 30
597
375 Mar 85 July
8
37 Jan 8 4414 Feb 7
/
1
4
30 Feb 47 July
46 Jan 3 6812June 28
214 Jan 74 July
10312 Jan 3 12018June 21
80
Jan 11214 July
4May 10 20 8 Mar 13
3
133
6
Jan 26 July
/
1
107; Jan 4 1254 Fen 6
8613 Apr 134; July
6514 Jan 8 82; Feb 6
49 Feb 907 July
8
87 Jan 8 8413 Feb 5
50 4 Feb 94; July
3
10714 Jan 3 124 June 16 1023 Mar 120 July
4
4 Jan 3 13 Feb 21
/
1
4
218 Dec 25 July
7 4 Jan 8 2834 Feb 21
3
8
7
Oct 377 July
3May 14 275 Feb 7
8
163
107 Apr 4314 July
8
64 Jan 3 80 Feb 5
85 Mar 80 June
174 Feb 5
812May 1
312 Mar 17 Jul,
55 may 1
833 Feb 7
4
22; Feb 8712 Dec
414 Mar 14
1 June 2
418 June
3 Feb
2
312June 2
1713 Apr 23
at Feb 14; July
9 Feb 16
534 Jan
1078 July
214 Feb
5018 Feb 16
3712 Jan
20 Feb 66 July
17; Apr 11
13 May 1
/
1
4
5 Feb 22 July
121 Apr 26
4
9 Jan 1
14
41 Jan
/
4
1512 June
243 Jan 31
4
18 Jan
8
Jan 3914 July
100 Apr 17
Feb
84
624 Jan 90 June
/
1
34 Apr 23
261 Jan
4
94 Mar 294 July
3
110 Jan 2 11514June 20
95 Feb 115 July
934 A pr13
8 Ap 28
/ Apr
1
7614 Jan
41
1
4 Jan
/
1
4
7;
Is Feb 9° June
373 Apr 12
214 Jan
5 July
se Feb
753 Apr 13
8
55 Jan
7 Feb 93 July
3 8 Jan 1
5
8 8 Fen 9
1
7 July
118 Jan
1012 Apr 21
414 Jan
912 June
2 Mar
1 Jan
314 P 1515
514 June
1 Apr
4
1814 Feb 6
1118 Jan
8 Feb 20 July
/
1
4
7712 Apr 20
50 Jan
18 Feb 0118 July
641 Apr 20
8
50 Jan
15
Jan 511 July
4
4018 Apr 25
2912 Jan
63 Mar 3513 July
4
12 May 15 16 Apr 12
418 Mar 26 July
4May 14 3514 Feb 5
213
12; Feb 8218 Nov
3514 Jan 8 5512 Mar 13
9 Feb 3918 July
83 Jan 9 10112 Apr 17
60 Apr 831 Sept
/
4
712 Jan 15 1414 Mar 14
118 Feb 343 Dec
4
2214June 29 573 Mar 13
8
81
Oct 8414 July
7 Jan 4 16;Mar 5
July
5 Feb 10 10 4 Jan 31
41,1
3
518 Feb 9164 July
7 Feb
2
as
9
/
1
4May 10 16 Feb 5
313 Apr 1732 July
4
35 Jan 8 641 Apr 21
912 Apr 60 July
8613 Jan 9 9912June 20
6814 Feb 99 4 Aug
1
3 Jan 2
622 Feb 5
714 June
% Jan
1618 Jan 9 3812 Apr 12
51 Apr 2414 July
/
4
7 May 14 10 Jan 22
3 Mar
11 July
23 May 8 89 Feb 5
314 Jan 5218 July
27
Jan 100 July
89 Jan 15 98 Mar 18
103 Jan 13 IR; Apr 21
4
7 Mar 27 June
55 Jan 13 90 June 25
45 Feb 85 May
58 Mar 2 87 Apr 23
45
Jan 7012 June
Pi Jan 3 1514 Apr 24
1218 July
313 Feb
6214 Apr 10114'
9518 Jan 9 1191
sMay 25
00,
8
8May 14 231 Feb 1
614 Feb 2114 July
133
191 Apr 26
/
4
1218 Jan 31
131 Sept 15 Ana
/
4
(Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dividend. y Ex-rights.
4427
New York Stock Record-Continued-Page 3
or
FOR SALE DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE THIRD PAGE PRECEDING
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 23.
Monday
June 25.
Tuesday
Juae 26.
Wednesday
June 27.
Thursday
June 28.
ErWaY
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Highest.
PER SHARE
Range for Prevolus
Year 1933.
Lowest.
Highest.
3 per share $ per share $ per share
Shares. Indus.& Miscell.(Con.) Par $ per share
$ per share $ per Share $ Per share $ per share $ per share
9 Mar 334 Aug
No par 2612 Jan 8 3414 Apr 10
Best dr Co
32
*31
4
313 .31
.31
4
32
313 .31
32
*31
104 Mar 4914 July
14,300 Bethlehem Steel Corp No par 3038June 2 4912 Feb 19
4
8 323 3418 323 3412 3334 3518 3314 3412
4
343
4
333
2514 Feb 82 July
8June 2 82 Feb 19
537
100
7% preferred
1,400
6134 62
4 62
613
61
63
62
627 6312 62
64 Apr 2913 June
70 Bigelow-Sanf Carpet Inc No par 25 May 28 40 Feb 5
2612
*2612 2714 .2612 2712 •2612 2712 2612 2710 26
1914 July
313 Feb
1014May 14 1614 Jan 30
No par
1,600 Blaw-Knox Co
4
4
9
103 1112 1012 1012 107 107
11
11
8 1012 103
8
65 Feb 21 July
18 Jan 12 26 Feb 7
Bloomingdale Brothers_No par
*1614 22
*1614 22
.1614 22
•1612 22 .1614 22
913 Mar 5812 Dec
4
8May 14 883 Jan 24
. 5 493
800 Bohn Aluminum dt Br
8
533 533 .5312 55
5512 5512 5614
*51
8
553
55
Feb 3713 July
18
25 1972 Jan 8 2712 Feb 5
16,000 Borden Co (The)
26%
8
4
2614 253 2614 253 263
264 264 26
26
512 Feb 2214 Dec
10 2075May 14 28, Feb 5
4,800 Borg-Warner Corp
8
8 227 23% 227 2318 23
4
2314 233
2312 223 23%
412 July
:4 May
3 Feb 9
1 Jan 2
17
100 :Botany Cons Mills class A_50
*118
112
112
18 "14
110 *114
8
13
.1 18
14% July
8
25 Feb
12 Jan 6 1934 Apr 26
8
8 1714 173
11,500 Briggs ManufacturIng_No p...1
1612 16% 164 174 165 173
; 174 174
25 Dec 3814 Sept
8
5 28 Jan 4 373 Apr 26
900 Bristol-Myers Co
8 3512 3512 354 3518 3514 3514 3512 3512
357
*35
60 Dec 8812 June
8May 8 8012 Feb 6
200 Brooklyn ILlion Gas___No par 607
.6413 66
4
673 673 .66
4
4
68
*6414 68
674 673
2
2812 Mar 537 July
No par 5014 Jan 5 61 Feb 16
Brown Shoe Co
.5212 55 .5212 55
*5212 55
*5212 55
*5212 55
1812 June
1% Mar
8
4Nf
63 ay 7 107 Mar 17
1.200 Bruns-Balke-Collender_No par
.718 74 .718 7
74 73
34 .
71 1
7
4
4 7
63
8
93 Feb 5
127 June
2 Feb
51251a7 8
10
400 Bucyrus-Erie Co
6
4 *53
53
8
531
1
6
8 '512 57
8 57
8 54
55
4
23 FebI 193, June
914May 12 1412 Apr 24
5
Preferred
500
4
9018 103 .1012 1031 1014 1014
1034 10,2 1018 104
2012 Mar 72 June
100 56 June 8 75 Jan 15
4
7% preferred
20
*583 60
4
*5812 60 .583 60 .583 60
4
583 594
97 July
4
A
73 Apr 25
8
53 Jan 3
57
No pa
2.800 Budd (E G) Mfg34 M'
54 54
54 64
4 57
53
54 6
8
57
35 July
3 Mar
100 25 Jan 2 44 Apr 25
34
7% preferred
.28
34
.28
*28
34
34
.28
3312 *28
*28
3312
53 July
53 Jan 30
Feb
1
3 May 14
No par
3
318 34 *3
3
700 Budd Wheel
318
3
312
34 318
3
3
5 June
8
7 Mar
612 Apr 28
8
27 Jan 9
No par
*412 518 0412 518
44 414
300 Bulova Watch
412 41
*412 6
.412 6
1314 July
212 Feb
93,
784 Jan 4 1512 Feb 16
No par
*932 10
9% .914 10
500 Bullard Co
93,
912 912
8
8 95
.93
934
5 June
12 Apr
8 Feb 21
No par
4
134 Jan 26
4
*2
Burns Bros class A
.2
4
*2
"2
4
*2
4
4
.2
13 June
1 34 Jan
4 Jan 9 1512 Feb 20
100
7% preferred
.814 9
40
*812 912 .812 912
813 SI
*812 8% *812 9
618 Feb 204 July
8
5 133
1218May 14 x193 Feb 1
pat
4 134 1418 134 13% *137 14
1,900 Burroughs Add Mach__No
8
13
14
137 14
14
37 Feb 9
8 June
Apr
1
4May 12
17
13
No par
2
2
214
2
214
214 *2
.2
700 :Bush Term
8
17
178 2
912 June
Apr
1
6 Mar 8
3 June 29
.100
Debenture
.212 4% .212 5
*212 4
200
*212 4
•212 314
3
314
8 Dee
418 Dec
4
153 Feb 23
54 Jan 3
1312 1312 13
144 147e 15
130 Bush Term B1 gu pref ctfs_100
13
15
1514
4
143 143 .12
24 June
Feb
1
2,8 Feb 16
112 Jan 13
.112 13
112 .112 15
113
8
18
112 112 1,000 Butte & Superior Mining__10
8 *112 11
112 112
414 June
12 Mar
3 Feb 16
2 Jan 2
5
.212 214 *218 214
2
2
800 Butte Copper & Zlno
2
2
2 14
2
218
.2
43 Feb 1
712 June
114 Apr
24 Jan 2
No par
3
.25
.23
3
.25
8 3
300 Butterick Co
238 23, *212 3
212 213
812 Feb 434 July
4June 2 3234 Feb 7
183
No par
4
224 213 2218 22
22
4 23
223
4 223, 22% 2,100 Byers Co (A M)
4
2338 223 223
3018 Mar 80 July
15 677 Apr 23
100 4714 Jan
Preferred
.5212 55% .5213 56
56
*53
10
•5212 56
5212 5212 .5212 56
3
7 4 Mar 344 July
4
183 Jan 4 3412 Apr 30
_ __No par
3212 3234 3231 3214 33
.314 3212 32
32% 3314 3212 3212 2,400 California
24 June
er, 1
4
13 Jan 23
14 Jan
4June 27
3
10
Packing500 Callahan Zino-Lead
%
Ai
*7
8
7
8
7
1
*3
8
7
%
8
7
1
8
8
93 June
2 Feb
6% Fen 5
4 Jan 3
8
43
414 412
412 412
412 412 1,800 Calumet dr Hecla Cons Cop_25
8
43, 438' .414
8 43
43
,
16 4 July
2 Feb
812May 14 1578 Feb 23
*9
912
1,300 Campbell W & 0 Fdy__No par
94 912 .9
912
9
91 1
84 94 *84 914
712 Feb 4112 July
June 2 2913 Apr 24
2114 21
21
21
21
4
2112 21
213 22112 2112 2,000 Canada Dry Ginger Ale__ __5 20
21 14 21
Feb 3512 July
14
2812 Jan 4 38 Apr 2
Vo par
Cannon Mills
3412 .32
3413 .32
*32
3412 •32
3412 .32
3412 •32
3412
55 Jan 2 10 Apr 13
1212 July
414 Oct
1
914 *74 914 *77
200 Capital Admin.'s ci A
*818 84
8 83, *8
83
8% 87
2 814
2518 Jan 3512 July
4
10 263 Jan 24 39 Apr 20
Preferred A
36
?
361; *---- 30 •____ 36 .32
.30
36
36 .32
•32
10312 July
3012 Feb
100 46 May 14 86% Fen 6
4,700 Case (J I) Co
50% 51
4814 51
5012 52
4
493 5013 49
4 5034 52
503
Feb 8614 July
41
4May 25 8412 Feb 6
100 873
Preferred certlflcatee
40
744
.70
71
77
.70
71
70 .70
.70
70
71
*70
512 Mar 298 July
8
par
2312 Jan 4 333 Apr 21
2714 2714 263 273
8
4 27
2718 2734 2758 2714 27% 2712 2758 5,300 Caterpillar Tractor _No par 223
8
412 Feb 587 July
g
8June 2 447 Feb 5
2512 5,100 Celaneee Corp of Am__No
25
2512 2538 2618 2514 26
2512 245 2538 25
5
2512
54 July
12 Mar
8
43 Apr 12
2 June 22
No par
800 :Celotex Corp
2%
2
218
212 *2
.2
218 .1% 24 •17
3 212 .2
8
43 July
2
3 Feb
4 Apr 12
14 Jan 9
No par
Certificate2
700
172
112
Vs
172 *112
4
13
.112 14
17
8
17
112 Fs
•
4
123 July
112 Jan
2
812 Jan 18 223 Apr 13
100
Preferred
1,780
16
15
1312 14
1314 1314
1313 1312 133 15
1312 14
4
Jan 41 July
14
24 Mar 22 3218 Feb 5
3,700 Central Aguirre Asso__No par
29
8 2813 29
8 2812 283
283
.28
2912 30
2914 29% 29
73 Jan 16 123 Feb 19
8
115 July
Apr
2
8
100 Century Ribbon Mills_No par
914
1012
1012 .9
914 *984 1012 *912 1012
"9
*94 1034
52 Feb 100 Dee
100 82 Mar 31 95 Jan 2
Preferred
93
93 .82
"82
93
93 .82
93 .82
.82
*82
93
57 Jan 443 Sept
8June 28
3014Nlay 16 433
4
413 4314 100,700 Cerro de Pasco Copper_No pa
4138 4012 42
8 40
5
403 415
4214 4318 4212 438
73, July
78 Apr 5
Jan
1
314 Jan 2
1,200 Certaln-Teed Products_No par
57
*578 6
618 614
614 64
8 614
57
618 64
8
57
4 Mar 3014 July
100 1713 Jan 19 35 Apr 5
7% preferred
32
.29
31
32 .30
.29
31
31
•28
32 .30
•29
5213 July
144 Jan
8
No par 34 Jan 4 487 Apr 21
900 Chesapeake Corp
40
46
8 46
8
46
453 453
*46
46
47
4614 4611 46
97 Feb 5
1234 July
218 Mar
512Nlay 14
712
714 1.400 Chicago Pneumat Tool_No par
7
714
714 714
7
73, 73
714
8 •74 712
512 Feb 2514 June
4
1612 Jan 12 283 Apr 24
No par
Cony preferred
1,200
22
22
8
8
.217 234 2114 2212 213 22
4
223 2231 *213 23
4
5 Mar 34 July
4
10 1914 Jan 8 303 Feb 5
800 Chickasha Cotton Oil
27
27
27
274 274 *26
27
2712 274 271 1 2712 2712
1018 July
2 Feb
8
6 Jan 6 115 Feb 19
No par
618 2,400 Childs Co
6
4 63
63
4 718
6%
•63
6
4
8 658
05
4
613 63
Apr 214 July
6
25 1218May 16 175 Apr 9
10 Chile Copper Co
16
•13
1512
154 *1314 153 .1312 1534 .13
1312 1312 .13
4
74 Mar 5758 Dec
5 3612Nlay 14 6058 Feb 23
45,300 Chrysler Corp
8
4
8 387 40
384 3914 383 3934 3812 4038 393 403
4
4 393 407
4
718 Mar 25 June
1714 Jan 5 243 Jan 30
No par
2012 1.100 City toe & Fuel
20
20 .20
2014 20
20
20
20
4
193 1934 20
72 July
Apr
45
100 67 Jan 3 86 A pr 23
Preferred
350
85
85
85
83 83
84
•82
85
85
85
8312 85
8
33 July
14 Feb
218 Feb 6
2
7 Jan 5
par
No
3,100 City Stores
1
1
1
1
1
1
1
1
1
1
1
1
218 July
18 Star
114 Feb 6
Apr 21
12
Voting trust certlfs No par
20
12
12
8
3
.12
8
3
*le
12
12
8
5
12
"
'a
12
'
812 July
112 Jan
534 Feb 6
318June 26
No par
Class A
100
.315 4
*318 412
34 318 *21; 412 .212 412 .212 412
514 July
% Nov
518 Feb 21
21 2June 5
No par
Class A v t c
412
.3
4
412 .2
.3
4
*3
.2
412 *1
4
1414 June
5 Mar
4
83 Jan 5 213 Mar 5
No par
Clark Equipment
.1212 1634 .1212 1658 •1213 193 *1212 1934 .1212 1658 •1212 1658
4
Jan 4112 July
10
5 .30
0333 35 .333 34
Cluett Peabody dr Co No par 28 Jan 3 45 Apr 7
300
33
3
33
8
.3358 35
.3334 3512 33
Jan 100 June
90
100 95 Jan 17 115 Apr 23
Preferred
*105 115 *106 115 "105 115 *105 115 *105 115 .105 115
7312 Jan 105 July
700 Coca-Cola Co (The)___No par 9514 Jan 2 127 Apr 24
,
.124 4 12634 126 120
126 12612 .12512 12612
12512 12512 •I247 126
Dec
Apr 51
44
7
054
5018 Jan 11 55 June 1
par
No
Class A
700
54
8
5413 541 *541 543 .5413 543 *5413 5434 5412 .545
8
8
7 Mar 2234 July
93 Jan 3 1818 Mar 13
8
15i2 157
4 8,500 Colgate-Palmolive-Peet No par
8 158 153
1514 158
8
1512 1618 157 1614 154 163
Apr SS Aug
49
100 8812 Jan 8 924 Apr 18
08618 893 *867 893 .86% 894 •864 894
6% preferred
100
*86
88 88
88
4
8
4
3 Apr26 Sept
2812 Feb 19
8June
155
No pa
153 1534 1,500 Collins & Alktnan
16
16
154 153
11114 .161. 16
161, 154 16
8
175 July
24 Dec
83 Feb 8
8
33 Jan 2
800 :Colorado Fuel & Iron..No par
4
8 6
57
512 53
6
68 6'
*57
4 618 •
53
8
7
5 8 57
2318 Feb 7112 July
No par 58 Jan 8 7714 Apr 23
8 4,200 C,olumblan Carbon v t o
73% 735
4 703 7113 7112 7213 7212 7314 7112 74
71% 723
4
4Nlay 28
634 Mar 28 Nov
700 Columb Pict Corp•t o_No par 23 Jan 6 343
2853 29
3110 303 303 .29, 30
•30
*2812 2934 2312 29
2
9 Mar 2818 July
1118 Jan 4 1914 Feb 6
4
133 1412 20.100 Columbia Gas A Elec No par
1312 14
1314 13%
13% 144 144 144 1418 143
50 Dec 83 June
4June 21
100 52 Jan 5 783
Preferred series A
600
4
7718 .7612 773 *7612 7712
784 784 *7712 784 7718 7712 77
40 May 7412 June
100 41 Jan 9 71 Apr 24
5% preferred
70
70 .68
*67
70
.67
70
70 .66
70 .66
.119
Feb1914 Dec
4
2
10 183 Jan 4 3518 Apr 21
2812 2814 2812 4,100 Commercial Credit
8
.283 28% 2814 29
4 28
283
2818 2812 23
1812 Mar 25 Sept
25 2312 Jan 5 29 Mar 3
7% 1st preferred
2812 •28
2812 .28
2812 .263 2812 .28
.27
,
28 2
2812 •28
Feb3912 Aug
16
50 38 Jan 3 50 Mar 9
Class A
200
49
49
49
4914 *4612 49
49
.4614 4914 *4612
*47
49
1818 Mar 2518 Sept
25 24 Jan 3 30 Mar 3
Preferred B
230
2812 2812 2812 2312 2812 2812 2812 2812 275 27%
.2812 29
5
g
70 Mar 957 Sept
420
83 % first preferred__ _100 9112 Jan 3 106 Apr 30
10112 10412 10412 10412 10412 10412 105 105
1043 105
*104 105
18 Mar 4312 July
3
2,800 Comm Invest Trust___N; par 35 Jan 4 593 Apr 11
5.5
55
55
8 53
55
*5412 547
54
4
5312 5412 543 55
8
Jan 977 Jan
84
91 Jan 3 109 June 27
No par
__ •1083
Cony preferred
400
__
8
4
.108 1083 .10834 10834 10812 1083 109 109 *1083
4
9 Feb 5714 July
4
1934May 14 363 Jan 30
11.400 Commercial Solyents_No par
8 225 23
23
82234 2318 22% - 2234 233, 2214 233s 2238 23
818 June
14 Dec
35 Feb 6
1% Jan 2
Sou_ No par
24 214
218 20,500 Commonwlth &
218 24
2
218
214
24 24
210 214
8
173 Dee 6012 June
*4514 4512
46
No par 2112 Jan 2 5234 Apr 23
$6 preferred series
1,800
46
46
4714 46
4514 4612 45
4614 47
8
8
73 Jan 273 July
8
2818 .273 271
27
2758 1,500 Congoleum-Nalrn luo No par 23 Jan 9 3114 Feb 16
2712 2712 2718 2718 27% 273
4 28
18 June
612 Feb
93 Jan 12 1412 Mar 5
No pal
300 Congress Cigar
8
8
4
113 12
4
•113 12
4
4
.113 123
8 113 1 I3 *107 1214 *107 1214
4
193 June
312 Apr
914 Jan 2 1334 Mar 17
400 Consolidated Cigar_ _ No par
10%
914 014
912 912 .94 103
9,2
8 .918 1018 .9
9
Apr 85 June
31
100 454 Jan 2 61 June 20
190
81
60
Prior preferred
60
.60
61
60
62
61
.60
60
60 .60
4
53 May
4
13 Jan
15
3
5 4 Feb
35
212 Jan 2
1
1,400 Consol Film Indus
314 334
.318 33
3
8 *3
8 *3
33
3
314 314
57 Mar 143 May
4
3
10 2 Jan 2 1712 Feb 15
No par
SOO
Preferred
1412 1412 1414 1414 144 1414 1412 1412 1412 1412 1412 1418
34 Dec 6418 June
2 475 F.10 6
No par 3118June
8 3314 34
3418 347
21,900 Consolidated Gas Co
8
343 35
8
4 327 34
3312 3358 3318 333
Jan
8118 Dec 99
No par 82 Jan 4 94 June 19
8 934 9312 1.400
Preferred
2
x937 937
94
4
9314 94
94
8
•927 9314 933 94
512 Jan
43 Feb 7
112 Dec
24 Jan 8
4 .214 2%
23
4 •214 23
23
*214
200 Consol Laundries Corp_No par
4
218 214 .214 23 *214
4
153 July
5 Mar
13
91251ay 10 1414 Feb
1018 103 17,900 Consol 011 Corp
8
No par
8
1012 1018 103
3 1014 1012 1014 103
1012 10,
8 10
Oct
9512 Mar 108
100 108 Feb 9 11112 Apr 28
100
111 111 *111 11113
8% preferred
.109 111 .109 111 "11012 111 .11012 111
314 July
14 Mar
218 Feb 7
72 Jan 4
1
4
18
1
1
7,300 Consolidated Textile___No par
I
1
1
1
1
1
118
1
1014 July
118 Jan
1018 1018 1,100 Container Corp class A
97 1018 *1018 1014 1014 1014
618 Jan 5 1334 Apr 23
20
1014 1014
1018 1014
412 June
4
, Feb
437, 4
3
5 8 Apr 18
41s
234 Jan 2
4
Class B
1.300
8 37
37
No par
8 4
.37
4
.34 418
4
3 Mar 1814 July
7 Jan 8 1438 Jan 24
200 Continental 13ak olass A No par
*858 9
9
9
*813 9
94 *812 9
914 914 .9
312 July
12 Jan
18g
23 Feb 7
1% 2,400
114
1 Jan 1
Class B
No par
8
13
114
114
1 14
114
1 14
114
134 •114
Jan 84 July
38
Preferred
59
100 464 Jan 6 84 Feb 9
,
535 *57
*57
59 .57
584
59 .57
*57
59
*57
3514 Feb 7834 Dec
57712 78
7912 80
80
80
2,200 Continental Can Inc
20 6912May 14 8314 Apr 21
80
78
78
784 79
78
1718 July
312 Feb
4
700 Cont'l Diamond Fibre
74 Jan 5 113 Feb 6
4 9
*73
9
5
84 814 *8
8
8
814 814
10
.8
3612 J1117
104 Ma
3513 Apr 20
31
2,000 Continental Insurance_ _2.50 233 Jan
8
,
32 2 3212 23112 3212 31
311 2 3112 31,
31
2 3112 32
4 June
MaT
1
8
23 Feb 21
8,400 Continental Motors__:No par
1
1
1 June 25
118
1
118
1
118
1
118
1
1 18
1
,
195 Sept
8
47 Mar
4
1912 21,400 Continental 011 of Del
5 1612 Jan 13 223 Apr 21
8
193
19
1912 1914 19% 187 194 19
4 19
1834 19
3
45 2 Feb905s Aug
26
7,600 Corn Product, Refining__ __25 6012May 14 8412 Jan
69
6612 6834 2647 65
8 0638 6778 08
8
661
*6612 6712 66
4
300
Preferred
100 135 Jan 4 195 Apr 25 11712 Mar 1453 Jan
•14112 14412 14312 144 .144 147 •145 147 .145 147 .14314 147
713 June
8
23 Mar
33 Jan 2
94 Fen 5
2.700 Coty Inc
No par
8 57g
57
4 57
53
4 53
53
8
54 0
512 512
4 6
53
23 Feb3912 July
1,000 Cream of Wheat ctfs
28 Jan 3 35 Jan 31
No par
33
33
33
33
33
334 3318 33
33
33
33
33
214 Mar
1438 June
1514 1514
8 Jan 2 1712June 16
1514 1514
900 Crosley Radio Corp
.No par
154 154 13
1514 1514
15
1518 1514
1414 Feb65 July
24% 2514
8
900 Crown Cork & Seal
243 2434 .243 25
No par 24145l1!y 10 36,4 Feb 1
2531 244 253
2412 2412 .25
244 Feb3812 July
$2.70 preferred
No par 3513 Jan 2 4114 Apr 20
"3818 40 .384 40
40 .3818 397 .3818 40 .384 40
.38
812 July
Apr
1
634 Apr 27
37g Jan 6
514
5
514
8
4 3,400 Crown Zellerback v t o_No par
54 53
512 53
4
4 43
43
534
4 5
.43
9 Mar 3712 July
2218 2218
8
500 Crucible Steel of Amerlca__ 100 2155 Jan 4 383 Feb 19
2212 23
•2314 25
2
8 22, 23
.2112 2512 .2213 247
8
16 Feb 603 July
Preferred
100
60% 60
*5512 60
60% •60
60
100 48 Jan 12 71 Apr 19
8
607 .53
8
607 *53
*53
434 June
4 Feb
318 Feb 9
1 Jan 2
No par
112 .1% 14
112
112 j15
13, 1.000 Cuba Co (The)
13,
14 14 •112 2
1112 May
112 Jan
73
97 Feb R
312 Jan 10
752 8%
8
81
8
814 83 21,400 Cuban-American Sugar_ _ ... 10
814
712 7%
4
712 73
Jan 68 June
10
Preferred
100 2018 Jan 9 60 June 29
54
2,230
5318 517
5718 60
527
59
4912 5014 497 51 14 51
3
20 4 Feb 5912 June
3
50 37 Jan 2 50 4 Feb 16
4812 2,100 Cudahy Packing
474 4718 47
4755 47
4612 471
•4514 4612 4613 461
612 Mar 324 June
8
134 Jan 8 293 Apr 12
217 217
800 Curtis Pub Co (The)___No par
2214
2214 221
8 22
8
2212 221
2213 221
22
22
30 Feb 86 June
4313 Jan 3 8414 Apr 13
Preferred
No par
7912 3,700
793 7912 79
7912 7934 7914 791
4 787 791
783 783
4-34 July
112 Feb
514 Jan 31
212 Jan 2
1
34 314 12.200 Curtiss-Wright
34 314
4 31
3
,
3 3 334
334 338
314 318
8 July
2 Mar
97 1014 6.900
97 101
514 Jan 3 1214 Apr 2
Clam A
1
1014
10
1014 101
101
10
8
97 10
414 Jan 21 July
21
100 Cutler-Hammer Ino___No par 11 Jan 4 2112 Feb
*1612 18
*1612 18
.1614 18
18
.16
16
16
•1514 18
$ per share
32
.31
4
323 3312
.6012 62
27%
.26
1012 101 2
*1614 22
*5514 563
4
2612 2714
8
228 233
113
.114
1712
17
3534 3534
68
*65
.5212 55
55a
*514
534 51 2
8
.95 10
.584 64
2
512 53
• Ilid and asked prices, no sales on thls day.
2 Companies reported in receivership.
a Optional sale.
c Cash sale. x Ex-dividend.
y Ex-rights.
/
1
4
4428
New York Stock Record-Continued-Page 4
June 30 1934
12fr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FOURTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 23.
Monday
June 25.
Tuesday
June 26.
$ Per share $ per share $ per share
*7,
4
73
4
712 712
712 712
193 197
4
193 20
4
1912 2012
•113 12
8
12
12 .1218 1214
80
7712 7712 *77
*7714 80
*4512 47
4512 4512 4612 4613
2314 2314 233 233
8
8 2313 233
4
.
3114 315
3112 31 12 3114 3114
434 4414 4312 4414 433 451"
4
1914 2018 20
20
*1912 2014
1914 2014 1914 20
1912 2014
•13
14
13
1314 13
13
•10 4 1114
3
11
1114 .103 11
4
613 612
614
014
6
614
•101 10253 102 103
103 103
7 8 75
7% 733 *738
5
8
753
97 973
4 9712 977
9712 99
*146 148 *146 147 *146 147
17
17
17
17
1612 17
883 4913 8814 894 8812 90%
4
•12318 1233 *1234 1283 12314 1233
4
4
8
•12
1.12 1214 1214 *1218 1212
21
211s 2014 2114 2013 2114
*9314 98
*9314 98
*9314 95
458 438
433 458
412 453
07
8 7
7
7
67
67
8
7
534 5
55
512 573
3 534
143 15
4
1513 1518
1412 14%
•133 154 .1.3ls 1312 134 133
8
8
4212 4212 *42
43
42
43
Wednesday
June 27.
Thursday
June 28.
Friday
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share $ per share
712 712
712 733
2014 207
2014 21
1214 1214 1214 1212
.78
743 *77
4
80
.46
48
*4513 4712
237 24
4
233 24
*3013 3112 3158 3158
4513 4614 24312 45
204 2014
1912 1912
20
207
8 195 2012
8
1314 1314 13
13
*103 11
4
105 11
8
*8
7
6
6
103 103 *1013 103
4
*73
8 77
8
712 712
9913 99
98
9912
147 117 *146 149
1613 17
*163 17
8
9012 9112 9014 9112
12314 12314 123 123
.108 1212 *1012 1212
2114 2113 2114 2112
*9314 95
948 95
514
43
5
4 43
4
713 74
7
74
57
5% 6
6
154 1514 *143 1513
4
133 133 *1314 143
4
4
43 43
4318 4312
$ per share Shares. Indus.& Mlscell. (Con.) Par $ per share
$ per share $ per share $ Per share
78
1,200 Davege Stores Corp
814 Feb 5
Jan 10
6 6
•
834 July
15 Feb
8
No par
4 2,300 Deere & Co
2014 203
18 June 2 344 Feb 1
243 July 49 July
8
20 1118June 7 1512 Jan 30
Preferred
600
,
*1112 12 2
614 Feb 185 June
*
77
78
300 Detroit Edison
100 6312 Jan 5 84 Feb 23
48
Apr 9112 July
*4512 4712
200 Devoe de Reynolds A_No par 29 Jan 6 5518 Apr 25
10 Mar 337 Aug
24
2412 2,500 Diamond Match
4May 14 2812 Jan 16
No par 2213
1712 Feb 294 July
315 315
8
8
Participating preferred___25 2814 Mar 27 315
400
8June 28
2618 Feb 31 July
4338 4438 22,200 Dome Mines Ltd
Na par
32 Jan 25 4614June 27
12 Feb 394 Sept
20
*19
1,800 Dominion Stores Ltd No par 19 Feb 10 23 Mar 10
8
1012 Feb 203 July
1914 1912 4,600 Douglas Aircraft Co me No par 144 Jan 2 2812 Jan 31
1014 Feb 1814 July
914 Jan 10 19 Feb 17
*12
700 Dresser(SR)Mfg cony A No par
143
4
83 Feb 18 June
4
11
*10
000
Convertible class 13 No par
712 Jan 16 117 Mar 28
8
24 Mar 103 June
4
*53
1
600 Dunhill International
4 57
6 June 26 1134 Mar 26
4
7 Apr 143 July
3
103 103
180 Duquesne Light 1st pref_100 90 Jan 16 104 June 9
85 Nov 10218 June
7
718 1,000 Eastern Rolling Mills_No par
54 Jan 3 1234 Feb 19
14 Mar 10 July
9634 98
4,100 Eastman Kodak (N J)_No par 79 Jan 4 101 June 19
46
4
Apr 893 July
146 149
10
6% cum preferred
100 120 Jan 16 147 June 27 110 May 130 Mar
167 168 1,500 Eaton Mfg Co
No par
1314 Jan 3 2212 Apr 19
318 Mar 18 July
RI du Pont de Nemours____20 80 May 16 1037 Feb le
88
90
19.400
8
321s Mar 963 Dec
8
1217 1217
8
8% non-voting deb
800
100 116 Jan 2 12412June 20
9712 Apr 117 July
.105 12
8
100 Eltingon SchIld new _No par
.
11 May 14 1914 mar 6
2114 213
4 7,400 Elm Auto-Lite (The)
5 1818 Jan 9 3138 Feb 21
To
Apr 1712 July
*9214 98
110
Preferred
100 80 Jan 5 101 Apr 6
76
Oct 8812 July
3,200 Electric Boat
413 5
3
33 Jan 8
3
712 Jan 29
Jan
1
814 July
Eleo ds Mug Ind Am shares__
2,700
7
7
414 Jan 3
918May 8
1
Feb
413 Dec
553 53
4 4,200 Electric Power dr Light No par
413 Jan 3
034 Feb 7
318 Feb 15 8 June
3
1412 143
4 1,300
Preferred
814 Jan 3 21 Apr 18
No par
712 Apr 3612 June
13
1314
700
No par
$6 preferred
8 Jan 2 193 Feb 7
4
812 Apr 323 June
4
433 433
4
No par 240 June 7 62 Jan 24
4 1,200 Eleo Storage Battery
21
Fob 54 july
*7,
I
*7
8
1
7
8
600 :Elk Horn Coal Corp_ _No par
7
8
7
8
7
8
%May 11
7
8
7
8
7
8
7
8
17 Feb 21
8
4 June
4 Jan
17
•11* 2
138 *112 13
*112
4 *112 13
15*
112 1 12
4
300
8% part preferred
50
14 Jan 10
33 Feb 23
4
58 Apr
8 June
•541" 57
*543 56
4
4
*543 561 1 5512 56 .55
5612 *55
56
200 Endicott-Johnson Corp_
50 51 May 14 63 Feb 16
20 Feb 627 July
*125
__ •125 _
12418 125
1244 12418 125 125 *12512 128
40
Preferred
100 120 Jan 3 126 ?der 20 107 Feb 123
Oct
14 _*4
5
414 414 *414 5
43
8 433
*412 5
5
5
300 Engineers Public, Serv_No par
4 June 7
8% Feb 7
3 4 Dec 143 June
3
4
•15
1518 *1413 1512 *1412 1512 1518 16
*16
167
1512 16
400
1152 Jan 3 2312 Feb 0
$5 cony preferred_ ___No par
11 Dee 47 June
•1512 16
154 16
,
*154 1614 1614 1612 17
17
17
900
No par
$53i preferred
11 Jan 8 2412 Feb 5
173*
11 Dec 497 June
•18
*16
22
234 *16
24
*1612 23 .17
*1712 24
23
No par
1412 Jan 2 2512 Feb 5
$6 preferred
12 Dee 56 June
612 631 *612 67
612 61
3 *612 63
800 Equitable Office 13Idg No par
614May 12 103 Jan 22
4
4
618 64
854 63
8
812 Mar 133 July
8
4
,912 104
914
914
914 914 5914 1014 3914 1014
93
8 938
5
300 Eureka Vacuum Clean
74 Jan 8 1488 Feb 19
3 AM' 1814 July
234 23% 233 24.3 235 243
4
3
8
4 2412 2514 2412 25
233 243
4
4 9,900 Evans Products Co
15
9 Jan 3 2714 Apr 27
7 Mar 10 Nov
8
.618 67
8 *618 67
8
53
8 53
8
57
8 58
7
53
4 57
4 Jan 9 1012 Apr 2
90 Exchange Buffet Corp_No par
57
8 573
312 Nov
1113 July
•7
8 24
312 24
*4 34
392 218
Fairbanks Co
*12 24
•12 218
25
15 Mar 9
8
2% Apr 17
7 May
3
2% June
•8
8
*6
8
511 512
61., 612 *512 8
*512 8
414 Feb 14
100
30
Preferred
1212 Apr 14
1
Feb
814 June
14
14
1414 1414 1314 1314 1314 13 4 •1314 15
*1314 1412
,
400 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
212 Mar 114 June
*5112 5313 *5112 5314 5112 5112 51
51
51
51
Preferred
*50
100 30 Jan 10 58 Apr 24
160
5314
10 Feb 4212 Nov
733 7
% *7 2 85
,
7 May 10 1114 Apr 3
713 712 "714
15
300 Federal Light & Trao
712
75
8 733 *7 4 838
,
43 Apr 144 June
4
.49
52
"49
52
49
49
*4813 52
*4812 52
48
4912
140
No par 3418 Jan 12 62 Mar 13
Preferred
33 Dee 5913 July
•72
90
*72
90
*72
90 .72
90 .81
90
Federal MIn & Smelt Co_100 75 May 10 107 Feb 14
*61
95
15 Mar 103 Sept
*43
4 5
*43
4 514 *434 514
43
4 43
4
44 412
8 1,200 Federal Motor Truck__No par
43* 43
44June 28
83 Jan 30
4
3 Mar 1134 July
4
*3
3 8 *3
7
3 8 *3
1
33
2 Jan 13
4 *3
Federal Screw Works _No par
47 July
34 *3 4 33
4 *314 334
538 Feb 23
,
1,4 Feb
2
2
2
2
2
2
*1% 2
*17
*178 2
8 2
13 Dee
400 Federal Water Serv A__No par
lig Jan 5
4 Feb 6
834 June
.2014 2412 *2014 24
24
24
*2038 21
"2012 234 *2014 2412
100 Federated Dept Stores_No par 22% Jan 8 31 Mar 6
712 Feb 30 July
*30
317
3114 3114 31
31
3113 32
*3013 3112 *30
31
600 Fidel Then Fire Ins N Y__2.50 23% Jan 5 35 Apr 20
1014 Mar 36 July
*812 9
*812 914 *812 914 *812 914
814 812 *814 914
20 Fifth Ave Bus Sec Corp.No par
7 Feb 15 11 Jan 3
5 Mar
958 Nov
*25
30
*25
30
*25
32
*25
32
*25
30
Filene's(Wm)Sons Co_No par 25 Feb 1 30 June 21
*25
30
9 Apr 30 July
*9733 104
"9914 104
*973 104
8
.98 104
9912 9913
90
9912
*99
100 87 Jan 10 105 Apr 25
63i% preferred
81
Apr 95 Sept
165 1712 167 18
8
163* 1714
3
1718 1712 *1714 18
1712 18
8June 22 2514 Feb 19
1,800 Firestone Tire & Rubber___10 105
918 Apr 3113 July
*8112 83
83
8414 8314 8314 .83
831" 8212 83
81
8212 1,800
Preferred series A
100 71 Jan 9 86 Apr 21
42 Mar 75 June
8314 8314 63
64
63
63
6314 634 633 6414 6313 64
1,300 First National Stores__No par 5414 Jan 5 6712 Apr 23
4
43 Mar 703 July
4
*44 433
4
418
3
31 33
,
5
33
4 33
214May 12 175 Feb 21
4
33
4 33
No par
4
19 June
212 Feb
312 3 8 1,400 :Follansbee Bros
•17
1814 18
1812 *173 185*
1814 ROI *1812 1914 *185 19
4
8
500 Food Machinery Corp_No par
1012 Jan 9 21 May 4
64 Apr
16 July
*145 1512 1514 1514 .1518 157
8
*1512 16
18
8 16
153 16
4
1214May 14 22 Feb 16
500 Foster-Wheeler
No par
412 Feb 23 July
1134 12
114 12
1112 12
1214 123
4 1233 123* "113 1214 2,000 Foundation Co
4
8May 14 17 4 Jan 30
87
No par
,
2 Feb 233 July
8
217 21% *2018 217
21
2114 215 215* *21
8
22
8
*2114 217
400 Fourth Nat Invest w w
1
193 Jan 6 2712 Feb 5
1353 Mar 2614 June
1312 13,
2 1312 13% 1312 133
4 1418 1414 13
133
4 133 133* 3,500 Fox Film clam A new__No par
1214 Jan 5 174 Feb 26
12
Oct19 Sept
*4614 4934 *4614 4958 *4814 4958 *4614 495* .4614 495 *4614 495
8
8
Fkln Simon & Co Ino 7% 1)1100 3018 Jan 12 03 Feb 7
12
Jan 50 Aug
311, 313
4 3118 32
3112 317
3212 3112 3212 32
8 32
323
4 4,600 Freeport Texas Co
10 303,June 18 5038 Feb 19
1618 Feb 4938 Ncv
.2313 2812 23
2312 *2013 28 .2012 28
*21
28
*21
28
50 Fuller (la A) prior pref_No par
1612 Jan 19 3312 Apr 26
9 Jan 31 Juae
*10
*1018 131* •10
14
1312 *10
1312 *10
14
*10
14
9 Jan 4 195 Apr 26
36 2d pref
No par
8
4
Jan 23 June
2
2 11 .2
214 *2
214 *218 214
218 218 *2
218
600 Gabriel Co (The) cl A _ _No par
2 June 23
45 Mar 12
8
1
Fel
514 Aug
1413 *14
1412 *14
.14
1412 14
14
*133 1412 135 133
4
8
50 Gamewell Co (The)
1112 Jan 18 20 Feb 19
No par
4
612 Jan 207 Aug
3
*812 83
838 833 .818 813 *818 814
4
812 813
814 814
500 Gen Amer Investors
7 8 Jan 4 1113 Feb 6
3
No par
253 Fel
12 June
*81
85
85 .81
*81
85
85
*81
*83
85
85
*83
Preferred
No par 79 Jan 29 87 Mar 13
42 Feb85 July
3712 3712 363 373
4
3712 3738 38
3 37
37
3712 3618 37,
5 Feb 19
3,100 Gen Amer Trans Corp
2
,
5 33 8 Jan 4 43
135 Feb4314 July
•1814 1812 1813 1814 183 18% 18$8 19
3
1812 1914 1,200 General Asphalt
185* 19
10 164 Jan 4 2312 Apr 24
45* Mar 27 July
97
10
101g
4 97
958 05*
07
8
8
93
978 97
912 05
8 1,700 General Baking
5
912June 29 143 Feb 5
8
1013 Dee 207 July
8
*102 103 *10212 103
103 103
105 105 *105 106 *105 105
50
$8 preferred
No par 100 May 8 10813 Feb 7
993 Mar 10814 Sept
4
77
77
8
8
74 7 4
3
8
3
8
73
73
4
4 8
77g
900 General Bronze
5 5 114 Jan 9 1018 Mar 9
218 Feb1012 July
4
4
*37
8 412 *37
4
*37
4
4
4
37
8 4
400 General Cable
No par
35* Jan 4
64 Feb 1
14 Mar 1113 June
85*
712
812
•
*74 84 *6
7
712 712 *712 84 .6
100
Class A
8 Jan 4 12 Feb 1
No par
214 Feb23 June
*2313 2514 2312 2313 *23
25
25
25
.23
25
*23
25
200
7% cum preferred
100 1412 Jan 9 33 Apr 20
612 Mar 46 June
4113 4112 42
*4213 43
42
42 7 43
4214 4214 42
42
1,200 General Cigar Inc
No par 27 Jan 2 43 June 26
2414 Dec 485 June
•110 112 *110 112
112 112 *110 112 *110 112 *110 112
10
7% preferred
100 97 Jan 8 112 June 21
Jan
90 July 112
1912 20
193 20
3
195 2014 197 2012 2193 203
8
4
8 193 203 34,000 General Electrio
4
8
1812 Jan 4 2514 Feb 5
No par
1012 Feb 3014 July
123 1212 123 1212 1212 1213 1212 125 x123 1212 1238 1212 11,900
3
8
8
8
Specie.'
10 113 Jan 2 123 Feb 26
8
4
107 Apr 1214 July
*
32
8
32
3218 31% 32
8 317 32
32
317 323
315 32
8
7,700 General Foods
No par 3I3*May 23 367 Jan 30
21
Feb 397 Sent
3
4
3
7
4
8
% 2,200 Gen'l Gas & Elea A_
"1
"4
5
4
3
4
54
3
7
4
3
3
3 Jan 2
No par
4
4
13 Feb 0
12 Dee
27 June
4
•1513 153 *1512 16
1512 1512 1514 1514 *14
18
Cony pref series A.
*10
1512
200
-No par
614 Jan 2 19 Mar 13
318 Apr 1612 June
*1618 20
•1718 20 .1713 20
*157 20 *____ 20 •___ 20
8
No par
$7 prof clam A
12 Jan 29 21 Mar 13
63 Dec1812June
4
*1814 21
1834 1834 *1713 21
4
.183 21
*812 21
*812 21
40
$8 pref class A
No par
14 Jan 19 22 Mar 12
6 Apr 20 JULIO
585 .5518 5853 *515* 5853 55353 5858 *543 5858 5543 585
8
*53
8
8
8
Gen Hal Edison Elec Corp__ 50 Jan 24 614 Feb 16
2414 Jan 5534 Nov
5634 5634 .563 68
*57
58
4
58
58
58
5813 58
58
900 General Mills
No par 537 Mar 2() 6413 Jan 15
8
3512 Mar 71 June
11218 11218 *112 11318 •112 115 *112 1127 112 112
*112 113
200
Preferred
100 103 Feb 27 11214June 5
9213 Mar 10812 Sept
31
8
3114 303 3114 3014 3112 31
318
307 317
303 313 61,000 General Motors Corp
4
10 2918Juno 2 42 Feb 5
5
10 Feb35 Sept
*10112 10212 10212 10212 10214 10212 1017 10214 *101 1015 1013 102
3 Jan 6 103 May 1
8
8
4
900
$5 preferred
No par 89
6513 Mar 95 July
*10
16
•1512 1612 1512 1512 *10
16
14
14
*11
200 Gen Outdoor Adv A_No par
155
8
85 Jan 5 21 Apr 14
5'8 Jan 24 June
5414 5
*414 5
*414 5
*414 5
5Common
*414 5
*41
No par
35 Jan 2
8
65 Apr 20
8
213 Ma
1018 June
•175 1912 *173 194 173 173 *175 194 *1812 194 195 19%
8
4
4
4
8
8
50 General Printing Ink _4 Jan
No par 1011 Jan 3 2513 Apr 23
3
17 June
*865 _
*855 88
8
8
*865 88
*8653 88
8
*865 88
*885 88
8
8
$6 preferred
No par 7312Mar 10 88 Apr 24
31 Mar 82 Aug
*27
3 312 *27
8 313 .27
s 312 *3
3 2 327
,
8 .27
8 33
3
Gen Public, Service___ _No par
55 Feb 7
213 Jan 8
2 Apr
814 June
3112 32
3212 3212 *3212 3312 33
8
*303 33
33
323 323
4
4
600 Gen Railway Signal---No Par 3114May 14 453 Mar 3
4
1314 Jan 4913 July
17
8
1%
17
4
14
13
134
4
13
134
14 17
8 *15
8 134 2,000 Gen Realty & Utilities
1
112).1ay 14
3 8 Jan 30
5
8
3 Feb45 June
8
1814
*17
18
1712 1712 *17
18
1412 *1612 18
1612 1612
300
26 preferred
18 Jan 8 263 Jan 30
No par
8
512 Jan 225 June
1618 1618 16
16
16
*1512 16
1513 15,2 .15
*1512 1714
300 General Refractorles
1018 Jan 3 233 Feb 23
No par
212 Feb193 July
4
7
4
4 144 147
*1413 154 1414 1433 143 143
14 143
8 144 14
Voting trust certlfs_No par 1214 Jan 22 1912 Feb 21
14
4 1,800
714 Sept18 June
*30
3512 30
*221 3512 .2212 32
30
*30
35 "30
35
10 Gen Steel Castings pref No par 30 Juno 27 4812 Mar 15
9% Feb3812 June
8 1012 1053 1012 103
8
10% 1012 103 105
4 1013 107
8 105 1034 5,600 Gillette Safety Razor_No par
8
812 Jan 6 1212 Feb II
7 8 Dec 2014 Jan
5
63
64
8312 .623 64
*60
8
56318 6512 637 637 *6112 6512
8
8
Cony preferred
300
No par 47 Jan 11 65 June 20
Jan
454 Dec 75
4 *37
33
4 33
8 4
*33
4 44
37
37
8 *33
4 4
334 37o
800 Gimble Brothers
No par
33
4May 12
638 Feb 5
3 Feb75* June
4
24
*22
*22
24
23
*22
•22
23
*22
2212 22
22
100
Preferred
100 164 Jan 8 30 Feb 5
64 Mar 33 July
4
4 2353 2412 244 245
8 233 243
234 237
8 2412 25
2413 245* 3,400 Glidden Co (The)
33 Mar 20 July
No par 155 Jan 4 283 Apr 20
8
8
100 100
*100 101 *100 101
101 101
101 10112 10112 102
280
Prior preferred
100 83 Jan 19 103 Apr 27
48
Apr 9112 Aug
63
4 7
4
67
653 718
8 67
8
65* 63
63
4 7
634 63
4 4,100 Gebel (Adolf)
5 5 12 Jan 2
912 Feb 27
3 Feb
18 July
8
1914 193
4 1913 2014 20
193 1912 193 20
3
20
193 20
4
6,300 Gold Dust Corp vs o___No par 16% Jan 11 23 Apr 23
12 Feb 275s July
8
8
8
'11033112 *1103 112 .1107 112 *11078 112 *1107 112 *1107 112
8
$6 cony preferrea__No par 9613 Jan 6 112 June 19
9612 Dec 105 July
•1312 134 1318 133
8 127 133
1318 1312 1314 1312 123 13
8
3
3,900 Goodrich Co(BF)
No par 1214May 12 18 Feb 19
3 Mar 2113 July
493 493
4
•4713 513
50
.4712 50
50 •45
52
*45
51
Preferred
300
100 40 Jan 5 023 Apr 21
9 Feb 63 July
275 2817 275 2812 27
8
2734 283
8 2712 24
8
28
2712 2758 6,200 Goodyear Tire & Rubb_No par 253
4June 2 4133 Feb 19
914 Feb 4712 July
83
79
7933 7814 7814 *78
79
79
*77
81
*77
80
1st preferred
500
No par 74 May ll
8614 Feb 19
273 Mar 8014 July
73
4
*73
4 8
8
3 8
74 8
77
3
73
4 73
1,000 Gotham Silk llose__No par
*712 75
7 Jan 4 113 Feb 5
4
612 Oct 1712 June
.505* 56
.50 8 50
550 2 55
3
,
*5012 56
5058 5058 *5013 56
20
Preferred
100 4912 Jan 22 7113 Apr 26
41
Apr 73 JIIIY
214
214
24 23
"
2
218
21, 214
2
218
2
218 13.100 Graham-Paige Motors
1
2 June 27
412 Feb 1
1
Apr
553 July
913 012
912 954 593 1014
97 1014
4
8
93 1012 10
4
1014 1,900 Granby Cons M Mm & Pr_100
37 Mar 155 June
8 Jan 2 133 Feb 16
8
8
5553 64 *534 514
*512 6
618 618
6
6
*55* 57
8
200 Grand Union Co tr cite
1
4 Jan 8 8 3 Jan 31
4
8
35* Mar 105 June
*3712 38
*373 38
3712 3712 *3713 38
3
200
97
*374 3 8 *374 35
Cony pref series
No par 23 Jan 6 40 Apr 24
20 Sept 3638 July
*25 4 27
*253 27
3
4
*2534 27
.25 4 27 .253 27
3
*2534 27
Granite City Steel
No par 23 Jan 16 31 18 Apr 25
1118 Mar 305 July
8
3113 3112 3112 315
8 31
3112 30% 31
3112 3113 .3012 32
1,300 Grant (W TI
No par 30 June 8 40 Feb HI
53
15% Feb 3012 Doc
4 114 12
,1
*1112 11% 1114 1112 1112 1112
8
51114 12
*113 12
400 Gt Nor Iron Ore Prop_No par
1012May 14 1518 Feb 19
1034 July
6,8 Feb
3331 3433 333 347
8 3214 34
3414 32,800 Great Western sugar No par 25 May 14 347 Jan 20
33
67 Jan 414 Sept
314 314 317 323
11553 1154 *114 11512 11512 11512 .114 11412 114 11413 *113 114
80
Preferred
100 102 Jan 2 11514June 23
7212 Jan 110 Sept
212
238 212
*21, 212 *214
212 23
213 212
4
25* 23
4 1,900 Guantanamo Sugar____No par
54 Jan 2
35* Feb 8
41, May
14 Jan
28
30
24
*24
•25
*24 - 30
30
30
.20
*24
30
100 Gulf States Steel
No par 24 Jan 2 42 Mar 13
65 Feb 38 July
4
75 .62
75 .62
75 .70
75 .62
*70
75
75
*70
Preferred
100 47 Jan 8 83 Apr 20
1614 Jan 64 June
•lild and asked prices, no sales on this day.
,r,
I Companies reported In receivership. a Optional sale.
c Cash sale.
r Ex-dIvIdend. ii Ex-rights.
-
,
New York Stock Record-Continued-Page 5
tar FOR SALES
4429
DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE FIFTH PAGE PRECEDING.
-PER SHARE, NOT PER CENT. . Sales
HIGH AND LOW SALE PRICES
for
the
FrtdaY
Wednesday Thursday
Monday
Tuesday
Saturday
Week.
June 29.
June 28.
June 26.
June 27.
June 25.
June 23.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Singe Jan. 1.
On basis of 100-Mare lots.
Highest.
Lowest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
per share $ per share $ per share
$ per share $ per share $ per share 8 per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share 9 I
15 Mar 254 July
2618June 26
25 2012 Jan
600 Hackensack Water
28
2618 '2814 27 *2614 2613 *2614 2612
*254 28
/
1
26
26
25 Apr 2878 Jan
A.......25 27 Jan 4 3012June 27
40
7% preferred Mass
3013 3012 3012 *2914 3014 3014 304
3012 *29
304 *29
*29
94 July
11 Feb
/
4
84 Feb 15
454May 12
1,800 Hahn Dept Stores___No par
54 53
514 514
3
514 5 8
54 514
51 5
/
4
/ *518 514
1
4
9 Apr 3812 July
100 2514 Jan 9 5234 Apr 21
Preferred
42 "39 43 •39 43
4112 '39
42 "39
43 *39
*39
/
1
4
3 Feb 1012 July
914 Feb 14
312 Jan 8
10
800 Hall Printing
'65
8% 63
4 *688 7
7
8 7
4
612 63 '65
638 85
9 July
212 Apr
Hamilton Watch Co-No par
38 Jan 26 1178 Apr 20
8
"7
8
*7
'7
4
'7
8
8
*7
8
*8
15 Feb 35 July
100 25 Jan 15 5312 Apr 25
Preferred
20
39
39
39
39
40
*39
41 .39
41
41 .39
*39
454 Jan 85 Aug
/
1
60 Hanna(MA)Co $7 pf_No par 84 Jan 8 98 Apr 4
9412
944 9413 *93
94
94
*93
94
94 94
*93 94
64 Feb 2512 JUIY
/
1
4
300 Harbieon-Walk Refrac_No par 14 Jan 2 244 Feb 21
*1814 1914 1813 1812 1814 1814 *1812 19
4
4
183 183 *1814 19
/ Mar
1
4
713 June
8 Apr 13
/
1
4
278 Jan 2
Hat Corp Of America cl A__1
552
53
8 *4
512 *412 538 *4
613 *4
*412 558 *4
512 Apr 30 June
100 1988 Jan 4 6214June 27
6Si% preferred
220
61
6214 6112 6112 *5814 62
*5812 61
•3312 (if
*581 61
/
4
3 July
/
1
4
3 Feb
4
84 Feb 15
114 Jan 2
2
1,300 Hayes Body Corp
23
4 23
4
27
2 27
2
234 27
2
24 3
3
3
3
314
*3
65 July 9712 Dec
8
25 85 may 14 967 Apr 23
800 Hazel-Atlas Glass Co
8978 891
/
4
8914 8914 90 90 *8913 91
8914 8958 89 89
6912 Jan 105 Dec
25 101 Jan 9 115 June 27
100 Helme (0 W)
7 115 "109 115 '109 115 115 115 *111 115 *111 11412
*107
3 Mar 17 July
9 Jan 4 1218 Mar 15
No par
Hercules Motors
*812 10
*811 10
*812*812 10
*813 10
*813 10
15 Feb 6888 Dec
No par 59 Jan 4 75 Apr 24
8 7212 7212 1,900 Hercules Powder
7112 7012 7214 7214 7314 *723 737
71
72
*71
85 Apr 11018 Dec
100 111 Jan 4 12412June 1
$7 sum preferred
150
122
122 12212 122
122 122 '121 12312 *121 12212 122 122
3518 Mar 72 July
8May 8
200 Hershey Chocolate____No par 4813 Jan 15 1347
/ 6312
1
4
6312 a6212 6212 *6312 6312 63
8312 *61
534 *61
"CI
84 4 Apr 90 July
3
Cony preferred
No par 83 Feb 16 9558June 28
400
*9314 95 *9338 9412 ..9312 9413 9414 9412 9588 9588 •9312 97
/
1
4
3 Jan 10 June
/
1
4
/
1
4
5 Jan 3 1014 Apr 23
No par
800 Holland Furnace
7
812 812 *814 9
9
9
82 8s
7
8
832 83
7
83
2 88
214 Mar 104 June
June 21
534 Jan 2 13
5
4 11
ills 1138 1118 113
1188 1088 111g 3,800 Hollander & Sons (A)
8 105, 1138 1138 113
100 310 Jan 4 412 June 28 145 Jan 373 Oct
1,200 Homestake Mining
3
3887 3851g 38512 3+4872 40012 402 410 412 412 412 412
*375
418 Apr 15 .111118
500 Houdaille-Hershey Cl A No par 11 Jan 8 2314 Jan 30
20i4 204 2013 2013 *1913 204 2014 2014 2014 2014 *1912 20'z
688 June
1 Mar
87 Jan 26
8
33 Jan 2
4
No par
Class B
4
4
8 2,600
412 412
4
4 14
418 414
414 414
43 Nov 5114 Jan
400 Household Finance part 1;4_50 43 Feb 5 54 Mar 12
4814
494 *4814 49 "484 49
/
1
x4814 4814 "47
49
4
493 491.
814 Mar 38 July
4
900 Houston 01101 Tex tern otts100 1714May 12 293 Feb 5
2012 2018 2018
2014 20
4
1914 193 '1914 204 194 1934 20
73 July
3
17 Feb
8
558 Apr 6
314May 12
33
4 4
Voting trust otta new____25
1,200
38
38
34 38
3
37
2 37
33
4 3 4 *33
1
7
4 4
/
4
54 Jan 381 Dee
5 3513 Jan 3 5714June 28
/ 5514 5714 5512 561 32,100 Howe Sound v t o
1
4
52
5412 5413 55
4
4 513 54
53
/ 543
1
4
/
1
3 Feb 164 July
834June 22 2414 Feb 5
95, 10
33.300 Hudson Motor Car-- -No par
978 1018
988 1018
95, 10
94 1018
914 10
73 July
4
1% Mar
318May 14
714 Jan 30
3
/ 33
1
4
312 388
5,900 Hupp Motor Car Cori
10
31E 358
312 34
312 318
3
34 3 8
8June 14
25
2538 3,900 Industrial Rayon new_No par 2238May 25 263
/
1
241s 235, 2388 244 2412 2413 25
2312 2414 24
194 Feb /8 July
4
No par 50 May 14 733 Feb 3 -2,400 Ingersoll Rand
5934 60
6118 60 80
61
6118 59
*603 823 *6018 62
4
12 Feb 457 July
4
No par 35 May 23 493 Feb 21
500 Inland Steel
36
36
38
3812 3812 38
39
3
373 37 *37
4
*3712 40
912 June
2 Feb
438 45, 1,200 inspiration Cons Copper_ __20
67 Feb 5
2
338May 10
412 412
4% 417
414 44
414 414
*41 43
/
4
37 June
8
14 Mar
4
414 Apr 25
218 Jan 2
1
100 Insuransharee Ctrs Inc
334 33
*334 4
'334 4
•33
4 4
4
*33
4
*378
44 July
5s Mar
5 May 4
/
1
4
24 Jan 15
300 Intercont'l Rubber___No par
•34 4
4
4
3
34 334 *334 4
*358 438 *358 4
218 Mar 12 July
800 Interlake Iron
512June 1 1114 Feb 19
No par
614 614 *612 68
2
6
/ 64 *618 67
1
4
6
/ 618
1
4
*614 67s
538 July
72 Feb
818 Feb 5
2 Jan 8
300 Internal Agrioul
*234 3
3
No par
3
*3
314
3
3
*23
4 3
53
314
5 Jan 2712 July
Prior preferred
4
100 15 Jan 8 3714 Feb 3
4
*2112 263 "2112 263. *2112 263 *2113 263
4
2
*2112 263 *217 26
753 Feb 15314 July
4
600 Int Buelness Machines_No par 131 June 2 14914 Jan 30
140 140
/
4
14012 141
14114 1414 1411 14114 *13734 140
'138 141
8
2 Jan 107 July
/
1
4
55 Jan 11 1218 Feb 21
8
1
500 Internet Carriers Ltd
77
2
73
4 77 " 2 818
3
4
7 4 73
4
*714 7 8 *712 73
7
*714 8
64 Mar 40 July
2513 2612 2,100 International Cement_No par 2158June 5 373 Feb 5
2612 2613 27
2615 254 253
4 26
253 253
8
*26
1358 Feb 46 July
3384 7,700 Internal Harvester__ __No par 30 May 14 4678 Feb 5
3213 32
33
/ 3338 33
1
4
33
3212 32
34's 33
32
80 Jan 1191s Aug
Preferred
300
100 11512 Jan 13 12538May 11
1224 1227 •____ 123's 12318 1231 *118 1231s
*---- 123 *---- 123
45. Jan 8
24 Apr 1378 July
918 Feb 7
25
63s 812 3,100 Int Hydro-El Sys Cl A
612 6
/
1
4
612 634
612 6%
612 83
6% 678
67 June
8
114 Jan
6 Jan 24
34 Jan 2
200 Int Mercantile Marine_No pa
34 34
8
34 3
3
'338 3
7
"34 37
3
*338 37
'34 4
2914 Apr 27
8/ Feb 2314 Nov
4
/
1
4
/ 2638 2534 2612 25 2638 25,300 Int Nickel of Canada_No par 21 Jan 4
1
4
/ 2558 2518 257s 25
1
4
254 '25
25
72 Jan 115 Deo
Preferred
100 1154 Jan 13 130 June 28
200
4
4
130 e1293 1293 130 130 *125 135 *125 130 *122 130
*128
4
2 Jan 213 July
/
1
4
100 1013 Jan 5 25 Apr 24
110 Internal Paper 7% pref
1714 1714
17
17
1534 17
/
1
4
*17
1778 *1634 17 *1818 18
612 Apr 20
334May 26
4 Apr 10 July
200 Inter Pap & Pow cl A_No par
*314 4
537
41s 418
33
4 31
4
1
a 13 4 41
537
8
*354 4l
14 Apr
5% July
312 Apr 21
4
13 Jan 4
No par
Class B
200
2
2
214
214 "2
*134 214 '2
2
2
"134 214
4 July
234 Apr 23
18 Jan 4
14 Jan
Class C
No par
400
13
4 134 •138 134
1% 1%
138 1%
8 15,
11
"158 114
2 Apr 2218 July
Preferred
100 1014 Jan 8 2478 Apr 23
4
4
4 163 1712 163 1714 161g 1712 5.100
1812 1612 1638 1612 161g 163
312 Feb 14 Oct
9 Jan 13 25 Apr 21
500 Int Printing Ink Corp_No par
21
2114 "20
2114
22 23
/
1
"20
218 *2012 23 *204 22
35 Apr 71 Aug
Preferred
100 66 Jan 2 88 Apr 21
20
85 85
*8312 85 *8313 85 *84 85
*8312 85
*8313 85
4
133 Mar 274 July
No par 21 Jan 3 32 June 19
3012 304 3012 1,400 International Salt
30
30
291 291 2912 2912 30
/
4
/
4
30
30
8
2438 Jan 1563 July
No par 40 May 12 504 Jan 26
300 International Shoe
41
41
*4038 41
"4038 41
/ 41
1
4
8
4013 404 404 403 "40
93 Feb 594 Jul,
4
4
1,100 International Sliver
100 2912June 5 451 Feb 15
33
334 *31
33
/
1
/
1
*301 314 *304 3114 3188 33
/
4
32
'31
2412 Mar 7188 July
100 59 Jan 4 8412 Apr 9
7% preferred
13
72
/
1
4
*70
70
70
*6812 7118 *6812 7118 •6812 7213 6838 70
4
5 Feb 213 July
/
1
4
4
7
/ 1313 1234 1314 123 1314 11,600 Inter Telep dc Teleg___No par 114May 7 1734 Feb 6
1
4
/ 125s 1314 /2
1
4
12% 12, 1212 12
87 July
8
11 Mar
/
4
3 Jan 4 163 Apr 20
/
1
4
114 12
111 1112 114 1112 *114 1113 1.700 Interstate Dept Storea_No par
/
4
4
1214 1214 113 12
55 Jan 8 10 Feb 8
17 Jan 1114 July
No par
'78
200 Intertype Corp
812
•73. 73
3
8 •738 73
75,
2 *75, 7%
7% 788 "8
11 Feb32 July
1 248* Jan 29 2912June 15
Island Creek Coal
02712 2914 *2712 2914 *2712 2914 *2712 2914
*2712 29 "2713 29
23 Feb45 July
No par EX Jan 9 52 Apr 20
100 Jewel Tea Inc
8
484 4812 *4718 50 *47
/
1
4838 *46% 497 "483 47%
*4738 50
/
1
4
1214 Mar 63 Dee
No par 44 May 12 66% Jan 30
4 8,900 Johns-Manville
5312 5432 5214 533
2
51118 5212 5113 5214 513 5314 5312 54
42 Apr 1064 July
100 101 Jan 4 112 Apr 18
Preferred
*10714 125 *10714 126 '10714 125 *10714 125 *10714 125 *10714 125
35 Feb 91 July.
Jones & Laugh Steel pref _100 60 May 25 77 Jan 23
63
63 *51
63 *51
63 •51. 83 "51
*51
63 *51
3
98 June
25, Mar
8
84 Jan 8 103 Apr 13
200 Kaufmann Dept Stores $12.50
*734 814
8
8
/
1
*74 8
4 8
73
4 7 4 *73
3
8
*71
4 77
6% Feb 1912 July
8
5 187 Jan 4 1812 Apr 20
900 Kayser (J) & Co
17
17
17
17
18
17
1714 17
174 174 17
/
1
*17
61 July
/
4
78 Mar
412 Mar 12
218June 29
5
Kelly-Springfield Tire
218 2
/ 1,700
1
4
214 214
/ 214
1
4
214 214
238 23
8
24 214 "2
6 Feb 8118 June
No par 10 June 22 20 Jan 30
8% preferred
100
"9
/ 10
1
4
/
1
*104 11
1012 *1014 11
10 '10
1112 10
'10
8 May
2 Feb
4 Jan 13 10 Feb 18
Kelsey Hayes Wheel conv.elA1
718
7
/ '5
1
4
614 *5
614 •5
612 '5
*5
7
/ "5
1
4
6% June
112 Dec
712 Feb 18
238 Jan 2
1
Class B
*3
4
43
*3
/ 4
1
4
4
/ *3
1
4
912 •3
4
/ *3
1
4
*3
/
1
34 Feb 155, Sept
s
No par 117 Jan 4 2114 Mar 14
10,000 Kelvinator Corp
1612 17
1612 17
1712 1712 1672 1712 1534 17
17
17
Jan 73 July
30
40 Kendall Co pt pf Der A_No par 854 Jan 18 8812May 4
4
.86
88
88
88 88
88 88
88
88 "86
*87 93
73 Feb 28 Sept
8
2134 2288 34,800 Kennecott Copper__ No par 1734 Mar 27 2318June 13
2
2 207 2132 20 4 2112 217 2211 2212 227
3
2114 213
57 Apr 2538 July
No par 12 Jan 2 1814 Apr 12
Kimberly-Clark
15
15 *12
*12
15 *12
15
15 "12
*12
15 *12
84 June
1 Apr
74 Apr 13
3 Jan 18
No par
100 Kinney Co
572 57
8 614
*5
814 '5
2 614 *47
614 *47
64 *5
45, Feb 30 July
No par 1312 Jan 6 41 Apr 26
Preferred
35
8
4
"294 331 .2934 40 *293 40 •294 40 *297 40 •30
1
512 Mar 16% JU13
10 1388 Jan 2 2234 Feb 5
3,300 Kresge (S El) Co
191
2
187
s
143 147
8
2 183 191
1813 1818 1814 1814 1814 181
88 Apr 105 June
100 101 Jan 4 111 Mar Hi
7% preferred
10
109 109 •102 111 *106 110 *106 110
*109 111 "109 Ill
27 Jan 4414 Jul,
No par 38 Jan 3 61 Apr 27
200 Krese (S H)& Co
59
59
591
60 *59
0012 601 *59
601
*55 601 *55
1412 Feb 35% July
307 31
No par 2314 Jan 8 335, Apr 23
8 3,500 Kroger Groo dr Bak
3012 30'2 3018 301
31
313
4 304 3114 3012 313
30 Nov 80 June
/
1
4
110 Laclede Gas Lt Co St Louis 100 22 June 18 83 Feb 13
2715 24
2818 2618 27
30
30
30
30
29
29
•27
3712 Apr 61 Jan
100 32 June 9 80 Feb 9
40 40
5% preferred
80
40
40 "354 40
40 "39
411
40 535
43
193 Dec 414 Ally
8
/
1
4
2515 1,900 Lambert Co (The)____No par 22 Jan 4 3188 Feb 5
2512 2612 2514 2514 25
254 2514 2514 2514 254 251
/
1
3 Feb 104 June
5 Jan 6 1414 Apr 19
Lane Bryant
No par
2
"1014 1112 *1014 1312 •103 131 *1032 131
*1014 114 '1014 11
3
4
33 Mar 12 8 July
8 Jan 3 1412 Apr 28
5
/
4
12
124 1284 121 12's 1,300 Lee Rubber & Tire
/
1
1214 124 123 13
13
*1214 13
4
57 Jan 27 June
1638 1514 16 •1512 163 *1154 1612 "15
15
1518
200 Lehigh Portland Cement...50 11 May 14 20 Feb 23
16
•15
34 Feb 78 Sept
10
735, 735, *743 77
7% preterted
4
*7434 77 *7434 77 *743 77
4
100 734June 22 81 Apr 26
•735 77
65, July
Jan
1
5 Feb 21
2 Jan 8
/
1
4
1,000 Lehigh Valley Coal--__No par
3
3
3
278 27
8
3
3
3
3
3
314 314
2 Apr 12 June
/
1
4
5 Jan II 1414 Feb 21
50
Preferred
1014 1014
1114 111
1014 1014 1012 1088 1078 11
800
•1014 101
2712 Feb 795, Inly
66
68
8May 12 78 Feb 6
661 862 6713 69
/
4
600 Lehman Corp (rhe)___No par 643
8912 6912
691
*88 681
687
8
14 Feb 2314 June
2014 20 20
4
5 163 Jan 23 2312 Apr 19
1934 1934 2,700 Lehn & Fink Prod Co
1934 20
20 20
"204 20¼ 20
45 Mar 375, July
/
4
/ 311 3112 3112 8,000 Libby Owens Ford Oleas No par 2738May 14 4378 Jan 19
1
4
4 30
2912 3034 3114 313
3014 3014 2934 301
1558 Oct 2218 Sept
5 1718 Jan 8 24 Apr 23
2312 23 23 "22
23 '22
23 *22
231 *22
200 Lite Sayers Corp
2212
'22
49 Feb 98 Sept
100 Liggett & Myers Toba000-25 73 Jan 6 9712June 18
9514 "96
*94
96
95 95
*94 97
98
951 *94
*94
3
494 Feb 99 8 Sept
/
1
Series B
25 744 Jan 8 9814June 18
4,200
9512 96
4 9514 9512 9513 9712 97 9714 9634 97
953 953
4
8June 18 121 Mar 14018 Sept
100 129 Jan 13 1483
148 148 "14438 14778
Preferred
300
'14414 14838 •1444 14838 1485, 14838 '14438 148
13 Apr 2113 May
/ 22
1
4
/ 2.000 Lily Tullp Cup Corp__No par 18 Jan 15 2313 Apr 18
1
4
22
2288 22
211 22 22
/
4
214 21
•217 224 21
8
4
10 Jan 313 July
24
600 Lima L000mot Works_No par 22 June 4 3614 Feb 5
2414 241g 2412 *235 24
234 2314 *2312 24 *234 24
8% Apr 19% July
15 *__-- 1512 1514 1512 1534 153
/
1
4
No par 1214 Jan 3 19% Feb 6
500 Link Belt Co
4
4 153 16
*153 16
4
101 Feb 50 July
/
4
28
2812 2738 2814 2734 2834 1,700 Liquid Carbonic
273 2712 *2714 23
No par 253438ay 14 3538 Apr 23
iit
28
84 Mar 3812 Sept
3034 2914 30
No par 253 Jan 6 354 Apr 12
29% 305, 2734 2978 277 28% 33,200 Loew4 Incorporated
3014 29
30
35 Apr 7818 July
/
4
91
9114 1,100
No par 72 Jan 2 971 Apr 24
9114 98
9612 97 •9372 97
6812 9812 *9612 98
Preferred
132 Dec414 June
2
24
2
2
2
2
2
2
2
2
218
3 Jan 31
NO Par
1.400 Lott Incorporated
2
2
1% Jan
12 Feb512 June
11
18
234 Feb 20
200 Long Bell Lumber A No par
112 114
114 Jan 12
/
4
4 "112 1% •11 1% "112 17s
•112 13
3
1914 Feb44 4 Dec
4012 *393 4012 4012 4012
800 Loose-Wiles Biscuit
2
4
25 3812 Feb 26 x4414 Jan 17
4
*393 4012 *393 4012 4012 4012 40
11312M
May 120 Jan
60
-- *128
7% 1st preferred
100 11934 Jan 11 128 Apr 14
- "128
128 128 "128__ '128
*126 128
5
10 5 Feb254 July
1
10 1534 Jan 8 1912 Feb 5
17% 181g 18 1812 1814 1812 1814 1812 181g 18 2 4,800 Lorillard (P) Co
173 18
8712 Feb106 Nov
7% preferred
100 102 Jan 26 113 Apr 11
.110 140 *110 140 '110 140 "11014 140 *11014 140 *11014 140
4 July
58 Jan
338 Apr 4
114 Jan 10
No par
500 Louisiana Oil
4 24
•13
4 2
/ *1% 218 "1% 24 *13
1
4
13
4 17
2
2
34 Feb29 July
Preferred
1812
181 "14
1812 •14
181 '14
/
4
100
16 "14
714 Jan 2 2312 Apr 4
184 *14
*14
1612 1812 1612 18% 157 184 1.500 Louisville Gas & El A_No par 15 Jan 9 21 Feb 7
17
17
In Apr 2514 June
17
17
177
*17
500 Ludlum Steel
*1314 1313
14
4 Feb 204 July
1 1213May 10 1912 Feb 20
1334 •1313 1334 14
1312 13
1312 1312 "13
143 Mar 9512 Deo
8
Cony preferred
No par 80 June 14 97 Feb 20
200
/ 86
1
4
/
1
4
8
/
1
/
1
814 8118 •783 864 *783 864 *78
81
81
•7838 88
200 MatiAndrews & Forbes
3413
*334 3434 *34
•34
35
94 Feb 315 Dec
10 30 Jan 5 3434June 25
/
1
4 345 345 *344 35
343
*34
_ •103
74 Apr 96 Nov
___
__ •103
6% preferred
100 95 Jan 13 107 June 4
-- *1054 _-- - *10514 - "102
2558 -253
No par 2338May 10 41% Feb 6
264 1,400 Mack Trucks Inc
261
1312 Feb 4838 July
2614 2558 *1052838 "2513 612 264 26-285, -4412 4172 9,800 Macy (R H) Co !no -No par 3812May 22 6218 Jan 30
41
421
2414 Feb 6514 July
4114 4112 42
s
41
413
4 407 41'2 41
7 June
6
/ 61 *8
1
4
/
4
138 Mar
900 Madison fiq Gard vs o_No par
838
238 Jan 2
8
6
6
/ 64 *64 64
1
4
6
6
7 Apr 27
2314 2234 2314 2,300 Magma Copper
538 Mar 195, July
x23
10 15 Jan 17 x2314June 28
4
*2214 2284 221 23
22
/
1
4
4 22
"2112 223
514 June
72 Feb
*213 258
414 Apr 24
200 Mallinfon (H R)& Co-No par
24 213
212 288 '212 23
17 Jan 2
8 *212 284
*212 27
4
8 Feb 2133 Pay
35
35 *15
7% preferred
100
35 *15
35 '15
35 *15
738 Jan 9 3338 Apr 24
*15
35 '15
3
5 4 July
*212 3
14 Jan
100 2Manati Sugar
*212 3
100
232 232 *212 3
1 Jan 8
.23/4 2 s
.2% 27
33 Jan 23
4
7
97 July
*47
3 Jan
2
Preferred
7
*47
7
100
914 Apr 26
1% Jan 3
788 "412 75, "412 7
•44 7% '5
97 June
112 Jan
*412 732 *412 612 *412 612
*41 61
/
4
513 51
•3
/ O'm
1
4
100 Mandel Bros
812 Jan 26
4 Jan 23
/
1
4
No par
512 Apr 23 July
18 '15
100 Manhattan Shirt
1618
16 •15
15
15 '15
181
25 124 Jan 4 20% Feb 1
*1512 181 *15
4 June
31 Feb 17
12 Jan
214 214 *212 212
"214 232
700 Maracaibo 011 Explor_No par
114 Jan 10
•24 21
'24 21
*214 21
53 Nov
2
48
47
47
4 Nov
/
1
4
434 1,100 Marancha Corp
*48
5
54 Feb 5.
5
413May 11
"418 47
*4% 47
4% 45
5 Dec 1112 Jan
3,300 Marine Midland Corp
7
7
9 Feb 6
5
534 Jan 5
65, 74
7
74
738
67
8 714 *7
74 755
6 Feb 2314 Dec
23
23 *21
100 Marlin-Rockwell
No par 2034June 2 32 Jan 25
"2118 22 *2138 23 '21
22
22
4 213 23
, 8
414 Jan 18% June
15
151
1514 1514 1538 153
1.600 Marshall Field & 0o
No par 1212 Jan 4 191* Apr 11
1514 1518 151
15
us
15
778 Dec
12 Jan
100 Martin-Parry Corp
*9
10
94 91
10
6 Jan 24 1238 Mar 3
/
1
4
No par
*9
*9
10
10
'9
101
*9
5 Rid and asked prices, no sales on this day. I Companies reported in receivership. 6 Optional sale. c Cash sale a Sold 15 days. tEx-d Mend. y Ex-rights.
New York Stock Record-Continued-Page 6
4430
June 30 1934
(4/
-FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE
PRECEDING.
HIGH AND LOWiSALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 23.
Monday
June 25.
Tuesday
June 26.
Wednesday
June 27.
Thursday
June 28.
Friday
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On baits of 100-share lots.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Lowest.
Highest.
$ Per share $ per share $ per share $ per share $ per share $ per share Shares. Indus.& Miscell.(Con.) Par $ per share
i Per share 3 per share $ per altars
3114 32
313 324 32
4
327
8 3278 3314 323 3212 3212 327
8
8 3,200 Mathleson Alkali WorksNo par 28 May 14 4034 Jan 24
14 Feb 464 Nov
.36
38
363 363 *3614 38 .35
4
4
38
*373 38
4
38
300 May Department Stores. .j0 30 Jan 2 443 Apr 23
38
8
93 Feb 33 Sept
4
.57
8 6
578 S's °A 6
*6
61 1 *6
6
614
6
200 Maytag Co
4
No par
43 Jan 2
83 Feb 21
4
118 Apr
812 July
.2512 2712 2614 2614 *251? 251 •251s 254 253 253
4
4
4 2512 2512
300
Preferred
10 Jan 2 2812 Apr 26
No par
34 Apr 1514 Aug
7712 77.2 *7712 73
7714 7712 75
75 .75 '774 .75
Prior preferred
50
773
8
No par 49 Jan 3 9212 Apr 3
15 Apr 58
Oct
*28
29
28
2E
*2838 29
*2812 29
29
29
29
29
No par 24 Jan 11 32 Apr 13
300 McCall Corp
13 Mar 304 Sept
2
2 18
2
218 .2
218
213
218 *218 238
218
218 1,100 :McCrory Stores claseANo par
1144 Jan 8
412 Feb 6
3 Apr
47 June
8
8
.2
218
2
2
2
2
2
2
*17
2
2
2
Class 11
13 Jan 4
8
No par
800
414 Feb 6
118 Dec
Jan
6
23
•19
19
19
*184 19
19
•
18
4
1812 183 183
4
Cony preferred
514 Jan 2 2534 Star 17
600
100
212 Mar 21
Jan
.3
814
314 811 .8
818 *8
814
8
8
*7 8 8
5
200 McGraw-Hill Pub Co_No par
4 Jan 4 1012 Apr 21
3 Apr
818 June
4814 4814 4713 48
474 493
8 4712 5
04 473 4 8 48
4812 16,000 McIntyre Porcupine Mines_b 3812 Jan 25 6012June 19
s 83
18 Mar 483 Oct
8
*87
89
8714 8712 873 873 *8712 8312 8712 8712 .8712 88
4
4
400 McKeesport Tin Plate_No par 83 May 10 9414 Feb 21
4418 Jan 953 Aug
4
67
8 64
67
8 67
8
64 67
8
07
8 714
63
4 7
63
5,400 McKesson & Robbins
4 7
5
412 Jan 2
918 Apr 10
13 Mar 1312 July
4
2912 293 .28
4
29
28
283
4 29
2912 283 284 28
4
Cony prof series A
8
283
4 1,800
50 117 Jan 2 3412 Apr 27
35 Mar 25 July
8
44 412
438 412
43
8 43
8
414 412
4
19,200 :McLellan Stores
No par
43
8
312 4
1 Jan 6
55 Mar 17
8
14 Feb
8
33 July
*55
597
8 5712 59
577 58
8
*5712 61
5712 5712 5112 55
1,800
100
8% cony prof ser A
912 Jan 2 6312June 8
218 Jan 227 July
8
*3812 37
3612 364 3612 3712 3712 3858 38
39
383 384 5,200 Melville Shoe
8
No par 26 Jan 2 39 June 28
83 Feb 2834 Oct
4
714 714
73
8 74
714
714
7 2 712 .,
1
,
63 Jan 13 11 Jan 22
700 Mengel Co (The)
4
7 2 73 .
712 74
4
2 Mar 20 July
*3914 44
*3912 41
.38
40
*3814 40
*3812 40
*3812 40
7% preferred
100 30 Mar 21 62 Apr 19
22
Jan 57 July
.
.•243 251 1 *2412 2518 25
4
2513 2512 257 26
25
8
25
2512
800 Mesta Machine Co
5 1612 Jan 4 30 Feb 19
7 Feb 21 Sent
...2614 2612 .2614 2612 *2614 2612 .2614 2612 *2614 2612 2612 2612
100 Metro-Goldwyn Pict pref__
21 Jan 5 263
4May 22
1312 Mar 22 Sept27
.412 434
412 412
41
. 412
44 5
43
8 43
4 *414 43
4 May 11
700 Miami Copper
5
4
93
612 Feb 16
18 Mar
4June
123 1314 1212 1318 123- 13
4
4
127 13
8
13
1318 13
4,500 Mid-Continent Petrol
13
10 11 May 14 143 Feb 5
4
33 Mar 18 July
4
•12
143
8 113 113 •1214 1312 .11
4
4
14 .11
14
*1118 1212
11 Slay 14 2178 Feb 19
100 Midland Steel Pr,d____No par
3 Mar 174 July
.70
84
84
•70
*70
84 .70
81 .70
84 .70
84
100 7012 Jan 12 8514 Apr 21
8% cum 1st prof
26 Mar 72 Sept
*49
53
5012 51
*503 5112 5112 5112 *513 53
4
4
900 Minn-Honeywell Regu_No par 36 Jan 4 5412June 29
5412
53
13 Apr 3638 Dec
27
8 27
8
3
318
3
3
3
3
3
3
1,000 Minn Moline Pow Impl No par
218 Jan 4
27
8 3
54 Jan 30
7 Feb
53 Jul:r
8
4
.18
23 .18
22 .1812 22 .18
23 .19
23
*19
23
Preferred
1718 Jan 11 353 Feb 1
No par
4
6 Feb
30 July
1714 1733 *1714 18
173 173 *1712 1812 .17
8
8
1812 1712 1712
300 Mohawk Carpet Mills
20 1212 Jan 4 223 Apr 21
8
7
Jan 22 July
49
49
483 49
4
49
4914 494 497
8 50
52
51
5112 5,300 Monsanto Chem Co
10 39 May 14
25 Mar 83 Dec
263 274 263 2712 2512 2814 273 2302 2712 2812 2714 2814 41,900 Mont Ward dr Co Ine__No par 2114 Jan 4 52 June 28
4
8
4
354 Feb 15
85 Feb 287 July
8
8
453 453
4
4 4558 455 *4512 48
8
.4512 48 .46
48 .46
200 Morrel (J) & Co
48
No par 37 Jan 4 5114 Apr 13
25
Jan 58 July
•5
8
3
4
53
4
r's
3
8
5
8
7
4
4
58 Jan 8
53
3
4 3,800 Mother Lode Coalition_No par
5
8
13 Feb 8
8
18 Jan
218 June
818 818 .
84 933 *8
8
4
833 84 *8
714 Jan 6 12 Feb 21
200 Moto Meter Gauge & Eq____1
94 *818 83
4
fa Jan
87 Dec
8
233 233
4
4 223 223 .2314 243 *2318 24
4
4
4
24
24
700 Motor Products Corp No par 22 June 2 443 Feb 15
23
2312
4
73 Mar 363 Sept
4
4
94 914
914 914 *918 93
8
94 914
9
9
812 83
5
812June 29 1612 Feb 16
4 1,600 Motor Wheel
14 Mar
114 July
*11
1112 11
11
.10
11 12 .10
1112 .10
1112 114 1112
No par
514 Jan 12 155 Apr 23
300 Mullins Mfg Co
8
112 Mar 103 July
4
.3212 3512 3212 3212 3212 3212 32
32
3312 3312 33
33
Cony preferred
No par 1218 Jan 12 46 Apr 21
60
5 Mar 25 June
*1612 20
.163 20
4
*17
20 .17
20 .18
20
Munsiugwear Inc
*18
133 Jan 6 2514 Apr 13
No par
4
20
5 Mar 183 June
8
85
8 7
65
8 658
63
4 7
64 7
65
8 64
10
612 64 2,900 Murray Corp of Amer
6 May 12 115 Feb 16
8
15 Feb
1112 July
8
r1si2 20 .1812 20
*1812 20
.1812 20
*18
20
*18
No par 1511 Jan 2 2134 Feb 21
Myers F dr E Bros
20
8
Jan 2012 July
16
1614 16
1614 16
163
3 1614 1612 16
163
8 1512 16
1512June 29 3214 Jan 30
No par
7,700 Nash Motors Co
114 Apr 27 July
*5
512 .5
53
4
54 518
511 514
514 514
1
414 Jan 9
54 518
500 National Acme
878 Feb 23
14 Feb
73 July
4
.73
4 8
78 7 4
3
3
75
8 73
8
75
8 758
758 75
74May 31
8
1314 Jan 31
75
8
8 73
93 Dec 1018 Dee
4 1,500 National Aviation Corp.No par
8
8
7 4 74
3
714 714
73
4 73
4 •
314 Jae 8 1234 Mar 19
700 :National Bella, Hess pref..100
74 712
14 Jan
74 73
94 July
3514 3514 35
353
4 3514 353
8 354 35
355 36
8
10 33585lay 23 494 Jan 16
3512 3534 7,600 National BLscult
3112 Feb 605 June
8
143 14312 143 14314 14318 11312 .142 14312 14218 14312
.14218 145
100 131 Jan 3 148 Apr 2 118 Mar 145 Aug
7% cum pref
700
8
17
17
165 1718
1612 167
8 163 1718 1612 164 1612 1612 2,200 Nat Cash Register
4
1412May 12 235 Feb 6
No par
8
54 Mar 234 July
1714 1712 175 1778 1712 184 174 1814 177 184 173 1838 20,900
8
8
4June 9
No par 13 Jan 4 183
4
Nat Dairy Prod
4
1012 Feb 253 July
4 .13
.
*14 2
8 134 .14 15
*
8 •13
8 2
112 1 12
1 Jan 9
3 Mar 16
4 Mar
60 :Nat DepartmentStoresNo par
212 June
•17
1912 *17
20
*1812 183 *1612 1312 *1612 1812 1612 164
4
100
Preferred
5 Jan 17 2212 Apr 18
110
114 Feb
10 June
2313 24
235 243
8
8 237 2438 235 2412 234 2414 2312 2418 16,100 Nati Distil Prod..._.
8
8
_.No par 2314 Jan 3 315 Feb 1
8
207 Dec 3314 Nov
8
•26
.2612 29 .26
29
283
4 27
27
*263 283 *27
4
8
1612 Jan 5 327 Apr 24
100 Nat Enam & StampIng_No par
283
8
4
5 Feb
194 Dee
*160 155 0150 155 .150 15512 15512 116
156 156
152 156
100 135 Feb 10 16012 Apr 18
700 National Lead
434 Feb 140 Nov
14212 143 .142 115 *143 148
*1173 143
4
143 143
100 122 Jan IC 143 Apr 18 101 Mar 12814 Nov
143 145
Preferred A
400
•11314 11512 11314 11314 .113 1163 •113 11658 .113 11812 113 1165
8
Preferred 13
100
100
Jan
75 Feb 10918 July
10
108 •1018 1012 1018 1012 1038 104 1018 1012 •1014 1038 4,600 National Pow dc Lt____No par 10012 Jan 9 11314June 25
3
84
8
4 1512 Feb 8
84 Apr 2012 July
4012 4012 40 4012 40
404 4012 4012 4012 41 14 4012 4112 3,100 National Steel Corp
8June 2 5814 Feb 5
25 383
15 Feb 5541 July
16
.16
16
173
8 17
1712 173 173
4
17
4 17
1634 164
700 National Supply of Del
25 1112 Jan 10 21 18 Apr 24
4 Apr
285 June
8
*53
5512 *53
54
544 55
5512 *,53
55
55 .53
57
60
Preferred
100 3312 Jan 4 60 Apr 23
17 Feb 6014 June
1212 1212 *12 4 1212 1214 1238 1218 1238 123 123
,
8
4 125 125
8
8 1,700 National Tea Co
No par 11 May 12 184 Feb 1
64 Jan 27 July
.2114 223 .214 221 *213 224 2112 2112 21
4
4
4
21
2134 213
4
500 Nelsner Bros
No par
812 Jan 4 3014 Apr 13
112 Jan
124 JUne
*4112 44
.4112 44
.4112 44
*441. 42
42
42
41
41
200 Newberry Co (J J)__ No par 39121,,lay 14 4978 Apr 10
.103 106 *103 106 *103 106 *103 - 105 .103 1054 .103 106
7% preferred
100 100 Apr 3 105 June21-833 8'2
.812 87
8
81 813
/
4
84 812
8,
4 84
814 814 1,500 Newport Industries
1
6 Jan 10 13 Mar 6
18 Mar Ifs; July
3
•15 4 1712 *16
3
1712 *1614 1712 1614 1614 .1614 174 16
1614
600 N Y Air Brake
No par 15 Jan 5 245 Feb 7
4
818 Apr 2312 July
.414 6
.44 612
414 414 *114 61
.414 8
•
100 New York Dock
414 6
34 Jan 11
100
814 Mar 19
21 Dee 117 June
4
8
*11
13
13 .11
•10
1218 010
123- •10
8
124 *10
13
Preferred
8 Jan 8 20 Mar 13
100
Oct 22 June
6
553
3
4
5
8
5
8
112
33
5
8
33
Is
5
8
Is
5
8 2,300 IN Y Investors Inc_ _ _ No par
12 Jan 2
114 Feb 7
3 Dee
23 June
8
4
•1512 16
153 1534 .18
8
165
8 154 1614
16
1812 *15
1638 1,000 NY Shipbldg Corp part stk_l
114 Jan 3 227 Feb I
8
13 Jan 1212 Aug
4
*8018 83
.804 83
*794 83 .7918 83
*794 83
*7918 83
7% preferred
100 7312 Jan 2 893 Apr 13
Jan 90 June
4
31
.95
96
•9412 96
954 9512 96
95
•95
97 .95
97
30 N Y Steam $6 prof
70 Nov 1014 Aug
No par 82 Jan 5 994 Apr 10
•107 10712 .107 10712 107 107
107 107
10778 1077 .1063 1077
8
8
8
130
$7 let preferred
Jan
8May 26
83 Nov 110
No par 90 Jan 15 1097
423 434 43
4
434 43
,
433
4 433 441. 434 444 434 44
4
.
6,800 Noranda Mines Ltd .No par 3314 Jan 4 455
8
8June 11
174 Jan 387 Sept
8
8 167 174 17
1714 173
174 175 IS
8
175 18
8
1718 175 12,700 North American Co
8
133 Jan 9 2512 Feb 6
8
1214 Doe 3612 July
No par
423 435 .42
4
8
4318 4212 4212 •42
4318 4118 42
41
41
1,000
Preferred
Jan
50 34 Jan 9 454 Apr 20
31 Deo 40
412 44
412 458
412 458
412
412
412 412
438 412 3,500 North Amer Aviation
1
418 Feb 10
8 Feb 1
4 Feb
9 July
*7212 7312 *70
7318 7214 7212 .7012 7312 *7012 71 12 070
7312
200 No Amer Edison pref __No par 4712 Jan 4 744 Apr 28
39 Nov
79 July
.30
40
40 .36
*36
40
.36
40
*36
40 .36
40
Northwestern Telegraph___50 34 Jan 9 43 Apr 26
263 Apr 43 June
4
*23
8 24 *25
8 27
8
23
3 25
8 *25
8 27
8
212 212
212 212
400 Norwalk Tire & Rubber No par
57 July
23 Jan 8
8
8
1 18 Feb
412 Feb 19
113 113
8
8 114 1158 11 12 115
8 114 12
1112 114 1112 1178 5,300 Ohlo 011 Co
175 July
1012May 14 154 Feb 5
No par
8
434 Feb
4
312
312 312 *33
'333 33
8
3 4 33
,
8
34 338 1,200 Oliver Farm Equip
314 3,
2
84 July
No par
318May 14
7 Feb 5
14 Feb
15
.143 1612 144 143
8
15
4 1518 1518 •1434 16
*1434 15
200
Preferred A
No par 12 Jan 8 273 Feb 5
4
8
3, Fob 303 June
4
412 44
5
5
5
5 12 •5
514
5
512
54 6
6,000 Omnibus Corp(The)vto No par
854 July
412June 23
514 Jan 2
13 Mar
4
.913 101 1 .912 10
*912 104 *912 1014
912 10
*712 9
200 Oppenhelm Coll & Co No par
15 June
71g Jan 4 145 Star 31
212 Feb
8
•15l2 1533 154 104 154 155
8 1553 16
157 16
8
1558 157
8 4,000 Otis Elevator
No par
14 May 8 193 Feb 1(1
1018 Feb 2514 July
14
1003 1004 101 101
4
1003 101
.995 101
4
8
*995 101
8
100 10014
200
Preferred
100 92 Jan 18 102 Stay 12
9312 Apr 108 July
*43
4 5-4
412 44 .14 5
44 44
43
4 44
45
8 43
4 1,000 OM steel
No par
914 June
418 Jan 4
8 Feb 19
114 Mar
•1812 2144 .184 2012 *185 20
8
20
20
*185 20
8
*185 1978
8
Prior preferred
200
2134 June
100
9 Jan 2 25 Feb 20
214 Feb
*77
73
*7
64 774 7612 7612 764 764 .767 78
8
*764 78
500 Owens-Minot/4 Glass Co____25 731251ay 14 94 Jan 30
3112 Mar 963 July
4
19;4 19
8 19
5
184 1812 18.8 187
1938 xI812 19
1814 183
4 7,600 Pacific Goa & Electrle
15 Dec 33 July
25 1512 Jan 6 2312 Feb 7
.31
315 32
32
8
32
323
4 3214 33
3212 324 325 325
8
8 2,500 PacifIc Lig Corp
No par 2312 Jan 2 37 Feb 7
8
22 Dec 433 Jan
.25
2538 247 2514 25
8 25
2658 254 257
8
25
*24
2514 1,300 Pacific Mills
8Slay 14 34 Feb 5
100 203
8 Feb 29 July
79
•77
7812 7812 7812 *78
7312 7812 7814 7812 7812 785
8
170 Pacific Telcp & Teleg
100 72 Jan 11 8512 Mar 13
65 Mar 944 July
114 111 x113 113
114 114
114 114 *113 115
113 11314
6% preferred
110
100 103 Jan 3 116 June 22
9914 Nov 11112 Sept
.7
744 .7
*718 734
7'
73ii
7 8 *7
733
7'
7
718
500 Pac Western 011 Corp__No par
612Mar 19
87 Apr 25
8
912 Sept
53 Dee
4
34 34
34 34
33
4 33
4
33
4 34
3 4 378
3
33
4 34 15,800 Packard Motor Car. No par
8
4Slay 14
55 Feb 23
33
13 Mar
4
87 July
4
•103 114 .104 11,
4
4 11
11
11
11
.103 11 18 •1034 1118
4
400 Pan-Amer Petr & Trans ____5 103 Jan 9 1112 Jan 30
4
8 June 14 July
.23
26
26
.21
*20
26
.25
24
26
24 .23
25
300 Park-Tilford Inc
1 20 May 12 3512 Feb 6
8
8
Jan 353 001
.1
118 *1
14 .1
14
14
118 *1
14 *1
118
100 Parmelee Transporta'n _No par
2 Feb 5
1 Jan 11
3 July
5 Mar
8
114
114
114 .14
114
114
14
1 14
13
8 13
8 *114 3
400 Panhandle Prod & Ref_No par
212 Apr 6
114 Jan 2
3 Apr
414 June
8
1312 11
*12
11
1112 1212 *11
IS .12
18 .12
18
50
8% cony preferred
100 11 June 26 21 12 Apr 6
534 Jan
20 June
4
4
8
312 4
314 35
23
4 34
24 33
8
314 34 69,600 :Paramount Pubilx afs____10
5 8 Feb 16
7
1, Jan 2
4
312.14113e
18 Apr
414 43
8
418 412
418 44
414
438
43
8 412
44 412 17,000 Park Utah C 81
1
314 Jan II
54 Feb 15
414 July
14 Jan
.23
8 212
214 24
214 23
214 214
8
214 24
218 214 4,000 Pathe Exchange
No par
118 Jan 4
414 Mar 2
24 July
14 Jan
21 17 2034 213
8 21
8 2114 22
214 213
2012 204 1914 2012 6.000
Preferred class A _
1012 Jan 4 2434June 12
No par
114 Jan
1414 Dec
164
16
1614 1612 1818 165
16
16
16
16
8 1612 163
8 1,700 Patin() Mines & Enterpr No par
1358Ntay 14 214 Jan 2
54 Jan 25 Nov
4
4
4
414
3s 4
7
33
4 34
,
334 34
33
8 34 4,600 Peerless Motor Car
3
8June 5
2 Jan 2
47
% Feb
913 July
55, 5514 551 554 56
4
/
4
56
55'8 5518 *5514 5812 .5512 5811
500 Penick & Ford
No par 53 May 14 64 Jan 30 22512 Feb 60 Deo
34
5612 544 5612 5614 57
5612 5612 56
573 59
4
5712 5812 3,400 Penney (J C)
No par
5112 Jan 4 674 Mar 3
1914 Mar 511 Dec
*10814 --__ •10314 ____ •10314 - _ *10.112 ___ •10812 _--- •10812 ____
Preferred
100 10512Mar 8 10812May 16
90
Jan 108 Aur
3
318
318 .27
3
8 358 .2
314 314
35s •23
8 33
8
600 Penn Coal & Coke Corp__ _ _10
218 Jan 9
514 Apr 26
058 July
4 Fel
5
5
5
533 514
5
5
5
514 514
514 512 1,100 Penn-Dixte Cement___No par
37 Jan 6
8
73 Feb 6
4
3 Jan
4
94 June
23
•22
.221.. 231. *224 2312 .22
23 .22
23 •22
23
Preferred series A
100 13 Jan 8 32 Apr 24
418 Mar 32 July
313 3258 3158 3218 3218 3212 3212 3312 3212 3212 314 315
i
8 2,400 People's 44 L & 0(Chic)_100 27 Jan 4 437 Feb 6
8
25 Dee 78
Jan
.1312 15
*1512 15
*1312 15
*1312 15
•1418 15
*1312 15
Pet Milk
No par
914 Jan 3 15 Feb 23
812 Fel
1.54 June
103 104 1012 1012 10 i 1012 104 1012 1014 103 .1014 103
8
4
4 2,700 Petroleum Corp of Am
5
9 Jan 5 1414 Feb 3
45 Jan
8
15 July
164 173
17
17
8 1714 173
4 173 174 1718 175
1714
17
8
8 8.800 Phelps
-Dodge Corp
25 1458 Star 27 184 Apr 26
412 Jai, 187 Sept
8
03334 343
34
34
8 343 343
8
8 344 3412 *3418 343
8 3414 3412
500 Philadelphia Co 8% pref
50 2414 Jan 2 37 Feb 9
214 No, 36 July
*5712 64
64
64
61
*5712 64
64
63
63
*61
63
200
$8 preferred
No par 49 Jan 12 544 Feb 17
3814 Dec 02 July
43
4
414
412
414
434 44
41. 41.
43
4 44
412 412 8,100 Mita & Read C & 1_No par
834 Feb 21
314 Jan 4
212 Feb
918 July
8 2858 294 2714 294 14,200 Phillip Morris & Co Ltd___10 1112 Jan 3 3138.1une 27
251; 253.
4 254 254 2512 294 294 313
8
Feb
144 June
.121, 15
.11
15
*114 15
.1112 15
12
13
*1218 1312
200 Phillip; Jones Corp.
-No Par
9 Jan 5 21 Apr 2
3 Feb
16'g July
062
05 .62
05 •60
*8014 55
65 .60
069 - 65
65
7% preferred
100 68 Feb 27 744 Apr 7
35 June 35 June
1712 17
1712 1712 174 175 18
1714 1712 14,700 Philips Petroleum
8
17
8
174 177
1518 Jan 9 x2034 Apr 11
No par
44 Jan
1854 Sept
.512 10
*54. 10
*512 10
*512 10
5612 9
*512 10
Phoenix Iloslery
5
518May 12 1312 Feb 3
138 Mar IN Deo
2 8 212
3
214 23
238 258
8
24 23
8
212 258
s 6,300 Pierce-Arrow Mot Car Co__5
218 23
2 Jan 18
812 Feb 19
3 Dec
712 Nov
84
at
"s
,
5
8
55
5
8
1,800 Pierce Oil Corp
5
8
5
8
N
25
5
8
58May 10
53
5
8
118 Jan 30
17 June
8
14 Jan
*74 8
*714
8
*714 8
.714 8
*714 8
4
714 8
Preferred
1034 Feb 14
7 May 11
JOU
37 Feb
1
137 !one
8
112
112 112
112
112 15
1 58
112
112
2
112 .112
112 1,800 Pierce Petroleum
No par
2 Feb 6
14 Jan 13
5 Jan
214 June
8
2712 274 274 2712 274 *2678 274 273 273
.2813 2714 *2718
8
700 Pillsbury Flour Milla
8
No par
8June 27
1812 Jan 8 277
94 Feb 287 June
8
8
8
4
8
8
803 .763 803 .7638 803 *7738 801 *77
804 •73I
.76
Pirelli Co of Italy Amer abates 7014 Jan 22 8412 Star 21
804
333 Apr
8
75 Nov
1214 *12
1214 12 4 1214 .12
1214 •12
123 *12
4
.12
,
100 Pittsburgh Coal of Pa
14,
2
912 Jan 9 1812 Feb 9
100
4 Feb 23 July
32 .31
35
.31
•31
32
.31
32 .31
36
32
.31
Preferred
100 30 Jan 8 4212 Feb 1
17
Jan 48 July
COmpanles reported In receivership. a Optional ,ale. C Cash sale. s Sold 15 days. r Ex-r lvidend. o Ex-rights.
• Bid and asked prices, no sales on this day. :
-
New York Stock Record-Continued-Page 7
4431
Or FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVENTH PAGE PRECEDING.
-PER SHARE, N07' PER CENT.
HIGH AND LOW SALE PRICES
Saturday
June 23.
Monday
June 25.
Tuesday
June 26.
Wednesday
June 27,
Thursday
June 28.
Friday
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Sines Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Preview!
Year 1938.
Highest.
Lowest.
4 Per share $ per share $ per share
$ per share $ per share g per share g per share $ per share $ per share Shares. Indus.& Miscall.(Con.) Par $ per share
178 Feb 11:4 July
7 Jan 5 11% Apr 4
714 74
*714 78 1,300 Pittsburgh Screw & Bolt No par
74 71
7% 73
8
718 713
*712 734
1014 Jan 38:4 May
70 Pitts Steel 7% rum pref___100 25 June 28 43 Feb 21
2512 2512
18 27 *2518 29
25
2518
29
*25
2718 2718 *25
312 Feb 21
67 July
8
1: Feb
*214 3 8
2 Jan 19
Pitts Term Coal Corp
100
•214 33
*2
314 *214 314 *214 33
*218 3
4 Jan 2312 July
84 Jan 4 1712 Feb 23
100
20 6% preferred
1513 1512 *1413 1614
16
16
*144 16
*14
1512 *1412 10
5 Feb 19
612 July
:4 Feb
24, Jan 2
Pittsburgh United
25
*214 3
•214 3
*214 312 *212 312 •214 312 *214 3
15:4 Feb 64 July
Preferred
100 3612June 7 5978 Feb 19
20
*37
40
40
*37
38
38
*38
4014 *3712 39
40
•38
5 Feb 21
7 June
111 Jan 4
4
3 Apr
2
No par
400 Pittston Co (The)
212 212
*232 3
212 258 •288 3
*212 312 *212 312
4
65 Feb 175* July
4
5 10 May 14 163 Jan 30
4
4
1158 1158 1112 114 113 1238 1184 1214 118 1214 115* 1184 3,600 Plymouth 011 Co
184 Apr 13% July
6 June 2 14% Feb 5
No par
814 814
818 812
814 814
78 814 1,800 Poor & Co class B
73
4 8
•712 8
8 June
614 Jan 30
15* Mar
3 Jan 12
100 Porto Rio-Am Tob el A_No par
8 438 *358 412
8 412 *35
*338 4
3 4 33
3
4 *34 414 *35
4 May
3 Jan 30
14
5 Feb
8
112 Jan 3
No par
15
Class B
600
*112 2
*112 2
15
8 15* *112 2
15
•112 2
4 Feb 40:4 June
2
1,500 Postal Tel & Cable 7% pref 100 1614May 14 293 Feb 6
19
19
195* 21
20:8 2012 20:4 21
20
2014 20
2014
512 Feb 16
512 June
17 Jan 5
% Jan
No par
223 212
258 28 1,300 :Pressed Steel Car
212 212
212 258
212 258
*234 . 8
3 Jan 18 June
100
6% Jan 5 22 Feb 17
Preferred
11:8
11:8 *10
1218 •11
1218 *11
1238 •11
12:4 *10
*11
19% Feb 4712 July
No par 3318June 2 4114 Jan 23
5,400 Procter & Gamble
3614 3578 36
36
8 3514 36
3628 36
3514 357
3572 36
97 Apr 11038 Nov
5% pref (ser of Feb 1 '29)100 102% Jan 22 114 June 20
100
113 113 *113 113% 11312 11312
113 113
*11278 114 *1124 114
7
114 Mar 15
:4 Jan2 8 June
14 Jan 2
---- --- ---- ---- ---- ---- --- ---- --- ---- ---- ---- ------ :Producers & Refiners Corp_50
_
2 Nov 13 June
878 Feb 19
118May 2
Preferred
50
325* Nov5718 June
31:31
4
a; 163- 3614 163- 3612 - -4 3612 1714 58 Id% 36 1614 3,900 Pub Ser Corp of N J_-_No par 33 May 14 45 Feb 6
4
5978 Nov 884 Jan
84 Feb 6
No par 67 Jan
$5 preferred
100
81
*8012 82
*8118 82
81
*8012 8112 *8014 8112
*8118 82
75 Dec 10138 Jan
9712June 21
100 79 Jan
4
100 8% preferred
*9512 97
*953 97 *9534 97
4
97 97 *9438 9712 *953 97
84 Dec 11212 Jan
106 Feb 21
100 90 Jan
7% Preferred
*10414 105 *10334 105 *104 105 *104 105 *10414 105 *10414 105
99 Nov125 Jan
100 105 Jan 1 11913 Feb 17
8% preferred
11818 *11714 11818 *11714 11818 *117 118% *11658 11818 *11658 11812
'11638
:
83% Dec 1031 Jan
8June 18
Pub Ser El & Gas pf S5-No par 90 Jan 1 1037
8
5103 1037
8
*10318 1037 *10318 103% *103 1037 *103 1038 *103 1038 .
18 Feb584 July
59:8 Feb 5
No par 4612June
5114 48:4 50
5.400 Pullman Inc
5112 50
4914 50
484 483
4 4812 484 48
97 10
8
212 Mar 15 s Sept
1478 Feb 16
938May 1
No par
10
8
10:4 1018 1014 1014 1012 4,800 Pure 011 (The)
97 1014
10
10
80 Mar 69% Sent
80 Feb 6
100 5834 Jan
30 8% cony preferred
*6712 70 *6712 70
6712 6712 684 6618
7014 *6812 70
*68
1312 134 *131: 133
19% Feb 5
57 Feb 25:8 July
8
No par 1214 Jan
4 134 134 131 133
8
:
4 137 1378 *1334 1378 1.300 Purity Bakeries
73
3 Feb 1214 July
67
918 Feb 6
7
714
812 Jan
No par
7
7 1g 26,800 Radio Corp of Amer
7
718
7
7
718
78
4112May 11
54) 2314 Jan
1314 Feb 40 May
39
39
Preferred
200
39
39 *38
*37
4012
40
*363 39
4
*36% 39
354May 11
8% Feb 27 July
Preferred B
No par 15 Jan
4,000
4 293 31
28:4 294 297 303
30% 29 30
30
28% 294
5:4 June
1 Mar
414 Feb 17
24June 2
212 214 3,800 :Radio-Keith-Orph_ __No par
2% 214
212 212
214 214
214 214
214
214
23 Feb 5
100 Raybestos Manhattan_No par 16 Jan
*1714 173 *17
18
5 Feb 2058 Sept
4
1713 *163 17
4
184 18
8
*174 187 *18
*312 9
8
14 Feb 6
712May 1
513 Feb 207 June
10P Real Silk Hosiery
10
812 813 *814 812 .814 813 *812 9
*83
8 9
25 Jan 80 May
5012 504 *5014 60 *5014 60
604 Apr 28
10
*5014 5434 *5014 60 *5014 60
Preferred
100 45 Jan 2
44 July
6 Apr 2
3
3
11127
5 3
8 3
318 *27
4 Jan
218 Jan
400 Reis (Robt) & 00.
*3
-No par
3
3
*3
318
118 Jan 1812 June
3884 Apr 2
181 preferred
*15
18
*15
18
18
18 •15
1612 *15
*15
100 1311 Jan
18
*15
212 Feb 1114 July
1338 Feb 23
68. Jan
I
8 1012 1038 1012 1078 3,300 Remington-Rand
8
1012 1012 103 104 1014 1012 1012 107
6912Mar 14
7% Feb 374 July
100 8238 Jan
300
*60
65
1st preferred
62 62 *60 66
62 62
61
61
*691 61
/
4
4
8 Feb 353 Deo
67 Mar 14
85
65 *56
2d preferred
*56
*56
66
100 80 Jan
*56
66
*56
66
*56
66
54 Feb 23
13* Feb
6
3
312 5,500 Reo Motor Car
3
3 12
63* Jun
3 June 2
318 314
318 314
314 314
314 34
3
4 Feb 23 July
25 g Feb 23
165 10,200 Republic Steel Corp___Ne pay 15 May 1
1618 16% 16
16:4 1612 17
164 16
1612 164 16
9 Feb544 MY
6% cony preferred
4714 47% 4512 4513 4512 4614 2,300
46
4512 45
100 89 Jan 4 674 Feb 23
45
45
47
14 Jan 12 June
3 Jan 8 141: Apr 11
400 Revere Copper & Brass
5
*914 10
10
10
*914 10
.94 10
10
10
*9
10
214 Mar 25 June
Class A
10 1114 Jan 29 284 Apr 11
100
1978 197
8
20
*19
20 *18
*19
20
*1812 20
*18
20
6 Feb2112 June
2114 2,500 Reynolds Metal Co __No par 151 Jan 2 27% Apr 26
2014 201: 20
2114 2114 2034 2114 21
21
2034 21
818 Jan 9 1312 Feb 25
V: Feb153* July
100 Reynold' Spring
10
10
11
1112 *10
No pa
1112 *10
*10
1112 *10
•10
11
2612 Jan .5414 Sept
4414 4512 45% 4612 455 465* 455 4618 45 2 457k 23,200 Reynolds(R J) TOb class B.10 193 Mar 21 4652June 14
3
44:8 45
4
10 67 Jan 5 59% Jan 3 60 Jan 623 Jan
Class A
*57
60
60
*57
60 *57 60 *57
*57
60
*57 66
612 Feb16% June
7 June 7 1312 Feb 8
No par
Ritter Dental Mfg
•7
10
10
*7
10
*7
10
*7
10
*7
*7
10
23:8 Nov 2612 Nov
26% Jan 3 3312 Apr 26
1,800 Roan Antelope Copper Mines
*28
*2712 28
284 27% 28
*2858 29
28 28
278 28
8
2 Apr 107 June
4 Jan 3 104 Feb 6
5
100 Rossi* Insurance Co
*7
77
8 *7
73
73
4 73
4 *714 7:4 *7
73
4
*7
75
8
4
17% Mar 3934 Nov
700 Royal Dutch Co (N Y shares) 33 Apr 30 394 Feb 19
35% 351y
*3514 36
54 354 *347 351 *354 36
354 354 3
10 164ma7 12 277 Feb 5
81. Feb313* Sept
2
4
203 2112 2014 2114 2014 21
2012 20'3 5,100 St Joseph Lead
203 21
2
208 21
1
28 Mar 62 8 Jul.,
No par 44 Jan 6 57 Apr 23
50
5014 501
50 5018 493 50
*50
51
50'2 1,900 Safeway Stores
5012 50
72 Apr 944 July
100 843* Jan 8 107 June 2T
4
6% preferred
540
1064 107 *105 10613
4
•1031 1033 104 10412 1041: 1043 105 107
:
8014 Feb105 Sent
100 981: Jan 15 113 June 16
:
110 11012 1101 11012 11012 111
7% preferred
350
111 111
111 111
110 110
214 Apr 12 July
6 Jan 13 12% Feb 15
63
4 7
7
7
*7
712
600 Savage Arms Corp____No par
*634 714 •64 714
634 7
24 Nov4514 Aug
5 25 June 2 38% Apr 11
274 284 275 2858 273* 281s 27
281k 13,200 Sehenley Distillers Corp
273 274 2712 28
8
38 Jan 4
% Mar 104 July
8 Feb 5
012 55
8
512 512
54 512
1
5
5
513 53
2
512 523
1,000 Schulte Retail Stores
3
318 Apr 35 4 July
25
100 15 Jan 2 3034 Apr 16
25
241: 2413 2413 2412 •24
160
2212 23
Preferred
2512 *2314 25
28 Jan 4478 July
*45
4678 *451: 4878 *4913 4678 *45
*4512 4678 45 45
No par 41 Jan 10 50 Apr 5
70 Soon Paper Co
467
15 Feb43 s Sept
3
3214 3112 315* 2,100 Seaboard 011 Co of Del.No par 253 Jan 6 385* Apr 11
*3218 331
: 32 32
323
4 32
3214 3214 32
118 Feb4% July
478 Feb 7
3
2s Jan 18
*234 3
No par
*2:4 3
*234 3
*23
4 3
*23
4 3
&salve Corp
*23
4 3
121: Feb47 July
8
: 423 4318 424 4314 417 427g 14,100 Sears. Roebuck & CO.
4212 4112 421
8June 1 5114 Feb 5
4134 4214 4134
-No par 383
5 June
14 Feb
4 Jan 26
14
2 May 10
.2% 2:
1
300 Second Nat Investors
212 2121
*212 2:4 *212 2:4 *212 258
2% 21
24 Feb 48 July
100
3812 381 *38
Preferred
1 82 Jan 8 4518 Feb 2
40 *3812 40
40
*3812 40
*38
*3812 40
3 8 June
3
18 Mar
2 Jan 22
I Jan $
1
.1
118
No par
500 :Seneca Copper
*1
118
1
1
1
1
1
1
1
71: July
112 Feb
Apr 24
4 4 Jan 8 9
1
1
74 738 6,600 Serve! Inc
74 74
714 713
73
8 734
73
8 712
714 712
53 Apr 134 July
8
68 Jan 2 1378 Mar 9
No par
918 912 2,400 Shattuck (PC)
912 91
912 93g
*914 97
914 913
912 91
112 Feb 12 July
*73
518 Jan 11 1314 Feb 23
100 Sharon Steel Hoop
No par
*712 81
*712 81
*7:8 9
73
9
4 73
4 *75* 9
858 June
43 Jan 2
212 Feb
7 2 Feb 5
7
614
6
6
6
6
*6
6
61
*64 61
No par
58 58 1,900 Sharpe & Dohme
2114 Mar 417 July
461 *46
'
3814 Jan 8 49 May 3
200
*46
47
4612 4612 4613 46% 4612 *46
Cony preferred Der A_No par
47
*4534
77 Jan 3 1112 Jan 27
34 Feb 1158 July
8
8 12 2,300 Shell Union Oil
814 814
814 83*
814 814
818 818
81g 814
No par
281: Mar 61 July
300
74% 74%
7438 *73
751 *73
Cony preferred
100 58 Jan 2 89 Jan 26
*73
74'l 7314 734 73 73
438 Feb 31 July
1613 151: 16
3,500 Simmons Co
1624 1558 1614 16
1814 1614 1558 1638 16
No par 1418May 14 2418 Feb 5
8
478 Feb 123 June
97
4
814June 1 1112 Feb 5
200 Simms Petroleum
*9:4 10
10
8
*93 10
4
*958 10
9 4 98
3
98 *95 10
97 June
8
3 Feb
93
200 Skelly 011 Co
7 8 Jan 10 1118 Apr 25
7
912 91
*938 10
25
.914
*914 97
914 914
*914 . 97
2
22 Feb 571: July
100
65
65 *61
Preferred
*6214 65
*6214 65
100 5414 Jan 9 6818 Apr 26
624 6214 *61
*624 85
7 Jan 85 July
251: *17
254 *17
25
221 *17
Sloss-Sbeff Steel & Iron 100 15 Jan 9 271: Feb 17
*17
*17
25
*17
2513
814 Feb 42 July
20
7% preferred
30:4 301
*3034 33
*30:4 35
*30:4 35 •304 35
*30% 35
100 234 Jan 2 42 Apr 23
4
58 Mar
9 4 Jul,
1
1,000 Snider Packing Corp__No pm
8
13% Jan 3 17 May 5
137 134 135 1358 *1314 14
8
8
*135 141s 131: 1358 133 131
8
6 Mar 17 Nov
1618 1512 1618 15% 164 1512 1618 21,200 Socony Vacuum Oil Co Inc_15 14 May 14 19% Feb 5
157 16
8
1558 157
15%
58 Feb 92 July
900 Solvay Am Invt Tr prer_100 86 Jan 6 10414June 28
102 102 *10238 10414 103 10414 *103 104
*1014 102 *10118 102
15 2 Jan 4858 July
7
36
7,200 So Porto Rico Sugar___No par 2918May 14 393* Feb 5
36
35
3578 361: 3558 3634 35
:
3534 35
341 35
110
130 130 •129 133
Preferred
100 115 Jan 16 130 Mar 20 112 Jan 182 July
129 129
*125 130 *125 129 *127 129
165 1622 161! 1634 :638 164 16:4 167
1418 Nov 28 Jan
1612 16:4 1612 1658 4,100 Southern Calif Edison
25 154 Jan 4 2218 Feb 7
8
8
4 Jan 117 July
100 Spalding (AG)& Bros-No par
*8
9
*8
9
54 Jan 10 13 Apr 21
3
•8
9
*918 922
*9
101
9
9
2518 Mar 61 June
65 *58% 65
1st preferred
100 3014 Jan 11 74 Apr 21
*5812 65 *5812 65 *60
*5812 65
65
*54
:
44 Feb151 July
Spang Chalfant& Co Inc No pa
7 Jan 22 15:8 Apr 23
- - - - - 1712 Feb50 June
Preferred
100 30 Jan 23 62 Apr 24
.88 li *88 ii ;58 iki *88 16 ;88 57I2 ;88 WO
38 Jan 5
3 Feb8 June
4
Feb 21
8
5
54 514
518 54
5
514
5
514
54 54
S's 4,200 Sparks WIthington____No par
512 June
414
1: Jan
414 *4
412 *4
73 Apr 18
8
2 Jan 3
60 Spear & Co
No par
4
4
4
*4
414 •4
4
71: Apr 22 July
200 Spencer Kellogg & Sons No par 1534 Jan 5 2412 Feb 23
23
23
23 *2212 23
23 *221a 2314 *2215 23
23
•224
74 July
24 May
838 83 13,800 Sperry Corp (The) v t c
84 83
4
858 83
4
538 Jan 5 11% Apr 2
1
814 858
818 87
858 87
8
8
5 Jan 16 June
*7
8
8
94 •7
Spicer Mfg Co
8 Jan 10 13 Feb 7
918 •7
94 *7
57
934 *7
No par
:
4
113 Mar 321 Jur a
10
*2618 28
*2618 28
28
26
Cony preferred A-No par 213 Jan 2 3112 Feb 20
26 •26
28 •26
*254 28
1 Feb2112 Dec
5312 52
53
52
1,700 Spiegel
64
53
-May-Stern Co_No par 19 Jan 4 674 Apr 25
521: 54
5212 524 *4912 52
8
13 g Mar 8738 July
8 2014 203
8
4 203 2118 17,800 Standard Brands
2012 207
204 203
No par 1834May 12 254 Feb 1
2
8 2014 205
2018 2014
91 Aug
57
57
1 Jan
57
8 Mar 13
4 Jan 9
57
2 612 2,200 Stand Comm Tobacco_No par
6
6 14
64 64
6
58 614
518 Mar 221: June
6 8 Jan 4 17 Feb 6
3
1112 114 111: 1118 1118 3,200 Standard Gas & El Co_No par
11
111
: 11
104 11% 104 11
7
8% Dec 25 8 June
121: 121: 1134 1218 1,900
8 17 Feb 6
4
7 8 Jan
No par
121: 12
3
Preferred
1212 1212 123
115 114 12
8
15 Dec 61 June
*2312 26 •23
26
25
1,100
$6 sum prior pref....No par 16 Jan 10 33 Feb 6
2434 24% 25
23
25
23
23
281:
16 Dec 66 June
700
$7 sum prior pref
294 291 *281: 291: *28
2/114 29
No par 1712 Jan 4 381: Apr 24
*28
29
*27
28
27 June
11: *118 112
4 Mar
600 Stand Investing Corp No par
1% Jan 5
118 1% *118
*114 11
: •114 112 *114 14
% Jan 13
9212 Mar 1023 Sept
200 Standard 011 Export pret__100 9612 Jan 2 11014May 26
4
109 109 0108 108 *1074 109
*10712 10958 *1074 10958 •109 110
344 3514 9,600 Standard Oil of Calif _No par x3058May 14 4278 Jan 30
35
1912 Mar 45 Nov
3458 3514 344 354 35
3534
355*
8
345 3458
12% Apr 394 Dee
900 Standard Oil of
37 *3514 37 .3434 37
*36
37
37
37 37
_10 833* Feb 13 41 Apr 21
*3514 37
443 19,500 Standard 011 of New AMOY -25 4118May 16 5018 Feb 17
443
8 4378 443
44
43
223g MST 4712 Nov
4312 44
4434 44
4338 437
Kansas__4 Feb 1112 June
800 Starrett Co (The) L 8
105 105 *1014 11
8
8
11
*10
103
4 10 4 1112 11
11
6 Jan 15 144 Apr 19
-No par
3
•10
6034 4,300 Sterling Products Inc
6018 60
453* Dec 605g Sept
8
8June 19
5914 603
8 59 5912 587 59:4 59
10 4714 Jan 4 617
60 60
Vs June
8 *112 17
fn Jan
300 Sterling Securities Cl A_No par
*112 14 •1% 15
3 Feb 6
112 11
: 13
4
•15
8 13
4 •11
13a Jan 2
7 4 June
1
4 1,200
11: Feb
Preferred
418 438 *418 478 *414 43
478 *414 47
7 Feb 6
3 Jan 3
No par
*4
*414 47
4
*34% 36
*3412 348
20 Mar 3614 July
*3412 36
Convertible preferred____50 30 Jan 12 36% Feb 1
*3412 354 *3412 38
*3412 36
7
67
8 718 2,300 Stewart-Warner
7
68
4
672 734
24 Feb 1112 July
8 Jan 8 1058 Feb 21
/
1
4
10
634 67
634
4634 7
8
814 3,700 Stone dr Webster
8% 814
78
51: Dec 1914 July
84 81
8
8
8'8
8 Jan 6 1314 Feb 6
No par
814 81
414
424
4
414 9,000 :Studebaker Corp(The)No par
414
Ps June
4
14 Mar
4
41
94 Feb 21
4 June 27
418 4'2
414 43
8
300
2223 197 197 *18:4 20
*181 20
4
9 Apr 3818 June
Preferred
221 *20
22
100 194 Jan 2 47 Feb 19
23
*21
400 Sun 011
6218 6214 .6134 6214
624 621
35 Feb 59 Nov
8June 18
No par 511: Jan 2 637
621 *6114 621 .6114 621
*61
140
89 Mar 103 July
4
Preferred
4June 28
11112 11134 1115, 11212 11334 1133 11314 1134
100 100 Jan 17 1133
11112 11112 112 112
1558 16'z 1558 1558 151: 151:
900 Superheater Co (The)__No par 1418May 25 254 Feb 5
167
712 Feb 27 July
154 151 •15
*1412 17
218 1,700 Superior OD
2
2
2
412 July
3 Jan
4
*2
218
3 Feb 1
24
2
1% Jan 3
2
1
2
2
2
2 Feb 22% Jul/
91
618May 14 153* Feb 19
914 914 1,100 Superior Steel
918 918
100
94
9
94
914 914
9 8 95*
3
44
100 Sweets Co of Amer(The)_ .50
414 *37
1 Mar 10 July
53* Jan 26
34 Jan 9
418 418 •37
33
4 414 *3711 414
*3% 41 '
118
118 •1.
118 *I
118 •1
3 June
Is API*
24 Feb 19
75May Il
Symington Co
115 *1
No par
118 *I
*1
14 Apr
3 July
14
*212 3
Pi Feb 23
200
Class A
238 212 *214 258 *212 3
*213 3
2'sjune26
No par
*21: 3
,
3
*1114 12
12
84 Feb 16 MI
500 Telautograph Corp
5 1012May 12 1514 Feb 1
1112 1114 114 1158 11:8 1112 1112 *11
*11
714 Aug
138 Feb
634 Feb 19
1,400 Tennessee Corp
5
5
512
5% *5
5
514 .5
Vs Jan 8
Ws 518
sts 534
5
1038 Feb 3018 Sept
8,300 Texas Corp (The)
4
241: 233 24% 2334 24
24
25 211:May 14 293* Feb 5
8 234 24
8 231: 233
235* 237
1514 Feb 454 Nov
6,900 Texas Gulf Sulphur____No par 3012May 14 4314 Feb 6
3318 345* 345* 3413 341 341
334 337
333 34
4
333 337
11 Ma
612 May
el, Apr 4
37
37
37
37
1,200 Texas Pacific Coal & 011_10
4
818 Jan 8
*37
8 4
38
378 37
37
8 37
8
1118 June
312 Ma
12 Apr 2
2,500 Texas Pacific Land Trust _1
878 9
9
9
63* Jan
8% 9
81
83
81
83
4 83
83
5 Feb221s July
600 Thatcher Mta
124 121
10 Jan 4 151: Jan 30
*1214 131
No pa
•1112 13% 1214 124 1214 1214 1214 1214
275* Feb44 July
89 Jan 15 44 Jan 29
$3.60 cony pref._ _No pa
*404 43
*4038 42
*4038 43
*4038 43
8
*403 43 *403 43
8
• Bid and asked prices, no sales on th91 day. 5 Companies reported In receivership. a Optional sale. e Cash sale. r Ex-dividend. y Ex-rights.
New York Stock Record-Concluded-Page 8
4432
Or
June 30 1934
FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED
IN THIS LIST. SEE EIGHTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
June 23.
Monday
June 25.
$ per share $ Per share
714 7 8 *714 8
3
55
558 •538 512
*1414 16
.1414 16
*612 7
*618 7
*13
14
133 133
4
4
•3I4 38314 314
*19
2112 '19
21
1214 1212 118 128
.807 8112 813 8139
8
8
*31
38
*31
38
*94
96 '9414 95
65
8 63
4
63 67
8
.2858 2912 29
29
612 65
8
63
8 64
.
7% 83
4 "
712 814
45
8 434
43
4 43
4
72
72
•8812 72
•37
38
3712 3712
Tuesday
June 26.
Wednesday . Thursday
June 27.
June 28.
Friday
June 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
$ Per share
714 714
518 512
*1412 16
*61
7
133 1414
4
314 314
*19
21
117 1218
8112 3112
'31
38
.9414 95
63
4 63
4
29
3114
612 63
4
"712 8
412 43
4
.68
711
375 372
8
$ per share $ per share $ per share Shares. Indus. &Mandl.(Concl.) Par $ per share
2 Per share $ per share $ per share
.718 8
*714 8
*718 8
500 The Fair
No par
6 Jan 6 1218 Feb 16
23 Mar 1212 May
5 8 539
3
514 514
5
5
900 Thermold Co
5 May 8
1
918 Feb 19
1
1012 July
Feb
.1512 16
16
16
16
16
200 Third Nat Investors
1 1312 Jan 2 193 Feb 6
10 Mar 2114 July
618 618 .618 7
100 Thompson (J R)
*614 7
25
618June 27 11 Feb 5
6 Dec 1512 June
'133 1414 13
4
14
*13
14
700 Thompson Products Inc No par
13 June 28 2014 Feb 16
8
53 Jan 2014 Sept
314 32
8
314 314
3Ig
314 1,500 Thompson-Starrett Co_No par
27
8May 14
512 Jan 29
912 June
12 Mar
19
19
*19
1912 *19
1918
100
$3.50 cum pref
No par 19 Mar 31 2412 Jan 30
12
Jan 30 June
12
1214 12
1218 12
12% 11,000 Tidewater A13800 01I
No par
812 Jan 4 1439 Apr 2:3
318 Jan 113 Sept
4
8112 82
*81
814 82
8112 1,100
Preferred
100 6412 Jan 4 8518 Apr 30
2312 Apr 65% Nov
*31
38 '31
38
*31
38
Tide Water Oil
No par 31 Mar 26 40 Apr 27
914 Apr 26 Dee
95
95
'94
95
94
94
200
Preferred
100 80 Jan 11 9612 Apr 27
45 Feb 80 Dee
63
4 63
4
65
8 63
37 Jan 4
4
612 63
4 3,400 Timken Detroit Axle
10
812 Apr 24
112 Mar
814 June
303 31
4
30
301u 30
3014 2,500 Timken Roller Bearing_No par 263
4.May 14 41 Feb 5
4
133 Feb 3512 July
63
4 7
639 7
63
4 6% 11,100 Transamerica Corp._ __No par
57
8May 14
812 Feb 5
25 Mar
8
939 July
*712 818 .712 77
8 1,600 Transuo & Williams St'l No par
8
78 77
612N1ay 10 1312 Feb 17
27* Mar 1712 July
45
8 43
4
45
8 4%
45
8 439 3,700 Trl-Continental Corp__No par
4 May 14
6 4 Feb 3
,
22 Feb
8 4 July
,
.7012 713 *69% 713 '703 713
4
4
4
6% preferred
100
No par 6014 Jan 9 78 Apr 20
Apr x75 May
41
378 378 3712 3712 3712 3712
800 Trico Products Corp
No par 33 Jan 6 40 Feb 3
2018 Feb 38% July
*2 4
,
28 .
1
23g
214
28
3
212 212
2 13
3
212 253
239 23
4 1,300 Truax Truer Coal
No par
15 Jan 3
8
312 Feb 23
12 Apr
514 July
53
6
6
.57
8 6
'512 6
6
554 53
4
512 53
4
700 Truscon Steel
10
4% Jan 4
9% Feb 19
2 Mar 123 June
4
*214 212
214
214 *218 212 '2% 23
212 212 .2% 212
4
200 'men & Co
No par
214Ju2e 22
4 Jan 15
3 Jan
4
614 June
4712 4712 *4712 4839 473 4839 4712 4712 4612 47% 4712 4712 1,300 Under Elliott
Fisher Co No par 36 Jan 5 5112 Jan 20
914 Feb 3912 July
49
53
493 .50
4
51
51
5134 52
"51
52
51
51
700 Union Bag & Pap Corp_No par 43
8
512 Jan 00 July
4114 4158 4114 418 4114 427
8
8 427 44
4338 44
4239 433 10.300 Union Carbide & Carb_No par 357 Jan 8 607 Feb 23
8
8May 14 507 Jan 19
2
8
193 Feb 517 July
16
15% 1618 157 163
16
8
8 1614 1612 16
1612 16
1612 7,800 Union 011 California
25 15 May 14 2012 Feb 8
812 Mar 233 July
8
*1912 2012 *1953 193
194 194 1912 193
4 1912 1912 19
19
800 Union Tank Car
No Par
1539 Jan 9 2114June 18
4
1012 Feb 223 Juno
1814 188 1814 19
18
1812 1838 187
8 1814 185
8 1818 183 23,800 United Aircraft & Tran_No par
8
1739 Feb 13 37 8 Feb 1
1612 Mar 4C% July
25% 2514 2518 2514 25
,
2518 2538 2512 2512 2512 25
2514 3,000 United Biscuit
No par 23 Jan 8 29% Apr 26
1312 Feb 2718 July
'11412 120 *116 120 '11718 120 .11818 120
11818 120 .11818 120
Preferred
100 107 Jan 9 11512 Apr 27
4214 4318 43 435
Deo
92 May 1 I 1
8 4314 4314 4414 4412 433 45 .44
4
4412 2,200 United Carbon
No par 35 Jan 4 4612June 16
1014 Feb 38 Deo
54 5
,
518 53
8
,
518 53
8
514 512
514 539
512 514 13.400 United Corp
No par
412 Jan 4
87 Feb 7
3214 3214 3212 3212 313 3218 32
8
1412 June
4 1)ec
4
3218 3139 32
3139 3158 4,100
Preferred
No par 24 4 Jan 3 3771 Feb 7
3
1514 1512 1512 154 1512 1512 153 153
221g Nov 40% June
15 8 1539
3
4
1534 157
8 2,400 United Drug Inc
5
914 Jan 8 1814 Apr 28
618 Dec 12 Sept
"612 8
*614 8
"614 8
.912 8
*614 712 *614 8
United Dyewood Corp
10
332 Jan 2 107 Apr 26
*4
8
4
439 514
4
6% June
3 Feb
4
43,
538
5
5
5%
5
5
4,400 United Electric Coal_ __No par
318 Jan 10
87 July
713 72
2
1 Mar
4
7018 713
6 Apr 25
8 70
71
7112 72
72
72
72
7212 3,900 United Fruit
No par 59 Jan 5 77 Apr 21
1614 1639 16% 163
2314 Jan 68 Aug
8 1639 165
8 1638 167g
1658 163
1614 165 12,000 United Gas Improve
8
No par
1414 Jan 4 2018 Feb 6
•9812 99% .98% 99
13% Deo 25 July
99
99
.9812 99% *983 100
4
*99 100
100
Preferred
No par 88 Jan 8 9914May 19
0218 3
*218 3
Jan
8212 Dee 100
*212 3
.218 3
.218 3
*218 3
:United Paperboard
73, *65
100
*7
1% Feb 13
35 Feb 19
8
512 July
8 7
% Jan
*61
8
.7
8
*7
8
.7
8
United Piece Dye Wks_No par
7 Jan 8 134 Feb 20
312 Mar 217 July
.45
*45
50
50
4
•45
50
*45
50 '45
50
•45
50
, 4
61.4% preferred
100 49 Jan 12 63 Feb 21
*35
35 Dec 85 July
8 37
8 .35
339 33
34 33
4
4 *35
8 33
4
35
8 35
8
600 United Stores class A__No par
6 Apr 20
714 July
314 Jan 11
114 Feb
65 .61
65
'61
.61
63 .61
65
*61
65
*61
65
Preferred class A __ __No par 5418 Mar 21 66 Apr 16
45 Mar 66 July
.4512 4714 .
47
4712 4612 48
4639 47
48
4818 48
48
1,000 Universal Leaf Tobacco No par 4014 Feb 26
2112 Apr 5112 July
38
'38% 42 '36
38
5039 Apr 24
42 '36
42 .36
42
*36
42
10 Universal Pictures let prd.100 187 Jan 8 4612 Apr 11
Apr 35 June
10
8
112 112
1%
139
15
8
14
15
8
15
8
139
153
112 112 1,900 Universal Pipe A Rad
14 Apr
1
114 Jan 2
3 Feb 16
24
24
33* July
24
2418 24
2412 2414 243 *24
2412 23
2412 2,700 U 9 Pipe & Foundry
20 18 Jan 4 33 Feb 7
618 Mar 2218 July
*183 19
4
183 183
4
4 183 183 •I83 19
4
4
x183 187 '183 19
8
500
let preferred
No par
1012 Jan 11 195 Feb 23
123 Apr 10 May
8
4
•15
8 212 *2
212 .15
8 212 *112 212 •113 212 *113
US DIstrib Corp
212
112 Jan 5
No par
Oct
6 June
4 Jan 31
1
.17
*17
18
18
*17
18
18
18
*17
1912 '17
191z
100 U 13 Freight
*913 10 8 •91z 105
8May 31 2712 Feb 5
No par
1.67
Feb 295 July
3
7
8 .912 1058 •9
1012 *9
1012 .9
US & Foreign Secur___No par
1012
8% Jan 2 1514 Feb 5
17% July
.75
86 '75
318 Feb
86
.75
86 '75
88 '75
86
75
75
100
Preferred
No par 8314 Jan 5 78 Feb 26
•4314 438
43
3612 Mar 84 July
43
44
4418 447 45
4412 447
3 44
4412
20 3414June 1 5013 Jan 24
134 134
*13112 134
Feb 5312 July
18
135 135 *13418 137 "13918 13912 138 138 1 2,200 U 9 Gypsum
150
7% preferred
100 115 Jan 10 138 June 29 10114 Jan 121 Sept
.
814 812
814 814
8
8
812 812
818 814 '7 8 814 1,100 US Hoff Mach Corp
7
43 Jan 9 1018 Apr 24
5
*4118 43
117 June
4018 4014 42
1% Apr
8
42
4212 4212 4214 423
4 4112 4314 2,200 U 8 Industrial Alcohol_No par 37 May 14 643 Feb 9
4
812 812 *8
1312 Feb 94 July
812 *818 812
818 8 8
,
8
8%
8
1,200 U S Leather v t a
8
No par
714June 4 117 Jan 24
8
1714 July
.135 1412 .133 15
8
4
23, Mar
*14
1412 1412 1412 .135 1414
8
1339 1352
200
Class A v t a
No par
113
4May 12 198 Feb I
414 Feb 2734 July
*51
693 '51
4
69% '51
693 *51
4
693 .51
4
57 .51
57
Prior preferred v t e
100 5512 Jan 5 80 Jan 30
Feb 7814 Bent
30
63
4 67
8
814 63
4
812 83
4
63
4 7
612 65g 2,800 U 8 Realty & Impt___No par
65, 87
8
53
4Nlay 14
1234 Feb 2
212 Feb
1812 19
1412 July
18
1812 18
183
1834 187
8 1818 185
8 18
7,700 U S Rubber
1839
1
No par
14 Jan 5 24 Apr 21
27 Feb 25 July
45
4514 441 4414 4412 4612 46
451 4512 4418 45% 2,900
4612
1st preferred
100 2418 Jan 8 6114 Apr 20
612 Feb 437k July
126 128
125 12714 125 129
129% 13112 12912 13112 12714 131
25,900 U S Smelting Ref & Mln___50 96 8 Jan 13 13512 Feb 16
5
1312 Jan 10553 Berg
65 .64
65
65 I .64
65
*63
65 I .62
65
*6212 65
100
Preferred
50 5412 Jan 13 65 June 18
3912 Jan 58 Sept
393 405
8 38% 4014 3812 40
4
3912 403
41 39
40391 3839 3912 53,700 U S Steel corn
g
100 3733.1une 2 597 Feb 19
23 8 Mar 6712 July
3
8612 8712 843 8512 853 853
4
85
8514 83% 84
827 83
8
3,000
Preferred
100 7912June 2 9912 Jan 5
53 Mar 10512 July
•1061 107 .10614 107
107 107 .10738 115 *1073, 115 *1073 115
8
300 U S Tobacco
No par 99 Jan 5 110 Feb 6
69
3
Jan 109% Deo
318 *3
318
3
3
3
318 *3
318
2% 3
1,600 Utilities Pow & Lt A
253 Jan 5 5 3 Feb 6
1
8
1% Apr
8% June
1
1'8
1
"I
118
1
1
t
1
1
1
1,800 Vadsco Sales
No par
1 Jan 2
17 Jan 25
21
2112 2114 211
318 July
% Jan
21
22
2158 2158 2012 2112 2012 2112 2,600 Vanadium Corp of Am_No par
18 May 12 31% Feb 19
75 Mar 3614 July
914 914
9
9
.9
978 09
93
4
10
*9
939 10
900 Van Itaalte Co Ins
5
4% Jan 2 11% Apr 18
I% May
10 July
.7612 7712 *7612 7713 761 4 7612 *76
77
77
77
*7612 77
210
7% lot pref
9/i Feb 5
100 x5414 Mar 1
2012 May 65 Sept
3412 3412 3412 341 .3414 3453 3412 35 .34
3412 341
35
1,700 Vick Chemical Inc
5 245 Jan 4 35 June 27
8
2318 Dec 31 Sept
3
3
*3
3% .3
314 '3
314 *318 31
314 31 4
110 Virginia-Carolina Chem No par
258May 14
5% Jan 23
5 Feb
8
•17
1812 .16
73 July
8
19
.165 19
8
17
17
*165 187 .175 187
8
8
100
6% preferred
100 1412 Ian 3 26 Feb 5
743 .7312 743 .74
*73
33, Mar 2612 July
4
743 .741
4
__ •7518
_
81
8112
200
7% preferred
100 593 Jan 8 8112June 29
351 Mar 6312 July
'76
765 "76
8
763 '7612 763
4 7632-4 76% 7612 - - 8 57618 7612
7
65
100 Virginia El & Pow $6 of No par 85 Jan 2 78 Jan 30
60 Dee 855 Jan
8
*514 612 .514 61
*5,
2 812
4
2 *5'8 612 *518 612
Virginia Iron Coal & Coke 100
47 Jan 11
8
9 Feb 23
218 Feb
15 May
.68
73 '70
73
73
74
*70
7412 7412 7412 *7012 747
8
90 Vulcan Detinning
100 52 Jan 4 79 Mar 9
123 Feb 677 June
4
8
5 8 554 .
5
553 53
•
5313 53
4
5 4 5 4 *53
3
3
4 6
500 Waldorf System
534 53
4
5%May 23
No par
8 Feb 20
7
518 Dec 12 July
8
267 2718 2712 2712 2714 2714 2718 2712 2,800 Walgreen Co
2753 275, 267 28
8
No par 2214 Feb 26 2914June
.__ .___
___ _ _ _
10412 106
106 106
10412 10612 *10412 10612.10412 10612 01.04% 10612
90
654% preferred
100 8412 Jan 4 107 June 1815
75
Apr 412 412
9012 Bent
43
3 41
43
*438 47
43
412 439
43
8
700 Walworth Co
439
28 Jan 4
No par
63 Feb 1
8
% Am'
8% Juno
.712 10
•71z 83
•712 83
4 • 8 83
75
4 *712 83
4 •
712 83
Ward Baking class A__Ne par
4
6% Jan 5 12 Feb 5
2% Mar 20 July
2 8 218
,
2
2
2
218 .2
218
2
2
2
2
000
Clam B
No par
2 May 29
3 8 Feb 5
5
55 Apr
55 July
3018 3018 30
"3018 32
30
.30
323 "3012 31
8
30
3012
800
Preferred
100 2718,May 10 36 Jan 24
1112 Apr 4474 July
512 55
539 512
8
539
514
55, 57
5314 53
514 55 14,700 Warner Bros Pictures
8
5
Cs Jan 6
814 Feb 5
1
.2312 25
Feb
.2312 251 •2312 2512 •2312 2512 2312 2312 '20
918 Sept
2512
100
$3.85 cony prof
No par
1812 Jan 19 31% Apr 24
414 Feb 2412 Oct
.
52% 212 *2
2% 218
214
218
214
21g
218 *218 23
8
600 Warner Quinlan
No pa
1% Jan 4
37 Feb 16
8
47 June
5 Mar
8
1
912 912
9 2 93*
,
9% 9 4
93
4 93
4
939 914
914 93
4 2,000 Warren Bros
No par
8May 14 1353 Jan 24
87
212 Feb 2239 June
•1612 20 .1612 201 "163 21
'1612 2018 •17
21
19
19
100
Convertible pref
No par
16 Jan 8 287 Apr 23
8
712 Feb 3539 June
215 23
8
22
22
22
223
227 23
8
23
24
23
23
1,300 Warren Fdy & Pipe
_No par
16 May 14 31 Jan 20
5 Feb 30 Dee
33
.37
8 5
33
'33
4 5
.3
3
4
4
4
414 414
500 Webster Eisenlohr
334May 7
No par
7 Jan 25
1
Jan
8 July
11
•118
11
118
114
'118
114 *1
'1
1
114
1
110 Wells Fargo ds Co
1 Jan 17
1
214 Jan 23
18 Apr
312 June
.2112 2212 22
22 '22
2212 2212 2212 223g 2512 2414 245
8
800 Wesson OH& Snowdrift No par 15% Jan 4 273* Feb 21
05712 5812 *5712 58
7 Mar 3712 July
*5712 58
58
58
5812 5812 59
59
300
Cony preferred
No par 5211 Jan 5 60 Feb 23
40 Mar 63 July
445 45
443
44
4514 46
4514 4612 45
4614 4518 463
5.700 Western Union Telegraph.100 403
4May 14 867 Feb 6
8
1714 Feb 7714 July
02212 223
2214 2212 2234 2252 2314 2253 227
4 22
8 2212 227
8 4,000 WestIngh'se AR Brake_No par 21 June 18 36 Feb 6
1154 Jan
3539 July
35 4 3612 355 363
3
353 3714 37
8
8
3758 3614 373
8
4 363 37
21,000 Westinghouse El & Mfg___60 3014May 14 4714 Feb 5
1939 Feb 583 July
•9014 95
9014 *8812 89
90
*8812 90
8812 9018 .89 100
290
let preferred
50 8312 Jan 17 92 Jan 30
8012 Feb 90 July
•1012 12
.10% 111 •10% 1012 .10% 12 '10
12 '10
12
Weston Elee Instrunal_No par
87 Jan 3 14 Feb 5
.
312 Feb
13% July
.2538 303 "25
8
321 *2512 3212 .2513 321+ •251 3212 2512 25,
20
Class A
2
No par
1639 Jan 5 25123une 29
10 Mar 2214 July
6712 6712 .67
683
67 67
.643 683 '66
663 .66
20 West Penn Else elms A_No par 4412 Jan 8 70 June 13
683
4
30 Apr 73 June
76
76
76
77 .76
77
77
77
77
78
76
76
120
Preferred
100 513 Jan 8 79 Juno 13
4
37
Apr 773 June
'66
6812 66
66
6518 6512 651s 6512 *6512 67
*6518 67
30
6% preferred
100 46 Jan 3 67 Apr 16
3312 Apr 6912 July
•10914 11014 *10914 110 .10914 111
10914 10912 109 10914 *109 110%
70 West Penn Power prof
100 8912 Jan 2 1105
8June 12
8812 Dec 110 8 Jan
3
.1033 105% *10339 1053 .1033 1053 104 104 •104 1053 104 105
4
8
8
4
4
60
8% preferred
100 783 Jan 10 105 June 29
4
80 Dec 101
Jan
212 212
23
4 .23
4 23
8
2%
2 4 2%
,
23
4 24
1,100 West Dairy Prod el A _ _No pa
214
214
214June 29
614 Jan 30
212 Apr
113 June
4
%
3
8
7
8
7
3
4
54
2
8
3
2
8
4
3
4
Clam B v t e
3
4 4,600
5
8
8June 29
No par
212 Jan 30
5
7 Mar
11
4% June
•1612 1914 •17
1914 '18
1914 19
19
185 183 *1814 19
4
250 Westvaco Chlorine Prod No par
147 Jan 12 2714 Feb 8
2
5 Mar 201u July
•1812 2039 •1812 1912 .1812 1914 *1812 1914 1612 18
.16
19
400 Wheeling Steel Corp_ No par
1612June 28 29 Feb 21
712 Jan 36 July
.47
491 •46
.47
49
49
47 47
*46
4918 .46
49181
100
Preferred
100 38 Jan 4 57 Feb 28
15 Feb 67 July
.153 173 .153 173 .153 18 '17
8
8
4
8
4
18 .16
173 '16
4
60 16t2May 15 2.339 Feb 19
White Motor
172
4
14
Jan 2612 July
.2512 27
2512 2512 .2512 2714 .26
2714 26
26
2512 251
300 WhiteRkMinSpr othzewNo par 24 Jan 4 3112 Apr 19
23 Oct 29
Oct
•17
8 214 .18 214 '18 214 '17
214
I%
I% '1% 21
37 Feb 6
100 White Sewing Machlne_No par
112 Jan 8
% Jan
43 July
4
.612 8% *614 839 "612 8 8 '612 85
8 •7
5
85
8 •614
912
Cony preferred
No pa
518 Jan 12 11% Apr 20
118 Jan
1012 July
37
*312 4
•312 37
334 37
'33
4
4 37
8 •312 4
700 Wilcox 011 & Gas
312May 7
534 Apr 5
5
2 Mar
512 June
6% 67
739 73
73
75
8
739
8 88
,
73
838
8
43 Jan 8
7
7 10.600 Wilson & Co Intl
No par
9 Apr 11
7 Jan
4
11 June
24% 25% 25
22% 235g 233 243
4
26
2512 263
8 2414 253 41,900
Class A
4
No par
1214 Jan 9 2639 Apr 13
4
Jan 22 June
80
81
823* 83% 8314 833
823
81
82
8
792
4 82
83
4,900
Preferred
100 53 Jan 8 8412 Apr 11
19 Mar 7212 July
497 50% 50
503
4
4 493 50 4 50
507
8 4934 505
3
8 497 5039 12,200 Woolworth (F W) CO
8
10 4114 Jan 3 547 Apr 21
2518 Apr 508 July
2
2014 20% 203 203
2 2112 2112 *21
22 .21
22
21
21
400 Worthington P & W
100 17 May 14 317 Feb 6
8 Mar 397 July
8
.4118 413 .4118 413 *4118, 418
4
4
413 413 *4138 44
4
4
4 139 4139
Preferred A
50
100 34 Jan 10 53 Jan 24
14 Mar 61 June
.313 35
*3112 35
'311 4 37 .3114 35
8
*3112 35 '3112 35
Preferred B
100 30 Jan 10 42 Jan 24
14
Feb 47 June
5118 515
.5112 52
8 5112 53
523 523
4
4 4912 5112 53 531_
390 Wright AerOnautical___No par
167 Jan 8 75 Jan 27
.
6
Apr 24 May
64
4 64
64 12 6412 64
.6312 643
64
*63
6412 637 6414 1,400 Wrigley (Wm) Jr (Del)No par 6412 Jan 11 65 Apr 26
8
3412 Feb 5714 Deo
.18
.1812 19
1812 1812 1812 .1812 1812
1812 1812 .1612 19
400 Yale & Towne Mfg Co_ _25 14 Jan 5 22 Apr 24
7
Jan 23 June
415 438
8
418 43
41,
44 414
8
418 43
414 414
4
4,000 Yellow Truck & Coach el - 10
B_
4 May 14
7% Feb 19
72 July
218 Mar
'35
41
"35
4.5
'35
41
40
40
•
35
39 '35
39
Preferred
10
100 28 Jan 2 4712 Apr 26
18 Mar 42 July
.1714 1712 .17% 1712 '171 4 18
.17% 1812 1714 171
17
17
300 Young Spring re Wire. No par
15 Jan 8 223 Feb 19
4
312 Mar 1918 July
20
4 2039 21
21
193 203
4
2012 207
2012 21
* 193 2018 4,100 Youngstown Sheet at T_No par
1718May 14 333 Feb 19
4
8
712 Feb 375 July
.25
8 3
3
3
"25
8 27
25
8 25
8
8 •234 318
23
4 23
300 Zenith Radio Corp ___No par
212May 24
42 Feb 5
5 Deo
39 Feb
539
514 514
818 514
5%
51 4
518
5% 514
72 Feb 19
5 8 514 1,700 ZOnite Products Corp
,
5 May 7
1
35 Feb
812 July
•Tild and asked prices, no sales on this day. :Companies reported In receivership.
a Optional sale.
c Cash sale.
s Sold 7 days. 2 Ex-dlyidend.
y Ex-rights.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
4433
PICO 7IS and defaulted trmds.
On Jan. 1 1909'1ee Exchange method of quoting bonds was changed and prices are now -and interest"—esceyt for
week. and when selling outside of the
NOTICE.—Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the range for the year.
1.3 taken of such sales in computing the
regular weekly range are shown In a footnote in the week in which they occur. No account
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
.6 •
h
',O.
Price
Friday
June 29.
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
g
1.
'‘'
,u.
Price
Friday
June 29.
Week's
Range or
Lan Sale.
4. .
VI
di
Range
Since
Jan. 1,
High
High No. Low
Bid
Ask Low
Foreign Govt. & Munle. (Con.)
7471 95
22
95
High Juba (Republic) Sent 1904_1944 M 9 95 Sale 94
Low
9512
93
5
95
External 58 of 1914 ser A__1949 F A --------95
62 100 22 104022
,
First Liberty Loan-34 of '32-47 J D 101=3, sale
627s 78
68 June'34 ____
1949 F A 6S18 76
External loan 43.4s
,
1001112 103 32
J D
Cony 4% of 1932-47
61% 844
7418 14
7318
7314 81
Sinking fund 574a Jan 15 1953.3 J
103 101.31110408 23
▪ D 103.12103 32
,
Cony 44% of 1932-47
7
223 41,
8
3012 158
Public wks 510 June 30 1945 J D 30 Sale 2256
10216221022.32
J D 1022,321022'n
2d cony 4 ti% of 1932-47
50
105* 194
15
1959 NI N
1356 Sale 1356
150 1011,2210410u Cundinamarca 8)48
Fourth Lib Loan 44% of '33-38 AO 1032,32 Sale
88 101
18
100
9718
143 101"221021.22 Czechoslovakia (Rep of) 85._11)51 A 0 99 100
1012, Sale
32
4 si % (2d called)
90 101
9914 June'34 ____
1952 A 0 994 101
Sinking fund 8s tier 13
373 104,1221131.22
______ 1947-1952 AO 1131032 Sale
Treasury 4Si
8812 9812
964 112
964 Sale 95
1942 J J
-year extl Oe
Denmark 20
Treasury 4((s to Oct 15 1934,
834 9512
8912 21
1955 F A 8312 Sale 8812
gold 5%
External
,
1943-45 AO 10324 Sale 11311.11133... 250
..
thereafter 33i%
87
71
48
81
External g 4 ats__Apr 15 1962 A 0 7914 Sale 79
1032722 Sale 1031,321032,22 173 1011400So"
1944-1954 J
Treasury 4s
32107032 72 100.., 10710.. Deutsche Bk Am part elf 6s_1932
1946-1958 MS 10730,, Sale 1061,
Treasury 348
8
573 7714
8
5812
5738
58% 62
Stamped extd to Sept. 1 1935__ ---321012.32 123 98..11104v.,
1943-1947 J D 101..a, Sale 1011,
Treasury 345
4334 67%
7
6718
8 a6512 Sala z6612
Treasury 38_13ept 15 1951-1955 MS 101 14,. Sale 101132 1011.32 749 9315 101 161, Dominican Rep Cost Ad 530'42 M 0 5612 Sale 543
57
36
7
5612
4
1940 A
1st ser 53.4s of 1926
,
Treasury 3s_ _ _Dec 15 1916-1913 J O 101 1.32 Sale 101 22 101 1432 1922 101.., 101 1122
3712 57
2
56
56
26 series sink fund 530_1940 A 0 56 Sale
,
32105 22 162 98181, 105..,
..
Treasury 334e June 15 1940-1943 in 1054 Sate 1042,
5815
48
10
49
.1 105.22 Dresden (('ity) external 7s_.1945 M N 47 Sala 47
57 98.11
1051., 105%2 100432105232
Treasury 334a Mar 15 1941-1943 M
1947 .1 J ____ 15756 1624 June'34 ____ 150 165
Treasury 3a4s June 15 1946-1949 in 1021632 Sale 1021.221021,22 236 953.1,1021 ” Dutch East Indies ext1 6a
8 15112 18512
16512
____ 163
1962 M 8 160
-year external 68
40
Aug 1 1941 P A 105 32 Sale 1011%0.05%. 464 971/.. 105%,
,
Treasury 348
2 151 164,2
4
/
____ 1621 16214
-year exti 530_-__Nov 1953 M N 160
30
10314,. Sale 103132 1031322 959 1011., 1031.3,
Treasury 33s-------1944-1946
10 15112 165
4
/
30-year ext 530____Mar 1953 M 9 16214 Sale 1621 163
Fed Farm Mtge Corp 34s__1984 MS 1011%,Sale 101 2232101 2422 773 101 1...1021%.
4811 60
15.. Sale 100832 1001,22 3S1 100%, 1011,1 El Salvador (Republic) 8s A_1948 J 1 5Sli ___ 585 June'34 __
100
1944-1949
35
55
38
1
55
55
5012 55
J J
Home Owners Mtge Corn 4s.1951 J
10030.1 sale 1002,221002122 736 1001%0013%, CertifIcates of deposit
k
577 76
731 72
6
73
3s series A
1952 NI N 1001... Sale 100832 1002122 1121 100%, 101.., Estonia (Republic of) 7s____1967 .1 J 7212
9812
79
9812 12
4
/
M S 981 Sala 975*
Finland (Republic) ext 68-1945
8812 10012
11
100
8
External ranking fund 7s-1950 M 9 100 10014 997
State & City—See note below.
,
781 99
9812 39
4
External sink fund 843_1956 M S 9312 Sale 983
9332
76
8 44
927
8
External sink fund 5%5_1958 F A 927 Sale 92
Foreign Govt. & Municipal,.
964
77
9
9614
9412
97
Finnish Mun Loan 634e A.-1954 A 0 96
7511 9612
9612 15
4
serial 13___1954 A 0 9612 Sale 943
External 6145
4
183 271s
Aerie Mtge Bank a f (is
1047 FA
2614 May'34
2814 48
3012 19
2614 Frankfort (City of) m it 830__1953 MN 2912 Sale 2314
20
Aug 11034 subseq coupon_ _
4
2412 28
25
25
1855* 31 1514 18551
1
2
153 2914 French Republic exti 730_1941 . 0 1854 Sale 185
Sinking fund 68 A _ _A pr 15 1948 AO 283
8
28 June'34
18414
9 160 18511
1949 J D 184 Sale 183
External 7s of 1924
2612
18
6
With Oct 15 1934 coupon._ _
2612
2412 27
4
243
8612 81.8 German Government Interna1
Akerehtur (Dept) ext 58
7812
1963 MN 7812 Sale 7812
354 6312
3712 435
35-yr 53'48 of 1930_1985 1 D 3718 Sue 3512
tional
818 17%
1338 12
Antioquia (Dept) coil 7s A 1945 J J
13
12
11
8711
48
209
51
1949 A 0 50 Sale 48
German Republic exti 7s
17
9
External s t 78 ser B
1218 Sale 1012
1314 36
1945 J J
German Prey & Communal 13k5
s
93 17
External a f 78 ear
1012 13
1314 15
1945 J
1014
3614 711;
35
38
4
4
.4.1955 J D 363 Sale 363
(Cons Agri° Loan)648
818 1714
.1 1012 13
External e f 7s aer D
13% 37
1012
1945 .1
/
57% 883
1
84
84
1954 M N 8412 87
4
31s 143 Graz (Municipality) 88
86
12
External ef 78 let ser
10
1112 1012
1957 AO
8511
62
65 May'34 ____
Only unmatured coupons on __ _ --------84
14%
8
8
4
113
10
1112 1012
External see s 1 7s 26 ser 1957 AO
, 46 111% 1201
11.77
A a116 Sale 116
14% Clt Brit & Ire(U K of) 530_1937 F
8
21
12
External see 1 7s 3d ser 1957 A 0 10% Sale 10
1171;
s
14% fund loan £ opt 1960_1990 M N al 15 Sale 511414 a1153 237 109
8212 9912
6
9512
Antwerp (City) external 55 1958 J O 9412 9612 9512
22
3311
31 June'34 ____
31
35
Greek Government steer 78_1964 MN
5312 84
19
83
Argentine Govt Pub Wks 621_1960 AD 8214 Sale 82
18% 31
25
23 Sale 23
24
1
S top,'68 Aug '33 coupon_ 196) F A
5312 8414
83
66
68 of June 1925_1959 in a132 Sale 82
Argentine
7412 82
44
8
797
82
Haiti (Republic) e t fla ser A_1952 A 0 7956 82
84
53
83
43
Extlsf6sof Oct. 1925
1959 AD 81% Sale 8178
3018 58
3214 12
8
323 3012
1946 A 0 29
83% Hamburg (State) 08
82 • 53
83
External a f 68 eerie. A
1957 MS 8214 Sale 81%
44
23
29
323 June'34 ____
50
Heidelberg (German)exti 748. J J 20
53% 84
17
83
External Os series B__Deo 1058 J O 82% Sale 82
4
723 95
27
95
Heisingfors (City) ext 63.48.-1960 A 0 94 Sale 94
53% 84
4 87
823
Extl s f 68 of May 1926
8214 Sale 817s
1960 M
2
2856 44 1,
38
3656 3
38
8
534 844 Hungarian Muni° Loan 734s 1945 J J
4 57
823
s
External St 6.(State Ry)_1980 MS 8214 Sale 815
2714 271,
40 June'34 ____
Only unmet coup attached__ J J ____ 32
52% 83%
8318 43
lett] 65 Sanitary Works._.1961 FA 8214 Sale 82
3056 45
1
3812
3812
External s f 75 (coup)...._.1946 J .1 ____ 41
52% 84
8 22
823
Extl 6s pub wks May 1927 1961 MN 8214 Sale 82
30
30
__ 40
4014 June'34 ___
Only unmat'd COUPS attOCPC(1 J 1
4712 73
7712 78
Public Works exti 5 ate.. 1962 FA 76% Sale 7618
3311 5011
Hungarian Land M lost 730 '61 M N 45 ____ 30 June'34 ____
4
803 99
94
22
Argentine Treasury 58 E
9
1945 MS 927 95 92e
1
50,
31
6
47 12
52
MN 45
47
1981
Sinking fund 730 tier B
8812 97%
94
165
Australia 30-yr 55__ _July 15 1955 J J 94 Sale 9018
3112 421,
354 37 474 June'34 ____
89
97% Hungary (King of) a 1 730_1944 F A
0418 67
External 5s of 1927_ _Sept 1957 MS 9418 Sale 9056
95
83
9138 171
External g 434s of 1928
8
1956 MN 913 Sale 88
1104 116
914 10012 Irish Free State exti et 5,...1980 Ni N 110 11514 3612 June'34 ____
10
98
Austrian (Govt) I 7e
1943 J D 9714 Sale 9718
91 102
9312 177
4
913 Sale 913
Italy (Kingdom of) eat! 78_1951 J D
77
60
11
67
Internal sinking fund 7s 1957 J J 5612 Sale 6612
9314 100
2
94
Baden Cred Consortium 7s A '37 M 9 04 Sale 94
8914 100
4 24
903
1947 M 9 8914 Sale 8914
External see et 75 ser B
36
5912
4 10
363
P A 363 Sale 363
4
Bavaria (Fret State)6 S4e___1945
4
93,1
76
842
18
Italian Public Utility exti 78_1952 .1 J 8412 9Ile 80
95 105
Belgium 25-yr ext16 ate
10014 Sale 9914 10014 17
1949 NI
961:
80
4 52
913
4
90 Sala 893
94 10412 Japanese Govt 30-yr a f 6%5.1954 F A
19
External f 68
100
4
993 Sale 993
1955 J
7312 86
4 12
763
76 Sale 7518
1965 MN
Exti sinking fund 5 ate
109
99
8 34
External 30
-years f 7s
1955 in 10614 Sale 10556 1067
4
5
957 1063 Jugoslavia (State Mtge Bank)—
10456 21
Stabilization loan 7,
1956 MN 10114 Sale 104
2312 421:
2
2414
2312
1957 A 0 2310 28
8212
Secured s f g 7s
68
_
Bergen (Norway)58__Oct 151049 AO 793 ____ 82 June'34
4
1312 27
3
8
167
4
1514 1714 153
75 with all unmet soup _1957 ---6612 8212
1
7812
External sinking fund 58..1960 MS 7812 81
7812
8
133 14
1
8
135
8
4
8
135 153 135
With Oct 1 '35 & sub coups on. ---3212 52
Berlin (Germany)sf 630
36% 21
1950 AO 345 3612 36
4
3756 651,
5214
5012
1947 F A ____ 52
Leipzig (Germany) s f 7s_
85
3012 4912
3612
External s f 65__ _June 15 1958 J D 36 Sale 3512
60
899
2
8712
____ 874
D 87
Lower Austria (Prov) 734,.1950 J
174 24
9
8
217
Bogota(City)exti a f 8e
1945 1.0 21 Sale 21
83
50
.34 __
Only unmatured coups attach'd ---- --------50 Feb
81, 11%
14
9
814
Bolivia (Republic of) eat! 8a_1947 MN
814 Sale
2 149 1703
2
1703
4
1934 MN 1693 171 1705
53 1012 Lyons (City of) 15
-year 8s
4
64 11
614
External secured is (fla2)_1958 J J
614 Sale
2 149 171
171
5
4
1
/ 1012 Marseille..(City of) I5-yr 68_1934 MN 16914 171 17056
814
714 20
External s 1 7e (flat)
614 Sale
1969 M
,
87 163
1212 25
8
149 17014 Medellin (Colombia) 6128_1954 J 13 107 Sale 1078
Bordeaux (City o1) 15-yr 68_1934 MN 1693 171 17018 June'34
4
4
412 73
MN --------52 Apr'34 __ _
54
4
223 3612 Mexican lrrig Aastng 430_ _1913
30
Brazil(US of) external 85
1941 in 2014 Sale 2856
534 Apr'34 ____ ..__ _-_.
Mexico (US) exti 5s of 1899 £ '45 0 J ____ 25
60
2014 32
253
St 630 of 1926._1957 AO 2518 Sale 254
External
64 10
714 814 4 SapV33 ____
Assenting 58 of 1899
1945 ---19
204 32
25
Externals f 6(4,of 1927._1057 A 0 2512 Sale 25
111
7
---- ___- ---- 712 June'34 ____
Assenting 58 large
2013 32
2514 26
7s (Central Ry)
e
1952 in 243 Sale 2456
718 8
---- _--- _-.- 74 Apr'34 __
8318
Assenting 5s small
49
14
5 Sale 49
*
Bremen (State of) exti 72)
505
1935 MS 50
55
71
41).
18
514
5
1954 ---- ---Assenting 4s of 1904
84
6
734 88
84
Brisbane (City) s f 58
1957 MS 8212 84
414 Mar'33 ----------512 57
____
Assenting 4s of 1910
84
13
73
83
87%
Sinking fund gold 52.
1958 FA 8212 84
58
---- _ - __ ____ 6 June'34 ____
Assenting 4s of 1910 large
95%
9412 10
83
4
20
-year 5 1 68
gs
1950 in 9414 Sale 933
456
53
5% 10
5% Sale
---Assenting 48 of 1910 small
424 15
3118 4612
Budapest (City) Intl a f 6s 1962• D 42 Sale 42
812 11
Apr'34 _ _ _ _
9
212 12
., frees 88 of'13 amen t(large)'33 J J
79
18
464 793
4
1
/
Buenos Aires(city)630 2 111955 J J 7612 Sale 7612
111
6
1 J --------611 Apr'34 ____
'Small
70
47
70 June'34
Externals f 6s ser C-2
1960 AO 694 70
8212 917
53
85
1
4514 7012 Milan (city, Italy) exti 6%8 1952 A 0 834 Sale 8312
70
Externals f 6e ear C-3_ _ _1960 A0 70 Sale 70
8 13
493
Minas Geraes (State) Brazil—
3014 50
Buenos Aires (Prov) exti 6s.1961 M
4956 Sale 494
24
17
20
1914
4
1958 M 8 1918 Sale 173
External s f 848
2814 444
4314 122
Stpd (Sept '33 coup on)1961 M
434 Sale 413
231 2
17
1912 18
20
18%
1959 NI S 19
Ext sec 6%s series A
4912
2
31% 4912
5412 4912
External s 6ate
1961 P A 45
2714 36'4
7
3814
4
353
40
35
1952 J D
4312
41
Montevideo (City of) 7s
6
27
Stpd (Aug 1'33 coup on)1961 P A 4256 Sale 42
2614 3278
8
32% 25
8
317 Sale 317
1959 MN
External, file wiles A
23
18% 24
2 11
Bulgaria (Kingdom)a f 7s
J J 22
1967
22 12
7
2112 2812
Stabil'n at 7 ats_Nov 15 1988 MN 22 Sale 22
96
85
64
92
15
58
10% 183 New So Wales (State) ext15e 1957 F A 92 Sale 89
4
Caldas Dept of(Colombla)730•46 J J
4
133 143 137
8514 951
73
92
Apr 1956 A 0 92 Sale 90
91
External a 1 5s
92 102%
Canada(Dom% of) 30-yr 48_1980 AO 10056 Sale 10012 101
9111 10118
7
8
993
10012 9912
1943 F A 9912
11014 86 10314 11114 Norway 20
-year ext 65
N 10912 sale 109
521
1952
9014 10114
25
9912 Sole 994 100
1944 F A
-year external 68
20
4(4s
1936 FA 10414 Salo 10414 10412 33 100% 10412
8912 100
51
1952 A 0'9914 Sala 9914 100
80
4
30-year external 68
5712 804
Carlsbad (City)a f 88
1954 ii 80 Sale 7914
834 951
36
9412
1985 .1 D 0412 Sale 9318
-year s f 5 ate
40
14
1412 20
4
103 19
Cauca Val (Dept) Colons 7%846 1.0 12% 14
804 92
25
91
493
74
4612 73
External a f 5s_ __Mar 15 1963 M 9 905 Sala 90
MS 4834 Sale 4856
Cent Agri° Bank (Ger) 7s
1950
8312 91
1
9018
43
33
s
3512 69
Municipal Bank exti e f 50_1967 J 0 9018 ____ 9018
Farm Loan s f 6s_ _July 15 1960 J J 43 Sale 397
91
81
1
9012
9012
4 76
413
3514 69
Municipal rank extl s f 55.1970.1 D 904 92
Farm Loan S f (1,_ _Oct 15 1960 1.0 404 Sale 39
28% 55'
3112 15
31 Sale 31
1952 F A
43
53
3814 70
Nuremburg (City) eat' 86....
Farm Loan 6s son A Apr 15 1938 AO 43 Sale 4012
77 2
65
55
7512
1953 M S 7512 Sale 74
13
14
16
Oriental Devel guar 6s
9
12 Sale 12
Chile (Rep)—Exti s f 7e
1942 MN
4
823 74
6914 25
123
34
1958 MN 6914 Sale 6834
Eat, deb 5%s
718 16
1212 12
12
External sinking fund 68_1980 AO
764 93
925* 10
92 Sale 92
1955 M N
4
153 Oslo (City) 30
-year at 68
7
12% 12
1256 19
12
Ext sinking fund 88__Feb 1961_ FA
98 103
13
7
100
153 Panama (Rep) eat' 53.4s.._.1953 .1 D 10212 Sale 10212 10312 12
4
1218 Sale 12
Jan 1961 ▪ J
fly rot ext s f 6s
2918 44
2
3814
4
/
1256 14
Extl it f beset A __ Mae 15 1963 M N 381 Sale 3314
4
Ext sinking fund Os_ _Sept 1961 M S 12 Sala 12
714 153
5
293 44
3
385*
3812 Sala 384
13
16
Stamped
714 1555
12 Sale 12
External sinking fund 613__1962 M
10% 18
1414 36
7
1212
718 16
Pernambuco (State o1) ext.' 7e '47 M 8 1418 Sale 14
1218 Sale 12
External sinking fund 68_ _1983 MN
811 17
22
13
12
s)12 1512 Peru (Rep of) external 7s___1959 NI S 1218 1314
8
125 Sale 1214
1356 Si
Chile Mtge Ilk 630 June 30 1957• D
57 14
29
9
8.8
14
88 Sale
1814
22
Nat Loan eat) s f (is 1st ser 1980 J 0
1.0
St 64e of 1926__June 30 1961 in 14 Sale 134
4
/
61 14 8
sly
812 Sala
94 57
8 20
127
Nat loan exti a 1 ffs 2d ser_1981 A 0
84 1512
1212 Sale 1212
Guar s f 6.
Apr 30 1961 AO
79
59
68
7111
127g
15
1518 Poland (Rep of) gold 6s....._1940 A 0 71 9113 69
8
1256
1218 13
1962 MN
Guar s t 68
88 11818
8 1131 122
914
12
7
9% 9
6
9
Stabilization loans t 7e___1947 A 0 11214 Sala 1117
Cons Muni° 75
1960 NI 5
Chilean
694 00
55
841
4
38 June'34
27% 42%
1951 in
External sink fund g Ss....1950 1 J 83% Bile 823
Chinese (Ilukuang fly) as
8
1712 247
3
1914
8
927 93 June'34
Porto Alegre (City of) 8s___1961 J D ____ ____ 184
81% 93
Christiania (Oslo) 20-yr a t 88 '54 MS 92
8
163 21I2
1914 11
4
183 Sale 18%
31
37
8
Ext1 guar sink fund 7 348_1966 J J
274 50
Cologne (City)Germany 641.1950 MS 31 Sale 307
83 100
12
96
9214
Prague(Greater MY)7;Ss_ _1952 M N 96 100
Colombia (Rep)6s of'28_ _Oct'61
58
35
3756 50
311 132
2112 35% Prussia (Free State) extl 634s '51 M S 37 Sale 3612
Oct 1 1934 and sub coupons on. AO 2912 Sale 27
347 57
96
37
3112 136
35%
21
1952 A 0 3612 Sale 35%
External s f as
Ester 85(July 1 '34 coup °n)'e' ▪ J 304 Sale 27
4 102 106
24%
21
Queensland (State) eat'st 78 1941 A 0 1305, 105 10312 104
15
Colombia Mtge Bank 63.4. of 1947 AO 2314 Sale 2318
9412 103
5
1093
4
2314
4
2314 Sale 22%
4
-year external 65
25
1947 F A 1001 Sole 1003s
1940 MN
Sinking fund 7s of 1926
154 2412
4814 65
4
49
4912 4814
4
23%
233 25
24
3
15
1950 M S 49
26
Rhine-Main-Danube 78 A
Sinking fund 7e of 1927...1947 FA
20
19
22'o 19
791g 20
4
,
Rio Grande do Sul ext1 s 1 8s.1946 A 0 2218 Sala 22
631 84
1952 J D 79 Sale 783
(City) 58
Copenhagen
183s 20
19 June'34 ____
1918 23
74%
A pr'32-Oct'33-Oct'34 cpn OD --8
594 7812
1953 MN 7418 Sale 7418
-year g 43.4s
25
154 24
8
19
3212
3212 Sale 32
8
4
/
141 3514
External sinking fund 66_1988 1 D 1814 SID IS%
1957 P A
Cordoba (City) ext1 at 7s
174 21
26
19
1914 1914 1812
37 June'34
37
8
297 37
1966 NI N
External a f 7.1 of 1926
External 5 f 7s_ __ _Nov 15 1937 MN 35
1714 24 14
0
19
54
4
1814 1914 1814
External e t 7s munic loan. 1967 .1 D
,
251 51
Cordoba (Prey) Argentina 7s 1942 JJ 54 Sale 53
1756 22 78
9
2114
21
Rio de Janeiro 25
-year,1 812_1946 A 0 2018 22
(Itepublie)Costa Rica
Z
16
2012 38
20 Sale 20
4
30
38
38
33
1953 F A
External s f 634s
7e Nov 1 1932 coupon on.1951 MN
02
83
120
87
4
183 251 Rome (City) exti 630
1952 A 0 854 Sala 85
24
25% 241s June'34
7s May 1 1930 coupon on_1951
I
1
U. S. Government.
Bid
Ask Low
High No.
101.., 1010,2
1.
102. .May34
1038,. 1031%1
,
102 ...Jun'34
1031.003"gs
101,700124n
.
1121...1131 a
For footnotes see page 4438
entirely over the counter
NOTE.—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings in such securities being almost ror 17111.2(.1 4ecu-Itles.-'
dealers In these...cerium will be found On a subsequent page un ler the general as ti a. "crintItIony
Old and asked quotattons. however, by active
4434
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCFIANGE
Week Ended June 29. '
...'''
ta
...
Z5
,
-8a.
Price
Friday
June 29.
Week's
R
Range Or
Last Sale.
4
,
2
2
.4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
12
;t 3
1
4,.. h
3. ci;
,
June 30 1934
Price
Friday
June 29.
Week's
4,
Range orF.:.%
Last Sale.
cii,
.
Foreign Govt. &Munk.
(Cond.
,
.
Rotterdam (City) ext1 85—.1964 M N
Roumania (Monopolies) 7e__1959 F A
Saarbrueeken (City) 56
1953 J .1
Sao Paulo (Clip)s f 8s_Mar 1952 MN
Externals f 8145 of 1927 1957 MN
Ban Paulo (State) esti a f 88.1938 J J
External see at 88
1950 3 J
Externals f 78 Water L'n_1958 M S
Externals(Se
1968 J J
Secured a 17,
.1940 A 0
Santa Fe (Prov Arg Rep) 78_1942 M 5
Saxon Pub Wks (Germany)7,45 F A
Gen ref guar 6445
1951 M N
Saxon State Mtge list 7s_ _1945 3 D
Sinking fund g 644,4_ Dec 1948
D
Serbs Croats & Slovenes 8e 1982 M N
All unmatured coupon on.. ____
Nov 1 1935 coupon on
External sec 75 ser B
1962 MN
November coupon on _
_. ___.
7s Nov 1 1935 coupon on 1962___
Silesia (Prov of) esti 78
1958 1 D
Sllefflan Landowners Ass,, 56 1947 F A
Solssona (City of) ext1 68.....1938 M N
Styria (Prov) external 7s__ _1948 F A
Sweden external loan 5448_1954 M N
Sydney (City) 8 t 544a
1955 F A
Bid
Ask Low
High No Low
High
Railroads (Continued)—
Bid
Ask Low
High No.
11612 Sale 11612 118
19 112 134
Canadian North deb a f 78_1940 J D 109 Salo 109
10914 81
3018 317 28
8
32
150
23
40
25
-year ,t deb 814s
1948 J J 11914 Sale 11814
11914 21
7814 Sale 78
7812 13
8618 81
10-yr gold 444s___Feb 15 1935 J J 10214 10212 10214
1023
8 13
2218 24
2214
2214
2
22
30
Canadian Pao Ry 4% deb stock— :.,-- 83 S de 81
83
95
2218 237 2212
8
2338
14
1738 24
Coll tr 434e
1946 M S 9612 Sale 96
967
8 52
35
--- 35
3514
17
18
3514
be equip tr Ms
1944 J 1 1077 10814 1075
s
8
1077
8 21
2338 25
2434
25
18
1338 25
Coll tr g be
Dec 1 1954 J D 10012 Sale 100
10058 103
20
203 203
4
4
203
1
4
1338 24
Collateral trust 444s____1960 J .1 93 Sale 9214
93
69
1934 Sale 191
4
2012 18
125 22
8
tear Cent 1st cons g 4s
1949 1 .1 4112 42
44
June'34 ---8534 Sale 843
4
8612 122
65
88
Caro Clinch & 01st 30-yr 58.1938 J D 10614 10612 10612
106 12
5
403 Sale 3914
4
403
4 16
1812 4312
let a cons g 68 ser A_Dec 15'52 3 D 107 108 107
109
67
4718 Sale 47
4812 38
4634 87
Cart & Ad let gu g 4s
79
1981 J D
84
81
81
1
385 Sale 3858
8
4012 31
385 601 Cent Branch U P lot g 48_1948 1 D 5212 Sale 5114
8
8
53
11
____ 585 5912
8
593
4
4
5634 71
58 Sale 58
:Central of Ga 1st g 5s_Nov 1945 F A
58
2
57 Sale 57
57
3
5512 70
Consol gold 58
25 Sale 25
1945 MN
27
10
2514 Sale 2518
2514
2
2118 28
Ref & gen 5446 series B 1959 A 0 16
177 17 June'34 ---8
163
165 20
8
8
1658
2
16
22
Ref & gen Is series C
1959 A 0 15
177 1712 June'34 ---8
1512 Sale 1512
13) 1512
2
2
1512
Chatt Div pur money g 48.1951 J D 25
30
33 May'34 ____
243 Sale 2312
4
25
21
18
2514
Mac & Nor Div let g 58.1948 J J ____ 37
35
Jan'33
1638 1712 1618
1612
3
123 20
4
Mid Ga & All Div put m 58'47 1 .1 ____ 25
21
Jan'34 ---1414 Sale 14
1414
4
11
17
Mobile Div 1st g 55
1946 1 J 27
____ 3414 May'34 - - -,
6612 13
6612 Sale 65
523 71
8
Cent New Eng! 1st gu 4s__ _1981 J J 8114 Sale 80
8114
13
453 Sale 453
8
8
4614
3
453 69
8
:Cent RR a Bkg of Ga coll '37 M N 69
-5s
72
72
72
1
-- 17014 June'34 ____ 150 171
Central of NJ gen g Es
1987 .1 .1 103
_ 10812 10812
13
8612 88
873
8
-----873
8
1
55
88
General 48
1987 3 .1 97 --- 97
9
8
97
6
103 Sale 102
105
74 1013 1093
4
4
89 Sale 89
897
8
6
80
93
Cent Par let ref gu g 4s
1949 F A
95 Sale 943
4
9558 130
Through Short L lat gu 413_1954 A 0 92 Sale z9012
92
3
Taiwan Else Pow 8 f 5348_1971 J .7 6818 69
68
4
69
614 7312
Guaranteed g 58
1960 F A
8234 Sale 8212
8312 63
Tokyo City 55 loan of 1912_1952 M S 6714 68
665 June'34 ____
8
8614 7312 Charleston & Say'h 1st 78_1936 1 .1 105 Sale 105
105
1
External, f 53.4e guar__ 1981 A 0 6818 70
683
8
683
8
8
6184 733 Chas & Ohio 1s1 con g 5g,.1939 MN 11012 Sale 11012 111
4
13
Tolima (Dept of) extl7s
1947 M N
1214 Sale 1214
1314
2
1012 17
General gold 444s
1992 M S 1103 Sale 10912
4
1103
4 47
Trondhjem (City) let 5348_1957 MN 81
82
82
82
1
67.14 8714
1993 A 0 1053 Sale 10512 1053
4
Ref & impt 4148
4 47
Upper Austria (Prov) 78_ ...1945 1 D
4
79
8312 833 June'34 __-.
1995 J J 10512 Sale 10514
62
86
Ref a Impt 444s ger B
10539 88
Only unmatured coups atteh _ . ____ 66
74 May'34 ___.
74
76
Craig Valley let 58_75fay 19403 J 104 105 105
105
1
Externals f 6 Sis_June 16 1957 3
7514 Sale 7514
7512
4812 7712
3
____ 101 June'34
Potts Creek Branch let 48_1946 J J 101
Uruguay (Republic) extl 88_1949 P A
36 Sale 36
3612
6
3412 46
R & A Div let con g 48_1989 1 J 10312_ _ 10318
103,
2
1
External 8 f 88
1960 M N
3112 Sale 3112
3314 50
30
42
- 2d consol gold 48
1989 1 J 10112 103 10014 June'34 ____
External, I 68.___May 1 1964 M N
3138 Sale 313
8
34
25
Warm spring V 1st g Es 194I M 51 10518 ____ 9912 Jan'34 ___,
2914 42
Venetian Prov Mtge Bank 78 '52 A 0 ____ 947 97 151ay34 ____
8
97 109
8
60
Chic & Alton RR ref g 38_1949 A 0 60 Sale 597
7
Vienna (City of) esti 5? 88_ _1952 M N
8914 Sale 883
4
893
8 11
58
9012 Chic Burl & 73—Ill Div 340_1949 J 1 10014 Sale 9914
100,
4 79
Unmatured coupons attached '51 N --------74 June'34 ____
1949 J J 105 Sale 1043
50
4 10514 50
76
Illinole Division 4s
Warsaw (City) external 78_1950 F A
62 Sale 62
63
37
53
103
1958 M S 10212 Sale 10212
6814
General 4s
97
Yokohama (City) ext1 88_1981 J D
743 ____ 74
4
75
21
68
4
1977 F A 1023 Sale 10318
77
1033
4 32
1st & ref 444e aer B
8
8
197) F A 1083 Sale 1075
109
20
1st & ref be ear A
____ 80 May'34
Chicago & East III let 6s._.1934 A 0 77
Railroad.
1412 Sale 14
IC & E III Ry(nets co) genbs 1951 M N
15,2 35
1312 Sale 1312
1312
5
Certificates of deposit
Ala Gt Sou 1st cons A bs
1943 J D 10412 ____ 104 May'34 ____
94 104
110
10
Chicago& Erie 1st gold 51___1982 M N 10912 ____ 10918
let COD8 48 ser B
1943 J D 99_ 100
10018
9
96 10014 Chicago Great West 1st 4s-1959 M II 4712 Sale 465
8
4712 31
Alb & Snag let guar 348_1948 A 0 9812 2
-. 983
9
4
99
3014 33
7
30
30
85
,
9914 :Chic Ind & Louie" ref 80_1947 J J
2
Alleg & West let gu 48
199 A 0 8914 9012 8812 Apr'34
,
3212 June'34 ___
3014 35
73 4 8812
3
Refunding gold 15s
1947 J J
Alleg Val gen guar g 45
1942 M 8 102 1023 0212 10318 10
4
26
36 May'34 ___
30
1947 J J
96 1033
Refunding 48 series C
4
:Ann Arbor let g 4s__ -July 1995 Q J 5412 59
5414 June'34 ---1312 Sale 1312
1968 M N
29
60
let & gen 58 Belles A
147
8
:1
Atch Top & S Fe—Gen g 46.1995 A 0 103 Sale 10239
10314 235
15 S de 15
93 10312
15
2
1st & gen So serfee 11.May 1988 J .1
Adjustment gold 4s_ _July 1995 Nol
99
99 Sale 99
2
9314 Sale 9214
84
9312 16
99
Chic Ind & Sou 50
-year 48_1958 1 J
Stamped
9814 Sale 98
July 1995 M N
993
8 63
8
83
1989 1 D 1027 10512 10439 May'34 -..7
993 Chic 1.5 & East 1st 4 148
8
Cony gold 4s of 1909____1955 1 D 9639 Sale 9514
9639
2
6514 8113 6518
68
8218 963 Chi M a St P gen 45 ear A 11439 J .1
8
13
Con• 48 01 1905
8
9712 11
195! J D 9739 Sale 957
80
9712
Gen g 344s ser B___May 19893 J 60 Sale 60
61
7
Cony g 48 Issue of 1010._ _1980 1 D 95 Sale 95
95
6
7812 95
8
70
Gen 414,, tier C
May 1989 J J 891 Salo 6912
11
Cony deb 43.56
106
1940 1 D 10514 Sale 10514
135
6912 Sale 6012
9514 106
693
Gen 444s ser E
May 1989 J J
4
9
Rocky Mtn Div 154 4s_ _ _1985 J J
100
99
993 9914
4
30
82 100
Sale 7114
7114
733
4 24
Gen 444s ser F
May 1989 J J
Trans-Con Short L let 45_1958 J .1 10414 ____ 1033 June'34 _-..,
4
9514 104
Cal-Arfs let dr ref 434s A.1962 M S 10614 Sale 1057
8
10612 57
39 Sale 39
95 10612 Chic Milw St P & Pac 58 A__1975 F A
41
428
All Knox & Nor let g 58_1945 J D 10458 ......_ 10012 10012
133 Sale 123
8
3
993 103
4
4
1314 628
Cony ad) 58
Jan 1 2000 A 1
Atl a Chadl A L 181 434, A_.1844 .1 1 10114 ___ 1017 June'34 ____
8
887 102
8
5714 62
5912
Chic & No West gen g 33-4s.1987 Mk
6114 23
1st 30
-year be aeries B
1944 .1 .1 10512 1053 105
10512 20
- 4
88 10512
69
1987 M 4,
51
69,2 39
General 45
2
Atlantic City 1st cons 4,.. _1951 J J 92
____ 90 May'34 ---70
75
7312 7312 June'34 ___._
90
Stpd 4s non-p Fed Inc tax '87 M P
Atl Coast Line let cons 48 July '52 M S 9918 Sale 983
8
9914 49
7218 77
82
7113
9912
Gen 4)4e stpd Fed Inc tax.1987 M e
733
4 32
General unifled 444,1 A
8834 43
1964 1 D 88 Sale 88
74
92
75
7439 7634 75
Gen /fasted Fed Inc tax
1987 M P
2
L a N coil gold 48____Oct 1952 MN
8
81 Sale 795
____
68
74
82
85
62
Jan'34 _
1987 M •
434s stamped
All & Dan let g 4s
49
19483 J 48 Sale 48
4
,
7
8812
86 85 - - -34 8614
39
15
537
8
-year secured g 640_1935 M
214s
Sale 4212
45
1940 3 J 4212
18
5412 Sale 5412
35
47
553
4 29
1st ref g 58
May 2037 J I
AU & Yad 1st guarr4s
59 June'31 1949 A 0 5712 60
4312 Sale 4614
46
64
4814
let & ref 444s stpd_May 2037 J I
_65
Austin& N W 1st gu g -bs_1941 J J 89 Sale 89
9012
'2
7914 92
43 Sale
Z4
3
1st & ref 414s ser C May 2037 J I
383 S tie 38
8
1940 NI Is
4014 530
,
Cony 444s series A
Balt & Ohio 1st g 4s..._July 1940 A 0 10118 Sale 10118
102
150
8812 10239 :Chic R IA P RY gen 4a....._1985 J J 86 Sale 63
6712 61
,
Refund & genie series A_1995 J D 813 Sale 8034
8212 44
4
6784 86
73
_ __ 68
_
66
2
Certifleates of deposit -let gold ba
8
108(2 48
July 194S A 0 1083 Sale 108
9812 108)2
A0 24 Bale 24
1931 -25
*Refunding gold 4s
94
Ref a gen 68 series C
9258 Sale 9212
033
4 35
1995 J D
77
9712
22 Sale 215
8
2212 80
Certificates of depollit __ _. ...,_
P L E & W Va Sys ref 48 1941 M N
995 Sale 99
8
9939 58
251 24
4
85 100
26
1952 M S 25
45
'Secured 434s aeries A
Southwest Div 1st 5s....1957) J J 99(4 Sale 99
993
4 21)
2212 Sale 2212
8318 10014
233
8 37
Certificates of deposit ___
Tot a(in Div let ref 48A _1959 J J 8614 Sale 8512
8814 23
Wit. 41..i
66
iiie sale 11
88
Cony g 4348
1112 62
Ref & gen Es aeries D._..2000 61 8 8014 8112 80
8112 43
67
8518 Ch St L & NO 50--June 15 1951 J D 10512 Sale 10512
1051 2
1
Cony 43.4s
4
66
6518 Sale 843
1980 F A
174
57
__ 6312 Sept'33
723
4
Gold 3148
June lb 1931 .1 D 8318
Ref At gen M 5s ser F
8058 35
1996 M S 80(4 Sale
6712 857
8
8439
Memphis Div lot g 4a____195) J D 84 17 8418
7
Bangor & Aroostook 1st 58_ _1943 1 J 10712 109 110 June'34 --- - 101 110
Chia T 11 & go East 151 59__19003 D
6714 Sale 665s
6814 27
Con ref 4e
9718
97 Sale 9612
1951 J J
8
75
97,8
49
Dec 1196' M 8 4858 50
Inc gu 58
5112 11
Battle Crk & Slur let gu 38_1989 J D 62
63 May'34 ___
69
60
65
106
Chic 17n Stan let gu 43-4s A.1983 J J 10618 107 10534
8
Beech Creek let gu g 4s
__- 0118 June'34
1935 J J
90 10112
8
8
1983 I J 106 1075 1097 June'34 -_-_
1st 5e series B
20 ,tiar g 58
101 1013
1935 J 1 101- 4 0914 June'34 __ _
92
1944 3 D 10714 Sale 10714
997r,
108
Guaranteed g be
29
Beech Creek ext 1st g 3448..1951 A 0 8912 __ 83 June'34 ____
83 83
Sale 11212 11314 41
let guar 8448 series C,.__1983 J .1 11212
____
_
,
Belvidere Del cc68 ;pi 330_1943 1 j
__
____ ____ _ _ Chle & West Ind con 4e
8
1952 J 3 925 Salo 9214
923 115
4
Big Sandy let 45 guar
1944 1 D i.o3T2 ____ 10239 June'34.
91318 102
--12
1st ref 544a series A
1982 53 S 10312 Sale 10312
104
32
Barton & Maine let 5e A C_1967 M 5 8714 Sale 8634
8814 65
73
46
52
48 June'34 ...„
9018 Choc Okla & Gulf cons ba._ _1952 Al N
at M 543 aeries It
1955 61 N
87
8512 87
8814
14
7312 00
Cin 11 & D 21 gold 4148
1937 J .1 10114 --- 102
102
2
let g 444s set JJ
8214 18
1961 A 0 8214 Sale 8218
88
8414 C 181 LA C let g 4e_ _Aug 21936 Q F 10218 ... 102 June'34 „_
Boston & NY Air Line let 4,1955 F A
6738 70
68
68
985
8. 9618 May'34 ___
51
7312 CM Leb a Nor let con gu 48_1942 5.1 N
3
Bruns & West let gu g 48...193S 1 ./ 10012
- 10012 May'34 ---881 1003 Cm n Union Term let 4%8_2020 J J 10818 11- 08,
8
9
8
4
1083
8
1
Buff Beet,& Pitts genic'? bs_ _1937 '54 S 10512 101 10539 June'34 ---97 1057
2020 J J 11014 11114 1014
let mtge be series B
8
111 14
19
roost,' 414e
7539 21
75 Sale 7412
1957 M N
80
1st mtge g 58 serlee 0
803
4
1957 NI N 10914 Sale 0314
11012 31
*plurl C R & Nor lot & coil Si '34 A 0 34
34
34
38
1
34
4814 Clearfield It Mah let go 58...1943 1 J 103
_-__ 9858 Feb'34 _ _
Apr'34 ---35
Certificates of deposit
40
34
2
Cleve Gin Chi & St L gen 45_1993 1 D 97 Sale 953
40
97
6
General ba series B
1993 1 D 105. ..100
Apr'34 ____
Canada Sou cone gu 58 A___1962 A 0 10612 10712 107
10712
2
92 10712
- -12
Ref & Impt 6s set C
1941 1 .1 100 102 100 May'34 ____
10438
Canadian Nat guar 4 44e____1954 54 S 1033 1043 10418
4
4
5
985 10478
8
Ref & Imp4 baser D
90
1963 3 J 8712 90
90
5
8
30
-year gold guar 434e...1957 J 1 1073 Sale 10718
10712 61
9812 108-39
7612 Sale 76
Ref & inapt 43.4, ear E
77
1977 J J
92
8
Guaranteed gold 43.4s_...Igo J D 107 Sale 1063
107
25
9912 1073
4
Cairo Div let gold 4,
4
104
1939 1 J 10314 __ _ 1033
3
Guaranteed g be
11214 38 105 1133
July 1999 41 1 11212 Sale 112
4
-12 90
Cln W & M Div let g 49_1991 J J 9012 92
0218 23
1133
4 58 1047 1147
Guaranteed g 511
.0et 1969 A 0 al1314 Sale 11258
8
8
St L Div 1st coil tr g 4s..1990 M N
9412 Sale 9312
9412
8
Guaranteed g Es
1970 P A 11312 Sale 1123
4
11358
9 105 1143
4
Spr & Col Div 1st g 4s
1940 M 5 1011299 Apr'34 ____
Guar gold 4348___June 15 1955 1 D 11014 Sale 11018
1101
8 18 10218 112
W W Val Div isle 411_ _ 1947)3 J
91
- -3 8 87
97
Apr'34 ____
Guar g 434a
1956 F A 108 10812 10782
10812 32 100 10914 Cleveland & Mahon Val 1158 1930 J .1 10318- - 10212 June'34 ____
Guar g 04e
Sept 1951 M S 10814 Sale 10714
1083
8 52 100 8 10914 Cie, & Mar let gu g
,
-14
4%s...1935 61 N 10112 102 101 May'34 ____
--_
For footnotes see page 4433
BOND BROKERS
Railroad, Public Utility and Industrial Bonds
VILAS & HICKEY
New York Stock Exchange — Members — New York Curb Exchange
49 WALL STREET
-
-
NEW YORK
Private 1Vires to Chicago, Indianapolis and St. Louis
Range
Since
Jan. 1.
Mph
Low
105 1095
8
1083 120
4
10018 103
81
84
7434 98
9918 1077
8
7714 1005s
7118 9378
3212 44
953 10714
4
9014 109
70
84
28
56
41
65
22
38
1278 26
123 26
8
18
37
-56- iiI,
28
65
53
95
78
35
833
4
7212
10812
9712
7512 96
7318 93
6378 87
103 105
10512 Ill
9834 1103
4
8818 1053
4
8811 1057
8
9712 105
9712 10312
8712 10014
99
9912
515 7018
2
88 10014
97 1053
11
9212 104
8818 10312
96 109
53
8118
10
2512
934 21
91 1 10
3812 51
)
30
4712
26
4218
36
41
1232 237
8
13
2518
71
9339
99 10539
6014 747
8
53
71
04
8012
83, 81
2
84
65
374 56(2
1218 2356
52
70
5712 77
78
58
8312 8214
88
873
8
0012 62
79
98
4314 6612
39
607
3
385 81
8
2912 5312
514 7312
8
64
73
20
31,
2
20
29
2018 323
4
22
28
82 183
66
4
83 107
(
33i4 16
-34
5512 80
4412 62
10038 107,
8
10512 110,
2
9714 108
1113 115
4
7214 9312
843 10412
8
48
62
96 102
99 10212
85
9814
10018 10838
10438 11112
10412 ill
965 965
8
8
7518 97
9212 100
80 100
7482 91 12
64
82
92 10414
68
923
s
77
94,
2
92
09
737 87
4
9912 1033
,
9912 1015
8
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
Price
Priam/
June 29.
Week's
Range or
Last Sale.
.1
m63
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
i
tI
.4
A.
4435
Price
Friday
June 29.
Week's
Range or
Last Sate.
Roam
Mince
Jan. 1.
Railroads (Continued)Bid
Railroads (Continued)
High No. Low
Ask Low
Ind
Ask Low
High
Iliok No. Low
High
Cley & P gen gu 4342 ser B__1942 AO 103
!Iowa Central Si °Us
4
4
/ 1132
1
4
1938
712 8
98 June'33 ---8
/
1
4
83
4
Series B 3)42
1942 AO 9712 ---- 86 Jan'33 8
412 354
1st & ref a 42
7
/ 012
1
4
1951
2
33
4
334 87 8654
' 103
3
Series A 4)4s
1942
1
8558
10134 1011 Jame Frank & Clear let 42_1959
/
4
10134 May'34
8634
69
/ 8814
1
4
Seriee C 342
1948 MN 98
Hal A &G R lingua 52
1938
100
91 Aug'33 103 Mar'31
Serie@ D 334s
1950 AF 92
Kan & TM let gu g 4s
14 'Hi 96
1990 A 0 96
97 9514
83 Oct'33 96
Oen 442 ser A
1977 P A 10012 105 102 June'34
5K C Ft S & M RY ref g 42_1936 A 0 4814 Sale 47
36
10012 104
5314
4814 35
Cleve Sbo Line let gu 442_1961 A0 103 Sale 103
A 0 47 Sale 45
2 82 103
Certificates of deposit
19
103
35
/ 52
1
4
47
Cleve Union Term let 534s_ _1972 A0 10212 Sale 102
84 10378 Kan City Sou 1st gold 351950 A
/
1
4
19
103
765 Sale 5753
8
82.2 7712
2
765
2 86
1st s f 55 series B
1973 AG 9914 Sale 9914 100
Ref & impt Si
106 82 10014
7612 Sae 74
/
1
4
7612 29 6712 84
Apr 1950
isis I guar 4345 series C 1977 AO 911 Sale 9112
3 10212 Sale 10218 102
Kansas City Term 1st 4s..,,1960
/
4
94
23
9312 10258
75 85
/ 90
1
4
Coal River Ry let gu 4s__ _1945 3D 101
6012 103
Kentucky Central gold 4s_1987 3
_ _ _ _ 10018 101
2 95 101
10112 103 103 June'34
Colo & South ref A ext 445_1935 MN 944 Sale 9412
3 8918 90 2 8918 June'34
/
1
84
977k Kentucky di Ind Term 434s 1981
95
71
73 91
7
General mtge 434s ser A_1980 MN 71 Sale 8952
Stamped
71
18
1961
80 93
65 8112
93 June'34
Col & H V lat ext g 48
1948 AO 102 _
Plain
/
1
4
1981
944 9812 93 June'34
/
1
93 93
98 102
8
1015 May'34 _
_ 10212 Apr'34
Col & Tol 1st ext 4s
1955 P A 10218
97 103
Conn & Paasum RI, 1st 42..1943 * 0
1
9812
1937 33 10114 Sale 101
7 83 1014
/ /
1
4
1
92 9812 Lake Erie & West 10 g 5e
10114
9812
Consol Ry non-cony deb 4s 1954 ii 50
J 9034 93 9112 June'34
Rd gold Si
5112 5138
1941
70 95
511
/
4
7 63 5912
32
deb 42
Non-cony
1955
Lake Sh & Mich So g 334e_..19 3D 95 Sale 9478
81
98
5312 June'34 ---50 58
9532 13
97
Non-cony deb 45
1955 * 0
Lehigh & N Y 1st su g 42_19 MS 7912 Sale 7912
2 57 83
44
/ 59
1
4
59 Mar'34
45
7912
Non-cony deb 42
1956 J J
2 82 102
/ /
1
4
1
4
44
5812 Leb Val Harbor Term an 521954 FA 10234 103 102
/ 1025
1
4
4
56 May'34
Cuba Nor Ry let 542
1942 3D 37 Sale 3612
3712 45
1914 39
Leh Val N Y let gu g4)45_1940 J, 975 99
8314 99
8
/ 9758
1
4
9814 14
Cuba RR let 50
-year 52 g1952 3, 2814 Sale 2612
29
47 68
3212 Lehigh Val(Pa) cons g 4s 2003 MN 604 Sale 593
/
1
2814 28
18
4
61
3D 24
let ref 734. serial A
1936
3 52
4
26
General cons 4 42
7412
257
8
2003 MN 6512 Sale 6512
1614 30
66
2552
lst lien & ref 65 ser B
1936 3D 23
15 04 83
2512 26
General cons 55
29
5
/
1
15
263
4
2003 MN 754 78
74
76
94 10512
Leh V Term Ry lot an g 52_1941 A0 10412 Bale 104
10112 11
Del &Hudson let & ref M___1943 ▪ N 95 Sale 9518
/
1
4
Lox & East let 50-yr 52 gu_ _1965 *0 11018 Sale 11018 11018
8014 96
5 91 1101g
957 142
2
Se
1935 AO 10118 Sale 101
2 97 10212 Little Miami gen 4s series A _1962 MN 10032 ---- 10052 June'34
95 1005
2
10115
Gold 5)4s
1937 MN 103 Sale 103
Long Dock coeval g 62
1935 A0 1031 10352 10332 June'34
/
4
99 10312
10312 20 92 105
D RR & Bridge lit gu g 42_1938 P A 10212 -- 101521May'34
/
4
9914 1011 Long IslandDen & R 0 1st cons g 42._1936 33 5258 Sale 52
3512 6112
General gold 42_
4 99 104
/
1
4
_ _1934 3D 103 -- 103
/
1
4
/
1
4
55 4 94
3
/ 103
1
4
/
1
4
Cone& gold 445
1938 33 60 Sale 58
42 63
12
Untried gold 42
61
10158 Sale 1011 10152
5 95 102
1949 M
/
4
Den & HG West gen 5e Aug 1955 P A 22 Sale 2112
55
20
-year p m deb 52
17
/ 32
1
4
23
1937 MN 10334 104 103 June'34
935 10414
2
/
1
4
Assented (sub,' to plan)
20 Sale 19
Guar ref gold 42
18
21
21
10212 Sale 10112 102
2312
1949 M
/ 23 9212 10252
1
4
Ref & inapt 52 ser B__Apr 1974 AO 4312 Sale 4312
9
46
501e 88%
4912 Louisiana & Ark let Use. A_1969 3, 62 Sale 62
6414 48
:Des M & Ft Dodge 42 ctfs.1935 3 .1
61 8
/
4
8 May'34
/
1
4
101 Bile 1005
4
5
/ Louis A Jeff Bdge Co gel g 421945 M
1
4
2 84 101
101
Des Plaines Val 1st gen 4)42. 1947 M
80
90 84 June'34
Louisville & Nashville 52._ 1937 MN 107 10712 10712 10713
85 85
4 102 10712
Det & Mao let lien g 42
1955 3D 2012 2434 23 May'34
J 103 €13.1e 102
20
United gold 42
2412
/
1
4
1940
167 941 104
/
4
/ 104
1
4
Second gold 42
3D 10
1995
1112 12
20 12 May'34
let refund 5142 series A._.2003 *0 103 Sale 10378 1043
/
1
4
9258 1055
8
2 43
Detroit River Tunnel 4)46_1981 MN 10414 Sale 10414 1047
1st & ref 52 series B
2
6 84 1047
2
2003 *0 10114 ---- 10412
90 10432
10132 14
_ 10378 Jan'34
Dul Missabe & Nor gen Ss
1941 33 10514
let & ref 434s series C
_ 1037 1037
2
5
2003 *0 98 Sale 97
49 83 99
99
Dub & Iron Range let 152.... _1937 AO 107 108 108
5 10212 108
,Sold Si
108
/
1
1941 *0 1054 107 10512 May'34
10112 10812
Dub Sou Shore & AU a 152
1937• J 39
1
23 4912
/
1
4
4412 40
Paducah & Mem Div 4e.,.1946 PA 9312 Sale 984 100
40
/
1
8 82 100
St Louis Div 26 gold 32_1980 M
7212 Sale 7212
.
7212
5, 607 7413
East Ry Minn Nor Div let 43'48. * 0 9718 -- 95 Apr'34
Mob & Monts Iota 442_1945 M
/
4
1033 ---- 10312
8912 98
4
2 961 10312
10312
Etta T Va & Ga Div lst 52..1956 MN 10812 Sale 10812 109
3 91 109
South Ry joint Monon 42195233 821 90 8134
/
4
841 83
/
4
83
28
N 10478 1041 105
Elgin Jollet & East 1st g 52__1941
/
1
4
2 94 10512
/
4
AU Knozy & Cin Div 42..1955
105
101 Sale 10038 101
85 101
10
El Paso AS W let tis
1965 A
811 94
/
4
92
94 94 June'34
J
Erie & Pitts g gu 34s Datil...1940
9414 99
Mahon Coal KR let Si
1934
96 Fela'34
10014 101
1004 May'34
/
1
1940
Serial C 342
10012 10012
5 95 10012 Manila RR (South Lines)42_1939 MN 6658 68 68 June'34
57
/ 75
1
4
954 Bale 9418
/
1
Erie RR 1st cons g 42 prior_ 1996
N 6712 70 6712
7912 9578
let ext 42
9532 37
1959
/
4
63
5 65 721
let consol gen lien g 411__ 1998
77
77 4 763
3
4
/
4
5972 70
775
5 29 6614 7932 Man()BAN:9 1st 342_1941 33 671 70 70
2
70
A 10158
Penn coil trust gold 42_1951
991 104
/
4
Me: Internat lot 42 atistd
104 June'34
1977 MS
14 June'34
/
1
14 2
/
1
14
50
-year cony 45 series A _1953 A
75 Sale 744
6232 7712 Michigan Central Detroit & Bay
5
75
/
1
1953 A
Series B
75 Sale 7438
77
25 83
75
City Air Line 45
1940 11 3 10218,-,.- 102 June'34
94 102
1953 A
Gen cony 42 series D
73
75
742 7312
4
82
Jack Lane & Sag 342
1951 MS 87
7312
5
1
91 May'34
87 4 91
1967
Ref & Impt 5601 1927
74
112 6014 797
7312 Sale 734
2
let gold 342
1952 MN 974 9912 98
88
99
/
1
98
Ref & impt 55 of 1930-1975 A
73 Sale 72
7914
160 60
74
Ref & Impt 4)45 ser C
/
1
4
1979 33
7514 97
11312 Sale 113
Erie & Jersey 1st at 65.- _.1955
Teen *0 9 4 86'3 96'2
11312
8 96 11312 min St •4 1 15t ere
7 4 95 80
6
9
/
4
94
8 '2
6
5 62 851
3 J 10912 110 110
Genessee River 1st 5 I 62_1957
110
15 97 III
*Milw&Nor 1st ext442(1880)'34 D
9512 94 June'34
7814 79
032 102
NY & Erie RR ext let 42_1917 M N 10112 -- 10114 May'34
4
*Cons ext 4.4s (1884)
1934 D
May'34
65 95
1938M S 10112
3d mtge 44s
100 100
100 Mar'34
Mil dpar &
W let au. 4s
73512 13ale4 696512 66e 19 581 7512
194t M
9l3
/
4
Mao & State Line lit 3 We_ _1941 3 .1 7
4
5
7034 75
, 4 June'34
454 7
5
1943 33 42
Fla Cent & Penn 52
1
34
46 :Minn & St Louie 52 ctfs_1934
4112
N
411
/
4
714 1
132 71 4
714
4
912
5
3D 5814
tFlorida East Coast let 4512 1959
64
6 56
59
5712
lit & refunding gold 42_1949 M
452 24
212 57
2
1974 MS
918 Sale
1st & ref 52 series A
9
812 19
Ref & ext 50-yr 52 sec A _ _1962 Q F
93
4 26
234 414
312 1112 312 June'34
Certificates of del:melt
Sale
85
4
Q F
814 1712
24 33
/
1
814
Ws 15
Certificates of deposit
118 434
4 312 June'34
5 Fonda Johns A Olov 4 42..1952
M St PASS M con g 42 lot an'38 3' 43 Bile 4212
11
344 49
/
1
43
712 Is
Proof of claim filed by owner_ _ MN
/ 12 May'34
1
4
75 14
8
1st cons Si
1934 33 32
33Ig 42I2
33 357 June'34
/
1
4
8
(Amended) 1st cons 2-4s...1982
45 49 4234
let cons 52 gu as to int
56
1938 J
45
4 38
Proof of claim filed by owner MN
538 7
312 15
558 June'34
1st & ref 6s series A
3714
1946 J
311 35 341
:
/
4
35
7 20
Fort St U D Co lst g 445-1941 33 98
83 9712
9712 June'34
25
-year 542
1949 MS
161 34
/
4
25
26
10
Ft W & Den C let g 5)42-1961
10512
10514 June'34
9814 10512
let ref 514s ser B
so
1978 33 7312 Sale 7312
741
17 so
MN
let Chicago Terms f 4s.1941
85 88
85 Jan'34
Gala Hous A Hand 1st 634s A '38 A 0 85 90 8312 June'34
,
9114 Mississippi Central let 52_1949 J J
75
7611 7712
77 Apr'34
& Ala Ry 1st cone Se Oct '45 J J 21 Sale 21
21
1512 26
/Oa Caro & Nor 1st Su g 52 '29
3 18 Sale 18
5glo-Ill RR let 55 ser A
14
26
1959
203
4 16
Extended at 6% to July 1 1934 3 3 284 30 29
/
1
29
20
/ 30
1
4
Mo Kan A Tex let gold 4s..1990 3D 92 Sale 9 4
92
49
75
/ 9212
1
4
03
Georgia Midland let 3s____1946 * 0 55
58 567 May'34
40 60
8
3 84 Sale 8012
Mo-K-T RR pr lien 525er A.1982
70
9112
11
84
(lour & Oswegatchle let 56_1942 3D 9612 103 100 Jan'31
/
1
4
_/
1
40
-year 42 series B
713 7012
5
1982 J J 68
5 614 79
701
Or R & ext let gu g 4 42-1941 J J 10238 Sale 102
5 9534 1021 Prior lien 4142 o* D
/
1
4
/
4
/ 102
1
4
/
4
12
6312 83
/
1
4
1978 3 3 741 Sae 7412
75
Grand Trunk of Can deb 72_1940 A 0 1081 Sale 1083
/
4
4 10918 21 105 10912
Cum adjust Ss ser A..Jan 1967 A0 55 Sale 5418
444 6212
/
1
55
26
15-year I f Os
1936 M S 10734 Sale 10712 1075i 43 10252 107
/ 5M0 Par 1st & ref 5s ser A_19135 PA 2912 Sale 2912
1
4
11
2512 39
301
Grays Point Term let 52___ _1947 J
68 2 - 96 Nov'30
2912 28 June'34
_ 27
35
Certificates of deposit
22
Great Northern gen 75 ser A.1938 J J 955 dlle Nig
662 218
8
86
/
1
4
General 48
99'z
14
111 2054
/
4
1975 M S 12 Sale 1234
78
let & ref 41.(s scrim A____1961'3 J 9812 Sale 98
38
99
78 994
/
1
let & ref 52 seines F
24
381
/
4
/
1
4
301
50
1977 M S 2934 Sale 29
General 53.4. series B
1952J I 9212 Sale 89
33
921
7612 99
Certificates of deposit ______ -2734
281
234 35
/
1
7
General 58 series C
ma 923
1973 J
847 Sale 8112
8
847
38
4
lot & ref 52 ear 0
4
5 244 3812
/
1
2912
30
1978 M N "293
General 4345 series D
777
1976 33 7778 Sale 762
4
38
67 8714
29
34
Certificates of deposit
34 May'34
---- 2511
General 434s series E
777
1977 3, 777 Sale 767s
4
65 664 8812
/
1
Cony gold 53.4e
1940 MN 1018 Bale 10
8
1618
101
53
Green Bay & West deb Otte A___ Feb
26
36
36 June'34
lst ref g 52 series El
19
24
3812
301
1980 A 0 2934 3012 30
Debentures °Us B
Feb 35- ,-- 5 May'34
5
7
2
/
1
4
251
/
4
54 8
3
2312 34
/
1
4
Certificates of depoldt
29 June'34
Greenbrier fly 1st gu 42
1940 MN 10112
9852 102
- 102 May'34
244 3812
/
1
1st & ref las ser 1
90
301
i:i 30 Sale 30
Gulf Mob & Nor 1st 54e 13_1950 AO 82 84 82 June'34
8212 8612
34
2812 2834 June'34
26
Certificates of deposit __..--- rz
,27
1st mtge 55 series C
1950 AO 7712 Sale 76
771
81
20
59
M0 Par 3d 72 ext at 4% July 1938 MN 75
84 84 June'3
7214 89
Gulf & S list ref & ter 5sFeb 1952 33
67 Feb'3
57
70
Mob & Mr prior lien g 62_1940 J J 91 Bale 91
1
85 91
91
Stamped (July 1'33 coupon on)
3
18 55 Dec'3
.Small
J J 91 Sale 90
83 91
91
45
Hocking Val let cons g 442_199933 10834 Sale 108
1083 115
168 4
- .3.
let M gold 42
70 60 May'34
48 80
1945 3 3 60
Housatonic Ry cons g 55
1987 MN 10118 1013 10112 1011
4
2 82 10114
80
J .1 60 6878 80 Feb'3
Small
- 55
&T C lat g 58 int guar__ _1937 33 10414 -- 10452 1043
5
4
4
97 1053 !Mobile A Ohio gen gold 42.1934 M S
9912
99
991 Jan'3
/
4
Houston Belt & Term 1st 52_1937 J 3 10112 Sale 10112 102
3 911 102
/
4
1714 20 19 June'34
19
27
Montgomery Dl, let g 52_1947 F A
Bud & Manhat 1st User A._1957 P A 8714 Sale 8572
89
43
72 897
8
Ref A impt 43.4o
21st
12
10
1977 MS 13 Sale 12
13
Adjustment Income 55 Feb1957 AO 3812 Sale 36
3872 92
32
50
52
See 5% notes
1334 23
1938 M 5 1212 1578 1414 June'3
/
4
/
1
Mob & Mal lst au gold 42 1991 MS 8434 8814 8312 June'34
8$1 844
Illinois Central 1st gold 42..1951 33 102 -- 10312 10212 12
92 10212 Mont C 1st gu 62
/
1
4
8772 103
2
/
1
4
19373 1 10278 Sale 10238 102
let gold 334s
1951 33 0012 _
92 Mar'34
83 9212
81 1013
4
1 10134 9418 10112 10134
let guar gold M
6
1937 3
Extended let gold 842_1951 *0 9512
9512 June'34
92 9512 Morris & Esse: 1st au 342_2000 3 0 8918 Sale 8858
74 4 8952
3
8914 89
____ 73 Mar'30
1st gold 35 sterling
1951 M
Constr M 52 sea A
36
77 103
/ 103
1
4
1955 M N 10254 Sale 102
Collateral trust old 42-1952*0 82 83 82
8312 26
6834 85
Constr M 4)42 ser B
4
73 97
/
1
4
1955 M N 10214 1023 95
983
4 64
Refunding 42
/
1
4
N 82 84 8412
1955
8614 29 74 8814
Purchased lines 3342
80 79
1952 3, 75
79
63 82
1
Naah Chatt gc St I-42NT A_1978 PA 9414 Sale 94
944
/
1
3 11212 9412
Collateral trust gold 42 1953 M
7712 Sale 7712
77
/ 33 624 7952 N Fla AS Ultima 55
1
4
/
1
99 10432
1937 PA 10414 105 104 June'34
Refunding Se
1955 M
935 95 94 June'34
2
81
984 Nat By of Me: pr Ilan 442_1957 J J
/
1
_- 37 18 July'28
2
-year secured 654e g
15
1938 33 103 Bale 10278 10314 30
/
1
4
90 103
1;
Assent cash war rot No 4 on
414 44 4
/
1
/
1
4
412 - 37 -year 4228
40
Aug 1 1960 A 66 Sale 66
54
88
58
/ 761
1
4
/
4
Guar 45 Apr '14 coupon 1977 A0
1234 July'31
Cairo Bridge gold 4s
/
4
1950 Jo 991 100 99
/
1
4
9952 10
87 9958
Assent cash war rot No 5 on
41 _--- 4 June'34
/
4
- a
F
'
3
Litchfield Div let gold 32_1951
8112 May'34
75 8232 Nat RR Mex pr lien 442 Oct '28
Louis, Div & Term g 34s 1953 J J 86
89 8752 May'34
78
8758
Assent cash war rot No 4 on
2
/ 5
1
4
ll! 43
412
2
4 412
7112 May'34
Omaha Div let gold 35__ _1951 P A
711 76
/
4
lit consol 42
1951
- 22 Apr'28
2
St Louis Div & Terms 32_1951 33 7112 793 773 June'34
2
66
78
Assent cash war rot No 4 on
4
- 2 4
41/
1
4
412 16
1951 3, 834 843 8312
/
1
Gold 334s
4
8312
5 69
85
Naugatuck RR let g 42
/
1
711 Nov'32
/
4
1954 MN 744 81
Springfield Div Iota 342_1951 3J
80 Mar'34
67 80 New England RR cons 55...-1945 33 8712 89 834 June'34
"WC W/
1
Western Lines 1st g 4s. 1951 FA 8612 -- 8612 June'34
75
90
Como! guar 42
92
85
. 81
92
85
3 66
2
1945 33 8312 _8_5 9578
III Cent and Chic St L & N 0
NJ Junction RR guar lot 42 1986 PA
8212 92
Joint let ref Si series A
1963 3D 7818 7912 7812
80
59
68
87
New On Great Nor Ss A _1983 J J 6812 Sale 681:
57
/ 77
1
4
69 4 16
5
734 Sale 7212
/
1
73
let & ref 445 aeries C_ _ _1983• D
/ 47 62 81
1
4
NO& NE lst refttimpt 44e A '52
54
7515
J 665 71 69 June'34
8
New Orleans Term 110 42_1953 J3 867 871 881,2
/
1
4
/
1
4
8
8812 22 62 87
Ind Bloom & West let ext 421940 * 0 95 100 100 June'34
95 100
IN 0 Tex & Me:0-e Inc 58_1935 A0 20
29
/
1
4
16
21
1
23 21
52
1950 3 3
93 June'34
/
1
4
Ind III & Iowa lit g 42
75
9558
lit Si series B
1952 32
2212 16
1954 *0 22 Sale 22
17
25 25 Feb'34
:Ind & Louisville lit an 42_1956 J
25
25
litt 5s series C
2035 33
1958 FA 22 28 24 June'34
2 1044
/
1
Ind Union Ry gen 5ti ser A 1965 33 10412 Sale 104/
5
984 10412
/
1
lst 4)4s series D
171 3112
/
4
1856 PA 20
251a 26 June'34 _Gen & ref 52 series 13
1985 33 1033 -- 103 Mar'34
4
100 103
lift 542 series A
2012 33
2218
5
1954 *0 2212 227e 22
5Int-Ort Nor let 62 ter A__1952 33 3014 Sale 3014
3112
8
2834 4412 N & C Bdge gen guar 4242_1945 J, 10118 10212 102 May'34
/
1
4
97 102
Adjustment 62 ser A-July 1952 A0
9
914 9
10
41
9
1814 NYBAMB 1st con g 52_1935*0 1037g 8
1014 10312
/
1
e 34
9914 10112 19772Jun'
0313 100
28
let 5s series B
1958 33 27 Sale 2612
401 NY Cent RR cony deb 62..1935 MN
/
4
25
20
29 83 101
2734
lst g 58 series C
1956 33 2612 281 27
25
41
5
Cony secured 138
/
1
1944 MN 117 Sale 1164 11714 460 11512 11813
69
7 4512 70
Int Rye Cent Amer let Si B 1972_ MN 69 Bale 6812
Consol 45 series A
73 8 901
5
/
4
88 105
1998 PA 8714 Bale 86
741 69
69
lit coil trust 8% s oozed um MN 72
3
4912 7412
Ref & impt 44e series A_2013 AO 683 Sale 6834
8014 75
6912 68
4
65
/
1
4
1947
2 4312 6712
671
lit lien & ref 63.46
Ref & impt 52 series C
67 8314
96
76
2013 AO 744 Sale 7458
/
1
4 4
For footnotes see page 4438
237,
iiii
New York Bond Record-Continued-Page 4
4436
BONDS
N.Y. STOCK EXCHANGE
Week Ended June 29.
ij
t; •
.-.0..
Z
to,
PriceWeek's
h June 29. Last Sale.
,
Fr. Range or
.g."4
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
... •
...,
;'...a
5t
..,u.
June 30 1934
Price
Friday
June 29.
Weer,
Range or
Last Sale.
I •
al
Bid
High No.
Ask Low
Railroads (Concluded)High
High No Low
Railroads (Continued)Ask Low
Bid
"St Louis Iron Mt & Southern
8
937 116
NY Cent & Bud Riv M 33-941991 J .1 933 Sale 9238
8
7913 96
15
4
6034
"Riv & CI Div 1st g 4s____1933 MN __ _ _ 603 5934
1942 J J
9714
17
9714 Sale 9678
8018 98
30-year denenture 4e
8
8
7312
3
2013
69 Sale 6812
Ref & impt 430 set A
St L Peor & NW let go 58_1948 J 1 723 Sale 723
4 55
75
693
60
41
20
8718
8.513 8734 8718
-San Fran pr Hen 4s A1960 J 1 1912 2012 1812
69% 8812 581£
2
_Lake Shore coil gold 3t43_1998 F -A
16
19
19 Sale 18
..
Certificates of deposit -__ ---Mich Cent coil gold 3348_1998 F A
5
88
88
8714 8712 87
71
1950 J .1
2012 23
4
22
21
Prior lien Be series B
8
1937 A 0 1003 Sale 997
8
8518 1003
8 17
1003
8
N Y Chic & St L let g 4s
1812
6
19
20
77
46
Certificates of deposit
5518 8012
Refunding 545 series A..1974 A 0 76 Sale 76
i'ii4 Sale 17
55
inin ni in
18
272
66
Con M 434s seriee A
1978 M S 637 Sale 6312
4714 70
Ref 4348 eagles C
8
1612 35
1614 Sale 1618
Ctfs of depos stamped -22
1935 A 0 713 Sale 7112
73
49
80
4
3-Yr 6% gold notes
MN
7512 78 a7512 a7512
2
N Y Conrect let gu 434e A_1953 F A 105% ____ 105
10518 21
90 10514 St L SW let g 48 bond ctfs_1989 ,,6212
63
2
63
2s g -feline bond ctfe_Nov 1989 J J
1 101 10714
1953 F A 1043 -- 107
107
let guar 58 series B
4
62%
5
let terminal & unifying 54E1952 J J 62 Sale 6118
N Y .4 Erie-See Erie RR.
19
52
1990 J ./ 5018 Sale 5018
Gen & ref g 5s ser A
88
68
87 May'34 _-__
85
75
N Y Greenwood L gu g 58_1948 M N
3
41
4
243
2312 233 243
4
4
9514 June'34 ____
9514 81 Paul & K C Sh L let 4346_19 F A
86
NY & Harlem gold 334s._ _ 2000 M N
953
8
9512 151
8
945 957 St P & Duluth let con g 4s 1968 J D 8514 ___ 95 May'34 --__
8
NY Lack & West 4s set A 1973 M N 9512 Sale 945
72
73 June'34 ---1973 MN 103 -___ 10114 June'34 --__ 100 10114 St Paul E Or Trk let 434/2_1047 J J __
4345 series 13
3
4
4
1003
9512 1003 St Paul Minn & Manitoba
N Y & Long Branch gen 421_1941 M 9 10014 ---- 1003
4
10614 47
_
Cons M be ext to July 1 1943_ s ,1_s. 106 Sale 108
N Y & N E Bost Term 4e... _1939 A 0 _ __ 9512 July'29 ___ ___
17
101
4
1
1937 - --6 101 Sale 1003
Mont ext let gold 45
2 65
547 -- 62
N Y N H & H n-c deb 45... _1947 M 8 66 --- 60 June'34 ____
96
_99 June'34 -51
6012
56 June'34 ____
63
Pacific ext gu 48(eerling).1940 1 J
Non-conv debenture 330_1947 M S 50
in
111
01
St Paul Lin Dep let & ref 5s_1972 J J 11014 11018 11 4
58
45
5
53
5212
54
Non-conv debenture 3348_1954 A 0 53
1955 J J
5738 26
8
5612 Sale 5612
547 6412
Non-conv debenture 4s
62
85
5714
14
64
52
5612
BA & Ar Pass let gu g 4e.__.1943 .0 J 8318 Sale 83
1956 MN
48
57 Sale
Non-cony debenture
4 21
1063
4
4
8
7
597 Santa Fe Pros & Phen let 5sA842 M S 1063 Sale 1063
1958 1 J
53
53 Sale 51
45
Cony debenture 331e
10512 21
7114 87% Scioto V & NE let go 48-1989 MN 10512 Sale 10514
79
1948 i J
803
7912 Sale 79
Cony debenture Be
2434 23 June'34 ---1940 A 0 8212 Sale 7912
8918 .:Seaboard Air 1.1ne 1st g 4s_1950 A 0 18
Collateral trust Be
83
71
28
2218 May'34 ----26
18
Certificates of deposit
1957 M N
52
50 Sale 50
44
7
58
Debenture 48
1950 A 0 18
2
227 2314 June'34 ---"Gold 4s stamped
68
62
571n 7012
let & ref 43-4e ear of 1927_1967 J D 6112 Sale 6012
A 0 18
2014 21 May'34 ---Certife of depoeit stamped
8
8 11
993
4
833 997
Harlem R & Pt Cbes let 4s1954 M N 99 sale 99
412 _ -_ 5 June'34 --,Oct 1949 F A
Adjustment 58
8
6612 70
57% 71
N Y 0& W ref g 49____June 1992 M 5 66 Sale 653
8.1s 818
1959 A 0
9
8
21
,
'Refunding 43
1955 J D 5812 Sale 573
4
8818
5812 10
General 4s
50
812 9 June'34 --,Certificates of deposit
__ 90
90
Jan'34 --__
90
NY Providence & Boston 48 1942 A 0 99
let & cons Co series A
912
1012 65
Putnam let con gu 48_1993 A 0 8112 1713 87 June'34 ____
1945 S'l S
912 Salo
s 8712
717
NY &
912 14
9
---9 Sale
Certificates of deposit
74
50
8
NY Susq & West let ref 58_1937 J J 74 Sale 74
757
20 June'34 --,,
"AB & 130-ra 30-yr 1st g 43_1933 M 5 1814 20
1937 F A
5812
53 June'34 -__
2d gold 430
5112 60
43
48
4
4 Sale
314
1940 F A
General gold be
4
5214 5712 54 June'34 ___
383 5812 :Seaboard All Fla Co A ctf8.1935 A 0
A
1935 F
312 414 352
3
3-58
Series II certificates
1943 M N
Terminal let gold de
8211g 973
98% 9612 9612 May'34 _
____ 10314 June'34 ---5914 So & No Ala cone gu g 58.-1838 F A 104
5212 36
42
N Y Wench & B let eer 1 4318 '46 J 1 52 Sale 51
-year 58_1903 A 0 110 Sale 110
110
Gen cons guar 50
1
Nord By ext oink fund 64s. 1950 A 0 16918 Sale 18918
17114 115 128 17114
45
72
Bo Pac coll 4s(Cent Pac coil) 1949 J D 7112 Sale 71
25
8
":Norfolk South 1st & ref 58_1961 F A
4 24
173
1612 1712 1614
110
82
let 434s(Oregon Lines) A_1977 M 8 8112 Sale 81%
Certificates of deposit
5
17
14
7% 22
17
17
4 28
653
1968 M S 643 Sale 6414
4
Gold 4%e
3012 3712 3212 May'34 __
"I:Norfolk & South 1st g 5s_1941 NI N
1414 40
6514 50
8
4
1998 A 0 10612 Sale 1055
Gold 434e with warranta_1989 M N 643 Sale 845
N & W Sty let cons g 4e
4
983 106
8 106% 74
65
959
1981 MN 6312 Sale 6312
Gold 434e
DWI let lien & rend _1944 J i 10818 Sale 106
10612 24 10018 10612
981
88
1950 A 0 9818 Sale 9714
San Fran Term let 4s
Pocah C & Cl drat 4g' - 1941 3 D 1043 Sale 1043
4
10514 17
4
993 10514
4
2
1043
8
8
M 8 107 -___ 98
of Cal let con gu g 68_1937 MN 1045 ____ 043
Bo Pac
____
Oct'33 ____
North Cent gen A ref.2 A-1974
1937 J 1 100
____ 03 Mar'34 --,,
_-9958 10414 So Pao Coast let gu g 4s
Gen & ref 434e serlosA
1974 M 8 1044 ___ 10414 June'34 ____
1955 J J 8914 Sale 8814
8914 70
52
So Pee RR let ref 48
65
80
52
35
1
:North Ohio let Wag 5E2.0945 A 01 56 ._ __ 9212 May'30
1955 J .1
Stamped (Federal tax)
4
353 64
60 June'34 -___
Ex A pr'33-Oct'33 A pr'3 101314........1 51
55
1 1653 Sale 10334
1045 119
. 4
Southern Ry let cone g 58_ _1994
Strand as to sale Oct 1933. a
163
60
343 52
Devel & gen 4e !feriae A_._l956 A 0 64 Sale 64
Apr 1934 coupons
52 Apr'34 ____
58
48
8712 76
1956 A 0 87 Sale 8612
Devel & gen Co
8
83 10038
North Pacific prior lien 48_1997 Q J 100 Sale 9912 1003 139
64
93
19513 A 0 9114 Sale 9114
Devel & gen 634e
71
60
7012 134
4
Oen lien ry & Id g 38 Jan 2047 Q F 7018 Sale 693
1990 J J 9614 98
9614 June'34 ---,
Mem Thy let g 58
7312 901i
8
8512
Ref & Imnt 434s series A_.2047 J J 8513 Sale 8514
J 87
88
89
1951
2
88
St Louts Div let g 48
8818 103
10018 134
Ref & impt fle eerie, B...2047 J J 9912 Sale 99
4
Beat Tenn reorg lien g 58_1938 m S 1021e 1033 10218 June'34 ---14
9614
76% 9712
Ref & impt 5s series C___ 2047 J 1 9358 Sale 9338
11
8
75
8
Mobile &Ohio colt tr 414__ 1938 M 5 7212 757 747
75% 97
Ref & MO 5eserles D____ 2047 J J 93 Sale 93
9412 30
8
115 1238 11 June'34 ---:Spokane Internet 1st g 58_:1955 J J
Net Hy of Calif guar g 5s___1933 A 0 10012 -__. 100
Jan'34 --__ 100 100
D ____ ____ 60 May'33 ---Staten Island fly let 430_1943
1 100
____ 100 Feb'34 ---Sunbury & Lewiston let 4s 1936
72
51
2
0g & L Chant let fru g 4e___194# J J 65
67
67
67
Ohio Connecting fly let 4s...1943 M S 10018 ____ 97 Mar'32
64
8
22
8
-10318
7 100 10318 Tenn Cent let Co A or 13_ 1947 A 0 627 Sale 627
1938 J D 10358 ____ 103
Ohio River RR lot g 58
10814
4
1937 A 0 10312 Sale 10312 10312
89 10312 Term Men Of St L lets 4348_1939 A 0 10712 10734 108
General gold 58
3
1944 F A 109
__ 10812 June'34 ---let cone gold 5s
4
1033
92 16334
10
Oregon RR & Nay corn g 48_1946 .1 D 1034 Sale 103
Gen refund e f g 4s
85
097
4
4
1 10414 1113
4
3
8
1113
Ore Short line let Cone g 55_1946 J J 1117 ____ 1113
1953 3 3 993 Sale 9914
94
9414 9314
9414
50
6 1041 11312 Texarkana & Ft 51st 5345 A 1950 F A
1948 J J 112 Sale 1113
4
Guar stud cons Set
112
1943.3 i 90 Sale 87
11
90
Tex & N 0 con gold Ss
8
100
8312 100
Ore-Wash RR & Na,4e
163
1901 .1 .1 993 Sale 9914
20003 D 109% ____ 109
110
0
2
Texas & Par let gold 5a
84
53
1977 A 0 84 Sale 8212
Gen & ref 58 series B
4
1004 34
8714 1003
Pan RR of Mo let ext II 4s-1938 F A 10018 Sale 100
1979 A 0 8318 Sale 8212
8312 28
Gen & ref Es series C
4
993
84 10012
12
1938 J J 993 Sale 98%
2d extended gold 58
4
83
1980 J D 8212 84
___ 04 June'34 __ _ 10034 104
8378 17
Gen & ref Be series D
Paducah & Ills lets t g 4;0_1955 J J 100
14
901g
4
Tea Pac-Mo Pao Ter 534s A.1964 M S 90 Sale 90
160
57 12314 160
Parle-Orleans RR ext 6%e...1968 M B 159 gale 1563
1935 J 1 102% Sale 102%
14
4
1023
75
75
Tol & Ohio Cent let go 5a
80
75
1942 M 13 75
50
1
Paulleta fly lit ref a f 7s
8
1935 A 0 102 10212 023
1023
8 10
1033
Western Div let g be
4
4 46
85 1033
Pa Ohio & Del lot & ref 43de A'77 A 0 10314 Sale 10318
1935 .1 D 102 Sale 102
102
10
General gold be
3
Pennsylvania RR cons g 48 1943 M N 105- 8 10614 10412 May'34 -___ 101 10412
4
857 853
4
1950 A 0 85
86
4 74 100 1053 Tol St I.& W 60
1053
4
1948 l'Il N 10514 Sale 10514
Consol gold 48
-years 4s
_ 9618 Apr'31 ---1942 M S 10212
8
8 15
1055
997 1053 Tol WV & 0 gu 48 see
ge sited stpd dollar May 11948 M N 10512 ____ 1055
4
8
98 963 Junc'34 ---4
A 11014 Sale 109%
4 45 103 11114 Toronto Ham & Buff let H481946 J D 95 1103
C_Consol sinking fund 4445..1960
8
1033 186
19653 D 102 Sale 102
8
883 103%
General 43-4e aeries A
10614 124
4
109
93
l968J 0 1083 Sale 108
4
9712 1693 Union Pac RR let & Id gr 411 1947 J J 106 Sale 10513
Gereral be eerier! B
102
106
10714 434 1033 10712
4
lat Lien & ref 4s
19*F A 107 Sale 1063
June 2008 M 8 101 14 Sale 101
4
-year secured 6348
15
10318 59
1987 J J 103 Sale 102
8 86
1045
Gold 430
40-year secured gold 5e
8
9114 1045
1964'M N 10413 Sale 104
8
11412
9218 91
June 2008 M B 11458 Sale tl4ls
let lien & ref 5e
19701A 0 91% Sale 9118
7814 9212
Deb g 434e
19683 D 9634 Sale 9812
973
983 601
8 56
8
40-year gold 4e
8311 9812
19811A 0 9712 Sale 97
Genera14348 series D
8
1944 M 8 1057 ___ 0518 June'34 --_
7734 75 June'34 ____
8134 LI NJ RR & Can gen 4s
57
Peoria & Eastern lot co ne 4e_ limo A 0 74
____ 10114 May'34 ---7
912
7
1914 Vandal% cone g 4e series A 1955 F A 103
,
8 8 1012 912
Income 40
April 1990 Apr
1957 MN 102-- - 101
.
Apr'34 --- 8
100%
8511 10112
Cone if 4e serlee 13
10
Peoria & Pekin Un let Ir34e__1974 F A 1007 102 100%
37
43
312 4
1933 J 1
9
8 22
883
5812 90
Vera Crux & P east 4348
Pere Marquette let set A be 1958 J J 8712 Sale 87
8
103
3
7
4
1936 91 N 1027 _ 103
753
7314 Sale 73
5014 7812 Virginia Midland gen 5e
1956 J J
let 4e aeries B
9i 93
95
6
78
Va & Southwest lst gu 6.s...2003J 95 - 16
1980 M S 7818 777 7758
5112 81
let g 4 Ns series C
8478 847
8
6
8
1958 A 0 84
847
8
10614 25 10012 10614
1st cone be
Phila Bait & Wash let g 48_1943 MN 1061.1 Sale 1057
Virginia Ry let 58 series A 1962 M N 109 Sale 10812 10912 64
1974 F A 100% ---- 110 June' ---= 100 110
General Se eerie! 13
34
4
4
1962 M N 1083 109 10312 June'34 ---4
10514 58
1877 .1 I 1043 Sale 1043
9258 1051 1
let mess 434s series B
General g 431e series C
28
2718 287 27
12
2312 3114
Philippine fly let 30-vr 61451937 J J
40
93
1939 MN 91 Sale 91
:Wabash RR let gold 5a
34
797 Sale 78
80
1071,
1939 F A
24 gold Be
7 10114 10712
fru 434s A
1940 A 0 10714 10814 10714
PC C & St L
-year g term 4s 1954 J J -___ 60 60 Feb'34 --_1942 A 0 10712 ____ 107 June'34 - -__ 102 10712
let lien 50
Series B 43 guar
-de
_ _ 98%
983
9818
1941 J J
Del dr Chic Eli let 5e
5
1942 MN 10712 ____ 1067g June'34 ____ 103 10712
Series) C 434s guar
59
57 4- - 57
____ 100 May'34 __
1945 MN 102
Des Moines Div let g 48_1939 1 J
3
998 101
Series D 48 guar
57
__ 5012 June'34 -___
9412 ___ 8912 Aug'32 --__ ____
1941 A 0 5012
1949 F A
Omaha Div let g 3348
_
Series E 43-4e guar gold
0
75 May'34 --__
19633 D 100% 105 10234 May'34 ____
99 1023
_-- 4
Toledo & Chic Div g 48_1941 M 13 74 1)
Series F 45 guar gold
23
193
2
105
98 105
4 25
213
wabaeti Ity ref &gen 5 Ns A 1975 M B 21
1957 MN 10434 Sale 1014
Series 0 48 guar
25
Apr'34 -__
10212
0212
1 10212 10212
1960 F A 1001 1 . .
Certificates of deposit -------------- 24
Belles H cone guar 4e
,
2114 Sale 21
1 1003 1073
2112 34
4
4
Ref & gen 5s(Feb'32 coup) R'76 trA
Series Icons guar 4 Ne._ 1983 F A 10612 10i12 0612 10612
2414 Apr'34 ____
s ____ 22
1964 M N 10612 109 108 June'34 ____ 101% 103
Certificatee of deposit ____
Series J cone guar 4 3.de
2114 40
09
10912 22
-- 94 10912
Ref & gen 434s series C._.1978 A0 21 Sale 1914
General M bs series A __ _1970 J D 109 110
__ 20 May'34 -__ r
10912 64
1975 A 0 10912 Sale 109
943* 1091.,
Certificates of deposit ___ s __ _.._..
Gen mtge guar 54 set B
24
10231 37
2114 84% 1023
1912
.1 10212 Sale 0212
4
21% 28
1977
Ref & gen Es series D
1950 A
Gen 434s series C
23% Apr'34 --_.
1934 J J --------101 Sept'33 ____ ____ ____
- -Certificates of depoeit ____
Pine McK & Y 2d gu 8s
877 May'34 -- _
--8
1940 A 0 r1045 ____ 0412 Dec'33 -___ ____ ____ Warren let ref gu g 3 Ne_ _2000 FA ____ - -1
Pitts Sb & L E 1st g 5s
8818 79 June'34 -__
79
J 10418 ____ 00 Mar'33 --__ ____ ____ Washington Cent let gold- 1948 Q M
1943
5s
is
let consol gold
Oct'33 ___
____ 10012
10012
8
92
1943 MN 1017 _ . 94
1
Wash Term let gu 334s
1945 F A
Pitts Va & Char let 4e
50
80
1st 40
1945 F A 10018 ____ 95 Nov'33 ---_
-year guar 48
['Ma & W Va let 4 tie ser A.1958 J D 74 __ _ _ 7912 June'34 --__
86% 33
7712
7912 77
6
1958 A 0 77
56
791e Western Maryland let 4s
1952 A 0 86 Sale 8534
let M 434e Berle! 11
78
787 78
9714 28
50
1
80
1980 A 0 78
let & ref 84s series A
1077 J .1 9614 Sale 9614
let M 430 series C
100 May'34 ____
10612 28
9414 100
West NY & Pa let g 58
1937 J J 10618 Sale 10618
Pitts Y & Ash lot 4e set A..l948J D
1025
109
20
11 101 109
-- 3
4
10918 110 4
1902 F A 100_- 10812
General gold 4s
1943 A 0 1023 ____ 102
let gen tie series 13
50 ____ 50 May'34 ____
3812 27
1957 MN
50
Western Pac let be ser A...1946 M 8 3
50
Providence Secur deb 4s
712 Sale 37
8412 23
1956 M F3 92 ____ 9112 Apr'34 _-__
8
81% 9112 West Shore let 48 guar
2381 1 J 84 Sale 837
Providence Term 1st 48
4
Registered
4
81
2361 1 J 7918 813 80
8
97
60
82
3
93
Wheel & L E ref 434e set A..1966 M 5 100 Sale 9912 103
Reading Co Jersey Centeoll 48'51 A 0 9678 Sale 935
86 1033
8 83
1033
4
J 103 Sale 10258
.
___ 103 June'34 ___
1997
Refunding 55 series 13
1960 M S 102
Gen & ref 4340 serfeerk
4
9912 21
10312 45
J 103 Sale 1023
1997
8812 10312
RR 1st (300501 48
1949 M S 99 Sale 99
Gen & ref 431e serice'B
____ 113
Oct'30 ____
___ ___ Wilk & East let gu g be
6
52
1942 J D 52 Sale 50%
Rensselaer & Saratoga 68_1941 M N 110
____ 40 July'33 .._ _
1
10214
Will & SF let gold be
_ 0214
1948 MN 39
1938 J D 1013
Rich & Merch let g45
8
.1013 June'34 ____
4
993 1013 Winston-Salem El 13 lot 48_1960 3 .1 ____ 101
1
J 10318
8
8--100 al00
_
Richm Term fly let gu 551952
96
5
9812
73
2
:Wls Cent 50-yr let gen 48_1949 J J
96
144
4
4
143 1512 143
Rio Grande June let go 5s 1939 J D 9614 -- - 96
114 Oct'33 ____ ____ ____
4
1
10 Bale 10
Sup & Dul die & term 1st 4s'38 MN
4
1058
Sou 1st gold 48_1949 J .1
:Rio Grande
314 .7uty'33 _
112 ____
_ __
__ Wor & Conn East let 4 Ms_ _1943 1 J 5112 ____ 60 May'34 -- _.
Guar 45 (Jan 1922 coupon)1940 3 J
91
1
68 -93%
Rio Grande West let gold 48_1939 J 1 91 Sale 9012
8
62
67
4411 67
INDUSTRIALS.
A 1949 A 0 66 Sale 653
let con & coll trust 40
25
15
1612 21
/
,
•:It 1 Ark & Louis lot 4!1s 1934 M 13 1574 1612 16
3534 59
67 60% June'34 ---1949 J .1 60
47
72 •lA1611h1 row A, raper 1st 5.319.53 J D 3314 Sale 3314
let gu g 4e
-Canada
Rut
4
71 June'34 -___
75
70
5312 7858 Abraham & Straus aeb 530.1943
1941 J J
Rutland let con 430
2
A 0 105 Sale 105
105
With warrants
8
8212
1011 1 10
88 10114 Adams Express con tug 48_1948 M 8 81 Sale 8012
St Joel & Grand Isld let 48_1947 J J 10012 ____ 10114
77
2
9212 Adriatic Elec Co ext175
9212
96
20
1952 A 0 96 Sale 9212
1996 I 1 921, Sale 9212
St Lawr & Adr 1st g 58
69
6714
8
8
7958 8818 Albany Perfor Wrap Pap 68_1948 A 0 675 70
8818 June'34 --__
97
1996 A 0 89
2d gold es
For tootnetee see page 4138.
Range
Since
Jan. 1.
Low
High
47%
5712
4
163
17
1778
18
1412
14%
8411
4258
48
43
2312
84
63
97
94
89
101
64
82
28
26
30
28
2514
2412
8114
63
2
69,
581 4
4
373
95
7612
,
106 2
10112
99
111
4
6012 853
97 1067
8
9712 106
27
20
2012 2312
1712 27
25
15
712
5
7% 14
718 13
914 1612
812 145
8
1418 254
7'2
31 t
35
714
10058 10312
91 110
g
56
747
63% 8414
5313 72
72
53
5212 71
8278 9812
8
101 1043
99
9958
70
9014
86 114
-78
5718 7334
95
75
78
4
973
4
803 100
6814 91
84 10214
81
513
4
93 17
_
___
--.
100 100
6978
46
8
1003 10814
101% 110
82 100
75% 97
90
04
9114 li0
64
87
65 . 8814
65
8612
91
67
9412 10312
971 1027
8
90 102
6784 8712
82
6
9 -34
9984 1073
8
89 102
892 10318
10212 115
8211 9713
8
10058 1055
99 102
971e 101
218 5
954 103
8
757 95
87
87
99% 10912
90 10314
95
74
56% 8312
60
80
70
Ws
57
45
55
45
7314 75
1512 29
1412 25
1
28,
15
2414
10
1511 2112
16
2512
28
15
14
2312
77
6
79
79
93 10013
_
_
i 87
ii)i"-12
80
973
102% 10612
85 103
465
30
8
887 86
8
051, 823
85 100
9312 103
4
883 100
31138 59%
•
100 10214
90 101
2212
14
1712
10
60
(93
1812 484
93
02
9014
56
105
83
110
69
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended June 29.
2.
i'
ul
..,t.
Price
Yridav
June 29.
Week's
Range Of
Last Sale.
4. .
el
az
Range
Since
Jots. 1.
Industrials (Conttnued)High No. Low
Bid
Ask Low
High
1944 F A 69 Sale 69
Allegany CorP cell tr 58
5118 74
31
70
Coll & cony be
1949 1 D 6314 Sale 63
44
891g
43
64
Coll & cony be
1950 A 0 37 Sale 37
46
25
385 116
.3
Certificates of depoelt
38 Sale 377e
3614 4018
3914 21
Allls-Chalmers Mfg deb 64_1937 M N 99 Bale 983
8
50
99
90% 99
/
1
4
Alpine-Montan Steel let 78_1955 M 13 81
1
81
85
56
/ 83%
1
4
81
Amer Beet Sugar 68
1935 F A 100 Sale 100
71 100
23
100
es extended to Feb 1 1940___ F A 9112 9314 9314
2
9314
80
9314
American Chain b-yr 6e
1938 A 0 87Ig Bale 86
64
905±
8718 18
1942 A 0 1025 Sale 1025± 1028 14
Amer Cyanamid deb be
8
93 10314
12
Am & Foreign Pow deb 58_2030 al F3 51 sae 51
5218 129
36
5912
American Ice a t deb 58
1953 1 D 70
71
70
62
793
4
5
71
Amer 10 Chem cony 534,_1949 MN 9812 Sale 9814
8372 99
9812 21
Am Internet Corp cony 514s 1949 1 J 84 Sale 82
10
84
671* 87
Amer Mach & Fdy •f 6s
1939 A 0 106 Sale 106
107
7 105 10712
Am Rolling MlIl cony
_1938 M N 10412 Sale g10334 10514 71
9584 11612
Am Sm & R let 30-yr 58 serA '47. A 0 10418 Sale 10418 1043 106
5a-99% 105
4
Amer Sue Ref 5
-year 6.3
1931 J J 10614 Sale 106
1065
8 19 10414 10712
Am Teler.& Teleg cony 411_1936 M S 10312__ _ a10314Jun'3 --- t 101% 10418
4
30
-year coil tr 58
1946 3 0 10918 Sale 109% 1103
3
8 97 10518 110 8
35
-year a f deb 5a
1960 1 J 110 Bale 10934 1103
4
4 77 10314 1103
20
-year a f 5 Hs
1943 MN 111 Bale 11012 11114 102 105 * 1118
7
Cony deb 434s
19393 1 10812 109s 10813 1083
5 107 113
4
Debenture be
1965 F A 11014 Bale 1093
4 11038 213 10318 1103
8
tAm Type Founders 138 etts_1940 -_
3018 35
3018 June'34 ---3018 50
Am Water Works az Electric10-yr 5s cony colltr
1944 M S 10812 Sale 1061* 109'4 162 10012 111
Deb ir 64 series A
1975 M N 85 Sale 85
6414 90
87'4 22
Am Writing Paper lst g 68_1947 1 J 2312 Sale 213
53
27
213 82
4
4
Anglo-Chilean Nitrate 75
1945 M N
913 12
5
173
4
10
1012 11
Ark & Mem Bridge & Ter fie_1964 M 5 8912 9012 8712 Flay'3 -_
83
/ 90
1
4
Armour & Co (III) let 4)41_1939 1 D 9912 Sale 99
997 154
8712 9972
Armour & Coo!Del ISHe.._ _1943 1 1 97% Sale 9712
9812
98'z 155
82
Armstrong Cork cony deb be 1940 1 D 100 Sale 99
/ 100
1
4
169
86 100
Associated 0116% g notes
1935 M S 10358 1037 104 June'34 ____ 1025 1047
8
8
*
Atlanta Gas L latex
1947 1 D 1005±
95 100%
- 1003* May'34
All Gulf & W I SS coil tr 58_1959 J J 5818 60
50
6112
59
59 ___
Atlantic Refining deb be__ _1937 J 1 10738 Sale 10718 10738 24 10358 pH%
BONDS
N. Y. STOCK EXCHANGII
Week Ended June 29.
/1
u
..,±.
4437
Price
'Mae
June 29.
Week's
Range Or
Last Sale.
i•
1
High No.
Bid
Ask Low
Industrials (Continua)Duquesne Light let 4348 A-1967 A 0 10714 Sale 10718 107% 64
let Mg 440 series B._1957 al S 11012 Sale 11014 1105
8 22
*East Cuba Sug 15-yr s 1
167
8 57
-7Hs '37 M 6 16 Bale 15
Ed El III Bklyn let eons 48_1939 J .1 106____ 1055 June'34 ---8
Ed Else(N Y) let cons g 58_1995 J J 12078 124 122
100
122
EllPow Corp (Germany) 6145'SON B 42 Sale 42
435± 17
let sinking fund 6348
11
4
44
1953 A 0 4234 Bale 423
1954 F A 65
Ernesto Breda 7.1
78% 844 June'34 ---Federal Light & Tr let 58_1942 M S 78
83 80 June'34 ---bs International series...1942 M S
4
__- 803 June'34 --- 1
8214
8214
82
let liens! 5s stamped_1942 M S 7878
8
1942 lel S 835 8512 84 June'34 ---let lien Is stamped
30
___ 6612 June'34 ---year deb Is series B_ _ _1954 J D 67
Federated Metals s t 78
1939 J D 10214 1705 105
105
II
7
9912
Flat deb s t g 7s
1946 J J 9812 Sale 9812
Framericen Ind Dev 20-yr 7 Hs'42 1 J 1071 107% 10712 10712
/
4
3
37
30
:Francisco Sue lets!734s_1942 MN 30 Sale 285±
Range
Sines
Jan. 1.
Low
High
1013 10954
4
10213 1105
8
714 2212
100% 106
110 122
42
69%
4284 6914
833 89
8
64
82
75
79
6014 8214
64
84
5113 67%
101 106
971 102
10212 110
19
41
7
95
95%
8
1943 F A 933 98
793* 9514
Gannett Co deb 611 ger A
Gas& Et or Rare Co coos 45e1949 J D 110 ____ 104 Feb'34 ---- 104 104
5412 go
12
60
*Gelsenkirchen Mining _ _1934 M S 60 Sale 575*
30
96
Gen Amer Investors deb beA1952 F A 96 Sale 945*
79% 97
6s20 102 1054
1940 A 0 10e% Sale 104% 105
Gen Baking debit 530
753
4 25
Gen Cable let s f 534* A
59
1947 J J 751s Sale 7412
7714
Can Electric deb g 3Hs _1942 F A 1037 10414 1033
5 100 103%
4 103%
8
12
53
48% 65
Can Elea (Germany) 78 Jan 15'45 J .1 523 Sale 5212
14
53
S f deb 630
48
16303 D 53 Sale 52
63 2
,
453 63%
501 23
/
4
20
-year s f deli S.
1948 IS N 50 Sale 49%
10 2 18 10312 106
Gen Petrol let sink f'd 5.3-1940 F A 10412 10512 104
4,
3
93
Gen Pub Sere deb 534e
19393 .1 9218 Sale 92
76
94 ±
5
8238 26
Gen Steel Cast 534s with warr '49 3 J 8112 82 8112
6811 8914
•tGen Theatres Equip deb 6s1940 A 0
8 Sale
812
/
1
4
8 8 25
7
814 13
3
111
/
4
8
8 12 19
814 Sale
Certificates of deposit
8318
54
6
5638
Good Hope Steel & Ir sec 78_1945 A 0 55
57 5512
30
Goodrich(B F)Co 1st6 les_1947 J J 105 Sale 10412 105
95 105
72
90
8618 63
Cony deb 65
1945 1 D 85 Bale 8412
Goodyear Tire & Bubb let 681957 M N 10012 Sale 9934 10012 93
8914 10012
Gotham Mk Hosiery deb .141_1936 J D ____ 90% 90
1
90
59
95
173 Sale 147
4
*Mould Coupler 1st s f 6s_ _1940 F A
173
4 12
8% 1912
e
Baldwin Loco Works 1st be_ _1940 M N 1065* 108 107 June'34 - 102 10712 Gt Cons El Pow(Japan)70_1944 F A 818 Sale 8158
6414 87
8
8218
Batavian Petr guar deb 4Iie_1942 J 1 10612 107 10713 108
6414 79%
/
1
4
5
4 102% 116
757
8
1st & gen e 1' 6341
19503 J 757 Sale 75%
Bell Telep of Pa be series B__1948 J .1 113 1133 113
30 106 114
114
4
Gulf States Steel deb 530-1942 I D 88% 883 8712
4
88
8
71
89
let & ref be series C
1980 A 0 1133 Sale 1133
5
4
4 11514 64 106 116 *
Beneficial Indus Loan deb Ile 1946 M S 105 Sale 105
96 103%
Hackensack Water let 4s-1952 .1 J 103__ 10314 June'34 ____
84 108
8
105 2
,
Berlin City Elec Co deb 6)44 1951 J 0 40 Sale 397
38
32
41
48
48
50
65 4 Ranee SS Lines 63 with warr_1939 A 0 48 3
13
39
/ 5712
1
4
Deb sinking fund 8He_ _1959 F A
38 Sale 38
22
6714
6714
Harpen Mining 85 with warr_1949 1 3 ____ 68
35% 67
39
1
53
70%
Debentures 138
1985 A 0 3614 Sale 36%
35
65
/ Havana Else consol g 5e
1
4
30
38
1
a38
1952 F A 37% 45 a38
291* 3712
Berlin Elec El & Underg8He 1966 A 0 4012 Sale 403*
4112 14. 4014 74
8
4
8
8
9
3
Deb 5146 series of 1926_1951 NI S
7
9
/
1
4
Beth Steel lat & ref be-guar A '42 MN 11312 Bale 112
99% 115 2 *tHoe(R)& Co 1st 6Hs ser A1934 A 0 2812 33
113
/ 94
1
4
3
2812
2812
25
40
1
30
-year pm & inlet at 56_1939 J J 1027 Sale 10212 103
8
39 Dec'33
Holland-Amer Line 6e (flat).1947 M N --_- 25
99 103
45
Bing & Bing deb 654e
1950 al 8 3812 -___ 3712 June'34 ____
8614 85
30
3712 Houston()Umiak fund 5544...1940 141 N 85
853
65 88
4 19
•:Botany Cone Mills 610_1934 A 0 1518 17
8
12
443
4 47
25
16 June'34 ____
39
61
Hudson Coal let e f 58 ser A_1962 1 D 445 Sale 43
certificates of deposit-- ----- A 0 1212 137 11%
8 1117
Hudson Co Gee let g 5e„....1949 MN 11178 Bale 1117
20
1 10514 11212
8
1
11,
2
e
*Bowman-Blit Hotels 1st 78_1934
Humble Oil & Refining 58_1937 A 0 10414 Bale 10414 1045± 42 103% 10512
*Stinp as to pay of $435 pt red_ M B
Illinois Bell Telephone 56_1958 J D 110 Bale 10958 110
3-- 412 MaY'34 ---, ---- 57 1053 11012
4
97
*:13'way & 7th Ay 181 cone 5±19433 D
92
4
8
974 -10
Ps --7- Illinois Steel deb 4 He
98
6
29 1021* 10714
1940 A 0 1067 Sale 1067* 107
Brooklyn City RR let 5e
378
1941 J J 82
72
86
b
8212
373 40
4
5
Header Steel Corp mtge 68_1948 1 A
82'4 82
38
15
375g 5
911
Bklyn Edison Inc gen be A_1949 J 3 1087 Sale 10812 1088 17 1055± 1095 lad Nat Gas & Oil ref 6e
4
*
8
1936 MN 1013 ---- 101 June'34 ____
94 101
Gen mtge be serifs E
9914 65
19523 J 1084 Sale 10812 1085
* 40 10514 110
/
1
4
86
Inland Steel 1st 414e
1978 A 0 9912 Sale 983
9924
Bklyn-Manh R T sec 6s_...-1968 J J 1013 Sale 1013
217
4
9314 102
99
let Met 434e ser B
8 102
66
1981 F A 983 Bale 98
4
85% 99
Bklyn Qu Co & Sub con gtd fie'41 MN 6614 Sale 6614
2
6614
57
67
4
713
4 87
IInterboro Rap Tran let 58_1966 1 J 7112 Sale 703
6512 7214
let 58 stamped
5734 June'34
19413 J 6712
33
573 573
4
4
.10
-year (le
17
1932 A 0 32 Sale 32
3112 42
Bkiyn Union El let g 6e
751 993
____ 29
32% May'34 ____
97% 38
1950 F A 9612 Sale 96
4
Certificates of deposit
82
3812
Bklyn Un Gas let cone g51945 MN 115 Sale 11414 115
36 1065± 115
80
*10
48
-year cony 7% notes_1932 M S 7912 Sale 784
7014 80
let lien & ref 68 series A....1947 MN 1175 -- 11712 June'34 ____ 1101. 11712
78
4
8
55
Certificates of deposit-- - 773 Bale 76
671S 78
Cony deb g 5348
743
4 15
19361 J
Interlake Iron let be B
195111111 74 Sale 74
168 168
158 Feb'34
60
77%
Debenture gold be
98 10412 Int Aerie Corp let & coil ix be
7
1950 J D 10414 Bale 1044 104'±
/
1
let lien & ref series o
1957 pg N 10814 1091 10812 109'z
8 10434 1094
62
8412
8
79's
Stamped extended to 1942_ _ _ M N 6912 8012 79
Buff Can El 454s series B-_1981 F A 10712_-, 1073
23
99 108
8
4 108
927
Int Cement cony deb 5e
68
1948 M N 927 Sale 9134
79% 928
:Hush Terminal let 48
50 60
4012 693±
5912 122
57 June'34 ____
Internet Hydro El deb 68.....1944 A 0 5814 Sale 5814
7
1952 A 0 55
Consollis
2211 24
12% 2812 Inter Mere Marina e I 68_1941 I 0 5318 5412 54
1956 1 3 22 Sale 22
5412 24
44
63 2
,
Bush Term Bldg. 58 gu tax ex'30 A 0 46 Sale 46
I
46
75
12
4312 6012 Internet Paper Sonar A & B_1947 J 3 74 Sale 74
57% 8212
By-Prod Coke 1st 512e A
81
5
1945 MN 80 Sale 80
Ws 88
384 73
/
1
60% 23
Ref is f fei series A
1935 M 5 59 Sale 58%
6214 112
Int Telep & Teleg deb g 430 1952 J .1 61 Sale 61
4814 69%
Cal G & E Corp wit & ref 14_1937 M N 1073 ,„,-- 10712 10714
3 10318 10712
68% 159
5
5718 7312
Cony deb 4 54*
1939 J 3 6814 Sale 67
Cal Pack cony deb be
26
103
8612 103
1940 J J 103 Bale 102
65
694
177
52
Debenture be
1955 F A 64 Sale 6318
Cal Petroleum cony deb if 58'39 F A 10212 103 10212 1025s 10
k 51
9638 103
9718 97
825* 98
97 7
Investors Equity deb be A_1947 J D 97
Cony deb s f g 554±
9918 104
1938 M N 103% 10 / 10312 June'34 ____
977
41
4
88
98
18
977
Deb be ser B with warr_1948 A 0 8212 98
Camaguey Sugar 78 ctfe_1942 _ _
6
2
278 12
8
512 6
/
1
4
97
877 98
2
/
1
4
Without warrants
1948 A 0 8212 98 96
Canada BS L let & gen 68_1941 4 0 30% 33 30
*
2
308
1813 3 5
-34
Cent Dist Tel 1st 30-yr 58-19413 J D 10818 108% 1075± 108 4
,
9 104 8 10414 IL0Pow & 14 let 4)4s 5& B 1957 1 J 10713 108 10714 10712 15 1001 10711
5
:
Cent Hudson Cl & E be_Jan 1957 111 8 10814 109 f0818 June'34 ____ 10412 10812
lit mtge 454e
1961 F A 109 Sale 10812 11014 45 100% 11014
4 29
Cent Ill Elea & Gas let 56_1951 F A 643 65 2 64%
4513 69% Kansas Gas & Electric 44e-1980 J D 98 Sale 975*
658
,
9812 52
4
72% 983
4
Central Steel lit e a f 8e
108
8 101% 112
1941 MN 108 111 los
281
284 18
34
19
Karstadt (Rudolph) let 68_1943 MN 30
3
612
Certain-teed Prod 5148A -1948 M 5 63 Sale 82
6314 31
/
1
4
/
1
4
521s 71%
28 Sale 28
1612 32
5
28 12
Certificates of deposit
Chesap Corp cony be May 15 '47 MN 109 Bale 108
109% 251
98 110
11
69
51
72
Keeth (B F) Corp let 13e__1946 M S 69 Sale, 69
Ch CL & Coke let gu e 5e.._19)7 3 3 10514 Sale 105
/ 10
1
4
98 106
/
1
4
/ 105
1
4
44
5912
Kelly-Springfield Tire 63_1942 A 0 --__ 431 44 June'34 ____
:Chicago Railways let be stpd
94% 39
8
741s 9512
Kendall Co 534s with warr_1948 M S 947 Sale 94
Aug 1 1933 25% part pd
AT
KOI
3
5918
59% 59
58
F A
1
4
73
12 814
7912
/
1
-.
••••' a Keystone Tele:. Co let 58_1935 .1 J 783 8114 7913
Childs Co deb be
/
1
4
5312 80
/
1
4
43
1943 A 0 84 Sale 52
65
Kings County El L & P 54-1937 A 0 107• __ 10718 June'34 ___ 104 10714
Chile Copper Co deb 15.1_ _ _1947 J 3 85 Sale 8212
85
127
2
1427
8
Purchase money 6e
56
85
4 122 145
1997 A 0 1363 115 140
Cln 0& E 151 M 4s A
92 1027 Kings County Elev 1st g 4s_1949 F A 93 Sale 9112
8
1968 A 0 1015 Bale 10112 10214 33
93
75
93
35
Clearfield Bit Coal let 4e-1940 J J 65 --- 6518 June'34 ---5218 651 Kings Co Lighting let be
/
1
4
2 103 109
109
_ 109
109
8
1954 1
Colon 011 cony deb 88
6014
7
6834 82
19383 .1 856 Safe on
11714 Mar34 ---- 108 120
First and ref 6345
19543 1
5812 59
8
583*June'34 ____
:COM Fuel & It Co gen if5 1943 F A
30
8112 100
99 4 9812 June'34 ____
3
6214 Kinney(GR)& Co 73e% notee'136 J D 99
Col Indus let & coil 5a gu
283
4 34
2_
2814 Bale 26
171k 33% Kresge Founde, coil 22 6 .1938 j D 99 sale 9812
99
1934 F A
19
82 4 100
3
Columbia CI & E deb be May 1952 111 N 8814 Bale 873*
89
49
89
53
15
89
1214 21%
:Krause!'& Toll CIA 5e eti_1959 M El 1418 Sale 1412
Debenture be
88%
Apr 15 1952 A 0 8814 88% 88%
5
70
8818
Debenture Se
867 158
Jan 15 1961 1 .1 8612 Sale 8512
19
107
6612 88
97 1073
4
Lackawanna Steel let 5e A1950 M 5 10612 Sale 1061
9712 17
Columbus RY P & L let 434e 1957 J 1 9712 Sale 97%
95%
79
73
9212 34
s
98
*Laclede G-L ref & ext 5s
1934 A 0 92 927 92
Secured cony g 5 Hs
107
go% 10712
6
85
93
1942 A 0 10614 1071 106
8
91
- 90 Sale 90
Certificates of deposit______
634 13
60
89
/
1
4
Coll & ref 534s aeries 0_1953 -FA 635± 64% 63
001331nerelal Credl it f 5%4_1434 j 3 1007 10184101 June'34 ---, 101 103
4
Coil & rot 6H.eerie" D
1960 F A 615 62 615
8
8
6214 18
50
69
%
Comm'l Invest Tr deb 530_1949 F A 0109% Sale 109
39 101 110
/ 110
1
4
518 1912
78
13
Lautaro Nitrate Co Ltd 68_1954 J J 1212 Sale 12
Conn Ity & L let & ref g 4%81951 J J 1033 ---- 08114 Nov'33 ___
4
81 10014
10014 11
Lehigh C &Nay•f 434s A 19/54 J J 1003 --- 100
4
Stamped guar 434e
4
-7 97 164f4
19511 3 10412 ---- 1043 June'34 ___
4 10
80 100 4
4
Cone sink fund 4%a ger C_1954 J 3 1003 Sale 10034 1003
3
Consolidated Hydro-Elec Works
7911 91
2
88
Lehigh Val Coal 1st & ref a f be'44 F A 873 8812 88
4
of Upper Wuertemberg 75_1956 J 3 38 Sale 38
39
13
36% 60
lit & ref 5155
40
57 June'34 _--621*
1954 F A 5712 59
Cons Coal of Mdlet It ref fat _1950 J D 2012 2184 20
21
25
12
421, 59
2514
let & ref if be
1984 F A ___. 60 58 June'34 ____
19
20
Certificates of deposit
2
20'l 20
1114 24
58
181 & ref a f be
40
1
56
56
583
8
1974 F A 54
Coneol Gas(NY)deb 5343_1945 F A 1073± Bale 107
107± 56 1011 10712
/
4
Secured 6% gold notes...1938 1 J 93% 9514 95
9584
2
81% 97
10284 120
Debenture 434e
9038 1023 Liggett & Myers Tobacco 78_1944 A 0 12714 128 12712 128
4
,
1951 J D 102 4 Sale 102
7 1191s 12812
Debenture 58
1047
s 52
/
1
97% 105
es
1957 J J 10412 Sale 1044
8
4 17 106 1135
1961 F A 11212 Bale 11214 1123
Consumers Gas of Chia gu bs 1938 J D 104 l04s 105
105
13 100 105 8 Loew's Inc deb e f 6.1
,
85 10218
35
102
8
1941 A 0 97 1007 100
Consumers Power 1st be C1952 MN 1073 Sale 1075* 108
19 10013 108
4
98
8214 16
76
Lombard Else 7e ear A
19523 D 82 Sale 77
Container Corp let (is
9111 25
70
96% Lorillerd (P) Co deb 7e
1946 J D 91 Sale 90
1944 A 0 12212 Sale 12212 1235± 17 11212 12311
15-year deb tie with warr_1943 1 D 72
745±
b
74'± 74
52
8114
be
99% 10712
1951 F A 10714 Sale 10718 1075± 22
8512
Copenhagen Teiep bs Feb 15 1954 F A 8518 89
88 10612
7518 95
8
Louisville Gas & El(Ky) 191_1952 MN 1064 Sale 106
86
106'± 28
10614 15
Crown Cork & Seal a f 68.....1947 J D 1043 1053 105
4
4
975± 107
Lower Austria Hydro El 6340944 F A 8312 Sale 8234
51
5
854
/
1
8311
Crown Willamette Paper 64_1951 J J 95 Bale 9312
95
23
7912 96
Crown gelierbach deb 58 w w 1940 M S 95 Bale 9334
95
12
70
96
McCrory Stores deb 534e. _1941
*tCuban Cane Prod deb 63.1950 J 3
3
7 102 .21g 8
3
3 Sale
/
1
4
Proof of claim flied by owner__ - _ 61% 633 6114
50
66
11
62
4
Cumb T & T lit & gen 54._1937 J 3 1071 10712 10718 1075s 17 103% 10758 McKesson & Robbise
/
4
831
42
5812 86
%
N 83 Sale 82%
deb 5 Web° 1111 *:Manati Sugar lets! 73es_1942 A 0 161 20
9
23 4
3
1
16
16
/
4
Del Power & Light let 4140_1971 J J 10412 Sale 10412 10411
2
9414 1053
4
10
20
Certificates of deposit
1812 May'3 ...
15
20
let & ref 434e
1969 1 3 102 10312 102
1023
5
4
895* 103
10
20
*Stmpd Oct 1931 coupon_1942 A 0 16
17% June'3 ____
20
let mortgage 434e
4 1023
4
1969 1 J 10218 --- 1023
94 104
1
20
6
CertIficatee of deposit
163 20 Feb'34.___
8
10
Den Gas & El L lst & ref e 1 5s'51 M N 102 103 101
102
19
88 102
/
1
4
lb
20
*Flat stamped modified
2712 20 Feb'34 ____
. 15
Stamped as to Penns tax 1951 M N 1017 1033 101 June'34 --__
4
87 1023 :Mantle:By(NY)eons g 41990 11 /
1
4
4
425± 5112
12
491
- 0 48% 4912 48
Detroit Edison 55 oar A
107
/
1
4
1949 A 0 10712 Sale 107
7
96 1073
/
1
4
37
46
4
4
40
Certificates of deposit
39
4212 40
ref 58 series 13
Gen &
4
4
5
1955 J D 1073 Sale 10712 1073
9638 1073
40
4
30
Jan'34 -_
26 4s
31
32
2013 1 D 30
C/en & ref 58 series C
1962 F A 107 108% 10814 10814 30
965* 10814 Manila Else RR & Lt of 58_1953 IN 8 8414 933 82 June'34 ____
82
97
4
Oen & ref 434.1 series D 1961 F A 10414 Sale 1037
8 1051s 80
89 105% Mfre Tr Co etre of partic in
Gen & ref 55 series E
1952 A 0 10738 Bale 10714 1073
4 58
97 1073
60
77%
A 1 Narnm & Son let 65j943 1 13 71
4
1
71
71
75
Dodge Bros cony deb 6s
1051 s 145
1940 M N 10535 Sale 105
44
61
'
98 1054 Marlon Steam Shovel 81 64.1947 A 0 56 Sale 55
4
/
1
4
56
(Jacob) Pack 1st 6s
Dold
9214
1942 M N 9214 Sale 92
4
68
9112
7978 93
10
Market St Ry 75 ser A_Aprti 1940 Q .1 88 Sale 88
89
Donner Steel let ref 7s
19423 J 100 Bale 99
94 102
8
100
53
81
Mead Corp 1st 6s with warr_1945 M N 773 80
25
777
77
4
Duke-Price Pow Istlisser A.1966 MN 95% Sale 95%
741k 9818 Meridlonale Elea let 7e A_1057 A 0 91
9.53
4 31
911s 116
18
9118
92
96
%hi •
For footnotes see page 4438.
115 ii-6,2
New York Bond Record-Concluded-Page 6
4438
t3
BONDS
N Y. STOCK EXCHANGE 2 t
Week Ended June 29.
.
a.
Pres
Friday
June 29.
Week's
Range or
Last Sala.
1.
1
Range
Since
Jen, 1.
Industrials (Continued)Bid
High No. Low
Ask Low
High
Melt Ed let & ref laser C__1953 J .1 1001 Sale 10014 10114
6
77 10114
let g 4448 series D
1968 M S 9414 Sale 9312
0458 46
95
71
Matron Wat Sew & Dr 5341_1950 A 0 89 Sale 8812
9212
80
8912 14
*:Met West Side El(Chic)4s 1938 F A 1012 Sale 1012
1
1012
18
10
Miss Mill Mach 1st 8 f 75_1956 I D 54
78
50
4
55
68 55
Midvale St &0coil Ire!5s..1936 M El 10218 Sale 102% 102% 52
9718 10212
MIlw El Ry & Lt let Is B
1961 I D 8144 Sale 81
82
8512
31
57
1st mtge 158
1971 1 1 8012 Bale 8012
85
56
25
82
Montana Power let Is A...1943 .1 J 100 Sale 99
45
100
79% 10012
Deb 58 series A
1962J D 77 8012 80
4
53 813
803
4 13
Montocatini Min & Agile
Deb 5 78
1937.7 .1 9212 95 9358
9812
3 91
9378
Montreal Trans 1st & ref 66_1941 J J 9912 Sale 9912 100
9512 101
12
Gen & ref ails gerlee A _ _1955 A 0 7914 8138 8214 Apr'34 ____
8218 8214
Gen & tell f 5e series B...1955 A 0 7914 86 74 Feb'34 _--74
74
Gen & ref ef 4119 aeries C _1955 A 0 74
7538 76
76 June'34 ____
76
Gen & ref.1 5s aeries D 1955 A 0 7914 ____ 85 Mar'34 ____
83 85
Morris & Co let of 4 yis__ _1939 .1 J 9878 Sale 9744
3412 9918
9918 112
Mortgage-Bond Co 48 ser 2.1966 A 0 3312_ 4038 Dec'33 ____
___
88 100
Murray Body let 6118
1939 J D 9514 163 9512
2 ____9512
4
95 10518
Mutual Fuel Gas let ge fr 56_1947 M N 10434... 104 May'34 ____
97 103%
Mut Un Tel god ea est at 5% 1941 m 14 10212 10312 10212 June'34 ____
Namm (A I) & Son_See Mfrs Tr
Nassau Eiec gu g 45 Mod_ _1951 J .1 5912 Sale 5814
7
5912
1942 I D 6712
Nat Acme lets! es
85 June'34
Nat Dairy Prod deb 15341 _1948 F A 9818 Sale 97%
9812 162
1956 A 0 104 Sale 10314 104
Nat Steel let coil 58
133
Newark Consol Gas cons 58_1948 l D 11038 _-- - 10978 June'34 ____
Newberry(JJ) Co 534% notes'40 A 0(410312 Sale a10312a1033
9
4
New Eng Tel As Tel 58 A...1952.7 D 1133 Sale 11304 1147
4
10
let g 414s series B
1961 MN 1097 Sale 10978 1107
8
8 52
NJ Pow & Light 1st 434s_ 1960 A 0 90% Sale 8814
9012 59
New On Pub Set, 15158 A_1962 A 0 58
4
587 5912
8
603
4
1955 1 D 5712 Sale 5712
First & ref 5a series B
6012 72
NY Dock 1st gold 42
.1951 F A 57 Sale 57
58
10
Serial 5% notes
1938 A 0 44
47 451
4612 11
NY Edlacin 181 & ref 6141 A.1941 A 0 11384 Sale 1133 114% 33
4
1st lien & ref Is series B 1944 A 0 108 Sale 108
109
40
let lien & ref 58 series C 1951 A 0 1077 Sale 107% 10844 49
e
NY Gas El Lt 11 & Pow g as 1948 J D 11558 Sale 1153
8 11512 18
Purchase money gold 45_1949 F A 10534 Sale 10534 10612 19
NY L E & W Coal & RR 5148'42 MN 9214 94% 90 June'34 ____
NY L E & W Dock & Imp Se'432 J 100% 103 100 May'34 ____
N Y Rye Corp Inc 68___Jan 1985 Apr
812 Sale
618
87
9
Prior lien 65 eerie,' A
1965 1 I 6912 Sale 653
5
4
698
NY & Richm Gas 1st 6. A 1951 MN 10514 - -- 106 June'34 _-__
33 414 33
IN Y State Bye 4348 A ctfa_1962 ____
4
1
33
4
312 414 438 June'34 ____
6344 series B certificates..1962 .
NY Steam 6s series A
__1947 11114 10912 Sale 10912 110
10
1951 M N 10514 1058 lOSle 1053
18t mortgage 58
4 17
8
1956 M N 10484 Sale 10458 10512 13
1st mortgage 58
NY Telep let & sees!4)4a 1939 MN 1085 Sale 10812 1087
8
e 39
1946.7 0 5512 Sale 55
NY Trap Rock 1st 68
5512
5
Niag Lock &0Pow 1st Be A 1966* 0 10214 1043 10314 1033
4
8
4
Niagara Share deb 5Hs_ _ _ _1950 MN 6812 Sale 6712
6834 18
Norddeutsche Lloyd 20-Yr8f84 47 MN 4638 49 4714
1
4712
.
Certificatesof deposit ___ -_ 4214 44 42
6
4412
Nor Amer Cem deb 634e A.1940 M II 3113 3478 33 June'34 ____
North Amer Co deb 65
1961 F A 89 Sale 89
31
90
No Am Edison deb laser A_1957 M B 8884 90 8758
88% 12
Deb 5348 ser B_-Aug 15 1983 F A 9334 Sale 931
9414 41
16
86
Deb 52 see C
Nov 16 1969 M N 85 Sale 35
Nor Ohio Tree & Light 6s__1947 M S 10412 Sale 104
24
105
10412 29
Nor Stake Pow 25-yr Is A__1941 A 0 10414 Sale 10312
let & ref 5-yr 68 see B____1941 A 0 10612 Sale 0614 107
20
8012 25
Norweg Hydro-El Nit 53.46.1967 MN 8014 Sale 80
Ohio Public Service 734e A__1946 A 0 10512 Sale 10512 106
10
1st & ref 78 series B
1947 F A 10312- 10312 104
7
1944 F A 1634 11 1612 June'34 ____
Old Ben Coal 18165
14
Ontario Power N F let 50_1943 F A 10818 Sale 108
109
8
Ontario Transmission let 58_1945 MN 10618 1087, 10912 May'34 -__
0010 GM & El Wks eat! 58_1983 M 8 8012 Sale 8018
9
80'3
5818 27
Otis Steel let mtge es Set A_1941 M S 5518 Sale 55
Pacific Coast Co 1st g 68-1948 1 D
Pacific Gas& El gee & rem A .42 ,I .1
Pacific Pub Serv 5% notee_1936 M El
1937 1 J
Pacillo Tel & Tel 1st 51
1962 MN
Ref mtge 54 s•rtee A
*Pan-Ain Pet Co(Cal)conv 6,'40J 11
Certificatee of deposit
Paramount-Wway lit 6341_1951 1 J
Certificates of deposit
•;Paramount Fern Lasky 65_1947
*Proof of claim filed by owner
3 0
Certificates of deposit
*IPammount Pub Corp 534s 1950 F A
*Proof of claim filed by owner. ---Certificates of deposit__ iiiii3 ---Park-Lox 034s dfs
Parmelee Trans deb 1311
1944 A 0
Pat & Passaic0& E cons 58 1949 M 14
Pathe Exch deb 78 with ware 1937 MN
Pa Co gu 314a colt tr A reg_1937 MS
Guar 33.4s coil trust ear B_1941 F A
1942 J D
Guar 3118 trust Ws C
Guar 310 trust etre D
D
1944
Guar gs ear E trust etre_ _1952 MN
1983 MN
Secured gold 4345
Penn-Dixle Cement Mt MA 1941 M S
Pennsylvania P & L 1s1 4 yis 1981 A 0
Poop Gas L & C 1st cons 68.1943 A 0
Refunding gold 56
1947 M S
Mile Co sec 55 series A
1967 0
Phil& Else Co 1st & ref 4345 1967 MN
1st Je ref 4s
1971 F A
Mile & Reading C & lest 58 1978 I I
Cony deb 68
1949 M S
Phinipe Petrol deb 5341.. .1939 1 0
Pillsbury Flour Mills 20-yr '43 A 0
-65
Pirelli Co (Italy) con, 78_1952 MN
J
Pocah Con Coilleries let s f 58'57
Port Arthur Can & Dk 65 A.1963 F A
1952 F A
let mtge es series B
Port Gen Else 1st 434e ear C 1960 M S
Portland Gen Elea let is....1935J J
Porto Rican Am Tob cony ea 1942 J 1
Postal Teleg & Cable 001152_1953 J .1
:Pressed Steel Car CODY g 5819331 J
Pub Berv El &0151& ref 4348'67 J D
1970 F A
lit & ref 4141
1971 A 0
1st & ref 45
Pure 011 s 1 5)1% notes
1937 F A
1940 M 13
51534% notes
Purity Bakeries a? deb 58_1348 I J
atadlo-Kelth-Orpheum pt pd ate
for deb (ls & corn stk (65% pd). -- 1041 .1
.Debenture gold 68
Remington Arms lst a f 65_ _1937 M N
Rem Rand deb 5145 with wart'47 M N
'
Repub I & El 10-30-Yr 58 e 1_1940 A 0
Ref & gee 5145 eerie! A-1953 J J
Revere Cop & Bras. Sleet A 1948 M El
1946 1 J
Rhelnelbe Union s f 7s
RhIne-Ruhr Water series 6_1953 1 .1
Rhine-Westphalia El Pr 78-1950 MN
1952 MN
Direct mtge lla
1953 F A
Cons mtge (is of 1928
Cone M lie of 1930 with weer'55 A 0
35
40 34 June'34 _-__
10614 Sale 10614 107
42
903 Sale 89'i
9034
4
10714 10778 10714 1078
8 25
11114 112 11114 11158
9
4284
7
42314 Sale 418e
4113 13
42 4412 41
43
45 43
43
4
4112 43 43
43
1
523 Sale
4
5034 Sale
5218
5012
5414
5314
42
24
5238 Sale 5212
54
33
54
5112 Bale 5114
55
15
191
20 17
5
25
28 28
28'1
2
110-- 10884 May'34 ___
99% 1511
98%
9958 15
101 ---- 101 May'34 --__
9913 -__ 9912
9912
1
9958.... 86 Jan'34 ____
963 June'34 ____
983 101
4
97 10212 99 June'34 ......
10234 82
1023 Sale 102
4
7212 73 7218
7214 19
9878 Bale 984
99% 305
112 Sale 112 ' 11212
6
102 Sale 102
10212 32
89 Sale 8778
89
120
107 10712 0712 10734 17
10314 Sale 10314 1037
51
6012 Sale 59
41
el
4912 Sale 48
4978 65
101 Sale lOOls 101
149
10734 Sale 10734 1073
3
4
1
00
100
9818
82 --1 85
89 11
2
85
89 Bale 89
3
8914
89
95 89
89
7
45 Sale 4458
4634 137
9018 91
90
9034
6
411 4038
4014
4112 14
52 Sale 5012
52
72
5118 61
2
5118
5118
10634 107 10711 1071
2
10748 10812 073
16
4 108
103 Sale 1032s 105
8e
46
100% Sale 1001, 10011 31
98 Sale 98
9812 80
9158 Sale 9012
9158 10
____ 3678 Apr'34 ____
31 -3
5 3318 June'34 ____
10288 103 1025, 10258
2
8
921i 104
9214 Sale
101 10112 l00e 10112 22
8912 Sale 8712
893
4 34
103 Sale 10212 103
49
3734 Sale 3734
3812 18
36 Sale 36
3612 42
____ 56% 5714
5714
1
5378 Sale 5378 257
51
54 Sale 54
5738 149
5334 Sale 5304
5712 40
BONDS
N. '1. STOCK EXCHANGE
Week Ended June 29.
3
i'l
ut
.,s,
June 30 1934
Price
Friday
June 29.
Week's
Range or
Last Sale.
13._
OS
Range
Since
Joe. 1.
Bid
Ask Low
Industrials (Concluded)High
High No Low
nEtichfleld Olin! Calif es_ _ _1944 M N 3112 Sale 29
32
53
2114 36
MN
3114 3214 2914
Certificates of depotdt
32
20
20
3514
Rims Steel 1st a f 78
1955 F A
5412 June'34 ___,
6414 58
5414---Roch G&E gee M 510 set C '48 M 5 10812 10844 1074
4 1073
4 15
9958 10814
Gen mtge 4148 series D 1977 M S 10112
_ 101 May'34 -88 101
Oen mtge 158 series E _1962 M 8 1063 10714 10658 107
.
4 _-9
94 107
Royal Dutch 48 with wart.. 1945 A 0 12912 13214 132
13214 20 10212 14214
Ruhr Chemical s f (Is
1948 A 0 5314 5912 5312
5312
2
521k 7412
St Joseph Lead deb 510-1941 MN
St Jos Ry Lt lit & Pr 1st 5e_1937 MN
St I., Rocky Mt & P58 stpd_1955 J /
St Paul City Cable cone 6s._1937 i 1
Guaranteed Is
1937 J l
Ban Antonio Pub Berv let 6e 1952 1 .1
1946.7 1
Sehulco Co guar 673
Stamped (July 193.3 coup on) ,
A 0
1946 -.Guar 51 6145 eerie/ B
Stamped
Sharon Steel Hoop at 5145-1948 F A
Shell Pipe Line at deb 5s___1952 MN
Shell Union Oils! deb 58___1947 M N
Deb Is with warrante____1949 A 0
Shinyetau El Pow 1st 610..1952 I D
.1835 / I
Siemens & Helot° a f 78...
Debenture a f 6349
1951 M 5
Sierra ds San Fran Power 56_1949 F A
Meat& Eleo Corp s f 614._ 1946 F A
Silesian-Am Corp 0011 tr 7.1941 F A
Sinclair Cons 011 15-yr 78_ _1937 155 @
1938 I D
let lien 634s series B
Skelly 00 deb 5145
1939 M 8
eoutn Bell Tel ct Tel let e f 58'41 1 .1
B'west Bell Tel 1st & ref 55-1954 F A
Southern Cob Power 68 A....1947 J J
Stead On of NJ deb 64 Deo 15'46 5' A
Stand 0110! NY deb 4341-1951 J 0
*Stevens Hotels 68 series A. _1945
*;Studebaker Corp 6% notea1941 .1 D
Certificates of deposit
Syracuse Ltg Co. lat g 56-1951 J D
112 Sale 112
14
112
92
9378 93
7
94
55
534 59% 55
2
6814 72 70
2
70
7014 80 80 May'34 --9612 9712 9658
5
97
40 ____ 40
40
4
40
_
3912 May'3440 58 40 June'34 ____
40
50 3978 June'34 ---6612 Sale 6612
6744
5
101% Sale 101
102
68
9938 Sale 9914
9934 42
9918 9934 99
9912 40
7584 Sale 7512
4
753
4
____ 67 6612 June'34 ____
57 Sale 57
62
87
103 Sale 103
103
2
____ 4014 3934
39%
1
55
5612 56
6
5712
104 Sale 10334
10414 118
10484 Sale 10412 105
88
9614 Sale 9618
9612 45
108 Sale 108
10884 33
1093 Sale 109
4
Ion 55
8278 Sale 81
8278 11
10558 Sale 10512 106
163
10358 Sale 10314 10358 91
2212
21
2312 22
3
4312 Bale 4312
4412 32
42 4312 4211 June'34 ____
113 ____ 11312 June'34 __._
1053g 114
72 9614
3534 61
4514 82
4578 80
71
9812
3534 41
30 45
32 41
30
41
38
76
8912 10214
8958 993
9
8958 9934
645a 7818
6518 81
5544 59
8644 103
391 88%
373 583
4
4
1021 10458
101 1053
4
841, 967
e
10518 109
10518 110
6318 86
104% 107
100 10411
16
2814
354 6812
4
34
137
10358 11312
5314 623
4
6512 86
781 9812
91 104
1035s 110
8814 10414
10512 115
101 11078
6912 9012
4112 65
4034 65
50 67
58
37
10912 115
10512 11018
1061, 10912
107 11512
99% 10612
7512 95 Tenn Coal Iron & RR gen M-1951 .1 J 11114.... 11058 June'34 ___- 104 11018
87 1004 Tenn Copp &Chem deb 6s B 1944 M S 81
83 8212
83
8 65% 8814
1947 3 D 81% Sale 8012
82
978 Tenn Elea Pow 1st es
30
618
57
84
1944 A 0 10318 Sale 10278 10314 112
70 Texas Corp cony deb 52
03
9672 10314
1980 1 J 53 Bale 5212
Third Ave Ry hrt ref 48
96 106
16
53
41
55%
AdjInc 58 tax-ex N Y_Jan 1960 A 0 2714 Sale 2614
27% 135
Da 5
We 31%
1937 1 I 9812 997 99
9934 17
e
258 412 Third Ave RR lot g 5e
86 100
MN 10558 Sale 105
10812 141 10118 107 4
10214 11012 Tobacco Prods (N J) 6146_2022
,
9412 933
Toho Elea Power let 71-1955 M 8 94
9838 106
4
80
95
7
943e
9738 10512 Tokyo Elea Light Co Ltd
1953 1 D 7018 Sale 6938
7012 64
let tis dollar series
103 109
6358 738
4
1949 M S 110 113 11012 June'34
Trenton G & El 1st g 58
63
51
102 110%
5444 55 June'34 ____
Truax-Traer Coal cony 6)0_1943 MN 52
37
ems
90 104
7218 Trumbull Steel 15t s f 6s.....1940 al N 96 Bale 9514
96
50
21
83% 96
58_1962 I J 2858.._ 28 Aug'28 ____ _ __
4518 73
*Twenty-third St Ry ref _
5778 Tyrol Bydro-Elec Pow 710.1955 13 E 683 703 7014
41
7014 4
4
4
48 7514
1952 F A 66
70 7014
221* 40 I Guar see e 1 7s
7014
45
6
76
13 8214 Sale 82%
734 37
7
83
63% 91 I Ujigawa Elea Power at 78-1945 M
4
885 I Union Elee Lt & Pr(Mo) Se-1957 A 0 1053 Bale 10514 106
8
61
25
9812 107
62 94% I Un EL & P (Ill) 1st g 6%8 A 1954 J .1 10558 Sale 10558 10634 20 102 10714
6658 36 I *Union Elec Ry (Chic) 5e..1945 A 0 117 1712 18 May'34 ____
17
24
747 105 I Union 011 30-7r es A-May 1942 F A 11414 ---- 114
11414 11 107% 11414
Deb 58 with
__Apr 1945 J D 10378 Sale 10312 104
8912 10458
36
904 104
United Biscuit of Am deb 6s 1942 MN 107 Sale 107
warr_107
9414 107
1 10214 10711
7812 90 I United Drug Co(Del)5a--.1953 M 8 84 Bale 83
84
47
60
8534
2012
89 108 :United Rya St List g 48_1934 J J 20 Sale 20
17
2012
8
US Rubber 151 & ref 5448er A 1947 J .1 8538 Sale 8518
78 104
8614 132
68 91
MN 95 10014 98 June'34 ____
23 I United SS Co 15-year 68 _ 1937
16
9012 08
Un Steel Works Corp 6148A _1951 1 D 3638 Sale 3534
101 110
3634 41
3534 665
8
1951 1 D 3614 Sale 3614
101 10912 I Sec.if 6441 serial C
363
4 10
361 668
4
Sink fund deb 6 Ms ser A 1947 J J 36 Sale 36
6912 86
z3612 20
36
87
6534 Un Steel Works(Burbach)7s 1951 A 0 10812 120 11412 11412
28
2 107 120
27 2614
Universal Pipe & Rad deb 6s 1936 J D 22
2614
13
31
2
48 46
25
46
40 8 I Unterelbe Power & Light 68_1953 A 0 45
7
8
4514 73 8
3
10738 I Utah Lt & Tree lat & ref 58_1944 A 0 6614 Bale 6618
67
10012
81
5712 7512
67
90 4 Utah Power & Light let 5s 1944 F A 6918 Sale 6918
3
70
62
6012 81
8
10414 10738 Utica Else L & P lets f g 511 1950 I 1 10818 1117 100 May'33
__
1051s 111% Utica Oas & Elea ref & ext 58 1957 3 J 11318 Sale 11244 11314
7 10I 1118;
1947 I D 3112 Sale 3118
2588 4712 Utll Power & Light 510
3214 84
22% 41
fob S, with warranta
1959 F A 2814 Sale 28
463
4
28
29 114
181, 381* .
47
30
8114
Vanadium Corp of Am cony 6s'41 A 0 81 Sale 81
47
30
5 62 8311
51
6 Bale
1942__
Vertientes Sugar 78 ctfs
6
6
358 14
Victor Fuel let s f 54/
19e3 j j 1812 23 1818 May'34
2918 55
1818 18%
2812 5434 Va Else & Pow cony 514s-1942 M 13 108 10858108
7 96 10812
10814
1954 1 D 10158 Sale 10114 10134 27 10114 1013
5s series It
4
29% 553 V* Iron Cool & Coke 151 li 68 1686 M5 80 Sole 60
60
2
4
60 6514
5434 Va Ry & Pow lit & ref 50.-1934 J J --- - 10058 10014 June'34 _
29
99 110
11312 Bale 11314 11344 54 108% 11412
Certificates of deposit
958 2212
32
2318 3512 Walworth deb 534s with ware '35 A 0 3014 Sale 3014
3
1258 443
A 0 30 - - 37 June'34 ____
Without warrants
10312 109
151e 37
let sinking fund es ser A _ _1946 A 0 45 Sale 45
85 100
4614 29
21
50
Warner Broe Pict deb ea__ _ _1939 MS 5514 Sale 55
94 101
59
4072 67
326
1944 A 0 295a 41
34 June'34
9444 9912 Warner Co 1st mtge 64
20
40
Warner-Quinlan Co deb 88_1939 M S a3814 Sale 23913
86
88
40
4811
6
30
864 9634 Warner Sugar Relln 1st 72_1941 J D 107 10814 10684 107
4
3 10512 1083
8
5113 35
1941 M 5 48 Bale 45
83 9912 Warren Bros Co deb (is
42 63
4
Wash Water Power a f fia _1939 .1 J 1053 10578 10578 1057
4
8534 1023
98% 1057
12
5
8
Westchester Ltg 58 stpd gtd 1950 J D 112% 1135 11358 11412
6614 77
5 105 11412
8
9914 West Penn Power ser A 58-1946 M S 1085 Sale 108% 1105
79
8 32 10358 11058
1363 as B 11212 Sale 11212 1123
1007 11212
4 17 104 1123
.
134 54 Berle* E
4
1956 1 D 10814 10912 10958 10934
let sec Se series0
83 10314
7 104 1093
4
Western Electric deb 5e. 1914 A 0 103 2 Sale 103
,
6358 89
97% 104
10312 45
,
6
10134 10778 Western Union coil trust 1 .1938 J J 9912 Sale 9912 10012 35
9118 102
Fundlcg & real est g 4115.1950 MN 83 Sale 81
9314 104
83
15
7414 9011
I5
-year 6145
1936 F A 1024 Sale 101
10214 23
504 69
96 1023
4
3618
39
25
-year gold Is
1961 J D 857 Sale 84314
86
76
79% 9514
8612 Sale 8412
30
-year 65
1960 M 13
8612 114
8912 101
79
9412
Westphalia Un El Power 68_1953 1 J 5212 Sale 523
105 109
4
548
46
423 683
4
4
100 10112 Wheeling Steel Corn 1st 6146 1948 J J 9312 Sale 93
8214 97
9
9312
1st & ref 414s series 1L...1953 A 0 84 Sale 8312
6758 88
844 13
72 873
4
White Sew Meet es woth wart'36 .1 J 5118 75 58 May'34 _._
95
69
a 58
1 J 5118 70 67 June'34 ___ _
Without warrants
70 89
49 69
Panic a I deb 68
8
1940 MN 50 ---. 503 May'34 _ ... _
48
52
39
573
4
9512 :Wickwire Spencer St'l let 7s .'35
78
9
918 Sale
.
Ctf dep Chloe Nat Bank _ _ _
321k 6712
1412
7
5
914
85 10
8
_85
Ctfs for col & ref cony 7e A 1935 MN
9 ____
412 14
451a 63
51% 684 Wllson & Co. 1st at 6s A- _1941 A 0 10618 Bale 1057
375 107%
4
16
8 107
-Is
741k 893
83
10012 10812 Youngstown Sheet & Tube '78 I .1 83 Sale 8214
45
4
1st mtge If Is ear B
1970 A 0 8914 Bale 8314
8414 80
100 108
7412 8912
93 105
r Cash sale not included in Year's Range,
901s 10011
a Deferred delivery were not included in Year's Range,
87 9812
• Negotiability impaired by maturity
7358 96%
t Accrued interest payable at exchange rate 0 5 866
4
35
I Companies reported in receivership.
37
z Deferred delivery sales in which no account7le taken in:computing the range,
1858 41
0012 103
are given below:
Am Roll Niill 58 1938, June 23 at 10334.
78 9214
Cent Pac 4s 1954, June 28 at 90
85 10112
Colon 011 68 1938, June 29 at 56.
90
74
Dominican 514s 1942, June 25 at 66%.
.
80 104
73
35
Kansas City Sou 3s 1950, June 23 at 714.
Pathe Exchange 7s 1937, June 23 at 98.
5612
36
Rhine-West El Pow es 1952, June 23 at 5711.
5714 7311
Un SO Wks 614 A 1947. June 26 at 3634.
5378 71
71
54
Warner-Qulnlan 6s, June 29 at 3834.
5334 71
4439
Financial Chronicle
Volume 138
5.
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at the
Boston Stock Exchange, June 23 to June 29, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price, Low. High. Shares.
Stocks—
Railroads—
Boston & Albany
100
100
Boston Elevated
Boston & Maine—
100
Prior preferred
Class A let pref stpd 100
Class 11 1st pref stpd_100
Class D lot pfd strut.100
Chicago Jet By & Union
Stock Yards pref _100
East Maw; St By—
Common
100
Maine Central Ity Co_ _100
Preferred
100
NY N Haven&Hartfor1100
Norwch & Wor RR pref 100
100
Old Colony RR
50
Pennsylvania RR
138% 139
634 64
64
27
10
13
16
10
13
100
990
99e
8
23
14%
120
102%
31% 30%
27
10
13
16
101
990
8
23
15%
121
10233
31%
Miscellaneous—
American Cont'l Corp.__.•
8
7% 8
Amer l'neu Service Co__25
2
233
Preferred
50
4% 5
lot preferred
50
17
17
Amer Tel & Tel
100 113% 113% 115%
Amoskeag Mfg Co
•
6
6
6%
Bigelow Sanford Carp Co
26
26
Brown Co 6% cum pref__• 14%
13
14%
East Gas & Fuel Man—
Common
•
7% 7%
6% sum pret
100
65
66%
44% prior preferred 100 72
70% 72
Eastern Steamship corn. •
74 8%
lot preferred
100
100 100
Edison Elec Ilium
100 142% 140% 144
Employers Group
10
10
10%
General Capital Corp____•
Gillette Safety Razor
Hygrade Sylvania Lamp.•
Int Hydro-El System CIA 25
Masa Utilities A8800 V t 0-•
Mergenthaler Lyno Co_ •
National Service Co coin..
New Eng Pub Serv com _ •
New Eng Tel & Tel____ 10
-0
Pacific Mills
100
Reece Button Hole Mch 10
Shawmut Assn tr ctts___ ..•
•
Stone AL Webster
Swift & Co
25
Torrington Co
•
Union Twist Drill Co_ __..5
United Founders com_
1
25
U Shoe Mach Corp
Preferred
25
Waldorf System Inc
•
Warren Bros Co
•
Waltham Watch pref_ _100
Mining—
Calumet & Hecla
25
Copper Range
25
Isle Royale Copper
25
New River Co prof_ __100
North Butte
2.50
Old Dominion Co
25
Pond Crk Pocahontas Co_
Quincy Mining
28
Utah Metal & Tunnel__ __1
21%
%
94
8
17%
12
66
35%
45c
18%
1%
433
21%
10%
23
6%
1.13
22%
%
21%
11
23
6%
153
23
93% 95
24% 26
11% 12
8
8
1311
17% 17%
57% 58%
11
13
65% 66%
34% 35%
5%
934 953
17
17
414
433
1%
52
410
850
18%
1%
3%
4%
4%
1%
52
45c
850
18%
1%
43$
Range Since Jan. 1.
25
June
Apr
Jan 140
70
Jan
12 109%
305 55
5
20
36
10
High.
Low.
234 Jan
9% Jan
Jan
10
154 May
86%
Jan
42% Feb
16% Feb
Feb
21
Feb
25
May
102
June
Mar 14%
May 27%
May 24
Feb 121
Jan 103
Jan 39
Jan
Feb
Mar
Feb
June
June
Feb
8%
4% Jan
450
313
2
May
120
4% June 10%
216
June 2$
10 16
2,13 10753 Jan 125%
534 May 10%
27
June 39%
1
25
Jan
16
20
5
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Apr
10%
Jan
Jan 654
72
Jan
Jan 10%
Jar 102
Jan 154%
Jan 12%
Feb
Apr
Apr
Feb
Mar
Feb
Feb
10 750
7
100
10 22
310 1314
84 100
31 78%
618 27%
5
45
55
7%
100
312 125%
7%
75
1
19
39
21
Jan
Jan
Ma
Jan
May
May
Jan
May
Jan
May
Jan
25%
12%
25
9%
24
27%
1
1%
96%
34%
12%
Feb
Jan
Apr
Feb
Feb
Feb
Mar
Feb
Apr
Feb
May
Jan
Jan
Jan
Jan
Jan
May
J80
Jan
Julie
6% May
Jan
17
9%
13%
19
62
15
134
68%
36
813
13%
21
Feb
Feb
Feb
Apr
Apr
Feb
Apr
Mar
Feb
Jan
Feb
3
1
30
250
55c
10
1
1
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
634
513
213
52
800
136
,
18%
24
5%
Feb
Feb
Feb
June
Jan
Feb
June
Apr
Feb
93%
Jan 105% June
38
Jan
65
377
15
40
675
81
60
300
402
105
39
20
8%
19
453
1
22
36
4
83
20%
10
440
313
130
78
240
185
586
322
75
135
10
654
5%
14
49%
8
Brs
563-1
32%
48
155
133
10
1,595
20
45
250
9,350
Bonds—
ChJctIty&UnStk Yds5s'40 104% 100% 104% $5,000
East Mass Street By—
9,000
Series A 4545
49
1948 49
48
z Ex-dividend. • No par value.
52
May
CHICAGO SECURITIES
Listed and Unlisted
Paul FI.Davis &
Members:
Chicago Stock Exchange
New York Stock Exchange
Chicago Curb Exchange
New York Curb (Associate)
37 So. La Salle St., CHICAGO
1
Chicago Stock Exchange.—Record
of transactions at
Chicago Stock Exchange, June 23 to June 29, both inclusive, compiled from official sales lists:
Stocks—
Sales
Friday
Last Illeek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
Abbott Laboratories corn •
25
Acme Steel Co
Adams (J I)) 131fg coin_ •
Adams Royalty Co com_ •
Advanced Alum Caatinge.5
•
Allied l'roducts Corp CIA,
A Roder Bros Co cony pfd •
Amer Pub Sere pref____ 100
5
Armour & Co com
Asbestos Mfg Co coin
Associates Invest Co corn_.
Assoc Tel Util $7 pr pre( •
Automatic Products corn_ b
Bastlan-Blessing Co ihom.•
•
liendix Aviation corn
ilerg heft Brewing Co__ .._1
Mfg CIA cony pref_'
Binks
Borg-Warner Corp com.10
100
7% preferred
Brach & Sons(E .1) corn_ •
Brown Fence AL Wire cl
iiiicyrus-Montglian cl A_ •
10
Bunte Bros com
Range Since Jan. 1.
Low.
High.
49%
39
11
3%
2%
13
20
933
6%
2%
61%
1%
8
50
150
100
900
500
50
40
70
550
200
50
10
3,500
40
27%
6
1%
2
10
10
6
5%
2%
55
%
2%
Jan
Jan
Jan
Mar
June
Jan
Jan
Jan
June
May
Jan
Feb
Jan
4% 433
14% 15%
736
13$
224 22% 23%
100% 10233
10%
10
2
2
2
13% 14
434 4%
800
650
1,650
10
1,600
40
200
50
250
10
4%
13%
6%
1%
20%
93
8
1%
10%
3
Jun
10
Feb
May 23% Feb
May
11% Jan
Apr
3
Feb
May 28% Feb
Jar 106% May
Jar
114 Mar
Jan
4-1 Feb
14
Jar
Jan
Jan
7
Mar
9%
2%
6133
8
14%
4914
38
Ion
333
2
13
19
913
5%
2%
61%
1%
7
51%
47%
16
4
4%
2033
25
13
6%
3%
61%
1%
9%
May
Feb
Apr
May
Jan
Feb
Feb
Feb
June
Jan
June
June
Feb
Friday
Sales
Last Week's Range for
IVeek.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Butler Brothers
10
Central Iii PS pref
•
Central III Secur corn__ 1
Convertible preferred.. _
Central Ind Pow pref...100
Central Pub Util cl A_ •
Cents W Util common__ •
Preferred
•
Prior lien pref
•
Chicago Corp common._.'
Preferred
Chicago Flex Shaft corn _..5
Chicago Mail Order com _5
Chic & N W Ry corn_ _100
Chic Rivet & Mach corn •
Chicago Yellow Cab cap _ _•
Cities Service Co corn....•
Club Alum Utensil Co_ *
Commonwealth Edison ifiu
Congress Hotel corn_ _100
Cord Corp cap stock
Crane Co common
25
100
Preferred
Deep Rock Oil cony pref. •
Dexter Co (The) corn._
Eddy Paper Corp (The)_...•
Elec Household 130Icap....5
General Candy Corp A.__5
Gen Household Util corn.
•
Godchaux Sugar Inc el B_•
Goldblatt Bros Inc corn_ •
Great Lakes Aircraft A_ •
Great Lakes D & D
Greyhound Corp new cam •
10
Hall Print Co corn
Harnischfeger Corp corn •
Hormel & Co A corn
•
Houdaille-Hershey el B •
•
Class A
Illinois Nor Util prof...100
Interstate Power $7 pref_'
Iron Fireman Mfg v t e_ •
Kalamazoo Stove corn_ •
Katz Drug Co comrnon_l
Kellogg Switchboard coin10
Keystone St & Wire corn.•
Ken Util Jr cum pref____50
Kingsbury Brew Co cap_.1
r.ibby McNeil & LIbby__10
Lincoln Print Co7% preferred
50
Lion Oil Refining corn....'
.
Loudon Packing com
14%
3-4
7.4
513
15
2
11
13
2
52%
3%
55
8
15
4%
12%
633
10
35%
3%
18%
10
434
533
4
McCord Bad & Mfg A..°
McWilliams Dredging Co_*
1933
Marshall Field common •
Matl Service Corp corn..10
MIckelberry'sFdProd corn 1
Middle West Util coral___•
15
$6 cony pref A
•
4
Midland United—
Convertible preferred •
Monroe Chemical Co corn*
Muskegon Motor Spec A •
Natl Battery Co pref.....' 20
National Leather corn. Br
Natl Rep Inv Tr cony pref*
National Standard corn •
Noblitt-Sparks Ind eom •
North Amer Lt & Pr corn.l
Northwest Bancorp cow. •
3%
No West Util 7% pr lien100
7% preferred
100
Okla Gas & El 7% pref.100 81
Oshkosh Overall oom
413
•
Penn Gas & Elec A corn...
• 15
Pines Winterfront corn _ _5
Prima Co common
•
434
Public Service of Nor 111—
Common
60
6% preferred
100
7% preferred
100 72
Quaker Oats Co—
Common
•
Preferred
100
Reliance Mfg Co—
Common
10 13
Southw Gaa &El 7% pf 100
So'west IA Ar. PO w prof..'
St Louis Natl Stkyds cap.*
Stand Dredging cony pf _ •
Common
1
Swift International
lb
Swift & Co
25
Thompson (J R)com _25
U S Gypsum
20
Utah Radio Prod corn
•
Util dr Ind Corp corn
•
Convertible preferred_ •
Viking Pump Co corn__ •
Vortex Cup Co—
Common
•
Wahl Co com
•
tValgreen Co common__ —•
Ward (Monti?) Jr Co ol A.'
Wayne Pump cony pref_.•
M ieboldt Stores Inc com •
Wisconsin Bkshares corn.'
Zenith Radio Corp com__•
31
%
31%
17%
44%
1
13%
1%
27
Range Since Jan. 1.
12%
24
133
8%
15%
34
2
1314
17
4
3133
11
Apr
Apr
Feb
Feb
June
Feb
Jan
Jan
Jan
Jan
Feb
June
15%
17%
16%
434
13
62
44
8%
1113
6533
Feb
Apr
May
Feb
Jan
Feb
Feb
Jan
Jan
Jan
531 Jan
3% Feb
414 Ma
854 Jai
4
Jan
Jan
3% Jan
15% Mar
13 June
16% May
54 Feb
333 Jan
5
May
16
May
3% Jan
Jai
11
42% Jan
10 June
8
Jai
Jan
20
21
Jan
2% Jan
II% Jar
8% Jun
4% Jun
3
Jan
754
654
834
15%
7%
16%
10%
32%
113
22
19%
913
7
19
6%
23
70
17%
18
27%
38
5%
233s
23
9%
733
Mar
Jan
Apr
June
Mar
Apr
Mar
Feb
Feb
Jan
May
Feb
Feb
Jan
Jan
Jan
May
Jan
June
Feb
Apr
Apr
May
Jan
Jan
Apr
2
Ma
333 Jun
16% Apr
43-4 Apr
554 Feb
20
3,300
350
100
100
60
100
150
80
40
4,500
250
200
150
350
100
600
4,650
100
1,550
10
2,850
250
20
4
124
34
513
6%
%
%
4
5
1%
2214
614 7%
413
814
8
14% 15%
5
12
12%
8%
17% 17%
34
17% 17%
17% 17%
633 6%
6
6
17
17
4
433
20
20
68
68
10
10
15% 15%
23
23
34
36
3% 3%
18
18%
8% 10
43-4 4%
5
230
40
190
1,300
800
2,050
250
50
100
300
400
50
50
50
500
50
20
1
150
50
750
50
500
10
500
4,550
50
150
200
3
3
313 4
19% 20
Ifigh.
Low.
9
15%
31
754
15%
%
%
6
15
233
26%
11
13
9%
12%
14%
2%
N
534
20
44
8%
56
814
14%
3.3
754
15
3-6
31
513
14%
2
26
10%
12%
933
11
14
2
34
524
20
313
8%
55
12%
64
6
114
1%
%
:44
20
3%
733
44
Jan
Jan
June
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
Jan
Mar
Jan
Jan
Jar
Jai
Jun
Jun
Jar
Jar
10
10
1933 20
15
15%
334 3%
1% 1%
h
14
14
Si
240
400
250
100
450
5,300
100
214
1414
124
3%
1
33
33
Jan
Jan
Jan
May
Apr
Jan
Jan
20
2613
19%
5
334
1
5
12
20
134
13-4
25%
12%
2
3%
433
154
8034
453
14%
33
454
1
5
12%
20%
133
14
2514
12%
23.(
4
43.4
134
81
433
16%
13
5%
100
2
200
2
300
100
100
300
650
300
10
10
70
250
950
50
1,900
34
213
9%
19
I
1%
21
12
1%
311
3%
1
60%
334
6
34
4
June
Jan
Jan
May
Jan
Jan
Jan
Jan
Jar
Jun
Jai
Jan
Jan
Jan
Jan
June
June
113
834
14%
23
2%
233
273$
16
434
614
17% 17%
63
61
69
72
150
160
70
13%
34
3834
Jan
Jan
Jan
115
126
116
126
Apr
Jan
Apr
Mar
Jan
Feb
2% Feb
5
81%
831
19%
233
124
Feb
Feb
Jan
Feb
Feb
May
Feb
Feb
Feb
Jan
Feb
Jan
May
Feb
June
Feb
Jan
22
65
72
Feb
Feb
June
Apr 123% Jan
June
Jan 126
100 106
10 115
13
13
13
June
19%
Apr
58
31
603$
3
%
31
1734
634
44%
1
1
33-4
4
19
5934
1
31
60%
1
50
3
150
1
2,100
32%
18% 12,150
6%
300
44%
50
150
134
200
15-4
353
100
4
20
40
16%
50
2%
%
24
14
6%
3933
1
53
113
1%
Jan
Jar
Jar
Jun
May
Jan
Jan
Jun
AP
May
Jan
Jan
Jan
60
32
61
534
253
32%
18%
103$
50
234
2
6
5
Mar
Mar
May
Feb
Jan
Apr
Feb
Feb
Jan
Jan
Feb
Feb
Mar
200
700
850
310
100
50
200
500
8%
1
17%
88
I%
10%
23-4
233
Jan
14%
Jan
2%
Jan 29
Jan 123
Jai
6
Jai
Jan
4
5
Jun
June
Feb
June
June
Apr
Feb
Feb
Feb
133-4
133
27
120
2
12
2%
2%
23-6
13%
1%
2734
123
2%
12
2%
3
200
Bonds—
Chic City fly 5s
1927
Certificates of deposit__ ...... 55
$5,00
55
208 So La Salle St Bldg
5139
1958
28% 283-4
1,000
• No par value. x Ex-dividend. a Flat.
44
Jan
55
June
26
Jan
38
Mar
Toronto Stock Exchange—Curb Section.—Record of
transactions in the Curb Section of the Toronto Stock Exchange, June 23 to June 29, both inclusive, compiled from
official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low, High. Shares.
Bissell(T E) Co pref
Brewing Corp corn
Preferred
•
Can Bud Breweries corn..•
28
8%
29
9%
28
28
84 9
27
29%
954
974
10
1,864
1,416
790
Range Since Jan. 1.
Low.
June
28
Jan
5
Jan
15
75-4 Jan
High.
29
Jan
11
May
3134 Ap
12
Ma
0
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Canada Malting cora_ _ _•
Canada Vinegars cora_ __ _*
Canadian Marconi
1
Can Wire Bound Boxes A.*
Consolidated Press A__ _ _*
Distillers Seagram
•
Dominion Bridge
Dorn Motors of Canada_10
Dom Pr & Trans Stubs__ •
Dom Tar & Chemical corn•
Preferred
100
Dufierin P&C Stone p1.100
32%
26%
2
1431
735
7%
1505 1505
31%
25
1.25
2%
2%
22
30
3335
26%
2%
33%
26%
2%
15
705
16
32
25
1.50
2%
22
3005
Goodyear Tire & Rub corn*
117 11704
Hamilton Bridge prof...100
27
27
Honey Dew corn
• 750
750 75e
Howard Smith pref. __100
64
64
Humberstone Shoe corn..' 26
26
26
Imperial Tobacco ord...-5
10% 503'
Langley, prof
52
52
Mercury Mills
15
15
Montreal L,H & P CODS- •
34% 3605
Ontario Silknit pref. -100
4004 4034
Power Corp of Can corn..' 10% 10% 11
•
Rogers Majestic
811
705 831
Service Stations corn A. •
100
Preferred
Shawinigan Water de Pr_'
Stand Pay & Matla SOM..*
•
Stop & Shop corn
Tamblyns(G)Ltd corn. •
Preferred
100
Toronto Elevators corn.....'
Preferred
100
United Fuel Invest pref 100
•
Walkerville Brew
7
56
7
7
55
57
19% 2104
2
2
201
6% 6%
28
28
104 104
26
26
26
9904 99% 10035
19
17
20
9
9
931
British-American Oil
* 1405 1405
Crown Dominion Oil
•
3
• 14% 14%
Imperial Oil Ltd
International Petroleum..' 2715 26%
McColl Frontenac 011 corn'
13
Preferred
100 8931 88%
5
North Star Oil prof
1.70
Supertest Petroleum ord..' 2301 22
Thayers Ltd preferred_ _•
40
*No par value.
15
3
15
27,1
1304
89%
1.75
2304
40
Range Since Jan. 1.
Low.
High.
300 28%
95 2135
2
80
225 13
6
40
2,345 15
80 2531
40 25
250 1.10
105
2
5 1831
35 18
Jan 3531
Jan 27
401
June
Feb 1605
Jan 11%
May 26%
Jan 37
June 80
Mar 1.50
Jan
5%
Jan 30
Jan 40
Mar
Feb
Feb
Jan
Feb
Jan
May
Jan
June
Feb
Feb
Mar
22
25
300
5
10
280
45
15
207
21
178
1,632
90
27
400
51
24
10%
25
15
3305
31
7%
5
Jan 136
June 37
June 1.50
Jan 64
Mar 28
June 12%
Jan 63
June 18
Jan 39%
Jan 4335
Jan 15
Jan
905
Feb
Feb
Apr
June
June
Feb
May
May
Feb
Mar
Feb
June
110
40
41
140
6
3205
18
134
405
20
90
17
8934
9%
5%
Jan 1001
Jan 60
Jan 2401
Jan
435
Jan
9
Feb 28
May 106
Jan 28
Jan 100%
Jan 2001
Feb 10
Feb
Apr
May
Feb
Apr
June
Apr
Mar
June
Apr
May
1234
Jan 15%
Jan
404
Jan 15%
Jan 2835
Jan 1431
Jan 91
Jan 1.90
Jan 2934
Jan 42
Mar
Mar
June
June
Apr
May
May
Mar
June
5
5
5
10
20
198
1,130
2,656
200
5.143
4,982
375
2
12%
1834
10.05
as 71%
1,000 1.40
195 16
10 18
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Concluded) Par Price. Low. High. Shares.
Moore Corp corn
A
Members New York Stock Exchange, Toronto Stock Exchange
and other principal Exchanges
65 Broadway, New York
230 Bay St., Toronto
256 Notre Dame St. W., Montreal
-Record of transactions at
Toronto Stock Exchange.
the Toronto Stock Exchange, June 23 to June 29, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
ofPrices.
Sale
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Abitibi Pow & Pap coin- • 1.25 1.25 1.50
85
160
85
Beatty Bros pref
5% 6%
5%
Beauharnois Power corn.*
100 118% 118 11905
Bell Telephone
6
Blue Ribbon Corp coin_ •
31
3134
605% preferred
50 31
2514
Brantford Cord 1st pf. 25 2535 25
9
Brazilian T L & Pr cora_ _•
8% 934
Brewers & Distillers corn.* 1.25 1.25 1.35
2
2
215
B C Packers corn
•
12
14
Preferred
100 12
26% 263i
B C Power A
•
22
22
Building Products A---.* 22
3234 33
Burt (F N) Co com_ __25
590 1.00
30 69
3%
320
197 110
4
25
34 2305
25 22
2,834
805
2,775 1.20
190
205 10
10 23%
145 16
70 27
•
235 2%
Canada Bread corn
7
7
814
Canada Cement coin...-.
43
41
Preferred
• 42
5% 55i
Canadian Canners corn. *
• 83% 8255 8305
Cony preferred
734 8
100
1st preferred
7%
6
7%
Canadian Car & Fdry com•
14
25
14
Preferred
Can Dredge & Dock cora_• 22% 21% 22%
135 135
Can Gent Electridcom 50
50 62
6135 62
Preferred
8
9,4
Can Indus Alcohol new corn
731 10%
A
•
8
• • 8%
701 8%
15
• 15
16
Canadian 011 corn
100
113 115
Preferred
1334 14%
Canadian Pacific Ry--.25 14
•
604 7
Canadian Wineries
6%
6% 6%
655
Cockshutt Plow coin_ _ •
801
835 905
Consolidated Bakeries__ _•
..25 150
145 152
Cons Mining & Smell.
100 181
181 184
Consumers Gas
11
11
Cosmos Imperial Niills_ •
18
20
Crow's Nest Pass Coal_100
90
2% June
505
1,723
6% May 12
35 33
Jan 53
60
5 June
8
83 75
Jan 87%
7% June 10
90
205
6 June
9%
20 1134 Jan 16%
20 20
Jan 34%
3 124% Feb 110
57 59
Feb 83
140
8 June 14%
4,581
835 June 2005
40
7% June 19%
190 12
Jan 18
164 92
Feb 120
2,160 1201 Jan 18%
235
6 June 11%
170
6 June 10%
570
7% Jan 12%
312 131
Feb 170
204 165
Jan 186
7% Jan 11%
250
51 16 May 20
Jan
Feb
Feb
Apr
Apr
Feb
Mar
Feb
Feb
June
May
May
Jan
Jan
June
June
Mar
Jan
Feb
Feb
Apr
June
Feb
May
Dominion Stores com____• 1931 19
6634
Eastern Theatres pref._
6
Easters Steel Prod com. •
• 29% 2904
Fanny Farmer corn
20
• 20
Ford Cool Canada A
4%
4%
Geri Steel Wares corn...*
Goodyear Tire & Rub pf100 112% 111
14
Gt West Saddlery pret.100
631
Gypsum Lime & Alabast_•
8
8,4
'Linde & Dauche Paper..'
20%
605
6
3001
21
4%
11205
14
631
835
460 19
10 66%
35
6
350 13
1,795 15
25
3%
73 106
50 11
545
401
175
53i,
May 23
June 75
June 13
Jan 32%
Jan 2535
Jan
6
Jan 114
Feb 15
Jan
831
Jan
8h
Mar
May
May
June
Feb
Feb
June
Apr
Feb
June
108
Intl Milling 1st pref...100 110
International Nickel corn.' 25.50 25.00
•
3
hit Utilities A
•
70o
11%
Lake of Woods Mill corn.*
56%
Laura Secord Candy cora-•
Loblaw Groceterlas A__ _ _* 1634 1605
15%
•
50c
Maple Leaf Milling corn..'
7
100
Preferred
405
434
Massey-Harris corn
71
Monarch Knitting pref 100
110
11 99
26.05 12,010 1.15
305
125
3
800
210 700
11%
200 10%
50 46%
57
17
1,175 14
16
125 13%
60c
215 50c
7
64
5
405 2,145
405
71
20 45
June 11034
Jan 29.00
May
6%
June 1.50
June 14
May 59
Jan 18%
Jan 17%
June 6.00
May 1001
June
805
Jan 71
June
Apr
Feb
Feb
Feb
May
Apr
Apr
Jan
Feb
Feb
June
Jan 2.25 Apr
Jan 87 May
Jan
9% Feb
Jan 120 May
May
6 June
Jan 32
Apr
Jan 2535 June
June 14% Feb
June 2.95
Jan
June
3.05 Feb
Feb 14 June
Jan 3234 Feb
Jan 23% Feb
Jan 34 May
1505
110%
119
750
1915 1955
534
8
6931
19
22%
1504
100
100
Muirheads Cafeterias corn*
National Sewer Pipe A..*
Ont Equitable 10% pd_100
Orange Crush 1st pref.
_100
Page-Hersey Tubes coin.*
Photo Engravers dr Elec. •
Riverside Silk Mills A_ •
1531
11005
119
1.00
2034
505
8
70
1935
22%
Range Since Jan. 1.
Low.
High,
Jan 17%
220 11
Jan 114
35 96
10 109% Jan 130
180 750 June 3.00
270 1435 Jan 20%
9
150
515 June
Jan
8
5
10
Jan 77
30 55
Jan 20%
30 14
Jan 24%
5 19
Feb
June
May
Feb
Feb
Feb
June
Mar
June
May
6634
5
35
37
634
45c
435
5
67
53.4
36
3804
7
550
4%
534
50
30
210
41
60
790
2,790
90
4205
5
28
31
605
450
335
4
Jan 74
June 113-4
Jan 38%
Jan 3834
June 1305
June 1.00
Jan
634
801
June
June
Jan
Apr
Apr
Feb
Jan
Mar
June
Walkers (Hiram) corn...* 3651 35%
Preferred
• 1634 1505
Western Can Flour cora •
8.55
6
Preferred
100
56
Weston Ltd (Geo) corn_• 3734 37
Preferred
100
105
Zimmerknitt cora
531
3734
1604
605
57
37%
106
5,1
2,232
3,000
105
20
1,010
25
40
30
15
6
48
28
8805
4
May 57%
May 17,1
805
June
Jan 62
Feb 3905
Jan 110
Mar
6,4
Jan
Jan
Jan
May
Apr
June
May
Banks-Commerce
Dominion
Imperial
Nova Scotia
Royal
Toronto
155
186
172%
258
155
202
328
58
81
15
118
7
123
133
141
255
130%
162
Jan
Jan
Jan
June
Jan
Jan
168
186
180
278
168
210
Feb
Mar
Feb
Jan
Mar
May
Jan 140
Jan 95
Feb 105
Jan 110
Apr
May
June
June
Simpson's Ltd 'ref---100 66%
5
Stand Steel Cons corn...'
Steel of Canada corn.....' 3504
Preferred
25 3805
Tip Top Tailors corn....'
Traymore Ltd eora
• 45c
434
Union Gas Co cora
United Steel
•
100
100
100
100
100
100
155
165
17205
258
155
Loan and Trust
Canada Permanent...A(/0 124
Huron it Erie Mtge.-100
Ontario Loan it Deb_ ..50
50
Toronto Mortgage
146
164
170
255
144
202
122 124
7605 7605
105 105
109 109
42 118
5 70
14 102
38 100
•No par value.
-Record of transactions at
Montreal Stock Exchange.
the Montreal Stock Exchange, June 23 to June 29, both inclusive, compiled from official sales lists:
Stocks-
CANADIAN MARKETS
JENKS, GWYNNE & CO.
June 30 1934
Friday
Sales
Last Week's Range for
Sala
ofPrices.
Week.
Par Price. Low. High. Shares.
•
534 601
Agnew-Surpass Shoe
3
3
3
Alberta Pacific Grain A--•
16
16
100
Preferred
14
14
Amal Elec Corp pref._ .50
505
Bathurst Pow it Pap A.-•
555 615
12
.100
12
Bawlf Nor Grain prof.
Bell Telephone
100 11834 118 119
8% 9
•
9
Brazilian T L dz P
2
2%
•
2
B C Packers
26
26%
Brit Col Pow Corp A....* 26
•
8%
5% 505
B
16
• 16
16%
Bruck Silk Mills
•
22
2201
Building Products A
•
Canada Cement
Preferred
100
Can Forging, class A_ •
Can Iron Foundries pret100
Can North Pow Corp....*
Canada Steamship
•
Preferred
100
•
Canadian Bronze
100
Preferred
Can Car it Foundry
•
Preferred
25
Canadian Celanese
•
Canadian Cottons
100
Can Hydro-Elect prof. 100
•
Can Indust Alcohol
•
Class B
Canadian Pacific Ry____25
•
Cockshutt Plow
Con Mining it Smeiting.25
•
Dominion Bridge
Dominion Coal pref._ _100
Dominion Glass
100
Preferred
100
Dom Steel & Coal B._25
*
Dominion Textile
Preferred
100
Dryden Paper
*
Eastern Dairies
•
Famous Players C ern_
•
Foundation Co of Can...'
General Steel Wares
•
Gurd (Charles)
•
Gypsum Lilac it Alas_ •
•
Hamilton Bridge
Hollinger Gold Mines.
...5
100
Holt Renfrew pref
Howard Smith Paper M...•
Preferred
100
Internatl Nickel of Ca....*
International Power •
•
Preferred
100
Jamaica PS Ltd pref.
..100
Lake of the Woods
•
Preferred
10?
,
Massey-Harris
McColl-Frontenac 011- •
Montreal Cottons wet-100
Montreal L H it Pow Cons'
Montreal Loan it Mtge__25
Montreal Tramways.- _100
National Breweries
•
Preferred
25
National Steel Car Corp...'
Ogilvie Flour Mills
•
Preferred
100
Ottawa L It it Power. 100
Preferred
100
Power Corp of Can
Quebec Power
St. Lawrence Corp
A preferred
50
St Lawr Flour M pref.-100
St L awr Paper pref. __100
Shawinigan Wat it Pow..'
Sherman-Williams of Can •
Preferred
100
Southern Can Power
•
Steel Co of Canada
•
Preferred
25
Thu Biscuit
Preferred
100
Range Since Jan. 1.
Low.
High.
835
June
Jan
7
June 22
Jan 14
8%
Jan
Jan 12
Jan 120
June 14%
3%
June
Jan 32%
8%
Jan
Jan 22
Jan 2335
Feb
Feb
Mar
May
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Feb
7
eh 1,225 635 Jan 12
.
4135 43
120 32
Jan 5235
4
4
10
4
6%
Jan
50
50
3 so
Feb 52
2005 22
1.548 1634 Jan 2205
2
235
100 70c Jan
234
7
7
100
205 Jan
9
21% 22
140 17
Jan 27
101 101
20 95
Jan 109
6
7% 2.720
6 May
991
1204 15
890 11% May 16
18% 1835
150 1601 Jan 22%
63
65
70 41
Jan 72
70
72
28 5435 Jan 76
7% 10
8,830
705 June 20%
601 855 4,030
6% June 19%
1334 1434 2,877 12% Jan 1835
6% 6%
115
6% June losi
147 152
579 132
Jan 170
Feb
Feb
Feb
Feb
Mar
Apr
Apr
Mar
May
Mar
Feb
Mar
Feb
Apr
Jan
Jan
3131 32%
85
88
85
85
125 126%
4
405
85
86
130 130
4
401
3
3
1205 12%
16
18
4% 5
8
835
631 6,4
634 6,4
17.50 18.10
39
89
8
834
61
65
24.90 26.00
231 234
24
25
433 2505
100 10
2 80
30 113
3,120
234
275 67
28 112
230
4
100
3
5 10
150 10
738
314
160
605
135
4%
so 531
3,728 11.40
25 35
90
4
107 33
5,649 21.15
25
2
60 14
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
Feb
Jan
Jan
Jan
Jan
Jan
37
92
100
130
5%
88
140
7%
5
18
16%
6
1115
8%
905
19.50
50
11
73
29.00
3
25
Mar
June
Mar
June
Apr
May
May
Feb
Feb
Apr
Feb
Apr
Feb
Feb
Apr
Apr
May
May
Apr
Jan
June
100
10%
6755
405
13
80%
35
40
98%
27%
3504
14
199
140
85
103
100
1105
67%
4%
13%
8004
36.04
40
100
27%
35h
1535
199
140
85
103
3 97
281 1055
5 55
1,515
434
1,542 1034
34 63
5,108 33
2 40
108 0854
597 2354
140 31
360 123.4
3 180
3 125
37 79
15 90
Jan
May
Jan
June
Jan
Jan
Jan
Apr
June
Jan
Feb
Jan
Apr
Jan
Jan
Jan
100
15
73
8
14%
87
3935
47
125
28%
36
18%
209
140
92
103
Jan
Feb
Mar
Feb
Apr
Feb
Feb
Feb
Feb
Mar
Apr
Feb
Feb
June
Mar
June
1001
16
234
9
1001
16
2.31
9
100
11
1705
234
10
100
19%
1535
83
16
3501
38%
23-4
1934
1534
83
1334
3511
37
231
17
20%
16
83
16
36
39
235
17
405
505
880
555
10
657
4,367
150
15
1,443
400
155
70
10
Jan 15
Jan 20
3%
Jan
Jan 1114
Mar 101
Jan 26
Jan 2435
Jan 21
Jan 8734
Jan 16
Jan 38
Jan 39
5
May
Apr 23
Feb
Feb
Feb
May
Jan
May
Feb
Mar
Mar
Mar
Mar
June
Jan
Feb
7
4105
22
22
734
1405
72
8
.23'
14
655
150
3134
434
8534
17.50
8
61
25.60
24
434
13
35
98%
27,5
15%
225
5,1
90
3
10 16
10 10
695
3
25
7
367 110
3,231
834
1.570
2
700 22,1
1.345
434
740 16
140 1605
705
15
114
554
96
12
1731
1205
60
11
28
31
205
17
mar
Feb
Mar
June
Sales
Friday
Last Week's Range for
Sale
Week.
ofPrices.
Stocks (Concluded) Par Price. Low. High Shares.
Wabasso Cotton
Winnipeg Electric
BanksCanadlenne
Commerce
Montreal
Nova Scotia
Royal
30
100
100
100
100
100
30
32
2% 3
135
155
189
259
155
135
145%
186
259
145%
137
155
189
260
159
Range Since Jan. 1.
20
1%
65
283
33
198
167
55
216
High.
Low.
Jan
Jan
Apr
Feb
37
4
Feb
Feb
Feb
Feb
Feb
135 June 145
Jan 166
129
169
Jan 203
256
June 276
129% Jan 166%
* No par value.
Montreal Curb Market.
-Record of transactions at the
Montreal Curb Market, June 23 to June 29, both inclusive,
compiled from official sales lists:
Stocks-
grope
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
Asbestos Corp Votg trusts*
Assoc Breweries of Can...*
Cum preferred
100
Assoc Oil & Gas Co Ltd_ __*
Bathurst Pow & Paper B_•
Brit Amer Oil Co Ltd_ _ _ _•
Canada Vinegars Ltd__*
Cncln Dredge & Dk Ltd_ _*
Cndn Foreign Invest Corp*
Preferred
100
CndnVickersLtd cum pf100
Champlain Oil Prods pf __•
Commercial Alcohols Ltd_*
Range Since Jan. 1.
High.
Low.
8%
10
1
92
18c
18c
2%
14% 14%
26%
2236 21%
22
100
6%
8%
835
600
8%
1014
92
200
2%
14%
26%
22%
22
100
6%
835
600
57
430
5
250
25
1,193
25
50
25
29
20
797
100
8%
9%
90
180
1.75
13
22%
20%
9
80
6%
7%
50c
June 13%
June 13
Feb 93
Jan 350
3%
Jan
Jan 15%
Jan 27%
Jan 34%
Jan 25
Jan 105
June 11%
Mar
9
1.50
Apr
Apr
Feb
May
Jan
Feb
Mar
Feb
Feb
May
June
Jan
Mar
Jan
2
15%
24
19
20
515
1.10
14%
10%
4%
27
2
15%
26
19%
20
536
1.16
15
10%
5
27%
110
940
125
145
5
60
375
2,692
1,820
375
987
2
15
20
19
15
2%
1.10
12%
10%
3
19%
Jan
May
Jan
June
Jan
Jan
June
Jan
Jane
Jan
Jan
2
26%
28
22%
29%
9
1.90
15%
12%
5
30%
Jan
Jan
Feb
Mar
Feb
Apr
Feb
June
Feb
Feb
JIlaa
12
5%
5
70
70
4
8
9
23
1.50
9.00
36
1534
12%
6%
6
70
4%
834
9
23
1.75
9.25
37
16%
575
115
265
6
145
90
5
5
325
3.322
840
853
11
5
5
56
2
S
9
23
1.25
3.90
30%
15%
Apr
June
June
Jan
Jan
June
Mar
Feb
May
Jan
May
June
17
11%
10%
74%
6%
8%
11%
25
3%
10.00
58
17%
May
Jan
Feb
Max
Feb
June
Jan
Jar
Max
Apt
Jar
Jar
6
98
3%
3%
65c
80
87
6%
100
7
3%
75c
85
88
576
122
994
20
985
153
110
3% Jan 10
88% Jan 100
3 June 14%
634
3
Jan
1.50
650 May
Jan 85
51
Jan 90%
72
Feb
Max
Max
Feb
Feb
June
Mal
David Az Frere Ltee A_
•
Distill Corp Seagmms Ltd*
Dominion Eng Works Ltd•
Dominion Stores Ltd
*
DomTar Az Chem cumpf100
Fraser Cos votg trust.. •
Home Oil Co Ltd
•
Imperial Oil Ltd
•
Imp Tob Coot Can Ltd_ _5
Int Paints (Can) Ltd A_ •
lot Petroleum Co Ltd _ _•
Melchers Distill Ltd A___•
*
B
Mitchell & Co Ltd (Robt)•
Page-Hersey Tubes Ltd_.
Regent Knitting Mills Ltd•
Rogers Majestic Corp_ __.•
Thrift Stores Ltd
•
Cum pref 631%
25
United Distill of Can Ltd •
Walkerville Brew Ltd____•
Walk Good & Worts
•
Preferred
•
26
19%
14%
27%
12
5
4
835
9.20
36%
6%
Public UtilityBeauharnois Power Corp.*
6
C No Pow Corp Ltd pf 100 100
City Has & Elec Corp Ltd •
Inter Util Corp class A. •
Class 13
1 70o
Power Co of Can cum pf100 84
Sou Can P Co Ltd pref_100 87
Mining
Big Missouri Mines Corp-1
3,520 26360 June 50c Fel
27c 280
320 23.50 Jan 34.50 Apo
13u1olo Gold Dredging Ltd5 32.50 32.00 33.75
90 Mao
Jan
lo
Cartier-Malartic GM Ltd 1 3%o 3340 435c 14,900
85 32.75 Jan 44.00 Juno
Dome Mines Ltd
43.00 43.00
•
Jackson Manion Cons_ _ _.l 44c
410 47c 27,300 3913 June 47c Juno
Lake Shore Mines Ltd_ _ _ 1 53.5053.00 53.75
207 42.50 Jan 54.25 Alai
.
Lebel Oro Mines Ltd
1
150 14360 17360 17,000 8360 Jan 2535c Api
McIntyre-Porcupine Ltd_5
50 39.60 Feb 49.65 Ma
49.00 49.00
2.28 Fel
1.69 Feb
Mining Corp of Can Ltd_ •
100
1.88 1.88
Noranda Mines Ltd
• 43.40 42.75
Parkhill Gold Mines Ltd 1 44o
39e
Quebec Gold Mining Corpl 1735c 15c
Read-A uthier Mine Ltd_ _1
1.60 1.50
Siscoe Gold Mines Ltd _1
2.33 2.28
Sullivan Gold Mines Ltd.1 3934c 38%o
Tech-Hughes GM Ltd_ _ _1
6.90 6.40
White Eagle Silver Mines.*
250
Wright Harg Mines Ltd._' 9.75 9.15
43.85
44c
1734c
1.74
2.37
430
6.90
25c
9.45
1,257 33.25 Jan 45.00 Juno
Jan 71340 Ma
12,500 360
Ap
12,500 150 June 70c
1.74 Jun
36,252 260
Jan
2.65 Ap
3,655
1.43 Jan
Jan 500 Ap
11,025 25e
8.00 Ap
1,180
5.80 Jan
500 250 June 410 Fel
6.75 Jan 10.25 Ap
4,640
Fel
Jun,
Ma
Ap
Ma
Ap
Jun
Jun
Ap
Ma
Unlisted
Abitibi Pow & Paper Co_'
Ctfs of Dep 8% pref_100
Brewers & Distill of Vane.*
Brew Corp of Can Ltd- _....•
Preferred
*
Canada Malting Co Ltd_ _•
Canada Bud Breweries_ •
•
Cudn Industries Ltd 13_
100
Preferred
Claude Neon Gen Ad Ltd_•
Como'Paper Corp Ltd._.*
Fe
At
Fe
At
At
Ma
Ma
Ma
Jun
Ja
Ja
Ford Motor of Can Ltd A*
General Steel Wares pref100
LauraSecordCandyShoPs •
Loblaw Groceterias Ltd A*
•
B
100
Price Bros Co Ltd
inn
1.25
1.25
834
2934
3334
2%
20%
42
1.25 1.40
6% 6%
1.15 1.30
835 9
27
2936
3234 33%
93.4 934
162 164
14134 141%
350 35o
2% 2%
20
38%
57
16
16
3
952
21
47
57
16%
16
4
211
1,655 900
25
4
1.15
675
5%
1,265
426 15%
260 28
115
835
105 148
5 137%
225 350
1.311
1.75
Jan
234
Feb
7%
2.05
June
11
Jan
Jan 32
Jan 35%
Jan
12
Mar 170
Mar 141%
June 80c
Jan
3%
is%
25%
47
57
18
16
6
371.4
531
861
25
30
45
1.790
10
Jan
14% Jan
57
June
14% Mar
16
June
950
Jan
7
Jan
Fe
Jut
Jut
AI
Jar
Ma
Ma
• No par value.
-Record of transactions
Philadelphia Stock Exchange.
at Philadelphia Stock Exchange, June 23 to June 29, both
inclusive, compiled from official sales lists:
Sales
Friday
for
Last IVeek's Range
Week.
ofPrices.
Sale
Par Price. Low, High. Shares.
50
Bankers Securities
Bell Tel Co of Pa pref..100
50
Cambria Iron
Electric Storage Battery100
10
Fire Association
Horn & Hard (N Y) corn •
100
Preferred
49
5
115%
40%
41%
4831
19%
100
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sole
Stocks (Concluded) Par Prize. Low. High. Shares.
Insurance Cool N A_ _ _10
Lehigh Coal & Navigation •
Lehigh Valley
50
Minehill & Schulyl Hav_50
Mitten 13k Sec Corp pref 25
Pennroad Corp v t c
•
Pennsylvania RR
50
Phila Elec of Pa $5 pref_ _•
Phila Elec Pow pref_ _25
Phila Rapid Transit_ _ _50
7% preferred
50
Phila Az Rd Coal & Iron_ _*
Philadelphia Traction _50
10
Reliance Insurance
Scott Pap ser A 7% pref 100
Tacony-Palmyra Bridge_ _•
Tonopah-Belmont Devel_ 1
Tonopah Mining
1
Union Traction
50
United Gas Imp com-__•
Preferred
Victory Insurance Co_ _ _10
•
Westmoreland Coal
za 54;
8
8%
15%
51%
1%
236
30%
105%
3235
3%
3%
735
435
24% 23%
20
ite
9% 9%
11336 114
1936 20
he
31
635 7%
1635 16%
9835 10036
9% 9%
6
6
16%
9935
BondsElec Az People's tr ctts 45'45
Phila El(Pa)1st sf 4s_ _1966
47%
8%
15%
51%
135
2%
31%
105%
32%
335
8
415
2435
100
600
5
30
300
2,900
2,000
170
300
200
320
10
300
Range Since Jan. 1.
High.
Low.
39%
5%
12%
47%
N
2%
28%
93
30%
1
4%
3%
16%
Jan 51% Apr
Jan
10% Feb
May 20% Feb
Mar 51% June
3% Apr
Jan
4% Feb
May
June 3935 Feb
Jan 105% June
Jan
Jan 33
13
Jan
May
Jan 15% Apr
6% Feb
Jan
Jan 2936 Apr
10
June
100
4% Jan
31 108% Mar 114 June
Jan
100 17% May 24
1
Mar
lee Jan
800
400
% June
34 Apr
11% Apr
800 z531 Jan
2,500 14% Jan 20% Feb
Jan 10036 Jpne
290 86
9% June
Jan
300
7% Apr
5% Feb
75
2936 Apr
2436 25% $18,000 15% Jan
Feb 105% June
3.000 100
los% 105%
* No par value. z Ex-dividend.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange, June 23 to June 29, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
ofPrices.
Week.
Sale
Par Price. Low. High. Shares.
Stocks-
15
15
39
39
634 634
118 118
105
2834
63
III
108%
104
19
105
2834
65
111
108%
104%
19
Fidelity & Deposit
20
Fidel & Guar Fire Corp_10
Houston Oil prof
100
Mfrs Finance com v t c__25
Maryland Gas Co
1
Junior cony pref sec B..1
Merch & Miners 'Pransp.•
Monon W Pa P 8 7% pf 25
3835
19
731
1
1%
135
33
19
40
19
83-4
1
2
1%
33
19
211
140
598
4
1,945
250
150
34
2836
1034
8734
5234
3
7
535
29
2834
10%
88
5435
3
7
535
29
4
223
8
81
45
130
1,252
10
33
National Marine Bank__30
New Amsterdam Cas10
so
Northern Central
Penne Water & Pow com_•
Seaboard Comm'l corn A10
Preferred
10
U S Fidelity & Guar
2
Western National Bank_20
1035
5435
531
Low.
High.
25 13% June 1834 Jan
9 35
May 4534 Feb
834 Feb
60
5
Jan
Jan 118% Apr
10 112
Arundel Corp
•
Atl Coast Line (conn)__50 39
Black & Decker com_
*
ches dr Pot Tel of Blt pt 100
Commercial Credit Corp
634% 1st preferred_100 105
25
7% Preferred
Consol Gas E L & Pow_ •
6% preferred ser D__100
535% pref w 1 ser E__100
5% preferred
100
Emerson Br Seitz A__2.50 19
3934
19
7%
1
Range Since Jan. 1.
1 90
13 24
213 5234
2 105
4 101
57 93
100 18
Jan
Jan
Jan
Jan
Jan
Jan
Jan
105
29
65
11135
111
104%
22
May
May
Feb
May
June
June
Mar
19
1034
4
810
134
I%
28
13
Jan
Jan
May
Jan
Jan
June
Jan
Jan
4434
20
931
131
23.4
2
35
1934
May
Apr
June
May
Feb
June
Feb
June
2531
934
7435
4535
3
7
3
26
May
Apr
Jan
Jan
May
Apr
Jan
June
30
1234
88
56
4
7
7
29
Feb
Jan
May
Feb
Apr
Apr
Feb
Apr
Bonds
Baltimore City
June
10531 10531 82,000 9435 Jan 106
48 sewerage impt___1961
Jan 105% June
1,000 99
4s conduit
1958
10534 10534
1,000 9935 Jan 10534 June
10534 10534
413 school house_ __ _1957
200 9534 Jan 10434 June
1954
10434 10435
4s annex Impt
1,000 101% Mar 1053-4 June
4s annex !rapt
1951 105% 105% 105%
June
1,000 101% Mar 106
106 106
48 public park impt_1955 106
Feb 10534 June
800 100
10534 10534
45 paving loan
1951
June
June 101
1.500 101
101 101
1945
3365
,
June
June 101
1,000 101
101 101
3355 public impt_ _1940
Apt
1,000 45 June 75
73
73
Century Parkway 8s__1956
2 June
23,000
2 June
2
2
Intern'l Oil Co cony 7s '35
Jan 473-4 May
3,000 39
45
45
North Av Market 68_1940
United RY & El
% Jam
36 Jan
500
31
%
Funding 5s flat_ _1936
8% Jan 1035 June
2,000
10
10
1st 65 ctts (flat)_1949
•No par value.
Unlisted Mines
Arno Mines Ltd
•
100
30 June 18e
40
4o
7,500 54%o Jan 870
Cent Patricia Gold 1;1_1 840
700 800
100
2.15 June
4.30
Eldorado Gold Mines Ltd_l
2.15 2.15
500 980 Feb1.30
Howey Gold Mines Ltd_ _1
1.30 1.30 1.30
Jan 73c
Kirkland Lake GM Co_ __I
1,200 255
600 65e
Pioneer G Mines of B C_ _1 13.55 13.55 13.55
100 11.60 Feb 14.00
5.60
San Antonio GM Ltd.__ _1
1.76 Jan
3,200
5.15 4.95 5.15
Stadacona Rouyn Mines_. 4235c 380 44340 61,890 8%o Jan 450
Sylvanite Gold M Ltd__ _1
3.20
600
1.30 Jan
2.75 2.77
Thompson Cadillac M Ltdl
200 2035.3 Jan
58c
480 480
Stocks-
4441
Financial Chronicle
Volume 138
5
115%
4035
4234
49
19%
100
100
100
30
64
140
100
10
Range Since Jan. 1.
Low.
High.
June
5 June
111% Jan 117% Mar
Feb
34
Jan 40
40% June 51% Jan
3135 Jan 5036 Apr
17
Jan 20% May
Apr
Jan 100
89
5
OHIO SECURITIES
Listed and Unlisted
GILLIS, WOOD & CO.
Members Cleveland Stock Exchange
-Cherry 5050
Union Trust Bldg.
CLEVELAND, - - - OHIO
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, June 23 to June 29, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
so
Range Since Jan. 1.
Low.
Jan
4
535 June
8% June
17% Jae
2% June
100% Jan
3931 Jan
50% Jan
Jan
10
7 Jun
May
6
9% Jan
Jan
10
High.
%
835
16
23%
3
Allen Industries, Inc•
531 531
5%
Apex Electrical Mfg
5% 6
•
Central United Nat'l__-20
8% 8%
City Ice & Fuel
19;5 20
• 19%
Clebe Aut Mach 1st pref. •
3
3
Cleve Elec III 6% pret-100
110% 11036
Cleve Ry ctts dap
100 54% 54;5 54%
Cleveland Trust
67%
100 65
Cleve Union Stockyards__• 10% 10% 1035
Cleve Worsted Mills
7
7
•
Cliffs Corp vtc
6% 6%
Corrigan McKin Steel vot 1 11
11
11
Non-voting
1
11
1034 11
150
16
439
14
69
20
191
139
30
50
65
40
•
Dow Chemical
Preferred
100
Firestone T & R 6% pt.100
General T & R 6% pt A _100
Geometric Stamping
•
Greif Bros Cooperage A_ •
Halle Bros prof
100
Hanna M A $7 cum met_ _•
Hanauer
•
69
215 62 Jun
100 108% Mar 112
84%
120 79% AD
Jan 90
35 70
3%
35 Jan
220
25 2135 Jan 25%
Mar 85
40 75
Jan 95
28 84
6% Jan
19
10
65
8235
95
62
65
112 112
82% 83
82
82
1
135
2535 2535
8335 8335
95
95
18
18
nog
57
83
11
13
12
17
17
Apr
Apr
Jan
Feb
June
June
May
Mar
Apr
Feb
Jan
Jan
Jan
June
June
Jan
Mar
Feb
June
Apr
Mar
Apr
4442
Financial Chronicle
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
Ifarris-Seybold-Potter*
Kaynee
I0
Lamson Sessions
Metropolitan Pay Brick_ *
Miller Wholesale Drug_•
Mohawk Rubber
Cuniul 7% preferred _100
Myers(FE)& Bro6% cumul pref
100
National Refilling
25
Preferred
100
Nestle Lekfur cum cl A..'
Ohio Brass B
•
6% cum preferred _100
Peerless Corp
3
Richman Bros
•
Robbins& Myers v tcser 1_"
SelberlIng Rubber
•
Sherwin-Williams
25
AA preferred
100
Stouffer class A
•
Truscon Steel cum7% pf100
•No par value.
1%
I%
1%
14
14
454 455
Range Since Jan. 1.
High.
Low.
200
125
100
55 May
Feb
8
4
Jan
155 Feb
Apr
16
735 Jan
4
5%
1%
2%
52
10
952
100
234 Jan
354 Jan
155 June
254 June
454 Apr
554 June
434 Jan
Feb
9
19
551
70
355
14
95
4
10
530
131
59
65
13
245
Jan
15
Jan
5
Jan
45
135 Jan
May
12
May
75
254 Jan
44
34
55
255 2%
6755 70
107 107
954
954 915
30
30
378
25
485
417
15
50
21
39
535
19
4
555
135
255
3%
1355
19
5
70
3
13
95
4
44
42
254
69%
19
754
75
334
18
95
43.4
June
Feb
May
Mar
Feb
June
June
Jan 4954 Jan
31 June
54 Jan
555 Jan
234 June
4755 Jan 70
May
Jan 107
99
June
955 Apr
1054 Feb
Jan 36
30
Apr
BALLINGER & CO.
Members Cincinnati Stock Exchange
UNION TRUST BLDG.,
CINCINNATI
Specialists in Ohio Listed and Unlisted
Stocks and Bonds
Wire System-First of Boston Corporation
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, June 23 to June 29, both
inclusive, compiled from official sales lists:
r riaay
awes
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Stocks-
1455
Mead Corp preferred__100
Moores Coney A
•
Nati Recording Pump_ •
Procter & Gamble
• 3534
5% preferred
100
Randall B
•
Rapid Electrotype
• _19
U 8 Playing Card
10 23
US Printing corn
•
Wurlitzer 7% met
100
9434
7951
,
100
5
70
20
1555
7
554
61
65
55
1454
23
60
3155
103
4
65
55
1435
24
60
3154
103
455
44
I%
54
3555
113
754
18
23
355
10
44
135
54
3654
113
734
19
2354
354
10
-.0=VV.N
0Q0C-,
..DMO
,, 0N=,
-
General Machinery pref 100
Gerrard S A
•
Gibson Art common
•
Hobart
•
Kahn lot pref
100
Kroger common
•
Lazarus preferred
100
Leonard
•
6954
20
9451
7854
9951
43.4
6734
20
15
7
5
61
Q9.-.0=000
.,101
.10
M
Champ Coat spec pref__ 101
Gin Gas & Elec pref
100
C N & C common
100
Cm Street
50
Gin Telephone
50
City Ice & Fuel
•
Crosley Radio A
•
Crystal Tissue
•
Eagle-Fisher Lead
20
Found Inv pref
14
10
10
1355 14
1855 1854
5
554
0MNQ
Aluminum Industries
•
Amer Laundry Mach___20
Amer Rolling Mill
25
Amer Thermos A
•
Range Since Jan. 1.
Low.
High.
755 June
11
June
8
Feb
155 Jan
85
66
90
451
62
17
8
634
43/,
60
16
Jan
18
Jan
18
Jan
835 Mar
Mar 97
Jan 83
Jan 100
June
6
Jan 71
Jan 2431
Jan
1754
Feb
II
Jan
754
Mar 61
May
Apr
June
Apr
Apr
Jan
June
Feb
Mar
Apr
545.4 Jan 65
55 Feb
51
9
Jan
1554
1855 Jan 28
52
Feb 60
2311 Jan 33
98
Jan 103
355 Jan
5
May
June
June
May
Feb
Apr
June
Apr
30
154
55
3331
10334
334
12
17
255
10
Feb 44
Apr
155
Mar
55
June 41
Mar 114
Jan
9
Feb 19
Jan 28
Jan
6
Apr 10
June
June
June
Jan
June
Apr
June
Apr
Apr
Apr
• No par value.
ST. LOUIS MARKETS
LISTED AND UNLISTED
WALDH El M,PLATT & CO.
Members
New York Stock Exchange
St. Louis Stock Exchange
Chicago Stock Exchange
New York Curb Exchange (Assoc.)
Manihly quotation sheet mailed upon request.
ST. LOUIS
513 Olive St.
MISSOURI
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, June 23 to June 29, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
heck.
Par Price. Low. High. Shares.
Brown Shoe coin
Curtis Mfg corn
5
1)r Pepper corn
Ely & Walker 1)0 2d pt 100
Falstaff Brew corn
1
Hamil-firown Shoe com_25
Ilydr Pressed Brick com100
International Shoe corn_ •
Laclede Steel corn
20
8034
5
41
53
6%
8%
80%
5%
5
50c
4055
15
54
6%
8%
81
.614
5
50c
41
15
o Portl Cement com__25
655
6% 7
National Candy corn
•
1654 1655
100 100
2d preferred
100 100
Itice-Stix Dry Goods Corn.'
10% 10%
99
100
99
1st preferred
100
85
2d preferred
85
Sou'western Bell Tel p1.100
120% 121
Wagner Electric tom_ _15
9% 934
Bonds
Laclede Gas Lt 554s..1953
Nat Bearing Metals 6s 1947
• No par value.
60
50
140
10
20
100
20
84
25
Range Since Jan. 1.
Low.
51
5
6
75
5
3%
40c
40%
13%
Jan
Jan
Jan
Afar
Jan
Jan
Apr
May
Jan
High.
60
7%
10
81
755
8
50c
4955
19
Apr
Feb
Mar
June
Apr
Feb
June
Jan
Apr
6
125
June
9
125 1555 Jan 21
7 86
Jan 100
45
9
Jan
1231
5 90
Jan 100
25 83
Apr 85
104 11651 Jan 121
119
954 June 1255
Feb
Feb
June
Feb
June
June
June
Jan
6354 6354 $3,000 6355 June 63% June
101
101
1,000 101
June 101
June
June 30 1934
San Francisco Stock Exchange.
-Record of transactions at San Francisco Stock Exchange, June 23 to June 29,
both inclusive, compiled from official sales lists:
Stocks-
Friday
bates
Last Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Alaska Packers' Aasn__100 7154
7154 7135
Anglo Calif Nat Bk of S 1 20 14
,
14
14
Atlas Imp Diesel Eng A_ •
675
654
Rank of Calif N A
100 151
150 153
Byron Jackson Co
7
"
73-4
Calamba Sugar com
'
'0
1834 19
California Copper
34
10
54
Calif Cotton Mills Corn.100
0
10
10
California Packing Corp.'
3134 33
Calif Water Service pref100
7254 74
Calif WeAStsl-Ifelns Cap10 13
13
1334
Caterpillar Tractor
* 2755
2631 2735
Cot Cos G & E 6% lstp1100 7834 77
81
Consol Chem Indus A_
•
2654 27
Crown Zellerbach v t c..._•
555
554
43-4
Preferred A
• 57
55
58
Preferred B
• 57
55
5755
50 70
Feb 75
273
835 Jan
1434
734
Jan
160
2
Jan 159
93 121
1,441
351 Jan
8
1,123 1835 June 2555
500
35 Jan
55
110
455 Jan
1254
1,024 19
Jan 3455
42 6451 Jan 74
115 111 June 14
4
1,556 2334 Jan 3334
Jan 81
56 58
380 2035 Jan
2734
655
6,570
454 Jan
Jan 58
733 34
360 34
Jan 5754
May
June
Apr
Feb
May
Afar
Feb
Feb
May
June
June
Apr
June
Apr
Apr
June
June
Dlogorio Fruit Units
•
Eldorado 011 Works
•
Emporium Capwell Corp..
}
ireman's Fund Insur_ __25
Food Mach Corp corn _ ___•
Foster & Kleiser corn_ _ _10
Gen Paint Corp B cons_ •
Golden State Co Ltd
•
Haiku Pine Co Ltd com.20
1-referred
25
Hawaiian C & S Ltd____25
Home F & M Ins Co_ __10
Honolulu 011 Corp Ltd.._ •
Honolulu Plantation_ __50
Hunt Bros A cons
•
34
1,080
400
200
1.275
100
383
867
45
5
407
120
301)
150
120
22
2055
834
6134
2054
3
214
754
2
6
52
31
1554
26
854
May
Jan
Feb
Feb
May
Jan
JUDO
Feb
Feb
June
Jan
Feb
Feb
June
Apr
1334
5734
1854
I%
44
20
1334
6
57
1731
I%
231
534
134
6
44
2955
13
2531
6
20
1355
63,1
5755
19
135
254
53,1
154
6
45
2955
13
26
6
Leslie-Calif Salt Co
• 22
22
22
Magnavox Co Ltd
55
55
55
*
Natomas Company
755 854
855
•
No Amer Inv 6% pref _ _100
3154 3134
554% Preferred
100
28
28
North Amer 011 Cons_ __10
9
8
Pacific G & E corn
25 1834
1854 1955
6% lot preferred
25 2134 2134 22
555% preferred
25 1931
1935 1931
Pac Lighting Corp com...•
32
34
6% preferred
• 84
83
85
PacPubSer(non-vtg) corn •
1
1
(Non-voting) preferred_•
65-5 654
PacTel & Tel com
100 79
78
79
6% preferred
100 113
113 115
Paraffine Co's corn
• 3755
36
3755
Phillips Petroleum
•
1754 1755
Jan
June
May
Jan
Jan
June
Jan
Mar
Mar
Apr
May
Jan
Jan
June
Jan
20
1334
6
4754
1034
154
1
434
155
43
40
2555
1155
24
455
100 22
2.105
55
8,712
755
15 17
10 17
734
435
3,543 1555
2,583 1954
613 1755
962 2254
I%
424
127
55
155
709
130 71
61 103
1,025 2534
280 16
Ry Equip & ItIty A
*
255 235
I
60
lot prefened
•
14
14
60
531
Series 2
•
12
12
10
234
Con preferred
•
5
5
125
155
San J L & Pw 7% pr pf 100 89
89
89
12 6755
Shell Union(Alcorn
855 835
•
325
8
1-referred
73
1 0
7454
45 62
Southez n Pacific Co___100 2455 2355 25
1,557 1834
So I ac Golden Gate 13_ ___•
5
5
525
334
Standard Oil Cool Calif_ ..•
345-4 35
1,081 3054
Telephone Inv Corp_ _20
29
29
250 2855
Tide Water Ass'd 011 corn_•
1254 1255
100
855
6% preferred
100 8254 82
825-s
35 6454
Transamerica Corp
*
655 634 24,163
654
574
Union Oil Co of Calif_ _25
16
1634
864
1555
Utd Aircraft & Transpt_ _• 1834
1834 1855
450 1855
Wells Fargo Bk & U Tr_ 100 221
221
221
10 185
* No par value.
May
June 26
Feb
1
Jan
June 1055 May
Apr
Jan 33
Mar
Jan 30
May
954 June
Jan 2354 Feb
Jan 2315 Mar
4 Apr
Jan 21 1
Jan 3634 Feb
Mar
Jan 89
155 May
Feb
8
May
Jan
Mar
Jan 86
June
Jan 116
June
Jan 38
Apr
Feb 20
.
May
255 June
15 June
Jan
Mar 1234 June
5 June
Apr
Apr
Jan 90
JUDD
1154 Jan
Jan 8634 Feb
3355 Feb
Jan
534 Mar
Jan
May
4254 Jan
Jan
Feb 30
Apr
14
Jan
Jan 85
May
May
854 Feb
May
2054 Feb
June 3755 Feb
June
Jan 225
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange, June 23 to June 29,
both inclusive, compiled from official sales lists:
Stocks-
C',will
0u1e3
Last Week's Range for
ofPrices.
Sale
Week.
Par Price. Low, High. Shares,
Amer Tel & Tel
100
•
Anglo Nat Corp
Argonaut Mining
5
Calif Ore Pow 6% '27__100
Cities Service
•
Claude Neon Lights
1
Containers Securities.....'
Crown Will mat pref
•
Electric Bond & Share_
5
Emsco Derrick
•
General Motors
10
1133-5
9
855
955
934
30
255
254
60
55
6255 59
1555
6
31
3014
11555
9
955
30
234
70
60
63
1535
,
6
3135
Ilonokaa Sugar
20
Idaho-Maryland
1 3.35
Italo Petroleum
•
Preferred
•
Libby McNeill
10
•
9
Nati Auto Fibres A
Occidental Petroluem___1 30
Pacific Associates
•
Pacific 1 Mance
,
10
2
Pineapple Holding
20
Radio Corporation
•
Republic l'ete
10
215 215
3.00 3.40
.17 .20
.95 1.05
514 556
755 934
30
30
635 7
2
234
854 855
7
73,4
3.25 3.25
Shasta Water corn..
So Calif Edison
555% preferred
6% preferred
7% preferred
So Pao G G pref
Sunset-McKee A
Taylor Milling
Universal Cons 011
IV r.., Onagt 11i,
20
1655
17
19
2251
47
17
1054
2.50
6
•
25
25
25
25
100
•
•
10
1
20
1655
1734
19
1034
20
I654
1755
1931
2253
47
17
1034
2.50
6
Range Since Jan. 1.
Low.
High.
221 10855 Jan 125
Feb
236
3.15 Jan
June
10
1,250
4.50 Jail
1055 Apr
8 20
Jan
38• Feb
431
454 Feb
15.4 Jan
935 60
13.4 Feb
Jan
210 45
May 60 Juno
656 4314 Jun 70
Apr
100 1555 June 2234 Feb
300
6
June
855 Apr
511 2955 June 4255 Feb
114 155
630 2.50
1.000 .10
1,530 .52
20
3
975
3.75
600 26
185
654
267
13/
75
655
39
616
20
3.25
20
431
112
680
75
10
25
50
15
Ni
1531
1555
1554
173-4
2055
39
16
1051
2.25
a
May 215
May 3.75
Jan .35
Jan 1.80
734
Jan
955
Jan
June 56
May
9
Jan
3
Jan
1055
955
Jan
,
June
555
June
Jan
Feb
Feb
Apr
Feb
Feb
Feb
Mar
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
June
Mqv
June
Feb
Felt
Feb
N1ar
Mat
Apr
June
Jan
Af nr
21
2231
1954
2231
2434
48
19
IOU
554
a
• No par value.
Los Angeles Stock Exchange.
-Record of transactions
at the Los Angeles Stock Exchange, Juno 23 to Juno 29,
both inclusive, compiled from official sales lists:
Friday
Sales
Last 1Peek's Range for
of Prices.
Sale
Week.
Stocks
-Par Price, Low, High. Shares.
Associated G & E A
1
Byron Jackson
California Packing Corp..'
Chrysler Corp
5
Claude Neon Elec Prod_•
Consolidated 011 Corp___•
39%
51
755
32%
39
10%
1015
54
755
32%
39%
10%
1015
100
200
100
300
200
100
Range Since Jan. I.
Low.
%
4
1955
37%
755
955
Jan
Jan
Jan
May
Jan
May
High.
2
734
3255
,
60
12%
1451
Feb
May
June
Feb
Feb
Feb
Financial Chronicle
Volume 138
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
Emsco Derrick & Equip__•
Foster & Kleiser Co corn.10
Hancock Oil com A
Los Angeles G & E pref.100
Los Angesles Invest Co__10
Lockheed Aircraft Corp.
.1
Monolith l'ortld Cem corn •
Pacific Finance Corp com10
Preferred D
10
Pacific Gas & Elec com__25
5% %
lot preferred_ _ _25
Republic Petrol Co Ltd_10
Sec First Nati Bk of L A 25
Sou Calif Edison Ltd com25
25
7% preferred A
25
6% preferred B
_25
.534% preferred C_
Sou Calif Gas6% pref _ __25
Southern Pacific Co_ _100
Standard 011 of Calif....
Transamerica Corp
Union Bank & Trust Co 100
Union 011 of California_ _25
7%
92%
434
2%
2
1955
30%
16%
22%
1936
6%
1631
634
136
736
92%
436
234
2
831
8%
18%
1934
331
32
16%
2234
19%
17%
23%
2136
35
6%
82%
1634
6%
134
734
9136
4%
2%
2
83-1
8%
18%
1936
334
30%
16%
2234
19
17%
23%
23%
34%
634
82%
16
200
100
300
448
1,900
3,500
100
1,400
100
200
100
500
800
700
20
30
60
500
50
400
4,900
45
1.400
I" rta-all
Range Since Jan. 1.
High.
Low.
3
154
6
79
231
1%
IX
734
8%
16
1831
3%
30
1534
2034
17%
15%
23%
18%
30%
5%
75
15
Jan
June
June
Jan
Jan
Jan
Jan
Jan
June
Jan
June
Mar
Jan
Jan
Jan
Jan
June
Jan
May
May
Feb
May
8%
1%
8%
95
434
3%
2
1031
934
23%
20%
5%
3631
22
2531
22
1931
23%
3331
42%
8%
100
2031
Apr
June
Feb
Feb
June
Mar
June
May
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Feb
June
Feb
Jan
Feb
Jan
Feb
• No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, June 23 to June 29,
both inclusive, compiled from sales lists:
Stocks-
Friday
Sales
Last [Week's Range for
of Prices.
Sale
Week.
Par Price. Low. High. Shares.
Abitibi Power
1%
136
Preferred
100
7%
Admiralty Alaska
1
18c
Alleghany Corp pref w L *
2834
Allied Brew
2
1
2
Altar Cons Mine
1 2.00
1.45
Ameres Holding
10
1431
American Republic
10
3%
3%
Angostura Wuppermann_ 1
4%
4%
Arizona Comstock
35c
35c
Austin Silver
1
1%
1%
Bancamerica Blair
1
3%
335
1
Betz & Son
3%
Brew & Distillers v t c... •
134
13u1olo Gold (D D)
20
32
Cache La Poudre
20
Carnegie Metals
1
Como Mines
1
Cornucopia Gold
lc
Croft Brew
1
Davison Chemical
*
Distilled Liquors
5
Elizabeth Brew
Fads Radio
Flock Brew
2
Fuhrmann & Schmidt _ _
Hamilton Mfg A
10
Harvard Brew
1634
131
7%
21c
29
2
2.00
1434
316
4%
400
134
3%
3%
131
3254
1634
1
59c
39c
2%
35
2134
34
7c
34
54
134
254
75c
39c
2%
34
13e
51
1
Low.
15
1
43c
39c
136
45c
1334
34
7c
%
31
13.4
2
OW.
Last Week's Range for
Sale
1Veek.
of Prices.
Stocks (Concluded) Par Price, Low. High. Shares.
Hendrick Ranch
•
llowey Gold
1
Jetter Brew
1
Kildun Mining
1
Kingston Barrel
1
National Surety
10
Newton Steel
•
Northampton Brew pref_.2
Oldetyme Distill
1
O'Sullivan Rubber
1
Paramount Publix
10
Penn York Oil & Gas A__1
Petroleum Conversion___1
Petroleum Derivatives...
Railways Corp
1
Rayon Industries A
1
Remington Arms
1
Richfield Oil
1
Sherritt-Gordon
1
Simon Brew
1
Squibb Pattlson Br pref _ 1
Texas Gulf Producing _ _ _ _•
Tobacco Prod (Del)____10
United Cigar
1
Utah Metals
1
Van Sweringen Corp
Victor Brew
1
West Indies Sugar
1
Willys-Overland
5
Preferred
100
Bonder.v xfatra rtt ripn
Range Since Jan. 1.
56
300
411
100
5,000
Oc
50 26%
2
200
2,800 1.00
10
14
2
100
334
400
3,000 35c
156
1,000
300
234
3
200
131
400
150 2336
50
16%
100
I
75c 19,500
4.500
400
9,800
2%
100
36
2234
600
2,000
1
7,500
32c
500
34
,
1,200
1
1%
100
300
234
4443
*No par value.
31
34
1.30 1.30
37c 37c
231
234
234
154 2
34
%
4
4
4
2
2
2
3
331
334
634 734
734
234 4
334
134
151
36
X
x3-4
134 2
2
134 2
936
834 934
49-4 434
25c 25c
25c
1.00 1.00
1
136
134
3
3
431 456
431
30
30
30
21c 24c
22e
456
4
434
2Ic 21c
136
136
336
354
z33.1
20c 23c
151
131
40
e1.4. '19
41
Range Since Jan. 1.
Low.
High.
.S.', Jan
231
200
100 1.06
Feb 1.39
1
200 370 June
4,000
43-4
234 June
234
800
134 May
294
1,500
36 Jan
300
334 May
834
300
2
254
June
1,400
Apr 1934
3
656 June
,
400
736
7.700
536
134 Jan
200
134 May
134
1,400
36 Mar
134
1
200
May
5
3,100
4
134 June
8,600
934
634 Jan
100
May
4
654
1,700 25c May
34
Jan 1.30
300 1.00
3,300
31 Jan
136
336
134 June
200
7
Jan
4
3,800
634 Feb 3234
30
11c May 29c
.5,600
456
Jan
2,900 1.13
Jan 50c
100 14c
34 Jan
100
134
300
.534
234 May
200 18c FebN
31 Jan
200
334
511 000
24
Aer
41
Feb
Mar
Jan
Mar
June
Apr
Feb
June
Jan
June
Feb
June
Jar
Mar
Jar
Junt
Mat
Fet
All
Apt
Jar
Jar
Apt
Mal
Juno
Fe!
Jun,
Fel
Fel
Fel
Jun
x Seller 14. z Seller 7.
High.
Jan
Jan
Jan
Mar
May
Jan
June
Jan
Jan
June
June
Jan
Jan
May
Jan
2
934
36e
35%
434
234
1434
5%
754
65c
134
334
5
254
35
Feb
Mar
Feb
Apr
Feb
Mar
June
Apr
Mar
Apr
June
May
Apr
Jun
Apr
New York Real Estate Securities Exchange.
-Closing
bid and asked quotations on the New Ycrk Real Estate
Securities Exchange for Friday, June 29:
Active Issues.
Biel
Ask
Active Issues.
Bid
Ask
BondsBway Barclay Off. Bldg Gs'41
Butler Hall Os
1939
26
34
2912
Bonds (Concluded)
Prudence Co 536s
1961
56
5812
Sherry Netherlands Hotel
53is
1948
61 Bway Bldg 5368 _1950
1912 22
5912
57
Textile Bldg 6s
1958
Trinity Bides Corp 536s '39
,
2124-34 Bwa • oo
45
42
9512
1412
13
West End Ave & 104th St
Bldg Os
1939
1012
1912
3
5
1
21,
3612
2312 28
Dorset (The) Os ctfs_ _ .1941
55
57
Equitable Office Blg 59.1952
May
June
May
June
Jan
June
Jan
June
June
June
Feb
June
Feb
1934
:34
90c
51c
3
1%
4534
131
134
134
134
854
334
Jan
Mar
Feb
June
Apr
Feb
Apr
Apr
Feb
Apr
Ap
Feb
Mar
31
50 Bway Bldg 6s
35
45
9
48
12
1946
Film Center Biz Os
1943
Fox(The)&Office Bldg 6s'41
Hotel St George 551s. _ _1943
Lincoln Bldg Cp 5 14s w w'63
Mortgage Bond (N Y) 3411
(Ser 6)
1934
Ill John St Bldg 6s_.
_1949
Pk Cent Hotel Annex 6s ctfs
Pennv (J C) Corp 5 49_1950
37'2 42
4714 4912
Stocks
City & Suburban Homes
40
42
1212
100
_
43
4512 French (F F) Investing....
1512
Hotel Barbizon, Inc
50
For Other Stock Exchanges See Page 4450.
New York Curb Exchange-Weekly and Yearly Record
NOTICE.
-Cash and deferred delivery sales are disregarded in the week's range, unless they are the only transactions of the week,
and when selling outside of the
regular weekly range are shown In a footnote in the week in which they occur. No account is taken of such sales In computing the range for the year.
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 (Juno 23 1934) and ending the present Friday,(June 29 1934). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
Friday
sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Week Ended June 29.
Stocks-
Miscellaneous.
Acme Wire Co v t c
25
Agfa A nsco Corp corn _ _1
.
Ainsworth Mfg Corp__10
investors corn
Air
•
Allied Mills Inc
•
Aluminum Co common_ •
6% preference
leo.
Aluminum Ltd
6% preferred
100
Series 1) warrants
Range Since Jan. 1.
Low.
High.
Indus. &
4
14
55
10
Amer Beverage corn
1
American liook Co__ -100
Amer Brit & Cont Corp_ •
A mer Capital
Class A common
•
Claws 11 common
*
Amer Cyanamid cl B n-v _•
Amer Founders Corp__ I
7% pref ser 11
50
6% 1st prof ser D. -50
Amer Investors Inc
option warrants
Amer Laundry 'Mach__ _20
Am Potash he Chem Corp_*
American Thread pref____5
Anchor l'ost Fence
•
_1
_5
•
Prior preferred w 1
Armstrong Cork com___•
Art Metal Works cam__ _5
Associated Flee Indus Ltd
Amer dep rcts ordinary__
•
Associated Rayon
Atlantic Coast Fisheries...*
•
Atlas Corp common
$3 preference A
Warrants
•
Atlas Plywood Corp
Axton-Fisher Tobacco
10
Class A common
Automatic-Voting Mach_•
100
I tabcock & Wilcox
Baldwin Loco Wks warr_ •
liellanca Aircraft v t c__ _1
Blue Ridge Corp com____1
ArctUrns Radio Tube _ _ _
Armour & Co new w I _ _
gri nnt enny °ref
734
734
334 434
14
1434
131
131
8
836
65
69
asu 69
55
10
2
2
54
.53
34
34
18
%
18
Ag
134
54
531
61
1831
436
534
1034
336
x73.1
5834
•
2
100
6,300
300
100
2,400
700
200
736
334
10
1%
736
6234
6534
June
Mar
Jan
May
May
May
Jan
300
36
37
Mar
654 Mar
200
40
100
19-4
48
31
Jan
Jan
Jan
1136 Feb
434 June
15
Mar
3
Jan
914 Jan
8531 Jan
78
Jan
60
12
Apr
Jan
334 Feb
56
Apt
1
Mar
36
1834
56
1734
17
100
200
6,200
1,400
50
175
4
94
1336 1334
18
18
4
434
100
100
100
400
34
1036
17
334
June
Jan
May
Jan
1
Mat
18
Jar
1934 Fel
431 Juno
134
700
134
400
"us
4
531 634 15,600
5834 63
10,900
17
2,000
1831
234 234
300
134
Ito,
531
5836
1434
1H
Jan
Jan
June
June
Jan
Jan
234
1
634
63
2
634
434
Ma
Fel
Ma3
Juno
Fet
Api
43.4 434
236
234
531
531
1034 1036
,
44
44
351 4
531
734
900
300
200
4,400
100
800
1,600
4
234
2
1034
39
334
5
Mar
Jan
Jan
June
Jan
May
June
534
51.1"
631
1534
49
634
8
Jal
Ma
An]
Fet
Ap
Fel
Fel
58
5836
634 7
3194 3254
631 631
434 434
2
2
35
3531
150
300
50
200
200
500
400
58
254
3131
534
331
136
314
June
Jan
June
May
Jan
Jan
Jan
6974 Vol
83( Ap
51
Jai
11
Fel
6
Fel
356 Fel
3951 An
2
%
17
to
,
1734
17
2
I% Jan
96 June
1534 Jan
34 June
11
Jan
934 Jan
294
34
2294
134
21
2231
Apt
Feb
Apt
Fet
Apt
Apt
Friday
sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Bower Roller Bearing_ _5
Bridgeport Machine
•
BrIllo Manufacturing_
•
British Amer Tobacco Ltd
Amer den rcts bearer_61
British Celanese Ltd
American deposit rcts_
Brown Co 6% pref
100
Brown Forman Distillery.'
Bulova Watch $314 pref.*
Burma Corporation
Amer deposit rcts
•
Butler Brothers
10
Cable Radio Tube v t c__*
Canadian Indus Alcohol A•
Class It n-v
•
Carrier Corporation
•
Catalin Corp of Amer___I
Celanese Corp of Amer
7% let panic pre ___100
Celluloid Corp corn
15
$7 dividend pref
•
Centrifugal Pipe Corp_
•
Charbr Corporation
•
Chic Rivet he Mach
•
Childs Co pref
100
Cities Service corn
•
Preferred
•
Preferred B
•
Preferred 1113
Claude Neon Lights Inc __I
Cleveland Tractor Co ___ _•
Columbia Pictures corn..•
Compo Shoe Machinery
stock trust ctfs
1
Consolidated Aircraft newl
Consol Retail Stores
5
Continental Secs Corp_ •
Range Since Jan. 1.
Low.
High.
1436
1031
12
May
54 Jan
536 Jan
1736 Mar
331 Apr
79,4 Feb
2934 2936
234
.500
300
200
100
2834 Jan
3134 Apr
334
3
13
1434
1051 11
243i 2536
1,000
125
500
400
23-4 June
Jan
5
1051 May
1634 Jan
434 Mar
1634 Apr
2134 Mat
Apr
28
336
9
200
1,400
334 Jan
Jan
4
391 Fel
1234 Apt
1
5,200
2,200
400
1,400
2,700
631
7
554
354
1331
12
234
234
634
634
334
856
334
836
1
834
34
834
7
731
53-4
534
10 34
836
834
634
'14
82
82
8
22
41
,
6
100
1536
1356 16
11
1231
25
2634
1,900
500
130
82
751
22
436
936
434
1434
2
231 19,600
2234 2534
4,500
234 234
100
22
70
2354
116 1.100
34
334
100
334
30
200
3031
131
1131
1
9
34
336
2434
47
4
254
Si
9
Cooper-Bessemer corn...-.
33.4
Carroon he Reynolds
Common
1
$6 preferred A
•
Cord Corp
5
374
Courtaulds Ltd
Amer deposit receipts_
______
Crane Co corn
ii
Crocker Wheeler Else __ •
83
8
22
12
12
87-4
934
154
134
6
6
100
200
25
100
1,100
100
34
2036
1934
9
634
Jar
Jar
.1st
Mal
Juno
Max 1049.4
19
May
June 44
Jan
731
Mar 20
Feb
1754
Jan 4234
Fel
Jar
Jar
Jar
API
API
Vol
Jan
Jan
Jan
Jan
Jan
June
Feb
454
2636
294
2336
136
631
3234
Fel
Fel
Jun,
Juni
Fel
Fel
Ma)
May
June
June
May
Mar
100
Jan
8
784 Jan
151 Jan
Jan
3
394
300
3
234 234
18
18
336
43-4
200
100
4,500
331
12 54 1274
9
9
44
0
200
100
1.100
Slay
Fel
14
1236 Ma
234 Fel
Ma2
6
634
Jai
134 Jan
1034 Jan
334 June
4
Fel
2631 Fel
836 Jat
Jaz
Jan
1434 Al)
Jai
II
1034
8
4
May
84
Fel
Financial Chronicle
4444
P'rulay
Sales
Last Week's Range for
Wee/c.
Sale
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
Distillers Co Ltd
Amer deposit rota
23% 22% 2331
Distillers Corp Seagrams_• 15% 15% 16
Doehler Die Casting
•
734 7%
731
Dow Chemical
95 102
• 100
Driver-Harris Co
10
15% 1554
liii
Dubilier Condenser com_ •
31
Durham Hoselery el B_ •
111
1%
Duval Texas Sulphur_
•
811 831
Easy Washing Mach "13.- •
4% 414
Eisler Electric Corp
•
31
Elea Power Assoc corn.. _ I
5% 515
Class A
5% 5%
1
.5%
Electric Shareholding
Common
211 234
1
4754 47%
$6 cony pret w w
Electrographic Corp
1
2%
Emerson's Bromo Selzer
Class B corn
• 18% 18% 18%
Equity Corp corn
10
131
611
7
751
Ex-cell-0 Air & Tool
3
814 9
Fairchild Aviation
1
811
531 5%
5%
Falstaff Brewing
12
12%
• 12
Ferro Enamel
20% 20%
Fiat am dep rcts
•
115
111
Fldelio Brewery
134
First National Stores
11011 11114
7% 1st preferred_ _100
10
11
10%
Fisk Rubber Corp
70
73
100
$6 preferred
Flintokote Co CIA
10% 1111
• 11
Ford Motor Co Ltd
7% 8
714
Am dep rem ord reg..11
Ford Motor of Can cl A • 20% 2014 21
37
36
Class B
•
Foremost Dairy Prod pr_ •
Ti
1
7
7
Foundation Co (for'n shs)•
1.500
4,400
200
900
100
700
100
700
400
300
400
500
100
165
100
75
2,600
5,200
4,400
1,600
400
100
3,300
Range Since Jan. 1.
High.
Low.
Apr
Jan
Apr
June
Apr
Feb
Feb
May
Jan
Feb
Feb
Feb
20
14%
331
6911
1215
14
1
4
414
31
4
3%
Jan 24%
May 26%
Jan 11%
Mar 102
Jan 23
1
Jan
Jan
2
Jan 104
814
May
Jan
Jan
851
8
Jan
2
38
2
Jan
Jan
Feb
4% Feb
Feb
52
Mar
3
June
Jan
May
Jan
Jan
Jan
June
Jan
19% Jan
231 Feb
831 Feb
June
834 Apr
1414 Apr
2011 June
2% Jan
17
114
4%
5%
454
7%
1814
1%
30 110% June 117
May
3,500
854 Jan 20% Mar
Jan 81
Mar
300 65
4% Jan
1214 Apr
1,000
954
2434
40
134
815
May
Feb
June
Feb
Mar
Jan
2
3%
400
2%
General Alloys Co
2
•
4
914
1,300
June
General Aviation Corp _1
4% 4%
415
Gen Elec (Germany)
211 June
2%
Amer deposit rcts_ _11
2% 251
100
Gen Electric Co Ltd
10
1014 2,000 1015 June 11%
Am dep rcts ord reg_ _ £1
Tx. Jan
3
800
5
Gen Investment com
31
31
31
Jan 22
6
17% 1815
•
1,000
$6 cony pref class B_
1
1%
Jan
1%
1%
700
Gen Rayon Co A stock ._•
341
25 64% Jan 99
73
GeneralTire & Rubber__25 73
73
Glen Alden Coal
2051
• 19% 17
20% 14,000 1051 Jan
200
6% Feb
Globe Underwriters Ex. _2
7
614 615
15 Jan
1.500
Gold Seal Electrical
1
1.1
34
3-4
4% May
200
Grand Rapids VarnLsh_ •
6% 636
150 13
Jan
14
14
Gray Telep Pay Station_ •
19%
Great All & Pac TeaJan 150
220 122
137% 141
Non-vol corn stock__ • 140
Jan 130
40 121
125 126%
7% 1st preferred__ _100
5% Jan 19%
Greyhound Corp
17
5 17%
1734 3,900
34
Grocery Stores Prod v to 25
900
14 June
15
11
4
131
600
Feb
115
Hartman Tobacco Co_
•
400 19
Feb 25%
10 32% 32% 3211
Heyden Chemical
150 14
May 23
2231 23
Horn(A C) 1st pref
50
1% June
3
100
234
Common
214
1911 2014
250 16% Jan 2114
Horn dr Hardart corn
30 90% Jan 102
99 100
7% preferred
100
351 Jan
5%
400
334 3%
Ygrade Food Prod
5
331
200 10% June 1254
10% 10%
Imperial Tobacco of Can.5
Imperical Tobacco of Great
400 28
Jan 32%
31% 32
Britain and Ireland_ _£1
600 384 Jan 51%
4714 z4834
Insurance Co of No Am_10 48
1
Jan
1%
300
111
114
International Prod
•
2.15
100
155 June
1% I%
lot Safety Razor class B.._•
100
1%
14 Jan
%
Interstate Equities Corp..1
51
Si
200 19
Jan 25%
2511 25%
•
Interstate Hos Mills
Mar
Feb
4,000
1,100
75
600
100
514 May
Jan
15
Jan
20
11 Mar
634 Feb
•
•
Jonas & Naumburg
11
%
4
514
4
Kingsbury Breweries_ _ _1
12
12
Klein (D Emil) Co Inc_ •
Kolster-Brandes15
Li
34
American shares
1111 11%
Kreuger Brewing
1
1
1
1
Lakey Fdy & mach
2% 2%
1
Lefcourt Realty corn
2%
1115 11%
• 1154
Preferred
814
834
Lehigh Coal dr Nay
•
27
2731
Lerner Stores common_ •
514 551
Libby MeNcii & LIbby_10
Louisiana Land & Explor_•
3% 3%
1% 2%
Maryland Casualty
1
411 431
4%
Massey-Harris corn
•
Mavis Bottling class A __ _1
"21
34
4% 4%
4%
SlcCord Rod & Mfg B.
19% 20
McWilliams Dredging.-- _• 20
5931 6011
•
Mead Johnson corn
10% 11
•
Mercantile Stores
31
Mesabi Iron Co
11
1%
144
Michigan Sugar Co
•
10
314 3%
33.4
Preferred
Mississippi It Fuel
114
1.31
Bond rights
11% 1214
Mock, Judson Voehringer •
7% 814
83.1
Molybdenum Corp v t c1
120 124
Montgomery Ward A____• 121
12
12
Moore Drop Forging A __• 12
3
3%
Natl Belles Hess com__1
31%
1
Natl Container corn
Nat Dairy Products
100
100 100
7% pref class A
111
National Investors com_ _I
1%
3531 preferred
50
1
Warrants
•
I%
Nat Leather corn
•
631
6%
Nat Rubber Mach
iii
Nat Service common
31
•
2
Nat Steel Corp warr
•
3511
Nat Saga t Refining
1
1
1%
Nat Union Radio com
•
731
811
Natomas Co
New York Shipbuilding
1431
1
Founders shares
Niagara Share Corp
314
411
5
13 common
Class
Nitrate Corp of Chile
Otte for ord B shares____
35
35
• 35
Northam Warren pref
• 20% 20%
Novadel Armee
•
14
Ohio Brass Co cl B
9%
5 1011
Oilstocks Ltd corn
Outboard Motors Corp
•
3%
Class A cony pref
214
1
Pacific Eastern Corp
33%
37
Pan Amer Airways- - 10
3%
•
Paramount Motors
24% 2434
Parke, Davis & Co
52
Parker-Rust-Proof
9
Niles-Bement-Pond
South Amer Corp
North dr
Ire
•
Common class A
4%
Northwest Engineering- •
60
50
Penns Salt Mfg Co
2%
2%
Pennroad Corp v I c
A
June
Jan
Feb
Apr
Jan
Apr
Feb
Jan
Feb
Jan
Feb
Feb
May
May
Feb
Mar
June
June
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Feb
Mar
100
1,900
100
14 May
4 June
1014 May
200
.800
300
100
100
700
600
500
3,400
800
300
7,500
600
900
200
300
100
200
400
34
1031
31
1 3.4
8%
511
14
211
231
154
45.1,
%
114
16
45
10%
lie
1
3
600
300
4,000
230
100
114 June
2% Feb
9
Jan
20% Apr
Jan
9% Apr
5
June
88
Jan 124
10
Jan
12% June
314 18,100
400
3415
150
100
151 1,300
50
50
500
31
100
111
2,000
6%
% 7,200
300
214
700
37
1,500
1%
8% 22,400
1431
100
411
500
14
35
20%
14
1011
7,700
100
300
25
3,100
34
2%
38
4
24%
52
9%
300
400
1,700
400
1,200
100
500
200
100
4%
50
60
2% 11,700
2
25
80
1%
40%
%
1
334
II.
111
29
%
731
11
June
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
June
June
Jan
Jan
Jan
Apr
Jan
May
May
Jan
Feb
1% Feb
915 Jan
1315 Feb
14%
231
3
12
10%
31%
714
4
3
8
251
411
26%
6314
14
34
14
4%
414 Apr
40% Apr
Jan 100
June
3
Jan 56
115
June
24,
Jan
Jan
7%
Feb
111,
9
June
Feb 38
1%
Mar
June 1011
Jan
Jan
Feb
Apr
Apr
Apr
June
Feb
Apr
Apr
June
Feb
Feb
Jan
Feb
Jan
Apr
Apr
May
Jan
Feb
Mar
Feb
Mar
Feb
Jan
Feb
May
Jan
June
May
Apr
20% Mar
7
Feb
3.4 Jan
Jan
32
1914 May
12
May
831 Jan
34
37
23%
16%
10%
Feb
Jan
Apr
Feb
Apr
211
131
33%
3%
22%
52
9
Jan
Jan
June
June
Jan
June
June
374
314
51
511
25%
7311
15%
Apr
Jan
Jan
May
Jan
Feb
Feb
tie
4
50%
2%
June
May
Mar
May
1
7%
60
44
Feb
Mar
June
Feb
3%
June 30 1934
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Stocks (Concluded) Par Price. Law. High. Shares.
Pepperell Mfg Co
100
Philip Morris Consol cl A25
Philip Morris Inc
10
Phoenix Securities
Common
10
$3 cony pre A
Pie Bakeries v t c
•
Pitney-Bowes Postage
Meter
Pittsburgh & Lake Erie_50
Pittsburgh Plate Glass_ _25
Powdrell& Alexander__ *
Pratt & I.ambert Co
•
Proper McCallum Hosiery•
Prudential Investors
•
Pyrene Mfg Co
Quaker Oats 6% pret__100
Railroad Shares Corp_
*
Reeves (Daniel) Inc
•
Reybarn Co Inc
10
Reliance International A.
•
Reynolds Investing
1
Roosevelt Field
5
Rossia International
Ruberold Co
Russeks Fifth Ave
5
76
25%
10%
Range Since Jan. 1.
High.
Low.
76
10
76
25% 26%
500
9.14 11% 19,100
Jan
76
Slay 101
Feb 2615 Juno
19
2% Jan
11% June
I% I%
22
24
10% 11
I
Jan
1831 Jan
4
Jan
4
75
54
4
4%
74
75
48% 54%
11
11
264 2614
r
I
34
6% 611
214 2%
12511 12,534
14
15
12
12
2% 215
251
234
31
3.4
%
134 115
14
51
28
28
28
7.11
711
1,400
200
500
2
Feb
Apr
30
1435 Feb
434 Apr
331 Feb
1,100
Apr
Feb 81
20 61
Jan 57% Apr
2,400 39
June 24
Jan
100 11
Apr
100 17,74 Jan 31
1 15 iy
2% Jan
34 May
500
854 Feb
800
315 Apr
100
60 150153%3.
jjJ1 yn i, 125% June
si Feb
200
54 Jan
200 1131 Slay 1615 Feb
3% Apr
111 Jan
500
3% Mar
2% Jan
2,700
13-6 Apr
600
56
2% Feb
400
31 Jan
11 Feb
100
Feb34
100 28
Jan 3414 Apr
Apr
5
10
200
7
I eb
Safety Car Heat & Light100
7031 7114
Apr
83
175
St Regis Paper corn
le
311 314 4,200
3%
5% Feb
7% preferred
100
3314 3334
Apr
1%
20 224 Jan 51
Schiff Co corn
•
32% 32%
100 1711 Jan 40% Apr
Seaboard Utilities Shares_l
1,000
36
54 Feb
31
Securities Corp General_
111
114
154
4% Feb
100
1"Jun
i
34 Jane
Segal Lock dr Hardware_ •
1
800
Jan
Si
%
Slay
Selected Industries Ins
Common
1
1% 1% 2,100
134 May
3
Feb
$5.50 prior stock
25
59% 59%
100 40% Jan 61% Apr
Allotment certificates _ ------ 57% 57%
100 40
Jan 62% Feb
Beton Leather Co
•
551
S
10% Feb
.5% 511
900
May
Shenandoah Corp corn...!
115
1%
100
111 Jan
2% Feb
17
25
$3 cony pref
17%
300 17
Mar
Jan 23
Sherwin-Williams COM--25 6951 66
69% 3,525 47% Jan 70% May
Singer Mfg Co
100
178 180
50 156
Mar 18014 June
Smith (A 0)Corp cora___• 18%
1811 23%
100 18% June 43
Feb
Sonotone Corp
1
3
1,700
314
3%
2% May
411 Mar
Spanish & Gen Corp Ltd
Amer deposit rcts bearer_
100
11
1.1
3-4 Feb
34 Mar
Spiegel May &Stern pfd100 80
80
400
8214
Jan 86% Apr
Stahl-Meyer Inc
•
4
434 4%
100 60
434 May
6% Mar
Standard Brewing Co
I%
111
1%
500
214 Mar
Jan
Starrett Corporation corn _1
400
14 Jan
1% Feb
31
51
14
10
6% preferred
1%
Jan
1%
354 Apr
100
Stein Coametics
•
1% 2
3,100
214 June
Stinnes(Hugo) Corp
•
2
2
134 jan
14 Apr
100
3
May
Stutz Motor Car
3
3
•
3 June 10% Mar
600
Sun Investing corn
•
3% 331
100
3% Juno
5% Feb
41
83 cony preferred
• 41
41
100 35
Jan 4111 Apr
Swift & Co
1714 18% 10.400 13% Jan
25 17%
19
Feb
Swift Internacional
15 31% 30% 32
6,700 2351 Jan 32% Apr
Tastyeast Ino class A____•
1
1
1
3,900
1% Apr
Technicolor Inc corn
• 13
13
14%
7,800
711 Nl ar
jn
a
14% Juno
Tobacco & Allied Stocks. •
.51
51
100 45
June
Feb 51
Tobacco Prod Exports_ •
134
115
300
1% Apr
34 Jan
Todd Shipyards
25
•
25
100
Jan13
28
May
Transcontinctal Air Transl
2% 2%
2%
300
2
414 Jan
Feb
Trans Lux Pict Screen
Common
1%
1
134
1,700
1% May
331 Jan
TB-Continental warrants__
1%
115
800
1
May
2% Feb
Tubize Chatilion Corp...!
7
714
600
6
Jan
May 16
15% 16
Class A
1
200 15% June 30% "
1555
.
1
Tung-Sol Lamp Works_ •
411 4%
400
3
7% Mar
Jan
Union American Investing•
Union Tobacco com
•
United Aircraft dc Transp
Warrants
United Carr Fastener__ •
United Dry Docks corn _ _•
United Founders
31
United Milk Prod corn..,.
•
United Molasses Co
-Am dep rem ord ref___ £1
4%
United Profit Sharing__ •
United Shoe Mach com_25 66
United Stores v t c
•
•
U S Dairy l'rod B
U S Fihishing corn
114
Preferred
100
U 8F011 Co class B
1
1231
United Wall Paper Fact_ •
U S Intl Securities
•
115
1st pref with warr
• 50%
U S Lines pref
•
54
US Playing Card corn _10
Universal Ins Co
8
Utility Equities Corp._..
231
Priority stock
•
Utility & Industrial
Cony pref
•
Vogt Mfg Corp
•
Waco Aircraft Co
• 15
Waitt & Bond el A
•
Walgreen Co warrants..... -----Hiram Walker-Gooderhani
& Worts Ltd corn
• 36%
Cumul preferred
•
John Warren Watson__ •
Wayne Pump Co corn. •
•
Cony preferred
West Va Coal & Coke__ •
Western Maryland Ity7% 1st preferred_
100
West Tablet & Stationery
Williams (It C) & Co__ _* 14
Willow Cafeterias COM
1%
Wilson-Jones Co
•
Woolworth(F WI Ltd
Amer deposit rcts
264
Youngstown Sheet & Tube
514% preferred
100
22
22
100
400
6%
6
300
1014 10%
200
11
51
200
12,900
11
3% 3%
50
19%
16
Jan
Jan
5% June
5% Jan
11 June
Hi Jan
.
3
Apr
Feb
25
11 Jan
15%
12
211
115
331
Jan
May
Feb
Feb
June
4%
I%
6651
11
34
1%
5
13
351
1%
50%
16
2315
12
211
45
1,100
400
75
GOO
300
500
50
1,600
700
500
602
100
100
100
100
150
3%
111
57%
55
55
1%
5
5%
2
I%
48
%
16%
5%
%
36
Jan
Jan
Jan
June
June
June
June
Jan
Feb
Jan
June
Jan
Jan
Jan
Jan
Jan
634
4%
68%
1%
1%
5
9
14%
4%
2
6015
13-4
27%
12
4
53
Apr
Feb
Apr
Feb
Feb
Feb
Apr
Apr
Apr
Feb
Feb
Mar
Apr
June
Feb
Feb
314 311
6% 611
15
16%
734
311 34
100
100
2,200
100
100
111 Jan
355 Jan
104 Jan
45,1 Jan
2
Jan
5%
9
19
74
3%
Feb
Feb
Apr
June
Feb
3614 3711
1514 1614
34
54
34
2
3
33.4
3,000
3,100
100
400
400
300
30% May
1534 May
14 Jan
51 Jan
2
Jan
34 Jan
579.6
17%
11
1%
6
5%
Jan
Jan
Feb
Feb
Apr
Apr
50
9%
1151
7-6
11
79%
14%
20
2
1711
Apr
Apr
Mar
Feb
Apr
414
1%
65%
14
55
115
5
12%
3
1%
49%
11
23%
12
2%
4311
74
13%
14
1
15
74
1334
14
111
16
20
100
100
400
200
2631 26%
200
4111 41%
10
22%
41
Public Utilities
48
Ala Power $6 pref
•
48
100 3211
Am Cities Pow & Lt
25
31
Cony class A
31
100 25
New class 11
1
234 2%
211
1,000
174
Am DIst Tel NJ pref __IGO 111
111
111
50 102
Amer Gas & Elec com
• 26% 25% 27% 10,300 18%
Preferred
• 88% 87% 8831
275 72
Amer L & Tr eom
25 13% 13% 14%
1,900 1011
Am Superpower Corp corn •
2%
2% 2% 9,400
2%
Assoc Gas & Elec1
31
%
% 2,500
•
C1assA
35preferred
3
3
100
Warrants
115
215
500
•
Assoc Telep Utilties
400
31
31
Bell Telep of Can
119 119
100
25
Brazilian Tr Lt dr Pow_ •
9
9
200
Buff Niag & East Pr pref 25 17%
17% 17%
500
74
$5 1st preferred
•
74
200
Cent Ilud
z10 z10
dr E v t c_
•
200
9
Jan
Jan
Jan
Jan
Jan
Jan
May
Jan
20% Jane
59%
52
Feb
Apr
Jan 3415
Jan
434
Jan 112
Jun 33%
Jan 8811
Jan 19%
434
Jan
Apr
Feb
May
Feb
June
Feb
Feb
Jan
24
Jan
614
Jan
34
Jan
94
Jan 120
June 14%
19%
Jan
Jan 7515
Apr 13
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Feb
Friday
Sales
Last Week's Range for
Public Utilities
Sale
Week.
ofPrices.
(Concluded)
Par Price. Low. High. Shares.
Cent P & L
pref__100
1%
Cent States Elec
_1
100
7% preferred cora_Cony pret op ser '29 _ _100
5%
Cities Serv P & L $7 pref..*
• 24
$6 preferred
Columbia Gas & Eno
-100
Cony 5% pref
Commonwealth Edison 100
Common & Southern Corp.
Warrants
Congo]GE LdzP Bait coin • 65%
'pr pref.100
Cont G &E
Duke Power Co
10
East Gas & Fuel Assoc
434% prior preferred 100
100 66%
6% preferred
114
East States Pow corn B__.
Elec Bond & Share com_
14%
• 51
$6 preferred
Empire Dtst El 6% pref100
Empire Gas & Fuel Co
6% preferred
100
100 23
7% preferred
European Electric Corp
Class A
10
Option warrants
Gen Pub Serv $6 pref _ _•
Georgia l'ower $6 pref____" 58%
Hamilton Gas v t c
1
Illinois P & L $8 pret
•
Internet Hydro-Eleo-Frei $3.50series
50 22%
Internat'l Utility
1
Class B
Warrants new
Interstate Power $7 pref_•
Italian Superpower
Warrants
Long Island LtgCommon
7% preferred
100
I'ref class II
100 44
Marconi Wird T of Can.'
Middle West ULU corn_ _•
$6 cony pref A
Mob & Hud Pow 1st pref..'
Montreal Lt Ht dr Pow _-• 3533
National P & L $6 pref
• 5535
Nev-Calif Elec
pref 100
•
N Y Steam Corp corn_
N Y Telep 63.4% pref _100
Niagara Bud Pow
Common
15
535
Class A opt warrant_ _ _ _ ______
Nor Amer Lt.& Pr
1
Common
$6 preferred
Pacific G & E6% 1st pref25
Pacific Light $6 pref
Pacific Pub Serv1st preferred
Pa Water & Power
• 55
Philadelphia Co corn
• z13%
Pub Seri of Ind $6 pref.. •
,
07 prior pref
Puget Sound P & L$5 preferred
• 13%
$6 preferred
•
Sou Calif Edison
7% pref series A
25
pref series B
25
535% preferred _ _ _25 17%
CSouthern Colo Power A_25
Swiss Am Elee pref__ _100
Tampa Electric Co corn. -• 25%
Union Gas of Can
•
434
United Corp warrants
United Gas Corp corn_ _ _1
Pref non-voting
• 42%
Option warrant
United Lt & Pow corn A_ _•
2%
Common class 11
$6 cony let pref
• 14
S Elec Pow with warr_ _1
31
Utah Pow & Lt $7 pref. _•
UV,' Pow & Lt new corn_.1
1
Former Standard Oil
Subsidiaries
Pipe Line
50
Humble Oil& Ref
•
Imperial 011 (Can) coup *
Registered
•
National Transit_ _ _12.50
.
New York Transit
5
Ohio 011 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
95
Standard 011 (Neb)
Standard Oil (0111o) corn 25
42
15
8%
85%
25%
2734
18%
13%
19
19
1% 1%
9
9%
535 5%
24
24
23% 24
50
3,400
50
125
50
13
8635 89%
53% 54%
650
300
h
.
'16
64
66
50
50
5535 5535
7,000
2,200
25
25
Range Since Jan. 1.
High.
Low.
14
1%
8
4
20
9
Mar
Jab
June
Mar
Mar
Jan
19
2%
15
9%
30
25
June
Feb
Jan
Apr
June
May
Feb
Jan 103
68
3435 Jan 61% Feb
% Jan
Jan
53
37% Jan
Jan
40
% Feb
June
86
57
Apr
5734 Apr
Apr
Apr
Feb
Feb
Feb
Feb
56
46
1
10%
31
13
Jan
Jan
Jan
Jan
Jan
Jan
72
68%
235
23%
60
23%
25
250
10%
12%
Jan
Jan
25% Feb
2935 Feb
100
300
70
127
800
200
835 Jun
% Jun
Jan
25
Jan
44
'16 Jan
1035 Jan
1235
2%
57
64%
%
30
Feb
Feb
Apr
Feb
Feb
Apr
23
650
14%
31%
Apr
%
11
11
1,600
100
20
35 May
35 May
8% Jan
300
34 June
71
66%
135
14%
5034
20
10
71
22
67%
1,20
1%
16
22,900
2,000
52
250
2035
22% 22%
23
2334
8%.
16,
38% 41
58% 59%
3is
1735 1834
21
%
33.4
2,400
40 45%
500 36%
2
2,700
%
5,600
're
100
2' 46
900 35
550 3514
125 52
500 28%
7 114%
Jan
%
50
3535
53
60%
28%
118
535
34
534
%
2.900
100
2
2
8% 9%
2135 22
84
84
200
100
1,00
5
2
3%
19%
70%
6
735
55
55
1334 14
5
5
14
14
2,800
10
2,900
10
10
2% Jan
45% Jan
8
Jan
5 June
Jan
12
1334 14%
8% 9
200
50
11%
535
Jan
Jan
54
44
434 Jan
35 Jan
June
Jan
Jan
Jan
2235
18%
1734
1%
45
25%
434
1%
2%
39%
%
2%
3%
14
34
18%
1
22%
19%
17%
1%
45
26
4%
1%
2%
43
3in
314
334
15
71e
18%
1
200
600
400
100
150
600
400
100
6,300
3,400
2,100
1,100
100
1,200
400
75
3,000
20
17%
15%
1%
38
21%
3%
135
1%
17
71s
2%
315
835
35
18%
%
Jan
Jan
Jan
Jan
Jan
Jar
Jan
May
Jan
Jan
an
Jan
Jun
Jan
Jan
Jun
Jan
3335
41%
1435
15
8%
335
85
25%
100
3434
42% 7,500
15% 13,500
1,300
15
200
100
335
1,400
86
1,200
26%
300
5
46
50
27% 13,800
1,700
16%
100
13%
300
19%
31
3334
12%
13
7%
3
83%
17%
4
41
25
1435
12%
18%
Ma
Jan
Jan
Jan
May
Jan
Jan
Jan
Jan
Feb
Mar
Jan
May
June
800
1,000
2,200
100
200
4,200
900
3,400
400
100
8,000
1,200
300
100
2,600
ft
1%
1
2%
13%
234
134
34
135
5
9%
74
5%
I%
5635
Jan
Jan
Jan
June
Jan
Feb
Jan
Jan
Jan
Feb
Jan
Jan
May
Jan
May
100
7,400
500
400
200
1,700
200
100
10
191
19%
1%
III
3%
5%
12
6,1:i
2%
June
Jan
Mar
Jae
June
May
Feb
Jai
June
30
400
10
1,500
1,200
5,200
3,000
1,700
670
1%
35
4
14
134
hs
%
%
43%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
46
26%
1634
13%
1834
1% Feb
lis Feb
Mar
19
1
8%
Jan
Jan 69%
Jan 60%
4%
Jan
31
Jan
Jan
2%
Jan 64%
Jan 39%
Jan 69%
Mar 6135
June 38
Jan 120%
434
58%
49%
2%
316
34
50
3635
57
61%
28%
11834
Other Oil Stocks
Amer Slaracalbo Co
1
ft
Arkansas Nat Gas com .
1%
1%
Common class A
•
134
1.34
Preferred
10
235 235
British Amer 011 coupon. •
15
15
Carib Syndicate
25c
3%
3%
Colon Oil Corp corn_ _ _•
2
Columbia 011 & Gas vte.. _•
1
1
Cosden 011 corn
1
2% 2%
Preferred
100
6% 6%
Creole Petroleum
12% 12%
1235
Crown Cent Petroleum.. _ 1
Darby Petroleum
5
634 7
1%
Derby 011 & Ref corn. •
131
Gulf 011 Corp of Penna _ _25 63% 61% 64%
Indian Terr Ilium Oil Co
Non-voting el A
134
1%
International Petroleum_• 27% 27
28
2
Kirby Petroleum new..
2
Leonard 011 Develop_ _ _25
35
31s
Lion 011 Development_.
3% 4
•
Lone Star Gas Corp
535 5%
535
McColl Frontenac 011_ •
13% 1335
Slargay Oil Corp
8
8
Mich Gas & Oil Corp
3% 3%
Middle States Petrol
•
Class A vto
2% 2%
•
Class Byte
34
%
34
Mountain Producers__ _10
5
5
•
National Fuel Gas
x1434 16
5
234 2%
New Bradford Oils
34
34
Nor European 011 coin_ _1
l'entepec 011 of Venez_ •
135 1%
1
Producers Royalty
%
Tie
Purr OR Co 6% pref _100 4935
4734 4934
4445
Financial Chronicle
Volume 138
Feb
Feb
Apr
Apr
Fee
Feb
Feb
Jan
Feb
Feb
June
Mar
June
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)
Reiter Foster 011
Richfield 011 pref
25
Ryan Consol Petrol
•
Salt Creek Prod Assn_ _ _10
5
Savoy Oil Co
Southland Royalty Co_ 5
Sunray 011
5
1
Swiss 011 Corp
Texon Oil& Land Co_ _ _ _•
Venezuelan Petroleum_ _ _5
1%
34
135
134
6%
36
5%
1%
1
135
6%
1%
234
5%
13“
6
11,,
34
Minine43
Bunker Hill & Sullivan.._10 42% 41
35
1
1
Chief Consol Mining
1
1
Consol Copper Mines.. _ _ _5
150 153
Consol Min & Smelt.. _25
1%
1%
114
1
Cresson Consol G M
1% 1%
134
CUM Mexican Mining_50c
Evans Wallower Lead _ _ _
35
Falcon Lead Mines
'
Is
'is
34
Goldfield Consul Mines_10
6
6%
635
Bede Mining Co
25
17% 20
Hollinger Consol G M___5 20
Hud Bay Min & Smelt_ _• 13% 13% 14
1335 14%
13%
Internet Mining C,orp_ _ _1
5%
534
535
Warrants
1%
135
Iron Cap Copper Co_ _ _ _10
%
35
Kirkland Lake G M
1
53% 54%
54
Lake Shore Mines Ltd
1
2
2
Mining Corp of Canada_ _*
5335
52
New Jersey
._ _25
Newmont MiningCorp_10 52% 5235 53
Zinc_43
N Y & Honduras Rosarlo10 4135 36
2% 235
Nipissing Mines
5
13
13%
13%
Pioneer Gold Mines Ltd_ _1
135 1%
Premier Gold Mining _ _1
1%
Ill
%
35
St Anthony Gold Mines 1
2
2
Shattuck Denn Mining _ _ _5
10
11%
11%
Silver King Coalition
b
3% 3%
So Amer Gold & Plat new_l
715
34
Standard Silver Lead
1
6% 7
6%
Teck-Hughes Mines
1
34
%
Tonopah Mining Nev_ _I
435 43.4
Un Verde Extension. _50c
1% 2
2
Utah Apex Mining Co...5
31
34
Walker Mining Co
1
3-4
31
818
Wenden Copper
1
914 9%
9%
Wright
-Hargreaves Ltd_ _•
11,,
11,,
11,.
Yukon Gold Co
5
Bonds
Abbott's Dairy Inc 65_1942
Alabama Power Colin di ref 58
1946
9% Feb
1st & ref 5s
195
9 6 84%
51
%
83%
1st & ref 58
1st & ref 5s
1968 77%
3% Apr
1st & ref 435s
Apr
16
1
1957 73
23% Mar Aluminum Cost deb U '62 102
Apr Aluminum Ltd deb 58_1948 8934
90
Am Commonwealth Po lw40
,
Cony deb 6s
7% May
5634 Apr
5355
1953
June Amer & Continental 551943 87
15
June Am El Pow Corp deb 6s 57 1735
5
Apr Amer G & El deb 5s....2028 93
19
'Am Gas & Pow deb 68_1939 29
Secured deb 5s
1953 24
Apr
20
Apr Am Pow & Lt deb 6s_ _2016 54
13
Amer Radiator 4355_1947 101%
Feb Am Roll Mill deb 5s.._1948 86%
25
21% Feb Amer Seating cony 68.1936
19% Feb Appalachian El Pr 55_1956 98%
Deb6s
Feb Appalachian Power 58_1941 10634
4
2024
4934 Feb
Apr Arkansas Pr & Lt 58_ _2954 74%
1 26
28
6% Mar Associated Elec 43-4s..1953 37%
234 Feb Associated Gas & El Co
Cony deb 535s
1938 21
3% Mar
Cony deb 4%s C_ _ _1948
4535 Apr
Cony deb 4358
1949 1734
1% Mar
Cony deb 58
1950 19%
5% Feb
Deb Se
1968 19%
6% Feb
Cony deb 515s
1977 2134
24% Feb
6435
195
% Feb Assoc Rayon bs
26% Feb Assoc Telephone Ltd 5s '65 96%
2% Feb Assoc T & 'I' deb 535s A 55 50%
Assoc Telep Util 5156_1944
Certificates of deposit...
68
1933
Certificates of deposit_
413.4 May
46% Apr Atla.s Plywood 5355_1943 7734
1535 June Baldwin Loco Worts
68 with wart
1938 120
15% Apr
6s without warr
1938 95%
935 Feb
4% Mar Bell Telep of Canada
1st NI 5s series A_ _1955 109
Feb
88
1st M 55 series B
1957 109%
26% June
1st
bsser C
1960
5% Feb
47
Feb Binghamton L H & P 5s'46
3234 Jan Birmingham Elec 4%s 1968
17% Feb Birmingham Gas 5s_ .._1959
16% Feb Boston Consol Gas 5s_1947
2835 Feb Broad River Pow 5s....1954
Buff Gen Elec 5s .._....1939
9534
Canada Northern Pr bs
1% Feb Canadian Nat Ry 78_1935 10135
234 Feb Canadian Pac Ry 65_ _1942 11235
234 Feb Capital A dminis 5s _1953 86
335 Apr Carolina Pr & Lt 5a_.. _ 1956 7434
15% Star Cedar Rapids M & P55 '53 11035
Mar Cent Ariz Lt & Pow Is 1960 84
3% Feb Cent German Power
134 Feb
Panic ctfs 6s
1934
Jan Cent III Light 5a.......1943
9
Mar Central III Pub Service
,58 series E
1334 Apr
1956 69%
1st & ref 414s ser F_1967 6135
114 Feb
5s series G
735 Jan
1968 68%
2% Feb
435% series It
1981
7651 Jan Cent Maine Pow 414s E'57 9634
Cent Ohio Lt & Pow 551950 70
4% Feb Cent Power Is ser D_ _1957 54%
3034 June Cent Pow & Lt 1st 58_1956 57%
May Cent States Elec 5e....1948 38%
3
5355 with warrants_ 1954 3934
34 Mar
535 Jan Cent States P & L 5356.'55 4814
8% Feb Chic Dist Elec Gen 4%8'70 87%
14
Apr
Deb 5%s_ __Oct 1 1935 9635
834 Feb Chic Jet Rys & Union
5
Apr
Stockyards 5s
1940 105
C/alc P ys 5s otfs515s. _1942
, RneuTeol
ie
334 Apr
1927
135 Apr Cincinnati Street 1ky5%s series A
535 Apr
1952
18% Apr
6s series is
7735
215 June Cities Service 55
19 6 47
95
6
5
Cony deb 55
1950 49
'is May
294 Mar Cities Service Gas 53513 '42 6735
35 Jan Cities Service Gas Pipe
83
Line 6s
Feb
95
95
8835
83%
83%
74e4
69%
103
8935
9135
8435
83%
7734
7235
104
90
114
1
135
85
87
17% 17%
93
9435
30
29
22% 26%
5334 57
104% 10435
8634 87%
58%
58
98% 99
106% 107
87% 88%
75
74
3634 38%
19%
18
17%
1834
18%
20%
64
9535
49%
14%
14%
20
20
76
600
1,300
600
600
100
1,400
1,000
100
600
1,900
Range Since Jan. 1.
High.
Low.
34
Si
1%
534
15
4%
333s
2
435
314
May
Jan
June
Jan
Mar
Jan
Jan
Feb
May
Jan
1
4
335
734
1
6
2
234
11
1%
Jan
Feb
Jan
Apr
Mar
Feb
Feb
May
Feb
Mar
375 39% May 6334 Feb
1% Mar
% Jan
1.400
1% Feb
34 Jan
2,100
Mar
Feb 170
180 132
1% Feb
Jan
1,600
Feb
2
Jan
1
25,600
34 Jan
200
Jan
he
Jan
Jan
500
35 Apr
4,900
34 Jan
800
6 Apr 8% Feb
June
5,100 1135 Jan 20
7.600
831 Jan 14% Apr
3,700 1014 Jan 14% Apr
634 Apr
4,900
334 Jan
134 Apr
Feb
1
100
Isis Mar
Feb
2,300
34
4,100 4115 Jan 5434 June
2% Feb
400
Jan
600 4734 May 63% Jan
400 45
Mar 5734 Apr
June
Feb 43
2,250 28
2% Feb
May
3,200
2
3,500 10% Jan 14% Apr
Jan
1% Mar
4,700
1
2,100
iii, Ain
314 Jan
Jan
3
1% Slay
200
12% Feb
5,300
May
8
535 Feb
5,700
335 Jan
34 Feb
10,000
34 Jan
8% Apr
11,200
5% Jan
2,300
135 Feb
35 Jan
Feb
5
3,300
335 Jan
2% Apr
2,400
% Jan
1 14 Feb
34 Apr
200
34 Apr
6,800
35 Jan
10% Mar
16.500
634 Jan
35 Apr
900
3.4 Jan
1,000
95
Jun
95
June
66
59
60
85
51
95%
72
Jan 9135
Jan 85%
Jan 8434
Jan 77%
Jan 7235
Jan 104%
Jan 91
June
Slay
Apr
June
June
June
Feb
22,00
1
2,000
1
25,000 79
37,000
935
91,000 73
29,000 16%
78,000 14%
63,000 41%
18,000 97%
30,000 7035
4,000 4735
84,000 76
8,000 102
12,000 59
48,00
57
53,00
25%
2
May
2
Jan
Jan 93%
Mar 20
Jan 95%
Jan 34
Jan 32%
Jan 67%
Jan 105
Jan 92
Jan 70
Jan 99
Jan 107
Jan 8834
Jan 79%
Jan 4.2%
Feb
Jan
May
Feb
June
Feb
Apr
Feb
May
Apr
Apr
June
June
June
Apr
Feb
2835
23%
24%
25%
25
29%
7534
96%
60
22
23
2635
26%
79
Feb
Feb
Feb
Feb
Feb
Feb
Mar
June
Max
Feb
Feb
Feb
Feb
June
38,000
81,000
10,000
17,000
61,000
54,000
47.000
21% 34,00
1834 10,00
18% 82,00
19% 86,00
19% 142,000
21% 30,00
6435 19,00
96% 3,00
51 35 30,00
15% 41,00
9,00
15
5,00
20
1,00
20
500
77%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
9% Jan
Jan
10
1434 Ma
Jan
14
50% Jan
13
10
10
11%
1115
12%
53
80%
44
120 12135 34,000 10531
9435 96% 65,000 74
Jan 137
Jan 97
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
109
110
110%
100
7035
60
108%
58
109%
98
105%
117
90
76%
11134
9434
Feb
Apr
June
May
June
June
Mar
Apr
June
Meg
June
May
Apr
Apr
Apr
June
June
Apr
108% 109
109 109%
110 110
100 100
67
65
54% 55
108% 10834
53
54%
103% 108Y
9535 9635
10435 104%
112 113
8535 87
74
75%
110% 110%
87
84
98,000
61,000
20,000
6,000
63,000
4,000
1,000
13,000
24,000
17,000
32,000
74,000
10,000
28,000
7,000
40,000
40
107
17,000 39% June 63% Mar
Apr
3,000 100
Jan 107
40
107
89
70
60% 61%
68% 6934
6134 61%
9635 n96%
71
70
53% 54%
54% 5735
3835 40
39% 4031
4835
47
88%
87
9434 96%
18,000
65,000
14,000
2,000
14,00
7,00
19,00
107,00
69,00
76,00
47,00
49,00
49,000
3,00
104 105
1,00
7535 7535
21,00
56% 57
102%
101%
101%
7634
51
40%
104
36%
103.14
81
102
102%
70%
52%
103
7635
5235
4731
52
4735
75
57
41
4154
2735
28
3314
62
74
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
.Tan
Jan
Jan
Apr
Feb
Apr
Apr
June
Slay
Feb
Apr
Apr
Apr
Apr
June
Apr
June
Jan 105
95
54% Jan 8435 Apr
Jan 5735 June
46
7234
77%
47
4735
6635
,
7215 2,00
7735 4,00
4735 17,00
49 271,00
6735 15,00
Jan
50
5235 Jan
30% Jan
3034 Jan
4634 Jan
84
84%
5714
7,00
76%
68
7435
68
96%
77
6135
62
52%
51
53%
89%
96%
Jan
81
83
%
527
5334
6834
Apr
Apr
Apr
Slag
Juno
85
June
4446
Bonds (Continued)Citles Serv P & L 5549 1952
1949
5 sit)
Cleve Elea III 15$ 59._1939
5s series A
1954
Commerz und Pig vat
Bank 5%s
1937
Commonwealth Edison
1st NI 58 series A ___1953
lot M 5s series B___1954
1st 4%s series C___1958
4%s series I)
1957
4%s series E
1960
1st 51 45 series F
198
5%s series G
1962
Com'wealth Subsid 5345'48
Community Pr & Lt 58 1957
Connecticut Light & Power
1951
7s series A
434s series C
1956
58 series D
1962
Conn River Pow 55 A 1952
Consol GEL&P 4148 1935
Stamped
Consol Gas (Balto City/
1954
Gen mtge 4%9
Consol Gas El Lt & P (halt.
1960
43.19 series G
1981
lstrefsf4s
Consol Gas Util Cohn & coil 68 tier A..1943
Cony deb 6%s w w _1943
Consumers Pow 4540._1955
lot & ref 58
1936
Cont'l Gas & El 5s.....1958
Continental 011 5410_1937
Cosgrove Meehan Coal
1945
6 558
Crane Co 58......Aug 1 1940
Crucible Steel Es
1940
Cuban Telephone 7%s 1941
Cudahy Pack deb 5348 1937
1946
f 58
Cumberld Co P& L 4%8'56
Dallas Pow & Lt 6s A.1949
5.5 series C
1952
Dayton Pow & Lt 55 1941
Delaware El Pow 5 548__'59
Derby Gas & Elea 55_1946
Det City Gas 8s sec A.1947
5s 1st series B
1950
Detroit Interns t Bridge
1952
78
Dixie Gulf Gas 6%s...1937
Duke Power 4%8
1967
Eastern Util Investing
1954
5s ser A w w
Edison Elea III (Boston)
1934
-year 58
2
1935
5% notes
Elea Power &Light 59_2030
El Paso Electric 59_ _ _1950
El Paso Nat Gas
1938
deb 8 %s
Elmira Wat. Lt &RR be '56
Empire Dist El 55... _.1952
Empire Oil& Ref 534s 1942
Ercole Marelli Elec Mfg
1953
6549 x-warr
1987
Erie Lighting bs
EuropeanElecCorp 654s '65
Without warrants
European Mtge Inv 75 C'67
Fairbanks Morse 58..1942
Federal Sugar Ref 68..1933
Federal Water Serv 5540'54
Finland Residential Mtge
1961
Banks 69
Firestone Cot Mills 5s_'48
Firestone Tire & Rub 5542
Fla Power Corp 5548_1979
Florida Power & Lt 58 1954
Gary El & Gas baser A 1934
Gatineau Power lot 50 1956
Deb gold 68 June 15 1941
Deb 138 series B
1941
General Bronze 6s
1940
General Motors Acceptanec
5% serial notes_ _1935
1936
5% serial notes
Gen Pub Serv 5s
1953
Gen Pub Util 6%s A.1955
Can Refractories 6s__.193/3
with warrants
Without warrants
Gen Wat Wks & El 58_1943
Georgia Power ref 5s._1967
Georgia Pow & Lt 58_1978
Gestural 68 x-warrants 1953
Gillette Safety Razor 58 '40
Glen Alden Coal 4s___1985
1935
Glidden Co 554s
Gobel (Adolf) 6%5_1935
with warrants
Godchaux Sugar 7548.1941
Grand (F W)Prop 80.1949
Certificates of deposit___
Grand Trunk fly 8158 1936
Grand 'I runk West 48_1950
Great Northern Pow 58 '35
Great Western Pow 58 1946
Guantanamo & West 69 '58
Guardian Investors 53.1948
1937
Gulf Oil of Pa 58
1947
58
Gulf States Util 58__.1956
1961
4%a series B
Hackensack Water 58_1977
1938
58
1947
Hall Printing 5548
1935
Hamburg Elec 75
Hamburg Elev und 554s '3
8
1934
IIanna (NI A)69
1936
Hood Rubber 554s
1936
78
Houston Gulf Gas 6s_..1943
6%8 with warrants_ 1943
HousL& Plat 4%8 E.1981
1953
bs series A
lot & ref 41459er 0.1978
Hudson Bay NI & S 68.1935
Ilygrade Food Products
1949
65 series A
1949
6s series B
1947
Idaho Power 55
Illinois Central RR 4540'34
1937
8s
III Northern UM 58__.1957
III Pow & L 1st 65 ser A '53
1st & ref 5149 ser 13.1954
lot & ref 5s oar C....1958
f deb 5558 --MaY 1957
A
Financial Chronicle
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Price. Low. High.
5
45%
44%
45%
107%
10354
Range Since Jan. 1.
Low.
45% 89,000 27%
46% 46,000 2754
107% 24,000 105
103% 3,000 106
49% 5034 16,000
107
106% 107% 30,000
107
107 107% 10,000
102% 102 102% 36,000
102 10251 18,000
102% 101% 102% 19,000
93%
93% 159,000
93
106% 10714 42,000
84% 8311 84% 52,000
53% 5354 55% 75,000
Jan 49% Apr
Jan 49% Apr
Jan 107% June
Mar
Jan 111
4831 Mar
92
92
84%
86
85
72%
9451
56%
36%
6254
Feb
Jan 107% June
Jan 107% June
Jan 102% June
Jan 102% June
Jan 102% June
Jan 9351 June
June
Jan 108
Jan
87% May
June
Jan 57
Mar
120
120 120% 5,000 112
1,000 100
Jan
107% 107% 107%
Jan
109% 109% 12,000 104
101
104 105% 30.000 9114 Jan
102 102% 35,000 101% Jan
10251 102%
1,000 102% June
2,000 102
High.
120% June
107% June
109% June
105% June
103% Apr
103% Feb
Jan 111
May
110
110
103%
104%
Jan 109
may
Jan lot% June
49
48% 49%
9
9
105% 105% 105%
101% 101% 105
51% 51
5251
102% 10354
42,000 33% Jan 5211 Apr
Apr
Mar
9,000
13
6
June
66,000 9411 Jan 106
21,000 102% Jan 105% June
Apr
110,000 36% Jan
57
32,000 101% Feb 104% Apr
110
101%
4
98
78
103%
106%
103
8854
81%
100%
91%
loui
1,000 105
104% 17,000 93
4
4
07% 93
92% 93
76% 79
10334 103%
106% 10614
94% 94%
103% 109%
106% 10634
107% 103
8855 89
81% 82%
100 100%
9114 92%
4
June
1,000
9
Jan 09
19,000 85
96
29,000 7354 Jan
8,000 6431 Jan
80
45,000 98
Jan 10434
6,000 103% Jan 106%
Jan 94%
11,000 74
3,000 104% Jan 110
11,000 99
Jan 10654
41,000 102% Jan 108
33,0(10 65
Jan 89
29,000 5714 Jan 85
57,000 8454 Jan 101
56,000 73
Jan 92%
1
154 9,000
25,000
100% 100% 101
103% 104
15,000
2054 21
2,000
Star
Apr
Apr
June
May
Apr
June
Apr
June
May
May
Apr
May
June
% Jan
2
Jan 101
79
85
Jan 104
Jan
June
June
10%
Mar
Jan
25
100% 100%
4,000 10014 June 10114 Feb
102% 102% 102% 44,000 100% Jan 10351 Mar
40% 40% 42 169,000 25% Jan 51% Apr
8514 85% 4,000 64
Jan 8614 May
70%
64
62
82
69%
6354
63
2,000
83
5,000
71
23,000
65% 45,000
75
7414 75
1001.4 100% 101
8654
8454
101%
71%
6534
56%
94
90%
8811
7434
90%
37
85
3
34%
83%
101%
102%
88
6351
54
93%
90%
88%
7454
12,00
17,00
91
24,00
41%
3,00
8655 20,00
6,000
38% 58,00
86%
10214
10254
71%
65%
5711
94%
91%
89
77
22.00
41,00
22,00
38,000
80,000
103,001
63,00(
14,000
11,000
24,000
35
62
4654
46%
Jan
Jan
Jan
Jan
63
85
71
72
June
Apr
June
Apr
72%
86
Jan 88
Jan 102
Apr
June
80
Jan 100% Apr
Jan 54
29
June
63
Jan 89% Apr
10
Jan
2% May
18% Jan 42
May
73%
8954
93
51354
53%
34
77%
69
68%
60
Jan 8914 Apr
Jan 102% June
Jan 103% June
Jan 80
Apr
Jan 71
Apr
Jar
6714 Apr
Jan 9411 Slay
Jan 91% June
Jan 91
June
Jan
8134 Apr
101% 102% 8,000 101% Jun 10354 Jan
10454 104% 10154 3,000 10251 Jan 104% Mar
SO
80% 17,000 64
Jan 82
May
5334 50
56 122,000 2554 Jan 56
June
96
60%
79%
103%
77%
102
136 136
96
97%
59% 62
78% 79%
58%
57
40% 40%
102% 10354
74% 79
101% 102
79% 82
103 103
35
33
33
10554 105% 105%
85
86%
100% 100 100%
106% 108% 107
1854 18%
39
39
105
104% 105%
10554 105 105%
90.54 90
90%
8251 8251
104% 104%
107% 107% 107%
81% 79% 81%
65% 65%
4014 40
40%
100% 100% 100%
75%
75
75
77% 79
81% 82
6614
66
10134 101% 102
105 105%
101% 101% 102%
110
110 111%
1,000
16,000
32,000
118,000
14,000
4,000
13,000
115,000
194,000
98% Jan 146% Apr
Ma
85
9714 June
40
Jan 62
June
5954 Jan 8434 Apr
40
Jan 85
Feb
Jan
39% June 73
Jan 10354 June
94
June
57% Jan 79
9714 Jan 102
June
29,000
2,000
7314 May 85
Apr
Jail 103%
95
Mar
19,000
44,000
33,000
24,000
8,000
10,000
4,000
86,000
30,000
27,000
1,000
6,000
19,000
27,000
3,000
12,000
1,000
2,000
2,000
12,00
4,00
18,00
4.000
8,00
18,00
6154 82
13,00
61% 61%
1,00
103% 105
105
10.000
9454 166,00
94% 94
90% 34,00
90% 90
101% 102
2,000
73
73
71
46,000
69
67% 69
30,000
66% 38,000
66% 85
58
59% 23,000
58
16%
100%
70
9314
94%
12
24
101
9934
66
63
99
100%
61
65%
40
100%
66
74%
42
31
81%
9314
85%
104
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
41
106
88%
100%
108
26%
48
105%
106%
9254
82%
10654
107%
83
82
70%
101%
81
83
84
7254
102%
105%
104
11814
Apr
Apr
Apr
May
June
Apr
Feb
June
June
Apr
June
May
June
Apr
Feb
Jan
Jan
Mar
Apr
June
June
June
June
June
Apr
48
Jan 70
Jan 6911
50
8711 Jai 105
Jan 95%
75
87
Jun
93%
8254 Jan 102
52
Jan 78%
47% Jan
75
43% Jan 70
Jan 66
37
Apr
Apr
June
June
Apr
June
May
Apr
Apr
Apr
Jan
Jan
June
June
June
Jan
May
Jan
Jan
Jan
Jan
Jan
Jan
Bonds (Continued)
Indiana Electric Corp
6s series A
1947
toil
55 series C.
Indiana Gen Serv 55 _1948
Indiana Hydro- Flee 58 5.
Indiana & bitch Elec Es '57
Indiana Service hs____1950
1st lien & ref 5s____1903
Indianapolis Gas 5s A.1952
Ind polls P& L5sser A '7i7
Intercontinents Pow Os '48
International Power Sec
.1957
78 series F
1952
75 series F
international Salt 58..1951
International See Is._1947
Interstate Ir & Steel 54s'40
Interstate Nat Gas 6s_1936
Interstate Power 55..1957
1952
Debenture 6s
Interstate Public Service
1956
5s aeries D
1958
454s series F
Iowa-Neb L & P
1961
55 series B
Iowa Pow & Lt 4345..1958
Iowa Pub Serv 5s
1957
Isarco Ilydro Elea 78_1952
Italian Superpower of Be,
Deb 138 without war.1963
Jacksonville Gas 55_1942
Jamaica Wat Sup 5548 1955
Jersey C P & L 454s C_ 1981
5s series B
1947
Jones & Laughlin 58..1939
Kansas Gas & Llec 69.2022
Kansas Power 55
1947
Kansas Power & Light
1955
68 series A
1957
be series 13
Kentucky Utilities Co
1981
1st mtge 58
1969
Ss series I
Kimberly-Clark 5s_ _ _1943
Koppers G & C deb 501947
Sink fund deb 550.1950
Kresge(SS)Co 5o.._.1946
Certificates of deposit...
Laclede Gas Lt 5548..1936
Larutan Gas Corp 634s1935
With privilege
Lehigh l'ow 9ecur 68..2020
Leonard Teltz 7355 x-w'
46
Lexington Utilities 50.1952
Libby McN & Libby 5s '42
Lone Star Gas 5.5
_1942
Long Island Ltg 65_ .._194a
Los Angeles Gas & Elea
1942
133
1943
555s series F
1949
5148 series I
1961
5
Louisiana Pow & Lt 50 1957
Louisville G & E 4548 C '61
Manitoba Power 5%0_1951
Mass Gas deb 58
1951
1946
5 150
cCord Radiator & Mfg
13s with warrants ..l943
Memphis P & L 5s A...1948
Metropolitan Edison
1971
4s series E
1962
58 series F
Mid States Petrol 6550 1945
Middle West Utilities
55 ctfs of deposit__1932
1933
be etre ot dep
1934
5s ctfs of dep
58 efts of deposit. _ _1935
Milwaukee Gas Lt 414s '87
Minneap Gas Lt 4548_1960
NI inn Gen Elea 5a. _1934
Minn P & L 4545
1955
1955
Se
Mississippi Pow 58_ ..1955
Miss Pow cle LtSo....1957
Miss River Pow lot 681951
,
Missouri Pow & Lt 5348'55
Missouri Public Serv bs '47
Monongahela West Penn
Pub Serv 554 ser B.1953
Montreal L II & P Con
1st & ref be ser A ___1951
1970
55 series 1.1
Munson S 9 L11)08%9_1937
With warrants
Narragansett Elea ba A '57
1957
58 series B
Nassau & Suffolk Ltg 58 '45
Nat l'ow & Lt es A_ __ 2020
Deb 55 series B... 2030
Nat Public Service 5s 1978
Certificates of deposit ..
Nat Tea Co 5s
1935
Nebraska Power 4%9.198,
2022
6s series A
Neisner Bros Realty Os '48
Nevada-Calif Elec 58.1954
New Amsterdam Gaa bs '48
NE Gas & El Assn 55.1947
Cony deb .5s
1948
1950
Cony deb 55
New Eng l'ow Assn 58.1948
Debenture 5540._1954
New On Pub Serv 4548 '35
1949
6a series A
N Y & Foreign Investing
5148 with warrants.1948
N Y Penna & Onio 4540'36
NY P&L Corp let 4148 '87
.
N Y State G & E 41 4a 1981,
NY & Wastch'r Ltg 482004
48
2004
Niagara Falls Pow 65.1950
58 series A
1959
Nippon El Pow 63-48. _1953
No American Lt & Pow5% notes
1935
6519 series A
1956
Nor Cont Util 5145 ....1945
No Indiana G & E 68_1952
Northern Indiana P 95s series C
1986
58 series D
1989
454s series E
1970
No Ohio P & L 5%5..1951
Nor Ohio Trac & Lt bs '56
No States Pr ref 450_1961
554% notes
1940
N'westem Elect 68.....1935
N'western Power(is A _1960
June 30 1934
Friday
i Sales
Last Week's Range for
ofPrices.
Sale
Week.
Price. Low. High,
S
70% 71%
6031 62%
105% 105%
5714 59
59
103 103
4334
4234 42
41
40% 42
87
8734
953-4 95% 96
3
3
6234
81
80
81
80
80
80
103% 102% 103%
5954
58
62%
8034 80% 81
105% 105%
5334 52% 54%
3834 37% 39%
5434
513-4
84
92
81%
74
54%
51
8334
84
9178
7354
58%
52%
8434
84
94
8114
7434
8,000
32,000
1,000
13,000
2,000
26,000
31,000
6.000
133.000
5,000
Range Since Jan. 1.
Low.
54%
47
98
47
91
2514
24%
71
76.
234
12,000 RO
4,000 80
17,000 84
9,000 46%
9,000 57%
1,000 103
122,000 41%
27,000 28%
5,000
34,000
35,000
9,000
20,000
38,000
10,000
48
421
4
63%
64
75
58
70%
I
High.
Jan 75%
Jan 08
Jan 106
Jon
67%
Jan 10854
Jan, 48%
Jan 48%
Jan 88
Jan 96%
5
Jan
Feb
Apr
May
Apr
June
Apr
Apr
Apr
June
Apr
June
June
Jan
Jan
Jan
Feb
Jan
Jan
103%
102
10314
65
84%
10554
61%
48
Mar
Mar
June
Jan
Apr
June
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Jan
June
64
61
89%
8954
9514
87%
92
Feb
Feb
Apr
Apr
Apr
Slay
Apr
62
61
63 • 35,000 49
June 78% Apr
4034 40
44% 122.000 32
Feb
May 53
105% 10534 105% 1,000 100
Jan 10534 June
9354 9334 94% 92,000 73% Jan
9451 June
100% 100% 101% 31,000 83
Jan 101% May
10734 107 107% 14,000 103% Jan 107% June
89
89
89% 4,000 62
Jan 90
June
7854 77% 78% 29,000 6054 Jan 88% Apr
101
95
62
97
943-4
100
100
100% 101
95
95
4,000
31,000
8454
73%
Jan 101
Jan
96
June
Apr
62%
62
60
62%
97
0714
94
95
9954 100
102% 103
100 100%
6731 68
10.000
7,000
7,000
55,000
19,000
22,000
17,000
6,000
47
45%
88%
8214
84%
89
87%
50
Jan 68
Jan 68
Jan 98%
Jan 07
Jan 100
Jan 104
Jan 10134
Jan
75%
Mar
Mar
Apr
Mar
June
Apr
May
Pen
101
1.000
85
25,000
35
2,000
7234 4,000
88
51,000
97% 4.000
90
27,000
93
6154
30
5411
6851
8214
67
Jan 101
Jan 86
Jan 65
Jan 76
Jan 8911
Jan 98%
Jan 94%
June
Feb
Mar
Apr
May
June
Apr
99% Jan 10914
95% Jan 10651
9411 Jan 106%
89
Jan 103%
8834 Jan 9411
82
Jan 102
38% Jan 64%
Jan 96%
74
83
Jan 102
June
June
Apr
June
June
June
101
84%
35
72
72
87
88%
97
893-4 88
85
109
109 109
106 106
106 106
103% 103% 10354
94% 94
9414
101% 102
63
(3334
96
96
98%
10155 10034 101%
1,000
1,000
2,000
24,000
89,000
10,000
3,000
49,000
20,000
June
June
June
64
6354 65
13,000
92% 92% 5,000
40
70
Jan
Jan
Apr
70
9334 June
8934
98%
8834 80% 29,000
9731 98% 69,000
74% 75
2,000
66
73
53%
Jan
Jun
Jan
89% June
99% June
June
75
7
6%
634
75
8434
62%
6714
107
100
8734
109
634 7
63-4 811
614 614
6% 7
1053-4 10514
913.4 9234
10134 1013.4
741" 76
823-4 8414
62
6434
8514 6834
10634 107
95 100
4834 50
87
8855
7,000
514 Jan
7,000
554 Jan
5,000
514 Jan
10,000
534 Jan
6,000 93% Jan
40,000 73
Jan
24,000 100% Jan
29,000 5534 Jan
34,000 64
Jan
132,000 40
Jan
124,000 4834 Jan
31,000 96% Jan
4,000 7014 Jan
13,000 37
Jan
30,00
103% 109% 15,00
103% 10951 33,00
634 7
105% 104% 10654
10411 10534
105
10054 100%
71% 71
71%
64% 62% 64%
12,00
68,00
20,00
2,00
25,00
59,000
9
9%
10011 101
107 107
10051 100%
7814 80
77% 79%
102% 102%
5534 87%
57% 58
5554 57%
64% 65%
67% 68%
54% 56%
39% 4034
31,00
17,00
30,000
1,000
13,000
32,000
1,000
146,000
15,000
80,000
40,000
67,000
84,000
60,000
934
107
79%
55%
5514
64%
68
5854
61
10454
10334
Jan
1054
1014
1014
10%
105%
9234
102%
7714
84%
6554
69
10751
100
58
Feb
Feb
Feb
Feb
June
June
Apr
Apr
June
June
Apr
June
June
Feb
00% June
Jan 110
May
Jan 11054 May
631 June 12% Feb
98
Jan 106 54 June
98
Jan 10531 June
98
Jai 101
May
57
Jan 83
Feb
47% Jar
Feb
74
7% Jan
97% Jai
91% Jan
77
Jai
43
Jan
5714 Jan
85
Jan
39% Jan
39
Jan
3854 Jar
51% Jan
54
Jan
3614 Jan
25
Jan
16%
102
107
10114
84
8054
10234
65
61
61%
72
77%
63
44%
Feb
Mar
Juno
Slay
Nfar
June
June
Feb
Feb
Feb
Apr
Apr
June
Apr
80% 80% 6,000 70
101% 101% 2.000 9634
92% 93% 101,000 74
83% 84% 51,000 64%
105% 105%
1,000 98
10134 102
8,000 88
109
103% 109
10,000 104%
1073.4107%
107%
5,00( 100%
703.4 7951 8,000 65
Jai
May
81
Jai 10214 June
Jan 94
Apr
Jai
8431 June
Jai 106
Juno
June
Jai 102
Jan 11ost mar
Jai 10714 June
Jo
80% June
101 101
1,000
5034 51 14 34,000
Jan 10114 June
Apr
Jan 56
Jan 3651 May
Jan 96% May
93%
83%
5154
32
97
71
7054
67%
97%
93%
92%
72%
24%
32
32% 9,000
95% 97
10,000
72
71
70%
70
67%
66
100 100%
9735 0855
92% 94
91% 93
72% 7314
2414 2654
4,00
46,00(
10,000
18,000
19,000
103,000
35,000
2,000
11.000
91
2514
20
71
5414
55
Jan 78% May
Jan 76% Mar
Mar
Jan 74
70% Jan 10011 May
68
Jan 9814 June
June
73% Jan 94
Juno
71% Jan 93
Apr
54
Jan 87
12% Jan 38% MaY
649
•
Bonds (Continued)-
4447
Financial Chronicle
Volume 13P
Friday
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Price. Low. High.
$
N'western Pub Serv 5s 1957
70% 9,000
68
1945
96% 974 22,000
Ogden Gas 55
93,000
1960 95% 95
Ohio Edison lot 5s
96
Ohio Power 1st 5s 13..1952 1054 105% 1054 13,000
102% 1034 59,000
1st & ref 4348 ser D 1956 103
Ohio Public Service Co1953
97
984 6,000
6s series C
1954 94% 934 94% 38,000
55 series D
1961 95
549 series E
9434 95% 26,000
94% 954 90,000
Okla Gas & Elec 5s__ _1950 95
1940
4,000
914 9154
6s series A
Okla Power & Water 53 '48
54
3,000
54
1941
Oswego Falls 65
61
1,00
61
Pacific Coast Pow 5s 1940
Pacific Gas & El Co1941
1st 6s series B
1st & ref 5549 sec C1952
1955
58 series D
1st dr ref 4548 E____1957
18t & ref 4 tis F__..1980
Pacific Investing EsA.1948
Pacific Pow & Ltg 58-1955
Pacific Western Oil 6549'43
With warrants
Palmer Coro 65
1938
Penn Cent L Is P 4 45 1977
1979
5s
Pens Electric 4s l". .197i
Penn Ohio Edison6s series A xw
1050
Deb 54s series B_ .1959
enn-Ohio P & L 54s 1954
Penn Power 58
1956
' Penn Pub Serv (isC_ _1947
1954
58 series D
Penn Water Pow Es__ _1940
Peoples Gas L & Coke48 series 13
1681
4549 serial notes _ _ _ _1935
Cs series C
1957
96%
9654 9754 12,000
1124 112% 11254
107
107 1075/
106 106%
1024 101% 1024
102% 101% 102%
8254 8054 824
4455
4355 4654
Range Since Jan. 1.
Low.
504
774
67%
95%
85
Jan 73
Jan 9754
Jan 9734
Jan 106
Jan 103%
June
June
June
June
June
7054
63%
63
7334
66
44
51%
Jan 100
Jan 9451
Jan 9534
Jan 96%
Jan 93
Jan 60
Jan 65
Apr
June
June
Apr
June
Feb
Apr
77
Jan
9754 June
12,000 101% Jan 1124 June
June
24,000 954 Jan 108
Jan 106% June
6,000 92
74,000 8534 Jan 102% June
24 June
75,000 854 Jan 10
Jan 824 Slay
6,000 70
Feb
57
126,000 3534 Jan
9434 934 94% 35,000
100% 100% 1004 5,000
86% 85% 87% 58,000
934 924 93% 4,000
7334
72
4,000
76
85%
5534
71
57
71% 6,000 4834
71
64
414
664 16,00
103 103% 45,000 79
105% 1054 106
18.000 95
9755 97
98
6,000 75
88
90
3.000 64
110% 110% 8,00 103%
71
High-
Jan 97
Jan 10054
JR(
874
Jan 9334
Jan 75
June
June
June
June
May
74
70
103%
106
101
92
11034
Apr
Apr
June
June
June
May
June
Jan
Jun
Jan
Jan
Jan
Jan
Jan
Bonds (Concluded)-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
$
Price. Low. High
Range Since Jan. 1.
Low.
High.
9134
914
54%
54
89%
914
534
534
191,000
195,000
50,000
45,000
4311u
4334
3254
324
Jan
Jan
Jan
Jan
94
93
60
59
53%
79
5,000
79
524 53% 146,000
66
29%
Jan
Jan
83
Apr
5734 Ape
2,000
1,000
2,000
29,000
3,000
23,000
16,000
21,000
15.000
29,000
5,000
40
36
34
103
101
59
57%
73
1034
9834
10354
June
June
June
Jan
Jan
Jar,
Jan
Jan
Jan
Jan
Jan
71% 10,000
70
Tennessee Elec Pow 551956 71
83 231,000
78
Tenn Public Service 55 1970 83
17,000
70
66
Terni Hydro Elec 8%s 1953 70
55% 57% 7,000
Texas Cities Gas 5s
19414
814 65,000
814 81
Texas Elec service 58_196(
4,00
15
16
Texas Gas URI 6s_ _ _1945
934 40,00
Texas Power AT I.t 56_.1956 934 93
21,000
85
82
Gs
2022 85
50,000
103% 104
58
193; 101
3,000
81
81%
Thermeld Co 65w w_1934
67
67% 3,000
68 stamped
1937
7354 21,000
73
Tide Water Power 59.1979
Toledo Edison 5s
1982 103% 10354 10154 143.000
Twin City Rap Tr 5301'52 484 4754 484 46,000
55
44
62
51
63
14%
(3754
5634
115 34
50
65
60
8651
234
Stand Gas & Elec 68_1935
1935
Cony lis
1951
Debenture (is
Debenture 68_ Dec 1 1966
Standard InvestgDeb 5s x-warr
1937
Stand Pow & Lt 66_ _ _ _1957
Stinnes (Hugo) Corp
1936
7s ex-warr
7s stamped
1936
1946
78 stain ped
0
Sun Oil deb 546
193
Sun Pipe Line 5s
11140
Super Power 01111 434s '61.
1970
1st 434s
1961
68
Swift & Co 1st m 8f 55_1944
1940
5% notes
Syracuse Ltg 5549
.1957
92%
924
56
554
40
40
364 36%
37
37
104% 105
105
104 1014
82% 82% 8354
82% 83
83
974
96
97
106 107
103
10354 1034 104
106% 1064 1074
June
June
June
Apr
58
55
bli
106
1044
834
83%
9734
108
10454
108
Jan
Feb
Jan
Mar
May
June
June
Apr
May
Mar
Mar
75
Jan
Jan 84
June 864
Jan 61
Jan 88%
Jan 25
Jai
94
Jan 87
Jar, 104
Jan 83
76
Jan
744
Jan
Jan 1044
Jan 58
Jan
June
Apr
Feb
Apr
Apr
June
May
June
June
Feb
May
June
Apr
so% so%
1,000 85
Jan 9034 June
Union Am Investg 5s_1948
900 3854 Jar, 52% May
44% 47
Glen Co deb tin
1944 45
Union Elec Lt Is Power
Jan 106
June
May
1957 10154 101 101% 28,000 92
434s
9,000 62% Jan 80
76
7534 75
June
41,000 10151 Jan 106
105 105
Jan 100% June Un Gulf Corp 58 July 1 '50 105
100% 100% 11,000 95
Jan 107% June
Apr United Flee NJ 4s
106 1074 11,000 100
1949 106
Jan 99
130,000 75
8
94 894 90%
Apr
June 90
18,000 64
UnIted El Serv 78 x-w_1951' 69
71
68
June 6954 Jan
51
Peoples Lt & Pr 58._ _ _1979
534 16,000 50
54 Jan United IndustrIal6 45 1941
51
Jan
2
2% 2% 14,000
53'% 33,000 50% June 674 Jan
1st tis
51
Phila Electric Co 55_1966 1124 1124 1124 15,000 105% Jan 112% June
1945 51
5244 Apr
43% 4554 20,000 274 Jan
Phila Elec Pow 548..1972
1034 1094 25,0(10 104% Jan 109% Apr United Lt & Pow 69__ 1975
Jan 80% June
3,000 50
554s
7954 80
Ehila Rapid Transit 69 1962 71% 70
0
744 Apr
Apr 1 195
714 23,000 494 Jan
3,000 31
4654 47
Feb
Jan
58
Deb R 6%s
June
1974 47
Phil Sub Co G Is E 448'57
Jan 107
106% 107
10,000 100
5654 Feb
53% 5554 53.000 3554 Jan
Piedm't Hydro-El 645 '110 7034 68% 72
11,000 1183. June 924 Apr United Lt & Sky 5348.1952 54
10.000 56
June
6s riertes A
Jan 85
Piedmont Is Nor 56_1954 90% 904 904 14,000 741% Jan 91% Apr
1952 824 824 85
Pet,
4334 3,000 251.( Jan 52
43
1972 43
fis series A
June
Pittsburgh Coal 6s____1949 103
Jan 103
102% 103
18,000 93
June U S Rubber (35
Jan 101% May
21,000 90
100% 101
1935
Pittsburgh Steel 6s___1948
Mar 96
94
94
1,000 85
20 000 89% Jan 101% May
100% 101
Pomerania Elect3s.„-1963 34
655% serta1notes__. 1935 101
34
3554 14.000 32% June 5414 Feb
Jan 9951 Apr
12,000 77
98% 99
Poor Is Co 69
654% serialnotes___ 1936 99
1939
Jan 914 June
91
9134 9,000 83
6%% serial notes___1937 94
5.000 7034 Jan 994 Apr
94
94
Portland Gas Is Coke be '40 83% 83
Jan 954 Mar
39,000 83
85
92% 924 26,00
694 Jan 994 Apr
May
Potomac Edison 55___1956 98% 9734 99
64% serial notes___1938
12,000 7434 Jan 100
9234 4,000 694 Jan 984 Apr
4546 series F
654% serial notes___ 1939 924 92
June
Jan 93
1961 91 51 894 914 19,000 73
Apr
Jan 99
9154 9134 5,000 88
Potomac Elec Pow 58_1936
64% serial notes...1940
106% 10634
1,000 102% Jan 1064 June
B52 Pow Is Lt 65 A..2022
46% Jan 6754 Feb
PowerCorp(Can)44a '
54
7,00
Jar, 7934 June Utah
59 7834 7834 7834 14,000 63
Power Corp of N YJune Vamma WatPow 554s 1957 894 8934 894 1,000 7935 Jai) 0134 May
1942 95
6;is series A
Jan 95
91
8.000 70
05
June N'a F:lec & Power 68....1955 102% 10234 10 % 30.000 89
Jan 102% June
1947
5348
2
6351 634 3,000 5154 Jan 64
Apr
29.000 553.4 Jan 80
Power Securities 68_ _ _1949 58% 5834 59
76
Jan 624 Apr Va Public Serv 55.4s A _ 194fi 7534 75
4.000 45
Apr
Jan
76
Prussian Electric 65_1954 484 4754 484 12,000 4734 June 73
1st ref 58 ser B
Feb
1950 70% 704 71% 9,000 51
Apr
68
1,00
62
474 Jan 70
62
1946
Pub Serv of NH 434n11 57 1023-4 1024 102% 28.000 8334 Jan 103% June Waldorf-Astorla Corp
Jan
114 44.000 10
78 with warrants___1954 10
10
Pub Serv of NJ pet Ws__ _ 117
June 20
May
Jan 117
10.000 103
11654 117
Feb
16
951 11 113,000
Pub Serv of Nor Illinois9
76 ctfs of deposit__ 1954 10
June
June
Apr Ward Baking (is
let & ref 56
11,000 964 Jan 104
103% 101
1956 87% 85
1937 104
8754 29,000 854 Jan 90
June
98
Jan
45,000 79
55 series C
1966
84% 84% 5,00
601% Jan 86% Apr Wash Gas Light 5s_ 1958 9734 97% 98
June
4413 series D
4,00(1 834 Jan 98
Wash Sky & El 4s
974 98
Jan 7934 May
1978 7754 75% 774 16.000 56
1951
May Wash Water l'ower 58_1960 974 954 97% 19,000 80
79
4545 series E
Jan 974 June
1980
754 7534 7,000 554 Jan
Apr
155 & ref 44s ser F.1981 77
71
Jar
69s. 17,000 55
Jan 7834 Apr West Penn Elec 5s _ _2030 68% 67
71.000 55
7514 77
654s series G
Jan 6754 Apr
1937 1014 1004 101% 101,000 764 Jan 101% June West Texas UM 58A _ 1957 63% 63
63% 34,000 46
.654s series 11
1952
9554 9734 7,000 7134 Jan 9754 June Western Newspaper Union
65
Jan 4634 Apr
11,000 25
Pub Serv of Oklahoma1944 39% 39)4 42
5s series C
1961
Jan 90 June Western United Gas & Elec
11,000 62
89
88
May
58 series D
Jan 88
8554 31,000 65
1st 534s series A .._ _ _1955 84
84
5734 Jan 90% June
33,000
1657 8734 8754 89
Jan 9134 June
Pub Serv Subsid 548_1940 7954 79
Jan 8554 June Wisc-Minn Lt & Pow ts'44 91% 91% 91% 8,000 64
79% 11,000 42
June
Puget Sound P& I- 5%5'49
11,000 5951 Jan 80
80
77
5974 Feb Wise Pow & Lt 55 F_ _1958 80
534 54% 39,000 4134 Jan
1st Is ref Es series C.1950 504 4954 51% mom 3934 Jan 574 Feb
Apr
bs series F
Jan 80
794 8,000 58
1956 79% 77
let Is ref 4548 ser D..1950 46
Feb
Win Pub Fiery Cs A....1952 9754 97
53
784 Jan 98% June
9754 7.00
4554 464 61,006 3634 Jan
Yadkin Rly Pow 5s
Jan 9651 June
9534 964 17,000 66
1941 96
Quebec Power as
Apr
Jan 10334 June York R98 Co 5s
98
Jan
1965 102
9434 95% 55,000 76
1937 95
10134 103% 7,000 89
June
Queens Born (1 Is E 4548'58
Jan 101
10034 10094 1,000 88
S349 series A
Apr
Jan 89
Foreien Government
10,000 62
1952 83% 8354 85
Reliance Mgt 58,,w war11954
Slay
Jan 79
and Municinalities1,000 69
75
75
Republic Ga8 65
39
May Agriculture Mtge 13k (Col
1945
9,000 1451 Jan
344 36
Certificates of deposit._ _ 35% 33
Jan 3734 June
75
3534 31,000 15
1946 294 2951 3034 2,000 1831 Jan 304 June
Rochester Cent Pow 55 '53
Feb
75 with coupon_
1,000 2$4 Jan 47
May 2751 June
25
40
2734 14,000 23
_ 1946
40
Rochester Ry & Lt 68.1954 111
May
June
7s
15,000 1024 Jan 111
7,000 1951 Jan 27
25% 27
1104 111
1947
Ruhr Gas Corp 65451953 4454
Feb Baden 75
31
28,000 26% June 5254 Jan
30
4454 4634 20.000 4134 Mar 66
1951
Ruhr Housing 6 q:,.....1958
12,000 3051 June 704 Feb Buenos Aires (Provinces
3034 31
Ryerson (Jos T)& SonsJune
Jan 54
2,000 41
External 7s
54
50
1952
Feb
46
1943
5
8
434 17,000 25% Jar
7s stamped
41
10154 101% 10,000 9134 Jan 101% Apr
1952
Apr
7).4s stamped
44% 39,000 2954 Jan 48
4434
1947
Safe Harbor Water Power
Feb
Jan
16
Cauca Valley 7s
8
1948 114 104 124 15,000
4 46
1979 10554 1053-4 106% 46,000 9534 Jan 106% June Cent Ilk of German State&
St Louis Gas Is Coke 65 '47
73
Feb
Jan
Prov Banks Cs B
11
Feb
354 Jan
651 15,000
6
6
1951 54% 544 564 48,000 50
San Antonio Puolic Service
Feb
fis series A
23,000 3994 June 70
1952 40% 394 41
&lassies 13
Jan 91
Apr
May Danish 554s
1968 9051 89
44,000 65
8754 8714 9,000 7954 Jan 89
904
1955
San Joaquin Lt Is Power3,000 6234 Jan 82 June
82
55
82
1953
5s series D
June Danzig Port Waterways1957 99
15,000 754 Jan 99
99
98
Sauda Falls 5s
June
70
Jan
May
4.000 44
1955 107
6548
6934 70
1952
107 1074 2,000 10351 Jar, 109
Saxon Public Wks 6s_ _1937
June 7254 Mar German Cons Munk, 75'47 33% 3734 384 106,000 354 Apr 5954 Feb
5334 12,000 48
52
Schulte Real Estate 68 1935
Secured 68
354 36% 66,000 3334 June 5754 Feb
1947 3634
With warrants
5.000
951 May 114 Feb
10
10
Without warrants
Jar, 12
Feb
Feb Hanover (City) 78_
7
41,00
294 June 53
10% 4,000
304 31
1939
10
Jan 89% May Hanover(Prov)63-0_1949
5,000 73
Feb
&TIPP(E W)Co 5345_1943 89
34% 24,000 324 June 55
34
874 39
Seattle Lighting 5a___1949 30
Feb Indus Mtge Bk (Finland)
32% 50,000 23% Jan 41
30
Serve' Inc 5.s
May
Jan 89
Sat mtge col!s f 78_ _1944
86% Jan 10134 May
1948
8851 9,000 71
100% 2,00
88
10034
Shawinigan W & P 49.4e '67
Jun 9354 May Lima (City) Peru 6451958
Jan
1,000
1234 Mar
5
8
8
9134 0234 58,000 72
454s series 11
May
1,000 724 Jan 93
1968
92
5 June 1054 Feb
Certificates of deposit __ ----..
5,000
92
7
7
.
1st 5ii aeries C
Jan 102 51 June Medellin 75 ser E
39,000 79
1970 10134 101 102
13
134 3,00
10% Jan 2054 Feb
1951 13
1st 4488erles D_1970
44.000 724 Jan 9334 May Mendoza 745
9151 92
1951
Sheffleld Steel 546_ 1948
stamped
364 3651 3654 7,000 2654 Jan 44% May
1034 10354 13,000 854 Jan 103% June
Sheridan Wyo Coal 6s1947
4,000 414 Jan 49% Feb Mtge Bank of Bogota
464 47
7s issue of May'27 _1947
Jan 23% May
1.000 15
23
23
Sou Carolina Pow 58A957 72
May
7,000 5154 Jan 79
79 issue of Oct'27_1947 2334 2334 23%
Slay
72
74
Jan 24
1,000 16
Southeast P Is L 68.....2021,
Mtge Bk of Chile 65_1931 13
1554 Feb
12% 134 17,000
854 Jan
Without warrants
Feb
17
11% 13
714 704 71% 69,000 4334 Jan 7454 Apr Parana (State) 711958 12
33,000
89.4 Jan
Sou Calif Edison 55___ 1951 1054 10551 10534 31,000 933.4 Jan 106
June Rio de Janeiro 6 54s_ __1959 15
1954 Feb
2,000 1454 Jan
15
15
55
1939 107% 1074 10751 7,000 10254 Jan 10851 June Russian Govt
Refunding 58 June 1193,4 10534 10534 106
93% Jan 106
24,00
June
648
5
Mar
100
351 351
1919
23.4 Jan
Refunding 58 Sep 1952 105% 1059.4 105% 26,000 93
Jan 106
June
May
6%s certificates_ _1919
Jan
5
2
16,000
2% 3
Sou Calif Gas Co 446.1961 98
Jilt) 95
59,000 82
June
5548
964 98
334 9.000
234 Jan
1921
54 May
334
1st ref 58
Jan 104
1957 1034 1034 103% 46.000 89
June
534s certificates_ _1921
May
2% 3
21,000
5
234 Jan
5549 series 11
June Saar Basin 7s
934 Jan 106
1952 106
Jan 154
2,00
10534 106
June
154 154
1,000 108
1935 154
Sou Calif Gan Corp 55 1937 101
June Santa Fe (City) 7s.....1945
24.000 8334 Jan 101
May
994 101
3,000 18% Jan 37
354 37
Sou'n Counties Gas 4 46'68 95
13
Feb
95% 3,000 894 Feb 9554 June Santiago 78
95
1.000
634 Jan
1961
8% 834
Sou Indiana Sky 4s _ __ _1051 60% 6054 6034 2,000 5134 Jan 73
Apr
Feb
13
is
8% 834 9,000
53.4 Jan
1949
Sou Natural Gas 68_1944
• No par value. a Deferred delivery sales not Included in year's range. e Cash
Stamped
Jan 744 Apr
7234 7234 1,000 60
Unstamped
Jan 7454 Apr sales not included in year's range. z Ex-dividend. r Deferred delivery sales not
724 25,000 69
72
72
Southwest Assoc Tel Es '61
Jan 6454 Apr included in the current weekly and yearly range are given below:
6051 5,000 42
60
n Under-the-rule sales not included in current weekly and yearly range are given
Southwest G Is E 56 A_ 1957 8954 8951 9034 45,00
62% Jan 91
June
1957 89% 8834 9054 16.000 6354 Jan
5s series B
9034 June below.
Cent Maine Pow 4548 E 1957, June 26 at 9751.
S'western Lt Is Pr 58._1957 72
Jan 7554 May
7031 7251 30,000 47
9,000 84
s'western Nat Gas 68_1945 53% 5334 54
Jan 54% May
Abbreviations Used Aboee.-"cod" Certificates of deposit. "cons" Consolidated •
1,000 40
55
Jan 664 Feb "cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
So'West Pow Is Lt 58_2022
55
6.000 57
Jan 84
Slay stock. "v t c" Voting trust certificates. "w 1" When Issued. "w w" With warS'west l'ub Serv 68_ _ _1945 78% 78% 80
Jan 10(34 June rants. "s w" Without warrants.
14542 103
10154 103% 31.000 87
Staley Mfg 68
..
Financial Chronicle
4448
June 30 1934
Over-the-Counter + Securities + Bought and Sold
We maintain markets in Bank,
Insurance, Industrial, Public
Utility, Trust Company and
Investment Trust Stocks.
Real Estate, Industrial, Public
Utility, Railroad, Guaranteed
Mortgage Bonds, Canadian
Stocks and Bonds.
11011,16E aitOTER,
74 Trinity Place, New York
Whitehall 4-3700
Open-end telephone wires to Boston, Hartford, Newark and Philadelphia.
l'rirate wires to principal cities in United States and Canada
Quotations on Over-the-Counter Securities-Friday June 29
Industrial and Railroad Bonds.
Port of New York Authority Bonds.
Ask
Bid
Ask
Bid
Bayonne Bridge 4s series C
J&J 3 99 100
1938-53
Inland Terminal 414e ser
99
M&S 98
1936-60
Geo. Washington Bridge
Holland Tunnel 4tis series E
48 series B 193(1-50_ _ _J&D 991 1 100
M&S 51.50 3.90
1935-60
434s ser B 1939-53M&N 53.50 4.125
Arthur Kilt Bridges 4148
1136S
11
series A 1935-46
9812 100
U S. Insular Bonds.
Philippine Government
48 1946
4 As Oct 1959
41414 July 1952
58 April 195.5
58 Feb 1952
514s Aug 1941
Hawaii 43.4s Oct 1956
Bid
95
96
97
100
101
105
103
Ask
Honolulu 55
97
US Panama 3s June 1196L
98
28 Aug 1 1936
100
103
2s Nov 1 1938
103 Govt of Puerto Rico
. 410 July 1958
1061
So July 1948
106
Bid
101
10512
8
1017
8
1017
Ask
104
10612
8
1023
8
1023
102
104
105
107
Federal Land Bank Bonds.
4s 1948 optional 1944
48 1957 optional 1937_M&N
4
45 1958 optional 1938.11 67l
434s 1956 opt 1936____J&J
4148 1957 opt 1937____Jdr 1
414s 1958 opt 1938__M&N
543 1941 optional 1931.M&N
frid
10012
10012
10012
10012
10012
10012
101
Ask
101
10114
10114
10114
10114
10114
10131
43.4s
414s
414s
414s
4348
434s
444e
1942 opt 1932___M&N
1943 opt 1933____J&J
1953 opt 1933____J&J
1955 opt 1935J&J
1956 opt 1936____J&1
1953 opt 1933....J&J
1954 opt 1934__. _J&J
Bid
10012
10012
10012
10012
10114
100
100
Ask
101 14
10114
10112
10112
102
10012
10012
Adams Express 4s ___ _1947
American Meter 69 ____1946
1951
Amer Tobacco 4s
Am Type Fdrs 6s __ _1937
1939
Debenture Co
Am Wire Fabrics 78 _.1942
Bear Mountain-Hudson
1953
River Bridge 78
Chicago Stock Yds bs_ _1981
Consolidation Coal41401934
N Y & Hob F'y 58
_1946
N Y Shipbldg 58
1940
NorthAmerican Refractories
6145
1944
Otis Steel 6s ctfs
1941
Pierce Butler & P 6148_1942
Prudence Co guar collateral
7412 7712
1961
548
86
Realty ASSOC sec 68
A937
- -24 Sixty-One !sway lot 5345 '50
621
Standard Textile Products
1937 e1814 5014
1st6 Sis voas'nted ___1942
Deep Rock Oil 7s
57 Starrett Investing 5s.__1950
Equitable Office Bldg 5s '52 55
53 Struthers Wells Titusville
1958 51
Forty Wall Street 6s
1938 614
630
16
1943
Haytlan Corp 85
87
1946 84
Hoboken Ferry 55
Toledo Term RR 4148._1957
1939
Journal of Comm 6148_1937 4412 4812 Trinity Bldg 554s
Ward Baking 1st 65
1937
Loewe New Broad Prop
94
Witherbee Sherman 65_1944
1945 91
1st 68
Merchants Rettig 6s._ _1937 8912 ___ Woodward Iron 55 _1952
Railroad Stocks
New York State Bonds.
Bid Ask
World War Bonus
Canal & Highway
434s April 1933 to 1939._
58 Jan & Mar 1934 to 1935 51.50
448 April 1940 to 1949__
58 Jan & Mar 1936 to 1945 52.50
es Jan & Mar 1948 to 1971 53.50 3:55 Institution Building
43 Sept 1933 to 1940
Is Sept 1941 to 1976
H.ghway Imp 4148 Sept '63_ 53.15
Highway Improvement
Canal Imp 414s Jan 1984___ 53.10
4s Mar & Sept 1958 to '67
Can & Imp High 434s 1965_ 58.10
Canal Imp 48 J 34J '60 to'67
Barge C T 4s Jan 1942 to'46
Bid
Bid Ask
80
81
_
82
10014 ___
e29
_
84 94
e29-
Adams &Peck
52.95
53 00
53.00
a3a May 1935
d3148 May 1954
a.3148 Nov 1954
a4s Nov 1955 & 1956
048 M & N 1957 to 1959....
ais May 1977
a4s Oct 1980
64140 Feb 15 1933 to 1940._
a41441 March 1962 & 1964._
a4 34s Sept 1960
a414 a March 1960
a414 a April 1966
-(e
a43 April 15 1972
a Interchangeable.
Rid I Ask
1i
8
10118 1013 a4s June 1974
9414 95 a414s Feb 15 1978
9414 95 a4 34o Jan 1977
9812 9912 a43(5 Nov 15 1978
10014 10034 a4 XS March 1981
4
10014 1003 a4345 M & N 1957
10014 1003 a4 5-4s July 1967
4
a4 34s Dec. 15 1974
54.00
10234 10314 a4 SO Dec 1 1979
4
1023 ;6314
10014 10034 66s Jan 25 1935
10234 10314' a6s Jan 25 1936
4
1023 10311, a5, Jan 25 1937
1, Buts.
Registered
coupon (serial)
10212 1023
4
10538 1057
8
10612 107
61 Co non.
Bank and Insurance Stocks
Bought, Sold and Quoted
POTTER
MUNDS WINSLOW & York
New
40 Wall Street,
Whitehall 4-5500
Members New York, Chicago and other Stock and Commodity Exchanges
New York Bank Stocks.
Par Bid
Ask
Par Bid
Ask.
100 50
Bank of Manhattan Co__10 2912 3112 KIngsboro Nat Bk
50 15
20
Nat Bronx Bank
40
100 30
Bank of Yorktown
25
8
Nat Safety Bank & Tr
Bensontiurst National -100 25
f33
74
10
512
13.55 2614 27, Penn Exchange
Chase new
100
80
4
38,4 293 Peoples National
City (National)._
Public National Batik &
Commercial National Bank
2' 3312 3512
Trust
100 142 152
& Trust
2112
100 1020 1070 Sterling Nat Bank & Tr__25 20
Fifth Avenue
100 27 ' 31
100 1625 1665 Trade Bank
National of N Y
First
Yorkville(Nat Bank on_loo 25
35
35
100 30
Flatbush National
Chicago Bank Stocks.
Par Bid
American National Bank &
100 100
Trust
Continental Ill Bank &
100 42
Trust
Ask
Par BI61 Ask
100 96
First National
98
Harris Trust & Savings...100 185 205
100 :185 400
Northern Trust Co
4212
New York Trust Companies.
Par
Banat'Comm Itailana.._100
New York AL Tr.100
Bank of
10
r'Wren
20
Be ik of Sicily
20
B on% County
100
Brooklyn
Bid
145
361
62
10
6
104
I Ask 1
I -.
1366 1
i 64 ,1
1 12 1
8
1109 1
Empire
Fulton
Guaranty
Irving
Kings County
Lawyers County
Par Bid Ask
19
10 18
100 240 260
100 355 360
10 16
1712
100 1800 1830
25 3912 4112
20 2012 22
20 125 129 Manufacturers
Central Hanover
25 104 107
Chemical Bank & Trust __10 39'2 4112 New York
,
. 9
71
50 Title Guarantee& Trust...20
5
50 4(
Clinton Trust
100 1212 1412
Colonial Trust
100 4.5
55
14121 Underwriters
10) 1 3
Bk & Tr
Continental
104) 1680 1730
52 I United States.
201 50
Corn Exch Bk & Tr
e 1.3Analted.
morgI.
k.x-aouvuo
2 La.st reported
• No par value
e58
6383
4
57
60
30
36% 413
44
48
4
993 101
97,4 99
10212
161
el4
62812 32
Guaranteed &Leased Line
Common
Preferred
63 WALL ST., NEW YORK
ElOwling Green 9.8120
Boston Hartford Philadelphia
Guaranteed Railroad Stocks.
(Guarantor in Parecitheels )
New York City Bonds.
Bid I Ask
4I10314
1023
411031 1
1023
4110314
1023
1023
4,10314
410312
1033
10514 1053
4
10514 1053
4
10514 10534
10514 1053
4
4112
57
12
e39
452
68
Railroad Bonds
Ask
52.00
52.50
52.00
53 00
As
Bid
7214 75
86
Dividend
Par 0:Dollars.
6.00
11.00
600
2.00
8.75
8.50
3.00
4.00
5.00
5.00
3.50
2.00
2.00
10.00
4.00
50.00
3.875
5.00
4.00
7.00
4.50
1.50
3.00
7.00
7.00
6.90
6.00
3.00
3.00
10.00
6.00
5.00
5.00
500
350
3.00
100
Alabama & Vicksburg (El Cent)
Albany & Susquehanna (Delaware & Hudson)-100
100
Allegheny 36 Western (Buff Rock & Pitts)
50
Beech Creek (New York Central)
100
Boston & Albany (New York central)
100
Boston & Providence (New Haven)
100
Canada Southern (New York Central)
100
,
Caro Clinchfield & Ohio(L & N A CL) .74,
100
Common 5% stamped
Chic Cleve One & St Louis pref(N Y Cent) .A00
50
Cleveland & Pittsburgh (Pennsylvania)
50
Detterman stock
25
Delaware (Pennsylvania)
100
Georgia RR dr Banking(L & N. A CL)
Lackawanna RR ot NJ (Del Lack & Western)-100
100
Michigan Central (New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W)-100
60
Northern Central (Pennsylvania)
100
Old Colony (N Y N II & lIartford)
()Owego & Syracuse (Del Lack & Western)......60
50
Pittsburgh Bess & Lake Erie (I) S Steel)
50
Preferred
Pittsburgh Fort Wayne & Chicago (Penn)-__ _100
100
Preferred
Rensselaer dc Saratoga (Delaware & Fiudsoti).100
100
St Louts Bridge lot prof (Terminal RR)
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penns)
Utica Chenango & Susquehanna(D L & NV) _ _100
Valley (Delaware Lackawanna & Western)._ _100
Vicksburg Shreveport di Pacific (III Cent).. .300
100
Preferred
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
Bid.
Ask.
94
200
99
35
137
162
50
84
91
90
77
43
4114
172
75
900
69
94
86
102
74
34
67
1411
183
124
125
63
125
230
95
95
78
78
53
60
98
206
103
38
142
53
88
94
94
79
46
44
178
79
-75
98
89
106
78
36
72
152
167
129
130
66
130
234
100
-13:5
83
58
63
Railroad Equipment Bonds.
Atlantic Coast Lino 6s.___
Equipment 6
Baltimore & Ohio 68
Equipment 410 & 58___ _
Buff Roch & Pitts equip Bs__
Canadian Pacific 414s & 68_
Central RR of N J 68
Chesapeake & Ohio 65
Equipment 6145
Equipment Ss
Chicago & North West 138....
Equipment 614s
Chic R 1k Pao 414s &
Equipment 13s
Colorado & Southern 6s___ _
Delaware & Hudson 68..___
Erie 4345 58
Equipment fis
Great Northern 8s
Equipment 58
Hocking Valley 58
Equipment 65
Illinois Central 410 & 58...
Equipment 68
Equipment 78 & 614s..
I no
41,11.0ou.14
Ask
Bid
3.00 2.00
4.00 3.00
3.00 2.00
4.25 3.76
5.00 4.20
4.50 3.75
3.75 3.25
3.75 3.00
3.75 3.00
3.75 3.00
5.50 4.50
5.50 4.50
8.00 8.50
8.00 8.50
5.50 5.00
3.00 2.00
4.40 '3.75
4.40 3.75
4.25 3.75
4.25 3.75
3.75 3.25
:1.75 3.25
4.25 3.75
4.25 3 75
4.25 3.75
10
Kanawha & Michigan
_
Kansas City Southern 514s _
Louisville & Nashville Os__
Equipment 83.4s
Minn St P & 88 51 4 Hs & 58
Equipment 814e & 7a._..
Missouri Pacific 634
Equipment (is
Mobile & Ohio be
New York Central 4 34 & Ss
,
,
Equipment 6s
Equipment 78
Norfolk & Western
Northern Pacific 78
Pacific Fruit Express 78_
Pennsylvania RR equip 58_ _
Pittsburgh & Lake Erie 83.48
Reading Co 43.4s & be
St Louis & San Fran Ss....
Southern Pacific Co 414s___
Equipment 7s
Southern Ry 4148 & be
Equipment 68
Toledo & Ohio Central 6s___
Union Pacific 7s
nen issuad.
a
vidend
Bid
3.50
5.00
3.75
3.75
.00
8 00
8.
Ask
2.50
4.00
3.25
3.25
0
. 0
6.00
9.00 6.00
9 00
8.00 6.00
.
3 55
4.20 6.71)
7
4.20 3. 5
4.20
0
1 75
2.0025 3 0
4
0
50 . 0
4.
3.00 3. 0
.
4 75 3 20
3.25 3.05
3..
44.22.55 3 7755
3..00 6.50
137
54
34. 0 23. 5
4..400 3..705
3.00 2.00
4449
Financial Chronicle
Volume 138
Quotations on Over-the-Counter Securities-Friday June 29-Continued
Industrial Stocks.
We specialize in
NEW YORK CITY TRACTION ISSUES
Also in underlying and inactive
Railroad and Public Utility Bonds.
W. Came&Ewen
2 Wall St., New York
Tel. REctor 2-3273
Public Utility Bonds.
Bid
Ask
443 473
4
4
4
693 7112
1057 10678
8
8512 8812
92
933
4
50
52
50
52
101 10312
e24
26
43
4512
8314 8514
60 62
3212 34
64 (1612
71
7312
98
9912
101 103
10114 10312
883 9114
4
88
90
Par
Amer 8 PS 544s 1948_M&N
Amer Wat Wks & Elec 55 75
Appalachian Power 5s 1941_
6s 2024
Bellows Falls Hydro El 5858
Central G & E 530'46J&D
let lien colt tr 68 '46 _M&S
Colorado Power 5s 1953_ _ _ _
Fed P 8 let (319 1947_ _J&D
Federated CBI 5348'57 M&S
Ill Wat Ser let 58 1952 _J&J
Iowa So Util 53413 1950_J&J
Kan City Pub Serv 3s 1951_
Keystone Telephone 530'55
Lexington Utilities 5s 1952_ _
Long Island Lighting 5s 1955
Louisville Gas & El 4 -is '61
Debentures Os 1937
Newt( N & Ham be '44..3&J
N Y Wat Ser 5s 1951_M&N
Par
N Y & Westch'r Ltg 45 1004
Non & Portsmouth Tr be '36
North Am Lt & Pow 53/8 '56
Okla Natural Gas 6s 1946_ _ _
Old Dom Pow 5s_May 15'51
Parr Shoals P 58 1952 _ _A &O
Peninsular Telephone5
Pennsylvania Elec Sc 1962__
Peoples L & P 5)4e 1941 Jes.I
Power Sees Coll tr 6s 1949_ _
Public Serv 0/ Cole 6e 1961.
Queensboro G & E 44is 1958
Roanoke W W fs 1950.J&J
Scranton Gas & Wat 4 Yis'58
Sioux City Gas & Elec 6s '47
Tidewater l'ower 58 1979_ _ _
Virginia Power 58 1942
Western P8 53.46 1960.F&A
Wisconsin Elec Pow 55 1954
Wise Minn Lt & l'ow 55 1944
Bid
A at
10012 10214
106 1063
4
50
52
713 7314
4
48
46
7312 7612
10012
78218 128
30
3212
93l
92
99 1003
4
71
73
97
95
8012 823
4
7212 7412
104
661 ii112
10312 105
8912 9212
We deal in
Public Utility
Preferred Stocks
W. D. YERGASON & CO.
Dealers in Public Ulility Preferred Slacks
30 Broad Street
New York
Tel. IIAnover 2-4350
Par
Par Bid Ask
Herring-Hall-Mary Safe.100
Adams-Millis Corp, pt.. _100 90
3 Howe Scale
4
100
Aeolian-Weber P & P com100
112
Preferred
100
Preferred
100
Industrial Accept pref I00
American Arch $1
• 13
International Textbook_
American Book $4
100 53
56
King Royalty corn
1
2
American Canadian Prop __•
$8 preferred
_American Cigar $6 pref 100 99
American Hard Rubber.. 50
73 1112 Lawrence Port Cement. 100
4
•
Liberty Baking corn
25 18
19
American Hardware
100
Preferred
9
1212
100
American Mfg
Locomotive Firebox Co...'
59
100 50
Preferred
• 1018 113 Macfadden Publica'ne corn 6
8
American meter emu
Preferred
•
Andian National Corp__ * 38
Merck Corp $8 pref...100
34
100 32
Babcock & Wilcox
•
3
512 National Casket
Bancroft (Jos) & Sons corn.'
Preferred
28
100 24
Preferred
National Licorice corn__ _100
50 20
30
SLUICE W)let pref
100
5 Nat Paper & Type
10
2
2d pref B
5 New Haver Clock pref 100
_
__100
Bohn Refrigerator pref.
New Jersey Worsted pref 100
Bon Ami Co B common_ _.• 35 - 40
100
Bowman-Biltmore Ilotels_•
14
3 Northwestern Yeast
4
3
414 Norwich Pharmecal Co.___*
100
1st preferred
•
100
2nd preferred
3
4 13 Ohio Leather
4
100
57 Okonite Co $7 pref
Brunew-lialke-Col pref..1011 54
4312 Publication Corp corn
Bunker II & Sullivan coca 10 42
100
$7 let preferred
Canadian Celanese' 1712 1912
•
Riverside Silk Mills
Preferred
ccan-160 107 111
•
Rockwood & Co
Carnation Co $7 pref
100 97
100
Preferred
Chestnut & Smith pref_ _100
Boxy Theatre preferred A.5
6
Color Pictures Inc
-- Ruberold Co
100
Clinchtield Coal Corp p1100
25
2112 2212 Scovill Mfg
Colts Patent Fire Arms_ __25 2912-118 218 Singer Manufacturing....100
Columbia Baking cora____•
6
712 Standard Cup & Seal
•
5
let preferred
100
2d preferred
114 214 Standard Screw
2512 Stetson (J B) common_ __•
Crowell Pub Co $I coca...• 23
10 9012
Preferred
25
$7 preferred
De Forest Phononim Corp._
•
12 114 Taylor Milling Corp
213 Taylor Wharton Ir&St corn •
4
Dictaphone Corp
• 19
Preferred
100 102
100
Preferred
57 TennProducts Corp pre1.50
Dixon (Joe) Crucible_
100 53
Doehler Die Cast pref
• 6212 6812 Tubize Chatillon cum 13L 100
Preferred
50 3112 3512 Urexcelled Mfg Co
10
1612 1912 U 8 Finishing pref
Douglas Shoe preferred__100
100
Welch Grape Juice prof..100
Draper Corp
• 5612 59
100 7712 85 \Vest Va Pulp & l'ap corn
Driver-Harris pret
8
13
Preferred
Eiseman Magneto pref._ 100
100
21
2212 White Rock Min Spring
First Boston Corp
212 314
$7 1st preferred
100
Flour Mills of America___•
Wilcox-Gibbs corn
Franklin Railway Supply...* 13
50
Woodward Iron
Gen Fireproofing $7 pf__100 50 65
100
6
7 Worcester Salt
Orator) & Knight corn__ •
100
4112 Young (J 5) Co com
150 37
Preferred
100
8
7% preferred
Great Northern Paper _25 227 2438
100
•
Ask
Bid
1512 1812
114
73
4
25 16
13
4 3
9
7
75
65
14
11
14
5
8
312 512
414 614
514 614
3212 3512
125 130
39
101
30
.5
1
37
32
56
145 148
83
80
22
19
33 40
15
82 88
23 2312
10
51
.56
14
28
3012
2238
21
17718 182
29
25
63
59
4 912
73
1212 15
83 1112
4
134
612
15
8 338
563 61
4
4
2 8 33
,
414 7
69
84
1312
12
4
8414 663
90
22
45
70
91
27
612
49
Investment Trusts.
Public Utility Stocks.
Par
Alabama Power $7 pref _100
Arkansas Pr & Lt $7 prat _•
Assoc Gas & El ode pret__•
$6.50 preferred
•
$7 preferred
•
Atlantic City Elea $6 pref_•
Bangor Hydro-El 7% p1.100
Birmingham Elm $7 prof
Broad Rh. Pow 7%
_ _100
Buff Niag & East pr pret_25
Carolina Pr & Lt $7 pret •
6% preferred
Cent Ark Pub Sets Pret_100
Cent Maine Pow 6% 1)1_100
$7 preferred
100
Cent Pr & Lt 7% pre!_100
Cent Pub Seri( Corp pref....
Cleve Elec Ill 6% pref....100
Columbus Ry. Pr & Lt
let $6 preferred A- - _100
$6.50 preferred B
100
Consol Traction(NJ)_ _100
Consumers Pow $5 pref__•
6% preferred
100
6.60% Preferred
100
Continental Gm & El
7% preferred
100
Dallas Pow & Lt
Met 100
Dayton Pr & Lt 6% pref100
Derby Gas & Elm 57 pref_•
Essex-Hudson Gas
100
Foreign Lt & Pow units__
Gas & Elec of Bergen_ .100
Hudson County One_100
Idaho Power 36 pref
•
7% preferred
100
Illinois Pr & Lt let pret___•
Interstate Natural Gas._ __•
Interstate l'ower $7 pref _..•
Jamaica Water Supply p1.50
Jersey Cent P & L 7% Dt100
Kamm Gas & El 7% p1100
Kings Co Ltg 7% pref....100
Long Island LW 6% pf _ 100
7% preferred
100
LOS Angeles G & E
1)1100
Memphis Pr & Lt $7 prof..'
Metro Edison 37 prof B___•
6% preferred ser C____•
Bid
Ask
53 55
36
37
12 112
12 112
12
112
843 87
4
98 103
3312 35
3412 36
1712 1814
4112 43
38
41
62
6612
6112 65
7112 75
153 173
4
4
14
1
110 112
81
72
353
4
70
80
8512
49
100
9512
61
168
63
1011
168
65
80
1712
1314
9
'2
4814
6812
78
84
45
55
89
52
72
68
85
75
3854
72
8112
8812
51
983
4
6412
70
82
19
143
4
1112
5014
7112
81
47
60
92
55
76
-.
Per Bid Ask
Mississippi P & L $6 Pref--• 2634 2814
8812
pref _ _100 86
Miss Itiv l'ow
312 712
Mo Pub Serv $7 pret_ _ _ _100
14 2
Mountain States Pr com•
6
9
100
7% preferred
Nassau & Suffolk Ltg of 100 49
Nebraska Power 7% pre1100 100
100 105
Newark Consol Gas
New Eng Pow Assn 6% 11/1100 51
6412
New Jersey Pow & Lt $6 Pf
New On l'ub Serv $7 pf _ _ • 14
N Y & Queens E L P p1100 100
Northern States Pr $7 p1100 48
5112
102
51 12
68
1512
105
62
Ohio Power 6% pref.....100 8812 9014
• 6612 69
Ohio Edison $6 Prof
76
79
$7 preferred
Ohio Pub Serv 6% pf__100 63 66
100 7212 741,
7% preferred
82
pret_ _ _ _100 79
Okla G & E
Pm Gas & Elec 6% pt. -25 2114 2214
Pacific Pow & Lt.7% pt.100 1012 1212
9312
Penn Pow & Light $7 preL• 92
57
Philadelphia Co $5 pref...50 53
43
Piedmont Northern Ry _100 35
79
Pub Serv of Colo 7% Pf-•100 75
Puget Sound Pow & Lt
• 1412 15
$5 prior preferred
pref 13_
85
Koch Gas & Elec
76
78
6% preferred C
4113 44
Sioux City G & E $7 pref.__
83
Som'set Un & Mid'sex Ltg
25 22
23
Sou Calif Ed pref A
25 1812 193
Preferred 11
4
South Jersey Gas & Elec.100 167 173
52
Tenn Elec Pow 6% pret-100 48
55
100 52
7% preferred_ _ _
83
Texas Pow &•Lt
Pref- -- 81
Toledo Edison 7% pf A.100 8213 8412
6212
United G & E (Conn) 7% pf 60
United G & E(NJ)Prat 100 4813 5112
1713 19
Utah Pow & Lt $7 pref
80
Utica Gas & El 7% Pre--- 77
8
914
Util l'ower & Lt 7% pref_ _ _
63 67
Virginia Railway
Wash Ry & Elec com- _100 315 340
100 98 100
5% preferred
Western Power $7 pref_ _100 83
Water Bonds.
Bid
Alton Water 58 1956__A&O 99
Ark Wat 1st Os A 1956.A&O 98
Ashtabula W W be'58_A&O 92
Atlantic Co Wat be'58 M&S 93
11irmWW 15t 5 Hs A'54A&O
1st m 58 1954 ser 13_ _J& D
let be 1957 series C..FAA
Butler Water be 1957__A&O
City of Newcastle Wet be'41
City W (Chat) 5811'54 J&D
let 58 1957 series C_M&N
Commonwealth Water-let Os 1956 13
FAA
1st m Os 1957 ser C. FAA
Davenport W 55 1961 J&J
E S L & lot W 55 1942_J&J
1st m 6s 1942 ser 13_ _J&J
1st 581960 ser D
F&A
Ask
101
90
941,
10112 103
98
9913
98
92
10014 10114
100
100 16i12
100
9912 10112
99
84
91
82
84
HuntIon W let 6s'54__M&S
.M&S
let m bs 1954 ser B.
55 1962
Joplin W W 5s'57 ser A M&S
Kokomo W W 5s 1958 _J&D
Monm Con W 1st 53'56 J&D
Monort Val W 5345 '50_J&J
Richrn W W 180 58'57.M&N
St Joseph Wat 5s 1941.A&O
South Pitts Water Co
FAA
1st 55 1955
1st & ref 58'60 ser A _J&J
1st & ref 5s'60 ser B.J&J
Terre Fite WW 68'49 A J&D
let m bs 1956 ser B..J&D
Texarkana W 1st 5s'58 F&A
Wichita Wat 1st (is'49.M&S
F&A
1st m Sc '56 set B
let m 5s 1960 ser C_M&N
Bid
Ask
10112
99 166"
96
93
9012 9187
8812
9812 ____
96
100
102
101
101
10012 ---95
SO 83101
96
as
- -68
• No par value. d Last reported market. e Defaulted. z Ex-dividend.
Ask
Par Bid
Ask
Par BU
Administered Fund
1 15.16 16.13 Investment Trust of N Y-•
412 518
518
Low Priced Shares
1412 16
Amerex Holding Corp
•
2
Amer Bankstocks Corp.... 1.10 1.24 Major Shares Corp
• 18.53 20.14
.94 1.04 Mass Investors Trust
Amer Business Shares
35
8 414 Mutual Invest Trust
1.10 1.20
Amer Composite Tr Shares_
712 812 Nation Wide Securities Co_ 3.24 3.34
Amer & Continental Corp..
Am Founders Corp 6% pf 50 1612 1912
Voting trust certificates
- 1.15 1.25
20 N Y Bank & Trust Shares..
318
7% preferred
50 17
4
4
6 No Amer Bond trust rife... 8614 893
Amer & General Sec cl A__•
• 38
43 NoAmer Trust Shares, 1953 x1.78
$3 preferred
2.30
4 214
Series 1955
13
Amer Insuranstocks Corp.'
2.28
534
5
Series 1956
Assoc Standard Oil Shares..
2.32 2.6L
33
8 34
,
Series 1958
13ancemerica-Blair Corp____
.99 1.24 Northern Securities
75
Bancshares, Ltd part she 50c
100 71
• 2.99
32
Pacific Southern Invest Pf- z29
Basic Industry Shares
•
.45 .70
Class A
1
412
•
515
British Type Invest A
78
8
113 123
8
Bullock Fund Ltd
Class B
3
8
.93 1.03
Canadian Inc Fund Ltd.... 3.30 3.55 Plymouth Fund Inc el A_100
1.28 1.38
2112 2312 Quarterly Inc Shares
Central Nat Corp class A
12 212 Representative Trust Shares 8.23 8.98
Clas il3
Century Trust Shares
1
1912 2118 Royalties Management....
3a
4
3
Commercial Natl Corp
Corporate Trust Shares.... x1.89
2
Second Internet Sec cl A___•
z1.81
Series AA
1
16
Class B common
x1.81
31
Accumulative series
6% preferred
50 26
1.15 1.24
x2.16 2.29 Selected Amer Shares Inc__
Series AA mod
x2.16 2.29 Selected American Shares__ x2.45
Series ACC mod
Crum & Foster Ins Shares
6.41
Selected Cumulative Shs___
Common 13
10 201 2412 Selected Income Shares.... 3.32 377.3
7% preferred
5
55
8
100 10012 10512 Selected Man Trustees She.
Crum di Foster Ins com___• 16
1514 1618
19 Spencer Trust Fund
101 12 10612 Standard Amer Trust Shares) 2.75 3.00
8% preferred
.68 .73
Cumulative Trust Shares...' 3.85
Standard Utilities Inc
2 30 2:6 State Street Inv Corp
Deposited Bank She ser A
63.85 68.94
.b
Deposited Insur She A..... 3.38 3.75 Super Corp of Am Tr She A 2.85
755
f2 05
Diversified Trustee She B
AA.
2.95 3.25
3 01
I)
45
8 518
f2.07
BB_
Dividend Shares
1.19 1.21
f5.39
26
Equity Corp cv Prof
f5.41
30
Equity Trust Shares A
51.25 1.37
2.70 3 00 Supervised Shares
314 35
Fidelity Fund Inc
• 43 66 47.00 Trust Fund Shares
8
Five-year Fixed Tr Shares__ x3.25
212 3
Trust Shares of America...
Fixed Trust Shares A
1.04 1.15
• x7.85
Trustee Industry Shares _
• 56.79
C 2.07 2.45
Trustee Stand InvestmentFundamental Tr Shares A__
2.03 2.40
412
4
Shares B
_
33
4
•
Trustee Standard Oil She A 5.40
Fundamental Investors Inc 1.93 2:13
,5.00 5.60
General Investors Trust 1
1.01 1.12
Trustee Amer Bank She B
Guardian Invest pref w we
1.45 1.60
12 Trusteed N Y Bank Shares
-14
14
Huron Holding Corp
3 20th Century orig series _
8
1.60
Incorporated Inveetors. __• 17.14 18.42
2.60 3.00
Series B
Independence Tr Shares..' 2.10 2.40
Indus dc Power Security_ __• 127 1418 United Gold Equities (Can)
8
Internet Security Corp(Am)
Standard Shares
1 2.52 2.80
18
Class A common
•
US & Brit Int class A com •
114
14
Class B common
12
8
5
•
Preferred
634% preferred
1214 123
100 13
4
1612 U S Elec Lt & Pow Shares A
6% Preferred
100 13
1612
1.98 2.08
Investment Co. of Amer
.74 .82
Voting trust ars
New common
10 2312 2412 Un N Y Bank Trust C 3 .._
412
4
7% preferred
• 2 212 25 Un Ins Tr She ser F
4 214
13
Sugar Stocks.
Fajardo Sugar
Ilaytian Corp Amer
Par Bid
100 70
•
1
Ask
Par Bid
Ask
80 Savannah Sugar Ref
9312
• 88
7% preferred
100 97 101 12
112
14
United Porto Rican etts___•
Preferred ars
•
Realty, Surety and Mortgage Companies.
Par Bid Ask
Pal Bid
Bond & Mortgage Guar__20
1181\Lawyers Title & Guar.. 0
__ _
Empire Title & Guar__ _100 15
20
N Y Title & Mtge Corp._10
18
Lawyers Mortgage
24 112
20
Ask
2
3
s
4450
Financial Chronicle
June 30 1934
Quotations on Over-the-Counter Securities—Friday June 29—Concluded
Insurance Companies.
Par Bid Ask
Par
Aetna Casualty & Surety _10 49
51
Hartford Fire
10
Aetna Fire
10 3814 4014 Hartford Steam Boiler...10
Aetna Life
1912 Home
10 18
5
Agricultural
25 5414 56 14 Home Fire Security
10
American Alliance
4
10 183 2014 Homestead Fire
10
American Colony
6
4
10
512 63 Hudson Insurance
American Equitable
5 1734 20 4
3
American Home
10
812 1014 Importers & Exp. of N Y.25
American of Newark__ __214 11
1212 Knickerbocker
5
American Re-Insurance_ _10 41
43 Lincoln Fire
5
American Reserve
2112
10 20
2
American Surety
25 2714 283 Maryland Casualty
4
25
Automobile
Mass Bonding & Ins
10 1912 21
Merchants Fire Assur com214
0)4
.
Baltimore Amer
3 2 412 Merch & Mfrs Fire Newark 5
,
Bankers & Shippers
25 57
6212
10
National Casualty
Boston
100 495 515
National Fire
10
2
19
National Liberty
Camden Fire
5 18
National Union Fire
20
Carolina
10 2012 22
5
100 179 183 New Amsterdam Cas
City of New York
10
Connecticut General LIfe_10 2814 29i2 New Brunswick Fire
10
Continental Casualty
5 1214 1314 New England Flre
_10
24 New Hampshire Fire_
Cosmopolitan Fire
10 18
New Jersey
20
2
23 New York Fire
4
Eagle Fire
5
234
4
12 511
Employers Re-Insurance_10 2334 263 Northern
4
2.50
Excess
5 113 13 North River
Northwestern National_ _25
Federal
10 62 66
Fidelity & Deposit of Md_20 3914 40 Pacific Fire
25
Firemen's of Newark
5
10
6 4 714 Phoenix
,
Franklin Fire
5
5 2112 23 Preferred Accident
Providence-Washington. _10
General Alliance
• 11
123
4
Georgia Home
10 20
Rochester American
10
22
Glens Falls Fire
2912 St Paul Fire & Marine__ _25
5 28
Globe & Republic
912 1212 Security New Haven__ 10
5
Globe & Rutgers Fire__ _25 43 48 Southern Fire
10
Great American
5 1914 203 Springfield Fire& Marine 25
4
Great Amer Indemnity_ _
10
8 Stuyvesant
6
Sun Life Assurance
100
Halifax Fire
10 1614 17 4
3
Hamilton Fire
25 25
100
30 Travelers
Hanover Fire
10 313 333 U S Fidelity & Guar Co__ _2
4
4
4
Harmonia
10 203 22 4 U Fire
4
,
Westchester Fire
2.50
Bohack (H C) corn
7% preferred
Butler (James) com
Preferred
Diamond Shoe pref
69
633
4
1012
293
4
6412
613
4
83
4
273
4
1612 2012
137 142
2712 29
1814 19,
4
99 IN
4
3
390 413
427 442
5
6
373 393
4
4
263 2814
4
Par Rid
.4sk
13 Lord & Taylor
100 13.5
59
1st preferred 6%
100 85
212
2nd preferred 8%
100 80
714 Melville Shoe pret
100 9914
____ Miller (I) & Sons pref__ _100 16
MockJuds&Voeheger pf 100 60
____ Murphy (G C) 8% preLloo 103
Edison Bros Stores pref_100 84
Fan Farmer Candy Sh
36:2
Fishman(M H)Stores_ _ _•
7
14
100 84
Preferred
94
Great A & P Tea pr_ _
oo 127 130
Kobacker Stores pref._.100
Kress(S 11) 6% pref
10
Lerner Stores pref
100
Nat Shirt Shops (Del)____•
1st preferred
100
2nd preferred
100
Members:
Chicago Stock Exchange
Chicago Board of Trade
Chicago Curb Exchange Associabon
CHICAGO
ST. LOUIS
120 So. LaSalle St.
Boatmen a Bank Bldg.
Phone: Dearborn 0500
Phone: Chestnut 4040
13
4 214
1314 141 1
3012 3212
5
7
2
712 5,
5414 56 4
,
812 612
95 98
1(1 4 11
,
233 25 4
4
,
13
38
36
201 33
.
4
9 4 123
3
641. 68
2012 22
101 105
Ask
178
22
45
Reeves (Daniel) pref.. _100 107
383
4
100 88
11
12 Schiff Co preferred
90
9812 U S Stores preferred__ 100
712
9,
2
German and Foreign Unlisted Dollar Bonds.
Bid. Alsk
/29
33
Anhalt 75 to 1946
Argentine 5%, 1945, $100
92
pieces
123
31
Antloquia 8%, 1946
Austrian Dersuited Coupons /55-120....
Bank of Colombia, 7%.'47 /2112 2312
Bank of Colombia. 7%,'48 12212 2312
/37
3812
Bavaria 615s to 1945
Bavarian Palatinate Cons.
Cit. 7% to 1945
/2612 2912
Bogota (Colombia) 634,'47 /1912 2012
8
Bolivia 8%, 1940
6
131
34
Buenos Aires scrip
Brandenburg Elec. 63. 1953 /3712 3912
Brazil funding 5%, '31-'51 62
6212
Brazil funding scrip
-___
182
dritish Hungarian Bank
/56
58
73.48, 1962
Brown Coal Ind. Corp.
(54
58
81.4s, 1953
1312
Call (Colombia) 7%. 1947 112
8
Callao (Peru) 714%. 1944 f 612
Ceara (Brazil) 8%. 1941..
5-Columbia scrip issue of '33 f431. 4512
./34
36
issue of 1934
52
Costa Rica funding 5%,'51 50
City Savings Bank, Buda//2
51
pest. 78 1953
51
Dortmund Mun Utll as,'43 /48
25
Duisburg 7% to 1945
/22
_ /29
33
Duesseldorf is to 1945_
4812
East Prussian l'r. 65, 1953_ /45
European Mortgage & In60
vestment 7
1966- - - - /58
175
French Govt. 51.48, 1937.. 170
168
FrenchNat. Mall SS.65,52 165
32
Frankfurt 76 to 1945
129
40
German Atl Cable 75, 1945 /38
German Building & Land/48
50
bank 614%, 1948
50
German defaulted coupons. /45,
119 2 21
German scrip
-___
German called bonds
/25
79
Haiti 6% 1953
-is
92
Ilamb-Am Line 61 to '40 189
Hanover Harz Water Wks.
128
32
6%, 1957
4612
Housing & Real Imp 7s,'46 145
Hungarian Cent Mut 7s,'37 /4612 4812
Hungarian Discount & Exchange Sank 7s, 1963_ /4112 4312
_
Hungarian defaulted coups
* No par value.
Bid Ask
71
74
1107 1127
8
8
11814 12114
114 116
6614 69
2512 31
.50
60
37
41
8012 85
90
10712 1093
4
9312 9512
Par
New York Mutual Tel__100
Northw Bell Tel p1634% 100
Pac & Atl Teleg U S 1%_25
Peninsular Telephone corn.*
Preferred A
100
Bach Telep $6.50 1st pf-100
So & All Teleg $1.25-25
Sou New Endl Telep_ _ 100
S'western Bell Tel, pf
100
•
Trl States Tel & Tel
Preferred
10
Wisconsin Tele')7% pre? 100
d Last reported market.
e Defaulted,
Flat uric.
Bid
A sk
2212 25
10814 11012
15
17
7
5
68
7012
9812 101
17
20
108 10712
119, 2114
2
75
93 103
8
8
10912 II I
Pittsburgh Stock Exchange.—Record of transactions
at Pittsburgh Stock Exchange, June 23 to June 29, both
inclusive, compiled from official sales lists:
Amer Window Glass pfd100
Armstrong Cork Co
•
•
Illaw-Knox Co
1
Carnegie Metals Co
Clark (D L) Candy Co_ •
*
Columbia Gas & Elec _
10
Devonian 011
5
Duquesne Brewing
5
Class A
*
Electric Products
Follansbee Bros pref....100
Fort Pittsburg Brewing_ _1
Koppers G & Coke preL 100
•
Lone Star Gas
•
IVIcKInney Mfg
Nati Fireproofing pret__50
•
Pittsburgh Brew pref....
Pittsburg Forging Co_ __ _1
Pittsburgh Plate Glass__25
Pittsbrg Screw&Bolt Corp*
1
Renner Co
I
Ban Toy Mining
*
Bhamrock Oil & Gas
United Eng & Foundry_ •
Vanadium Alloy Steel....• .
1
Victor Brewing
Westinghouse Air Brake..
Westinghouse El & Mfg_50
Unlisted—
Lone Star Gas floZ, nref _100
* No par value.
134
1334
434
734
234
534
1834
3
134
4c
134
7034
13
1734
1034
134
4
1334
1234
3
434
3
734
234
82
534
1
234
1834
3
4834
734
134
3c
134
1834
20
134
2234
3634
13
1734
11
134
4
1434
1334
3
5
3
73.5
234
8234
534
1
234
1834
334
5434
734
2
4c
134
19
20
I%
2334
3655
6834 7034
10
20
348
2,060
100
361
410
300
1,000
14
165
2,100
55
2,845
200
135
106
330
212
160
3,900
2,000
100
228
100
3,750
260
5
84
Ask
Bid
Allis-Chal Mfg 58 May 1937 9S14 99
1944 1043 1091 1
Amer Wat Wks 58
4
1937 107 18 1073
Atlantic Refining 5s
s
,
Bethlehem Steel 5s_ _ _ _1936 1026 102 8
s
Range Since Jan. 1.
Low.
High.
11
Jan
14
Jan
14:1%, June
134 June
334 Jan
1134 May
9
Jan
234 Jan
434 Jan
234 Jan
5
May
134 Jan
65
Jan
534 June
1
Mar
134 June
28
May
134 Jan
3934 Jan
7
Jan
134 Jan
3c
Jan
134 May
16
Jan
1534 Mar
00c
Jan
2134 June
3034 May
1534 Apr
2634 Feb
1634 Jan
3
Feb
63
% Feb
19
Feb
18
May
434 Feb
534 Feb
33-4 Apr
30
Feb
23-4 June
85
Apr
834 Feb
2
Mar
414 Feb
39
Feb
334 May
57
Apr
1134 Apr
234 Apr
7c
Feb
434 Feb
2534 Feb
20
Jan
134 June
3534 Feb
47
Feb
64
75
Jan
Feb
Humble 011 58
Mag Pet 4 %s__Feb 15
Midvale Steel Is
Penns,Ivanla Ry 6%5
1937
1935
1936
1936
Bid
104,
4
10112
1023
s
10631
Ask
1045
8
102
-12
107
Aeronautical Stocks.
Par Bid
5
Aviation Sec Corp (N E)__•
1
Central Airports
z Ex-stock dividend.
Ask
7
3
Par
Kinner Airplane & Mot...I
Warner Aircraft Engine __
w i When issued.
CURRENT
(Concluded from page 4443)
Stocks—
Short Term Securities.
f F x-coupon.
Outside Stock Exchanges
Awes
1.i:way
Last Week's Range for
Week,
Sale
ofPrices.
Par Price. Low. High. Shares.
Ask.
Hungarian Ital Bk 714s,'32 /78
83
Jugoslavia 55, 1956
32
28
Jugoslavia coupons
f.15
Koholyt 614s. 1943
/49
51
Land M Bk, Warsaw 8s.'41
7012 7212
Leipzig Oland l'r. 614s,'46 /54
59
Leipzig Trade Fair is. 1953 /46
48
Luneberg Power, Light &
Water 7%, 1948
/5612 5812
Mannheim & Palat 75. 1941 146
51
Munich is to 1945
13112 3312
Mimic Ilk, Hessen, 78 to '45 /30
32
Municipal Gas & Elee Corp
Recklinghausen. 78, 1947 /5212 5412
Nassau Landbank 614s,'38 /47
50
Natl. Bank Panama 634%
1946-9
14212 4312
Nat Central Savings Bk of
Hungary 7148, 1962_ __ - /55
Si
National Hungarian & Ind.
Mtge. 7%, 1948
16012 6212
Oberpfalz Elec. 7%, 19413.. /2812 3012
State 7%
to 1945
31
/29
Porto Alegre 7%, 1968...- /1812 2012
Protestant Church (Germany), 78. 1946
/41
4212
Prey Bk Westphalia 6s. 33 /50
Prov Bk %Yestphella 88. '36 /45
47
Rhine Westph Elec 7%,'36 162
64
Rio de Janeiro 6%, 1933_
26
/24
Rom Cath Church 634c.'46 /57
59
R. C Church Welfare 75,'44 /4312 45
Saarbruecken M 13k 68, '47 7212 7512
Salvador 7%, 1957
/3212 3412
Salvador 7% ctf of dep '57 /28
30
Salvador scrip
114
17
Santa Catharine (Brazil),
/2112 2312
8%, 1947
Santander (Colorn) 7s, 1944 /12
1312
Sao Paulo (Brazil) 68, 1943 /2212 24
Saxon State Mtge, 65, 1947 /56
59
Serbian 5s, 1956
31
28
Serbian coupons.
145
Slem & Halske deb 68, 2930 1325
340
State Mtg Bk Jugosl 5s 1956 28
32
coupons
40
135
Stettin Pub CBI is. 1946.. /39
42
Tucuman City 7s, 1951._ /3612 38,
2
Tucuman Prov. 7s, 1030.. 6012 62
Vesten Elec Ry is. 1947._ 12612 2812
wurtemnerg 7s to 1945... /
3312 35
-.Oldenburg-Free
Telephone and Telegraph Stocks.
Par
Amer Dist Teleg(N
COM
100
Preferred
Bell Telep of Canada....100
Bell Telep of Penn pref_ _100
Cincin & Sub Bell Telep..50
Cuban Telep 7% pref
100
Empire & Bay State Tel.100
Franklin Teleg $2 50_ _ _ _100
Int Ocean Teleg 6%
100
Lincoln Tel & Tel 7%
•
Mount States Tel & Tel_100
New England Tel & Tel.100
-F.7. COMPANY
An International Trading Organization
Brokers for Banks and Dealers Exclusively
514 7
714 10
514
4
Chain Store Stocks.
Par Bid
• 10
100 51
100
12
314
100
100 60
u LLE-R CRUTTEN DEN
Ask
5414
57
253
4
13
4
1714
Bid
52,
4
54
2414
3
4
1514
714
Ask
Bid
as
84
1,
7
z Mc-dividend.
NOTICES.
—The Metropolitan St. Louis Co. has been formed to conduct a general
Investment business with offices at 718 Locust St., St. Louis. Its officers
and personnel were formerly with the Mercantile-Conunerce Co. W. W.
Ainsworth, former Vice-President of the Mercantile-Commerce Co. Is
President of this now company. He was with W. R. Compton Co. In
its St. Louis office from 1912 to 1916, and then became Assistant Manager
of its Chicago office until he entered the war, following which he organized
the bond department of the National Bank of Commerce and became its
Manager. Ile later became Executive Vice-President of the Federal
Commerce Trust Co., when that was organized by the old National Bank
of Commerce in 1924, to carry on its investment business on a broader
scope. Ile entered the Mercantile-Commerce as Executive VicoPreident
when the Commerce merged with the Mercantile Trust Co. in 1929.
—Sutro Bros. & Co. announce the opening of a now branch office on the
main floor of the General Motors Building, Detroit, and the association
with them in this office of J. Clifford Fussel. Tho firm will continuo to
maintain their office in the l'enobscot Building in Detroit. The opening
of an Unlisted Trading Department in their Chicago office In charge of
A. M. Thompson,formerly of Johnson, Logan & Co., Inc., New York,and
the appointment of Lacy Kux,formerly of London,as head of their Foreign
Department, are also announced by the firm.
—Eugene W. Castle, head of Castle Films, motion picture producer,
announces the addition of Fred F. Wagner to the Chicago office. For about
15 years Mr. Wagner directed the advertising of two railroads as advertising manager of the Union Pacific System, and earlier of the Chicago Great
Western RR. More recently he was Vice-President of the DunhamLosan Co., advertising agency, of Chicago.
—Earl Purdy, formerly with Brown Bros. Harriman & Co. Is now connected with Ira Haupt & Co. in the Rail and Utility Bond Trading Department. William J. Budd, heretofore with the Bancamerica Blair Corp., has
also become associated with this firm in their Municipal Trading Department.
—In connection with the new issue of State of South Carolina bonds, the
statistical department of R. S. Dickson & Co. has prepared for distribution
in booklet form through their Now York and Charlotte, N. C., offices.
an economic survey and debt analyses of the State of South Carolina.
4451
Financial Chronicle
Volume 138
General Corporation and Investment News
-INDUSTRIAL
-PUBLIC UTILITY
-MISCELLANEOUS.
RAILROAD
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
entities
-railroad, public utility and industrial companies. This information was heretofore given
under classified headings, such as Current Earnings, Financial Reports, Steam Railroads, Public Utilities
and Industrial and Miscellaneous.
Monthly Gross Earnings of Railroads.
-The following
are comparisons of the monthly totals of railroad earnings,
both gross and net (the net before the deduction of taxes), of
all the Class I roads in the country reporting monthly returns
to the Inter-State Commerce Commission:
(Ross Earnings.
Month.
1932.
1933.
$
January___
228.889.421
February--- 213.851.168
March
219,857.608
April
227.300.543
May
257,963,036
June
261,353,909
July
297,185,484
August
300.520.299
September-- 295,506.009
October
297,690.747
November_ _ 260,503,983
December
248.057.612
1934.
Inc.(4)or
Dec (-).
$
274.890,197
286.231.186
288,880.547
267.480.882
254,378.672
245.869.626
237,493.700
251.782,311
272.059.765
298,084,387
263,225.641
245.760,336
3
-48.000.778
-52,380,018
-69.022,941
-40,180,139
+3,584,384
+35.484,283
+59.691,784
+48,737,988
+23.446.244
-393,640
+7,278,324
+2,297.276
Length of Road.
1933.
1932.
-16.73
-19.67
-23.89
-15.02
+1.41
+14.43
+25.13
+19.36
+8.62
-0.13
+2.87
+0.93
Miles
241,881
241,189
240.911
241,680
241.484
241.455
241.348
241,166
240.992
240.858
242,708
240,338
Mites
241,991
241.487
241,489
242,160
242.143
242.333
241.906
242.358
239.904
242.177
244,143
240.950
1934.
1933.
Per
Cent.
1933.
January- 257,719.855 226,276,523 +31,443.332 +13.90 239.444 241.337
1?ebruary_
March
April
248,104.297 211,882,526 +36,221,471 +17.10 239,389 241,263
292.775.785 217,773,265 +75,002.520 +34.44 239.228 241.194
265.022.239 224.585.926 4.40 ARR 212 4-1R 02 239.109 241.113
Net Earnings.
Month
Per Cent.
1933.
1932.
Amount.
January
February
March
April
May
June
July
August
September
October
November
December
45.603,287
41,460.593
43.100,029
52,585.047
74 844.410
94.448,669
100,482,838
96.108.921
94.222,438
91,000,573
66.866,614
59,129,403
$
45.964,987
58,187.804
88,356,042
56.261.840
47,416.270
47.018.729
46.148.017
62.553.029
83,092,822
98.337.561
63.962,092
57,861.144
8
-361.700
-14.727.011
-25.256.013
-3.676,793
+27,428,140
+47,429,940
+54,334.821
+33.555.892
+11.129.616
-7,336,988
+2.904,522
+1.268,259
-0.79
-26.21
-38.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.54
+2.19
January
February
March
April
1934.
62,262,469
59.923,775
83.939,285
65,253,473
1933.
44,978,266
40,914,074
42,447.013
51,640,515
+17,284,203
+19,009.701
+41,492.272
+13,612,958
+38.43
+46.46
+97.75
+26.36
'(J. D.) Adams Mfg. Co.
-Resumes Common Dividends.
The directors have declared a quarterly dividend of 15 cents per share
on the common stock, no par. payable Aug. 1 to holders of record July 15.
as compared with 30 cents per share paid from Aug. 1 1931 to and incl.
May 1 1932; none since.
-V.138, P. 4285.
Sales
Contest.
With its United States and Canadian sales forces in active competition
with the foreign sales organization in Great Britain, Europe, Asia and
Latin America, corporation's first international sales contest, begun on
March 1, has already exceeded the company's expectations and promises
to break all previous sales records, according to Joseph E. Rogers, president.
This contest, which sets a sales quota for each of the sales groups in the
various countries was inaugurated just a year after the lowest point of the
depression. While Addressograph and Multigraph sales in the United
States and Canada have been showing increases over 1933. sales of these
products in foreign countries have been doing likewise. "We know of no
more tangible evidence of actual world-wide improvement in economic
conditions than this apparent universal receptivity to our machines and
equipment." said Mr. Rogers. "This is particularly true when we consider
that our business always has been a reliable barometer of general business.
The upward trend in the demand for our equipment has, however, been
more rapid than the downward trend in a period of business stagnation.
We have observed that business can come back as quickly, if not more
quickly, than it can recede.
'For the first five months of 1934 combined domestic and foreign billings
of corporation increased 48'7 over the same period of 1933, while the month
0
of May registered a gain of 58.5% over the same month a year ago. Domestic billings in May were 12.2% ahead of April and 78.5% ahead of May a
year ago. How effective the sales competition in foreign quarters has
proved is indicated by figures showing a month-by-month increase in that
division also. For the five months ended May 31, foreign billings were
22.3% ahead of the same period lastyear, and in May they were 12.2%
greater than in May 1933. May also showed an increase over April. which
-V. 138, p. 4285, 3935.
was a better month than March."
Aeolian-Skinner Organ Co., Inc.
-Comparative
Balance
Sheet Dec. 31.Assets
Cash
a notes & accts
receivable
Inventories, &o.
Int. accrued
Investments
b Fixed assets__
Adv. to employees
Mesh, library__
Patents
Derd charges and
sundry items_ __
1933.1933.
Liabilities
1932. ,
1932.
35.739
$9,525
$55,870
$59,255 Accounts payableCommissions pay_
3,229
407,990
491,407 Salaries, wages, dm
2.467
3,965
148,805
114,201 Accrued State and
Federal taxes..._
5,397
8,465
5,519
18,900
18,900 Reserve for guar361,553
373,358
anty work
1,218
1,906
Res,for completion
12,280
346,128
346,128 of contracts.-3,450
1,150
1 General reserve_ _ _
30,730
2,166
44.508
c Capital stock_.... 1,255,328 1,255,326
21,834 Capital surplus_ _- 101.050
10,381
103,187
Deficit
36,066
Total
31.372,539 31,425,086
81,372,539 31,425,086
Total
a After reserve for doubtful receivables of $22 330 in 1933 ($13,325 in
1932). b After depreciation of $30,744 in 1933 c$15,592 in 193).Rep-V. 137, p. 38.
resented by 104,167 no par shares.
'Ltd.
-20
-cent Dividen
.........Agnew-Surpass Shoe Stores,
The directors have declared a dividend of 20 cents per share on the c6mfunds) Sept. 1. to holders of record
anon stock, no par, payable (in Canadian
Aug. 15. In the case of non-residents of Canada. a 5% tax will be deducted.
An initial dividend of like amount was paid March 1,last.-V.138. p.505.
8c Youngstown Ry.-Earnings.1934.
$160,504
55.950
28,334
1933.
$139,325
54,554
33,754
1932.
$127,410
35,319
13.485
1931.
2180,585
58,459
31.206
$777,108
310,843
175,517
$564,262
173.820
77,269
$670,662
210.914
102,590
$867,145
276,353
141,682
-Earnings.
Alabama Great Southern RR.
1932.
1933.
1934.
2336.358
$4111.240
2423,846
def11,324
109,503
80,744
73,193 def51,817
45.226
1931.
$542,062
46,531
15,237
From Jan 1
-
Gross from railway
Net from railway
Net after rents
-V.138, p. 3593.
May-
Gross from railway
Net from railway
Net after rents
F.om Jan. 1
-
Gross from railway
Net from railway
Net after rents
-V.138,P.375 .
9
2.015,487
415,853
278.505
1.779,249
1,625,440
239,372 def30.323
23.949 def225,453
2,683.848
274,530
117.825
Alabama Power Co.
-Earnings.
IA Subsidiary of Commonwealth & Southern Corp.]
Period End. May31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$1.268,658 $1,271,929 $15.675.749 215.161,694
Oper. exps., incl. maint.
and taxes
576.775
504.460 6,772.515 6,349,797
Fixed charges
388,888
386,483 4.704.532 4,642.404
Prov.for retirement res..
97,845
86.333
1,131,658
978,166
Net income
Divs. on pref. stock
(+)Or Det•
-International
Addressograph-Multigraph Corp.
Akron Canton
May-
Gross from railway
Net from railway
Net after rents
$205,149
195,186
Balance
$9,963
$294,651 $3,067.044 $3,191,325
195,197 2,342,242 2,341,710
$99,454
$724,801
$849.614
New Offer to TVA.
A revised offer for the sale of the company's electric distribution facilities
in North Alabama has been received by the Tennessee Valley Authority
following further negotiations.
David Lilienthal, power director of the TVA. commenting on the ne w
offer as it affects Tuscombia, Sheffield and Florence, Ala., said;
"The price fixed is one with which the Authority is in substantial, though
not entire agreement, provided the final figure is likewise agreeable to the
municipalities involved, inasmuch as the plans contemplate resale of these
properties to the communities.
"The authority will confer with them at an early date to learn whether
such a program is acceptable to them, or whether they prefer to press their
applications for loans from the Public Works Administration with which to
construct new plants.
"The authority believes that the purchase at a fair price will be in the
public interest, as it will eliminate the delay involved in contempating new
distribution systems, and will avoid substantial losses to investors arising
out of competition."
-V. 138. P. 3593.
-Earnings.
Allied Brewing 8c Distilling Co., Inc.
Earnings for 3 Months Ended March 31 1934.
235.738
Net income after deprec., taxes & other charges
$0.10
Earnings per share on 347,214 shares stock
-V.138. p. 1745.
Alton RR.-Earnings.1931.
1932.
$1,104,474 81,0853 73 $1,151.309 $1.687.863
1934.93 .
1 .3
421.229
220,087
319,864
216.356
167,024
158,846 def35,003
4,477
MayGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p.4286.
4,977,661
970.451
def44.664
4,986,609
1.236,311
254,525
6.013.861
1,240.268
15,416
8,157.627
1.553.538
205.205
Amalgamated Phosphate Co.
-Bonds Called.r
The City Bank Farmers Trust Co., as successor trustee, is notifying
holders of 1st (closed) mortgage sinking fund 6% gold bonds, due Aug. I
1936, that there has been drawn by lot for redemption on Aug. 1 1934.
out of the sinking fund moneys. $128,000 of these bonds at 101. Such
bonds will be redeemed at the office of the trustee, 22 William St., on and
after Aug. 1 1934.-V. 137. P. 13 .
9
American Capital Corp.
-Earnings.
Calendar Years1932.
1931.
1933.
Interest and dividends__ $149.549
$204,219
$439,006
Profit from sales of secs.
453,669
1930.
$557,623
Total income
Research fees & expe
Fees of transfer agents,
trustees, &c
Gen. exps., incl. salaries
Federal income tax
Loss from sales of secs-
$603,238
22,588
$204,219
30,958
$439.006
44,217
$557.623
66,056
10.705
40,797
36.789
8,332
46,416
21,654
71,212
24.789
88,935
3,915,934
1,335,204
251,579
Net loss
Prior pref. dividends..._
Preferred dividends_ _ - _
Class A com. divs
$492,359 $3,797,420 $1,033,282 pf.$126,264
297.822
260,836
232,236
41,387
352.575
232,612
76,838
99.999
Deficit
sur$154,686 $3,838,807 $1,498,130
Balance Sheet Dec. 31.
$624,132
Assets1932.
1933.
1933.
1932.
LiabilitiesCash
880.213 $243,517 Accr. exps.& taxes $45,603
$9,014
d Invest. securities 7,626,042 7,061,225 a Prior pref. stock 2,574.500 2,574,500
Investment in Pac.
b Preferred stock_ 1,024.500 1,024,500
Investig Corp.
11,047
11,047
c Class A com. stk
(at cost)
63,286
63.266
250,020
455,200 c Class B corn stk.
Divs. receivable_
18.729
14.465 Capital surplus__ 4,108,768 4,108,766
Accrued interest
154.686
5,663
10,261 Earned surplus_ __
Deferred charges1.900
Accts.receivable
6,425
Totrl ---------$7,982,588 87,791,094
Total
$7.982,568 87.791.094
a Represented by 27,100 no par shares. b Represented by 102,450 no
par shares. c Represented by 110,472 shares class A stock and 632.662
shares claw B stock in both years. The stated value of the shares was
reduced from $1 per share to 10 cents per share during 1932. d Market
value $4,031,882 in 1933 and 22,986,527 in 1932.
Note.
-There were outstanding at Dec. 31 1933, warrants entitling the
holders to purchase 537,437 shares of class B common stock on or before
July 1 1940,at $10 a share.
-V.138. p.3430.
4452
Financial Chronicle
-The
American Car & Foundry Co.
-Annual Report.
remarks of President Charles J. Hardy,together with income
account and balance sheet as of April 30 1934, will be found
under "Reports and Documents" on a subsequent page.
Results for Fiscal Years Ended April 30.x
1934.
1932.
1933.
$
$
$
Earns, from all sources
after prov.for tax__ _loss1,720,748loss1,018,454loss1,464,949
y Renewals,repairs, &c_ 1,586,084 1.192,816
1,112,328
Net loss
Pref. dividends (7%).
Dividends on common_
Deficit
Previous surplus
3.306,832
1931.
$
3,026,789
1.620,442
2,577,277 pf1,406,347
2,100,000 2,100,000
(25c)150.000(4)2,400.000
2.211,270
3.306,832 2,211,270 4,827,277 3,093,653
29,825,903 32.037,173 39,445.021 40,138,673
Surplus
26,519,071 29,825,903 34,617,744 37,045.021
z Cora.stk. div.reserve_
150,000 2,400,000
Prov. for shrinkage in
value of securs. held_
2,150,400
Prov. for unrealiz. loss
on foreign exchange_
280,171
Prov. for depreciation in
investment values300.000
June 30 1934
Consolidated Balance Sheet Dec. 31.
1932.
1933.
Assets
a Land, bidgs.,&c.21,382,536
Notes & accts. red. 3,918,004
5,847.490
Cash
Marketable secur_ 255,075
Other inv.& adv.. 1,293,628
Inv. in So. Alkali
3,430,000
Corp
9,443,150
Inventories
Stk. pur. contract_ 1,067,098
License, pats.. &c. 5,000,000
Deferred charges_
419,709
1
Good-will
21,346,963
2,863,590
4,283,131
1.500,375
1,873.284
7.810,148
1,024,500
5,000,000
464,398
1
1933.
b Capital stock_ _24,903,730
4,000
c Preferred stock_
6,760,200
Funded debt
Min.int.lnsub.cos. 1,807,374
Pur. mon. oblig'ns 336,671
Accts. pay., accr.
wages and taxes 2,947,905
Sub to sem. of So.
Alkali
_ 813,400
Accr. Int. on fundCorp__88,032
ed debt
Res. for conting__ 1,710,041
Prov.for Fed.tax_ 175,632
Earned surplus___ 6,013,812
Capital surplus__ 6,495,893
1932.
24,701,370
4,000
5,069,400
1,804,252
278,830
1.945,658
73,780
1,736,356
1,158
3,546,130
7,005,455
52,056.691 46,166,389
52,056,691 46,166,389 Total
Total
a After depreciation and depletion of $30,847,395 in 1933 and $33,194,839
In 1932. b Represented by 65.943 shares of class A common (no par) and
2,424,430 (2,404,194 in 1932) shares of class B common (no par), including
shares reserved for stocks not yet presented for exchange, but excluding
187,669 (207,905 in 1932) shares in B stock held by a subsidiary company.
c Called for redemption 40 shares.
Subsidiary Acquires New Unit.
-
The American Cyanamid & Chemical Corp., a subsidiary, announces
Total surplus
26,519.071 29,825,903 32,037,172 39,445,021
the acquisition, effective July 1 1934 of the plant, properties and business
of Burton Explosives, Inc., Cleveland, Ohio, which latter company has
x Consolidated statement. incl. company, its wholly owned subsidiaries,
since its organization in 1930 been engaged in the manufacture and sale
American Car & Foundry Securities Corp. and American Car & Foundry
of high explosives and blasting supplies.
-V, 138, p. 3078.
Export Co. y Incl. renewals, replacements, repairs, new patterns, flasks,
&c. a Being corn,stock diva, paid from reserve applicable for that purpose.
'
4
"‘"nkmerican Founders Corp.
-Exchange Offer Made for
Consolidated Balance Sheet April 30.
Preferred Stock.
-See Equity Corp. below.
-V.138, p.853.
1933.
1934.
1934.
1933.
Assets
Cost of propertie5.71,703,618 71,709,702 Preferred stock.._30,000.000 30,000,000
-Earnings.
American Gas & Electric Co.(& Subs.).
Material on hand_ 3.744,140 2,836,493 x Common stock__30,000,000 30,000,000
Period End. May 31- 1934-Monlli-1933,
1934-12 Mos.-1933.
Accounts & notes
Accounts pay.,.4c_ 945,722
630,365
Subs. Cos. Consol. (Inreceivable
7,718,056 7.931,125 Insurance reserve_ 1,500,000 1,500,000
terco. items aim' d)
Stocks and bonds
For gen. overhead,
$4,930,052 $4,415,150 $59,512,476 555.850,543
Operating revenue
of other co's
2,265,129 2,372,921 imPt. & mint__ 2,031,602 1,012,642
2,568.199 2,123.285 28,684,306 25,927,103
Operating expenses
y Treasury stock
533,400
533,400 Reserve for diva.
U. S. certifs. of inon corn, stock__ 2,983,495 2.983,495
Operating income.... $2,361.852 $2,291,865 830,828,170 $29,923,439
debtedness and
Res. for employ__
62,208
62,208
807.305
61.718
71,418
810,240
Other income
Liberty bonds.. 4,302,609 4,302,609 Surplus account._26,519,071 29,825,903
Cash
3,775.146 6.328,364
$2,423.571 $2,363,284 $31,638,411 $30,730,745
Total income
Reserve for renewals &
Total
94.042,098 96,014,613 Total
94,042,098 96,014,613
620,262 7,962,125 7,146,880
706,590
replacements(deprec.)
x Represented by 600,000 shares of no par value. y Represented by
1,349,944 1,346,865 18,184.780 16,309,465
Deductions
10,550 shares of pref. stock and 600 shares of common stock.
-V. 138, P.
2563.
$396,155 $7,491,505 $7,274,399
$367,035
Balance
Portion applic. to minoCr24
"American Cast Iron Pipe Co.
rity interests
-Pays Div. Arrearages.The directors have declared a dividend of $3 per share on the 8% pre$367,035
$396,155 $7,491,505 $7,274,424
Balance
ferred stock (par $100) on account of accumulations payable July 2 to
holders of record June 27. After this distribution arrears will amount to
Amer. Gas & Elec. Co.$6 a share.
Bal. of subs. cos, earns.
A dividend of 134% was also paid on April 2 1934 on account of accumuapplic. to Amer. Gas
lations, prior to which a distribution of 1347 was made on Jan. 3 1933.
$396,155 $7,491,505 $7,274,424
& Electric Co
$367,035
Regular semi-annual dividends of 3% were paid up to and including July 1
Int.and pref.stock diva.
1932.-V. 188.P.23971
424,374
428,543 5,117,133 5,270,148
from subs. cos
11111116441111itt
388,377
432,846
Other income
20,858
18.284
American Cloa Co. of Allegany County.e
iv
Total income
$842,983 $13,041,485 $12,932,950
$812.269
The directors declared a dividend of 50 cents per share on the com on
408,235
470,084
28,242
Expense
38,242
stock, par $25, payable Aug. 1, to holders of record July 11. and comp es
Deductions
391,378
391,330 4,696.539 4,726,174
with a similar distribution on May 1,last and one of $1 per share on Feb.2.
last, prior to which no dividends had been disbursed since Jan.3 1933 when
Balance
$423,410 $7,874,861 $7,798,539
$382,648
the company also paid $1 per share.
-V:138, p.2563.
-V. 138, p. 3936.
American Commercial Alcohol Co.
-Stock Pool Fraud
Charged.
A suit in behalf of minority stockholders against eight officers of the
company for alleged fraud came before Supreme Court Justice Cotillo
of New York on June 26 on an application by the plaintiff, Arthur Frank,
to strike out part of the answer. In granting the application the Court
said that 25,000 shares of the stock were allegedly issued to dummies of
the defendant officers "in exchange for the transfer to the corporation of
assets which the defendants admit were not worth the market value of
the shares when issued."
The complaint asserts that the defendants formulated a plan in April
1933 whereby in anticipation of the repeal of the prohibition amendment
they would form a pool in the stock on the New York Stock Exchange
for the purpose of enhancing the value and would cause the corporation
to issue thousands ofshares of its common stock to their dummies,enabling
the defendants to dispose of the stock at a large profit to the detriment
of the corporation and its stockholders.
The plaintiff asserts that the 25,000 shares did not reach the owners
of the property for which it was asserted to have been exchanged, but
that the property was bought for a small cash consideration and the stock
was sold at enhanced prices as a result of the operation of the alleged pool,
which forced the price "from $20 in May to about $90 in the middle of
July 1933.
In addition to the accounting, the plaintiff asks that the stock be turned
-V.138, p. 3078.
back to the corporation.
-Earnings.
American Hawaiian SS. Co.
[Including Williams Steamship Corp.]
-Month-1933.
1934-5 Mos.-1933.
Period End. May31- 1934
Operating earnings
$877,479 $3,939,350 $3,816,218
8964,300
821,284
Oper.& general expenses
763,704 3,792,174 3,565.223
Net profitfrom oper-Other income (net)
$143,016
4,367
$113,774
114
$147,176
25,365
$250,994
4,349
Profit before depreciation & Fed.inc. taxProv. for depreciation...
Non-recurring items
Profit on sale ofsecur.
$147,383
54,259
$113,888
58,342
$172,541
261,435
$255,344
272,994
15,679
Net prof. or loss before
Federal income taxes- *893,124
$57,546 def5$73,214 def$17,650
* Does not include special expenses incident to strike oflongshoremen at
Pacific Coast ports.
-V. 138. P. 3760.
American Locomotive Co.
-Railway Steel Spring Consolidated with Parent Company.
-Plan of Dis-----.4merican Commonwealths Power Co.
-'tribution Approved by Court.'
A plan for distribution of assets of the company presented by the receivers
The business of Railway' Steel Spring Co., wholly-owned subsidiary
since 1926, has been consolidated with the parent company and the latter
will conduct all operations of the Spring company hereafter. In the
consolidation American Locomotive Co. acquired the assets of Railway
Steel Spring Co., including the manufacturing plants, sales orders and
contracts and the operating sales and administrative personnel,and assumed
all the liabilities, including contracts and orders for purchase of materials
and supplies. President Alexander S. Henry of Railway Steel Spring Co.
has been appointed Vice-President of American Locomotive Co.
-V. 138.
p. 2735.
American Cyanamid Co. (& Subs,).-Earnings.-Years Ended- 18Mos.End. Year End.
Dec. 31 '33. Dec. 31 '32. Dec. 31 '31. June 30'31.
PeriodNet operating profit- __ $4,849,612 53,094.064 54.338.811 82,969,328
642.364
523,801
239,201
Divs.,int. & discount...
336,280
386.106
Prof. on foreign exch..
182,233
120,902
574.353
Other income (net)
122,338
1934.
1932.
12 Months Ended May 311933.
Subsidiaries
Operating revenues
$73,518,315 $72,229,921 $79,925,455
Operating expenses,including taxes.- 37,948,056 35,283.522 37,393,544
was approved by Chancellor J. 0. Wolcott in Chancery Court, Wilmington,
June 27. For details of plan see V. 138. 1). 3935.
Totalincome
$5,694,335 $3,454,168 $5,436.966 $3,793,922
Research, process & mar1,265,250
1,176,028 1,998,630
ket development exp.. 1,053,932
363,790
289,912
520,994
302.521
Int. and discount paid_ _
85,406
Miscellaneous charges _
1,529,512
1,609,631
1,551,156 2,262.805
Deprec. and depletion
.5,035
1,293
171,196
3,346
Prov.for income tax_ _ -Minor.stockholders'int.
128.698
84.000
In net inc. of subs....89,373
$2.467,682
$349,725
$520,803
$548,669
Net income
Shs. combined class A &
B stock outst.(no par) 2,490,373 2,470,137 2,470.159 2,470,159
$0.99
$0.22
$0.14
$0.21
Earnings per share
Consolidated Surplus Account Year Ended Dec. 31 1933.
Earned
Capital.
Surplus.
Surplus.
Totall
$3.546,130 $7,005.455 $10,551,585
Surplus as at Dec.31 1932
2,467,682
Net income for year 1933 (as above)_ 2,467,682
Excess of par value over cost of bonds
13,963
13,963
purchased for retirement
$6,013,812 $7,019,417 $13,033,229
Total
Intangible assets acquired during
211,354
211,354
year. written off
312,171
312,171
Loss on dismantled plants written off_
Surplus as at Dec. 31 1933
$6,013,812 $6,495,893 $12,509,705
American Power 8c Light Co.(& Subs.).
-Earnings.
-
Net revenuesfrom operation
Other income
$35,570,259 $36,946.399 $42,531,911
320,824
718.209
414,233
Gross corporate income__ _..... -$35,891,083 $37,360,632 $43,250,120
Interest to public and other deducts-- 18,560.052 16.572,289 16,616,367
Cr22,679 Cr175,051 Cr899.359
Interest charged to construction
Retirement reserve appropriations__ _ 5,327,446 4.730,706 4,560.457
$14,026,264 $18.232,888 $22,972.655
Balance
Pref. diva, to public (full div. requirements applic. to respective 12
month periods whether earned or
7,163,927 7.150,379 7,080,227
unearned)
Balance
Portion applic. to minority interest
$8.882.337 $9,082.309 $15,892,428
76,677
136,063
90,266
Net equity of Amer. Power & Lt.
$6,785,660 $8,992,043 $15,756,365
Co. in income of subsidiaries-Amer.Power & Light Co.
Net equity of Amer. Power & Lt. Co.
in income ofsubs.(as shown above) $8,785,660 $8.992,043 $15,756,365
939,278
48.988
Other income
593.889
$6,834,648 $9,585,932 $16,695,843
Total income
247,746
174.156
Expenses,including taxes
180,954
Int.to public and other deductions... 3.105,016 3.096,146 3,112,796
Bal. carried to earned surplus
-V.138, p. 3936.
$3,555,476 $6,308,832 $13,335,101
Financial Chronicle
Volume 138
4453
has been called to be held in court room No. 3 Post Office Bldg., Post
'A3erican Metal Co., Ltd.-Saie-erfrISlubsidirtry.Office Square, Boston, Mass., at 11 a.m. Daylight Time on July 24.
Th American Metal Co.of Canada,Ltd.,a wholly owned subsidiary, has- Despite an increase in volume ofsales during the first five months of 1934,
sold to International Nickel Co. of Canada. Ltd.. far $1496,307 -in
the company has continued to lose money in the operation of its business,
-18 1984, 13.324 shares of
-V.138, p. 3079.
mak,-which includes accrued dividend to Ju::7
chiefly because of increased labor and material costs.
the capital stock of Ontario Refining Co., Ltd. The result of this transaction will be to increase the holdings of Intern onal Nickel Co. of Canada.
American Water Works & Electric Co., Inc.(& Subs.).
Ltd., in the capital stock of Ontario Refining Co., Ltd.. to 90.000 shares
-Earnings.and to decrease the holdings of American Metal Co. of Can.,Ltd.,in Ontario
Refining Co., Ltd., to 10,000 shares out of the total of 100,000 shares
Period End. May 31- x1934
-Month-y1933. x1934-12 Mos.-y1933.
outstanding.
-V. 138. P. 3078.
Gross earnings
$3,869,569 $3,390,278 $44.655,298 $41,434,857
Oper. exps., maint. and
---Ainerican Optical Co.
-Resumes Common Dividends.1,553,697 21,885,207 20,083,795
taxes
1,988.910
Tho directors have declared a dividend of 50 cents per share on the no par
Gross income
$1,880,658 $1,836,581 $22,770,091 $21,351,062
common stock, payable July 2. to holders of record June 16. A similar
Int.& amortiz. of disct. &c.,& pref. diva. of subs_ 14,510,463 14,388.435
dividend was paid on Dec. 19 1931 and on Aug. 1 1931. Previously, the
Int. & amortiz. of disct. of Amer. Water Works
company made semi-annual payments of $1 each on this issue.
1,336,922
1,373,137
& Electric Co., Inc
Edward E. Williams, Treasurer of the company, states:
2,774,835
3,181,637
Reserved for renewals,retirements and depletion..
"The trustees are pleased to announce that after the necessary provision
1,200,000
• 1,200,000
Preferred dividends
the preferred stock dividend (7%) there remained a surplus of earnings
for
for the year 1933 which, owing to the carefully maintained financial con$2.504,852 $1,650,869
Available for common stock
dition of the company,makes possible the distribution of a common dividend
1,732.451
1.748,473
Shares of common stock
-V. 137, P. 2978.
at this time."
x All figures subject to audit insofar as they contain earnings for the
-V. 138, p. 4289.
-Federal Trade year 1934. y As adjusted.
American Smelting & Refining Co.
H. Hobart Porter, President, after the monthly meeting of the directors.
Commission Dismisses Monopoly Complaint.
June 27 1934, stated:
"The increase in the gross earnings of company's subsidiaries during the
The Federal Trade Commission on June 23 made public an order entered
past several months is encouraging in that it reflects a measure of business
by it dismissing a complaint against the company in which violation of
recovery. A similar increase in the net income of the company has not
Section 7 of the Clayton Act was charged. This is the section of the
Clayton Act making it unlawful for a corporation to acquire the stock of
been possible because of the higher costs of operation.
another when the effect of such acquisition is substantially to lessen com"The chief item in these higher operating costs is taxes, both national
petition between the corporation making the acquisition and the corporaand local. There is no relief from this burden except from the most rigid
control of Government spending and the most equitable distribution of
tion whose stock is acquired, or to restrain such commerce, or tend to
the tax obligation on all classes of taxpayers.
create a monopoly.
Complaint against the company was docketed April 26 1933 and ordered
"Other items are the necessary increases in wages and in the costs of
coal and other materials and supplies essential to operation, as well as the
made public Feb. 14 1934. Argument on respondent's motion to dismiss
increased cost of power generation due to the severe and prolonged drouth
was made before the Commission on May 2 last.
Complaint was based upon acquisition by the company of the stock of
on the water sheds serving our hydro-electric stations.
Federated Metals Corp., claimed to be a competitor of American Smelting
"We are pleased with the number of new customers and the reconnection
of many old ones with the resulting increase in gross earnings. We desire
& Refining. Said acquisition resulted from an agreement of Sept. 30 1932
between the two companies as a result of which a new company was formed,
our stockholders, however, to appreciate the above mentioned conditions
bearing the name of Federated Metals Corp. of Delaware. Under this
which have absorbed such a substantial part of the company's increased
agreement, the complaint charged, American Smelting & Refining acquired
earnings."
all of the capital stock of the new company, Federated Metals, by exchang-year gold bonds and approximately
Output of Electric Energy.
ing therefor its $3,500,000 1st mtge. 30
$2,129,155 worth of warehouse certificates representing copper, lead and
Output of electric energy for the week ended June 23 1934, totaled
spelter in marketable form. It was alleged that this acquisition tended
34,742,000 kilowatt hours, a decrease of 2% from the output of 35,408,000
substantially to lessen competition between American Smelting & Refining
kilowatt hours for the corresponding period of 1933. Comparative table
Co., the Federated Metals Corp. of Del. and its predecessor, Federated
of weekly output of electric energy for the last five years follows;
Metals Corp. of Del., in the sale of non-ferrous metals, by-products and
1930.
1931.
Week Ended- 1934.
1932.
1933.
mixed metals, and tended to create a monopoly in the American Smelting
June 2_ _x33,692,000 x31.356.000 x24,932,000 32,861,000 x33,930,000
& Refining Co.
June 9_ _ _ 35,014,000 33,480,000 25,768,000 32,751,000 34,686.000
respondent company's motion to dismiss was urged upon three
The
June 16_ __ 34,334,000 34,638,000 26,230.000 32.116,000 34,785,000
grounds:
June 23__ 34,742,000 35,408,000 25.942.000 31,107,000 34,893,000
(1) That respondent did not acquire the "stock of another corporation
x Includes Memorial Day.
-V. 138. P. 4289.
commerce," as required by the statute, and that the acquisiengaged also in
tion of the stock of the new company had no effect either in lessening com-Earnings.
Amoskeag Mfg. Co.
petition between it and the respondent in restraining commerce or in tending
to create a monopoly.
Calendar Years1933.
(2) That the acquisition by the new company of the assets of the FedGross sales
$13,971,608 $10,245,Z95 816,461,697 $19,802,845
erated company involved no violation of the (Clayton) Act, since the new
Materials purchased_ __ _ 9,248,022 4,839,630 6,469,596 7.349,859
company acquired no stock of the Federated and the transaction resulted in
5,847,385
5.985,643
Labor
4,825,134
3,700.874
no substantial lessening of competition between the new company and
1,784,738 .
1,737,425
Expenses
1,840,162
1,260,068
Federated or between the respondent company and Federated.
518,519
619,120
378,241
Taxes
368,243
(3) That prior to the filing of the complaint, the properties and assets
Floor & processing taxes
845,134
of Federated had been acquired by the new company whose stock had been
673,658
695,095
374,705
Repairs,including labor_ 1,026,453
acquired by the respondent company.
356,861
New machinery
56,915
28,521
In dismissing the complaint, the Commission made it clear that it did so
255,103
41,016
Bad debts, net
57,248
49,019
of jurisdiction, indicating that the acquisition complained of might
for lack
404,372
Decrease in inventory Cr4,696,911
1,213,388 3,674,799
well be the basis for court action.
In its opinion the Commission held that the basis for the position taken
$759,179
$255,901
$790,135
Manufacturing loss__ _sur$458,122
by the respondent must be that the substance of the transaction was an
586,210
526,767
Net interest paid
420,091
426,678
acquisition of the assets of the Federated company by the Smelting company and not an acquisition of stock of the type violative of the Clayton
$782,668 $1.345,389
Net loss
prof$31,443 $1,210,226
Act. Therefore, the Commission said:
"The case thus narrows down to the conclusion that such disregard of
Balance Sheet Dec. 31.
corporate entities as must under any circumstances be indulged in, whether
1932.
1933.
1932.
1933.
it be to support hte Commission's complaint or the respondent's defense,
$
$
LiabilitiesAssets$
$
leads to regarding the new company merely as a subsidiary of the Smelting
3.101
30,846
Plant account_ __ _14,445,070 14,360,301 Accounts payable_
company and thus makes the transaction complained of an acquisition of
Cash & accts. rec. 4,034,699 6,928,037 Processing taxes__ 168,938
the assets of the Federated over which this Commission has no jurisdiction,
Inventories
8,739,035 2,810,806 Notes payable_ __ _ 1,500,000
for which, in the words of the Supreme Court, "a remedy is provided
but
20-yr.6% gold bds.11,463,300 11,769,300
Other assets
218,160
through the courts." Thatcher Manufacturing Co. vs. F. T. C., supra,
Res. for doubtful
at 561. The ruling on this question is, however, without prejudice to the
276,646
accounts
propriety of a complaint based solely upon the respondent's acquisition,
Reserve for inventthrough the new company, of the stock of the Missouri Zinc Co.
ory fluctuation_ 1,231,318
"Respondent's contention that the acquisition of assets prior to the
Profit & loss res've.12,765.916 12,326,743
Institution of proceedings in the instant case precludes any action by the
Commission cannot be sustained.
. . In the present case, since the
27,436,964 24,099,144
Total
Total
27,436,964 24,099,144
respondent controls the assets of Federated only through ownership of the
-V.138, P. 864.
new company's stock, an order requiring it to part with the latter would
be a futile gesture."
not
-V. 138. p. 4288.
-Declares
South Africa, Ltd.
American Thermos Bottle Co.
-Earnings.
Calendar YearsMfg. profit from sale of
merchandise
Oper.exp.(incl. advert.)
Operating profit
Other income
Deductions
1933.
1932.
1932.
$341,393
247,954
$278.693
262,443
$438,214
318,772
$608.300
394,904
$93,438
30,235
14,702
$16,250
36,253
27,430
$119,442
46,817
40.641
$213,396
51,880
40,137
1930.
Other income, net_ __
$15,533
$8,824
$6,176
$11,742
Profit before taxes_
Est. Fed.income taxes__
$108,972
5,575
$25,074
$125,618
14,566
$225,139
25,108
Net profit
$25,074
$103,397
$111,051
$200,030
Preferred dividends......
54,009
72.024
r
r
y Preferred and common dividends paid in 1931 and charged against
the year's earnings amounted to $157,366, and in 1930 to $210,749.
Comparative Balance Sheet Dec. 31.
1933,
AssetsLiabilities1933.
1932.
1932.
Cash and U. S.
Accounts payable_ $44526
$27,419
Govt. bonds__ $372,944 z$146,689 Dividends declared
Other sec. (at cost) 199,773
396,274
and payable_
18,001
18,550
107,420
Amts.receivable__
80,056 Accruals
7,215
4,617
Accrued int. reo_
4,954
8,969 Fed. Income taxes.
5,575
Inventories
356,861
369,501 Preferred stock... 1,029,679 1,030,029
128,738
Invest. MM.co's
128,738 y Common stock__ 544,839
544,839
Reserve for adv_ __
20,000
z Land, bldgs. and
equipment
681,734
726,428 Paid -In surplus... 287,540
363,193
35.411
30,491 Earned surplus__
prepaid & deferred
95,600
64.227
Good-will, trademarks, patents &
165,142
165,728
copyrights
$2,052,976 $2,052,875
Total
$2,052,976 $2,052,875
Total
x After deducting reserve for depreciation of $598,029 in 1933, and
$665,419 in 1932. y Represented by 108,968 shares of no par value.
-V. 138. p. 4289.
z Cash only.
American Writing Paper Co., Inc.
-Not to Pay Interest.
--- "
The interest due July 1 1034, on the first mortgage 6% gold bonds, due
1947. will not be paid on that date.
The company issued a statement which states that "the board of directors believes that a reorganization is imperative and can be accomplished
most satisfactorily under the new Corporation Bankruptcy Act. A petition
under this Act was filed June 25 in the District Court for the district of
Massachusetts. An order was thereupon entered authorizing the company
as debtor to retain possession of its properties and to continue its operation
under the court's supervision. A meeting of creditors and stockholders
American Corp. of
Three Semi-Annual Divs. on 6% Cum. Pref. Stock.Dividends Nos. 7.8 and 9 of 3%, for thehalf years ended Dec. 31 1932,
June 30 1933 and Dec. 31 1933, being at the rate of 6% per annum, respectively, have been declared payable to stockholders registered in the
books of the corporation at the close of business on June 30 1934.
Six months ago the company paid two seml-annual dividends of 3%
each for the half years ended Dec. 31 1931 and June 30 1932.
Dividends have also been declared payable to shareholders of record
June 30 by the following companies:
Share
-Rate of Dies.Div.
Warrant
PerSh.x
Per
Coon
Name of CompanyNo.
Cent.
0
1
55. Od.
25
Brakpan Mines, Ltd
44
44
2s. 3d.
13N
Daggafontein Mines, Ltd
3
3
5s. Ott.
25
Spring Mines, Ltd
30
30
Is. Od.
5
West Springs, Ltd
18
-_
6d.
New Era Consolidated, Ltd
__
10
28
x In Union of South Africa currency.
The dividends are declared in the currency of the Union of South Africa,
but those paid from the London office will be paid in British currency at
par, provided there is no material difference between South African and
British currencies on the date fixed for payment of the dividends from the
head office, Johannesburg. namely July 27 1934. Should there be any
material difference between the two currencies the London office will pay
on the basis of the equivalent British currency calculated at the rate of
exchange ruling on that date. Amounts payable to persons presenting
coupons will be on the same basis, irrespective of the date of presentation
of coupons.
Warrants despatched from the London office to persons resident in Great
Britain or Northern Ireland will be subject to a deduction of United Kingdom income tax at rates to be arrived at after allowing for relief, if any,
in respect of Dominion taxes.
The transfer books and register of members will be closed in each case
from July 1 to July 7 1934 both days inclusive.
The dividends on the shares included in share warrants will be payable
'
to the persons presenting the relative coupons at Barclay's Bank (D. C.
& 0.), Circus Place, London Wall, EC. 2., or in the cases of Brakpan
Mines, Ltd., Springs Mines, Ltd., and Daggafontein Mines, Ltd.. at the
Banque de FUnion Parisienne, 6 & 8 Boulevard Haussmann, Paris, on or
after Aug. 18 1934.
...4
Coupons presented at Barclay's Bank (D. C. & 0.), London, must be
deposited four clear days before being paid and unless accompanied by
Inland revenue declarations they will be subject to a deduction of United
Kingdom income tax as above.
The following payments were declared six months ago, payable to
holders of record Dec. 30 1933; Brakpan Mines, Ltd., 5s. Od., or 25%;
Daggafontein Mines, Ltd., 2s. 3d., or 11 It'%;Springs Mines, Ltd., 5s. 3d.,
or 26 Yi %,• West Springs, Ltd., Is. 3d., or 6ii,%; New Era Consolidated
Ltd., 734d., or 12%%,and Rand Selection Corp.. Ltd., Is. Od., or 20%.
-V.138, p. 4120.
4454
Anglo-Norwegian Holdings, Ltd.
-Earnings.
Calendar YearsIncome Account
Dividends received
Interest received, &c...,
1932.
1931.
1930.
$71,960
1,716
$20,214
3,558
$310,054
3,124
$556,663
4.559
Total income
General expenses
Directors' fees
Corporation tax
Preferred dividends__
Common dividends
$73.676
5,518
7.500
265
$29,772
6.468
7,500
240
103,600
$313,178
10,723
7,500
240
108,500
105.000
$561,222
11,037
7,500
240
119,000
105,000
Balance, surplus
Earnings per share on
420,000 shares of common stock (no par)_ _ _
-V. 137, p. 4531.
$60,393 def$88.036
$81,215
$318,445
$0.44
$1.01
1933.
Nil
Nil
'Anglo.Persian Oil Co., Ltd.
-To Redeem Debentures.
The company will redeem the entire outstanding 5% first debenture stock
at 105% on Dec. 31 1934, on which date all principal moneys, premium
and interest due on the said stock will be paid to the stockholders.(See
also V.138, p.4120.)
1930.
Calendar Years1932.
1931.
1933.
Profit after deprec., int.
and income taxes
12,643,978 £2,379,677 £2,318,717 £4,648,579
487,217
501,944
Extra depreciation
320.829
302,183
53,501
New issue expenses
13,000
Discount on debentures_
1,050,000
200.000
300.000
200,000
Reserves
Net profit
1st preferred dividends
2d preferred dividends
Ordinary dividends
12,141,795 E1,805,347 £1,516.773 £3,098.362
560,000
573.863
578,627
578,733
315,000
492,607
492,607
448,205
x2,013,750
z1,006,875 z1,006.875 7671.250
Surplus
Broughtforward
£63,686 deL272,869 defil76,545
447,260
720,129
896,675
£209,612
687.064
£896,676
Carried forward
£447,260
£720,129
£510,944
Earned on ordinary stk_
16.56%
3.68%
7.22%
5.47%
x Includes final dividend of 10% in 1930 amounting to £1,342.500,
payable July 311931. y 5% less income tax, payable July 301932. z 7X%
per annum,less income tax.
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
y let pref. shares_ 7,232,838 7,232,838
Inv. in & adv. to
moo. co.'s, .1a:1_29,429,311 28,624,141 y 2d pref. shares__ 5.473,414 5,473,414
x Property acct_ 4,031,753 4,891,171 y Ordinary shares 13,425,000 13,425,000
Debenture stook__ 4,850,000 5,045,000
Stock of stores &
materials, &o_. 480,197
544,907 Dep. by sub. co's_ 3.173,517 2,813,114
Credit balance____ 4:164,868 6.326,304
Stock of crude oil,
7,908,128 7,708,128
products, &e___ 2,457,315 2,559,223 Reserves
Debit balance___ 4,521.038 4,225,388 Prof.& loss sum_ 2,321,245 2,257,560
Govt.securities_ __ 5,374,200 7.477,223
Cash
2,255,194 1,959,302
45,519,012 50.281,359
Total
48,549,012 50,281,359 Total
x After depreciation, y Par value £1.-V.138,P.4120.
Ann Arbor RR.
-Earnings.
--MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, P. 4286.
June 30 1934
Financial Chronicle
1934.
$295,659
76,183
44,368
1933.
$225,828
35,525
4,278
1932.
$265,783
26,693
-9,095
1931.
$363,325
60,239
15.832
1,361.286
314,940
149,310
1,100.503
146,364
-23,091
1,398.920
1,799.700
334.024
102,372
218,026
25,183
Appalachian Electric Power Co.(& Subs.).
-Earnings.
Calendar YearsOperating revenue, electric
Operation
Maintenance
Depreciation
Taxes
1933.
1932.
$17,654,425 $17,686,627
4.929,491 4,680,137
670.125
588,671
1,729,075 1,207,178
2,146,286 2.615,616
to the plan of the outstanding shares of class A stock and class B stock;
and 3.433,878 shares of common stock in connection with the conversion of
prior stock to be issued pursuant to the plan.
Holders of Approximately 50% of Total Stock Signified
Approval of Plan.Efoldets of approximately 50% of the total shares of Armour & Co. of
Ill, are now understood to have signified approval of the recapitalization
plan through deposit of proxies. Assents have been coming in steadily.
It is stated. The special meeting of stockholders to vote on the plan is
scheduled for July 6. (Further details in V.138,P.3761.)-V. 138, p.4289.
-Earnings.Arkansas Power & Light Co.
(Electric Power & Light Corp. Subsidiary)
-Month-1933.
1934-12 Mos.-1933.
Period End. May 31- 1934
$549,302
Operating revenues
$519.869 $7.118,877 $7,290,785
324,339
Oper.exps.,incl. taxes....
273,440 3,948,071 3,747,747
10,016
(net)
725'
8,928
Rentfor leased prop.
809
Balance
Other income
$224.238
1,196
$245,620 $3,161,878 $3,533,022
50,332
1,172
15,316
Gross corp. income..
Netin 5c other deduc'ns
$225,434
157.361
$246,792 $3,177,194 $3,583,354
1,927,950
160,420 1,909,411
Balance
3468,073
y$86,372 $1,267,783 $1,655,404
Property retirement reserve appropriations
319,096
702,243
Balance
x Dividends applicable to preferred stocks for the
period, whether paid or unpaid
3565.540 $1,336,308
949,269
946.536
Balance
$389,772
def$383,729
x Dividends accumulated and unpaid to May 31 1934 amounted to
$948.949. Latest dividends, amounting to 59 cents a share on $7 pref.
stock and 50 cents a share on $0 pref. stock, were paid on April 2 1934.
Dividends on these stocks are cumulative. y Before property retirement
reserve appropriations and dividends.
-V. 138. P. 4120.
Arrow-Hart & Hegeman Electric Co.
-Earnings.
Calendar YearsNet income after deprecPreferred dividends- - - Common dividends
1933.
1932.
$17,288 loss$169.624
109.937
113,585
80,000
120.000
1931.
4250.713
119.957
380,000
1930.
4522,529
124,959
600,000
def$172,649 def$403,209 def$249,244 def$202,430
Balance, surplus
Earns. per sh.on 200.000
Nil
Nil
shs.com.stk.(par$10)$1.98
$0.65
a After providing for State and Federal taxes.
Balance Sheet Dec. 31.
1933.
1932.
Liabilities1933.
1932.
Assets3202.977 $503,729 Accounts payable
Cash
894,390 4: accr. liabilities $195,582 $166,147
'Marketable secur 856,448
375,856
% cumul. pref.
Pref. stk. in treas.. 483,481
stock
2,108,300 2,108,300
Notes & accts. re402,198 Common stock__ _ 2,000,000 2,000,000
ceiv., less res've 542,225
1,197,770 1,160,804 Surplus
Inventories
1,751,877 2,003,980
87,893
152,380
Other assets
Real estate, plant
&equip., less res 2,684,964 2.789,071
36,055,759 $6,278,428 Total
Total
36.055.759 36,278.428
x After reserve of $446,265 in 1933 ($422,119 in 1932) against decline
values.
-V. 138, p. 2238.
in market
Associated Gas 8c Electric Co.
-Output Up 0.4%.-
Output of electric energy during the week ended June 16, was 52,139,341
units (kwh.) for the Associated System. This was 0.4% above the correspending week a year ago.
Gas send-out for this week was 301,013,400 cubic feet, an increase of
0.7% above the same period of 1933.-V. 138, p. 4289.
Associated Telephone Co., Ltd.
-Earnings.
1934
-Month-1933.
1934-5 Mos.-1933.
$213,807
3211.819 $1,061,874 $1,064,838
2,180
3,995
19,781
10,690
8215,814 $1,072,564 $1,084,619
Operating revenues_ _ _ $215,987
130.980
Operating expenses
125.495
633,636
647.023
Period End. May 31Operating revenues
Uncollectible oper.rev
Operating income
Other income-net
$8,179,446 $8,595,023
153,992
133,254
Net oper. revenues__ _
Operating taxes
$85,007
19,896
$90,319
19,938
8425.541
108,194
$450,983
101.131
Totalincome
Deductions from Income
Interest on mortgage bonds
Interest on debentures
Amortization of debt discount and expense
Other deductions
-net
$8,333,439 $8,728,277
Net operating income-V. 138, P. 35 5
9.
865,111
870,381
$317,347
$349,852
4,070,335
240,000
224,214
21,130
4,081.370
240,000
224,744
103.308
Net income
$3.777.760 $4.078,854
Preferred dividends-net
2,276,447
Common dividends
1,044,745
-1932figures restated for comparative purposes.
-V.136, p. 2972.
Note.
-Earnings.
Arcturus Radio Tube Co.
Calendar YearsNet over, profit
Provision for deprec
Prov. for amortiz. of
deferred charges
Federal excise tax
Invent. & plant valuat'n
adjustment
Other charges (net)
1933.
1932.
$76,011 14364252,255
42,668
63,739
1931.
1930.
$63,395 loss$791,892
154,569
164,228
28,008
27,799
Cr47,224
99,697
Cr384,978
15,717
43.769
84,563
64,045
$266,103 $1,368,898
826.143
$464,603
Net loss for year
Consolidated Balance Sheet Dec. 31.
1932.
Liabilities1933.
1933.
1932.
Assets$,86,965 $188,810 Trade accept. pay.
$174,437
Cosh
234,978 Accounts payable_ $28.522
51,933
Notes & accts. rec. 111,364
393.245
419,273 Royalties payable.
9,554
Inventories
13,901
3,370
6.762 Cust. credit bal--3,883
Other assets
871,309 Fed, excise tax_ _ _
2,399
17,189
Permanent assets- 848,712
1
1 Accrued expenses..
7,943
18,157
Patents, dic
3,495
3,487 Mtges. pay. eurr_
6,000
15
Investments
15,929
14,094 Mtges. payable__
29,000
35.
Deferred charges__
7,235
y Capitol stock..,.1.200,000 1,200,000
Good-will
223,114
Surplus
194,059
31.480,847 31,738.715 Total
$1,480,847 81,738,715
Total
-V.136. D. 297
y Represented by $1.200.000 81 par shares.
---,Arlington Mills, Boston -SmallerDividend
The directors have declared a dividend of 50 cents per share on the'
capital stock, no par, payable July 16, to holders of record June 26. A
distribution of $1 per share was made on April 16, and Jan. 15, last, while
from July 1 1926 to and incl. July 1 1927 the company made quarterly
-V. 138, P. 2564.
payments of $1.50 per share on this issue.
).-/Yievirervilfur&k3.''"Ar
ecur 8c Co.(Il .
of 572,313
Th New York Stock Exchange has authorized the listing value, and
2
1
$6 cumulative cony, prior pref.,sto , without par
shares
co
7.578.504 shares of common stock par $5 a share ,as follows: 572,313 shares
of prior stock pursuant to the plan of recapital tion in exchange for outstanding 7% cumulative pref. stock: 1.144,6 shares of common stock
in exchange for outstanding 7% cumulative pref. stock; 3,000.000 shares of
common stock upon official notices of the issue of a certificate of amendment of the certificate ofincorporation effecting the reclassification pursuant
Atlantic City Electric Co.
-Earnings.
Calendar YearsOperating revenue-electric
Heating
1932.
1933.
$6,296,851 $6,767,840
78,732
76,496
Total operating revenue
Operation
Maintenance
Depreciation
Taxes
$6.373.348 $6,846,573
1,889,255
1,890,720
363.243
353.948
1,198.879 1,154,418
932,149
876,346
Operating income
Other income, net
$2,053,454 $2,507.506
203,797
190,433
Total income
Deductions from income:
Interest on funded debt
Amortization of debt discount & expense
Other deductions, net
$2,243.888 $2,711,303
Net income
Preferred dividends
Common dividends
-V.134, p. 3270.
$1,113,133 $1,573,167
341,250
770,500
1.032,300
71,523
26,931
832,212
47,157
258,767
tchison Topeka 8c Santa Fe Ry. System.-'.
Incl. Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe HY•
and Panhandle & Santa Fe Ry.)
-Month-1933.
Period End. May31- 1934
1934-5 Mos.-1933.
Railway oper. revenues..$10,596,237 $9,684,146 $48,254,639 S43,252,383
Railway oper. expenses- 8.934.446 7,945,010 40,532,244 38,526,708
911,538
Railway tax accruals__
846,637 4,474,148 4,804.682
35.197
Other debits
35,658
520.909
360,260
Net ry. oper. income_ $715,054
$856,839 $2,887:3
1329 Dr$599.917
985
Atage miles operated13.32)- 13,554
13,555
Resumes Common Dividend The directors on June 26
e tared a dividend of $2 p share on the common stock,
par $100, for the year commencing July 1 1933 and ending
June 30 1934, payable out of accumulated surplus on Sept. 1
1934. The dividend is payable to holders of record July 31.
This is the first dividend on the common since June 1 1932
when $1 per share was paid, and compares with a distribution
of $1.50 per share made on March 1 1932. From June 1928
to and including Dec. 1931 regular quarterly payments of
$2.50 were made, as against $1.75 each quarter from March
1925 to and ircl. March 1928. In addition an extra dividend
of 75 cents was paid each quarter from March 1927 to and
Financial Chronicle
Volume 138
including March 1928. Record of common dividends paid
since 1901 follows:
190I.'02-'05. 1906. '07.'08. 1909. '10-'24. '25-'26. '27-'31. 1932. '34.
$3.50 $4 p.a. $4.50 $6 $5 $5.50 $6 p.a. $7 p.a. $10 p.a. x$2.50 y$2
x Includes $1.50 on March land $1 on June 1. y Includes $2 on Sept. 1.
In connection with the resumption of the common dividend,S.T.Bledsoe,
President of the company, said:
"We took this action because the common stockholders have not received
dividends since June 1932 and because we had a large surplus and cash on
hand to pay the dividend without impairing our position. The business
outlook is somewhat better and we are hopeful that earnings for the rest
,
of the year will be better than last year.
Mr. Bledsoe estimated that earnings equal to $1a common share will
be shown for the year to end on June 30. He said that the establishment
of regular dividends would depend on earnings. If the railway pension
Act had been a law last year, it would have cost the company $2,400,000.
he added.
-V. 138. p. 3937.
4455
Consolidated Contributed Surplus April 30.
1934.
1933.
Previous balance May 1
$598,230
$634,401
x Arising from exchange of shares of
preferred stock
9,494
2,270
1932.
$747,391
Total
Adjust, of exps. of recapitalization__ _
y Approp.for purch.shs. of pr. A stk.
$751.175
D•2,127
114,646
$607.724
Cr1,288
79.468
$636.672
38,442
3,784
Previous balance April 30
8529,545
$598,230
Consolidated Earned Surplus April 30.
1934.
1933.
Previous balance, May 1
$80,102
$140.052
Profit and loss (as above)
266,654
def28,356
1932.
$213,483
10.711
Total
Dividends on prior A stock
8224,193
84.141
$346.756
65,077
Atlantic Coast Fisheries Co.(& Subs.).
-Earnings.
-
$111,696
31.594
$634,401
Balance, April 30
3281,679
$80.102
$140,052
Year End April30.1934,
1931 .
x 138 shares in 1934 (33 in 1933). r 2,587 shares in 1934 (2,795 shares
Sales
$4,993,929 $4,619,173 $6,523263 $9,987,619
1933.9 ,.
1 35
In 1933).
Cost of raw materials,
Balance Sheet April 30.
oper. of fleets, plants,
Assets
&c
1933.
1934.
Liabilities-1934.
1933.
4.126,673
8,732,961
5,984,865
4,059,391
Plant & equip, less
Sell.& adm. cost, &c _ _
$42,800
7% turn. pref. stk. $29,000
758.956
912,734
1,225,802
1,614.553
928,170
depreciation_ _ _ _
854,700
$38.831
$18,018 y Prior A stock__
Gross loss
pro$108.299
$359,896 'Cash on deposit to
$352.953
$687,104
125,366
x Common stock__
125,532
Other income
Cr4,713
most dividend__
300,000
7,767 Notes payable.... 1,450,000
28.532
Fede..al income taxes. _ _
5,516
7.767
Notes rec. (curr.)..
23.598 Divs. payable_ _ _ _
28,532
11,269
Charges for idle Plants &
Inventories
2,406,134 1,367,722 Res. for Fed. taxes
50,000
vessels
40.211
z Accts. receivable 1,008.246
190,229
670,759 Accts. payable... 243,844
Depreciation
102.465
299,506
140,191
176.051
Notes dr accts. rec.
Special deposits_ _ _
31,584 • 31,771
(not current)
9,000 Surplus
8,000
1,219,823 1,009,322
Net loss
$35,180
$659,401
$493,143
$863,155
Cash
468,452
453,530
Special deposits
17,128
22,003
Consolidated Balance Sheet April 30.
Deferred charges...
67,902
Assets
41.546
1934.
1933.
1933.
Liabilities1934.
Cash on hand and
Accts. pay. dr sunTotal
$4,033,015 $2,635,425
Total
$4,033,015 32,635.425
In banks
$287,620 $285,321
$96,731
dry accruals__ _ $137,648
Accts. & notes Fee. 392,294
x Represented by 125,532 in 1934 (125,360 in 1933) no par shares.
344,457 Pros', for Inc. tax_
5,517
Inventories
222,247
188,220 Res, for cooling_
3 Represented by 28.490 in 1934 (30,939 in 1933) no par shares. z After
,
28,619
28,605
Prepaid Ins., taxes,
reserves of $112,566 In 1934 ($152.594 in 1933.)-V. 138, p.428 .
5% lot mtge. bds.
rent, &c
47,788
81623
,
48,886
73,871
of subs
Notes rec. maturb Common stock
2,283.888.-Augusta & Savannah RR.
2,327,880
-Extra Dividend
ing serially
689,273
50,083 Capital surplus_ _ 218,762
The directors have declared a semi-annual dividend of $2.50 per share
Inv. In part. owned
from rental income for the six months ended Dec. 31 1933, and an extra
cos
134,774
134,863
dividend of 25 cents per share from other income, both payable July 5.
aFish, vessels, land
to holders of record June 21. Similar dividends were paid in January
bldgs., &c
1,605,343 2,056,075
last, and July 1933.-V. 138, p. 148.
Mkt. stand leaseholds. less amort
45,000
30,585
Autocar Co.
-Earnings.
Real est. mtges
22,121
20,359
Calendar Years1933.
Cash surr. value
1932. . 1931.
1930.
Gross profit from mfg.,
life insurance__
.
10,826
7,163
after deduc.of all exps.
Pats, and tr.-mks.,
incl. taxes but before
at cost
10,215
10,200
allowance for deprec.
Deferred charges
14,056
5.923
of plant & equipment. 82,069,399 $1,777,438 $3.037,012 84,174,867
Sell.. adm. & gen. exps. 2,113,880
Total
3,904,688
2,513,419
3,287,735
$2,792,284 33,180.135
$2.792,284 $3,180.135
Total
Depreciation
225.331
270,106
311.648
315,351
a After depreciation of $1,727.746 In 1934 and $1,633,655 in 1933.
Interest & finance co.'s
b Represented by 290,985 no par shares in 1934 and 285A86 in 1933.charges, &c., net
47,406
71.554
46.152
108.032
V. 137, P. 1415,
Net loss
$317,219 $1,077,641
$149.502
$612,228
Atlantic Coast Line RR.
-Earnings.
Balance Sheet Dec. 31.
May
1931.
1934.
1932.
1933.
y1932.
Y1932.
Assets1933.
1933.
Gross from railway
83,511,116 $3.640.997 $3,287,038 $5,355,569
Preferred stock___$1,561,900 31.561,900
Real estate, maNet from railway
1,563,974
410,665
824.295
1.170,947
chinery. dtc__ _.$3,206,108 $3,330,484 x Common stock_ 2,000,000 2,000.000
Net after rents
848,730
505,164 def225,118
234.335
53,375 Mtges. on real eat. 116,750
Investments
58,340
85.750
From Jan. 1Unamort. disc., &c
45,078 let mtge. sinking
31,137
Gross from railway
20.032,267 18,694,962 20,063,568 29.799,100
Cash in sink.fund_
22
22
fund 7s
922.000
907,000
Net from railway
9,709.806
4.586,448
6,405,614
6.235,298
Cash
537,623 Notes payable
450,000
527,964
500,000
Net after rents
5,734.344
1,338.361
3,359,990
2,987,325
Notes & accts. rec.
Accounts payable_ 206,093
223,130
-v. 138, p. 2910.
(net of reserves) 1,545,338 2,032.295 Accr. !lab., incl.
195,559
Inventories
excise taxes,
215,813
Atlantic Gulf & West Indies SS. Lines (& Subs.).- Prepaid int., unex- 2,202,247 1,967,525 Paid in surplus&c. 2,579,005 2,735.492
Earnings.
pired insur., &c. 189,289
200,016 Earned deficit__ _ _
317,219
7,408
Cash in closed bks.
8,894
Period End. Apr.30- 1934
1934-4 Mos.-1933.
-Month-1933.
Operating revenues
$2,060.365 $1,798,145 $8,191.128 $7,545,041
Total
Total
57,769,342 $8,173,832
$7,769,342 38.173,832
Oper.exps.
depr.)- 1,796,672
6,519.126
7,328,168
1,573,147
x Represented by 200,000 shares of $10 par value. y Giving effect to
Taxes
66,674
68,746
14,602
14,572
reduction in stated value of common stock from $30 to $10 per share.
Operating income.-- $249,090
$796,285
$957.168
$210.425
V. 138, p. 1400.
Other income
15,170
23.892
5,875
3,155
Gross income
$811,451
$252,246
8981:061
$216,300
-Earnings.
Baldwin Rubber Co.
Interest and rentals_ - 583.621
150,001
591.900
145.434
Earnings for Quarter Ended March 31 1934.
Net income
Net income after Federal tax and other charges
$58.574
$66,298
$227,834
8389,160
$106,812
Earnings per share on 100,700 shares class B stock
$0.40
-V.138, P. 3595.
-V.135, p. 1495.
"" -Ettlas Plywood Corp.
- -Resumes Dividends.
The directors have declared a dividend of 50 cents per share on the capital
stock, no par value, payable July 15, to holders of record July 2. This
compares with regular quarterly distributions of 50 cents per share made
from Jan. 15 1930 to and including July 15 1931; none since.
-V. 138. p.
3262.
Austin, Nichols & Co., Inc.
-Annual Report.
T. F. McCarthy, President, says in part:
"The result for the year was a profit of $316,000, from which we have
reserved $50.000 for Federal taxes, the net being equal to $9.26 a share on
the 28,780 shares of prior A stock to be outstanding after allowing for
exchange of 290 shares of old preferred stock not yet received for exchange.
"We have handled beer since it became legal. All preparations were made
to engage in the wine and liquor business and upon repeal of the 18th Amendment we secured a Federal Import Permit and wholesale licenses in New
York and some adjacent States. We represent exclusively many well-known
foreign brands and have also advantageous domestic contracts. We have
opened a branch in Washington, D. C. The wine and liquor business has
added substantially to our volume of business and gives every promise of
adding permanently to our earning power.
"Because of advancing markets and the company's entering the wine and
liquor business, considerable additional funds were required. Our notes
payable at the end of the fiscal year were $1,450,000 compared with $300.000
the previous year. This difference is accounted for by increased inventory
and receivables.
"The dividend on the prior A stock became cum. with the div. payable
Feb. 1 1934 at the rate of $5 per share per year. The directors deemed
It prudent to pay only part of the full cum. rate and dive. of 75c. and $1
were paid on Feb. 1 and May 1 respectively, leaving a total accumulation
of 75c. a share.
"During the year the company acquired for retirement 2,587 shares o
its prior A stock. All but a small part of these shares were acquired before
Dec. 31. The total stock in the sinking fund, 13,620 shares, was acquired
at an average cost of $18.89 a share.
"The lease on our Brooklyn plant, expiring May 1 1935, contains an
option to renew for another 21 years on the same terms. We have exercised
this option."
Income Account Years Ended April 30.
1934.
1933.
1932.
1931.
profits from sales_ $2,302,017 $1.726.467 $1,618,974 $1,773,510
Grow
8.711
7.296
x132,546
36.727
Inc. from other sources,.
82.310,728 $1,733,763 $1.751,520 $1,810.237
Total income
1,721.720
1.692,133
1,620.131
Selling and general exp..- 1,917.874
23.177
13.140
13.098
26.092
Interest
53.023
27,260
35,579
39,426
Depreciation
5(1,000
Res. for Fed. inc. taxes.
$266,654
65.077
def$28.356
31,594
$10.711
84,141
Baltimore & Ohio RR.-Earnings.man1934.
1933.
Grossfrom railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
1931.
1932.
$12,197,646 $9,892,546 $10,166,800 $15,144.325
3,584,855
3.285.342
2.311.499
3.420,145
2,456,574
1,288,197
2,252,817
2,412,837
57.064.394 45,037,838 55.205,326 74,537.306
13,723.805 12.564,600 11.970.866 14.639.055
9,125.334
7,543,436
6,909,778
8,729,677
Private Financing Is Foreseen-RFC Offers to Assist the
Road in Meeting 825,500,000 Maturities.
The "Wall Street Journal," June 28, had the following:
"Private financing of the Baltimore & Ohio's early requirements is foreseen as a result of the offer of the Reconstruction Finance Corporation to
assist in meeting $25,500,000 of maturities in August. RFC officials confirmed reports that such an offer had been made, and suggested the possibility that private bankers may assist in the operation just as was done
In the May 1 refinancing by the New York Central. This obviated the
necessity of borrowing from the RFC.
The RFC offer came just as B.& 0,officials were concluding negotiations
with their New York bankers contemplating the Issuance of $25,000,000
of three-year 5% notes to be offered to the public at par. Whether the
RFC offer will enable the 13. & 0.to make a better bargain with its bankers
is awaited. The Government lending corporation offered the B. & 0.
$17,500,000 at 5%, which would avoid bankers' commissions.
The Baltimore & Ohio has a loan of $25,500,000 from the RFC. due
Aug. 10. Those familiar with RFC policy in such matters anticipate that
the corporation will be willing to renew its loan if private bankers assist
the road in meeting its impending maturities under reasonable terms.
V. 138. P. 4120.
Bangor & Aroostook RR.
-Earnings.
Per. End. May311934-5 Mos.-1933.
1934
-Month-1933.
Gross oper. revenues.... $694,475
$606,522 $3,334,361 $3,203,659
Oper. exps. (incl. maint.
and deprec.)
1.564,613
1,799.299
309,167
326,814
Tax accruals
305,537
292,472
61,374
70,300
$1,242,590 $1.333,509
def48.121
def38.738
Operating income--Other income
$297,361
10,881
$235.981
16,970
Gross income
Interest on funded debt.
Otherdeduction's
Net income
-V.138. p
.
$3308,242
64,323
112
$243,807
5252,951 51,203,852 51,285,388
335.274
324.841
66.752
2,444
3.308
59
$947.670
$875.703
$186,140
$124,587
123.40' ----Bangor 3764. Hydro-Electric Co.
-Smaller Dividend.
The directors declared a quarterly dividend of 30 cents per share on
$201,577 def$59,950 def$73.430
$1,180
Balance, surplus
common stock, par $25, payable Aug. 1 to holders of record July 10.
the
This compares with 37;i cents per share paid each quarter from May 1 1933
x Includes adjustment of prior years income taxes of 8129.311.
Net profit
Divs. on prior A stock__
Financial Chronicle
4456
to and incl. May 1 1934, and 50 cents per share paid quarterly from May
1 1929 to and incl. Feb. 1 1933.
Period End. All,. 30
1934-12 Mos.-1933.
-Month-1933.
- 1934
Gross earnings
$159,762
8149,258 $2,046,602 81,968,103
651,924
Operating expenses
658,066
50,071
60,300
224,150
Taxes accrued
276,850
21,250
17,650
132.099
Depreciation
148,977
10,097
7,758
Oper. ratio, %
33%
32%
33%
37%
Fixed charges
328,038
307,105
27.642
26,228
Dividend on pref. stock_
308.546
305,348
25,484
25,716
Div. on common stock
407.280
325,824
27,152
27,152
Balance
-V. 138, p. 3432.
def$12,163
def$5,318
$3,499 def$63,001
-Earns.
Barcelona Traction, Light & Power Co., Ltd.
Per.End.May 31Gross earns,from oper_
Operating expenses
Spanish Currency.
1934-5 Mos.-1933.
1934
-Month-1933.
9,204,643
8.821,349 50,452,368 48,523,538
3,382,243 3,077.886 17,665,664 16,050.480
Net earnings
5,743,463 32,786,704 32,473,058
5,822,400
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 deprec. bond interest, aumortization and other
-V.138, p. 4290.
financial charges of the operating companies.
-Earnings.
Beatrice Creamery Co.(& Subs.).
Earnings for 3 Months Ended May 31 1934.
Net sales
Net profit after taxes, interest, depreciation, &c
Earnings per share on 105,700 shares of7% pref.stock
-V.138. p.2911.
$12,389,486
148,077
$1.40
-Earnings.
Bell Telephone Co. of Pennsylvania.
1934-5 Mos.-1933.
Period End. May 31- 1934-Month-1933.
Operating revenues--- - 85,163,422 $4,996,684 $25,150,078 824,353,028
277,266
79.442
Uncollectible oper. rev_
9,712
39,437
Operating revenues__ 85,173,134 $5,036,121 $25,229,520 824,630,294
Operating expenses.... 3,685,551
3,729,801 17.934.945 18,368,434
Net oper. revenues___ $1,487,583 $1,306,320 $7,294,575 86,261,860
996,383
Operating taxes
1,184.322
241,976
202,389
Net oper. income____ $1,245.607 31.103.931
-V.138, p.3937.
$6,110,253 $5,265,477
Bessemer & Lake Erie RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3764.
1934.
8909,275
292,518
291,099
1932.
1933.
$533,885
8265,203
220,145 def104,394
242,915 def126,723
1931.
$831.548
212,642
173,852
1,363,067
1.281,378
2,651,673
2,778,528
15,211 def210,944 def585,763 def378,918
39,369 def220,928 def682,172
528,323
ss-13irmingham Electric Co.
-To Pay on Preferred Stock
as Litigation Is Dropped.
June 30 1934
Abandonment.
The I.
-S. C. Commission on June 16 issued a certificate permitting the
road to abandon that part of its railroad extending from the southerly
approach of the so-called Dover Point Bridge, in the Town of Newington,
over said bridge to a point approximately 7,300 feet beyond the northerly
approach of the bridge, in the City of Dover, about 1.75 miles, all in
-V. 138, p. 4122.
Rockingham and Strafford counties, N. II.
-Earnings.
Brown Shoe Co., Inc. (& Subs.).
1931.
1932.
1934.
1933.
6 Mos. End. Apr.30813,605,427 $8,939,439 $10,852,510 812,507,931
Net sales
Exps., deprec., int., &c_ 12,881,088 8,421,934 10,259,542 11,863,928
76,000
76,000
..
168,000
Federal taxes
61,000
Net income
Preferred dividends_ _ _ _
Common dividends_ _
Surplus
Shs, common stock outstanding (no par)
Earnings per share
-V. 138, p. 1921.
$456,505
115,249
370,830
8516,968
122,962
378.000
8568,003
132,301
378,000
874,667 def$29,574
816,006
$57,702
247.000
81.80
248,450
81.58
252.000
$556,339
111,172
370,500
247,000
$1.38
California Consumers Co.(& Subs.).
-Earnings. $1.73
6 Months Ended May
31-1933.
Net income after deprec.,exp.& other charges_ _ _ _
$90,248 loss$45,875
13 4
3
Earnings per share on 15,343 pref.sharesNil
$1.97
-V. 138. p. 3938.
Cambria & Indiana RR.
-Earnings.MayGross from railway
Netfrom railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net fter rents
- 138, p. 3766.
V.
873.443
5.639
53,601
884,676
13,651
45,371
1932.
875,682
8,147
45.708
1931.
892,949
15,255
66,606
441,969
119.317
388,377
499,572
165,302
375,428
469,433
135,856
351,655
413a93
139 160
: 2
524,872
-Resumes Dividends.
----Campe Corp.
The directors on July 29 declared a dividend of 20 cents per share on the
common stock payable Sept. 1 to holders of record Aug. 15. Prior to
this the company made quarterly distributions of 50 cents per share from
Oct. 1 1929 to and including Oct. 1 1930; none since.
-V.137. p. 2811.
Canada Bud Breweries, Ltd.
-Dividend Outlook.
The company recently published the following notice:
"Your directors advised you that earnings are so satisfactory that they
expect to pay dividends before the end of the year and hope to continue
same regularly thereafter.
"We are advising our shareholders to this effect so that they may know
our position, in view of the efforts being made to have them exchange
their stock for other brewery stock."
Presdient Duncan McLaren in a letter to shareholders states:
"From enquiries which the company has received from various shareholders, it would appear that efforts were still being made to have them
exchange their Canada Bud shares for shares of another brewery company.
Directors have advised you strongly to retain your shares and on various
occasions have emphasized this and given you figures to support their
Judgment."
-V. 138, p. 3766.
Canadian Converters' Co., Ltd. Earnings.The company is mailing checks for 83.50 a share to holders of its $7
1934.
Years End. April 301933.
1931.
1932.
pref. stock and for $3 a share to holders of $6 pref. stock, both of record
$55,209
Net profits (sub. cos.)
$7.182
324:0 6
5 593
6
of May 1, as a result of the withdrawal on June 21 of litigation against the
Interest on investments.. ' 4.876
5,875
company by preferred stockholders. The disbursements are the first on
the pref. shares since October 1933, when payments of 873. cents and
360.085
Total income
313,057
6 7588
3
$52,272
829.659
75 cents, respectively, were made.
22.100
Deprec. & inc. tax res7,000
11,500
11,500
The legal difficulties, now settled, arose from the payment of a sepcial
dividend of $3,200,000 on the common stock in 1929, which was contested
$37.985
Net income
86,057
$44,792
818.158
by the preferred stockholders before the Alabama P. S. Commission and
26,003
Dividends paid
26,003
65,006
43,338
the courts early this year.
8,668
Dividend payable May
8,668
21,669
A previous agreement had been reached between the company and
8,668
the P. S. Commission of Alabama providing for adjustments affecting in
sur.S3.314
Balance, deficit
$28,614
$41.884
part of the National Power & Light Co., holder of the common shares
$33,846
Shares of cap. stock outand recipient of the special dividend.
17.335
standing (par $100)
17,335
17,335
17,335
In the settlement, National Power & Light Co. agreed to take steps
Earnings per share on
to enable Birmingham Electric Co. to reduce the stated value of its out82.19
capital stock
80.35
$3.58 •
standing shares of common stock by approximately $12,000,000 and to
$1,05
accept common stock of Birmingham Electric Co. in lieu of the present
Balance Sheet April 30.
debt of the company to National Power & Light Co., amounting on March
1933.
1934.
AssetsLiabilities1934.
1933.
31 last to $1,254.590.
Plant, gd-will, &c_$1,981,306 $1,975,158 Capital stock
$1,733,500 $1,733,500
The parent company agreed to provide Birmingham Electric Co. with
112,315 Bank loans
Investments
54,918
65,000
$430.000, the approximate amount of pref. dividends in arrears. Net
428,550 Accounts payable_
Inventories
525,909
25,154
69,477
earnings of Birmingham Electric Co. accrued from Jan. 1 to March 31
127,041
192,277
Accts. receivable
80
88
1934. and available for pref. dividends were reported as 873,084. Na11
414 1,,Vets payable
'
Bills receivable_
2,571
d dlvs
8,667
8,668
advanced 8141,919. which, with the earnings,
tional Power & Light Co.
10,476 Wages accrued__
Insur. prepaid, &c
10,061
11,039
12,408
gave the Birmingham company cash to immediately declare half of a full
11,596 Depreciation
20,918
Cash
352,287
360,683
year's dividend on its pref. stocks. Thereafter, on call, National Power &
Surplus
534,821
538,136
Light Co. will advance to the Birmingham company each quarter an
amount for the payment of back dividends equal to its net earnings availTotal
82,787,960 82,665.549
Total
$2,787,960 $2,665,549
able for pref. dividends for the quarter, until $430.000 has been advanced.
National Power & Light Co. will, when necessary governmental steps - 136 p.4464.
V.
have been taken, make available funds or credit to permit Birmingha
""'"•'"'"Canadian Industries, Ltd.
-Extra Dividend th-c-64-414
Electric Co. to undertake expenditures up to $500.000 for street railway
An extra dividend of 75 cents per share has been declared on the commonand bus equipment and for other changes and rearrangements of its transA and B stocks, in addition to the usual quarterly dividend of 87% cents,
portation system substantially as proposed and estimated.
both Fyable July 31, to holders of record June 30. An extra dividend
In addition, National Power & Light Co. will make available to the
of 87 cents a share was also paid on Jan. 31 1933. Prom Oct. 31 1932
Birmingham company funds for additional capital expenditures, up to
to an including April 30 1934 regular quarterly payments of 873 cents
$200,000 in 1934.
Securities for Advances.
per share were made on the common A and B stocks.
The present dividend is payable in Canadian funds, on which nonFor the advances National Power & Light Co. will accept securities of
residents will be subject to a 5% tax.
-V. 138. p. 3082.
Birmingham Electric junior to its outstanding bonds and pref. stock.
The agreement was subject to the confirmation made by the Alabama
Canadian National Lines in New England.
Public Service Commission of the settlement that it effected and to the
-Earnings.
approval obtained on June 21 of the tiulity's counsel of any question of
1934.
May1933.
1932.
1931.
liability of National Power & Light to Birmingham Electric or its stock872.663
Gross from railway
375,291
$97,810
$77,618
holders.
def29,834
Net from railway
def27,822
def45,046
def43,232
The managemant of National Power & Light said that the agreement
def76,074
Net after rents
def75,061
def98,018
def95,954
"Is not to be construed as an admission by National Power & Light of
From Jan. 1Illegal payment or receipt of dividends or of any other matters" and was
430,888
Gross from railway
393,378
634,880
489,317
"with the view to the rehabilitation of the finances of the
entered into
def95,189 def100.200 def135,688 def154,650
Net from railway
Birmingham Electric Co. and the accomplishment of the constructive
def329,888 def347,963 def420,674 def465,174
Wet after rents
i
program" discussed between the management and the PublicZervice
V. 138, It. 3766.
Commission -V. 138, p. 3081.
r
-3% Dtvidend
"'Birmingham Fire Insurance Co. of Pa.
.
The company advises us that the dividend declared on June 13 1931
and paid June 23 1934, was at the rate of 3% on the par value, which
being $50 per share, amounted to a dividend of $1.50 per share. This is the
first dividend declared or paid this year. Last year two dividends were paid,
one on September 23 and one on December 23. Each of these dividends
was at the rate of 3% on the par value of 850 per share, which amounted
-V.135, p. 4388.
to $1.50 per share for each of the two dividends.
-Trustee Resigns.
Boston Elevated Railway Co.
General Charles H. Cole has resigned as a trustee, effective June 30.
-V. 138, p. 3596.
No successor has been selected by Governor Ely.
-Earnings.
-Boston & Maine RR.
Period End. May31- 1934-Month-1933.
1934-5 Mos.-1933.
$3,727,278 $3,487,134 $18,187.129 315,966,567
Operating revenues
974,191, 1,127.639
4,086.427
3.857,144
Net oper. revenue
595,963
751.238
2.234.401
2,130.287
Net ry. oper. Income-- 2,518
8.728
Net misc.op.inc.-Dr _
75,124
82.548
410,723
424,978
Other income
Gross income
Deductions (rentals, interest, &c.)
Net Income
8671,087
640,755
830,332
$831,268 $2,645,124 $2,546,537
649,011
3,194,703
3,239,536
$182,257 def$549,579 def$692.999
Canadian National Rys.-Earnings.Period End. May31- 1934-21'fonth-1933.
1934-5 Mos.-1933.
814,767,854 312.260,416 365,581,300 853,948,849
Operating revenues
, 12,948,818 12,067,210 62,191,052 57.913.726
Operating expenses
Net revenue
31.819,036
8193.206 $3,390,248def$3964,877
Earnings of System for Third Week of June.
1934.
1933.
Increase.
Gross earnings
$3,246,631 33,217,050
$29,581
- 138. p. 4292.
Canada Northern Power Corp., Ltd.
-Earnings.
Period End. May 31Gross earnings
Operating expenses
Net earnings
-V.138, p. 3597.
1934
-Month-1933.
1934-5 Mos.-1933.
$337.993
$297,358 $1,663,579 $1,487,767
118,076
92,535
453,840
543,938
$219,917
$204,823 $1,119,641
$1,033,927
Canadian Pacific Ry.-Earnings.Period End. May 31- 1934-Month-1933.
1934-5 Mos.-1933.
Gross earnings
810,454,019 $8,789,285 347,201,416 $40,283,863
Working expenses
8,652,091
7,813.476 40,902,584 37,472,110
Net profits
$1,801,927
$975,809 $6,298.832 $2,811,753
Gross earnings
Earningsfor Third Week of June.
1933.
1934.
$2.143,000 $2,531,000
Decrease.
$388,000
Dominion Government Permits Retirement of $12,000,000 of
Loan on July 3
The company will repay on July 3 to the chartered banks of Canada
$12,000,000 of the $60,000,000 loan guaranteed by the Dominion Government, according to an Order in Council tabled June 22 In the House of
Commons at Ottawa, Out.
The Order in Council followed a report by Prime Minister R. B.Bennett
which said the company asked the right to repay this portion of the loan
on July 3, and this permission was granted by the Government. Authority
to the Canadian Pacific to repay at any time any part of the loan was estabad by a previous Order in eoiirn.B.
Under the Order, each of the eight chartered banks surrenders one-fifth
of the perpetual consolidated debenture stock of the railway held as security
for the loan guaranteed by the Government.
-V. 138. p. 4292.
-.
-
Canadian Wineries, Ltd.(& Subs.).
-Earnings.
Years End. April 30Net earns, from the sale
of wine, cider, grape
juice, &c
Depreciation
Provision for income tax
1934.
1933.
1932.
$86,515
36.455
6,802
$45,212
35,710
2.348
$57.719
33.827
2.971
$126,882
32.092
6,640
Net profit
Previous surplus
$43.258
102,145
$7,154
110.908
$20,920
128,582
$88,149
90,436
$145,403
20,293
1.112
$118,062
, 15,000
917
$149,502
35,002
3.592
$178.586
50,004
Total surplus
Dividends paid
Dom.inc. tax adjust.. _ _
4457
Financial Chronicle
Volume 138
1931.
July 23. Regular quarterly disbursements of 25 cents per share were
made on this issue from May 1 1933 to and including May 1 1934, as compared with 37M cents per share were each quarter from May 1 1932 to
and including Feb. 1 1933. In addition a special dividend of 25 cents
per share was paid Nov. 1 1933.-V. 137, e.2979.
Charleston & Western Carolina Ry.-Earnings.1934.
$165,636
48,330
27,742
1933.
$185,621
71,681
52,238
1932.
$131,193
18,152
35
1931.
$212,526
62,551
33,662
909.720
338.348
234,532
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3768.
803,814
287,182
192.416
776,631
170,265
77,524
1,120,547
304,760
177,278
olen
Preferred Stock
-Extra Dividend on.
ills Co.
.•
dividend of 25 cents per share
The directors have declared an
and the usual semi-annual dividend of $1.75 per share on the 7% cupii.
partic. pref. stock, par $50, both payable July 1 to holders of record Mole
15. Similar distributions were made on Jan. 2 1934 and Jan. 1 1933.
-V.138, p. 508.
Chesapeake & Ohio Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, e. 4293.
1931.
1932.
1933.
1934.
$9,401,973 $8,380,632 $7,588.624 $10,392,703
4,134,706 3,721,1213.285.809,222,215
3,038,664 2,728,935 2,263,073 3,283,918
45,507,676 38,403,595 39,198,697 48,514,001
19,914,801 15.809,728 15,688,537 16,614,716
Balance at April 30
$123,998
$128.588
$110,908
$102,145
15,152,986 11,524,283 11,529,845 12,362.622
Earnings per share capital stock (no par)
$0.39
$0.82
$0.20
$0.07
Consolidated Balance Sheet April 30.
c
---Chicago 8c Eastern Illinois Ry.-Reorganization Plan
Assets1934.
1933.
1933.
1934.
Liabilities-The first comprehensive railroad
Outlined for Company.
Cash
$26,999
$45,000
$5,755 Ilk. demand notes
Accts. receivable__
98,796
reorganization plan under Section 77 of the Bankruptcy Act
129,716 Trade and sundry
Stock of wines and
63,736
580.804
creditors
was outlined June 27 for the company by a protective comsupplies
13,750
538.561
511,173 Notes payable_ _
13.450
x Fixed assets_
mittee for the road's gen. mtge. 5% bonds. The plan was
563,659
577,370 Reserve for income
Expend,in connec.
3,561
tax and °outing-S.
resented to the I. C. Commission by Carrol M.Shanks,
with new plant_
8,250
6,750
30,915
Mortgage payable
hairtnan of the committee, and Associate General Solicitor
Deferred charges to
991,387
Capital stock_ 1,041,327
operations
102,146
7,397
3,814 Earned surplus-_ 123,998
of the Prudential Insurance Co. of America. Subject to the
Total
$1,266,328 $1,227,829
$1,266,328 51,227,829 Total
x After depreciation of $213,874 n 1934 (1933. $191.513). y Represented by 109,000 no par shares in 1934 (1933, 100,000 shares).
-V. 137,
p.4193.
•"
---Cantor) Co. of Baltimore.
-Increases Dividend.
A semi-annual dividend of $3 per share was recently declared on the
common stock. payable June 30 to holders of record June 28. This compares
with El per share paid Dec. 30 1933 and $2 per share June 30 1933. Previously the company made semi-annual distributions of $4 per share.
V. 138, D. 153.
'Carolina Pines, Inc. of R:11h, N. C.-CTo Be Reorganized-50% Paid to Creditors.
Following the formal-transfer of the
ty in April last, checks were
mailed to the 250 common creditors, equivalent to a 50% of their claims.
Having complied with the terms accepted by creditors and Judge Harris
at a previous hearing, P. J. and L. E. Carlton and Mrs. Nannle C. Parrott
took over operation of the enterprise on April 21. Judge Harris signed the
formal order, transferring the property for a purchase price of $60,000.
The Cantons expect to reorganize the concern and continue operation
of all the major divisions, Receiver R. Roy Carter said he was informed.
The enterprise has been in operation since the receivership last January 18
under the supervision•of Mr. Carter.
Claims of general creditors totaled approximately $93,000 and preferred
claims amount to $5,750. The latter includes labor, taxes and Industrial
Commission claims, and have preference over the common claims.
The Carltons intend to operate, for the present at least, all principal
activities of the concern, including the golf course, hotel, riding academy,
bottling plants, and camps. The outdoor theatre will not be continued,
it is understood.
-V.138. p.865.
Central of Georgia Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, D. 3767.
1934.
1933.
$1,041,871 $1,066,565
56,581
189,116
def57,282
96,159
5,656,134
838.716
245;112
4,693,207
543,404
def40,617
1931.
1932.
$948,232 $1,391,421
145,546
57,656
15,842
63,160
5,266,726
629,632
34,480
7,689,773
1,636.850
997.841
- "•'6entral Power & Light Co.
--Resumes Pref. Divs.-
The directors on June 26 declared a dividend of 431i cents per share
on the 7% cum. pref. stock, par $100, and 37;4. cents per share on the 6%
cum.prof.stock, par $100, both payable Aug. 1- holders ofrecord July 14.
to
The company on Nov. 1 1933 paid a dividend of 431( cents per.share on
the 7% pref. stock, as against 87% cents per share on May 1 and Aug. 1
1933 and $1.75 per share previously each quarter. On the 6% pref. stock
a dividend of 37;i cents per share was paid on Nov. 1 1933. as compared
with 75 cents per share on May 1 and Aug. 1 1933 and $1.50 per share in
preceding quarters.
-V. 138. p. 3265.
Central RR. of New Jersey.
-Earnings.May
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, e. 3767.
1932.
1931.
1933.
1934.
$2,455,033 $2,097.106 $2,371,336 $3,561,099
432.395
466,743
831,092
598,550
33,420
6,080
366.106
190,149
12.455,712 10,623.452 13,257,858 17,181,152
3,772,097 2,759,188 3,354,121 3,996,926
1,160,012 1,570.254 2.132,947
2,039,568
-Plans Altered.
.
416.-•eentral West Public Service Co.
-
The reorganization committee of which P. C. Ward of Chicago is Chairman has advised securityholders that Mr. Ward and others were appointed
when reorganization under jurisdiction, of a Court appeared necessary,
entailing abandonment of the voluntary plan.
There wore added to the committee, therefore, four members who had
no previous connection with thojzianagement of the company or the sale
of its securities, as folliows: Pierce C.-Ward, W. C. Freeman, J. B. Gallagher and Edwin M. Stark, all of Chicago. Max McGraw. the other
member, is the only one who had been conencted with the concern or who
served on the committee that previously proposed a plan of reorganization.
Judson Large has resigned from the committee but continues its Secretary,
with offices at 120 South La Salle St., Chicago.
The Federal District Court in Delaware appointed trustees under amendments to the Bankruptcy Act and superseded all receivership proceedings.
This Court has set July 9 for a hearing to determine whether E. Ennalls
Berl of Wilmington and Arthur B. Darling of Sioux City, Iowa,shall become permanent trustees.
Meanwhile, the committee has on deposit or assurances of deposits of
amount of bonds, debentures, notes and coupons.
a largeof coupons are urged, as the new reorganization planNo further dewill probably
posits
require deposit of the bonds themselves.
The committee asks security dealers to continue their co-operation in
obtaining deposits of securities.-V. 138. p. 4293.
-Increased Dividend.
--•••■••••Charis Corp.
The directors have declared a quarterly dividend of 3714 cents per share
on the common stock, no Par value, payable Aug. 1 to holders of record
-S.
approval of the Federal court and the I. C. Commission,
the plan provides for the formation of a new company to
acquire all or practically all of the property and assets of
the railroad.
The proposed capital structure of the new company represents a drastic
paring down of fixed interest bearing debt and preferred stock. Total
funded debt under the plan will be reduced from $42,395,428 to 527,040.900,
of which only $3,967,400 will continue to bear fixed interest. The remainder
of $23,073,500 will be placed on a contingent interest basis. By reason of
this change, annual fixed interest charges will be reduced from $2,308,881
to $351,464. Contingent interest and sinking fund charges, payable only if
earned, will amount to $1,181,035 annually. Outstanding preferred stock
will be reduced from $22,046,100 to $15,354,500 and will be changed from a
cumulative to a non-cumulative dividend basis. Annual dividend requirements on the preferred stock will be cut from $1,322,766 to $921,270.
The company has reported a deficit each year since 1929 and the reorganization plan frankly recognizes that the future earnings of the road
are a matter of conjecture.
The reorganization plan differs from previous railroad reorganizations
in that no assessment against stockholders is proposed. It will not be for-S. C.
mally submitted to bondholders unless it is recommended by the I.
Commission. If such approval is obtained it will then be laid before the
security holders and to become effective must receive the assent of holders
of two-thirds of each class of the road's securities.
For reorganization managers the plan proposes a joint nominee of the
Reconstruction Finance Corporation and the Railroad Credit Corporation
and Carrol M. Shanks, chairman of the protective committee for the
general mortgage bonds.
In addition to Mr. Shanks the members of the protective committee are:
Charles R. Butts, President, Norwich Savings Society; Harry C. Hagerty,
Assistant Treasurer, Metropolitan Life Insurance Co.; Robert L. Hoguet:
and Alfred H. Meyers, Assistant Treasurer, New York Life Insurance Co.
Marshall & Wehle, 50 Broadway, N. Y. City are Counsel, and Arthur
McClement, 50 Broadway is Secretary. Chemical Bank & Trust CO., 165
Broadway is Depositary.
The plan of reorganization presented by the protective
-S.
committee to the I. C. Commission follows:
U. S.
On April 28 1933, the Hon. John P. Barnes, District Judge of the
District Court for the Northern District of Illinois, Eastern Division,
entered an order duly approving, as having been properly filed. the petition
of the company under Section 77 of Chapter VIII of the Act to establish a
uniform system of bankruptcy, enacted July 1 1898, as amended; and the
cause thus instituted is now pending in said Court.
The undersigned are the protective committee for holders of general
mortgage 5% gold bonds due May 1 1951, pursuant to a certain deposit
agreement executed as of June 11933. Under the terms ofsaid agreement the
committee, now representing greatly in excess of 10%, in the amount of said
class of creditors, is fully authorized by such holders to present to the
Commission, in its discretion, a plan of reorganization of the said railway
company.
Now, therefore, the following plan is herewith presented:
Past and Future Earnings.
The Chicago & Eastern Illinois Ry., which began operations Jan. 1 1922
as a result of the reorganization of the Chicago & Eastern Illinois RR., has
had a history of earnings as follows:
Net
Amount
AU
Net Ry. Gross
Gross
Inc.
(000's Omitted.) Revenues. Maint. Op. Inc. Income. Charges.
$455
Avge. 1922-29_ $26.380 $9,714 $2,371
$2,837 $2,382
2,328 b7,252
1930
19,784 a11,490 125,506 b4,923
2,252 133,641
1931
b1,389
5,107 131.701
15,136
2,326 133.411
1932
12.190
3,738 b1,283 b1,086
2,362 b2,021
1933
341
12,218
207
3.240
a Includes $4,700,000 special charge for retirement of 7,000 freight cars.
...
b Deficit.
y1930.
1931.
1932.
1933.
$223,000
Gross income (deficit) _prof$341,000 51,086.000 $1,389,000
Deducts, from gross inc.
(incl. leased line &
208.000
miscell.rentals)
202,000
176,000
198,000
Bal.for int.(deficit) _prof$165,000 $1,284,000 $1,591,000
Int. on senior bonds &
equipment
243,000
222,000
236,000
$431.000
Balance, deficit
Int. on minor obligations
& on loans secured by
pr in bonds
$682,000
557,000 81,514,000 51,834,000
251,000
221.000
178,000
308,000
414,000
5903,000
Balance, (deficit) _ --- $471,000 $1,822,000 $2,012,000
Gen. mtge. bonds,int.__341,550,000 $1,589,000 $1,629,000 51.648.000
298,000
Gen. mtge. bonds, s. f__
316.000
356,000
x395,000
Bal. (def.) to profit &
loss
52,416,000 53,767,000 $3,957,000 52,849,000
x Indicates payments not made. y After eliminating $4,700,000 special
retirement charge.
The future earnings of the road are a matter of conjecture. A number of
factors indicate that neither gross revenues nor gross income again will be
as high as in the past. Passenger revenues have declined steadily from a
4458
Financial Chronicle
1923 high of approximately $5,029,000 to a 1932 low of approximately
$1,180,000, increasing slightly in 1933 to $1,308,000. due apparently in
large part to the Century of Progress Exposition in Chicago. It does not
seem probable that passenger revenue to any great extent can be recovered.
Bus, truck and airplane competition are factors which affect every railroad. The enlarged use of oil and natural gas, especially the extension of the
latter into Chicago and the Northwest.and the increased thermal efficiency
of coal consuming power plants, are having a bad effect upon the earnings
of this particular railroad, dependent as it is to a large extent upon coal
traffic.
Whether the effect of codes in decreasing the wage differentials which
other fields enjoyed over the southern Illinois and Indiana coal fields will
permanently aid the road is uncertain. During the first part of this year
there has been, however, a good increase in coal traffic. The general uncertainities of the transportation industry, including mounting taxation,
legislation and regulation as to rates, wages, working conditions, and
pension and unemployment funds, the competition of subsidized waterways, and non-compensatory expenditures for elimination of highway
crossings, all render highly speculative any estimates of future earnings
which exceed to any great extent present levels.
Estimated earnings that should result from a "reasonable" increase in
traffic at some future time are as follows:
Estimate "A" assumes that, of the loss of traffic from the 5
-year average
1928-32 to the levels of 1933, one-half will be recovered.
Estimates "B" assumes revenues at 10% higher than estimate "A."
Actual
Estimates—
Year 1931.
"A"
"B."
Gross revenues
$1 5,000,000 $16,500,000 $15,136.000
Working expenses
14,200.000 15,000,000 16,837,000
Net railway oper. income
Non-operating income
$800.000 $1,500.000dr$1,701,000
311.000
150,000
150,000
Gross income
$950.000 $1,650.000df$1,389.000
Note.—Both estimates provide for adequate maintenance of physical
property with equipment depreciation accruals at 4% instead of the present
2%. Neither estimate provides for the liquidation of deferred maintenance
nor for the retirement of the relatively large amount of unfit equipment to
be written out of accounts in the near future.
Present Capital Structut e and Charges.
The company's funded debt, the interest charges thereon, and its outstanding capital stock, as of April 30 1934, are stated below:
Principal
Annual Int.
Amount.
Charges.
1)
$240,000 Trustee's ctfs. held by PWA
a$9,600
2)
142,000 Evansville Belt Ry. Co., 1st mtge. 551940.._
7.100
3)
849,400 Three equip. trusts, 5s & 68
42,964
4)
2,736,000 C.& E. I. RR.(1884) 1st consol. mtge. 68,
due Oct. 1 1934
164,160
(5)
5.760,868 Short-term debt to RFC (b) at 6% (secured
by S7,852,700 of C.& E.I. Ry. Co.'s(1921)
prior lien mtge. bonds and by $1,000,000 of
such bonds, subject to their pledge to
RCC.(c)345.652
1,958,124 Short-term debt to RCC at 2)4%(d)(secured
(6)
by (a) $1,000,000 of C. & E. I. By. Co.'s
(1921) prior lien mtge. bonds series B,
o%; b) 5550,000 Southern Illinois &
Missouri Bridge 4% bonds; (c) entire
capital stock ($500.0001) of Chicago Heights
Terminal Transfer RR.;(d)$134,600 stock
of Fruit Growers' Exp. Co.: (e) $351,564
emergency freight collections held by RCC.;
and (f) equity in collateral held by RFC)_ _
48.953
(7) 30,709,036 C.& E.I. Ry.Co.'s(1921)5% gen.M.bonds 1.535,452
1
$42,395,428
(8) 522,046,100 Preferred stock.
23,845.300 Common stock.
$2,153,881
188.286,828
a Beginning in 1935, the first year's int. having been waived. b Reconstruction Finance Corporation. c Railroad Credit Corporation. d This
rate is fixed quarterly and varies with the New York Federal Reserve
rediscount rate. For the quarter April 1 to July 11934,it stands at 134%.
Note.—The short-term debts shown in items(5)and (6) above are treated
as funded debts because they are secured by prior lien mortgage bonds and
other securities as above stated.
Proposed Treatment of Existing Securities.
1. Trustee's certificates held by the PWA ($240.000) are to be assumed,
with their present lien, by a new corporation to be formed to take over the
assets and business of the old company.
2. Evansville belt 1st mtge. 5% bonds ($142.000) are to be assumed by
the new company, with their present lien.
3. Equipment trust obligations, 5s and 6s ($849,400), are to be assumed
by the new company, with their present lien.
4. Consolidated mtge. 6% bonds ($2,736,000) are to be extended for a
period of 20 years from Oct. 11934, with their present lien, subject, to the
extent to which they are now subject, to the trustee's ctfs. now outstanding,
but at a coupon rate of 5%; and are to be assumed by the new company.
It is contemplated that arrangements can be made to take up and extend
consolidated bonds not offered for extension, and that the right of extension
will be available only to those holders signifying, within a period to be
fixed by the Court, their intention to extend. The extended consolidated
bonds are to have the benefit of a contingent annual sinking fund payment
of *27,360, non-cum. The amount available for such sinking fund payment
in any year shall be the net income for such year (after rents and interest
charges) as determined under the accounting rules of the I.
-S. C. Commission from time to time in force, to which shall be added the amounts
accrued in the income account for interest on the prior and refunding
mtge. bonds and on the adjustment mtge. bonds. To the extent that there
is an amount available as so determined in any year such sinking fund,
limited to such amount of $27,360, shall be paid. The extended bonds are
to be callable at 105 on any interest date for purposes of the sinking fund
and after three years are to be callable, in whole or in part for any purpose,
at 105.
5. The indebtedness to RFC and RCC aggregating $7,718,992, with
accrued and unpaid interest, if any, is to be refunded dollar for dollar by
prior and refunding mtge. bonds of an issue of $17,000,000 at the maximum
to be outstanding ay any one time, which bonds, in addition to such ref..
shall also, to the extent of $9,281,008 (minus the amount of such accrued
and unpaid interest, if any), be available for refunding the consolidated
bonds and for emergency financing. The prior and ref. mtge. will constitute
a first lien upon the entire system (approximately 821 miles owned),subject,
however, to the liens of the trustee's certificates, the Evansville Belt mtge.,
and the consol. mtge., which latter is a prior lien on approximately 107
-miles of main line and 2 miles of branch line.
The prior and refunding bonds issued to the RFC and the RCC are to be
denominated series "A" bonds, are to mature in 1965. and are to bear
interest at the rate of5%,payable only ifearned butfully cum.,cumulations
of interest not to bear interest. The amount available for interest on the
prior and refunding bonds is to be the balance, after making the sinking
fund payment referred to(in paragraph 4 above) of the amount available
for the payment of such sinking fund computed (as in such paragraph 4
provided). To the extent that a balance as so determined is available for
refi
interest on the prior and oioirdlng
oo
I
theneoi.su in e cohsll atad, nils
f
rds lPhentfhi:t s nsolide i bob t
d o
onl
reat uritsoop %
paragraph 4 above) are retired, the sinking fund referrea to
6such paragraph) is to be applicable to the retirement of series "A" prior
and refunding bonds, and when so applicable the amount available for such
sinking fund payment (computed as in such paragraph 4 provided), is to
be applied, first, to the payment of all interest and accumulations thereof
on the prior and refunding bonds, and the balance after making such payment, to the extent available in any year, shall be applied to the payment
of such sinking fund. Such series "A" bonds are to be callable in whole or
in part on any interest date at par.
The balance of the bonds issuable under the prior and ref. mtge. are to
be issuable in such series, to have such terms and carry such interest rate or
rates, either fixed or contingent, as may be determined from time to time.
They shall be issuable, under restrictions and conditions approved by the
reorganization managers and expressed in the prior and ref. mtge., only
(I) to refund, purchase or retire other series issued under such prior and
ref. mtge. or obligations secured by lien prior to the lien of the prior and
ref. mtge.. (ii) to provide for additions, betterments and extensions and,
June 30 1934
(iii) to acquire additional property and equipment; provided, however.
that such bonds are not to be issued in a par value amount exceeding 75%
of the expenditures under such items (ii) and (iii) and that limitations are
to be placed upon their use in connection with the acquisition of stock or
securities of other railroad properties. The new company shall have the
right to retire any series, including series "A," in whole or in part and to
issue for such purpose a like aggregate principal amount of bonds in another
or other series.
6. (a) The general mortgage bonds ($30,709,036) are, to the extent of
one-half of their amount, I. e., $15,354,518, to be refunded into a new
adjustment mortgage of $15,354,518. due 1970, covering all the properties
embraced in, but subject to the prior and ref. mtge. The interest rate
on the adjustment mtge. bonds is to be 5%, payable only if earned, and
non-cum. The amount available in any year for such interest shall be the
balance, after making the sinking fund payment (referred to in paragraph 4
and in paragraph 5 above) and after making payment of all interest and
accumulations thereof on the prior and refunding bonds, of the amount
available (computed as in such pagragraph 4 provided), for the payment of
such sinking fund. To the extent that a balance as so determined is available
in any year,it shall be applied to the payment ofinterest on such adjustment
mtge. bonds for such year, but only in units of Yi% or multiples thereof,
any applicable earnings not so paid out to be carried over and added to income available for such interest, until paid; provided however, that in
any year the board of directors of the new company in its discretion may set
aside for application to other purposes, from the amount so available for
such interest before payment thereof, a sum not exceeding 34% on the
adjustment mtge. bonds outstanding, such sum withheld from payment
nevertheless shall cum. and be payable toward such interest before any
payment of dividends shall thereafter be made on the preferred stock of the
new company. The adjustment mtge. bonds are to be callable in whole or
In part on may interest date at 102.
(b) Holders of gen. mtge. bonds shall receive the other half of their debt.
i.e., $15,354,518 at par in the form of new preferred stock of the par value
of $100 per share; such stock to be 6%,non-cum., and not to receive a div.
In any year in excess of 6%;to receive its full div. in any year before any
payment of div. on corn, stock; to be pref, up to par as to assets on dissolution; to have the right of cum. voting; and to have three votes per share
at all times and the sole right to vote for directors except at any election
when the preferred stock shall, in or for the preceding year, have received
its full dividend. The preferred stock shall be redeemable in whole or in
part at 101.
(3) Holders of gen. mtge. bonds shall receive, in addition, against their
arrearages of int., corn, stock of the new company (as provided in paragraph 8. below).
7. It is assumed that the six months'claims and the greater portion of all
unsecured claims against the old company will have been settled out of the
current cash in the debtor's estate. Six months' claims will be paid in cash.
To the extent, if at all, that any liabilities for unsecured claims still remain
at the time of reorganization, claimants will receive common stock (upon
the basis to be set forth in the next paragraph 8).
8. Holders of pref.stock and corn.stock of the old company,of gen. mtge.
bonds, and of unsecured claims, shall receive common stock of the new
company on the following basis:
(a) Common stock without par value is to be issued by the new company,
the number ofsuch shares to be one for each $100 of book value of capitalize-S. C. Commission) over and above
bie assets (as may be approved by the I.
the foregoing items of capital. Sucn stock as to voting rignts is to have one
vote per share, is to be subject to the rights of toe preferred stock as above
set forth, and is to have the right of cum. voting.
(b) Such stock is to be distributed (i) to the gen. mtge. bondholders
against their arrears of interest to the date of reorganization on the basis
of 10 shares for each $100 of such arrears (such arrears on the bonds in tne
hands of the public on May 1 1934, amounted to $2,303,177); (ii) to tte
holders of unsecured claims on the basis of two shares for each $100 of
such claims;(iii) to the holders of preferred stock of the old company on the
basis of one share for each three shares now held by them—i.e., 73.487
shares of new common for 220.461 shares of old preferred;and (iv) to holders
of common stock of-the old company on the basis of 1 share for each 10
shares now held by tnem—i.e. 23.845 shares of new common for 238,453
of old common. (v) If the capitalizable assets so determined (1) should be
insufficient to permit of the foregoing distribution of common stock, the
respective amounts of stock to be received by them under tne foregoing
provisions of this sub-division (b) shall be proportionately reduced: (2)
should be of such amount as to leave a surplus of common stock undistributed, such surplus shall be allocated to each of groups (I) (II). (iii) and
(iv) in proportion to the respective amounts of stock to be received by
them under the foregoing provisions of this subdivision (b).
Proposed Capital Structure and Charges.
The fixed and contingent interest-bearing securities and requirements
the new company will be as follows:
of
Fixed
Prin. Amt. Int. Chas.
$7,100
Evansville Belt, 1st mtge. 58
$142,000
9,600
Trustee's certificates
240,000
Equipment trust certificates
849,400
42,964
136,800
Congo!. mtge. bonds—Extended at 5%
2,73,000
Total fixed
Leased road and miscellaneous rents
Sinkingfund applicable to consolidated bonds
Prior & refunding bonds,series "A"
5% adjustment mortgage bonds
6% non-cumulative preferred stock
Total contingent
$196,464
al55.000
b Contingent
Prin. Amt. Int. Chits.
$27.360
385.950
$7,719,000
767,725
15,354,500
921.270
15,354,500
$3,967.400
$38.428,000 $2,102,305
Totalfixed and contingent
$42,395,400 $2,453,769
a This figure is approximate and fluctuates somewhat from year to year.
it should be noted that substantially all of it is paid to the Chicago
Further
& Western Indiana RR., 20% of the capital stock of which is held by the
old company and will be held by the new company. b Contingent items are
shown in the order of their priority.
Comparing the old company with the new company the result of the
foregoing reorganization will be:
Old. Co.
New Co.
Fixed interest bearing debt
$42,395,428 $3,967,400
Fixed int. charges (incl. leased line & miscell
rentals of 5155.000)
351.464
2,308,881
Contingent interest bearing debt
23.073,500
Contingent interest and sinking fund charges
1,181,035
295,425
Preferred stock
Y22,046.100 z15,354,500
Annual dividend requirement on preferred stock _ - 1,332,766
921.270
Total funded debt
42,395,428 27,040,900
Total funded debt and preferred stock
64,441,528 42.395,400
z Mandatory sinking fund includes $217,925 Interest on
held
alive in sinking fund. y Cumulative. z Non-cumulative.
General.
The reorganization is to be consummated through the formation of
the new company, to be organized under the laws or such State or States
as the reorganization managers may select, and to which it is contemplated
that, with the requisite approval of the court and the commission, all,
,
or practically all, of the property and assets of the old company are to
of the new company are to be issued against
be transferred.
such transfer and upon the surrender of securities of the old company.
Voting Trust.—The preferred stock of the new company is to be placed
under a voting trust having a duration of 10 years, but terminable at any
previous time upon a vote of holders of voting trust certificates representing 80% of the shares so trusteed. The preferred stock deliverable
under the plan is to be distributed in the form of voting trust certificates.
The trustees, whose powers are to be defined in the voting trust agreement.
are to be Alfred L. Aiken, Vice-Pres., New York Life Insurance Co.;
Robert L. Hoguet, Vice-Pres., Emigrant Industrial Savings Bank, and
Alfred Burrell. Vice-Pres. and General Counsel, Prudential Insurance Co.
of America. In case of the death or resignation of any voting trustee, a
successor trustee shall be named by the remaining trustees or trustee.
Reorganization Managers.—The reorganization managers shall be not
more than three, and shall include (1) a joint nominee of the RFC and the
RCC., and (2) Carrol M. Shanks, Chairman of the protective committee
for general mortgage bonds. They shall serve without compensation.
They shall have, subject to any requirements of law and the requisite
Financial Chronicle
Volume 138
approval of the Court and of the I.-S. C. Commission, full and plenary
discretionary power:
(a) To enter into such arrangements, financial and otherwise, as they
may deem necessary or advisable in order to consummate this plan or any
modification thereof. including, without limiting tl e foregoing, the promulgation of this plan or any modification thereof as the reorganization managers plan;
(b) To provide for cash necessary to take up for extension consolidated
bonds of the old company not offered for extension and to provide for
cash for any other purpcse by the sale or pledge of additional prior and
refunding bonds or through the pledge of any of the securities issuable
under the plan, or otherwise;
(c) To fix the compensation of trustees, depositaries, counsel and others
whose services they may employ in the carrying out of their powers;
(d) To incorporate the new company and to make agreements and
commitments for its account subject to' their confirmation by the new
-company;
(e) To pass upon and determine the form of all indentures and other
Instruments,and to do all other acts in their discretion advisable for carrying
out the plan of reorganization.
The reorganization managers shall provide the method of participation
In the plan by holders of securities of the old company. This shall be
by deposit of outstanding securitks of the old company with one or more
depositaries under an agreement between the reorganization managers
and the holders of securities who deposit, the issuance of certificates of
deposit therefor. and the issuance of securities of the new company in
temporary or permanent form, or in the form of scrip or certificates of
interest, against the surrender of such certificates of deposit; or shall be
by such other method and in such other manner as the reorganization
managers shall deem most expedient to consummate the plan and effect
the exchange of securities.
-It is contemplated that the expenses of the reCash Requirements.
organization will be small enough to be met readily out of cash on hand
of the old company to be taken over by the new company,and that financial
arrangements will be made by the reorganization managers in connection
with the extension of the consolidated bonds.
Interest on Gen. Mtge. 4s Due Jan. 1 1934 Ordered Paid.
-
The protective committee for the gen. mtge.4% bonds, due Jan. 1 1988.
announces that it has been advised that the court has ordered payment of
the interest on these bonds which was payable Jan. 1 1934, with interest
on such interest at the rate of 4% to July 1 1934. Funds to pay the interest are expected to be made available by the company's trustee on
June 30, the payment ordered being $20.40 on each $1,000 face amount of
bonds. 1Judge Wilkenson on June 27 issued an order directing the payment.]
The committee, the notice states, proposes to distribute any amounts
receivable in respect of the Jan. 1 1934, interest to persons who are registered holders of certificates o' deposit at the close of business June 29,
even though such amounts may not be received until after that day, and
to make such distribution immediately without any deductions for the
committee's expenses or otherwise.
The committee is headed by Leon 0. Fisher. Vice-President of the
Equitable Life Assurance Society of the United States; and includes Robert
Dechert, counsel, Penn Mutual Life Insurance Co.; Stacy V. Lloyd.
President, Philadelphia Saving Fund Society: James Lee Loomis. President.
Connecticut Mutual Life Insurance Co.; and Robert H. Stenhouse, Treasurer. Bowery Savings Bank.
-V.138, p. 4123.
Chicago St. Paul Minneapolis &.
1933Omaha Ry.-Earns.-MayGross from railway
Net from railway
Net after rents
From Jan 1Grossfrom railway
Net from railway
Net after rents....
-V.138. p. 3769.
Management Opposes Plan.
-The plan of reorganization
which by law the management of the road is compelled
to file, will differ in many particulars from the plan prepared by the Shanks' committee, Kenneth D. Steere,
Chairman, says.
"Any plan which appraises the property on the basis of the present
volume of business." Mr. Steer° said, "as does the plan proposed by Mr.
Shattks' committees, requires a needless sacrifice on the part of bondholders
and stockholders."
1932.
May1931.
1933.
1934.
$895,572 $1,238,137
Gross from railway
$916,979
$990,407
96.294
37,706
Net from railway
163,783
152,265
Net after rents
def23,590 def31,456 def199,856 def168,010
From Jan. 1
Gross from railway
5,169,848 4,530,661 5.215,687 6,586.810
492,007
449,368
614,104
977.177
Net from railway
Net after rents
18.808 def412,467 de1732,865 def784,944
-.V. 138, D. 3941.
Chicago Burlington & Quincy RR.-Earnings.-
Chicago & Erie RR.-Earnings.1934.
$738.825
302.392
21,815
1933.
$702,513
297,147
73,952
1932.
$691,325
195.102
-49,240
1931.
$943.088
340,511
37.921
3,799.866
1,737,150
335,986
3,284,541
1,303.681
182,041
3.649,167
1,210,330
-31,060
4,697.400
1,826,078
315,586
Chicago Great Western RR.
-Earnings.
may
1934.
1932.
1933.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3769.
1931.
$1,244,577 $1,274,600 $1,250,243 11.637.889
424,919
334,892
301.040
446,986
98,446
175,889
47,384
175,688
5,925,574 5,217,431
6.565.816 8,113,403
1,378.419
1,765,512 2.411,172
975,200
205,381 -258,010
433,591
1,045.092
Chicago Indianapois 8r Louisville Ry.-Earnings.1934.
$629.032
GX5rom railway
Net from railway
Net after rents
From Jan. 1
Grossfrom railway
Netfrom railway
Net after rents
-V. 138. p. 3769.
def25.070
1933.
$608.290
124.090
3,540
1932.
1931.
$598.400
$991.823
47.087.
def87.931
53,957
2.724,832 3.433.036
383,561
519,353
def221,812 def226,415 def246,852
3.029.814
4.906.061
1,024.099
152,356
Chicago Milwaukee St. Paul & Pacific RR.
-Earnings.
Alas1933.
1934.
1932.
1931.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-v.138. P. 4123.
$6.978,185 $7.564,422 $6,485.085 $9.481,831
1.452.362 2,501.415 def149.415
939.013
489,590 1,454,881 def1248.602 def195.203
33,894,867 31,034.284 34.438,471 46,704.409
7.306,523 6.453,977 4.395,994 7.457.958
1.086,554 def1458.800 1.635.663
2,362,251
Chicago & North Western Ry.-Earnings.-MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway.
Net after rents
-v.138. p. 4123.
1934.
1932.
1933.
1931.
$6,323,590 $6.154,535 $5,854,332 $9.128.355
404.388
997,989.246 1.292,370
173.424 def597.535
def344,186
297,316
29,457,818 25,603,624 30,198.820 42,982,580
4,507,183 2,595,466 3.874,069 6,849,832
839,061 -1,529,519 -786.935 2,123.087
Chicago Rock Island & Pacific Ry. System-Earnings.
Period End. May31- 1934-Month-1033.
1934-5 Mos.-1933.
$4,387.37t1 14.523.275 $21.567,468 120.131,955
Freight revenue
439,650
Passenger revenue
402.446 2,183.560
2,008.990
180,009
Mall revenue
201,877
996.917 1,006,055
149,898
Express revenue
129,134
478.718
380,250
Other revenue
260.073
201,657
1,208.048
946,999
Totalry. oper.revenue $5,417.001 15.458.389 126.434,711 $24,474,249
Railway oper. expenses- 4,836,655 4,014,505 22.677.962 20,282.108
Railway tax accruals-435,000
485.000 2,175.000' 2.430,000
Uncollectible ry. rev___
764
2.905
9.029
5,362
-deb.bal..220,652
Equip.rents
264.445
1,193,043
1.307,406
-deb. bal.
77.099
91,074
423.466
469.199
Jt.fac.J1. rents
Net ry. oper. income-dfe$169,285
1934.
1931.
$1,124.868 51,291,754 11,19 2044 11.574 889
6,
3
9
106,393
22,541
357,709
145.716
def33,284
209,578 def129,723
def27.275
5,755,055 5,026,579 5,963,614
583,605
939,893
345.733
214,283 def132.384 def444.010
7,757,113
723.500
def99,144
Cincinnati New Oea n & Texas Pacific Ry.-Earns.
Orleans
934.
33
May1932.
1931.
Gross from railway
$1,127,604 $1,061.522
$900.754 11.352,730
Net from 11
470,689
472,837
200,309
307.755
Net after rents
347.881
351,174
152,783
216,433
From Jan. 1
Gross from railway
5,335.678 4.371.168 4.557.407 6.461,763
Net from railway
2.128,734
1,527,533
874.158
1,059,022
Net after rents
1,544,777
1.126,801
623,767
678,453
- 138. p. 3769.
V.
Clinchfield RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net from rents
V.138. p. 3769.
1934.1933.
1378.703
$430.0191
164,255
171.337
156.632
126,257
2,445,961
1,155,832
1,092,494
1,846.341
817.162
593,748
1932.
1317.345
89.975
33,567
1931.
$447.663
147.620
103,633
1.803,467
592.963
325.440
2.405.035
820.710
712,605
" --...Columbia Mills, Inc.
--Increases Dividend.
-
May1934.
1932.
1931.
1933.
Gross from railway
$6,143,820 $6,398,348 $6,175.493 $9.270,321
Net from railway,
1,043.442 2,430.534
, ,•
Net after rents
162.214 1,385,551
111,836
996.436
From Jan. 1
Gross from railway
30,859,475 27,299,440 33.988.529 47,779.286
Net from railway
7.825,891 6,598.902 8,841,288 14,570,745
Net after rents
3.516,140 1.817,032 3,959,985 8,890.370
-V.138, p. 3941.
ayGross from rallway
Net from railway
Net after rents
Fro% Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3769.
4459
1616.576 def$43,789 def$19,826
The directors have declared a quarterly dividend of $1.75 per share on the
common stock, par $100, payable July 2, to holders of record June 26 as
compared with dividends of $1 per share paid on April 2 and 50 cents per
share each quarter from Jan. 2 1933 to and including Jan. 2 1934. In
addition an extra distribution of $1 per share was made on Dec. 22 1933.V. 138, p. 2244.
Columbus & Greenville Ry.-Earnings.MayGross from,
(ailway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-v.138.P.3769
.
19 .965
634
2'
def3.734
def4,444
1933.
163.636
15,201
16,607
1932.
153.400
def8,728
, 143
1931.
195.596
1124:051188
349,261
13.002
2,047
262,316
def2,285
def 1.033
328.284
def16,292
def10,196
452.034
56,980
50.412
-Earnings Increase.
Commercial Credit Co.
-
A. E. Duncan. Chairman. In a letter to the stockholders says:
"Consolidated gross purchases of company (including Textile Banking
Co., Inc., for 1934 only) for the five months ended May 31 1934 were
$171.410,572, compared with S56.139.619 for the same period of 1933.
an increase of 205%. Gross volume of $44,652,500 for May 1934 was the
largest of any previous month in the history of company, the next largest
being $43,772,191 for May 1929.
"Consolidated net income, after all taxes and reserves, including all
subsidiaries, for the five months ended May 31 1934 was $1.926,884,
compared with $713,780 for the same period of 1933,an increase of 169%.
"After providing for minority interests and regular dividend requirements
on all issues of preferred and the class A convertible stocks, there remained
$1,317.785 available for the common stock outstanding with the public.
compared with $59,574 for the same period of 1933,an increase of 2.112%.
"Net income on the common stock for May 1934 was at the annual rate
of $3.90 per share, compared with $3.31 for the five months and $2.99 for
the 11 months, ended May 31 1934, respectively."
-V.138. p. 3769.
Commonwealth & Southern Corp.(& Subs.).
-Earns.
Period End. May 31-
-Month1934-12 Mos.-1933.
1934.
1933.
1934.
1933.
Gross earnings
$9,429,060 $8.827,505$112,507.711$108,724.505
Oper.
including
maint. and taxes
exps.'
4,667,578 4,057,994 53,676,988 49,572,436
• Fixed charges
3,325,930 3,379,324 39,947,251 40,306,488
Prov. for retirement res_
801.068
791,799 9,581,976 9,509,297
Net Income
Divs. on preferred stock
1634.483
749,726
$598.386 $9,301,495 $9,336,283
749.712 8.996,428 8,996,026
Balance
deft115,242 def$151.325
$305,066
$340,257
* Includes interest, amortization of debt discount and expense and
earnings aocuring on stock of subsidiary companies not owned by Commonwealth & Southern Corp.
-V.138, p. 4294.
Community Power & Light Co.
-Earnings.
Per. End. A pri130Oper. revenues
Operation
Maintenance
Retirement accruals.Taxes
1934
-Month-1933.
1934-12Mos.-1933.
$275,283
$259,905 $3,588,973 $3,624.172
150,005
135,860 1,808,577 1.822,701
12,303
13.987
152.699
161,721
23,317
19,316
309,928
304,045
28.989
23,945
320.936
262,546
Net oper. revenue_ _ _ _
$60,666
$66,795
1996,832 11.073.157
Non-oper. inc.-Net-- _
3.007
15,214
92.146
184.310
Gross income
163.674
182,009 11,088,978 $1,257,467
Deducts,from gross Inc_
71,726
72,830
858,762
882,675
Balance
def$8.052
$9,178
$230,215
$374,791
-V.138. p. 3435.
Connecticut Electric Service Co.
-Earnings.12 Mos.End. May311934.
1933.
1932.
1931.
Gross revenue
116.869.191 $16,057,786 $17,188,189 117,894.872
Net income a
x3,851.855 x3,615,704 4,205,612 4,210,230
a After depreciation, taxes, interest, subsidiary preferred div dends,
&c.
x Equivalent to $3.35 a share on
nopar common shares outstanding during1.147,751 average number orwith
the period.
compares
$3.15 a share on 1,147,842 average common shares Thisthe 12 months
for
ended May 311933.-V. 138. p. 4294.
Consolidated Oil Corp.
-Obituary-Tenders.
-
Anthony Steinmetz, Secretary, died June 22.
See also Sinclair Consolidated Oil Corp. below.
-V.138. p. 3268.
4460
Financial Chronicle
Consolidated Electric & Gas Co.(& Subs.).
-Earnings.
Consolidated Income Statement Year Ended Dec. 31 1933.
Gross operating revenues
$22,139,790
Total operating expenses
14.264,281
Net operating revenues
Non-operating income
67.875,509
160,648
Net income
$8,036,157
Provision for retirements
2,005,191
Interest and other income charges of subsidiaries
3.149,838
Int. & other Inc. charges of Consolidated Electric & Gas Co_ _ _ _ 3,134.253
Net loss
Surplus Jan. 1 1933
Surplus credits(net)
$253.125
40.682
365.695
Surplus, Dec. 31 1933
-V.137, P. 1764.
$153,252
Consolidated Paper Corp., Ltd.
-New Director.
-
J. E. Ward has been elected a director, succeeding the late F. G. Daniels.
-V. 137, p. 4533.
Consolidated Railroads of Cuba.
-Earnings.
Period End. Mar.31- 1934-3 Mos.-1933.
1934-9 Mos.-1933.
Net loss after exps., &c_
$7,736
$3,571
$19,072
87.709
Combined net income of Consolidated Railroads of Cuba and subsidiaries
for the quarter ended March 31 1934, was $165,552 after expenses, &c.,
but before inter-company dividends, compared with,8183.638 in March
quarter of last year. For the 9 months ended March 31 1934,consolidated
net loss was $664.209, against a net loss of $896,678 in the corresponding
nine months of 1933.-V. 138, p. 2077.
Consumers Power Co.
-Earnings.
[A Subsidiary of Commonwealth & Southern Corp.]
Per od End. May 31- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$2,328,028 62.127.308 626.965.281 626,270,843
Oper. exps.. incl. maintenance and taxes_ _ _ - 1,056.825
960,374 12.228,392 11,386,013
Fixed charges
380,633
391.681 4,527,252 4,613,857
Prov.for retire. reserve_
232.000
232,000 2,784,000 2,784,000
Net income
8658,569
$543,253 67,425.636 $7,486.972
Divs. on preferred stock
347,419
347,882 4,167,548 4,158,531
Balance
$311,149
8195,370 $3,258,088 63.328.440
-v.138. p.4294.
Crown Drug Stores, Inc.
-May Sales.Period End. May31Sales
-V. 137, p. 4702.
1934-Month-1933.
1934-8 Mos.-1933.
$554,027
$448,413 $3,874,140 63.320,808
Cuba Co.
-Earnings.[Including subsidiary and affiliated companies.]
Period End. Mar.31- 1934-3 Mos.-1933.
1934-9 Mos.-1933.
Gross revenues
$2.777.823 82.965,718 86,680,614 $6,111,978
Exp.,int., deprec., &c
3,005,412 3,405.261
8,196,705 8.107.563
x Loss
8227,589
$439,543 $1,516.091 $1,995,585
x Before subsidiary preferred dividends and minority Interest.
-V. 138,
p.2091.
Cuba Northern Rys.-Earnings.-
Period End. Mar.31- 1934-3 Mos.-1933.
1934-9 Mos.-1933.
Gross revenue
$679.867
$899,339 $1,713.437 $1,785,377
Expenses
590.416
617.298
1.763,353
1.805.866
Net income to surplus
$282,041 loss$49,917 loss$20,489
$89,450
-V. 138. p. 2077.
Cuba RR.
-Earnings.Period End. Mar.31- 1934-3 Mos.-1933.
1934-9 Mos.-1933.
Net Inc. after exp.., &c$85.378 108493,289 loss$700,0301088$867,895
-v.138. P. 2077.
Cuban Telephone Co.(& Associated Cos.).
-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Operating revenues- - $2,476.790 63,271.901 64.208.490 $5,059,700
N-oper. revenues- - on
110,125
119,980
156.893
213.009
Gross earnings
62,586.915 $3,391,881 $4,365,383 65,272.709
Operating expenses
813.799
997,941
1.118.475 1.332.132
Maintenance
336,938
405,290
498.056
673,734
Taxes
166.367
185,201
207.525
230.397
Depreciation
940,826
885.853
627.711
1,069.829
Interest
485,363
498,059
464,123
457.079
Net income
6419.538 $1,449.493 $1.509.538
def$156,378
Preferred dividends_ _ _
424.977
424,977
424,977
Common dividends _
1,131,352 1,131,352
$156,378
Balance. deficit
$5,439
$106,836
846,791
Earns. per sh 00 141.420
Nil
Nil
shs.com.stk.(par $100)
$7.25
$7.67
Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Liaid/WetAssets
$
Plant & property _29,913,300 30,174,927 x Common stock...14,142,000 l4 142
.0
7% preferred stock 6,071.100 e,071.100
Due from subsidi78..
2,373 Com.stk.of asso.co.
ary companies_
held by mtn.stkh.
Owing from Cuban
78.900
78,000
Funded debt
Fed. Provincial,
6,789.477 7,015,825
Deferred liabliities 266,000
&municip.govls 440.552
358,048
1,471 Owing to Interna99,145
Special deposits_
Deferred charges__ 1.090,252 1.230.967 tional Tel.& Tel.
718,410
476,813 Corp
1,556
Cash
659.101 Accounts payable_
Accts. receivable
28,669
238.975
22,316
Matured interest &
Miscellaneous in1,397
5,255 dividends unpaid
vestments
96362
206,089
Accrued interest
Dep. to meet mat'd
98,450
101,050
80,316
199,827 Accrued taxes
Int., diva., &c._
76,178
90,628
Reserve for depreMaterials and sup492,416 ciation, replace513.590
plies
ments&renewals 3,691,239 3,211.919
Surplus
1,766,207 1,944,998
33,095,938 33.242.949 Total
Total
33,095,938 33,242,949
x Represented by 141.420 shares of $100 par value.
-V.136. p. 4458.
-Earnings.Dallas Power & Light Co.
(Electric Power & Light Corp. Subsidiary]
-Month-1933.
1934-12 Mos.-1933.
Period End. May 31- 1934
$391,302 $5 061,502 $4,979.600
.
,
Operating revenues- _ - $416,192
209,189
196,614 2,465,027 2,383,136
Oper. exps., incl. taxes_
Net revs, from oper-Dr
Other income
$207,003
498
$194,688 $2,596,475 32.596,464
82
3,928
4,783
Gross corp. income_
Interest and Ether deduc.
$206,505
63,430
6194.606 $2,592,547 $2,591,681
63,027
760,901
752,442
y$143.075 y$l31.579 81,831,646 $1,839,239
Balance
z Dividends applicable to preferred stock for the
507.157
505,445
period, whether paid or unpaid
$1,324.489 81,333,794
x Balance
x Regular dividends on 7% and $6 preferred stocks were paid on May 1
payment of these dividends there were no accumulated
1934. After the
June 30 1934
unpaid dividends at that date. y Before transfers to replacement requisition and before dividends. z Before transfers (aggregating $436.718 for
the 12 months ended May 31 1934) made to maintenance and depreciaton
and surplus reserves in acc >Mance with franchise provisions, and (or) to
replacement requisition.
-V. 138. P. 4124.
Cumberland County Power & Light Co.
-Earnings.-1930.
Calendar Years1933.
1931.
Gross earnings
$4,162,389 $4,198.245 $4.986,520 $4,895,284
Oper. exp., maint. & tax 2,616,894 2,510,143 3,231.236 3,168,991
Uncollectible bills
35,026
18.584
Rent for leased props....
263.548
263,548
263,548
263,548
Bond & oth. int. cogs...
449,464
592,698
473,751
517.711
Amort. of debt discount
and expenses
65,012
66,055
75,863
64,793
Int.charged to fixed cap.
63,000
Prov. for loss of cash in
95.000
closed banks
5,306
Miscellaneous
17.234
9.487
15,724
Net income
1574.997
Previous surplus
1,954.352
Adjustments
Cr2,543
Res'vefor contingencies_
Charges not applicable to
current operations_
8791,301
1,935,852
Dr69,734
Dr200,000
$914,051
1,850,400
19,674
$941,919
1,694,297
Dr5,252
Total surplus
$2,532,192 $2,452,167 62,784.125 $2,636,216
Divs,on preferred stock_
239,964
241,416
239,964
241,174
Divs, on common stock_
188,800
544.400
607.100
257.850
Profit & loss surplus- 62.103.428 61,954.353 61,935,852 $1,850,400
Comparative Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assets8
$
$
Ltabilletea$
Fixed capital
22,422,642 22,134,699 6% pref.stock__ 4,023,600 4,023,600
Cash
416,104
306,219 x Common stock__ 3,295,800 3,295,800
Cash in closed bks.
49,480
Funded debt
12,710,000 12,933,000
Notes & accts. rec_ 628,432
566,391 Minority int. in
Materials & suppl_ 289.416
283,033 cap. stk. of sub_
1.500
Prepayments
92,886
102,379 Due to affil. co
7,100
Dep. with trustee
Accounts payable_ 146,676
78,978
for sink. funds.._
1,759
118.914
Consumers' deps__ 126,043
Due fr. Ford. RR.. 517,470
532.669 Prov.for Fed.taxes 182.200
127,427
Invest, in sub. co.
32.794 Unredeemed carInv. in scours. of •
fare coupons__
15,762 • 16.481
481,380 Accrued liabilities_ 170,991
leased property- 522,781
166,019
Mat. Int. and divs.
Adv. to Saco-Low337,500
ell Shops
350.000 unpaid
211,200
209,251
Misc. investments
88,684
17,406 Reserves
3,659.838 3.268,989
Spec. funds & dep.
689 Misc. tined,. cred_
957
1.061
227,598
Unamort. cost. of
Capital surplus_ __ 227,598
Earned surplus__ 2,103.428 1,954,353
land, bids's. and
42,223
47,501
equipment
Deferred debits..._ 1,442,592 1,553,492
21,780
21,780
Reacq'd securities
26,873,751 26,430,416 Total
26,873,751 26,430,416
Total
x Represented by 47,200 shares no Dar value.
-V.138. p. 2245.
Dallas Ry. & Terminal Co.
-Annual Report.
Income Account 12 Months Ended Dec. 31 1933.
Operating revenues
Operating expenses, including taxes
Rent for leased property
82,199,523
1,542.604
186.062
Balance
Other income
$470,856
17.647
Gross income
Interest on mortgage bonds
Other interest and deductions
$488.504
300.000
28.829
Balance, surplus
Earned surplus Jan. 1 1933
Transferred from repair, maintenance and depredation reserveTransferred from surplus reserve
$159.675
626,416
8,077
133,816
Total
Dividends on 7% preferred stock
Corporate earned surplus reserved for property replacements....
$927,985
103.901
125.000
Earned surplus Dec. 31 1933
$699,084
Balance Sheet Dec. 31 1933.
Assets
Liahillttes$1,500,000
Plant, property, &c. (ledger
7% preferred stock
value)
$10,303,258 Common stock (32,500 shs.)- 3,250.000
5,000.000
Investments (ledger value)
2,253 First mtge. 6% bonds
33,325
Cash In banks
-on demand194.225 Accounts payable-AffiLeos.
41,428
Accounts reoelvable
Other
6.831
246,884
Materials and supplies
64,410 Accrued accounts
Prepayments
9,081 Accrued Int. on long-term debt 150,000
4,000
Miscellaneous current assets_
7,720 Account payable-not current
Reacquired stock (157 shares
Reserves
179,254
7% preferred)
15,700 Earned surplus reserved for
Special deposits-Interest
125,000
150,000
property replacements
699.084
Deferred charges
475,496 Earned surplus
Total
-V. 138.
$11,228,978
Total
311,228,977
p. 1041.
Darby Petroleum Corp.
-25-cent Dividend.
The directors have declared a dividend of 25 coots per share on the eaPit
stock, par $5, payable July 1010 holders of record July 25, the same as paid
Feb. 15 last, which was the first payment made since Oct. 15 1930 when a
like amount was paid on the old capital stock of no par value.
-V. 138,
P. 2919.
Dejay Stores, Inc.
-Sales Increatte.The company, operating a chain of 40 retail family stores, reports an
Increase in sales of64.3% for the nine weeks'period ending June 16, over the
same period last year.
-V.138. p. 3943.
-Earnings.
Delaware & Hudson RR.
MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3770.
1934.
1933.
1931.
1932.
$1.954.200 61.627,189 61,987.355 $2,650,742
432,460
208.400
30,522
152,115
145,330 def52,908
359,380
65,518
10.452.717 7,913,664 10.179,825 13.186,290
1,472,663 def432.710
652,856 1,536,977
1,204,045 def777,308
214,718 1.157,094
Delaware Lackawanna & Western RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934.
1933.
• 1932.
1931.
$4.135,868 83,480,784 $3,739,154 $5,244,567
1.030.210
699.598
416,876 1.130,245
636.891
254.485
635,246
564
19.337.381 16,544.384 20.461,251 25,549,533
4,271.937 2,396.288 4,142.625 5.553,422
2,402,737
194.80i
1,998,724 3.223,179
Clerks Reject Union Affiliation.
Clerical and certain station employees of the road have voted against
affiliation with the national union, George J. Ray, Vice-President and
General Manager of the company, announced June 23.
Out of 1.525 eligible voters. 637 voted for representation by the Brotherhood of Railway and Steamship Clerks. Freighthandlers, Express and
-V. 138. p. 3944.
Station Employees. and 888 voted against.
Financial Chronicle
Volume 138
Denver & Rio Grande Western RR.
-Earnings.
Per.End. May 311934
-Month-1933.
1934-5 Mos.-193.3.
Operating revenues__ _ _ $1,388,783 $1,304,092 $6,719,384 $5,682.862
Operating expenses
4,638,912
1,096,181
5,207,481
948,071
Net ry. oper. income
385,318
776,574
215,414
135.828
Available for interest__ 381,859
831.856
121.856
200,436
Interest on funded debt2.250,510
2,219,555
442,797
449.038
Net deficit
-V.138, p. 4295.
$320,941
Detroit & Mackinac Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3601.
1934.
$56,376
8,172
39,865
1933.
$57,069
7,062
21,267
1932.
$55.069
-6,555
12,839
1931.
$113.896
25,093
39,274
232,681
25,510
32.284
207,769
def788
def10,940
252,255
406
def11,760
401.571
91,743
67,382
Detroit Toledo & Ironton RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Netfrom railway
Net after rents
1934.
$555,882
293.259
211.683
1933.
$298,154
100.825
59,845
1932.
$410,369
121.343
78,440
1931.
$544,118
164,355
108,339
2.941,175
1,617,944
1,184,694
1.479,825
542,510
309,926
1,933.040
514,496
235,995
3,093.680
1.085.105
737,257
Pays $2 Dividend.
The directors on June 28 declared a dividend of $2 per share on the common stock, payable July 2 to holders of record June 30.
This is the second distribution in the road's history, the previous dividend being $8 a share paid Feb. 16 1931. The road, after passing through
the hands of several owners, is now controlled by the Pennroad Corp.
V. 138, P. 3601.
Detroit & Toledo Shore Line RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3770.
1934.
$199.086
81,318
34,970
1933.
$191.335
88,808
36,230
1932.
$156.949
46,082
def2,512
1931.
$275.262
114,392
38.015
1.502,847
889.352
472,186
1,043,814
526,456
228,392
1.118,006
525.020
198.028
1,413,260
663.177
267.576
'Devonian Oil Co.
-Extra Dividend.
The directors have declared an extra dividend of 10 cents per share,
in addition to the regular quarterly distribution of 15 cents per share on
the common stock, par $10. both payable July 20 to holders of record
June 30. Similar distributions were made on this issue on April 20 and
Jan. 20 last. On June 11 last a capital distribution of $5 per share was
made.
-V.J38._ p....3_601.
.
.....
-- -Tr...
-
..
,, ...
I
,
-........ ........'
•••=4)istillers Co., Ltd. (England).
-Final Dividend
The directors have declared a final dividend of 12%% on the common
stock (par El), making a total of 20% for the year, as compared with 1755%
in the previous year.
-V. 138, p. 4295.
Distributors Group, Inc.
-Investment Averages Lower.
-
The investment companies common stock index reacted slightly during
the past week, as evidenced by the averages compiled by this corporation.
The average for the common stocks of the ten leading management companies. influenced by the leverage factor, stood at 13.09 as of the close
June 22, compared with 13.93 on June 15.
The average of the non-leverage stocks stood at 14.63 as of the close
Juen 22. compared with 14.72 ar the close on June 15. The average of the
mutual funds closed at 10.68, compared with 10.99 at the close of the
previous week -V. 138. p. 4295.
Dominion Stores, Ltd.
-June Sales.
Period End. June 16- 1934-4 Wks.
-1933.
1934-28 11 10.-1933.
,
Sales
$1,557,863 $1,584,054 $8,989,309 $9.089,026
The company operated nine fewer stores during the four weeks ended
June 16 1934 compared with the same period of 1933.-V. 138, p. 4124.
Dow Chemical Co.
-Stock Dividend Ruling.
The Committee on Securities of the New York Curb Exchange has ruled
relative to the stock dividend of 50% on common stock, payable July 2 to
holders of record of June 16, that the stock be quoted ex the dividend on
July 2, and that all due bills limed pursuant to the ruling of April 27 be
redeemed on June 28. (See also V. 138, p. 3087 and 2920).
Earnings for the Years Ended May 31.
1932.
1934.
1931.
1933.
Net profit after charges
and taxes
$3.577,651 $1,463,230 $2.070,884 $2,377,200
Earns. per sh. on 630,000
shs. coin. stk.(no par)
$2.95
$1.98
$3.44
$5.35
General Balance Sheet May 31.
1934.
1934.
1933.
1933.
Assets
Liabilities$
$
$
Cash
1,493,660
561,391 Accounts payable_ 1.220.112
797.846
Cash in closed bks.
48.292
84,217 Accrued taxes_ _ _
720,430
362,845
Notes & accts. rec. 2,126,506 1,545,743 Acer. Int. on gold
Merchandise mat'is
notes
42,300
56,700
and supplies,.. 3.777,046 3,486,091 Reserve for fire &
Land contracts rec.
38,230
accident insur
193,437
44,559
193,438
Invest. in Mill. de
10-yr. 6% sink. td.
other cos
1.226,085 1,025,013
x2,115,000 2,835.000
gold notes
Real estate, plant,
Pref. capital stock- 3,000,000 3,000,000
equip., pats.,&c.15,524,461 15,278,456 Common cap. stk.
Deferred charges
81,090
105.924
(630,000 abs.. no
8,275,000 8,275,000
4,319,089 6,610,566
Surplus
Surplus even°. for
common stk.div. 4,410,000
Total
24,295,369 22,131,394
24,295,369 22,131,394
Total
x Includes $500,000 notes called for payment Aug. 1 1934.-V. 138.
p. 3944.
Duluth;Winnipeg & Pacific Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Not from railway
Net after rents
-V.138, P. 3771.
-
1934.
$67,576
def6,280
def1,204
Years End. Mar. 31Profit for year
Bond interest
Prem. paid and accrued
on U.S.funds for bond
interest
Depreciation
Amort. of bond expenses
1933.1931.
1932.
$91.048
$70,100
$51,024
def19,043
def45.238
def22,648
def36,951
def4.572
def9.549
1934.
$396,046
178,101
1933.
$491.564
180,000
1932.
$801.689
180,000
1931.
$835.380
180.000
6,004
200,000
10,454
24,090
225,000
10,454
19.248
200,000
10.454
200,000
10.454
Net income
Previous surplus
Adjustments
$1,387,698 $1,868,650
$248,601
4461
Eastern Dairies, Ltd.(& Subs.).
-Earnings.
-
$1.487
y36,275
$52,019
257.682
3,454
$391.988
248,793
3444.926
153.442
Total surplus
Divs. on pref. stock_ --Divs, on common stock_
Divs, on pref. shares of
Crescent Cream'y Co_
$37,762
$313.155
250,250
22,275
$640,781
294,000
89.099
$598.368
294.000
55.574
10,000
Bal. at credit Mar. 31
before providing for
income tax
$248,794
$257,682
$40,630
$27,762
Shs.corn.stk. outst'g
x74.099
89.099
93,423
93.423
Earnings per share
Nil
Nil
$1.10
$2.04
x Does not include 15,000 shares sold March 31 1931. y After deducting
Provincial taxes of $4,356.
Consolidated Balance Sheet March 31.
1934.
1934.
1933.
1933.
Assets
Ltalititttes-5
Cash
55.897
43,611 Bank loans
80,069
17,000
Accts. receivable_ _ 288,956
284,364 ACCM payable and
Def, accts. receiv.
323.430
36,811 accrued llabils.. 309,052
33,594
Inv'tories of prod.
51.214
Salesmen's depos_
51,984
and supplies_ _
121,497
15,743
14,268
138.082 Unredeem. tickets
Investment securiDividends payable
17.500
10,000
ties (at cost)_ -- 487,617
539,767 Accr. bond Interest
75.000
73,750
Inv. held in trust.
7,700
7,700 Deterred revenue_
11,188
9,980
Accrued Interest_ _
7.480
8,231 Res've for deprec_ 1,838,629 1,710,648
Other assets
72,972
43.588 Capital of MM.cos.
Life In.surance
14.640
11,825 in hands of pub_ 1.700,000 1,700.000
Fixed assets
7.413,414 7,400,247 20-yr. let colltr.6s 2,950,000 3.000,000
Prepaid dr def. exp.
61,032
61,207 7% pref. stock _ _
2,500,000 2,500.000
Bond discount and
x Common stock__ 1,466,995 1.466.995
organiza'n exp
157,687
170,021 Surplus
40,631
27.762
Good-wIll
2,222,790 2.222,790
Total
10,969,420 10,968,248 Total
10,969,420 10,968,248
x Represented by 93,423 shares of no par value.
-V.138, p. 2191,2091
Eastern Massachusetts Street Ry.-Earnings.Period End. May 31Railway oper. revenues_
Railway oper. expenses_
Taxes
Balance
Other income
Gross corp. income_ _ _
erest on funded debt,
rents, &c
vailablo for deprec.,
• dividends, &c
Deprec. & equalization_
Net income carried to
profit and loss
-V.138, P. 3771
.
1934
-Month-1933.
1934-5 Mos.-1933.
$529.284
$494.791 $2,874,084 $2,489.364
342,857
1.569.315
310,190
1,844.397
24,279
22,025
109.821
139,589
$162,147
9.538
$162,574
13,030
$890,097
53,681
$810,226
59.237
3171,686
$175.605
$943,779
$869,464
72,023
73.158
349.773
371,258
$99,662
108,661
$102,447
103,349
$594,005
569,126
$498.205
546,918
def$8,998
defS901
$24,879 def348,712
Eastern Utilities Associates(& Subs.).
-Earnings.
1934-Month-1933. 1934-12 Mos.-1933.
Period End.May31Gross earnings
Operation
Maintenance
Retirement res. accrualTaxes
1666,047
321,691
26,305
60,416
80,507
$654,009 18,652.690 18.190.674
3,647.520
306,131
3,782,535
261.581
21,151
261,309
725,000
60,416
725,000
896,951
76,997
939,210
Net earnings_ _ _ _ _ _
Int. & amortiz. charges
3177,125
62,787
1189,313 $2,944.634 $2,659.620
874,610
70,049
793.972
Net income
$114,338
$119,263 $2,150,661 $1,785,009
Dividends on pref. stock of subsidiary cos
127,152
127.152
Balance
$2,023,509 $1,657.857
Net income applic. to common stock of subsid.
companies held by minority stockholders
60.565
66,391
Balance
$1,957,118 $1,597,291
Dividends on E. U. A. common shares
1,199.644
685,589
Balance
$397,647
$1,271.528
Note.
-The companies are now making provision for retirements by charging operating expenses each month. E. U. A. income from investments,
previously accrued, is now taken into earnings when receivable. All
previous year's figures affected including retirement reserve and earned
surplus for the previous year, have been adjusted to a directly comparable
basis. Certain other changes in accounting have been reflected in the
previous year's figures to bring them to a comparable basis.
-V. 138.
YI• 3602.
Edmonton Street Ry.-Earnings.-Per. End. May 31Total revenue
Total operation
Operation surplus____
Fixed charges
Renewals
Totalsurplus
-V.138, p. 3771.
1934
-Month-1933.
$47,732
$50,956
40,514
38,032
$7.218
$12,924
6,158
12,591
1,000
$60
$333
1934-5 Mos.-1933.
$303.797
$278,587
208.341
208.712
$95.455
$69,875
62.957
30.792
17,000
25.000
115.498
$14,083
Electric Bond & Share Co.
-Output of Affiliates.
Electric output for three major affiliates of the Electric Bond & Share
System for week ended June 21, compares as follows with the corresonding
week of 1933 (in kwh.):
Increase.
1934.
1933.
American Power & Light Co _ _ __ 72,476,000
75.099.000
x3.5%
Electric Power & Light Corp.. 38,162,000
36,471,000
4.6%
National Power & Light Co_ _ _ _ 67,500,000
12.0%
60,252.000
x Decrease.
-V. 138, p. 4295.
Elmira Light, Heat & Power Corp.
-Income Account.
-
12 Months Ended March 311933.
1934.
Operating Revenues.
Electric
$1,607.020 11.537.098
Gas
523.939
663,634
Railway
547,107
403.509
266,217
363.663
200.358
202.119
def37,434 def109,376
defl1,591 def121,462
Total operating revenues
$2,472,774 $2,261,396
def89,489
def43,139
33,858
9.471
Operating Expenses, Arc..
Operating expenses
$1,372,030 $1,273,393
,
Maintenance
257,868
215,366
Eastern Air Transport.
-Disposes of Holdings in N. Y. Provision for retirements-renewals & replace...
69,088
89.147
272.521
203.154
Airawys, Inc.
-See North American Aviation, Inc., below.
- Taxes(incl. prov.for Federal tax)
Operating income
$410.967
$570,632
V.137, p. 146.
Other income
14.904
3.416
Gross income
Eastern Gas &
-Fuel Associates.
-Div. No.3 of 15 Cents.
$414.384
$585,536
Deductionsfrom inc.-Int.on 1st mtge. bonds..
250,000
250.000
The directors have declared a dividend of 15 cents per share on the common stock, no par, payable Oct. 1, to holders of recotd Sept. 15. Similar
Balance
$164,384
$335,536
distributions were made on June 1,last and March 1 1933.-V.138. p.4295.
-V.138, p. 503.
4462
Financial Chronicle
Electric Power & Light Corp.(& Subs.).
-Earnings.
12 Mouths Ended May 31Subsidiaries1932.
1934.
1933.
Operating revenues
$70,305,030 369,885,295 $76,698,486
Operating expenses,including taxes- 37,567,644 35,942,683 37,155,904
Net revenues from operation
Other income
$32,737,386 $33,942,612 $39,542,582
172,572
445,981
116,961
Gross corporate income
$32,854,347 $34,115,184 $39,988,563
Interest to public & other deductions- 15,772,643 15,948,129 16,821,380
Interest charged to construction
.016,218
Cr48,245 Cr!
Cr13,814
Retire.& depletion res've appropria'n 8,200,290 6,919,607
5.881,737
Balance
Preferred dividends to public
Balance
Portion applicable to minority int_ _ _
Net equity of Electric Power & Lt.
Corp.in income of subsidiaries.._
Electric Power & Light Corp.
Net equity of Electric Power & Light
Corp. in income of subs. (as shown
above)
Other income
18.895,228 $11,295,693 $18,301,664
7,910,807
7,923,649 7,908,621
$971,579 $3,387,072 $10,390,857
168,617
99,971
91,191
$880.388 $3,287,101 $10,222,240
830,338
15,096
3,287,101 10,222,240
186,609
209,605
June 30 1934
expansion since Dec. 1932, when it was organized, and other facts and
figures in extraordinary detail.
Supplementary data mailed with the prospectus also set forth the resignation of Chase Donaldson, President of Distributors Group, Inc., as an
Equity director. Distributors Group is an independent securities distributing organization and its wholly-owned subsidiary, Allied-Distributors.
Inc., is the principal underwriter of the Equity Corp.'s securities. The
resignation of Mr. Donaldson, who retired as President of Allied General
Corp. some time ago, represents a final step in the segregation of Distributors Group from Equity. Mr. Donaldson is being succeeded on the
Equity board by W. Franklyn Best, who resigned as Treasurer of Distributors Group, Inc. several months ago, and who has also been appointed
Vice-President of Equity. Albert E. Earn has also been appointed a VicePresident of Equity.
-V.138. p. 4296.
-Earnings.
Erie Lighting Co.
12 Months Ended March 31Electric revenue
Steam heating revenue
1933.
1934.
$1.343,615 $1,309.559'
184,358
186,016
$1,529,631 $1,493,917
Total opeeatins revenues
644.074
Operating expenses
683.375
83,927
Maintenance
95,715
160.240
Provision for retirements, renewals & replacements
147,773
91,796
99,288
Taxes(including provision for Federal income tax)
Operating income
Other income
$503,481
374
$513,881
742
Total income
3895,484 $3,496,706 $10,408,849
522,221
456,213
Expenses, including taxes.
406,981
1,590,088
1,593,487
Interest to public & other deductions 1,588,974
Gross income
Interest on funded debt
$503,855
245,285
$514,622
246,414
Bal.carried to earned surplus_ _ _ _def$1,100,471 $1,447.006 $8,296,540
-V.138, p. 3944.
Balance
-V. 138, p. 1042.
$258,570
$268,208
Empire Capital Corp.
-New Control.
Clarence Hodson & Co. have announced the acquisition of the Empire
Capital Corp., which was established in 1933 to engage in the small loan
business and at present operates offices in Brooklyn and Jamaica. Control
was acquired through purchase of the entire amount of the outstanding
shares of class B stock. No change in policy is contemplated at this time,
It is said. George J. Springer will remain as President,and Glenn S. Knapp
as Vice-President. The authorized capitalization as of April 31 1934,
consisted of 400,000 shares of class A stock ($5 par), and 100,000 shares of
class B stock ($5 par)
.-V. 137, P. 2643.
Equity Corp.
-Takes Steps to Effect Further Consolidation
of Its Various Interests-Invites Tenders of Atnerican Founders
Preferred and Stock of Interstate Equities, Allied General,
Chain & General and Controlled Insurance Companies
-Announces Registration of 10,000,000 Shares of Its Common
and 350,000 Shares of Its Preferred Stock.
-
-Earnings.
Erie RR.
[Including Chicago & Erie RR.]
Period End. May 31- 1934
-Month-1933.
1934-5 Mos.-1933
Operating revenues
16.986,180 $6,017,566 131.998.484 326,747.19-I
5,123,035
Oper. exps. and taxes
4,478,764 24.107,736 22.168,266
Operating income__ _ _ 11,863,144 $1.538,802 $7.890,748 14.578.933
Hire of equip, and joint
321.767
facil, rents-net debit
1,440,908
287.484
1,540,630
Net ry. oper. income_ $1,541,377 $1,251,318 $6,350,117 $3,138.025
Earnings of Erie RR. Only.
1934.
1933.
1931.
May1932.
$6,247,355 $5,315,054 $5,459,278 $6,920,445
Gross from railway
1,895,541
1,619,846
1,192,838
1.349,223
Net from railway
1,519.562
1,177,366
644,274
865,355
Net after rents
From Jan 1
28,198.619 23,462,653 27,513,039 34,218,958
Gross from railway
7,130,986
7,829,777
5.976,068
5,171,235
Net from railway
4,921.760
6,014.131
3,359,314
2,955,984
Net after rents
-V. 138, p. 4296.
With the effective registration of 10,000,000 shales of its common stock
and 350,000 shares of its $3 convertible preferred stock under the Securities
Act of 1933, the corporation, an investment company headed by David
M.Milton of N.Y. City,is renewing its program of simplifying its corporate
-Earnings.
Evans Products Co.
structure and consolidating its interests by extending exchange invitations
Month.
5 Mos.
Period Ended May 311934to the stockholders of certain of its associated companies.
Net profit after int., deprec. and Federal taxes..
$250,862
$250,882 $1,001,778
Such invitations have been mailed to all stockholders of the following
$4.10
companies controlled by the Equity Corp:
$1.02
Earns, per sh. on 244,196 shs. of capital stock.. _ _
Interstate Equities Corp.
Unfilled orders for the auto-loader now on hand total $375,000, according
Chain & General Equities, Inc.
Allied General Corp.
to Edward S. Evans, President. "Increased auto exports are being quickly
American Colony Insur. Co.
•Colonial States Fire Insur. Co.
reflected in the export division business," he said. "We have an order
*American Merch. Marine Ins. Co.
* Germanic Fire Insur. Co. of N.Y. * Majestic Fin Ins. Co. of N.Y.
from a leading automobile manufacturer totaling $40,000 for export cases
for immediate delivery, which represents approximately 1,000,000 board
* These four have been merged, the continuing company being known as
-V. 138, p. 3437.
feet of lumber."
American Colony Insurance Co.
The present steps taken toward simiplication of the corporate structure
-Earnings.
Fairbanks Co.
part of a program started by the Equity Corp. over a year ago.
are
1934.
1933.
The Equity Corp. is also extending invitations to the holders of the pref.
4 Months Ended April 30-Oper.loss after charging mfg., sell., adminis. and
stock of American Founders Corp. to exchange their stock for stock of the
$64,488
$2,541
Equity Corp. The Equity Corp. through a subsidiary, already is the
idle plant exps. & prov.for bad debts
43,896
43,993
Deprec.of plant and equipment
holder of 10.000 shares of the pref.stock of American Founders Corp., which
17,000
15,000
Interest on 6% serial gold notes
Is the largest single block. Similarly it also holds two-thirds of the class A
stock and the largest single block of common stock (500,000 shares out of
$125,385
Total loss
$61,534
9.000,156 shares) of United Founders Corp. The Equity Corp. and certain
3.143
7,275
Interest received & miscall. income
ofits directors are parties to a voting trust agreement affecting the balance
of one-third of the class A stock of United Founders Corp. United Founders
158,361
$118,109
Net loss for four months
In turn owns more than 78% of the common stock of American Founders
Corp.
Comparative Consolidated Balance Sheet April 30.
Equity's original interest in the United Founders group of companies was
1933.
Liabilities1934.
1933.
1934.
Assetsacquired last July. The exchange invitation to the holders of American
x Plant & equip_ _31,152,046 11,261,886 8% 1st pretstook_11,000,000 $1,000,000
Founders Corp. preferred stock is the first that Equity has extended to
696,838 8% pref. stock__ 2,000,000 2,000,000
499,853
Cash
Investors in the United Founders group and is understood to have been
91,476 Common stook-- 1,500,000 1,500,000
Notes dc accts. rec. 102,173
made with the objective, among others, of co-operating towards the simpli390,911 Accts. pay., &o.__
420,329
29,675
44,838
Inventories
fication of that group. No exchange invitations to the holders of other
165,134 Accrued Interest-18,750
21,250
p1. stk. sink. Id 185,135
1st
securities of the United Founders group have been determined upon at the
136.527 Gold notes (ourr )_
100,000
100,000
Gold notes repurch 120,468
present time. It is possible, however, that some additional exchange in400.000 Taxes & other con400,000
Good-will
vitations may be made at appropriate times in the future.
5,427
thisenehis
20,278
56.202
55,122
Prepaid expenses _
The bases on which the Equity Corp. will issue its $3 convertible pref.
Gold notes
750.000
650,000
common stock for the stocks of certain of its associated companies
stock and
CRP. surp. arising
are as follows, subject to the terms and conditions set forth in more detail
apprec'n of prop 1,482,415 1,482,415
In such invitations:
Deficit
3,970,841 3,791,341
-Shs. of Equity Corp.
Cony.
1.3
Total
$2,880,285 $3.148,202
$2,880,285 $3,148,202
Total
Pref.
Corn,
x After depreciation of $1,555,981 In 1934 and $1,435,836 in 1933.Stock.
For Each Share of.
Stock.
V. 138, p.3602.
Interstate Equities Corp.:
810
or
Preferred stock
10
-Earnings.
-Fall River Gas Works Co.
Common stock
34
-Month-1933.
Period End. May31- 1934
1934-12 Mos.-1933
.
American Founders Corp.:
175.475
$72.355
Gross earnings
1906,252
1900,734
34 and 434
Preferred stock, series A or B
38,310
31,460
Operation
408.985
422,027
or
10%
4,32b
4,684
Maintenance
58,405
58,130
Preferred stock, series D
34 and 4
5,000
5,000
Retirement res. accrual_
60.000
60.000
or
10
13.708
15,118
Taxes
181,973
160,126
Allied General Corp.:
1,358
2,006
Interest charges
26,269
20,094
Preferred stock
6
Class A stock
$12.771
$14,088
Balance
$170,617
$180,355
Common stock
1-18
American Colony Insurance Co.:
Under the requirements of the Dept. of Public Utilities of Massachusetts,
(Certificates having a par value of $2.66 2-3, $6 or $10 per sh.)- 4
the company is now making provision for retirements by charging operating
Colonial States Fire Insurance Co::
expenses each month. All previous years' figures affected, including re(Certificates having a par value of $3.20 per share)
2
tirement reserve and reserves and surplus for the previous year, have been
Colonial States Fire Insurance Co.:
adjusted to a directly comparable basis.
(Certificates having a par value of$10 per share)
During the last 31 years the company has expended for maintenance a
4
Germanic Fire Insurance Co. of New York:
total of 7.78% of the entire gross earnings over this period, and in addition
2
during this period has set aside for reserves or retained as surplus a total
(Stock certificates of interim receipts)
2
of 7.91% of these gross earnings -V. 138. p. 3602.
Majestic Fire Insurance Co.of New York
Chain & General Equities, Inc.:
25
Preferred stock
.."`••-•- Family Loan Society, Inc.
-Extra Dividend.
Common stock
1
The directors have declared an extra dividend of 37% cents per share on
The following shows the percent of outstanding stock of certain conthe $3.50 cum. and participating preferred stock, no par, in addition to
the regular guar.div. of 8734 cents per share, both payable July 1 to holders
trolled companies owned or controlled by Equity Corp.. directly or inof record June 16. Similar payments were made on April 1 and Jan. 2, last.
directly as of June 12 1934.
-V.138, p. 1923.
Interstate Equities Corp., 51.04% of the $3 cony. pref. and 75.29%
of the common stock.
-Larger Dividend
Allied General Corp.,92.29% of the $3 cony. pref., 90.28% of the class A-----Fiberloid Corp.
on
The directors have declared a quarterly dividend of $1.50 per sh
and 86.94% of the common stock.
the common stock (no par), payable July 2 to holders of record June
Chain & General Equities, Inc., 94.02% of the 634% cum. pref. and
This compares with $1 per share paid on April 2 1934 and Dec. 30 1933.
common stock.
73.84% of the
Quarterly distributions of 75 cents per share were made on this issue in
United Founders Corp. 5.55% of the common stock and 66.67% of the
Oct. 1931 and Jan. 1932. Payments were omitted between April 1932 and
class A stock.
Oct. 1933.-V. 138, p. 4296.
American Founders Corp., 6.39% of preferred stock.
Interstate Equities Corp. owns more than 75% of the capital stock of
First Boston Corp.
-Transfer Agent.American Colony Insurance Co.
The Chase National Bank, New York, has been appointed transfer agent
-page prospectus issued in connection with the exchange inviteThe 44
for the capital stock.
-V.138, p. 4297.
gives an interesting illustration of the operation of the Securities Act,
Mons
The prospectus contains not only a combined statistical statement of the
First National Stores, Inc.
-New Director.Equity Corp. and certain of its subsidiaries, but also separate statements of
At the annual meeting James E. Mullo0ey was elected a director, succeedassets and liabilities of certain of individual companies together with lists
jog Martin Curry.
-V. 138, p. 4125.
of contracts entered into by the corporation a summary of the corporation's
Volume 138
Financial Chronicle
•
Florida East Coast Ry.-Earnin s.May-Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 3773.
1934.
$690,358
193,328
60.009
1933.
$639,577
191,682
62,410
4,689,762
1,912,793
1,254,600
4,143,220
1,692,067
1,058.863
1932.
1931.
$599,651 $1,059,380
457,510
107,863
283,274
def47,361
4.217,774
1,550,864
767,723
5.748,308
2.261,368
1,363,430
-'Food City Brewing Co., Battle Creek, Mich.
-Stock
Increased-Rtghts.-
4463
W. F. Hufstader, General Sales Manager of the Buick Motor Co., announced that there has been a steady gain in Buick deliveries since the
introduction of the new lower-priced Series 40 Buick.
"Shipments from the factory continue at the highest rate of the year,"
Mr. Hufstader says.
Harlow H. Curtice, President of the Buick Motor Co.,states that exports
of Buick motor cars during the first five months this year totaled 3,823,
compared with 1,244 cars in the corresponding period of 1933.
Buick's June export schedule calls for 1,010 cars and July 1,127, or more
cars in these two months than were shipped abroad during all of 1933.
"Export shipments for 1934 are estimated at 8,960 units, the best since
1930 when exports dropped to 10,258 units from a total of 19,450 in 1929,"
Mr. Curtice said. Buick's exports in 1931 totaled 4,514; in 1932. 2.126,
and In 1933 were ,0 .- . 138, p. 4298.
The stockholders on May 10 approved a proposal to increase the authorized capital stock from 350.000 to 525,000 shares. Stockholders of record
-Petition to Reorganize..4- 114
"General Public Utilities Co.
April 30 were given the right to subscribe to one-half share for each full --The company filed a petition in Federal Court June 26 asking permission
share held.
of the Court to submit a plan of reorganization under Section 77-b of the
The purpose of the increase in capital was to reimburse the treasury of
Bankruptcy Act.
-V. 137. p. 4299.
the company for expenditures in connection with the building of a far larger
plant than was contemplated when the company was organized originallao
An originally-planned 60,000-barrel capacity has been increased to 125,0 *---Petition to Reorganize.
"Zeneral Vending Corp.
barrels. The stock issue also gave the company sufficient funds to further
-year a
The independent bondholders committee for the 6% 10
increase the plant to an annual capacity of 200,000 barrels.
sinking fund gold debentures due Aug. 15 1937(Chas. H.Bent, Chairman).
Orders on hand were reported to be in excess of present entire capacity.
in a letter to bondholders states:
-V.137, p. 319.
On June 18 1934 corporation filed a petition in the U. S. District Court
for the southern District of New York. This petition was filed pursuant
Fort Smith & Western Ry.-Earnings.to the recent amendment to the Bankruptcy Act providing for corporate
Mayreorganizations. A similar petition was filed by Consolidated Automatic
1931.
-Gross from railway
:8
$61.254
Merchandising Corp.. guarantor of the above bonds.
def2 651
tel8 6 3
$46.i87
$50.472
Net from railway
It is the hope of the committee that a reorganization of General Vending
def5,379
3.680
def3,516
Net after rents
Corp. in a manner satisfactory to the bondholders may now be effected
def9,248
def19.553
def13,402
def3.674
From Jan 1
promptly. The amendment to the Bankruptcy Act provides on the one
Gross from railway
347,592
hand that reorganizations thereunder must be subject to the approval
263,506
254.318
267.511
Net from railway
17.220
of the Federal District Court after a hearing at which all Interested security9,100
8,212
def12.852
Net after rents
def21,294
def46,764
holders may present their views, and, on the other hand, that a plan of
def48,806
def20,850
reorganization approved by the Court and consented to by the requisite
-V. 138, p. 3773.
percentages of securityholders affected will become binding upon all seFort Worth & Denver City Ry.-Earnings.curityholders.
For your information, please be advised that several month sprior to
May1934.
1931.
1932.
1933.
the amendment of the Bankruptcy Act, the independent bondholders'
Gross from railway
$500.219
$431,470
$356,163
$409.665
committee and the bondholders' protective committee headed by BradNet from railway
67.463
105,037
144,025
141.055
ford M. Couch of Philadelphia, had tentatively agreed upon a plan of
Net after rents
58.022
11.708
89,848
90.083
reorganization to be submitted to the bondholders. Before the committees,
From Jan 1
however, could complete the registration which the Federal Trade ComGross from railway
2,086,724
1,887,538 2.227.606 2,719,892
mission required prior to the submission of such plan to the bondholders,
Net from railway
667,786
648,396
688,626
561,196
an individual bondholder brought suit against General Vending Corp. for
Net after rents
421,434
363,036
400,127
309,767
the amount of its overdue interest coupons. It became apparent that if
-V.138, p. 3773.
other suits of similar character were to be brought, any plan of reorganization would fail in its purpose unless all bondholders were bound thereby.
-----Froedtert Grain & Malting Co.
-Stock Sold.This committee believes that the adoption of the Corporate Reorganization
Hammons & Co., Inc. announces that the issue of 80000 shares of
Act will make it much easier to bring about a complete reorganization for
cum. partic. cony. pref. stock which they offered at $15 per share, has
the best interest of the bondholders and creditors and now that the Act
been sold. See also V. 138, p. 3946, 4126.
has been passed, we intend to proceed vigorously.
Within a short time the committee hopes to be able to formulate or parGalveston Electric Co.
-Earnings.
ticipate in the formulation of a plan of reorganization of General Vending
Corp. (and also of Consolidated Automatic Merchandising Corp.). which
Per. End. May31Mos.-1933.
1934-12
1934
-Month-1933.
plan wi11 be submitted to you for your careful consideration.
p.4299
.
-V. 138.
Gross earnings
$231,793
$245,133
$19,826
$19,310
Operation
163,746
161,400
13,201
13,520
Maintenance
33,557
31,315
2,756
2,933
Taxes
17.838
18,420
Georgia & Florida RR.
1,648
1.478
-Earnings.
Net oper. revenue x....
$31,651
$18,996
$1,895
$1,703
Period End.May311934
1934-5 Mos.-1933.
-Month-1933.
$333,980
Railway oper.revenue. _
$457,514
$84,145
x Interest on 8% secured income bonds is deducted from surplus when
$70,092
373.074
Operating expenses
434,631
declared and paid. Last payment was Jan. 31 1934 and interest for four
85,815
72,819
Net rev,from ry.oper
22,882 def39,093
months since then not declared or paid is $5,600 and is not included in this
def1,670
def2,727
74,446
Net ry. oper. deficitstatement.
-V. 138, p. 3603.
8,246
6,720
15,342
7,487
Non-operating income
5,166
1,391
1.397
Galveston-Houston Electric Ry.-Earnings.--
Per. End. May311934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$19,477
$17,939
$216,326
8218,126
Operation
10,475
9,576.125,287
Maintenance
3,734
43,140
3,430
43,767
Taxes
1,630
18,546
1,815
21,578
Interest
5,108
5,108
61,300
-(public)
61,322
Deficit x
$1,471
$1,990
$25,738
$33,829
x Interest on income bonds and notes has not been earned or paid and
-$437,388 for 33 months since Sept. 1 1931 is not included in this statement.
Also, interest receivable on income notes since Oct. 20 1932 in the amount
of $542 is not included.
-V,136, p. 2605.
•
..-Tary Electric & Gas Co.
-Deposits-Under-Plan.he company in a notice to holders of 1st lien coll. 5% gold bonds,
se es A, announces that over 50% of the bonds due July 1 1934 have been
deposited undj the plan of extension adopted May 5 1934 and modified
i
r
June 14 1934
Holders of er 18% more of the bonds have promised to deposit at once.
First National Bank of Chicago is the depositary. Sub-depositaries are:
Bankers Trust Co. of New York and Pennsylvania Co. for Insurances on
Lives and Granting Annuities, Philadelphia.
-V. 138. p. 4298.
General Electric Co.
-Lamp Prices Reduced.
A reduction averaging 13% in the list prices of four types of incandescent
amps has been announced by Gerard Swope,President. The types affected
are the 150. 200, 300 and 500
-watt sizes.
Substantially increased sales of these types, resulting from the growing
trend toward higher standards of lighting as well as from general industrial
recovery, have made it possible to effect manufacturing economies which
are being shared with the public in accordance with established company
policy, Mr. Swope stated. On the 150
-watt size, he pointed out, sales
this year show a 22% increase over 1933.
IssiAt the same time, Mr. Swope revealed that the number of employees
In the company's incandescent lamp department has been increased 37%
over last Year -V. 138, P. 4298.
r-him.-
....b. -General Italian Edison
-
General Motors Corp.-Frigidaire Sales Higher.
-
Household refrigerator sales volume of Frigidaire Corp., subsidiary of
General Motors, was 45% greater in March. April and May than in any
similar three month period in the history of the company, E. G. Blechler,
President and General Manager, announced June 22.
Demand for household products has been such, Mr. Biechler said, that
the corporation's two large manufacturing plants in Dayton, Ohio. are
operating on a peak production basis, and prospects indicate that 1934
will see both manufacturing and sales records established by the organization.
Frigidaire Corp. Expands Air Conditioning Line.
H. W. Newell. Vice-President in charge of sales of the Frigidaire Corp.,
announced on June 28 the expansion of its line of air-conditioning products
to cover virtually every type of application in the home, office, business,
hotel, hospital and Industrial fields. Three new self-contained units have
been developed in the corporation's engineering and research laboratories
during the last year and following stringent field tests are now being introduced nationally.
Marketing of the new products will be through a newly-formed air-conditioning division with J. J. Nance,formerly sales planning manager of the
-V. 138, p. 4298.
corporation, as manager.
New Chevrolet Model.
The Chevrolet Motor Co., it is announced, is bringing out a new Master
-inch wheelbase and listing at $675. It is a fourSix sport sedan with 112
door. 5 passenger model with built-in trunk.
Buick Domestic Deliveries and Exports Show Gain.
Buick dealers in the United States delivered 2.125 cars to retail customers
during the first 10 days of June, as compared with 2,111 in the last 10 days
of May and 1.579 in the first 10 days of June last year.
$6,854
927
85,322
1,081
$10,175
4,921
$66,958
4,705
871.663
Deficit appllc.to int__
$15,097
$7,781
$6,403
Earnings for Third Week of June and Year to Date.
-Third Week of June- -Jan. 1 to June 211933.
1934.
1934.
Period1933.
$385.631
Gross earnings
$512,814
(est.)$18,700
$20,000
-V. 138, p. 4299.
_
Georgia Power Co.
-Earnings.--[A Subsidiary of Commonwealth & Southern Corp.)
1934-12 Mos.-1933.
Period End. May31- 1934
-Month-1933.
Gross earnings
$1,780,384 $1,803,748 $22,325,798 $21,767,332
Oper. exps., incl. maint.
and taxes
757,361 10,262,739 9,149,949
912,516
5,888.055
6,114.723
510,991
Fixed charges
510,841
1,320.000
1,320,000
Prov.for retirement res_
110,000
110,000
Net income
Divs. on 1st pref. stock_
Balance
-V.138, p. 3603.
$247,026
245,873
$425,395 $4,628.335 $5,409,326
245,873 2,950.430 3.241,872
$1,152
$179,521 $1,677,904 $2,167,454
Gilmore Oil Co., Ltd.
-Earnings.
1931.
1932.
Years End. Mar.31
1933.
1934.
Sales
$7,909,714 $7,105,305 $9,327,743 $13,357,594
7,071,996 11.085.061
Cost ofsales, incl. deprec 5.044,092 4.561.494
1,110,522
1,294.294
2,212.009
Selling expenses
2,325,784
432,043
447,213
344.455
Gen.& admin.expenses_
410,102
Profit from operation_
Other income credits
Profit on sale of co.'s int.
Electric Corp.-834etiketed-vir
- in oil lease & equip---
"American shares"reprevienting capital stock par value lira 550per share
ve been substituted on the New York Stock Exchange in lieu of
"Xi
can shares" representing capital stoclx par value lira 500 per share. V.
138, p. 3946.
Grossincome
Deductions from inc.-
$129,736 1°88812,653
34,070
129,280
$514,240
183,700
$729.968
91,706
208,549
Gross income
Income charges
$372,355
137,593
$116,627
164.353
$697,940
221,676
$821.674
284,854
Net income
Previous surplus
Int.on empl.stk.subscr.
S234,762
712,447
9,733
$47,727
936,630
$476,264
797,570
$536.820
594,301
Gross surplus
Dividends
Cost of co.'s own stock
purchased
$956.942
69,548
24,866
9.126
Surplus, March 31...Shares capital stock outstanding (no par)--_ _
Earnings per share
$862.528
$712,447
$936,630
8797.570
265,934
$0.88
278,541
Nil
279,801
$1.70
279.847
$1.93
$888,903 $1.273,834 81,131,120
333,550
337.204
167,330
Balance Sheet March 31.
Assets1933.
1934.
1934.Liabilities:Property, dm_ _-$2,109,912 $2,261,t305 Accounts it wages
Contr'ts de g'd-will 250,000
250,000 payable
$1,306,611 $960.125
Cap,stock subs- _ _
54,623
177,329 Accrued int., taxes
Inv. in affil. cos.
17,182
and insurance_
(incl. adv.)____ 177,710
2,647,205 2,775.569
207.712 y Capital stock
Miscell. loans____
54,829
43,784
43,784
71,384 Paid-in surplus
Cash
1,064,569
559,196 Profit and loss ourMarketable secur_
712,447
862.528
55,608
plus
Accts. receivable_ _ 400,896
368,719
Life ins. policies__
62,503
55,301
Petroleum prod'ts 472,774
439,778
Materials & suppl_
69,185
45,084
Deferred charges__
87,518
73.001
Total
84,860,128 84,509,109 Total
$4,860,128 $4,509,109
After reserve for depreciation of $1,681,908 in 1934 and $1,435,071
In 1933. y Represented by 278,541 no par shares in 1934 and 278.541
in 1933.-V. 138. p. 690.
4464
Financial Chronicle
Georgia Southern & Florida Ry.-Earnings.May1934.
1931.
1933.
1932.
Gross from railway
$169,163
$148.855
$177.445
$282,517
Net from railway
15,942
13,713
53,147
30,772
Net after rents
3.360 def15,131
22,978
13,355
From Jan. 1Gross from railway
832,916
1,376,943
691,868
886,340
Net from railway
118,103
108,480
228,862
134,793
Net after rents
27.487
40,685
114.976
-V.138. p. 3776. /
Co.
--(Offers to Ex nd Notes-Notes Not Extended
to Be Redeemed Aug. 1 Next.
The company, pursuant to the
isions of its 5
-year 5;4% gold cotes
dated June 1 1930 elects to pay and redeem all of such notes outstanding on
Aug. 1 1934, subject to the privilege of extending the time of maturity
thereof (as below).
Any holder of such notes may. upon presenting the notes held by him to
City Bank Farmers Trust Co., New York, procure an extension of the time
of payment of such notes to June 1 1939, with interest thereon during the
extended period at the same rate now borne by the notes (535%) Payable
semi-annually. As extended, the notes will be subject to redemption in
whole or in part at par and interest to the date fixed for redemption, plus a
premium if redeemed on or before June 1 1936 of 2% and if redeemed after
June 1 1936 and on or before June 1 1938 of 1%. Holders of notes desiring
to avail themselves of the extension privilege should present them at City
Bank Farmers Trust Co.for the purpose of having affixed thereto a certifir
cate of extension and coupon sheets evidencing the interest payments fothe extended period.
The coupons maturing Dec. 1 1934 and June 1 1935 will be detached, but
In lieu thereof two new coupons of similar import will be included in the
coupon sheets to be attached to the notes.
The company will, on Aug. 1 1934, redeem all of such notes not so
extended at par and int, to redemption date, upon presentation and
surrender ofsuch notes to the trustee. Holders ofsuch notes should present
and surrender the same for payment and redemption at City Bank Farmers
Trust Co., New York on Aug. 1 1934, with all unpaid coupons thereto
belonging. Interest on such notes will cease on Aug. 1 1934.
Earningsfor May and Seven Months Ended May 31.
PeriodMay
April
-7 Mos. End May 311934.
1934.
1934.
1933.
Net profit
$360,628
$285,251
$230,355 $1,091,931
-V. 138, p. 4127.
Goodyear Tire & Rubber Co.
-Motion to Dismiss
Charges Denied-Hearings Resumed.The Federal Trade Commission on June 22 denied the motion of counsel
for the respondent to dismiss the Cornmission's complaint-against the
company. The complaint charges price discrimination in that company's
tire contract with Sears, Roebuck & Co., in violation of Section 2 of the
Clayton Act. Argument on the motion to dismiss was heard by the Commission on June 12, in Washington, D. C. Counsel for the Goodyear company sought to have the complaint dismissed on the ground that evidence
adduced at the Trial Examiner's hearings held in Akron, 0., Washington,
D.C., and many other cities had failed to show the violation of the Clayton
Act charged in the complaint.
As a result of the Commission's action June 22,resumption of the taking
of testimony in the case took place at Akron, Ohio, on June 25, when
the presentation of testimony in behalf of the respondent was begun. Trial
Examiner John W. Bennett is presiding at the hearings, and the Commission is represented by Attorneys E. F. Haycraft and P. B. Morehouse.
-V. 138, p. 3090.
Grand Trunk Western RR.
-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138. P. 39
47.
1934.
1932.
1931.
1933.
$1,529,209 $1,322,830 $1,153,702 $1,929,912
233,204
117.426 defl1,661
112,877
40,854 def27,632 def183.003 def152.570
June 30 1934
GreenBay 8c Western RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3776.
1934.
$83,928
def10,640
def15.544
1933.
$89,820
8.730
3.056
1932.
$97.564
9,403
604
1931.
$120,595
18,508
10,932
446,514
23,102
def9.969
415,892
43,662
9,600
489.735
55,168
13.213
596.386
66,848
21,049
-Series C Notes Called.
(H. L.) Green Co., Inc.
H. L. Green, President of the company (formerly H. L. Green Chain
Stores, Inc.), is notifying holders of the serial 6% gold notes, series C,
that the company will redeem all of the notes of this issue on July 28 1934.
Notes should be presented on that date for cancellation by payment of the
principal amount and accrued and unpaid interest, at the principal office
of the trust department of the Chase National Bank. trustee, at 11 Broad
St., New York City. See also V. 138, p. 4300.
-Earnings.
Green Mountain Power Corp.
Calendar YearsOperating revenues
Other income
1931.
1932.
1933.
$2.017.541 $1.992,753 $1,852,598
35,107
18,434
21,630
Total income
Operating expenses
Maintenance
Taxes
Interest on funded debt
Other interest expense
Amortization of discount
Depreciation
$2,039,172 $2,011.187 $1,887,705
559,747
611,274
793,588
68,730
108.726
79,239
163,044
182.456
166,965
474,6501
474,650
626,779
117.4401
110,750
36,4441
36,445
122,936
142,692
169,097
Net earnings
Previous surplus
Prior year tax adjustments credited to
surplus
$205.356
116,852
$340,583
40,090
Total surplus
Preferred dividends at $6 per share__
Surplus charges
$322,207
277.650
$394,501
277,650
Balance surplus Dec.31
$346,468
146,974
13,827
$44,557
$116,852
Balance Sheet Dec. 31.
1932.
1933.
1933.
LiabUittee$
Assets
$
883.002 $217,436 Note payable to
Cash
323,855
New Cog.Power
y Accts.& notes roe 308.385
Assn
115,909
1,620,923
Materials & suppl_ 122,889
15,356 Accts. payable to
7,780
Prepaid charges_ _
770 affiliated cos_ _. 60,226
18,020
Restricted deposits
Other accts. pay1
Securities owned
Plant & propertles.19.849.149 19.837,039 able and accruals 294,344
Funded debt
9,493,000
Construction work
136,674 Reserve for deprec. 2,770,670
orders In progress 126,900
Pro v.for pref. diva. 104,119
Unamortized debt
Suspense credits dc
discount & other
594,553 other reserves
571,579
21,865
unadj. debits
$6 cum. pref. stook 4,340,750
x Common stock_ 2,100,000
Capital surplus... 242,160
Surplus
44,557
$493,442
277.650
175,703
$40,090
1932.
5
1,240,680
692,616
288,712
9,493,000
2,710,501
19,966
4,340,750
2,100,000
238,516
116,851
21,092,615 21,241,594 Total
Total
21,092,015 21,241.594
x Represented by 22,379 shares of no par value. y After reserves of
$656,048 in 1933 (1932, $637,035).-V. 138, D. 3603.
Greenebaum Sons Investment Co.
-Obituary.
-
Moses E. Greenebaum, President, died, June 22.-V. 130, p. 298.
7,836,843 5,899.919 6.434.057 9,327.954
387.454
280.030 1.112.161
1,567,725
566,961 def549,201 def754.284 def411,105'"Guantanamo & Western RR.
-No July Interest .If'
The New York Curb Exchange having received notice that interest due
July 1 1934,on the 1st mtge.6% gold bonds series A, due Jan. 11958,Ill
Great Atlantic & Pacific Tea Co. of America.
-Earns. not be paid when due on said date, the Committee on Securities directs
Years End.Feb.28-Y1932.
1934.
z1933.
1931.
members' attention to the fact that the bonds are presently dealt in flat
No.ofstores
15,427
15.670
15,737
and to be a delivery are required to carry the July 1 1934, and subsequent
x Sales
$864.048 $1,008,325 $1.065,806
*819.616
coupons.
-V. 138. p. 2576.
Totalearnings _
30,139,666 33,249,107 40,598,294 41.162.998
Gulf Mobile & Northern RR.-Earnings.Depreciation
6.276,476 6,706,335 6,590,320 6,212,223
1934.
Federal taxes
3,385.000 3,810.000 4,215,000 4.208.000
May1933.
1932.
1931.
Grossfrom railway
$472.880
$370.366
$460,959
$246,439
Net profit
$20.478,190 $22,732,772 $29,792,974 $30,742,775
Net from railway
142.423
153,088
62.242
11.066
Dividends paid
16,430,796 16,430,112 15,908,767 13,284,292
Net after rents
60,664
68,674 def33.673
6,079
Surplus adjustments- _..7.342
54.437
From Jan 1
Balance, surplus
$4,047.394 $6,248,223 $13.884,207 $17.451.141
2,227.478 1,945,884 1,341,136 1.830,703
Gross from railway
Profit and loss
(#8,431.434 94,384,040 88,135,817 74.251,609
Net from railway
668,540
558,139
301.255
121.373
Shs. cons. stk. outstandNet after rents
252,356
181,587
33,280
85,985
ing (no par)
2,086,744 2,086.748
2,086.748 2,086.748
Asks PWA Loan.
Earns. per sh.on com
$10.02
$13.40
$8.94
$13.86
x Last three 000 omitted. y Year ended Feb. 27. z Year ended Feb. 25.
The company has requested the I.
-S. C. Commission's approval of the
proposed expenditure of $255.000 to be borrowed from the Public Works
Consolidated Balance Sheet.
Administration for the purchase of rails and track materials along with
Feb. 28 '34. Feb. 25 '33.
Feb. 28 '34. Feb. 25 '33.
the cost of labor for the installation of the materials.-V. 138, p. 3947.
Assets$
$
Plant & equip._ 25,721,581 29,459,507 Preferred stock_ 26,036,200 26,036,200
Gulf & Ship Island RR.-Earnings.54,399,819 53,553,588 a Corn.stock_ _ 36,390,340 36,390,340
Cash
1
1 Pref. stock of
1934.
Good-will
May1933.
1931.
1932.
10,000
10,000 Gross from railway
MerchandLse ___ 62,944.045 50,931,657 subs, not own.
$93,458
891,892
$129,981
$80,941
91,619
203,679
15,785
U. S. Gov. secs_ 42,237,400 45,531,100 Notes & accepts.
Net from railway
18,071
def3,933 def12,949
4,877
25,008 Accts. payable_ 28,582,275 26,938,402
def11,397 def10,653 def29,652 def56,887
Stocks & bonds_
Net after rents
832,846
674,581
From Jan 1
Accts. receivable 5,761,692 6,688,101 Res. for self ins_
527.540
Deferred charges 2,729,712 2,551,472 Res. for Inc. tax 3,399,946 3,840,000
Gross from railway
453,343
759,012
478,302
263,187
Other reserves__
24,465
100,895
Net from railway
74,573
29.197 def47,273
98,431,435 94,384,040
Surplus
def30.377 def77.088 def107,284 def2634520
Net after rents
-V.138. P. 3776
.
Total
193,799,126 188,740,429
Total
193,799,126 188,740,429
Hamburg American Line.
-Earnings.
a Consisting of 1,150,000 shares voting and 936,748 shares non-voting.
-V.138, p. 4300.
Income Account for 12 Months Ended Dec. 31 1933.
Reich:marks.
-Earnings.
Great Lakes Power Co., Ltd.
Yield of shipowning business after effecting the contractual
1934.
1933.
3 Monthi Ended March 31adjustment with the North German Lloyd
6.663,575
Operating revenues
$197,818
$164,167
Profit arising out of participations
278,564
Operating expenses
40.930
38,123
Other profits arising out of capital
479,427
Provision for retirement-.
31,263
22,514
Extraordinary revenue after effecting the contractual adjustment with North German Lloyd
26,357,941
Net earnings from operation
$125,624
$103,530
Withdrawal from special reserve fund
10,978,061
Non-operating income
3.232
975
----_________________ _________ 4A.A4
$128,857
$104,505
Gross income
- office
Tota working --a Coe
71.920enra
Deductions from gross income
99.295
101,566
Depreciation of plant
Interest __ ___ _
_______________________________
1 5
28484, 2
8,408 869
Net income before dividends
$29.562
$2,939
All other expenditures
6,466,247
-V. 138. p. 4300.
Loss for year
2,286.249
-Defers Pref. Div. Action.
'Great Lakes Tiansit Co.
The report for 1933 shows that the line carried 87,427 passengers last
The directors have deferred action on the 7% cum. pref. div. due July 1.
year, a reduction of 9.430 from the total in 1932. The report points out
The company made quarterly distributions of $1.75 per share on April 2
that the aggregate passenger carrying of all lines operating in the North
1934 and on Dec. 30 1933. On the latter date there was also paid an adAmerican, Canadian and North Pacific trades last year decreased 17.6%
ditional dividend of $2 per share which cleared up all accumulations on the
In the westbound and 34.5% in eastbound routes. The percentage share
-V. 137, p. 4704.
preferred stock up to that time.
•
of the Hamburg American ships as compared with rivals showed a "slight
diminution," the report says.
Great Northern Ry.-Earnings.The reductions in travel were attributed to the intensified crisis in
1934.
1933.
1932.
1931.
Mayinternational currencies, which had set in the previous year, the difficulties
$5,877,036 $4,782,182 $4,103.881 $6,204,044
Gross from railway
associated with obtaining foreign exchange for travel abroad and the
1,672,880 def48,831
1.551,178
832.332
Net from railway
higher prices required for purchases in foreign countries by nationals using
942,178
1.001.883 de1775,271
65,440
Net after rents
depreciated currencies. Discussing passenger bookings for the year the
From Jan 1
report says:
23,298.128 19.233,041 20,338,654 29.582.013
Gross from railway
"Unfortunately the revenue thus earned decreased to a greater extent
5.420.388 3.425,914
1,223.249 5.027,026
Net from railway
than the general decline in traffic, because many fares have been Med2.073.584 def144,986def2,387,250
993,074
Net after rents
iu conformity with conference resolutions-in depreciated currencies, and
because--despite the utmost endeavors made by the international con
-V. 138, D. 3947.
Financial Chronicle
Volume 138
4465
During the last 33 years the company has expended for maintenance a
ferences-it was found impossible to adequately increase the fares so as
total of 13.36% of the entire gross earnings over this period, and in addition
to make up for the depreciation."
during this period has set aside for reserves or retained as surplus a total of
The effect of currencies was shown also in the foreign movements of the
10.09% of these gross earnings.
-V. 138, p. 3604.
company. The volume of freight decreased about 1% from the 1932 total,
whereas receipts from freight dropped about 8%. The devaluation of the
American dollar was the principal cause of this and another cause was the,
----Itiroker Electrochemical Co.
-81.50 Preferred Dividend'
competition of
reduction of rates on several routes necessitated by the
The directors recently declared a dividend of $1.50 per share on the
outsiders or effected with a view to maintaining the export capacities of 6% cum. pref.stock, par $100, payable June 30 to holders ofrecord June 22.
German industries, the report said.
Similar distributions were made on March 23 last and on Nov. 29 and
Export cargoes carried by the company's ships were larger than those
Dec.30 1933.
of 1932, but freight moving to Germany in its ships was decreased. Freight
Following the June 30 1934 payment, accruals on the pref. stock will
East Coast of North America continued in smaller volume
moving to the
amount to $9 per share.
-V. 138, p. 2413.
owing to the high American tariffs and the devaluation of the dollar, the
report added. Freight moving to the West Coast of North America
Hudson & Manhattan RR.
-Earnings.
ports to
Increased, but receipts dropped and freight moving from these
Per. End. May 31
1934-5 Mos.-1933.
1934
-Month-1933.
Germany was maintained on the 1932 level though receipts declined sharply.
Gross oper. revenue____ $677,619
$686,835 $3.394,246 83,518.850
Hamburg-American fleet at the end of the year totaled 373 ships
The
Oper.expenses & taxes__
1,970,975
1,961,747
390,550
382,197
of 954,346 tons and its employees 12,751.-V. 137, P. 3847.
,----Hamilton Woolen Co.
-Pays $1. Dividend.
A dividend of $1 per share has been declared on the common stock, no
par value, payable July 16, to holders of record June 30. This compares
with a dividend of $3 per share paid on Dec. 27 1933. The company pays
dividends of varying amounts at irregular intervals. The total amount of
dividends paid in 1933 amounted to $8.20 per share, as compared with $7.15
per share paid in 1932.-V. 138, p. 333.
-Hartford Steep; tgej Inspection & Insurance Co.
Extra Dividend.
The directors have declared an erttrdividend of $1 per share on the
capital stock, Par $10. in addition to the regular quarterly distribution of
40 cents per share, both payable July 2, to holders of record June 25.
Extra distributions of 20 cents per share were made on Dec. 1 1933 and
Dec. 1 1932.-V. 137. p. 3847.
Hat Corp. of America.
-Earnings.
Earningsfor 6 Months Ended April 30.
1934.
1933.
$155,766 loss$97,534
Net profit after taxes, depreciation, interest, &c--V.138, p. 4127.
'Haverhill Gas Light Co.
-Smaller Dividend.4th&e
The directors have declared a quarterly dividend of 45 cents per share
on the capital stock (par $25), payable July 2 to holders of record June 27.
This compares with quarterly disbursements of 56 cents per snare paid since
April 1 1926, when in addition to the regular quarterly disbursement an
extra dividend of 25 cents per share was paid.
-V.138, p. 4300.
Helena Rubinstein, Inc.
-Earnings.
1931.
$514,993
1930.
$684,318
1933.
Calendar Years
Operating profit
$228,371
Depreciation on turn.,
fixt. & equip.. amort.
ofleaseholds,improve..
&c
39,529
1932.
$172,959
39.666
.37.041
38,938
Operating income_ _ _
Miscellaneous earnings _
$188,842
19.033
$133,293
25,031
$477,952
16.663
$645,380
22,943
Total income
Prov.for income taxes_ _
$207,874
25,466
$158,324
37,420
$494,615
78,654
8668,322
113.858
Net profit
Balance Jan. 1
Miscellaneous credits---
$182,409
524,945
37,465
$120,904
650.088
3,478
$415,961
565.852
17.065
$554,465
454.425
3.177
Total surplus
Divs. paid on pref. stock
Miscellaneous deductions
$744.819
109.803
18,612
$774,470
221.158
28,365
$998,879 Si.012.067
357.912
340.174
88,303
8,617
Earned surplus Dec.31 $616,405
8565.852
$524,945
$650,087
Shares common stock
outstanding (no par).
294,492
294,492
294,492
294.492
Earnings per share
Nil
$0.72
$0.28
$0.25
Consolidated Balance Sheet Dec. 31.
Assets1933.
1932.
Liabilities
1932.
1933.
Cash
8817,234 $711,649 Accounts payable_ $43,241
$27,010
Accts. receivable__ 132,958
108,568 Accrued salaries,
Marketable secure. 533,086
98,032
44,418
296,088 expenses, &c.__
Can. att. of dep..
112,616
57,525 Res. for inc. taxes_ 114,286
Inventories
203,928
15,000
176,980 Res. for coating__
Sundry accounts &
x Capital stock &
adv. received._ _
3,342
paid-in surplus.. 926,003
947,839
2,418
on leases, &it
Boys.
17.082
17,598 Earned surplus... 616.405
524,945
H. J. T. Holding
Corp
56,583
Horoytus Rlty Co..
Inc., advance on
sect. of factory
bldg. addition
49,583
Land and building
43,589
34,970
Furniture, fixtures
& leash. impts
162,287
191,711
Formulae, trademarks, &c
1
1
Prepaid rent, adver., insur.. &c.
34,898
19,737
Total
81,797,967 $1,671,828 Total
81,797,967 31,671,828
x Represented by 107.487 (110.579 in 1932) shares of $3 convertible pref.
stock and 294,492 shares of common stock, both of no par value. V. 38,
p. 3288.
ollinger Consolidated Gold Mines, Ltd.- xtra
iv
The directors have declared an extra dividend of 5 cents per share
addition to the usual monthly dividend of like amount on the capital0
,
01.
par $5, both payable July 16 to holders of record June 29. Like amounts
were paid on this issue on April 23, May 21. and June 18 last, while on
March 26 1934 an extra distribution of 15 cents per share was made.
-V.
138,P. 3948.
Hotel St. Regis, Inc., New York.
-Court Grants an
Injunction Restraining Hotel from Selling Furnishings.
Vincent Astor, who is foreclosing a $5,000,000 mortgage on the Hotel
St. Regis, on June 25 won his plea for a temporary injunction restraining
the Hotel St. Regis. Inc., and corporations controlled by the heirs of
Benjamin N. Duke from disposing of the furnishings and equipment of the
hotel.
The injunction, granted by Supreme Court Justice John L. Walsh, is
directed against the St. Regis Co., the Durham Holding Corp., asserted to
be the present owner of the personal property under the foreclosure of a
chattel mortgage given for loans by the hotel company, and the Durham
Properties Corp. and the Durham Realty Corp., which were involved in
the hotel financing.
Under the decision Raymond Moley, former Assistant Secretary of State
who was appointed receiver of the hotel on June 7 to operate it during the
foreclosure proceeding, has a right to use the equipment until the property
-V.138. P. 3948.
Is sold, unless the decision is reversed.
Houston Electric Co.
-Earnings.
1934
-Month-1933.
1934-12 Mos.-1933.
$188,454
$162,969 $2,090,290 $1,963,505
Gross earnings
Operation
91,733
83,094
1.036,872
1,001,629
Maintenance
27,427
22,580
289,053
281,360
18,523
18,216
Taxes
223,842
216.102
21.325
22,439
275,066
Int.& amortiz. public).
284.057
829.444
$16,639
Balance x
$265,457
$180,357
x Interest on 8% secured income bonds is deducted from surplus when
declared and paid. Interest not declared or paid to May 31 1934 amounts to
$23,600 and is not included in this statement.
Operating income_ ___
Non-operating income__
8287.068
24,684
$284,638 81,432.499 81,547,874
123,973
128,217
25,191
Gross income
Income charges
$311,752
315,451
$309,829 $1,560,716 81,671,847
1.572,308
1,573.074
314,962
Netincome
-V.138, p. 4301.
def$3,698
def$5,132 def$12,357
$99,539
Hudson Motor Car Co.
-Sales &c.
-
Retail sales of the company, including domestic, Canadian and foreign
sales, totaled 1,950 cars for the week ended June 16, as compared with
i
1,725 cars in the week of June 9, an increase of 13%. Retail sales in the
United States alone for the June 16 week were 17% larger than the previous
week while Canadian retail sales increased 30% over the previous week.
In making public the above figures, Roy D. Chapin, President, said
Hudson's inventories, which stood at 87.049,000 on April 30, had been
reduced by May 31 to $4,484,000. Accounts payable during the same period
were reduced from $6.110,000 to $1,731,000.
For the first five months of the year the company produced approximately 60,000 cars and during the month of May production was approximately 11,000 cars. During the last 30 days there has been a steady reduction in the number of cars in the hands of dealers.
Financing of current operations by the company's banks and financing
of the company's dealers in the usual manner by the Commercial Investment Trust continues on a satisfactory basis, it is stated. Cash on hand is
In excess of current accounts payable, none of which is due. Bank loans
have been substantially reduced from their early spring peak and are well
below the full line of credit now available.
Based upon the company's production schedule estimated for the balance
of the year, next Jan I should show a still further improvement in the
company's working capital and current position.
April Retail Sales 210% Above Last Year.
-
Retail sales for April, based upon newly issued official new car registration figures, were 210% greater than for April 1933, according to figures
announced by Chester G. Abbott, General Sales Manager. Hudson and
Terraplane registrations for April 1934. totaled 8,966 compared with 2,886
for April 1933, while new car registrations for the entire industry aggregated
222,900 against 119,9728 year ago.
Mr. Abbott further points out that in 1933 the sales peak for the year
was reached during the summer months and current demand points to an
excellent summer and fall business for 1934.-V. 138. p. 4128.
Idaho Power Co.
-Earnings.
[Electric Power & Light Corp. Subsidiary.]
Per. End. May311934
-Month-1933.
1934-12 Mos.-I933.
Operating revenues
$351.577
$298,721 $3,930,152 83.842,894
Oper.exps.,incl. taxes
170,666
145.550 1,918,268 1,874,166
Net rev,from opera-Other income
$180,911
Dr391
$153,171 $2,011,884 $1,968,728
25.924
753
4,300
Gross corp.income_ __
Net int. & other deducts.
$180,520
59,477
$153,924 $2,016,184 $1,994,652
724,964
59,641
715,652
Balance
34121,043
y$94.283 $1,300,532 81,269.688
Property retirement reserve appropriations
380,000
437,500
Balance
x Divs. applic. to pref. stocks for the period,
whether paid or unpaid
8863.032
$889,688
414,332
414,050
Balance
8475,638
$448,700
x Regular dividends on 7% and $6 pref. stocks were paid on May 1 1934.
After the payment of these divs, there were no accumulated unpaid diva.
at that date. y Before property retirement reserve appropriations and
dividends.
-V.138, p. 3949.
Illinois Central RR.-Earnings.May1931.
1934.
1933
1932
Gross from railway
$6,568.048 $6,352,103 86.442,283 $9,117,491
Net from railway
1,717.960
1.402.576
1,922,819
1,342.984
Net after rents
846.069
801,530 1,311,372
627.727
From Jan 1
Grose from railway
32,101,961 28,490,117 33.098.223 43,775,777
Net from railway
8,452,988 7,369,674 8,080,480 7.363,688
Net after rents
5,358,610 4.339.474 4,703.481 3,367.588
Earnings of Illinois Central RR. System.
May1931.
1934,
1932.
1933.
Gross from railway
$7.533,482 $7,333,511 $7,326.835 810,653.733
et from railway
1,475,746 2,020.121
1,683,534 2,302,980
et after rents
853,989
547,915
905,253
1,478.444
From Jan. 1
roes from railway
36.654,632 32,779,904 38,007.338 50,856,903
N6t from railway
9.606,561
8,596,089 9,091,412 8,130,635
Net after rents570 4.433,487 4,579,331 2,670,963
Delays Using PWA Funds.-
The company has issued the following statement: "Referring to operating
figures released June 25 the company has arranged for a loan of 810,000,000
from the Public Works Administration, of which it is estimated that the
amount expended for maintenance will be $8,745,376. The amount so
expended will be charged to suspense for the time being and charged out
to operating expenseq over a period of36 months. There has been expended
through May $967,705, of which 285,148 is included in the operating Ox.
expensesreported for May."
-V. 138, p. 4301.
Illinois Power & Light Corp.
-Earnings.
Consolidated Income Statement.
Calendar Years1930.
1933.
1931.
1932.
Gross earns.from oper--826,233,396 $27,111,394 $34,475,208 837.122.937
Over. asps., incl. rentals 11,274,611 11,314,939 14,177,217 15.131.071
Maintenance
1
•
Taxes
1,744.987
1.561,184_ 2.158,893 2.287.898
'
Net earnings
Other income
$11,150,368 512.103.173 815.131.589 816,075,529
329,408
711.353
657.427
396.379
Total income
$11.479.776 812.499.552 815,842,942 816.732,956
Interest charges, &c_
i 7.143,208 6.765,175 7.216,229 J6,987,981
Bond disc't amortized_ _
1 153.355
Dividends on pref.stocks
of subsidiaries
802,135
747,183
424,312
424,139
Approp. for deprec., rereplacem'ts,&c 2,005,584
1.814,912 2.173,245 2.238,915
Balance
81.906767 $3.495,328 $5,651,333 $6.605,522
2
Preferred dividends....
2,778,000
947,000 2,901.000 2,863,500
Common dividends_
600,000 2,850.000 3,600,000
Deficit
-V.137, p. 1413.
$959.672
85.672
862.167 sur$227.522
4466
Financial Chronicle
Indiana General Service Co.
-Earnings.
Calendar Years
1932.
-1933.
Operating revenue-Electric
$2,647,072 $2,771,226
Heating
177,311
152,274
Total
Operation
Maintenance
Depreciation
Taxes
$2,799,347 $2,948,538
1,532.219
1,469,095
98,258
85,667
380,300
394,497
313.069
280,001
Operating income
Other income, net
$570.085
17,885
$624.690
32,798
Totalincome
Deductions from income
Interest on funded debt
Amortization of debt discount and expense
Other deductions
$587,971
$657,488
197,215
18,926
7,043
220,091
23,068
7,828
Net income
Preferred dividends (net)
Common dividends
-V. 135. p. 3165.
$364,786
238,256
30,000
$406,499
Indiana & Michigan Electric Co.-Earnings.Calenda, YearsOperating revenue. electric
Operation
Maintenance
Depreciation
Taxes
1932.
1933.
$5,846,498 $6,238,490
2,085,040
1,974,172
235,133
195,979
1,052,580
1,074,137
796,060
702,001
Operating income
Other income, net
$1,900,207 $2,069,676
164,483
173,918
Totalincome
Deductions from income
Interest on funded debt
Amortization of debt discount and expense
Other deductions
$2,074,125 $2,234,160
---industrial Cred• C
Extra Distribution.
. of
1,248,872
87,565
46,664
$690,853
490,081
36,013
Net income
Preferred dividends (net)
Common dividends
-V.122, p. 1455.
1,274,150
91.111
18.010
$851,058
ew England.
-63/ Cents
An extra dividend of 6% cents per share has been declared on the common stock, in addition to the regular quarterly dividend of 32 cents per
share, both payable July 1, to holders of record June 15.Li e amounts
0,
were paid on April 2, and Jan. 1 last.
-V.138, p. 1926.a.
) fj,s •1.44.*
••••----ITiterborough Rapid Transit Co.
-Receivers p Case Federal Judge Julian W. Mack has signed an order making the Ban
Trust Co. a party defendant to the I. R. T.receivership case. The Ba
rs
Trust Co. is trustee under a collateral issue of I. R. T. securities of which
$31,000,000 are outstanding. This issue, which is in default, from Sept. 1
1932, is secured by $54.000,000 of I. R. 'I'. 1st & ref, gold bonds. The
action preceded a motion made to enjoin the Bankers Trust Co. from forcing a sale of the collateral.
Judge Mack on June 27 signed an order denying a motion by Mr. Murray
for an injunction to prevent the Bankers Trust Co. from disposing of the
collateral. Mr. Murray sought the injunction after Lillian Boehm, a
security holder, started suit in the State Supreme Court to compel the
bank to liquidate the collateral.
June 30 1934
Stockholders of Hobart Manufacturing Co. will meet June 28 to ratify
the purchase
-V. 138, p. 4129.
International Great Northern RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138, p. 3778.
1934.
1933.
$1,084,234 $1,418.608
533,779
161,694
297,010
5,251.820
659.653
5.190,359
1,557,210
714,620
1931.
1932.
$867.563 $1.905,001
558,531
192,259
250,653
90.687
4,413,331
587,840
def41,999
7,975.622
2,004,995
942,395
-Increases
International Nickel Co. of Canada, Ltd.
Holdings in Ontario Refining Co., Ltd.
See American Metal Co., Ltd., above.
-V.138. P. 3440.
-Pays Overdue Interest.
Jacksonville Gas Co.
F. W.Seymour, President has announced that the company has provided
the necessary funds to pay the interest coupons ob its first mortgage bond
due June 1 1934. and the interest coupons on its 6% debentures due on
May 1 1934. The funds have been deposited with the trustees under the
indenture. First mortgage bond coupons due June 1 1934, should be
presented to the Central Republic Trust Co., Chicago and debenture
coupons should be presented to Guaranty Trust Co., New York, promptly
for payment.
-V. 138. p. 3951.
Kansas Electric Power Co.
-Earnings.
3 Months Ended March 31Gross earnings
Operating expenses and taxes
1934.
$533,042
367,242
1933.
$519.675
338,310
Net earnings from operation
Other income (net)
$165,800
2,859
$181,366
4,875
Net earnings available for interest
Interest deductions(net)
$168,659
93,742
$186,241
93,324
Netincome before dividends
Preferred stock dividends-.
$74,916
44.716
$92,917
44,735
Surplus
-V. 138, p. 3779.
$30,201
• $48,183
Kansas Oklahoma & Gulf Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 3779.
1934.
$149.662
60.859
29,978
1933.
$149,800
72.105
37,214
1932.
$135,334
46,194
20,530
1931.
$222,635
93.686
55,371
785,434
389,565
239.534
668,393
301.373
154,084
763,807
317.566
160,995
1,047,067
428.842
243,599
-Sales Increase-New Model.
Kelvinator Corp.
A gain of 462% in Kelvinator refrigerator sales through major retail
stores and an increase of 181% in the number of KelvInator's major store
fiscal year
accounts during the first six months of the corporation's currentannounced
as compared with the corresponding period last year have been Kelvinator
Division of
by V..1. McIntyre, manager of the Department Store
Corporation.
Announcement of a new Kelvinator electric refrigerator "the Electric
Kelvin Chest," revolutionary in price, size and desi n, has been made by
H. W. Burritt, Vice-President in charge of sales.- . 1 8. P. 4302.
Federal Judge Mack Directs Receiver to File Tax Return wit
-Declares $1 Dividend.ir----Keystone Watch Case Corp.
City with Reservation on LiabilityThe directors have declared a dividend of $1 per share from accumulated
Federal Judge Julian W. Mack on June 27 directed Thomas E. Murray
Jr., receiver, to file a return with Comptroller McGoldrick of N. Y. City,
under the local law impsoing upon all public utilities a tax of 134% of gross
receipts. The order was made, however, with the reservation that the
receiver, by filing the return, did not admit any legal obligation to pay the
tax.
The interborough was taxed $428.000 under a similar local law enacted
during the O'Brien administration, but made no payment, disclaiming
liability under the law. Counsel for the receiver, it is understood, have
advised him that the compnay cannot be made to pay such an impost.
Judge Mack ruled, however, that the receiver probably was required to
make a return.
Judge Mack on June 27 signed an order making July 1 the effective date
of the new pension system which resulted from negotiations between Mr.
Murray and the company's employees.
Senate Committee Investigating Receivership.
The current receiverships of the Interborough Rapid Transit Co. and
the Manhattan Railway Co. were held up to a Senate investigating committee as "illustrations of the abuse of the process of our Federal courts,"
in testimony given in New York, June 25, by Charles Franklin, stockholder and former general counsel for the Manhattan.
Senator Henry F. Ashurst of Arizona. chairman of the committee,
said in opening the session, that the committee wished to hear more about
the Interborough-Manhattan receiverships because "some phases still seem
strange and mysterious."
They called Mr. Franklin and Theodore S. Watson, a director of the
Manhattan to bring down to date the complaint which underlies pending
litigation in opposition to the receiverships and to the receivers and their
conduct.
The New York "Times" June 27 stated:
After two years of public accusations that the present Interborough
Rapid Transit receivership was "collusive and corrupt," James L. Quackenbush, general counsel for the Interborough, took the witness stand June 26
at the bar association and made the first official reply. He told a Senatorial investigating committee frankly that the receivership had been
"arranged" and that he, as general counsel for the Interborough, "was
the one who arranged it."
Mr. Quackenbush said he picked the American Brake Shoe Co. of Del.
as a creditor whose unpaid bill for $27.000 was to be refused formally in
order to throw the transit system of the Interborough into a Federal equity
receivership. He said he arranged for proper counsel to represent the
Brake Shoe Company and co-operated with that counsel in preparing the
receivership application against the Interborough which was received
by Judge Martin T. Manton in August 1932.
The application was presented to Judge Manton as senior judge of
the'Federal Circuit Court, over the heads of the Federal District judges,
Mr. Quackenbush said "because I did not believe the procedure adopted
by the District judges was suited for the administration of the Interborough."
-V. 138. p. 4128.
''International Business Machines Corp.
-Sells Dayton
Scale Division to Hobart Manufacturing Co.
At a special meeting, June 25, stockholders voted to sell the domestic
assets of the company's Dayton Scale division to Hobart Manufacturing
Co. of Troy, Ohio. in return for 100.000 shares of class B stock to be issued
by the Hobart Co. Assets of the business conducted by foreign subsidiary
companies and the business of,International Scale division (heavy duty
and industrial scales. Stc.) are not inlcuded in the transactions. The
property sold consists of the entire manufacturing plant at Dayton, Ohio,
except plant No. 2, and all assets and patent rights appurtenant to the
Dyaton Scale business Of manufacturing and selling computing scales.
meat choppers and slicers, coffee grinders. &c.
Hobart Manufacturing Co. will recapitalize by changing its present
200,000 shares of stock into 200.000 shares of class A stock, which will
be exchanged for the present stock, share for share. and by authorizing the
issue of 100,000 shares of class B stock, according to the plan. (For
further details, see V. 138, P. 4300.)
International Business Machines Corp. retains a license under the
patents to be transferred, for use in its present products now being marketed.
Holders of 479,464 shares, or 68% of the outstanding capitalization of
International Business Machines Corp. were represented at the meeting
and voted to ratify the sale.
surplus on the capital stock (par $16.66 2-3), payable July 16 to holders
of record July 5. The last previous dividend paid by the company was a
semi-annual dividend of 75 cents per share paid Feb. 1 1931, on the then
$25 par stock. Since that time the par value of the stock has been reduced
by distributions of capital to stockholders, the last distribution of $3.33 1-3
per share having been made March 17 1933.-V. 137, p. 323.
-June Sales.
Kroger Grocery & Baking Co.
-1933.
1934-24 Wks.
1934-4 Wks
.-1933.
Per End.June 16.
$17.466,588 $16,026,489 $101439.718 $91,997,868
Sales
in operation during the four weeks ended
The total number of stores
June 16 1934 were 4,344,compared with 4,603 in the same period in 1933.V. 138, p. 3093.
-Earnings.
-Lake Superior & Ishpeming RR.
Calendar YearsOperating revenue
Operating expenses
1933.
$1,871,784
987,613
1932.
$444,624
773.888
Operating profit
Other income
-329,263
$884,171 deft
61.638
67,428
Gross income
Other deductions
Provision for Federal income tax
$951,599 def$267.624
17.858
82.737
120.407
Net profit
Dividends paid
$748.454 loss$285,483
85.680
471,240
Increase in surplus
Previous surplus
$277,214 def$371.163
1.375,300
1,004,137
Profit and loss-Surplus at end of year
$1,281,352 $1,004,137
General Balance Sheet Dec. 31.
1932.
1932.
1933.
1933.
Liabilities$
Assas4,284,000 4,284,000
Property and equip 8,475,473 8,494,576 Capital stock
183,755 Accts. pay., real &
699,093
Cash
204,866
personal tax., &o 222,248
a Market. securi53,152 Fed. Inc. taxes pay 128,173
53,152
ties(an.co.)-2,150
Deferred credits__
2,122
Notes and accounts
Res. for depree. __ 4,241,847 4,116,794
receivable
6,980
630,665 Approp. surplus__
7,422
Affiliated cos.._ 616,200
50,446 Profit and loss surp 1,281,352 1,004,137
88,797
Others
197,861
222,753
Inventories
8,471
11,694
Deferred charges
Total
10,167,165 9,618,929
10,167,165 9,618,929
Total
a Capital stock owned in affiliated company at Dec. 31 1933, had an
at that date of $11,440 based upon last sale quoted,
indicated market value
Dec. 22 1933.-V. 138. p. 3780.
-Petition of Three Bondholders for
Laclede Gas Light Co.
Reorganization of Company Under Bankruptcy Act Denied.
Federal Judge Faris at St. Louis has denied approval and dismissed the
petition of three bondholders (holders of $5,000 of company's bonds), who
sought reorganization of the company under Section 77-h of the Federal
Bankruptcy Act. Judge Faris stated in his denial:
"Under the evidence before me, there is no doubt that Laclede Ga Light
Co.is fully solvent,for the fair and reasonable value of its asses exceeds its
liabilities secured and unsecured. This statement applies of course, only
to the facts adduced in this proceeding. It is not to be considered as a
thorough-going adjudication of the question of solvency.
"It is also plain from the evidence in this case that the alleged debtor is
presently unable to pay or meet its financial obligations as they mature.
This is plainly due not to its lack of earnings, which are in a sense colossal,
but to its failing to provide from these earnings a sinking fund against lean
years, and because it applied from its large income earnings which it might
well have put into its sinking fund large sums to the payment of dividends
on its common stock."
Commenting on the proposed extension plan for the $10,000,000 of bonds
which matured April 1 but are unredeemed, the Judge said:
"Obviously, the plan held in mind by Laclede Gas will afford it ample
relief and relief to its creditors if it shall be carried through at but small
cost to all concerned with the cost of the proceeding at bar. I am not
called on to give my judicial approval to this plan, and I am not intending
by what I have said to do so. I am merely saying that as detailed by the
witnesses and documents offered in evidence, it seems to afford a fair measure of relief and equal and fair justice to all concerned. Therefore, the
petition will be denied and dismissed.
-"V. 138, p. 4302
& Cady, Detroit.
-30
-cent Dividend.
A dividend of 30 cents per share has been declared on the capital stoc
par $10. payable July 5 to holders of record June 30. This compares with
45 cents per share paid on Feb. 1 last and 15 cents per share paid on Oct. 10
1933, prior to which quarterly dividends of 15 cents per share had been
paid up to and including March 31 1931.-V. 137, p. 2470.
Lehigh & Hudson River Ry.-Earnings.1931.
May1934.
1932.
1933.
Gross from railway
$179,700
$137,828
$128,455
$121,138
57.909
Net from railway
38.339
43,249
33.086
Net after rents
23,787
7,307
16,474
18,456
From Jan 1
Gross from railway
858,557
709,834
638,618
561.910
Net from railway
259,669
175,248.
193,504
168,801
Net after rents
102,635
78,390
41,168
53,907
-V. 138, p. 3780.
Lehigh & New England RR.-Earnings.May1934
1931.
Gross from railway
$373.193
$306,326
$242,465
A229,i78
Net from railway
79,465
83,415
9,422
52,308
Net after rents
74,220
72.732
10,925
47,613
From Jan 1
Gross from railway
1.557,319
1.812.507
1,445,696
1,130.821
Net from railway
453.643 ' 204,384
390.697
313,164
Net after rents
387,862
380.983
311.355
210,303
-V. 138, p. 3780.
Lehigh Valley RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 4302.
4467
Financial Chronicle
Volume 138
1934,
1931.
1932.
1933.
$3,697.624 $2,901,828 $.3,122,237 $4,602,673
913,760
424,327
941,287
453,433
544,106
556,490
113,062
78,780
17,808.956 14.230,649 17,153.057 22.552,347
4,878,222 2,201,023 3.265,294 4.404,487
2,416,089
1.475,222
3,129,175
336,423
-terner Stores Corp.
-Accumulated Dividend.
The directors have declared a dividend of $1:62;4 per share on the 6%
cum. pref. stock, par $100, payable July 10 to holders of record July 2.
This dividend covers the quarterly dividend due Nov. 1 1932. Similar
distributions were made on this issue on May 1 and March 24 last, this
latter being the first payment made since April 30 1932.
Following the July 10 disbursement accruals on this issue will amount
to $9.75.-V. 138, p. 4129.
ong Island Lighting Co. Injunction Sought Against
Sale of $6,845,000 Bonds-Contrac ailed Unfair-Cornpa
Insists That Deal Is Essential in Meeting Pressing Obligations.
Two investment bankers, including a partner in W. C. Langley & C
have brought a bill of complaint against the company in the New York
Supreme Court, seeking to restrain it from entering into certain contracts
or executing certain indentures in connection with a proposed sale of $6.845,500 of 1st ref. mtge. 5% bonds at a price of 93 to local insurance companies and savings banks.
Among the proposed contracts to which the bill of complaint objects
are restrictions preventing the payment of any dividends until $4,535,200
of first mortgage bonds due on March 1 1936. have been retired or refunded. Preferred dividends, further, may not be paid unless earned, and
common dividends are prohibited until common stock and surplus have
reached $20,000.000, comparing with $6,278,630 at present. The latter
condition, it is assumed, is to bring about a substantially larger equity
investment in the utility.
The purpose of the new bonds is to liquidate $6,000,000 of demand
loans held by five or six large banks. As there is $6,359,104 of other unsecured demand notes outstanding, the prospective purchasers of the bonds
require that the holders of these notes accept an issue of convertible debentures junior to the new bonds.
The bill of complaint argues that these and other restrictions in the
proposed contracts are excessive, saying.;
"There is no necessity, in order to effect a sale of said bonds, for the
company to enter into any covenants or agreements whatsoever restricting
its operations or the exercise of their discretion by future boards of directors,
or interfering with the management of the company or curtailing the rights
of stockholders to receive future dividends."
In contesting the proposed contracts, indentures and other features
of the transaction, the plaintiffs assert that "on information and belief
. the board of directors has no right or power to authorize, and the
officers have no right or power to execute or deliver, such a supplemental
indenture without the consent of the,
holders of two-thirds of the preferred
and common stock of the company.'
The bill of complaint was brought by Sullivan & Cromwell and Beekman, Bogue & Clark on behalf of S. Reading Bertron of Bertron, Griscom
& Co.,and Chester Dale of W.C. Langley & Co., acting in their own behalf
and also on behalf of a common stockholders' committee of which they are
members. The other members are Morton G. Bogue and F. H. Babcock.
Edward de Rivera, 40 Wall St., is secretary of the committee.
The common stockholders' committee issued a statement
June 27 as follows:
As indicated in the notice which the committee has sent to all the common
stockholders of the Long Island Lighting Co.. the committee understands that
the directors proposeto effect the issue and'aloof$6,845,500ofthe company's
1st ref. mtge. 5% bonds on terms which, by severely restricting dividends
on pref. and common stock, will injure the investment of the p.ref. and common stockholders and seriously hamper the company in financing its present
and future requirements and its ability to serve its consumers.
In addition, the committee understands that certain limitations are being
placed upon the issuance of mortgage bonds of the company, which, if
made effective, will make it more necessary than ever for the company to
finance through junior securities, although, as above stated, such securities
are adveresely affected by the agreement itself.
Upon learning of this statement, a letter to stockholders
was drafted and signed by E. L. Phillips, President, by
order of the board of directors, which was in part as follows:
During the years 1928-1931 the growth of your company made necessary
Improvements in power plants and extension of power lines and gas lines
over practically our entire territory. To make such improvements large
sums were borrowed from the banks. Came depression. The "banking
holiday" found us with a current indebtedness of upward of $12,000,000,
which floating indebtedness your company must meet.
In 1933 the company, having obtained approval of the Public Service
Commission to the issuance and sale of its Series B ref. bonds to the extent
of $6,845,500. filed with the Federal Trade Commission a certificate of
registration as required by the National Securities Act. W. C. Langley.
as a director, opposed this action, and upon his insistent demand the cornpally withdrew the said registration certificate.
Your directors thereupon applied to the Federal Trade Commission and
received a ruling that these bonds so authorized by the Public Service
Commission could be sold to private investors as an exempt transaction.
Accordingly, negotiations were opened with certain insurance companies
and savings banks, and a tentative agreement has been made whereby the
purchasers take the entire issue at the price authorized by the Public Service
Commission, provided $6,000,000 of other current creditors agree to accept
debentures for their indebtedness.
Your company knows of no way of paying the $12,000,000 of current indebtedness except, first, to issue new securities or, second, stopping dividends upon the pref.stock, which would be most unfortunate not only to the
pref. stockholders but to the company as well.
As one of the terms of sale the purchasers stipulate that the company
agree not to pay any dividends upon the common stock until the payment
or refunding of the lst-mtge bonds is accomplished early in 1936, and thereafter that dividends should be paid on the common stock only from surplus
earnings as defined in such agreement.
The statement says the company has been endeavoring to sell the new
bonds for more than a year and that this proposal of the insurance companies and the savings banks is the only definite offer which it has had for
them. The companies referred to as prospective purchasers in the bill
of complaint are the Equitable Assurance Co. of the United States, Metropolitan Life Insurance Co., East River Savings Bank and Excelsior Savings
Bank. All these except the Equitable Assurance are named as defendants
in the action. The Irving Trust Co., as trustee under the trust indenture
made Jan. 1 1923. is also named as a defendant.
Mr. Phillips's statement also asserts that Mr. Langley, head of Langley
& Co. and a director of Long Island Lighting, has opposed the proposed
sale from the beginning of the negotiations and that all the other directors
approved the proposed contracts.
The approval of the board, according to Mr. Phillips, was given because
the contract "is made direct to the purchasers without the mediation of
any investment banking firm or payment of any commission; because it
enables the company to pay off $6,000,000 of banking indebtedness which
is now represented by demand notes: because it enables the company to
refund $6,500,000 of other indebtedness by agreement with holders of its
notes to accept debentures in such form as may be approved by the Public
Service Commission in payment therefor.
"Because it reduces the interest rate from a 6% to a 534% basis (5%
bonds at 93, with comparable provisions for debentures) thus saving the
company $5,000 a month on the interest rates now being paid; because the
plan provides for ample capital for betterments and improvements; because the company believes that the noteholders of the company who
must be paid should be paid; and because it should enable the company to
continue to meet its obligations, pay dividends upon its preferred stock
and strengthen the company financially."
The company's statement also asserts that the majority of the directors
believe it is not a good policy to disperse cash in dividends on the common
stock while there is so large a floating indebtedness, that the proposed
conditions on common dividend payments are not only reasonable, but are
for the best interest of the company and all of its stockholders, and that
the equity ofcommon stockholders is not impaired but is conserved by suspension of dividends. In conclusion it says;
"Your company therefore asks that you withhold any litigation against
the corporation which can only lead to a confusion and expense, and when
the time comes we shall ask you to sustain the directors in the steps they
have taken."
William C. Langley, in a letter dated June 26, addressed
to Ellis L. Phillips, President of the company, states:
As the holder of a large block of Long Island Lighting Co.common stock.
received this morning your letter of June 25 addressed to the company's
stockholders.
It is useless for me to discuss the situation by letter as a complete statecot of my position as a director of the company was made at yesterday'
board meeting and is on file. I do believe, however, it is in order for me to
correct certain mis-statements in your letter. I have never voted against
the filing of the registration statement, and within two weeks a motion was
made to bring such statement already prepared down to date, which I
seconded,and I have for a considerable time past been urging you to proceed
with the registration of your bonds on the statement which you prepared
last year which only needed revised earnings figures.
You filed on Nov. 28 a registration application with the Federal Trade
Commission. At that time I did not oppose such application except on
the ground that it was premature and futile at that time. Filing of the
registration was voted on at a directors' meeting at which I was not even
present. The records show that, although you were authorized to sell
your bonds at not less than 93,on the date offiling the Long Island Lighting
Co. first refunding 5s were selling in the low 80s. At that time I simply
suggested that the registration filing be deferred. Your statement that
you withdrew the registration statement because of my insistent demand
is not the fact.
Your statement to the effect that tne proposed sale Is the only definite
offer you have received within a year for your bonds is untrue, as you
received a firm bid for a larze block of these bonds in June a year ago with
an option on the balance. In addition, within one month you have received
two different propositions which should result in the sale of your bonds
to net the company 93 and int., the same price at which the insurance
companies take them. No terms of an onerous or restrictive character
were made in connection with these offers. Your statement that I was
opposed to your proposed sale from the beginning is untrue, and my
correspondence with you and the minutes of the directors' meetings establish this fact. I entirely approved of the sale to these institutions at 93
and int. and still do. What I object to are the conditions of the sale which
are totally unnecessary and will, in my opinion, work great hardship on
the security holders of the company and even interfere with its ability to
finance and give service to its consumers. With respect to common dividends, the records show that I voted against common dividends over
a year ago, but I do not believe in restrictions on dividends which last
Indefinitely,
I suggest that in order that your stockholders may learn of the merits
you attribute to the sale and its desirability ftom the company's standpoint
that you send all of your stockholders copies of the proposed supplemental
indenture and the agreement required by the buyers so that they themselves
can determine the effect the sale will have upon the securities of your company, and on the company itself.
Consolidated Earnings Statement for Calendar Years.
1930.
1931.
1932.
1933.
Consol. gross earnings-$20,133,538 $21.102.443 $20,801.741 119.526,330
Consol. oper. expenses,
maint. & taxes (incl.
Federal taxes)
10.871,521 10.805,928 10.817.278 10,537,755
.
?
Consol. net earnings- 19,262,017 110,296.515 19,984,463 S8.988.57
Fixed chgs. of subs. excl.
1,480.119
1,600.319
1.656.006
of retirement expense_ 1,721,256
760.882
828.761
Prof. dive, of subs
850,916
850.646
16.477
17.381
Minority interest
7,761
14,165
Balance
$6,682,084 $7,775.698 $7,538,002 16.731,097
Fixed charges of Long
Island Lighting Co.880,837
917.101
Int. on mtge. bonds
1,015,243
957,602
309,831
304.249
Int. on 0th. fd. debt304.125
304,125
495,949
497,381
Other interest
962,883
895,470
118,873
118.171
Amortiz. & other ded
113,949
120,453
Balance
Consol. retire. expense
$4,353,297 $5,430.635 $5,701,100 $4,925.607
863,881
1,193.230
1,299,616
1,262,066
Balance
$3,053,681 $4.168.569 $4,507.870 $4,061.726
Prof. dive., Long Island
1.538,899
Lighting Co
1.579,562
1,597,988
1,597,988
Com. dive., Long Island
Lighting Co
1.800,000
300.000
1
*1.800.000
Surplus for year
1722.827
11.155,693
$920,581 $1,128,308
* Includes $450,000 dividend declared in December 1930.-V. 138.
p. 1043.
Long Island RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3952.
1934.
1932.
1931.
1933.
$2,037,868 $1.954.866 12,448.335 13,212.765
673,6(0
884.808
1.171,064
552,694
158,172
300.311
478,426 • 768,378
9,568,267
2.189,869
568.371
•
9,259,514 . 11,790,289
2.692,092 ,- 3.295,489
1,146.569 - 1,680,832
14,355,672
4,122,801
2,571,845
Louisiana & Arkansas Ry.-Securities.The I.
-S. C. Commission on June 23 authorized the company (1)
renew and extend from time to time a promissory-note for $1,400,000, an
to continue to pledge as collateral security therefor its 1st mtge. 5% bond
series A,in the principal amount of 12,766,000;(2) to renew and extend fr
4468
Financial Chronicle
June 30 1934
time to time two notes to the Railroad Credit Corporation aggregating
participating right up to $2.50 a share, and with the existing preference
$557,223.and to continue to pledge BA collateral security therefor $234,000
on distribution of$25 a share. The common stock is to remain as at present
of its 1st mtge. 5% bonds, series A; (3) to issue and renew from time to
a no par value stock, but is to have a stated value of $1 a share.
time promissory notes aggregating at any time outstanding not exceeding
It was pointed out that the plan does not change the stated rights of
$192,777; and (4) to pledge and repledge from time to time as collateral
any class of stock.
security for any or all of said promissory notes any of its 1st mtge. 5%
After making the full charge-offs and setting up the full general reserves
bonds, series A, now or hereafter in its treasury, on the basis that the value
recommended by the auditors and completing the proposed capital readjustof the bonds pledged, when taken at not less than 75% of par, will equal the
ment, the company will have an excess of assets over all liabilities and
face amount of the notes to be secured.
reserves of $3,053,182.-V. 138, p. 1058. 4 L
4 itit_
Action was deferred by the Commission on the proposed issue of $350,000
of additional notes.
---Martel Mills Co.
-Initial Dividend
,
-V.138, p.3952.
The directors have declared an initi,a1 semi-annual dividend of'$1 Per
Los Angeles & Salt Lake RR.-Earnings.share on the 7% cum, pref, stock, par $100, payable June 30, to holders of
record June 18.-V. 136. p. 4283.
May1934.
1931.
1933.
1932.
Gross from railway
$1.431,838 $1.120,438 $1,224.491 $1,640,999
Maryland Fund, Inc.
-Organized:
Net from railway
339,639
524,283
339,895
358.763
Formation of the above company and the filing of a registration stateNet after rents
76.447
299.756
103,495
88,233
ment with the Federal Trade Commission for the sale of a 1,000,000 shares
From Jan 1
of its capital stock was announced June 27 1934 by Ross Beason, President
Gross from railway
6,461,734 5,218,789 6.419,283 8.083,154
of Administrative & Research Corp.
Net from railway
2,206.032
1,371,677 1,826,760 1,410,309
Mr. Beason states: "The Maryland Fund, Inc. has been organized by
Net after rents
40.449
1,024,449
196.193
445,261
Administrative & Research Corp. in response to a growing demand on the
-v.138. 13- 3781.
part of investors for shares of a conservatively administered group investment fund in a higher price range. Shares of the capital stock which are
LouisianaPower & Light Co.
-Earnings.
the only securities authorized to be issued, will be initially offered at about
(Electric Power & Light Corp. Subsidiary.]
$15 per share.
"In keeping with the policy announced by Administrative & Researc
Per.End. May 311934-12 Mos.-1933.
-Month-1933.
1934
Corp.. Nov.6 1933.the Maryland Fund,Inc.is not intended as an exchange
Operating revenues
$375.487 $5,407.873 $5,226,742
$419,629
vehicle for Quarterly Income Shares, Inc., but has been formed solely to
Oper.exps.,incl. taxes
294,803
230,428 3.175,428 2,940,958
afford a medium for the placement offunds for investment. No shares of
any investment trust will be accepted in exchange for shares of the MaryNet rev,from oper
$145,059 $2.232,445 $2,285,784
$124,826
land Fund, Inc."
Rent from leased prop.
In outlining the salient features of the Maryland Pond, Inc., Mr.
8,102
1,938
217
439
(net)
Beason states: "The Fund is designed to provide its shareholders through a
29,451
34,773
Other income
6.350
4,765
single medium an investment in a carefully selected group of companies
representing major fields of business and industrial activity of American
Gross corp.income.._ $129,808
$151,848 $2,269,998 $2,322,495
corporations for which the current outlook appears most attractive. To
Netint.& other deduct .
77,910
76,973
927,910
925.358
accomplish this purpose the Fund is authorized to invest its assets in the
securities of the companies appearing on its published investment list. As
Balance
y$51,898
y$74,875 $1,342.088 $1,397,137
presently constituted there are 40 companies in the investment list. InvestProp,retire,reserve appropriations
475,000
300,000
ment may also be made in United States Government securities.
"In addition, the Maryland Fund, Inc. has available a published reserve
Balance
$867,088 $1,097,137
list of 37 eligible companies all or any part of which may betransferred to
x Divs. applic. to pref. stock for the period,
the Investment list in the discretion of the board of directors. The board of
whether paid or unpaid
356,280
356,574
directors is also permitted, but not required, to add one company during
any quarter to either the investment list or the reserve list after three months
Balance
8740,857
$510,514
written notice to shareholders. More than one company may be added
x Regular dividend on $6 preferred stock was paid on May 1 1934. After
only upon the authorization of holders of at least a majority of the outthe payment of this dividend there were no accumulated unpaid dividends
standing shares of the capital stock.
at that date. y Before property retirement reserve appropriations and
"Investment in the securities of any eligible company is limited to 5%
dividends -V. 138, p. 3952.
of the value of the total gross assets of the Fund at the time of acquisition.
No limitation is placed upon the amount which may be invested in U. S.
Louisville & Nashville RR.-Earnings.Government securities.
May1934.
1933.1932.
1931.
"The initial policy of the Maryland Fund, Inc. will be to confine its
Gross from railway
$5,987,422 $5,467.199 $4,865.075 $7.748,229
investments to common stocks of the companies in its investment list, but
railway
Net from
1,420.847 1,428,302
421,211 • 1,528,489
the Fund is permitted to purchase any preferred stocks, bonds, or other
Net after rents
1,023.452
945,131
def39,274
1,005,626
securities of the companies in this list."
From Jan 1Gross from railway
29,928.635 24,725,526 27.106.541
Hotel, Washington, D. C.-Reorg. Plan.--from railway
7,922,494 5,069,568 3.180.742 38.70,415Net 6,467.920.." i'dayflower
Net after rents
The three committees (below) representing holders of the 1st mortgage,
6,282,443 3.134,656
986,468 3,939,570
6% sinking fund gold bonds, have completely reconciled their originally
-V.138. P. 3781conflicting views and promulgated a plan of reorganization which they
believe should receive the unanimous support of the 1st mortgage bondMcKesson & Robbins Inc.(Md.).-May Sales.8,
The plan hasu 7n declared operative. A digest of the plan
in v. 3 p e b5e
Period End. May 31- 1934 -Month-1933.
2
1934-5 Mos.-1933.
was
Net sales
$9.979,156 $8,531,625 $52,645,384$39,917,988
-V. 138, p. 3607, 3277, 3094.
. " Ittay Hosiery Mills, Inc.
-- ..--$3.25 Preferred Dividend.
The directors have declared a dividend of $3.25 joer share on the $4 cum.
....----Alahoning Coal RR.
-7'o Pay Off Bonds.preferred stock (no par) on account of. accumulat ons, payable Sept. 1 to
The company announces that holders o 1st mtge. bonds, due July
elders of record Aug. 15. The last Payments were $1 per share each paid
1934, should present them for paymentat maturity at the office of the
on Dec. 1 1933 and Sept. 1 1933, as compared with 25 cents per share in
company,466 Lexington Ave., N. .City.
-V.138, p.3442.
each of the four preceding quarters, 50 cents per share in March and June
Maine Central RR.
1932 and in Dec. 1931 and regular quarterly dividends of $1 per share om
-Earnings.
Dec. 1 1927 to and incl. Sept. 1 1931.-V. 137, p. 4368.
Period End. May31- 1934-Month-1933.
1934-5 Mos.-1933.
Operating revenues____ 8996.946
$926,812 $4,681,218 $4,055,389
-Larger Common Dividen
Shoe Corp.
Operating expenses
699.397
628.814 3,681.440 .2,990,942
The directors have declared a quarterly dividend of 50 cents per share
483,385
Net ry. oper. income_ _ _
219,342
221,790
642,906
on the common stock, no par value, payable Aug. 1 to holders of record
Other income
17,883
16,882
100.306
95.332
July 13. This compares with dividends of 40 cents per share paid May 1
and Feb. 1 last: 30 cents per share paid each quarter from Aug. 1 1932 to
Gross income
$239,673
$236,224
$583,691
$738,238
and incl. Nov. 11933; 40 cents per share on May 1 1932, and 50 cents per
Deductions (rentals, inshare paid'quarterly from Feb. 1 1930 to and incl. Feb. 1 1932.-V. 138.
terest, &c.)
178,462
181,678
883,813
915,073
p.4303.
Net income
$61,211
$54,546 def$300,122 def$178,835
-V.138.p. 3953-Maine Gas Cos.
--Omits Common Dividend.
The directors have decided to omit the quarterly dividend due at this
time on the common stock (no par). Formerly the company paid 25 cents
per share Jan. 15 1934; 35 cents per share on Oct. 15, July\15 and April 15
1933 and 50 cents per share previously each quarter.
-V. 138. p. 503.
Manhattan Shirt Co.
-Earnings.
-1934.
6 Months Ended May 311933.
1932.
Net profit after taxes, depr., &c_ _ _
$76,896'
$32,479 loss$105,124
Shares of common stock outstanding_
224.522
227.563
256,952
Earnings per share
$0.34
$0.14
Nil
Balance Sheet May 31.
1934.
1933.
Assets1934.
1933.
Liabilities
a Land, buildings,
5
$
8
•
635,979 Common stock and
658,713
mach., &c
749,638 scrip
Accts. & notes rec. 1,049,328
5,613,072 5,689,747
23,275 Accts.,&e.,payable
Investments
6,786
34,017
16,365
86,800 Tax reserve, &o....
Mtges & real est_
93,900
88,854
16,181
Market.securities_ 371,633 1,013.787 Reserve for costing 100.000
100.000
387,834
761,351 Earned surplus
Cash
3,665,753 3,435,526
2,299,288 1,280.970 Capital surplus._ 685,437
Inventories
645,795
Trademarks, good5.000,000 5,000,000
will, &c
320,916
b Com, stock bal. 291,394
28,255
30,897
Deferred charges
10,187,133 9,903,614 Total
Total
10,187,133 9,903,614
a After depreciation and obsolescence. b Balance due on common stock
purchased for sale to officers and subscribed for by them.
-V.138. p.694.
-Earnings.
Manila Electric Co.
1934.
1933.
12 Months Ended March 311932.
44,733.422 $5,066,303 $5,335,729
Total operating revenues
1,759,905 1,846,021
Operating expenses
2,036,236
409,024
Maintenance
412,886
449,486
Prov. for retirement-renewals and
304,462
replacements
380.353
394,626
137.474
143.003
Taxes
159,400
138,728
Interest on funded debt
136,812
47,111
debt
1,068.691
Interest on unfunded
1,242.630
1,309,593
36,000
Amortization of suspense
36,000
36,000
Earns,of acquired props, prior to date
4,856
12,081
date of acquisition
20,069
Cr8,657
Interest during construction
Cr21.877
Cr42.727
$882,941
3878,395
Net income
$925,934
x Includes other income of 31,253.-V. 138, P. 2754.
•-- "Manufacturers Finance Co., Balt.-To Recapitalize.
--A plan for readjustment of the capital structure for the purpose of imcompany's financial position and furthering the payment of
proving the
full dividends on the 1st pref. stock and the resumption of payments on
the junior issues, was approved by the stockholders on June 12.
The plan provides as follows: The 1st pref. stock is to remain unchanged.
The 2d pref. stock is to be changed to a no par stock with a stated value of
$5 a share, carrying the same dividend of $1.75 a share, with the existing
Memphis Power & Light Co.
-Earnings.
[National Power & Light Co. Subsidiary]
Period End. May311934-12 Mos.-1933.
1934-Month-1933.
Operating revenues
$496.691
$482,077 $6,192,764 $6.372,794
Oper exps.,incl.taxes298,878
281,825 3,793,480 3,808.874
Net revs. from °peens
Other income
$197,813
340
$200,252 $2,399,284 $2,563,920
22,053
9,822
340
'Gross corp. Income__ _
Netint. & other deduc'ns
$198,153
70,309
$200,592 $2,409,106 32.585,973
873,591
69,883
848,718
Balance
Y$127.844 $y130,709 $1,560,388 $1,712,382
Property retirement reserve appropriations
696.319
685.413
Balance
8874.975 $1,016.063
x Dividends applicable to preferred stocks for the
period, whether paid or unpaid
390,841
394,455
Balance
$625,222
$480,520
x Regular dividends on $7 and $6 preferred stocks were paid on Apr. 2
1934. After the payment of these dividends there were no accumulated
unpaid dividends at that date. y Before property retirement reserve appropriations and dividends.
-V. 138. p. 4303.
Mexican Telephone & Telegraph Co.
-Earnings.
[Figures are in United States currency.]
Calendar Years1932.
1933.
1931.
1930.
Total oper. revenue_ --- $1,251,542 81,338,446 $1,639,720 $1,669,382
Non-oper. revenue
576
1,493
690
loss9,458
Gross earnings
$1.252,118 $1.339,940 $1,640,410 $1,659,924
Oper. exp.. taxes & dep_ 1,050.059
1,194.819 1,438.448
1.473,881
Int. deductions (net)._.
318,905
311,708
224,030
240.192
Net loss
Divs, prior pref. stock
Total deficit
$116,847
------
$166,587
20,864
$22.068
27,531
$54,149
26,791
$187.451
8116,847
$80.940
$49,599
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932,
AssetsLiabilities$
$
$
$
Plant, prop., frauCommon stork._ -13,230,000 13,230,000
chins, &C
18,232,549 18,300,544 Preferred stock..._ 300,000
300,000
Special deposits...
3,497 Prior pref. stock__ 377,910
2,934
377,910
Debt disct. de exp.
66,666
100,000 Due to Int. Tel. &
Deferred charges...
50,114
68,742 Tel. Corp
4,783,290 '4,819,790
Cash
276,144 Unearned ree
17,400
30,849
Miscell. accts. and
Notes payable.
239,521
investments __ __
89,495
93,351 Accrued taxes.. _
21,064
24,370
Accts. & notes roe. 113,399
141,536 Sundry curr. Habil.
8,169
12,433
Inventories of maReserve for depree. 130,951
193,515
terials & supplies 420,158
541,869 Accounts payable.
20,931
44,981
x Capital surplus_ 283,162
283,162
Deficit
193.610
Total
18.992,715 19,525.682 Total
18,992,715 19,525,682
x Representing credit of $1,470,000 arising from reduction in par value
of capital stock, less balance of deficit account at Dec. 31 1932 of $1.186.878.-V. 138. p. 4131.
Michigan Public Service Co.
-Earnings.
-1934.
$193,144
110,295
1933.
3190.131
93.003
Net earnings from operations
Other income (net)
$82,849
564
$97,128
4'33
Net earnings available for interest
Interest & other deductions(net)
$83413
66,502
$97,561
$67,937
Net income before dividends
-V. 138, p. 3782.
$16,912
$29,624
1932.
$109,017
31,907
13.479
1931.
$158.084
41,227
19,560
650,577
245.027
148.047
846.315
254.696
134,149
Three Months Ended March 31Gross earnings
Operating expenses & taxes
Midland Valley RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-Nr. 138, p. 3783.
1934.
$84.169
21.142
11,146
500.900
.
188,494
120,429
1933.
$108.245
44.313
32,555
525,397
216.353
137,092
Minneapolis 8z St. Louis RR.
-Earnings.
May1934.
1931.
1932.
1933.
Gross from railway
$550,860
$547675$881,821
$662,823
Net from railway
def33,817
38.006
116.235 def103,125
Net after rents
def91.146
60.892 def163.355 def41.450
From Jan 1
Gross from railway
2,873,687 2.769.604 3.113.103 4,245,327
Net from railway
161.760
306,444
70.012 def22,455
Net after rents
def122.433 def230.573 def350,160 def73.943
Earnings for Third Week of June and Year to Date.
-Third Week of June- -Jan. 1 to June 21Period1934.
1933.
1933,
1934.
Grossearnings
$130,028
$192,998 $3.267,642 $3,335,421
Reorganization.
It is understood that the various bondholders' protective committees
are in substantial agreement on a plan of reorganization, but that the
plan is being held up by the holders of preferred claims amounting to
$1,700,000.
Under the plan for reorganization It is said the preferred creditors will
be offered a substantial payment in cash and the remainder in a new prior
Ben bond.
Under the plan the prior liens would be used to pay off the $950.000
Albert Lea bonds and part of the preferred claims also would be used as
collateral for a proposed loan from the Reconstruction Finance Corporation,
part of which will be used to meet claims of preferred creditors. The issue
of prior lien bonds will be made at the rate of about $5,000 per mile of road.
the issue not amounting to more than 57.000,000, or less than $5.000.000.
It will bear 6% interest.
Formal applications for an RFC loan will not be made until consent
of the important parties, including the preferred claim holders, has been
secured, it is said.
The present bonds, with the exception of the Albert Lea issue, will be
exchanged for income bonds and stock and the present stock will be wiped
out. according to reports.
It is said, however, that there is the possibility that present stockholders
will be given the right to purchase stock in the new company at a specified
price within a restricted period.
-V. 138, p. 4304.
Minneapolis St. Paul & Sault Ste. Marie Ry.-Earns.
Per. End. Mop 31-.
1934-5 Mos.-1933.
1934-Mon/h-1933.
Total revenues
$1,070,957 $1.139,094 $4.758,920 $4,370.078
Net railway revenues
64,922
273.483
258,129
135.972
Net after rents
Cr35.603 Cr145,745 Dr160.277 Dr423,710
Other income
328.989
-Net Dr322.976
69.086
56.208
Int. on funded debt-Dr_
436.671
426.542 2.132.895 2.073.340
Net deficit
349,883 2.616.149 2.826,040
457,276
-v. 138, p. 4304.
Minnesota Mining & Mfg. Co.
-Earnings.
Calendar Years
1933.
Net income from opera. & royalties.
net Invest. Inc. & other Inc. credits_ $1,024.863
Provision for Federal income taxes __101.000
Interest paid
7.312
Patent costs written off
6.107
Miscellaneous charges
1932.
1931.
$545,252
72.500
13.875
1874.164
87.000
38,082
Net income for the year
Approp.& unapprop.surplus, Jan. 1Miscellaneous credits
$458,878
1,794,368
$748.789
2,005.774
Total surplus
Dividends paid
Adjustments
$880,443
1.703.922
145.868
293
$2,730,233 $2,253,246 $2,754.563
500,001
576.164
381,179
49.322
x384.031
y443,117
Surplus Dec. 31
$1.905,937 $1.703.922 $1,794.368
x Includes loss from disposal of capital stock of Baeder Adamson Paper
Mills, Inc. y Provision for loss in liquidation of investment in Baeder
Adamson Paper Mills, Inc.(including loss incurred in sale of stock in 1933).
Condensed Balance Sheet Dec. 31.
Assets
1933.
Liabilities-.
1932.
1933.
1932.
Cash
8145,710 $231,434 Accounts payable_ 8238,009 $120,553
Trade notes & acAccr'd wages, int.,
counts receivle_ 1.009.432
658,830 taxes & res. for
Inventories
222:000
135 986
1.268,186 1,021,840 Fed. inc. taxes__ 211,174
Other notes & ao6% deben. notes.. _
counts receirle. 299,937
340.800 y Common stock_ 2,883.780 2,883.780
Investments
945,144 1,285,008 APProp. surplus.
x Plant property &
750,000
750.000
&c
equipment
953.922
1,546,5941,520.082 Unapprop. surplus 1,155.937
Cash value of life
insurance & pension fund policies
1
Patents......
1
Deferred chargell
23,895
8,223
Total__ -......$5,238,901 $5,066,221
15.238.901 $5,086,221
Total
x Less reserves for depreciation of $803,347 in 1933 and $687,462 in 1932.
y Represented by 961,260 shares of no par value. a Includes 13,903 shares
of treasury stock carried at cost 97.005 in 1933 (12,403 shares in 1932.
$84.530).-V. 138. p. 4304.
'
Mississippi Central RR.
-Earnings.-MayGross from railway
Net from railway
Net after ren
rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138. p.3783.
complete release of all claims of the company against the Columbia Gas &
Electric Corp. Is inadequate. They also hold that the assets now owned
and to be acquired under the agreement would not exceed $500.000, whereas
general unsecured claims against Columbia Gas & Electric Corp. exceed
$1,000,000.
Similar objections were filed recently (V. 138. p. 4131) by a New York
protective committee for Missouri-Kansas stockholders.
-V. 138, p. 4131.
-Earnings.
Missouri-Kansas-Texas Lines.
Per.End. May31-Month-1933.
'1934-5 Mos.-1933.
1934
Mileage operated (avge.)
3,293
3,293
3,293
3.293
Operating revenues
$2.243,061 $2,079,928 $10,702,794 $9,019,111
Operating expenses
1,683,110
1,542,771 8.477.069 7,605.273
Available for interest......236,168
197.261
590.772 def203,491
Fixed interest charges
347.686
347,796 1,737,398 1,739,190
Avail, for int. on adjust.
bonds-def
150.534 1,146,626 1,944.682
111,517
Int. on adjust. bonds__ _
282,865
282,865
56.573
56,573
Net deficit
$168,090
$207.107 $1,429,491 $2,227,548
New President.
Matthew S. Sloan. who was elected Chairman of the Board in Arril. on
June 26 became also its President, having been elected at a meeting of the
directors upon his return to New York from a two months' intensive study
of the property. In the dual capacity of President and Chairman. Mr.
Sloan assumes complete charge of the company's operations as well as its
-V. 138, p. 3609.
policies and will devote his entire time to its affairs.
Missouri Pacific RR.-Earnings.1931.
1932.
May1934.
1933.
Gross from railway.
$6,333,307 $5,845,330 $5,503.773 $8,074,372
970,120 2,275,458
Net from railway __ _ _-_ 1,544.108 1,417.632
1,497.106
Net after rents
271.973
799,937
676,908
From Jan 1
Gross from railway
29,905,223 24.975,575 29,377,893 40.750,625
Net from railway
6,959.442 4,740,004 6,163.648 10,940.858
7.113.329
Net after rents
3,272,721
1,315,882 2.577,601
-V. 138, p. 4131.
Missouri Power & Light Co.
-Earnings.
Calendar Years1930.
1933.
1932.
1931.
Gr^ss earnings
$2.952.679 $2,920,808 $3.125.526 $3,057.878
Oper. exp., maint., taxes 1,724,900
1,668,584
1,826,331
1.823,804
Net from operations
Interest deductions
$1.227,779 $1.252,224 $1,299,194 11,234,074
461,151
464,793
470,891
431.908
Balance
Provision for retirement..
$766,628
244.304
$787,431
231,906
$828.303
225.328
$802.166
185.659
Net income
$522,324
Preferred dividends.... _
. 210,000
Common dividends
300,000
$555,524
210.000
337,500
$602,975
187.500
354,000
1616.507
180.000
411.000
$61.475
$22,507
1932.
$684.161
69.677
def61.584
1931.
$927.757
134.777
def20,418
3,076,918 3,442.688
486,529
341.690
def27,676 def260,558
4,698.661
763,104
115.300
Balance
-V.136. p. 2607.
$12,324
$8.024
Mobile & Ohio RR.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3783.
1934.
$771.908
134,669
21,532
3.680.578
590.361
54.787
1933.
$779.403
205,824
87.741
Monongahela Ry.-Earnings.may1934.
1933.
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 3783.
1335.291
198.604
98,677
1287.000
188,555
98.272
1932.
$300,363
183.780
98.590
1931.
$379.145
176.360
90.854
1,724,854
1.039,328
545.438
1,253,169
743,791
345.384
1,626.135
878.657
445,434
2,038.304
947,969
479.884
-Change in Name.MorrisPlan Co.
Following passage of legislation in the last Assembly granting the status
of State banks to industrial banking companies, the company .I. na 25
announced the change of its name to the Morris Plan Industrial Bank of
New York.'
As a result of the same amendment, which was in conformity with
National legislation qualifying Morris Plan for membership in the Federal
Reserve system and the Federal Deposit Insurance Corp., the Morris
Plan's Investment certificates held by the public will henceforth be classified
as certificates of deposit. These deposits are thus subject to the insurance
provisions of the Federal Deposit Insurance Corp.. which accepted Morris
Plan for membership last January. At the present time deposits with the
Morris Plan Bank here exceed $20,000.000.-V. 138, p. 2583.
Munson Steamship Lines.
-Trustees Named.
Federal Judge Alfred C. Coxe, on June 28 made permanent his appointment of Edward P. Farley and Morton C. Fearey as trustees pending reorganization proceedings under the new Bankruptcy Act.
-V. 138. P.
Nashville Chattanooga & St. Louis Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway - __
Net after rents
-V.138, D. 3783.
1934.
1933.
11,093.295 11,130,511
159,331
247.906
198,737
95,867
5,643.101
1,006.456
667,209
4.997.416
748.504
502,585
1932.
1931.
$935.166 11.304,883
112,263
42,676
39.061
def11.661
5,025,891
339.224
75.045
6.925,289
867,343
485,790
National Union Radio Corp.
-Annual Report.
Consolidated Income Account for Years Ended April 30.
1931.
1932.
1934.
1933.
1930.892
$476,022
1640.058
$393.500
433.406
620.984
388,942
380.224
112,960
115,167
109,630
60.537
168,423
104,628
105,662
103,278
51,892
15.988
16,977
Gross profit
Sell., adm.& gen.exrs_ _
Interest
Depreciation
Haps. of non-oper. prop_
Net loss
1934.
$56,264
6,016
879
1933.
$50.299
def7,120
def13,780
1932.
$37,251
def8,971
def15,613
1931.
$73,747
275,387
36.919
8,730
218.456
def6,701
def37,181
252,193
def30,720
def67,387
409,200
61,074
15.728
d9392
ef341
-Committee Objects to
"'"Missouri
-Kansas Pipe Line Co.
Plan.
The Chicago stockholders' Protective committee has filed objections
with the Chancery•Court, Wilmington,Del.,to the Court's approval of an
agreement between the receivers and noteholders of company and the
plan of readjustment of the funded debt and capitalization of its subsidiary,
Panhandle Eastern Pipe Line Co. John Williamson,stockholder of Missouri..
Kansas Pipe Line. also filed an objecting petition.
The petitions' contend that the agreement offers nothing of value to the
stockholders of the Missouri-Kansas Pipe Line and that consideration for a
4469
Financial Chronicle
Volume 138
$217,960
$11,970
125.573
192.724
Consolidated Balance Sheet April 30.
Assets
1934.
1934.
c1933.
c1933.
Cash
$61,000
8.85,099 $145,598 Notes payable__
$25,000
Notes and accounts
Accounts payable. 173.359
49,143
receivable
213,888
145,485 Accr. wages, royalInventories
570,537
401,388
ties, Interest, &e. 125,277
85,996
a Land, buildings,
Real estate mtges.
mach'y & equip. 1,111,181 1,180,222
418,000
7.000
due within year..
Inv. in & adv. to
18.310
Res, for conting__
11.500
affiliated co.__
Loan payable__e1.000,000 1,000.000
18,830
Deferred charges
115,000
38,882
55,242 Real estate mtges_ d112,500
500,000
ON:I-will, contracts
500,000
Preferred stock_
and license
418,953
154,618
154,618 b Common stock,. 418,953
222,783
130,059
Deficit
Total
$2.192,617 $2,082,532
82,192,617 82,082.532 Total
a After reserve for depreciation of $676.828 in 1934 and $586,597 in
1933. b Represented by shares of $1 par value. c After giving effect to
(1) issuance of 10,000 shares of preferred stock of no par value in exchange
for surrender of $1,000,000 of 5% notes due Aug. 23 1934; (2) credit of
$500,000 of the consideration for the issuance of preferred stock to capital
and the balance of $500,000 to capital surplus; and (3) application to the
deficit account of the capital surplus arising from the foregoing. d Giving
effect to the anticipated completion of an agreement in process of negotiation for the extension, as follows, of a mortgage of $103,500 due prior to
April 30 1935: Due prior to April 30 1935, $6,000; due subsequent to April
30 1935, $97.500. In addition, $15.000 carried as a demand mort ge
e Due Aug. 23 but extended to Aug. 23 1936.-V. 137, p. 4369.
-151.25 Accruea TN------Mational Bearing Metals Corp.
"
The directors have declared a dividend of $1.25 per share on accounti of
accruals in addition to the usual quarterly dividend of $1.75 per share, on
the 7% cum. pref. stock, par $100. both payable Aug. 1, to holders of record
July 16. On May 11 and on Feb. 1. last the company paid $2 per share on
account of accumulations besides the regular quarterly distribution of
$1.75 per share. Accumulations on the preferred stock after the Aug. 1
1934 payments will amount to $5 per share.
-V.138, p. 2584.
-Earnings.
National Power & Light Co.(& Subs.).
1932.
1933.
12 Months Ended May 311934.
Subsidiaries
$70.057.780 $68,077,885 $75,209,551
Operating revenues
Operating expenses, including taxes- 37.572.896 35,324,416 39,326,540
Net revenues from operation
Other income
$32,484.884 $32,753.469 $35,883,011
371,634
234.717
96,605
$32,581,489 $32,988,186 $36,254,645
Gross corporate income
Interest to public & other deductions_ 12,865,240 12,865.970 13.047.371
Cr116,097
Cr5,191
Cr7,883
Interest charged to construction.....
5.755.741
5,434.188
Retirement reserve appropriations... 5,388,234
$14,335,898 $14,693,219 $17,567,630
Balance
Pref, diva. to public (full div. requirements applic. to respective 12-mth.
6,073,695
6,030,248
periods whether earned or unearned) 6,061.933
$8.273,965 88,662,971 $11.493,935
Balance
49,480
26.187
26.481
Portion applic. to minority interest.
Net equity of National Power 8z Lt.
Co. in income of subsidiaries.- _ $8,247.484 $8,636,784 811,444,455
National Power A. Light Co.
Net equity of Nat. Pow. & Lt. Co. in
income of subsids.(as shown above) $8,247,484 $8,636.784 $11,444,455
415,786
229,415
103,763
Other income
$8.351.247 $8,866,199 $11,860.241
Total income
136,067
132,689
133,820
Expenses, Including taxes
1.360,468
1.348,218
Interest to public & other deductions_ 1.356,291
Balance carried to earned surplus_ $6,861,336 $7,385,292 $10,363,706
Balance Sheet March 31.
1934.
1933.
1933.
1934.
I LiabttitiesAssets
Investments -141,033,136 141,515,498 y Capital stock.125,838,695 125,809,664
5,091,812 6,859,844 Long term debt_ 24,500,000 24,500,000
Cash
419.567
Time deposits 7.250.000 .5,350.000 Divs. declared__ 419.568
19.878
27,970
Accts. payable.
Bankers accepts.
101,009
112,408
Accrued accts..Ti. S. Govt.
1,716.045 Accrued int. on
x782.135
r see
312,500
312,500
long term debt
State, music. &
Contg. liab. for
0th. short term
addl. cash Inv 1,130,000
489.622
1,194,664
) securities. _
281,378
281,378
190,408
175,377 Reserve
Accts. rec.. subs.
6,596,090 8,622,270
35,210 Surplus
31.453
Accts., rec.,0th.
Unamort. debt
dint. and exp. 2,835,900 2,712,863
375,000
375,000
Special deposits_
1,053
Reacq. cap. stk.
Conting. right to
rec. Jr. sec. of
firm. Elec. Co 1,130,000
139.855
Sundry debits.
159,210.518 160,074,358
Total
159.210.518 160.074.358
Total
x U. S. Government securities only. y Represented by 279.711 shares
$6 Preferred stock (value in liquidation, $100 a share), and common stock,
-V.138, p. 4306.
1934, 5,456,117 shares; 1933, 5,454,801 shares.
-June Sales.
National Tea Co.
1934-24 Wks.
-1933.
-1933.
Period End. June16- 1934-4 Wks.
$4,796,725 $4,743,075 827.891,820 $29.250.837
Sales
The number of stores in operation declined from 1,324 on June 17 1933
to 1,244 on June 16 1934.-V. 138. El• 3784•
-Earnings.
Navada-California Electric Corp.(& Subs.).
-Month-1933. 1934-12 Mos.-1933.
Period End. May 31- 1934
$378,449 $5,183.805 $4,701,643
Gross oper. earnings-- - - $574.020
Oper. & general expenses
172.749
2,533,481. 2,142,458
289,720
& taxes
Operating profits_ _ _ _
Non-oper. earnings (net)
8284,300
6,296
$205,700 $2,650,324 $2,559,187
75,720
72.696
2,290
Total income
Interest
Depreciation
Discount & eTense on
securities sol
Miscell. additions & deductions(net cr.)- - - -
$290,597
122,662
48,363
$207,991 $2,726,044 $2,631,883
1,548,248
1,571,916
131.843
2,414
580,414
720,599
Surplus avail, for redemption of bonds,
dividends, &c
-V.138. P. 3955.
8,580
8,643
105,776
106.835
Dr1,990
Dr2,340
191,334
252,595
$109.001
$62,749
$682,939
$485,127
-Dividend Dales.
NewBedford Cordage Co.
The dividend of 25 cents per share recently declared on the common and
common B stocks (both of $5 par value) is payable on June 30 to holders of
record June 8. See also V. 138, p. 4307.
-Earnings.New Jersey & New York RR.
MayGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
- 138. 1). 3
V.
784-
1932.
891,757
5,992
def18,450
1931.
$115,714
20,113
def14.561
407,772
470,031
372,737
24.822
def70.657
def15,980
def174,167 def134,156 def101.293
557.843
101,562
def72,087
1934.
$69,797
def17,262
de137,611
1933.
$78,667
def5,790
def28,636
1934.
$190,984
50,381
13,402
1933.
$164,695
21,927
def29.053
1932.
$157,574
def11,605
pef55.305
1931.
$28.,513
34.058
def25,636
908.305
682,839
931,423
1,367,809
20,212
7.664
224.418
115,561
33,282 def219,049 def189.479 def201,312
-Earnings.New Orleans Texas & Mexico Ry.System.
Per.End. May31Operating revenues
Net ry. oper. income
Deposits of Bonds Urged.
C
The protective committee for the 1st mtge. gold bonds, series A. B.
and D and non-cumulative income (secured) bonds, series A. is urging
their
upon non-deposited bondholders the importance of unified action inwhich
interests in all negotiations leading to a reorganization, a plan for of the
m t be submitted within a reasonable period, under the provisions
tional Bankruptcy Act.
the
n urging deposits, the committee points out that the properties of
have now been operated under the direction of the U. S. District
District of Missouri for about 15 months since the
t for the Eastern
and
filing of the company's reorganization petition on March 31 1933,
states that this condition cannot be continued indefinitely.
also includes Alex
G. H. Walker is Chairman of the committee which
Berger, Willard V. King, A. T. Perkins, B. A. Tompkins and George E.
Warren. The Chase National Bank, New York, is depositary and Edward
F. Hayes. 44 Wall St., New York, is Secretary, with Milbank, Tweed.
-V. 138. p. 3784.
Hope & Webb, counsel.
--Earnings.
New Process Co.
Income Account for Year Ended Dec. 31 1933.
Net sales
Cost of sales, selling, general & administrative expenses
-net
Other deductions
Provision for estimated Federal income tax
$2,317,770
2,058,016
x87,486
28,500
65,78
Net profit
1
x Including bad debts,fire loss and allowance of $20.204 for depreciation.
a
B lance Sheet Dec. 31 1933.
Liabilities
Assets
$75,000
$112,892 Note payable
Cash
88,682
21.179 Accounts payable
Marketable securities
33.375
171,987 Accrued taxes
Customers' accts. receivable
4,144
477,619 Est. bal. of fire damage repairs
Merchandise inventory
13,393
64,640 Reserve for contingencies
Value of life insurance. &c
220,500
226,350 7% preferred stock
Land, bldgs., mach'y,
x400,000
Common stock
Customers' files, valued as of
387,150 Surplus
650.815
Nov. 1 1924
Prepaid advertising, unexpired
24.090
Insurance premiums, &c
$1,485,909
31.485,909
Total
Total
-V.138, p. 2934.
x Represented by 80.000 shares of no par stock.
--Earnings.
New River Co.(& Subs.).
1933.
Calendar YearsProduction (net tons)--- 2.565,608
$84,701
Net profit for year
2.134.505
Previous surplus
110.000
Refund of tax
of excessive allow.
Adj.
for deprec. of mine,
26,917
structures and equipClosing reserves for con18,346
tingency
Mine. surp. adjustm't_ Dr61,836
64.826
Disc, on pref. stk.& bds.
Settle, of suit against
Panama Ry. Co
1932.
2.529,669
$37,535
2.153.648
1931.
2,597.585
$158,758
2.428,136
1930.
3.141.178
$539,391
2.291.831
13.105
158,145
Dr36,592
23.908
33,019
$2- .377.461 $2.360,432 $2,581,320 $2.855,132
Total surplus
Preferred dividends...($6)225,927 ($6)427.674 ($6)426,996
Profit & loss surplus
$2.377.461
$2.134,505 $2.153,846 $2,428,136
Comparative Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
Liabilities
$
$
Assets409,368 Notes payable__
521,710
Cash
Individuals for purch,
Ti. S. Govt.& other
of land, Arc
404,545
22.307
mark. securs.,,frc 451,323
905,078 Accts. payable... 320.022
Accts. receivable- 844,176
46.373
755,038 1,019.256 Burial assn. den's_
Inventories
289,524 Accrued accts.__
95,523
370,861
Other assets
Est. Fed. inc. tax_
20,070
Land, buildings,
12,942,844313.259,853 Bond sinking fund
mines, &c
Payable
50.000
Mining supPL.Pre111,858 Deferred sects. _ _
42,511
193.355
paid exps.. &c
Bonded indebted. 1,320.750
Res. for conting
983.890
6% cum. pref. stk. 6,962,500
Common stock_ 3,837,900
Surplus
2,377,481
1932.
100,000
25,507
262,729
49,227
68,066
4,192
76,520
1,803,000
1,002,236
7,035,400
3,837.200
2.134.505
Tctal
16,079.308 16.399.283
15,079,308 18,399,283
Total
x Atte- eepreciation of $2,623.811 in 1933($2,446,445 In 1932), depletion
and amortization of $2.309.362 in 1933 ($2,142.583 in 1932).-V. 138, D.
3955; V. 137. P. 2283.
-Earnings.New York Central RR.
MayGross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-v. 138, p. 4308.
1934.
1933.
1931.
1932.
$25.836.965 $23.253.326 623,899,067 $32,670.688
4
7.080.0 37,074.2183,818.827 6.724.985
2,852,461
3,239.727
3,293,124 de.226.942
126.110.789 105.846,562 130,070,332 185,681,886
32,909,277 26.300,167 27.246.007 33.082,846
14.037.967
8.108.547
7,293,194 12.991,361
-Earnings.New York Chicago & St. Louis RR.
ay
Gross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-v.138, p. 4307.
1933.
1931.
$2,866,384 $2,585,179 $2,401,26 $3,160.575
755,633
924,594
949.499
366,528
562.489
264,692
489,457
def45,783
14.362.656 11.332,908
5,055,208
3.307,483
2,913.816
1,329,765
12,806,114
2,727.085
539,726
-Earnings.New York Connecting RR.
1933.
1934.
1932.
may$235,352
$234.526
Gross from railway
Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-V.138, P. 3785•
16,267,888
4,026,542
1,549,816
180.400
110.133
194,009
122,509
8151,345
8,081
28,759
1931.
$185,357
117,446
54,280
1.202.155
968.353
605.377
1.174.190
962.685
589,418
949,139
720,207
340,723
951.806
853.854
326,192
-Earnings.New York Dock Co.
-Earnings.New Orleans & Northeastern RR.
May
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
V.
- 138. p. 3784.
June 30 1934
Financial Chronicle
4470
1934-5 Mos.-1933.
-Month-1933,
1934
$820,054 84,903,017 $3,844,322
$1,026.445
97,415
891.478
328,051
195.498
(Including New York Dock Trade Facilities Corp.)
1934.
1933.
1932.
Quar. End. Mar. 31$677,121
$649,062
$845,273
Revenues
347,128
347,561
406,074
Expenses
343.545
294,928
329,021
Taxes, interest, &c
Net income
-v.138. p. 3280.
def$13,986
$7.005
$110,177
1931.
$895,219
421,026
371,994
$102,199
New York New Haven & Hartford RR.-Earnings.Penod End.may31- 1934--Month-1933. 1934-5 Mos.-1933.
Railway open revenues. $5,999,494 $5,528.757 $29,915.002 $25,754,468
1,502,151
7,608,261
6.047.931
Net rev,from ry. oper_ - 1,536,597
1,744,671
620,461
047,597
3,069,385
Net ry. oper. income_
3,477,743
147,311
394,496
1,332,782
-dot.
Net after charges
4307.
-V.138. p.
New York Ontario & Western Ry.-Earnings.1934-5 Mos.-1933.
Period End. May31- 1934
-Month--1933.
Operating revenues
$689,288 $4.118,466 $3,842,460
$819,931
3,071.336. 2.796.506
Operating expenses
590,522
522,17
211,000
225,000
Railway tax accruals38,000
45.000
816
3.667
Uncollectible ry. revs_ _ _
612
def13
Total ry. oper. income
Eq.& jt. facil. rents(net)
$184,422
56.667
$128,503
27,474
$818,463
241,609
$834,136
162,264
Net oper. income
-V. 138. P. 3611.
$127,754
$101,028
$576,854
$671,872
New York Railways.
-Earnings.
-
1934-5 Mos.-4933.
Period End. May31- 1934-Month-1933.
Gross earnines
$468.975
$448,226 $2.155,453 $2,069,728
x Surplus after charges_ 9.672
99.614
37,882
15.907
x These figures include interest on bonds of certain controlled companies
(for which New York Railways Corp. states it has no liability which is in
default, and excludes interest on income bonds which has not been d cl
-V. 138, p. 3785.
----New York & Richmond Gas Co.
-Preferred Divt e
The directors have declared a dividend of 1% % account of at:
on
mulations on the 6% cum. pref. stock, par $100, Payable July 2 to homers
of record June 15. Similar distributions were made on April 2 and Jan. 10
last, this latter being the first since July 1 1933.
Accruals on the preferred stock following the above payment will amount
to 13%.-V. 138, p. 3280.
New York Susquehanna & Western RR.
-Earnings.
May
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, P. 3785.
4471
Financial Chronicle
Volume 138
$3i6;434
112,251
69.686
$256;530
69,907
25,596
1932.
$318,780
111,845
69.453
1931.
$420,694
153.339
94.085
1,572,824
506,793
301,962
1,281,169
327,621
103,705
1,508.164
428.293
177,835
1,997,332
706,050
385,845
New York Telephone Co.
-Earnings.
Period End. May31- 1934-Month-1933.
1934-5 Mos.-1933.
Operating revenues_ _ _ -$15,872.615 $15,543.253 $77,644,607 $75,647,092
Uncollectible oper. rev._
444,315
753.259
75,484
158.860
Operating revenues_ _ 315,948,099 $15.702.113 $78,088,922 $76,400.351
Operating expenses
11,314.484 11.322,467 54.757.846 56.566,498
Net oper. revenues - $4.633,615 $4.379.646 $23.331.076 $19,833,853
Operating taxes
1,851.734
1,147,953 7,584.704 6.044,741
Net oper. income_ _ _ - $2,781,881 $3,231,693 $15,746,372 $13,789,112
Loss in Stations.
-
It is reported that the company for the entire state of New York shows a
loss in the first three weeks in June of 3,773 stations, compared with a loss
of 12.404 in the same period in 1933 and a loss of 25,871 during the like
period in 1932. A loss of stations in June is seasonal.
-V. 138, p. 4308.
New York Westchester & Boston Ry.-Earnings.-
terly payments were made at the regular rates. There has been no payment
on the common stock since June 1932.-V. 138, p. 3448.
-Sale.
Northeastern Public Service Co.
The receivers will sell the property on July 24, to the highest bidders.
-V. 138. p. 4308.
Northern Alabama Ry.-Earnings.1934.
$45.963
15,343
1,918
1933.
$47,326
19,140
19
1932.
$32,016
def1,897
def20,628
1931.
$62,227
19,633
def3,481
234,612
83,808
18,522
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3786.
206,408
73,287
def23,234
215,706
50,508
def45,168
308,855
68,051
def31.582
-Earnings.
Northern Connecticut Power Co.
Income Account, 12 Months Ended Dec. 31 1933.
$668.754
Operating revenue
436,926
Operating expenses
$231,828
Operating income
676
Income from non-operating properties
$232,504
151.451
Gross corporate income
Deductions from gross corporate income
$81.053
Net income
-V.129, p. 2072.
Northern Pacific Ry.-Earnings.1931.
1932.
1933.
1934.
$3,918.585 $4,004,842 $3,770,987 $5,253,204
390.769
275.534
566,501
438.010
34,335
285,444 def61,299
274,959
18,471.323 15,744,811 18,086,038 25.200.971
197,041 2.169.351
2.490,068 def421,678
1,592,700 def1761,973 def1541,924 def425,431
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3786.
-Earnings.
Ohio Edison Co.
[A Subsidiary of Commonwealth & Southern Corp.]
1934-12 Mos.-1933.
Period End. May 31- 1934-Month-1933.
Gross earnings
$1,297.785 $1.179.564 $15,458,984 $14.537.717
Oper. exps., md. maint.
5.887.876
489,162 6,646.894
and taxes
565,287
327,172 3,884.147 3,846.799
Fixed charges
324.160
1.200,000
100,000
100.000 1,200.000
Prov.for rethem.reserve
Net income
Dividends on pref. stock
$308.337
155.573
$263,229 $3.727.943 $3.603,041
1,866.938 1.86o.361
155,584
Balance
-V. 138, p. 3613.
$152,764
$107,644 $1,861,004 $1,736,680
Ohio Electric Power Co.
-Transfer Agent.
Manufacturers Trust Co. Is transfer agent for the $6 and $7 preferred
stocks -V. 138, p. 4135.
Period End. May31- 1934
-Month-1933.
Railway oper. revenue__ $148,450
$145.654
Railway oper. expenses..
122,216
111,720
Taxes
25,600
26,854
1934-5 Mos.-1933.
$715,704
$704,614
597.498
555,970
128,000
134,270
- c Power Co.
Ohi-Earnings.
Calendar YearsOperating revenue: Electric
Heating
1932.
1933.
$16,682,030 $16,160,903
210.444
170.913
Operating income_ _ _ _
Non-operating income__
Total
Operation
Maintenance
Depreciation
Taxes
$16,852,944 $16,371.347
5,338,997 4,715,929
916.843
887,257
1,492,297 1.380.149
2,318,616 2.090,710
Gross income
Total deductions
Net deficit
-Ir. dm, p. 3611.
$633
2,384
$7,079
1,936
def$9,793
8.882
$14,373
10,043
$3,018
246.440
$9,016
241,798
def$910
1.232.247
$24.417
1,210.128
$243,421
$232,782 $1,233.158 $1,185,711
Niagara Hudson Power Corp.
-Director Resigns.
Harold Stanley of J. P. Morgan & Co. has resigned as a director.
V. 138, p. 4133.
Norfolk Southern RR.
-Earnings.
-MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 3785.
1934.
$373.967
71,603
14,110
1933.
$382.889
62.487
6,245
1932.
$329.773
def6,314
def68,958
1931.
$507,070
74.183
3,864
$6.815,777 $7.267.714
770.738
823.058
Operating income
Other income, net
Totalincome
Interest on funded debt
Amortization of debt discount and expense
Other deductions, net
$7.638,835 $8,038.453
2,914,497 2,917.553
300,709
300.688
72.596
19,682
Net income
Preferred dividends (net)
Common dividends
-V.136, p. 4460.
$4,403,966 $4.747,594
1,188,095
3,058,507
`0zIstocks, Ltd.
-Acquires Own Capital Stock.
2,483.179 --The c3mpany has purchased 27,650 shares of its capital stock at $974
364,345
per share which represents approximately 873i% of its liquidating value
42,911
as of the close of business June 23. The purchase was made at a private
sale.
The company is also prepared to purchase 12,350 additional shares of
Norfolk & Western Ry.-Earnings.outstanding capital stock after June 25 at approximately 87%% of its
Period End. May 31- 1934-Month-1933.
1934-5 Mos.-1933.
liquidating value as of the close of business on the date preceding the
Railway oper. revenues_ $6,304,016 $5,257.789 830,536,017 $24,183.905
purchase.
Net ry. oper. revenues__ 2,636,667 2,198,773 12,427,843 9,027.020
Stockholders may avail themselves of this offer by a sale on the New
Net ry. oper. income_ _
2,104,035
1,682,871
9,681,959 6.392.943
York Curb Exchange, on which the company will maintain a hid at the
0th inc. items (bal.).--86.251
89,663
425,440
417,803
aforesaid price, or by tendering shares to the company at its office in Jersey
City.
-V.138, p. 4135.
Grossincome
$2,190,287 $1,772,535 $10,107,400 $6,810,747
Int. on funded debt._
298,164
329,914
1,467,655
1,645,595
Oklahoma City-Ada-Atoka Ry.-Earnings.May1932.
1931.
1934.
1933.
Netincome
$1,892,122 $1,442,620 $8,639,745 $5,165,152
Gross from railway
$38,995
$68,426
$29.143
$25,222
-V. 138, P. 3612.
Net from railway
14.924
27,333
11.255
7,009
North American Aviation, Inc.
8.581
2,525
1.900
def5,301
-Subsidiary Disposes of Net after rents
From Jan. 1
Holdings in N. Y. Airawys, Inc.
Gross from railway
179,354
278.711
141,357
137.763
President E. It. Breech announced that Eastern Air Transport, Inc., a
Net from railway
79,314
53.096
49,597
50.254
subsidiary, has disposed of its entire interest in New York Airways, Inc.
Net after rents
1,871
1,821
8,551
def2,876
New York Airways firmerly operated an air line between Atlantic City
-V.138. p.3786.
and New York and Washington -V. 138, ro• 4133.
1,843,533
1,587.244
1,715.950
386.703
28,524
5.345
119,488 def227,341 def271,104
Colony Light & Power Associates.
-Cent
-75
'North Boston Lighting Properties.
-Dividend Reduced. ---Olddirectors have declared a dividend of 75 cents per shareDiv the
The
on
The directors have declared a quarterly diviaena of 88 cents per share
on the common stock, no par value, payable July 16 to holders of record
July 6. This clmpares with $1 per share paid on this issue each quarter
from Oct. 15 1929 to and including April 16 1934.-V. 138, p. 2936.
North Shore Gas Co.
-Earnings.
Calendar Years1933.
1932.
Operating revenues
$1,426,531 $1,593.078
z Operating expenses, maint. & general taxes_ _ _ _ 1,157,974 1,188,536
Net operating income
$268,557
$404,542
Non-operating income
59,780
58,462
Gross income
Interest on funded debt
Miscellaneous interest deductions
Amortization of debt discount and expense
Miscellaneous deductions
Provision for Federal income taxes
$328,337
200,000
2,420
22,397
2.749
10,506
$463.004
200,000
2,851
22,397
3.485
33.020
Net income
$90 265
$201,251
x Including retirement provision of$107,632 in 1933($107,834 i 193 ).V. 138, p. 3956.
common stock, no par value, payable July 5 to holders of record June 21.
This compares with $3.50 per share paid Jan. 5 last, $1 per share paid on
Oct. 5 1933 and 50 cents per share on July 5 1933.-V. 138. p. 327.
Oregon Short Line RR.-Earnings.May1934.
1933.
1932.
1931.
Gross from railway
$1,598,894 $1,499,863 $1.461,957 $2,176.285
Net from railway
433.778
466,285
282,402
407.002
Net after rents
143,393
128,034 def55,971
23,768
From Jan 1
Gross from railway
7,883.634 7,008,904 8.234.532 11,484,423
Net from railway
2,383,132 1,933.774 2,169,227 2,982,940
Net after rents
879,020
313,809
484,957 1,050,022
-V.138, p.3786.
Oregon-Washington RR. & Navigation Co.
-Earns.
-MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
1932.
1931.
1933.
$1,119,477 $1,115.874 $1,022,467 $1,797,573
107.814
227,291
51,062
350,932
def118.252 def15,200 def214,183
66,083
5,907.432 4,528.106 5,497,505 8,019,584
634,866
1,117,084
392,087
352,126
tv
def30,088 def791,893 def924,657 def813,877
directlrs have declared a dividend of 87% cents per sharefh the
The
77 cum. pref. stock, 75 cents per share on the $6 cum. pref. stoc8 and' Abandonment.
cents per share on the 54% cum. pref. stock, payable July 14 to
68
The I. S. C. Commission on June 15 issued a certificate permitting the
holders of reclrd June 30. Similar distributions have been made on the
company to abandon its so-called Pine Creek branch, which extends from a
issues each quarter since and including April 14 1933, prior to which attar
connection with the Tekoa-Wallace branch at Pine Creek in a southerly
....-Northern Indiana Public Service Co.-Pref.
die
-V. 138. IL
direction to Heim, 2.36 miles, all in Shoshone County. Idaho.
3786.
-Earnings.
Overseas Securities Co., Inc.
Earningsfor Year Ended Dec. 31 1933.
Can's dividends
Icterest received and accrued
$44,099
13,221
•
Total income
Expenses
Interest on debentures
Net loss from sales of securities
$57.321
14,685
58,682
136.553
$152,600
878,687
Net loss for the year
Profit and loss deficit Dec.31 1932
$1,031,286
Total
53,370
Credit arisingfrom repurchase of5% debentures at a discount
Unclaimed dividends on warrants attached to debenture bonds
2
purchased for Treasury
$977,893
Profit and loss deficit. Dec. 31 1933
Condensed Balance Sheet Dec. 31 1933.
Liabilities
Assets
$2,678
818,446 Unclaimed divs. & bond int__
Cash
11,946
12.848 Accrued int. on 5% debens___
Accrued int, and divs. reels_
493,000
615 5% debentures, 1947
Deferred charge
627,000
5% debentures. 1948
Investments (market value
3,024.508 x Capital stock and paid-in
81,452,823)
2,899,687
surplus
977,892
Profit and loss deficit
$3,056,418
Total
$3,056,418
Total
-V. 134, P• 1596.
Represented by 147,616 shares.
-To Pay Coupons to Bona
Gas & Electric Co.
Fide Foreign Bondholders in Gold or Its Equivalent.
.
The Committee on Stock List of the New York Stock Exchange has
received the following communication from the company:
"In connection with the payment of coupons from Pacific Gas & Electric
Co. gen. & ref. mtge. 5% bonds due 1942, and supplementing letter dated
Nov. 20 1933 written to you by A. F. Hockenbeamer, President, we quote
a resolution recently adopted by our directors as follows:
'Be it resolved by the executive committee of the board of directors
"
of Pacific Gas & Electric Co. that the executive officers of .his corpora.lon
be and they are hereby authorized and directed to make adequate provision
for the payment of the interest to become due on and after July 1 1934 upon
this corporation's gen. & ref. mtge. gold bonds, as follows:
'(a) To foreign holders, in foreign coin or currency as provided for in
"
said bonds and interest coupons thereto, attached upon their producing
such coupons and satisfactory evidence, by affidavit or certificate, that the
interest coupons presented by them for payment had been detached from
bonds which were actually owned and held abroad continuously since
May 1 1934, and at the time of the presentation of such coupons for payment; and
"(b) To all other holders In lawful money of the United States of America,in the Borough of Manhattan. City of New York. and in San Francisco.'
"The above policy is based upon the Joint Resolution of Congress of
June 5 1933. having the force of statute, which declares that the payment
gold or its equivalent is contrary to public policy.
of,
'It Is held that responsibility for this law rests upon the citizens of the
United States who elected, by an overwhelming majority, the President
and Congress who enacted it. This company is compelled to accept payment of amounts due it In legal tender currency. Obviously, It would be
unjust and unreasonable for such citizens, who have by their elected representatives created the present situation, to compel this company and others
similarly affected, to pay them in the equivalent of gold coin of the former
standard, by sending their interest coupons abroad for collection in pounds
sterling. guilders or Swiss francs.
"Moreover, the provision for payment of these interest coupons abroad
was not inserted in the bonds as an inducement to their purchase by residents of the United States: and we doubt if they actually were influenced
by that provision when they purchased them.
"Under existing conditions domestic holders of these bonds who send
their coupons abroad for the purpose of obtaining payment in foreign currency equivalent to their face amount In gold coin of the former standard are
evading the law, I. e.. are accomplishing in a roundabout way what Con-V. 138, p. 3449.
gress has prevented them from doing directly."
-Earnings.
Pacific Tin Corporation.
1933.
$257
8.323
Total income
General expense
Taxes
AssetsCash
Notes Rec.. Yukon
Gold Co
Interest accrued on
Yuk. Gold notes
Other investments
1932.
$2,864
3,292
38.581
10,686
1,077
Calendar YearsInterest
Dividends and miscellaneous income
Net loss
$6,157
11,009
1.076
$5,928
$3,184
Balance Sheet Dec. 31.
1933,
1932.
Liabilities1932.
1933.
$114
$160
$76,349 Accounts payable_
$39.509
1,042,165 1,875,897
Special stock
1,150,000 1.950,000 Common stock... 4,395,490 4,395,490
23,573
26,757
Deficit
2,166,518 2,166,518
2,054,984 2,055,126
85311,011 $6,247,974
Total
-V. 138, p. 2421.
Total
$5,411,012 86,247,974
*--- "Pacific Mills, Lawrence, Mass. To Readjust Capital
$20,000,000 Instead
$
ff
Plans Same N . ber of Shares Carrie
Certain Charter Amendments Proposed.of $40,000,00
will vote Aug. 7 on readjusting the capital stock and
The stockhold
amending the by-laws and charter. President Colby states that directors
are of the opinion that the business improvement and earnings of the company last year and so far this year justify payment to stockholders of a
dividend of 50 cents per share. However, the company's stated capital
due to losses that occurred during the depression was impaired as of Dec.31
1933 by approximately $2,500,000 and directors believe it advisable to
correct this impairment of capital before declaring a dividend. It also
seems advisable, he says, at the same time to create a substantial surplus
and reserve.
The directors, therefore, recommend that the stockholders approve a
reduction in the par value of the present $100 capital stock to $50 a share
and approve a change in the stock to no par value. If this change is
made, the directors plan to set up on the books of the company a general
reserve of $12.000,000.
The result of the proposed changes will be that stockholders will retain
the same number of shares but the present impairment of capital will be
corrected, the stated capital will be reduced from $40,000,000 to $20,000.000, the surplus of the company will be $5,277,461, subject to adjustraent for earnings since Dec. 311933. a general reserve of $12,000,000 will
be provided, and the stock will consist of no par value shares.
Explaining the proposed $12,000,000 general reserve, President Colby
states that against this reserve there can be charged in the future. If it
seems advisable, without affecting the company's surplus, any changes or
revisions of the company s plant account or losses due to unforeseen obsolescence or disposal of plants resulting from changed business conditions
of business.
or other unexpected losses not occurring in the ordina,y cou..•sedepreciation
It is also proposed to eliminate from the plant account and
items which in the past have been fully depreciated and
reserve certain
which have heretofore been abandoned. As this change involves the
elimination of equal amounts from plant account and depreciation account,
it will, of course, not affect the net book value at which the plants are
carried.
Further. on account of recent increase in the volume of business, it is
deemed conservative to increase the discount and doubtful account reserve
from $250,000 to $500.000. In making these changes it is not intended
in any way to determine upon or relfect present marker or reproduction
June 30 1934
Financial Chronicle
4472
values, both of which may differ and both of which are subject to fluctuain
tions. In 1922 plant account was increased $7,564,231 to represent
increased
part the excess of reproduction value over book values, and this appraisal
The
valuation is not eliminated by the foregoing changes.
figures for buildings and machinery of the mutual insurance companies.
are
used as the basis of their valuations of plant for insurance purposes,
very much in excess of the figures at which the plant, less depreciation,
the books.
is carried on
should
It is also recommended, Mr. Colby continues, that the by-laws
the
provide that the President be the principal executuve officer, instead of
the position of Chairman of the board
Treasurer, as heretofore, and that
changes
be created, an executive committee authorized, and other minorit Is promade in the by-laws to bring them up to date. For this reason,
posed to adopt new by-laws.
industry, it
In view of business developments and changes in the textile
any
is believed that the company should be In a position to manufacture
trade.
kind of textile materials and to engage in any branch of the textile in the
proposed that the charter be amended as pro, ide
It is therefore
-V. 138. P. 2096.
notice of the meeting.
-Initial Dividen
American Airways Corp.
r
.
share
The directors on June 26 declared an initial dividend of 25 cents tier 20.
July
on the capital stock, par $10, payable Aug. 1 to holders of record first disfor the
Commenting upon the dividend action, which provides
was
tribution to stockholders since the International Air Transport System
organized seven years ago. J. T. Trippe, President. states:
'Mail, passenger and express traffic over all divisions of the Pan Amerimproved
ican Airways System has steadily increased during 1934,reflecting
conditions in international trade.
a
"In voting the System's first dividend, the directors were guided by
that
desire to co-operate with the expressed views of the Administration
stockholders
wherever practicable corporations make distributions to their
in order to add to the country's purchasing power at this time."
Consolidated Income Account for Calendar Years.
1930.
1931.
1932.
1933.
$5,609,938
Inc.from operations,&c. $8,992,515 $8,387,113 $7,913,587
Oper.exps.,incl.salaries,
5,915,210
7,808,135
7,688,587
maint.,depr.,taxes,&c 8.094,027
Net profit for year.-Previous deficit
Sundry adjustments_ _ _ _
$898,488
188,328
Cr80.053
$698,527
535.884
Dr25,684
$105,452loss$305,272
347,072
576,002
Cr76,341
Dr65,334
$188,327 def$535,884 def$576,002
Cons.Burp.from oper_ $1,006,762
Adj. surp. of Compania
Mexicana de Aviacion.
59.235
59,235
S. A., at acquisition_
Balances approp. for res.
284,983
risks__
-insured
for self
$188,327 def$476,649 def$516,767
8721,779
Surplus Dee.31
Nil
$0.21
$1.36
$1.42
Earnings per share
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets
396,682
552,044 Accounts payable. 669,889
875.308
Cash
Accts.receivable_ _ 1,203.419 1,160,440 Bal.of purch. price
of assets payable
333,298
227,817
Guarantee deposits
from future prof.
Ctfs. of depos. and
34,638
34,638
of sub
1,576,571
U.S.Treas.et's.
Int. of minority
Security reserve for
In
stockholders
5.316.503
equip. purch_
131,018
138,612
subsidiaries... _
793,230
Marls & supplies_ 823,104
50.991 Reserve for self39.249
Securities owned
284,983
insured 'lats.__
Rec, from future
170,000 Reserve for contin170,000
prof. of oth. cos_
187,257
gent income.... 179,356
Prepaid & deferred
147,423 Reserve for depre139,217
charges
5,515,994 4,826,791
ciation
927,003
Inv. in assoc. cos. 1,209,261
6,316,400 5,125,814
Capital stock
Airports, bidgs. &
8,034,219
10,239,379 9,852,123 Capital surplus__ 9,388,545
equipment
188,328
721,779
Surplus
Adv, on acct. of
addl equipment 110,000
Good-will, organization, extens'n
& development_ 2.896.937 3,361.626
23,250,195 18,924,748
Total
23,250,195 18,924,748
Total
-V. 138, p. 3449.
--Earnings.
Davis & Co.(& Subs.).
Parke,
1930.
1931.
1932.
1933.
Calendar Years$9,097,291
$9,048.802 $8.203,771 $8,728,828
Gross earnings
x Res, to equalize value
152,898
y820,620
Cr93,733
Cr520,996
of current assets
439,432
438,152
469,683
470,321
Res, for depreciation_ _ _
990,000
875,000
965,000
Federal and foreign taxes 1,417,000
Exch. losses on acct. of
302,491
934,899
779.795
trans. offoreign curr
$6,902,683 $5,927,923 $6,292,565 $7,514,960
Net income
7,846.182
7,228,975
5,362,190
5,362,563
Cash dividends
2
$565.733 def$936,410 defS331,22
year_ $1,540,120
Bal., surplus for
10,722,209 10,565.874 11,507,595 11,856,517
Previous surplus
Dr150,000
Employees' pension fund Dr128,037 Dr109,398 Dr115,000
Res. for possible loss on
300,000
Dr1,200,000
bonds in default
.556
-132
109,688
Adjust. stock account_
Profit & loss surplus_ -$10,934,291 810,722,209 $10,565,874 $11,507,595
4,756 574
4,873,517
4,874,991
She.cap.stk.out.(no par) 4,875,085
$IM
$1.29
$1.21
$1.41
Earn. per sh.on cap.stk.
with
Reserve to equalize value of current assets in foreign countries
x
1931 profits
market rates of exchange. y Includes $153,635 representing
not transferred.
Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
$
$
Liabilities$
$
Assets2,009,873 a Capital Stock_ _24,375,425 24,374.955
.
c Nisch'y & equip_ 1,814,137
802,552
Accounts payable_ 1.196,129
b Office furniture
193,021 Reserve for special
178,691
and fixtures__
1,692,451 1,286,861
taxes
d Land & buildings 5,077,641 5,264,244
Res. for possible
Formulae, tradeloss on bonds in
10,500,000 10,500,000
marks, &a
300,000
default
6,001,900 5,693,997
Inventories
6,851,344 7,158,429 Dividend reserve- 1,706,280 1,218,748
Investments
726,887
205,890
4,050.799 3,384.508 Res. for exchange
Cash
10,034,291 10,722,209
.
Accts.receivable. 5,635.957 5,228,140 Surplus
40,110,467 39,432,212
Total
40,110,467 39,432,212
Total
a Represented by 4,875,085 shares no par (1932,4,874,991 shares no par.
b After deducting depreciation of $501,7'79 in 1933 (1932, $472,708?.
c After deducting depreciation of $2,480,933 in 1933 (1932, 82.277,3181.
d After deducting reserve for depreciation of $2,076,693 in 1933 (1934,
81,870.844).-V. 138. p. 4135.
-Earnings.
Pennsylvania Electric Co.(& Subs.).
12 Months Ended March 31
$9.054.0i6 $9,051,i61
Total operating revenues
4,235,859
3,804,119
Operating expenses
492,318
579,107
Maintenance
503,400
& replacem'ts
-renewals
461,112
Provision for retirements
451,513
538,193
Taxes (incl. Federal income tax)
Operating income
Other income
2
$3,671,485 $3,368,67
423,440
145,290
Gross income
Interest on funded debt
Interest on convertible & short term notes
$3,816.776 $3,792,111
1.725,071
1,972,405
318.339
37.446
Net income
-V.138. p. 1918.
81,806,925 $1,748,701
Volume 138
Parker Pen Co.(& Subs.).
-Earnings.
--
Financial Chronicle
Calendar Years1933.
1932.
1931.
1930.
Gross profit on sales-- $1,661,130 $1,192,948 $2,404.416 $3,659,065
Sell.,gen.& adm.expo-- 1,551,153
1,754,775
2,629,730
3,054,924
Net profits from oper_ $109,978 loss$561,827 loss$225,314
$604,141
Other income, less miscellaneous charges--24,118
62,587
22,754
27,916
Total profits
$134,096 loss$539.073 loss$162,727
$632.057
Interest paid
2,752
3,915
Provision for inc. taxes_ _
42,405
95,029
Liquidat'g loss on Parker
A. G
30,805
Consol. net pi ofits_ _.
$88,939 loss$542,988 loss$_93,532
$5.37,028
Common dividends
239,368
487,321
Balance, surplus
$88,939 def$542,988 def$432.899
$49,707
Capital stock (par $10)189.544
189,544
190,044
191 494
Earnings per share
$0.47
Nil
Nil
$.80
Consolidated Balance Sheet Dec. 31.
Assets
1933.
1932.
1933.
1932.
Cash
$190,620 5136,675 Accounts payable_ $150,535
590,865
Receivables
953,316
930,067 Notes payable__
125,000
Inventories
1,039,798
540,142 Accrued liabilities_
69,787
45,737
Value life insur--76.835
69,092 Fed,tax provision_
43,830
y Plant equipment 624,620
665,864 Commercial paper 200,000
80,000
good-will,&c 447,900
Pats.,
447,469 x Capital stock- 1,895,440 1,895,440
Due from foreign
Surplus
1.015,512
828,662
subs, in process
of liquidation...
9.239
10.959
Leasehold impts.
sundry def. oho.
31,815
32.566
Miscall. assets____
11,745
3,200
Prepayments
113,916
104,768
4473
$50,000,000 Bonds Being Offered by Kuhn, Loeb & Co.
Kuhn, Loeb & Co. have purchased, subject to the approval
of the I.-S. C. Commission, $50,000,000 gen. mtge. 434%
bonds, series E, due June 1 1984, which they are offering
for sale, as of July 3 1934, at 973' % and int., at which
price the bonds yield 4.37% on the investment if held to
maturity. The bonds will not be redeemable before maturity. The proceeds of the sale of the bonds will be used
for the proper corporate purposes of the company, including
purchase or payment of 15-year secured 63% gold bonds
due Feb. 1 1936, and other obligations maturing in 1935
and 1936.
Coupon bonds in $1,000 denom.,registerable a8 to principal,exchangeable
for fully registered bonds and interchangeable under conditions provided in
the mortgage. Interest payable J. & J. Not redeemable before maturity.
Girard Trust Co. Philadelphia, Corporate Trustee.
In the opinion of counsel these bonds are legal investments for savings
'
banks under the laws of New York (N. Y. Banking Law of April 5 1929.
as amended by the Acts of Jan. 26 1932, April 21 1933 and April 5 1934).
and other States.
Company has agreed to make application in due course to list these bonds
on the New York Stock Exchange.
W. W. Atterbury, President, in a letter dated June 27,
addressed to the bankers, states in substance:
These bonds will be issued under the general mortgage, dated June 1
1915, to Girard Trust Co., Philadelphia, and William N. Ely, trustees.
The general mortgage is in the opinion of counsel a lien (subject to $125.289,760 of prior liens which may not be renewed or extended, and for the
retirement of which at or before maturity general mortgage bonds
reserved, and to certain equipment trust obligations) on all the linesare
railroad and important leaseholds owned by the company at the date of
Total
53,600,104 $2,940,704
Total
of
53,500,104 52,940,704
the mortgage, and upon all appurtenances thereof and equipment used in
x Repr sented by shares of $10 par value. y After
,
connection therewith whether then owned or thereafter acquired, and upon
$529,088 in 1933 and $471,500 in 1932.-V. 137. p. 505. depreciation of
all property thereafter acquired by the use of any of the general mortgage
bonds or their proceeds.
Patino Mines & Enterprises Consolidated.
The property covered
-Earnings. the Pennsylvania RR., by the general mortgage includes the main line of
extending from Pittsburgh to Philadelphia, and
3 Months Ended March 311934.
1933.
1932.
valuable terminal properties at Philadelphia, Pittsburgh and Harrisburg.
Net loss after deprec., dopiest., &c_.. pf.£87,762
£22,795
£102,433
The leaseholds subject to the mortgage include the leases of the main
-V. 138, p. 3285.
lines
of the System from Philadelphia, Pennsylvania, and Camden, N. J.,
to
Jersey City, and from Baltimore, Md., to Harrisburg,
--Penberthy Injector Co.
-Extra Dividend.sh1-11AZIL Additional general mortgage bonds may not be issuedPa.
if, after such issue,
The directors have declared an extra dividend of $2.50 per share
the amount of general mortgage bonds outstanding, including
on
common stock, par $25, in addition to the usual quarterly dividendthe
the time reserved to retire prior debt, would exceed the aggregate bonds at
of
$2.50 per share, both payable June 30 to holders of record June 26. On
of the then outstanding paid-up capital stock of the company. par value
March 31 last the company paid an extra dividend of 51.25 per share.
The Pennsylvania RR. now has outstanding paid-up capital stock of
-V.
138. p. 2096.
$658,384.800 par value. In no year since 1847 has the company failed to
pay cash dividends on its outstanding stock. The dividend
rates
percentage earned on stock for the past 10 years have been as follows: and
Pennsylvania Power & Light Co.
-Earnings.
Dividend Percentage
[Lehigh Power Securities Corp. Subsidiary]
Dividend Percentage
Rate.
Earned.
Period End. May 31- 1934
Rate.
Earned.
-Month-1933.
1934-12 Mos.-1933.
1924
6
7.64
Operating revenues
1930
8 %
6
10. 5
2. 7
9
5
$2.755,221 $2,535,816 $33,514,372 $32,606,243
1925
6
12.46
1931
Opor.exps.,incl. taxes
1,413,531
1,245,314 16,841,540 15,728,843
1926
6 %
13.53
1932
Rent for leased property
1
2.06
1,318
1,680
16,906
17,171
7
13.65
1933
1
2.93
11992287
7
14.69
x1934
Balance
2
$1,340,372 $1,288,822 $16,655,926 $16.860,229
1929
%
17.64 0
Other income
44,915
31,256
435,138
498,046
x A dividend of 1% was paid on March 15 and another 1% has been
declared.
Gross corp. income-- _ $1,385,287 $1,320,078 $17,091,054
$17,358,275
The proceeds of the bonds which you have agreed to purchase will be
Net hit. & other deduc'ns
519,678
519,802 6,214,202
6,246,020
used for the proper corporate purposes of the company,including purchase
or payment of 15
Balance
-year secured 6M % gold bonds, due Feb. 1 1936,and other
Y5865,609 y$800,276 $10,876,862 $11,112.255
Property retirement reserve appropriations
obligations maturing in 1935 and 1936.
1.550,000
1,500,000
The company Is not indebted to the Reconstruction Finance Corporation
or to the Railroad Credit Corporation, and has no
Balance
outstanding bank loans.
$9,326,862 $9.612,255
x Dividends applicable to preferred stocks
The company hassold or agreed to sell to the Public Works Administration
for the
period, whether paid or unpaid
(1) 30
-year secured 4% serial bonds in an amount not to exceed $45.3,846,589
3,828,593
000.000. the proceeds of which, when and as issued, are being used for the
Balance
electrification of the company's lines from New York to Washington for
$5,480,273 $5,783,662
freight and passenger service.
x Regular dividends on all classes
(2) 4% equipment trust obligations maturing serially in some instances
1934. After the .payment of these of preferred stock were paid on April 2
dividends
to 1949 and in other instances to 1954, in an amount not to
unpaid dividends at that date. y Before there were no accumulated
property retirement reserve
000,000, the proceeds of which, when and as issued, are beingexceed $32.appropriations and dividends.
used for the
-V. 138, p. 4135.
acquisition and construction of equipment.
3) 10
-year secured 4% serial notes in an amount not to exceed $3.Pennsylvania RR. Regional System.
650.000. the proceeds of which, when and as issued, are being used for the
-Earnings.
purchase of rails
[Excludes L. I. RR. and B. & E. RR.]
Operations for the first four months of 1934, as shown by reports filed
Period End. May 31- 1934
-Month-1933.
1934-5 Mos.-1933.
with the I.
Revenues
-S. C. Commission, resulted in net income of $5,143.341 com-Freight
pared with a net deficit of $1,730.160 for the corresponding period of 1933.
$23,180,721 $19,683,081 8107168,617 886288,818
Gross railway operating revenues for the first four months of 1934,
Passenger
4,703,560 3,996,423 23,862,286 20,231,971
as
Mail
shown by said reports filed with the Commission, were $113,937,069 or
900,397
937,634 4,592.206
4.629.505
Express
over 22% in excess of those for the corresponding period of 1933.
808,375
530,096
2,682.393
1.965.839
income is after the inclusion in expenses of depreciation charges for Net
All other transportationthe
579,663
545,160
2.687,493
2,560,886
Incidental
four month period of $7,033,432, which was $164.411 less than in the
947,162
705,609
4,129,679
3,611,437
Joint facility-Cr
corresponding period of 1933.
36,644
31,200
202,510
167,145
Joint facility
The company has assumed liability under lease, by endorsement, or
-Dr
6,457
5,754
31.601
37,520
otherwise, in respect of the principal of obligations of companies in which it
Ry. oper. revenues_ --$31,150,065 $26,423,449
is interested and which are essential to the operation of its railroad system
8145293.583 $119418,081
Expensesaggregating $617,881,000 of which $167,839,000 are assumed gointly with
Maint. & way & structs_ 3,028.713
other railroad companies, and 389,920.000 are owned by Pennsylvania
1,905,749 13,276.928
9.480,985
Maint. of equipment... 6,283,361
RR. or subsidiary and affiliated companies.
5,063.356 29,475.139 23,660.838
Traffic
The agreement with the railroad employees for a 10% deduction in com553,369
477.029
2,710.797
2,514,266
Transportation
pensation effective from Feb. 1 1932. terminates as of June 30 1934, and
10,628,197 8,980.857 52.180.750 44,816,978
Miscell. operations
thereafter a deduction of 7)5% will be in effect until Jan. 1 1935. after
342,205
265,820
1,760,930
1,457,443
General
which data a deduction of 5% will be in effect until March 31 1935, when
1,224.055 6,600,760 6,249.895
Transp. for invest.-Cr_ 1,344,945
all deductions will be discontinued. Railway operating expenses will be
7,380
16,070
39.546
376.853
increased accordingly after July 1 1934.
Ry. oper. expenses...
Since the end of 1933 the company has sold $24,611,000 obligations of
Railway tax accruals__ _$22,173.410 $17,900.796 8105965,758 $87,803,552
leased companies which were in the company's treasury.
2,560,100
9,971,100 10,668.300
Uncoil. ry. revenues_ _ 2,391,300
Of the general mortgage bonds, there will be outstanding in the hands of
11,682
12,372
47,497
28.966
the public after the present issue $125,000.000 series A. 4% bonds,..
By. oper. income_ _ _ _
dueJune 1 1965, $50,000,000 series B 57., bonds, due Dec. 1 1968, 550.Equip. rents-debit bal. $6,573,673 $5,950,181 529,309,228 520,917,263
000.000 series D 4(% bonds, due April 1 1981, and $50,000,000 series IC
686,048
781,355 3,268,924
3,728,526
Jt. fac. rents-debit bal.
4)4% bonds, due July 1 1984. 860,000,000 of series 0 6% bonds, due
113,568
76,727
747,789
628,564
April 1 1970, are pledged under the indenture securing the company's
Net ry. oper. income_ $5,774,057 $5,092,099
15
-year secured 6A % gold bonds,due Feb. 1 1936. 8125,289.760 bonds are
0
$25,292,515
reserved to retire a like amount of prior lien bonds and the remainder is
The 1934 figures shown in this statement do not include $16,560,173
issuable, under the restrictions stated in the mortgage, for the payment.
operation of the West Jersey & Seashore RR., that road the results of
having been
refunding or retirement of general mortgage bonds outstanding, for the
leased to the Atlantic City Rit. (Pennsylvania-Reading Seashore
Lines).
acquisition of additional property, for additions, betterments and improveeffective June 25 1933. The
ments,for equipment or the refunding ofequipment obligations to the extent
operations of the West Jersey1933 figures, however, include the results of
& Seashore RR.
-V. 138, P• 3957.
of 90% of the cost of such equipment or the principal amount of such
obligations, and for the acquisition of other corporations' securities.
Earnings of Pennsylvania RR. Only.
Both principal of and interest on the general mortgage 4 % bonds.
May1934.
series E, will be payable in such coin or currency of the United States of
1933.
1932.
1931.
Gross from railway
$31,092,110 $26,372,112 $27.473,198 $39,310.633
America as at the time of payment is legal tender for public and private
Net from railway
8,992,640 8,515,148
debts, without deduction for any tax or taxes (other than an income tax
7,824,927
7.931,287
Net after rents
on the holder levied by the Government of the United States) which the
5,800,223
5,091,900 4,125,619 3,961,992
From Jan 1
railroad or its successors or assigns or the trustees under the mortgage may
Grow from railway
145.029,179 119,186,686 147.404,615 195,113,926
be required to pay or retain therefrom under any present or future law
Net from railway
the United States of America or of the Commonwealth of Pennsylvania. of
39,429,985 31,626,183 35,810,171 36,174,712
Net after rents
25,438,931 16.621,219, ,
The company proposes to agree in the bonds of series E to provide in
19,073,121
each year as
Pays 50-Cent Dividend.
such bonds (but only out
-The directors on June 27 declared the companya sinking fund for calendar year) the sum of net income of
of $250,000, to be
a dividend of 1% (50 cents) per share on the capital stock, applied to thefor the preceding of series E,if and to the extent tendered,
purchase of bonds
within such
par $50, payable Sept. 15 to holders of record Aug. 1. This principal period as may be specified in the bonds, at not more than their
amount. The terms of the
fund, as aforesaid may be
is the second 50-cent dividend this year, the first having modified so far as necessary to comply proposed requirement of the 1.-8. C.
with any
been paid on March 15. In 1933 one 50-cent dividend was Commission.
[There
attached to the circular (a) a copy
paid in March. In announcing the dividend the company company are of Dec. 31 1933, as filed with theof the balance sheet of the
as
1.-S. C. Commission; (b)
copies of the income and profit and less accounts, as filed with the I.
said:
-S. C.
Commission, for the calendar years 1931, 1932 and 1933: and (c) a stateThe earnings of the company for the first six months, partly estimated,
ment of the earnings for each of the 10
-years 1924 to 1933, both inclusive,
will equal 1.57% on the capital stock, and after customary sinking funds
summarized from the reports filed with the I.-S. C, Commission.[
-V.
are deducted, will equal 1.18% on the stock.
138. p. 3957.
--Earnings.
Pennsylvania Reading Seashore Lines.
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p.3787.
1934.
$385,821
def36,736
def206,499
1933.
$102,796
def33,280
de574,778
1932.
$132,599
def36,317
def79.111
1931.
$225,832
def4,376
def56,523
891,114
633,576
526,821
1,957,081
def220,551 def179,224 def218,205 def275,990
def1.013,346 def411,566 def435,689 def532,026
• Pere Marquette Ry.-Earnings.-1934-5 Mos.-1933.
Period End. May31- 1934
-Month-1933.
Operating revenues
$2,209,446 $1,834,691 $11,134,654 $8.349,893
1,046.319
2,874,461
Net railway revenue__ - _
356,302
554,463
64.985
Net ry. oper. income..
164,419 1,811,782
331,913
218.947
217,566
19.539
Non-oper. income
49,277
$283,933
$183,958 $2,029348
Gross income
$381.190
313,699 1,528,670 1,574.543
303.161
Deductions
$500,678def$1290,610
$78,029 def$129,741
Net income
-V.138. p.3614.
-Receivership Denied.
Philadelphia Rapid Transit Co.
City Controller S. Davis Wilson's petition for a receivership for the
company was refused June 25 by Judge Harry S. McDevitt of Common
Pleas Court 1.
Mr. Wilson has announced that he will take an appeal to the State
Supreme Court.
thorough audit of
"The Controller's office has spent months making a Rapid Transit Co.
the books, accounts and vouchers of the Philadelphia
audit
and if Judge McDevitt had waited until the Controller's Mr. had been
filed he might have decided to appoint receivers." said CourtWilson.
a petition
in the Federal District
The Controller has pending
asking appointment of trustees for the Philadelphia Rapid Transit under
Bankruptcy Act.
the new Federal
Mayor Signs Pact on Broad Street Tube.
An agreement calling for a four-year lease of the city-owned Broad Street
subway system to the Philadelphia Rapid Transit Co. for a minimum annual rental of $900.000 was signed June 26 by Mayor J. Hampton Moore.
The Mayor pointed out that the city took a $6,000,000 annual loss
on its investment under the lease,but said it was "the best that can be
had at the present time."
"When some other operator appears who is willing to pay more than
the Philadelphia Rapid Transit pays we will take the matter under consideration," he added.
The lease is dated back to July 1 last. In addition to the $900,000
minimum rental the Philadelphia Rapid Transit must pay two cents for each
year. The number
passenger carried on the subway above 52.000.000 athe third year of the
of passengers is expected to exceed this figure during
lease.
The Mayor also signed three other transit bine, one of wnich approved
the leasing of the projected Delaware River Bridge high-speed line to the
Philadelphia Rapid Transit at a flat rental of 2 cents per passenger.
-V. 138, p. 43110.
-Pro'-Pittsburgh Cincinnati Chicago & St. Louis RR.
posal to Issue Stock Withdrawn.
-S. C. Commission on June 26
At the request of the applicants, the I.
dismissed an application of the road to issue $10,741,109 capital stock and
and liability, as lessee,of the
of the Pennsylvania RR. to assume obligation drop the proposal.
-V. 137.
Issue. Both roads had expressed a desire to
p. 1936.
Pittsburgh McKeesport & Youghiogheny RR.
mid
Notice of Obligation to Sell Stock.-
The New York Stock Exchange has received notice from the Pittsburgh
terms
& Lake Erie RR.of the New York Central Lines that pursuant to the of the
of the guaranty and agreement endorsed upon the stock certificates comMcKeesport & Youghiogheny ER. stockholders of that Lake
Pittsburgh
pany are obligated to sell their stock on July 1 1934, to Pittsburgh & Lake
Erie RR. and (or) New York Central RR. (corportae successor of
Shore & Michigan Southern Ry.) at par value. $50 per share.
Accordingly, stockholders of Pittsburgh McKeesport & Youghiogheny
the office
RR.should deliver their certificates, duly endorsed for transfer, atYork, on
of the Central Hanover Bank 5c Trust Co.,70 Broadway, New
July 2, and surrender the same against payment for such stock at the rate
taxes,
of $50 per share (less the amount of the Federal and State transfer
unless otherwise provided for by stockholders).
that the semi-annual dividend of 3%,or $1.50 per share,
It is understood
course, as
payable on July 1 1934, will be paid by check in due$1,000,000 heretofore.
bonds due
The Pittsburgh McKeesport road has an issue of
when duo (see l'ittsburgh & Lake Erie RR.
July 1. These will be paid
-V. 135. p. 123.
above.)
Erie RR.-Earnings.1932.
1931.
1933.
1934.
$1.488,635 31.125.366 $1.005.591 $1.561,423
364,854
285,574
76,825
221.166
414,926
Pittsburgh & Lake
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
6,367,359
1,125.850
1,391,289
4,617,514
427.246
570,472
5.378.393
484,576
661,022
8.053.655
1,251,146
1,652,662
-F. E. Williamson, President, says in
Annual Report.
part:
-During the year company moved 18.746.079 tons
The Year's Business.
of revenue freight, an increase of 3,126,107 compared with 1932. By
commodities, the increases in tons are as follows: coal 166,226,coke 167.109.
440,167, clay, gravel, sand and stone 43,652, other
ore 745.798. limestone
products of mines 34,276, products of forests 34,195, iron and steel products
259.570,
1,236.404. other manufactures and miscellaneous articles of the and less
carloads 14,188. There were decreases in tons moved 5,407. following:
products of agriculture 10.071 and animals and products to better business
The increase in the volume of traffic handled was due
conditions during the last eight months of the year and is particularly
attributable to the increased operations of the iron and steel business
which resulted in increasing the tonnage of coke. ore and limestone. Due
to labor trouble in the coal industry during the months of September and
October, coal tonnage was adversely affected. decrease of 245,643. InterThe company carried 1,312,517 passengers, a
line passengers decreased 27,786, local 28.178 and commutation .89.679.
The decrease in all classes of travel continued throughout the year and, as
a total
a result, four trains in main line service were discontinued andmiles.
train
reduction was made during thb year of 15.78% in passenger to $1,083,648,
tax accruals amounted
-Railway
Railway Tax Accruals.
as a
a decrease of $14,025. State capital stock taxes decreased $121,182 local
for 1931, while other
result of credit adjustments of accruals rates of taxation andState andvalureduced
taxes decreased $83,741, due to lower
ation. Federal income taxes were $290,456, an increase of $108,029. There
was an increase of 3162.225, due to increased taxable income, which was
offset in part by credit adjustments in accruals for past years amounting
to $18,375. and by income taxes of lessor companies, formerly charged as
railway tax accruals, but now included in rental accounts. Federal capital
stock and other new taxes amounted to $83,172.
-Company advanced to
Pittsburgh, McKeesport & Youghiogheny RR.
Pittsburgh, McKeesport & Youghiogheny RR. during the year $142,000.
required to retire at maturity principal Instalments
one-half of the amount
New York Central RR.
ofequipment trust certificates totaling $284,000,thecompany were partially
having made like advances. Such advances by this
offset by credits to the advances account of the amount of net retirements
miscellaneous items totaling
of equipment and other property and otheradvances account of $25.020.
$116.979. resulting in a net increase in the at close of Dec. 31 1933 were
Total advances (including a $300,000 note)
817,456,324.
June 30 1934
Financial Chronicle
4474
Operating Statistics for Calendar Years.
1930.
1931.
1932.
1933.
232
235
236
234
Miles operated__
34,702,515
22,685,276
15,619.972
Tons(rev.) frt - - 18.746,079
708,585
585,104
372,450
575,102
Company's frt _ _
Rev.tons! mile -1,254,928.559 1,158,987,160 1,528.189,199 2,143,888,598
31,069,402
25,830.801
16,302,840
Co.frt. 1 mile. 21.408,441
15,702,228
10,098,61512,548,826
Bituminous coal- 10,264,906
738,559
232,398
186,430
353.539
Coke
4,219,777
1,750,530
745,083
1,490.881
Iron ore
3.492,742
-1,019.929
1,987,949
1,537.759
&c _
Stone, sand,
3,811.861
2,561,274
1,548,160
1,312.517
Passengers carr _
84,038,382
58,118,407
38.148,126
Passengers 1 mile 31,330,466
Earns, per ton
1.15 eta.
1.06 cts.
0.99 cts.
1.08 cts.
per mile
1.668
1,685
1.877
1,766
Tons load (a11)_ _
Gross earns, per
8117.845
$75,933
$53,163
$62,405
mile
Income Account for Calendar Years.
1930.
1931.
1933.
1932.
Earnings$13.580.502 $11,491,317 $16,156,429 $24,689,907
Freight
659,989 1,161,225 1,780,485
531.637
Passenger
568.763
356383
302.237 , 243,233
Mail,express,&c
302,042
162,512
168.460
127.438
Incidental, &c
Total oper. revenue.-$14,582,837 $12,521,976 $17,836,549 $27,341,198
ExpensesMalnt.of way & struct $1.178,995 $1,001,587 21,645,818 $2,893,072
7,812,470
Maint. of equipment _ _ - 4,941,342 4,445.702 5,494,491
430.726
401.612
285,911
305,827
Traffic expenses
9.319,352
Transportation expenses 4,842,204 4,747.774 7,023.371
953,482 1,075,331
724,257
713,406
Gen. & mLscell. exps_
$11.972.709 $11,214,296 $15,518.775 $21,530.952
Total expenses
(78.75)
(87.01)
(82.10)
(89.56)
Per cent exp.to earns __ _
2,317.774 5,810,246
Net railway revenue. - 2,610.128 1,307,681
Railway tax accruals_ _ - 1,083,649 1,097,675 1,138.723 1.693.586
238
47
424
1,395
ncollectlble ry. rev _ _
$208.611 $1,178,626 $4,116.422
Railway oper.income_ 81.526.433
2,182,496 3,391.437
Equip,rents, net credit. 1,451,620 1,504.081
134.839
84,810
71,933
65,594
Jt. ftcil.rents, net debit
Net railway oper.Inc- $2,906,119 81.647.098 $3,276,312 $7,373,119
Other Income
$850
Inc.from lease ofroad -5
4
, 32
1, 97
6$4 328
52$77
62.518
$61:382718
Miscall.rent income
444.372
616.947
533.782
372.108
Dividend income
540,455
324,402
388,522
310.584
secure -Inc.from fund,
227.841
..0
131,454
41. 106
48 03075
62,447
Inc.fr. unfd.sec.& sects
727
3.874
Ing.fr.sk.& oth.res.fds
1,323
3 25
1,4131
1.365
Miscellaneousincome
$827,562 $1.184.732 $1,280,642
Total other income - _ - $950.266
3.856385 2,474,660 4,461,044 8,653,761
Gross income
Deductions
$590,315
$572,769
$488.539
Rents for leased roads_ _ $445.883
131,497
72,052
111,682
91.867
Interest on funded debt.
501,755
342.867
379.048
65 2 9
321:634
5
Int. on unfunded debt.897,001
379.116
6
2 711
334..329
139,479
transf. to other cos Inc.
22.994
15,035
Other miscell. charges..
$1,291,135 $1.106.778 $1,388,358 $2,143,563
Total deductions
2,565.250
1,367.882 3,072,687 6.510,199
Net income
-Per cent._ ,(5)2,159,125(5)2,159,125(20)8636,500(20)8636,500
Dividends
sur$406,125
$791,243 $5.563,813 $2,126,301
Deficit for year
Shares of capital stock
863.650
863.650
863,650
863.650
outstanding(par $50)$7.54
$2.97
$3.56
$1.59
Earns. per sh.on cap.stk
Note.-Dlvldends in 1930. 1931 and 1932 were charged to accumulated
surplus.
General Balance Sheet Dec. 31.
1932.
1932.
1933.
1933.
3
3
Liabilities$
3
AssetsRoad & equip.. 75,247,763 75,274,416 Capital stock__ 43,182,500 43.182,500
285
Prem.onstk sold
. 285
by,in attn. cos.:
7,267,578 7,267,678 Funded debt_ 1,153,713 1,507.569
Stocks
708,180
599.773 Accts. & wages_
941,896
599,773
Notes
61,714
61,710
24,009,423 24,734,164 Loans & bills pay
Advances._
298,651
542,913
2,500,000 2,500.000 Traffic bids. pay
Bonds
12,792 Divs. declared-- 1,079,563 1,079,563
12,792
Other investMts
35,373 Taxes accrued_ _ 1,620,415 1,488,857
35,373
Misc. phys. prop
55
•
25
1,650,597 3,002,913 Interest matured
Cash
387,441
368,634
Miscellaneous
Time drafts &
13,114 Def. credit items
115.133
105,929
3,313.114
deposits
431,569 Depreo. (equip.) 16,842,171 15,524,379
454,258
Traffic bats. ree_
Misc. accounts_ 1,008,409 1,158,982 Accrued deprec.
equipment, _ _ 13,047,515 12,146,487
A cci ued interest,
247,037 his. & easily res
109,326 ' 105,179
316,067
diva., &c.... _
759,786
2,289 UnadJust. accts.
670,915
3.428
0th. curt, assets
116,227 Add'ns through
117,757
Deferred assets_
inc. & surplus 2,890,048 2,881,358
409,661
522,706
UnadJust. debits
520 Profit & loss.._ 37,913,509 37,708,086
943
Special deposits_
640
176
Loans & bills lee
101,182
163,360
Agents & conduc
Mat'l & supplies 2,407,548 2,044,890
Total
120,531,066 117,953,225
Total
120,531,066 137.53,22
To Pay Off $1,000,000 Bond Issue.
Tim company announces that the $1,000.000 second mortgage 6% bonds
of the Pittsburgh McKeesport & Younghlogheny RR. due July 1 1934
will be taken up at maturity at the office of the Treasurer, 466 Lexington
-V. 138. p. 4136.
Ave.. N. Y. City.
Pittsburgh & Shawmut RR.-Earnings.1934.
$61,692
12,526
15,521
1933.
$48,368
7,845
6,804
1932.
$57.162
7.123
4,683
1931.
$89.346
29,578
30,537
320,216
58,702
80,223
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. P.3 .
787
233.248
8,758
7,640
304,558
30.722
27,752
393.953
84,079
78,172
-Earnings.
Pittsburgh Shawmut & Northern RR.
1931.
may
-1932. $111,074
.616
$7'7
$70,i02
from railway
def2,673
def9.148
8,796
3,751
$85,956
10.136
2,640
19,924
11,552
459.950
71,639
32,670
Gross
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3787.
347,381
39.408
7,489
438.306
42.884
9,767
539,747
130,645
98,972
Pittsburgh & West Virginia Ry.-Earnings.1934.
1933.
1932.
may$225.152
Gross from rallwaY
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway.
Net after rents
-V.138, P. 3787
.
$262.719
75.860
89,334
_
90,681
96,035
3151.700
6,621
def8,431
1931.
$280,919
78.248
90.052
1,206,539
380,856
430,033
895.195
241,207
221,831
938,718
176,725
119,734
1.328.533
339,824
370,144
Volume 138
Financial Chronicle
Porto Rico Telephone Co.
-Earnings.
Calendar Years1933.
1932.
1931.
Total operating revenues $677,869
$674,261
$754,273
Non-operating revenues1,660
2,514
9.452
Gross earnings
$679.529
$676,775
$763,725
Operating expenses
322,527
348,428
380,460
Taxes
53,935
55,770
60,324
Amortization of cyclone
damages
26.400
Provision for deprecia'n,
,
replace, and renewals..
119,239
130,090
175.462
Int. deductions (net)
106,313
109,297
117,628
Net income
$51,119
$33,189
$29,850
Preferred dividends
631
1,
$756,516
411,560
57,534
170.773
105,087
$11,563
15,108
Balance, surplus
$51.119
r
$33,189
$29,850 def$3,545
Balance sheet Dec. 31.
Assets1933.
1932. - Liabilities1932.
1933.
Plant,prop.daran..$3,225,553 $3,282,557 Common stock -51,800,0 $1,800,000
00
Inv. In & advs. to •
I Funded debt
531,600
589,900
subsidiary cos_
68,295 Due to Int. Tel. &
Sink,fund deposits
15,538
13,713 Tel. Corp
966,526 1,110.995
Deferred charges__ 152,950
226,529 Deferred liabilities
41,776
32,309
Cash in banks and
Accts.& wages pay.
7,240
9,439
on hand
22,355
8,014 Act?. Int. & taxes_
27,813
31,008
Accts. rec. (net).84,197
101,873 Sundry curr. nab_
1,064
302
Notes receivable
2.000
6,000 Reserves
151.001
95,499
Materials & stpp.
68,583
59,948 Surplus
x100,420
41.213
Total
$3,571,177 83,766,928 Total
$3,571,177 53,766,928
x Includes paid in surplus of
$9.667.-V. 138, p. 4136.
''Providence (R. I.) Gas Co.-kgreemert.-Erpinv
e.
Th protective
agreement made by
1927. prevent the majority of the stockholders of the company on April 1
by outside Interests expires to-day company shares from being acquired
(June
April 1 1937 had it not been terminated 30) It would have expired on
n .
Stockholders who deposited their
Trust Co. or the Industrial Trust shares with the Rhode Island Hospital
Co.,
present their certificates to the banks trustees for the committee, may
for exchange for actual stock certificates.
-V. 138. p. 2085.
Pullman Co.
-New Officer.
George A. Kelly, formerly General
Solicitor of the company, has been
elected Vice-President in charge of
public
who has been General Attorney, Is now relations; Lowell M. Greenlaw,
the General Counsel.
-V. 138, P.
4136.
,
(The) Pyle-National Co.-Pctys $7 on Accumulations.
,
-
The directors have declared a dividend
of $7 per
accumulations on the 8% cum. pref. stock, par $100.1nshare on account of
addition to a regular
quarterly dividend of $2 per share,.both payable
June 30 to holders of
record June 19. A distribution of $1 per
share was made on Dec. 20 last.
Following the June 30 payment arrearages
will amount to $4 per share.
V. 137, p. 4371.
Pyrene Mfg. Co.
-Earnings.
-
Calendar YearsNet loss
Dividends paid
1933,
$103.152
1932.
$179,627
4475
*---"Richfield Oil Co. of Calif.
eposits Sufficient to Ena le
1930Committee to Bid for Properties
-Timefor Deposits Extended.
$754885
,
1930.
1931.
$132.121prof$262.352
109.732
175,571
13,719
Total
$2,437,880 $2,554,168 Total
$2,437,879 $2,554,168
x After reserve for depreciatio
n of $719,450 in 1933 and $665,896 in
1932.-V. 136, p. 3919.
,
..ftwiskel
Quissett Mill, New Bedford, Mass.
-Balance Sheet
Dec. 31=
Assets1933,
Liabilities-1932.
1933.
1932. f
Real estate and
Capital stock
$1,678,200 $1,681,100
machinery
82,276,670 $2,276,670 Bills & accts. pay.
31,892
13,766
Inventory
459,910
404,342 Reserve for deprec. 1,724,593 1.724,593
Caen and accounts
Capital surplus and
receivable
846,958
871,291
148,853
profit and loss
132,844
Total
$3,583,538 $3,552,303 Total
$3,583,538 $3,552,303
-V.137,-p. 1778.
Sufficient numbers of Richfield Oil and Pan American
have been deposited under the plan, based on the offerPetroleum bofida
of Standard Oil
Co.of California, to enable the committee to bid on the Richfield and affiliated properties at the foreclosure sales, Richard W. Millar. Secretary of
the Richfield reorganization committee, announced in a letter to bondholders June 23.
Simultaneously, the reorganization committee extended the time for
the deposit of bonds and unsecured claims until July 14.
"It is desirable," Mr. Millar stated,"to have as large a representation as
possible. The larger our deposits, the stronger will be our bargaining
and also the stronger will be our position to consummate speedily apower
reorganization of the properties."
Judge William P. James, who has assumed supervisio
on the Standard Oil Co. of California offer, the letter n of the plan, based
states,
shortly to sign a decree of foreclosure and sale, a draft of which is expected
been presented to him. His signature, it is added, will permit has already
the setting
of a date of foreclosure sales. These sales, it now appears, cannot be held
before June 30, as contemplated in the Standard offer, but Standard of
California, according to the committee, has not withdrawn and the reorganization committee hopes and anticipates that as soon as the Court has set
the date for the sale of the properties, appropriate arrangements can be
made with Standard of California for the completion of the reorganizaton.
The committee, it is added, has pledged itself not to bid a price under
the Standard plan, considering the value of securities at the time of sale,
that will make it possible for a non-depositor to receive as much asa depositor. A deposit with the committee, it is stated, gives the bondholder
opportunity to participate in better offers.
-V.138, p. 4311.
Rolls-Royce of America, Inc. (& Subs.).
-Earnings.
-
Calendar Years
Net sales-Chassis, new and used
cars, maintenance. &c
Cost of sales
Selling and advertising expenses
$926,028 41,055.201 $2,049,486
837.996 x1,031.332 2,058,054
214,940
267.509
546,217
Operating loss
Other income
$126,908
10,971
$243,640
7,419
$554,785
14.749
Net loss
Interest on funded debts
Amortization of bond discount, &c
$115.936
135,040
16,298
$236.221
173.910
21,396
$540,035
175,828
29,617
1933.
1932.
1931.
Loss for year
$267.274
$431.527
$745,481
Deficit a.. beginning of year
2,324.444
1,921,127
840,229
Special adjus ment of inventories_
313.085
Miscellaneous debits to deficit-net-14,647
5,748
49,451
Loss in connection with disposal of
Brewster property
373,765
Total deficit
$2,980,130 $2,358,402 $1,948,246
Profit on retirement of Rolls-Royce
7% bonds
33,958
27,119
Adjust.ofo.s.for Fed,taxes prior yrs.
48.280
Deficit at end of year
$2,931,851 $2,324,444 $.,921,127
x Adjusted to give effect to the elimination of inter-departmental
transactions.
Consolidated Balance Sheet Dec. 31.
Assets
1933.
1932.
Liabilities-1933.
1932. .
Cash
$53,416
$86,641 Notes payable_ _ _ $28,000
.
$28,000
Marketable secs.
Accts. pay -trade
50,919
98,229
at market value_
6,375 Customers' depas_
37,162
61,133
Notes & accts. rec. 180,512
186,532 Liab. in respect of
Inventories
681,675
786,167 Brewster dr Co__
31,500
31,500
a Land, buildings,
Wages, insurance,
machinery,&c_ _ 597,193
655,757 taxes, &c
68,470
88,075
Land & bldgs.,Int.on funded debt 282,578
258,168
Brewster & Co..
Funded debt
1,613,000 2,837,700
Inc
b1,759,162 Res. for Fed. taxes
7% bonds in tress,.
165
& contingencies_
104,190
Trade names, pats.
Rea for add. State
good-will, &c_ _ _ 1,321,265 1,336,579
tax
5,000
Deferred charges
25,554
40,338 Preferred stock_
3,500,000 3,500,000
c Common stock
175,000
175,000
Deficit
2,931,851 2,324,444
Total
$2,859,780 $4,857,551
Total
$2,859,780 $4,857,551
a Attu depreciation of $2.296,119 in 1933
82.256.001 in 1932.
b After depreciation of $212,158. c Represente'and 35,000
d by
no par shares.
-V.136, p. 4286; V. 135. v. 4569; V. 134, p. 3291.
Rochester Capital Corp.
-Earnings.
-
Calendar YearsIncome from dividends and interest:
Interest on bonds. &c
Dividends on stocks
1933.
$5,665
25,175
$6,300
32.817
$7,040
56,653
Total
Less-expenses
$30,840
5,362
$39,117
4,376
$63,693
8.019
Net income
Profit on sale of securities (net)
$2e
Se ,478
5
$34,742
$55,673
164,282 loss114.752
1932.
1931.
Profit for period
Previous earned surplus
825,478
8199.024 1os459.078
181.996 def17,028
42,054
Surplus Dec. 31
$207,473
$181,996 def$17.028
x Net losses on sales and write down of
Radio-Keith-Orpheum Corp.
to $453,902 have been charged to special securities during 1933 amounting
-Permanent Trustee.- •
surplus.
Federal Judge Alfred 0. Coxe on Juts.
26 appoimed the Irving Trust
Co. permanent trustee of the corporation under the provisions
Balance Sheet Dec. 31.
of the newly
enacted Bankrupcty Act.
Assets1933.
1932.
Liabilities-V. 138, p. 4311.
1933.
1932.
a Securities owned:
Provision for New
Bonds
Railway Steel Spring Co.
$196,883 5107,826
York State fran-Consolidated.
Fret stocks _ .._ ..
.
85,172
See American Locomotive Co. above.
129,480 chlse tax
$990
$600
-V. 122. p. 2812.
Common stock:
b Capital stock_ 500.100
500,100
Bank stocks__ 129,730
304,915 c Special surplus
...--Rapid Electrotype Co.
554,462 1,008,363
-20 Cents Extra Dividend.
Others
823,391 1,061,947 Earned surplus,.__ 207,473
181,995
The directors have declared an extra
cell. securities_
4,767
the common stock, no par value, payabledividend of 20 cents per share ote ash
of
19,182
81,455
The company paid regular dividends of July 15 to holderson record July 1.
J3tsidnds reedy.
10 cents per share
June 15 1934
and March 15 1934. Previously
and Int. accrued
3,899
5,436
share were made on this issue from quarterly distributions of 50 cents per
Sept. 15 1930 to and including Sept. 15
1932.-V. 138, v. 3452.
Total
51,263,025 $1,691,059 Taotl
$1,263,025 $1,691,059
a The market
Reading Co.
-Dividend Increased.
-The directors on against $571.438value of securities owned as at Dec. 31 1933 was $898,805
in 1932. b Authorized 250,000 shares of no par value
June 28 declared a quarterly dividend of 50 cents per share outstanding 100,020 shares of no
at the stated value of $5
on the common stook, par $50, payable Aug. 9, to holders per share. Not including 124.980par value, butto trustee to satisfy stock
shares issued
purchase option warrants outstandin
of record July 12. This compares with regular quarterly to a like number of shares of capital g, entitling the holders to subscribe
l stock at $24 per share
distributions of 25 cents per share made from May 11 1934. and thereafter to Dec. 31 1939 at prices increasing prior to Dec. 31
by $1 per share
each year up
1932 to and including May 10 1934 and $1 per share from on securities. to $29 per share. c Special surplus appropriated for losses
1913 to and including Feb. 11 1932. In addition an extra
A list of the securities owned is given in the report.
-V.138. p. 161.
dividend of $1 per share was paid on Feb. 10 1927.
The company on May 10 last paid a tax refund of
cents per share
to the common stockholders in order to reimburse them1K the 5% Federal
for
tax on dividends.
Earnings for Month and Five Months Ended May.
Mau1934.
1933.
1932.
1931.
Gross from railway
$4.811,742 $3,980,143 $4,350,922 $6,029,109
Net from railway
1,561,765
1,505.489
1.002.466
692,052
Net after rents
1,238,284
1,231,993
917,307
462,949
From Jan. 1
Gross from railway
24,402,515 18,890,104 23.626,691 31.531,242
Net from railway
8.362,771
5,412,275 4,571.481
3,876.728
Net after rents
6,492,790 4,055,649 3,760,797 2.599,968
-V. 138. Is. 3616.
Rollins Hosiery Mills, Inc.
-Earnings.
PeriodNet profit after all chgs.
incl. manufact'g. sell.
& adminis. expenses._
Depreciation
Int. & discount on 1st
mortgage bonds
Interest on bank loan,.,.,.
Federal income tax
Net loss
Prof. dividends paid_
Earned on pref.stock_ --
1933.
Calendar Years
1932.
1931.
899.162 lossS71 575 108412,669
126,079
126,773
131.019
15.150
2,226
18.334
2,784
849.294
$219.467
Nil
Nil
23.560
13,179
Jan.4'30 to
Dec. 31 '30.
8210,140
120.295
27,223
22,565
9.800
$180,427 prof$35,257
108,000
144.000
Nil
$0.88
4476
Financial Chronicle
June 30 1934
Comparative Balance Sheet Dec. 31.
-Pays $1 Dividend.
"
----Stinford Mills.
1932.
1933.
Liabilities1932,
The directors have declared a dividend of $1 per share on the common
1933.
$8,110
$9,943
stock, no par value. payable July 15. to holders of record June 26, as com$190,659 $144,025 Accounts payable.
Accrued salaries,
pared with $1 per share on Jan. 15 1934,50 cents per share on Sept. 1 1933.
47,608
42,457
taxes, •S‘c
8,938
7,150
and 25 cents per share on Jan. 15 1932.-V. 138, D. 161.
50,000
50,000
16,524 Res, for conting
11,082
252,000
23,427 1st mtge. bonds_ _ _ 189,500
42,786
-Earnings.St. Louis Southwestern Ry. Lines.
406,005 x Preferred stock_ 2,000.000 1,870,000
336,950
-Third Week of June- -Jan. 1 to June 21400,000
797,988 y Common stock.. 400,000
780,676
1933.
1934.
1934.
1933.
232,396
Period
Initial surplus_
12,501
$306,500
$307.976 $6,851,938 85,784,176
Gross earnings
948,627 1,041,004
Mos.-1933.
39,577
1934-5
34,040
- 1934-Month-1933.
Period End. May 31
152,064
557,990
Railway oper. revenues_ 51.311.393 81,197,372 $5,932,031 $4,919,053
1,256.237
462.399 1.827,011
494,053
Net rev,from ry. oper_ $2,922,463 $2,629,552
373.788
Total
$2,922,463 $2,629,552 Total
826.480
27312O
274,016
Net ry. oper. income.... _
35.885
28.391
7,129
5.070
Non-oper. income
x Represensed by 40,000 no par shares of $3.60 cumuladve s ock in
1933 and 37.400 in 1932. y Represented by 40.000 no par shares. z After
$409,674
$854,872
$279,087
$280,250
Gross income
deducting reserve for depreciation of $758,974 in 1933 and $647,241 in 1932.
1,443,262
265,956
294,214 1.317,091
Deduc. from gross inc....
-V.137. p. 1593.
Richmond Fredericksburg 8c Potomac RR.-Earns.813.131 def$13.963 def$462,219der$1.033.588
Net income
1931.
1932.
May1933.
1934.
-Hale Holden, Chairman, states in part:
Annual Report.
$924,138
$572,958
$551,831
Gross from railway
$567,548
319,305
122,960
140,970
Net from railway
130,086
There was a net reduction in road and equipment account (including
185,634
43,734
65,821
Net after rents
51,873
improvements on leased railway property) of $492.836. brought about by
From Jan. 1
credits of $482.466 to road. and $33,799 to general expenditures incident to
2.873,217 2.775,090 3.253,032 4,529,783
Gross from railway
the abandonment of right-of-way, tracks and facilities Prestridge to Whits
1.557.629
784,136
732,377
-S.
675,331
Net from railway
,
Ci y, Texas, under author.ty of the I. C.Commission; a charge of $39,555
923,930
331,231
314,593
289,974
Net after rents
for additions and betterments to road property: and a net credit to equipment accounts of 816,126, due to retirement of one locomotive and 16 units
-V.138, p. 3788.
of passenger, freight and work equipment, rebuilding four trust series
Rutland RR.-Earnings.freight cars, and equipping 100 freight cars with automobile loading devices.
1931.
1932.
-S. 0. Comm,ssion for autho.ity to
An application was filed with thc I.
1933.
1934.
May3386.647
$333,077
$304,298
abandon certain lines of the Stephenville North & South Texas Ity. west of
$283.329
Gross from railway
36.721
57.757
48,794
Hamilton, Texas. in Hamilton. Erath and Comanche Counties, Texas and
31.717
Net from railway
18,062
926
39.041
to abandon the operations thereof by the St. Louis Southwestern Railway
13.586
Net after rents
By. Co. of Texas, lessee. The Commission in its order of Feb. 20 1934
From Jan. 1
1,303,768 1,649,610 1,871,073
granted this application in view of the annual operating losses resulting from
from railway
1,355,753
Gross
138.881
223,304
88,299
68.596
the decline of traffic volume, partially due to the diversion of traffic to
Net from railway
130,504 I. 5.49O
42,908
motor trucks, and as the record disclosed no reasonable certainty that the
def14,601
Net after rents
lines could ever be profitably operated.
-V.138. p.4137.
The amount of funded debt outstanding in the hands of the public.
-$1 Dividend
-- -- " "Sifety Car Heating & Lighting Co.
increased $481,300 during the year, as follows:
Dec.$456,000
The directors have declared a dividend of Si per share on the 6pital
Equipment trust notes,series II, I,.7 and K
Inc. 987.800
Reconstruction Finance Corporation notes
stock (no par), payable August 15 to holders of record August 1. El miler
Dec. 50,499
distributions were made on April 2 1934, Dec. 23 1933, Sept. 15 1933 and
The Railroad Credit Corporation notes
May 15 1933.-V. 138, P. 2941.
Inc. $481,300
Total
-June Sales.
Safeway Stores, Inc.
The Railroad Credit Corporation note of April 29 1932 for $400.000 wan
the end of the year amounted to $349,500.
renewed on Oct.281933.and as of
-1933.
1934-24 Wks.
-1933.
Period End. June 16-- 1934-4 Wks.
The application of dividend's during the year of$25,499 under the MarshallSales
$19,000,462 $16,943.735 $106417,354 $96,560,744
ing and Distributing Plan, and the cash payment of $25.000 on renewal.
The number of stores in operation during the four weeks ended June 16
-V.138. p.3788.
resulted in a reduction in this obligation of 650,499. and equipment trust
1934 was 3,236,compared with 3,315 in the 1933 period.
In order to meet interest on funded debt, taxes
year
St. Joseph & Grand Island Ry.-Earnings.maturities, it was necessary to obtain an additional loan during the RFO
1931.
1932.
from the RFC of $987,800. The amount of unpaid loans from the
1934.
May1933.
and from the Railroad Credit
$286,358
at the close of the year was $17,882,250
$186,660
Gross from railway
$222.916
$226,441
5,501
59,604
92,446
Corporation $1.719,8'75.
Net from railway
90,641
28,014 def36,834
61,743
Net after rents
47,644
Traffic Statistics Years Ended Dec. 31.
From Jan. 1
1,357,564
941,443
907,120
1.176,311
Gross from railway
7
332 57
192,.
3
97 .
193,732
Number of passengers carried earnings revenue--359,903
308,201
302,329
522,786
Net from railway
9,581,808 11,30goi
Number of passengers carried one mile
144,276
157,642
152.128
289,523
Net after rents
5 .04
9 057
No.of passengers carried 1 mile per mile of road-85.16
-V.138,1:1. 4137.
Average distance carried (miles)
4%
.
$96
169203
818..086
Total passenger revenue
-Special Meeting.
St. Joseph Lead Co.
from each passenger..
Average amount received
0.0209
The stockholders will hold a special meeting July 25 to consider pro0.0194
Average receipts per passenger per mile
so that any number of stockholders repreposed amendment to by-laws,
3,826,023 3,574,839
to
Number of tons carried offreight earning rev
-V. 138, p. 3788.
sented in person or by proxy shall constitute a quorum.
9 :0 1
410 9
83 9
8
6 97 8
1_048, 63:408 12, 77 4
Number of tons carried one mile
Number of tons carried 1 mile per mile of road_ _ _
Ry.-Earnings of System.
-San Francisco
St. Louis
255.37
274.09
(miles)
Average distance haul of 1 ton
1934-5 Mos.-1933.
-Month-1933.
Period End. May 31- 1934
Totalfreight revenue
5,823
.
5,889
3
5,889
'3 476
5.778
9
Operated mileage
- '3.1'858
Average amount received for each ton of freight 312 188 8 1 $11 60.0127
$2,934,672 $3,059,134 $14.602.359 $13,433,110
0.0116
Freight revenue
receipts per ton per mile
Average re
848,560
920,912 ''
i
166,240
8 88
195,627
6,041 7
6,432.32
Passenger revenue
Freight revenue per mile of road
321.120
1,558,163 1,353,058
374,407
5.0613
Other revenue
Freight revenue per train mile
$12,953,,
394 $12 554,433
Operating revenues
6,560.84
5
6,83.82
Total oper. revenue__ $3,504,707 $3,546,495 817,081,435 $15.634,729
Operating revenues per mile of road
3.6295
Operating revenues per train mile
$613,742 $2,818,142 $2,706.277
7
0
3.,23
Maint. of way & struc-- $623,422
9.063,694 10,535667
Operating expenses
761,519 3,906.539 3.796,314
5.505.62
2 813
Maint. of equipment__ • 826,238
4,781 96
Operating expenses per mile of road
3.0778
Transportation expenses 1,256.428 1,148,388 6.188.528 5,670,703
Operating expenses per train mile
266,500 1.321,687 1.257,927
255.323
Other expenses
3889.699.94 2019,202.21
Net operating revenue
.
1.055.22
.69
1.2
2,0508 9
Net operating revenue per mile of road
Total oper.expenses__ $2,961,413 $2,790,149 $14,234,897 $13,431.223
Net operating revenue per train mile
of company freight carried (not included in revNote.
-Number of tons
$103.223
$352,774 $1,083.498
Net ry. oper. income.. $184.075
enue freight in this table) during year ended Dec. 31 1933, was 368,525
254.176
201,679
74,387
41,156
Other income
tons, and for the preceding year 358,389 tons.
$357,400
5427,161 $1,285.177
$225,232
Total income
Consolidated Earnings of System for Calendar Years.
32.275
33,672
4,300
6.911
Deductions from income
1930.
1931.
1932.
1933.
-.
Revenues
$12.188,801 811.563.003 816.385.466 $19,406,275
6325,125
Freight revenues
$422,862 $1,251,505
Bal.avail.for int., &c. $218,320
865.141
435.326
236,034
186,206
Passenger
Earnings of Company Only.
919,552 1.131.415
598.328
439,372
Mall, express. &c
1931.
1932.
478.531
1933.
1934.
210.028
157.068
139,016
MayIncidental. &c
$3.327,274 $4,944,920
$3,365.414 $3,393,916
Gross from railway
1,518,081
700,311
778,297
575.535
Total oper. revenue--$12,953,395 $12,554.433 $17,950.372 $21,881,362
Net from railway
322,377 1,089,652
420,062
256,684
Net after rents
Expenses
From Jan. 1
1.838.052 1.963,175 3.351,655
Malin. of way & struc__ 1,438,431
16,350.957 14,911,412 17,021,528 23,679.713
railway
Gross from
MaInt. of equipment_ _ _ 1,826,539 2.117.995 2,613.083 3,426.363
3,156.600 6,434,722
2,950,080 2,332,161
Net from railway
975,275 1,126,188 1.318.815
816,286
Traffic expenses
1.243,371 4,448,660
447.764
1,389.574
Net after rents
4,197,926 4.562,257 5,930.225 7.693,938
Transportation
784,513 1,041.652 1,026,559 1.153,609
General, &c
Examined.
Officers to Be
Federal Judge Faris has entered an order on petition of John G. Lone..
Total oper. expenses- $9,063,695 810.535.231 812.659.230 816.944,380
dale, co-trustee for the company, authorizing an examination of directors
3,889,700 2,019,202 5,291.142 4,936,982
Net earnings
in these
and officers of the road before John T. Harding. special master examine
980.872 1.063,385 1,071,846
866,684
Tax accruals
desires
2.749
proceedings. Mr. Lonsdale's petition states that he conductto business
6.865
7.837
5,174
Uncollectibles
of
railroad in regard to
certain directors and officers of the
prior to filing of bankruptcy proceedings and certain other matters which
$3,017,842 $1.030,493 $4.220.892 $3,862,387
Operating income_ _ -may affect reorganization.
Other Ry.Oper.Income
41,739
21.421
25,350
21,149
Rent from locomotives__
Ft. Scott Bond Group to Seek Interest.
14,832
646
1,315
2,210
Rentfrom pass. train car
Boston "News Bureau" says:
The
25.879
4.804
3.170
2,228
Kansas City Ft. Scott & Memphis
Rent from work equip__
It is likely the protective committee for
339.280
312.003
316.778
307,798
Joint facility rent income
bonds will apply to the Court for payment of interest on their bonds in
the near future.
Total ry. oper. Income $3,351,227 81,368,402 84,568.470 $4.284,117
The committee has been working on a plan for segregation of earnings
bond's mortgage. The committee for
of the property covered by the Francisco By. prior lien bonds have just
Deduct from fly. Oper. Inc.8805.290 $1,208,946 $1,274,077
$853.008
these bonds and the St. Louis-San
Eike of freight cars
6.209
2,556
3,189
1.506
about agreed on a plan for allocation of earnings to the two mortgages.
Rent for locomotives_ _ _
41.425
28.421
26.861
24,304
on which they are not in full agreement is interest payments
The only matter
Rent for pass. train cars_
higher per11.060
3.524
6.081
6,226
on the equipment trust certificates, the prior liens contending a are willing
Rent for work equip_ _ _
732,018
718,604
712,845
676,443
centage should be charged against the Ft. Scotts than they
Joint facility rent deduct
to pay.
even providNet ry. oper. income_ $1,789,740 def$186.791 $2,607,346 82.219,328
The segregation formula goes into the most elaborate detail,be located at
183.197
83.275
wagon
136.657
79,402
Total non-oper. income_
ing for division of profits on a lunchthe twowhich happens to report, howmortgages. The
the point on the line which divides there was a balance of around $260,000
$1,869,142 def$103,516 82.74,4,003 $2,402,525
Gross income
only January. It shows
ever.covers
an averavailable for interest on the Ft. Scott's. Assuming January was interest
Deductfrom Gross Incomeagainst
$662
81.399
82.090
914
age month, earnings for the year would be $3,120,000,
MIscell.rent deductions_
518
522
496
on the $25.835.000 outstanding and $21,078,000
296
charges of $1.900,520
Miscell. tax accruals--was a relatively good average
11.080
1,698
13,151
pledged under the prior liens. January a good indication of what the
Separately oper.proploss
the 'Frisco, but it does not give
_ 3,358,345 3.094.049 2.594.840 2.606.396
January for
lot, on funded debt_ -the Ft. Scott committee
219,464
407,939
251,419
18,732
year holds for the road. Therefore, it is likely that Court in seeking that
Int. on unfunded debt_
before the
20.966
20,140
18.057
14,598
will wait for further results before going segregation of earnings for the
Miscell. income charges_
paid. Results from the
their interest be
$445,481
-V.138, p.4137.
$291,917
$1,536,894 83,471.325
Net deficit
first quarter are expected to be known soon.
746,010
Preferred dividends-New President.
St. Regis Paper Co.
succeeding Floyd L.
$291,917 $1,191,491
$1,536,894 83,471.325
Roy K. Ferguson has been elected PresidentW.H. Versfelt has been
Deficit
171,861
171.861
171,861
171.801
Carlisle, who has become Chairman of the board. who was Vice-President
Shs. corn.stk.(par $100)
Ni
Nil
Nil
Nil
appointed Secretary, succeeding Mr. Ferguson,
Earnings per share
-V.138. p. 3104. _,
and Secretary.
Assets
Cash
Cash depos. in pay.
of bond lot
Insurance deposit..
Value of life ins_ _ _
Accts. receivable_ _
inventories
Other assets
Fixed assets_
Deferred charges_ _
Deficit
4477
Financial Chronicle
Volume 138
Condensed Balance Sheet (Entire System) Dec. 31.
1933.
1932.
Assets8
1933.
3
Road and equipment
128,255,198 128,747,012 Common stock_ 17,186,100
Inv.In MM.cos_ 4,485,267 4.439,421 Preferred stock_ 19,893,600
Other investm'ts 7,009,474 6,970,550 Bonds (see 'Fr.
Mlscell. Invest
1,440,747 1,413,153
Ind.Comp") 79,840.700
Cash
625,770
1,119,240 Non-negot. debt
Special deposits_
650,551
655,864
794,074
to affil cos_ __
Agents and conAccts. & wages_ 1,454,812
ductors' bals_
91,341
640,577
36.856 Int.& divs. due_
Traffic, &c., bal.
275,462
270,841 Miscell. accts_
45,178
Loans & bills rec.
2,950
654 Int., &c., accr'd
271,179
Miscell. sects
495,468
511,238 Tax liability_ ___
432,000
Int. & dive. rec.
4,117
4,000 Prem.on funded
Mat'l & supplies 2,331,189 2,789,865
7,626
debt
0th. curr. assets
7,041
14,884 Accrued depree_ 7,624,228
Work. fund ad214,526
0th. unad).sects
vances
20,761
60,066 Other def. nab
118.323
Other def. assets
15
16 AdcFcs to prop.
Other unadjusted
17.182,809
thru income
debits
277,192
1,234.855 Funded debt retired thru income & surpl_ 1,093.552
Misc, fund res....
70,913
0th, approp. Bur
164,979
Profit and loss
dI1268,557
Total
145,972,547 148,268,317
Total
145,972,547
138. P. 431.2.
From Jan. 2 1933 to and including April 2 1934 the company made quarterly distributions of 25 cents per share on this issue. In addition, an extra
payment of 25 cents per share was made on Jan.26 1934.-V.138.P.878.
1932.
17,186,100
19,893,600
78,565,325
1.680,709
640,692
849,721
295,779
481,653
7,626
7,132,581
242,171
129,168
17,181,285
1,093,551
.
70,914
164,980
2,652,462
148.268,317
-Earnings.
Sierra Pacific Electric Co.(& Subs.).
Period End. May 31Gross earnings
Operation
Maintenance
Taxes
Interest & amortization_
1934-12 Mos.-1933.
-Month-1933.
1934
$104,662 $1,428,217 $1,394,363
$117,822
566,718
602,677
32,934
37,904
59.205
59,633
3.149
4,314
178.254
198,563
14,236
15,875
114,767
126,164
10,710
10,955
Balance
$48,772
Appropriations for retirement reserve
$441,179
100,478
$43,630
$475,417
100,000
$375,417
$340,700
Balance
During the last 24 years the company has expended for maintenance
a total 01 7.32% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 11.57% of these gross earnings
.-V. 138, p• 3789-
-Tenders.
Sinclair Consolidated Oil Corp.
The Chase National Bank, New York, trustee, is notifying holders of
1st lien coll, gold bonds series "A",due March 15 1937, that there is available in the sinking fund 81,279,653 for the purchase of any of these bonds
up to 31,250,000 principal amount which are tendered at a price not exceeding principal amount and accrued interest. Tenders should be delivered at
the Corporate Trust Department of the bank, 11 Broad St., N. Y. City.
before 3.00 p.m., Daylight Saving Time,July 131934.-V.18.P.1413.
-Div. Reduced.^Southern California Edison Co. Ltd.
per share
Schenley Distillers Corp.
declared a dividend of
-Settles with Insurance Cos.
- onThe directors on June 22,$25), payable Aug. 15 3734 cents of record
to holders
the common stock (Par
The corporation on
June 22 made the following statement: We are
pleased to announce that we have settled with the various insurance companies interested in the loss occasioned by a fire which occurred at our
Pepper plant at Lexington, Ky.,for $2,655,000. The only claim that was
ever filed by this corporation was in the above amount which was reached
by agreement with adjustors for the various insurance companies after
consideration and discussion between them and ourselves.
There
were 24 insurance companies interested in this loss and of this number
22 have already agreed to payment on the basis of the claim filed. This
company desires to make this statement in fairness to the insurance companies for their co-operation in settling a claim of this size without unnecessary delay.
-V. 138. p. 3960.
Schumacher Wall Board Corp.
-Earnings.
-
For the fiscal year ended April 30 1934, there was a net loss of $29,584
before depreciation, which includes $10.908 loss on investment in Gypsum
Products Corp., which represents company's proportion of loss sustained
by the company.
Balance Sheet April 30.
Assets1934.
1933.
1933.
1934.
LiaMlittesCurrent assets__ 398,386 $122,783 Liabilities
$72,161
$62,167
Invest. in other cos 172,642
189,246 Other liabilities_
5,550
Fix assets
357,509
370,538 x Capital stock_
044,889
944.889
Gypsum deposits_
10,000
10,000 Surplus
52,189
Trade-marks and
good-will
350,411
350,000
Deferred charges
23,563
28,673
Deficit
96
1
Total
$1,012,606 81,069,239
$1,012,606 51.069.239
Total
x Represented by 29,747 shares preferred and 66,000 shares of common
stock.
-V. 137. P. 1067.
Scranton Electric Co.(& Subs.).
-Earnings.
-
Calendar YearsOperating revenue: Electric
. Heating
1932.
1933.
$5,692,196 55,783,570
396,784
432,096
Total
Operation
Maintenance
Depreciation
Taxes
$6,088,980 $6,215,666
1.593.297
1,144,539
586.010
464,278
1,380,993
1,401.333
624,104
591,995
Operating income
Other income, net
$1,954,724 $2,063,369
85,757
94,270
Totalincome
Interest on funded debt
Amortization of debt discount and expense
Other deductions
$2,040,482
416,730
22,657
18.385
.
July 20. thus placing the common stock on a $1.50 annual basis, as against
$2 a year, paid since 1926, when the original $100 par shares were split
four for one. The 52 annual rate continued the $8 annual rate paid on the
old stock from 1921 to 1926. The company paid $7 a share in each year
from 1917 to 1920, inclusive. The new rate is equivalent to a $6 a share
on the old $100 par stock, on which $6.25 a share was paid in 1916 and
$6 a share in 1914 and 1915. Prior thereto $5 a share was paid from the
date of organization in 1909.
Harry J. Bauer, President of the company, states: "The increase in
taxes, amounting to approximately $900,000 for 1934 as compared with
the first depression years of 1930 and 1931, together with a further increase
In fuel bill owing to this year's subnormal water supply, has offset to a
large degree the effect of the incresaed business, as well as further operating
-V. 138, p. 2942.
economies which have been put Into effect."
-Proposed Abandonment.
Southern Pacific Co.
The I.
-S.C.Commission on June 11 denied the application of the company
to abandon operation of a part of the so-called Promontory branch, extendingfrom Kelton to.Lucin,55 miles, all in Box Elder County, Utah.
Earnings of Company Only.
1931.
1933.
May1934.
Gross from railway
$9,947,382 $8,081,444 $9,406..355 $13,374;896
4,136,421
2,334,501
2,083,728
Net from railway
3,122,251
2.682.662
656,057
760,165
Net after rents
1,902,714
From Jan. 1
Gross from railway
42,290,360 34,205,750 44,558.869 61,816.234
8,405.148 13,532,477
5,152,245
Net from railway
10,045,131
6.006.778
1.048.343
Net after rents
4,251,623 def1,031,268
-V. 138. p. 4313.
-Earnings.Southern Ry. System.
PeriodGross earnings (est.)MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 4313.
-Third Week of June- -Jan. 1 to June 211933.
1934.
1933.
1934.
$1,844,709 $2,073,216 $49.368,926 $44,379,674
1931.
1932.
1933.
1934.
$6,465,505 $6,544,085 55,810,673 $8,593,166
1,591,029
503.960
1.932,853
1,498,713
700,527
1,310,353 def207.444
850,686
33,734,739
9,388,358
6,100,208
29.962,921
7.720,876
4.537,683
32,000,300 42.994,35$
7,668.449
4,570,613
3,310.477
983.834
-Smaller Distribution
57 6
-:
73"------Southern Weaving Co.
419,693
22,679
19,791
Net income
$1,582,707 $1,695.475
Preferred dividends
Common dividends
1,050,000
Note.
-1932 figures restated for comparative purposes.-_ VAgf
,
44.
,---Scranton Ry.-Timefor Deposits under Reorgaan
The reorganization
The directors have declared a semi-annual dividend of 50 cents per share
on the coon stock, no par value, payable June 30 to holders of record
mm
June 22. This compares with $1 per share paid Dec. 31 1933. 20 cents
- . 13 0 p9316and 35.sents_per share previously paid each six
ev e 8 1 3 1
Jun 3
.
,
months.
-Sale.
uthwest Gas Utilities Corp.
2 -44
ft
'Pledged assets of the company were sold at auction on June 25 for
$650,000 to the bondholders' protective committee. The un 'edged
assets were sold to the committee June 18 for 592,000.-V. 138, p 313
committee of the company and constituent and a
ated companies announced that July 6 has been designated as the last d te --Springfield Gas Light Co.
-Smaller Dividend.
for denosit of the bond issues involved. It reports that it has atleast
The directors have declared a quarterly dividend of 38 cents per share on
90%
of each issue and would bid for the properties at the foreclosure sale on
the common stock, par $25, payable July 16. to holders of record July 2.
July 9 at Scranton, Pa.
This compares with 50 cents per share paid each quarter from July 15 1933
The committee comprises C. S. Clark, S. P. Clark, E. C. Miller, P. A.
to and including April 15 1934.62 cents per share paid on April 15 1933 and
Russell and Harry Reid. The Fidelity-Philadelphia Trust Co., Phila63 cents per share on Jan: 16 1933.-V. 138, p. 2086.
delphia, is depositary.
Standard Brands, Inc.
-New Director.
Reorganization Plan.
-
A plan of reorganization has been prepared and adopted for the company
and the Scranton Bus Co. It provides for the acquisition of their properties by a new company, Scranton Ry. & Bus Co., which will issue first
mortgage bonds,series A 5% and series B 4%,
second mortgage income
bonds carrying 3% cumulative interest a year,and
all due on April 11959.
Of the outstanding bonds the reorganization committee expects to acquire
for $130,000 a total of $325,000 of Scranton Traction 6s, $257,000 of Scranton Ry. 5s and $292,500 of Carbondale Ry.
5.
5
Properties and franchises of the Scranton Bus Co., not heretofore
would be purchased for $200,000, payable $50,000 in cash and owned,
$150,000
In monthly instalments.
Table of Exchange of New for Scranton fly. Bonds.
Will Recede
Existing BondsOutstanding,
Scranton Traction 6s_ ...-$1,000,000 1st Mtge. A. 1st Mtge. B Inc. Bonds.
$1,100,000
Each $1,000
1,100
Scranton Ry. 1st cons. 5s- 1,100,000
990,000
220,000
Each $1,000
900
200
Scranton Ry. 1st & ref. 5s
4,095,000
1,638.000
Each $1.000
400
Carbondale Traction 6.s..150,000
60,000
Each $1,000
400
Carbondale Ry. gen. 5s... 800,000
320,000
Each $1,000
400
Scranton & Carbondale
1st 6s
150,000
60,000
Each $1,000
400
-V.138. p.328,2942.
Seaboard Air Line Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3789.
1934.
1933.
$3,047,367 $2,752,183
03.339
546,743
259,466
251,928
1932.
1931.
52,665,769 $4,187,518
322,768
784,067
2,781
317,198
16.320,187
3,871,750
1,860,612
15,189,588
2,635,223
855,077
14,414,925
3,130.234
1,351,568
21,138,434
4,518,598
2,119,906
e "..
4 4Securities Investment Co.of St. Louis.
-Div.Increased.
The directors have declared a quarterly dividend of 50 cents Per share
on the common stock (no par) payable July 2 to holders of record June 25.
-V.138. p. 4313.
Julius Fleischmann has been elected a director.
Staten Island Rapid Transit Ry.-Earnings.MayGross from railway
Net from railway
Net after rents
F"rom Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 3791.
1931.
1933.
1934.
5141,810
$136,665
19,940
,
969
def12,003 ;Al
1932.
$153.302
.
5,112
$igig.
687,303
146,551
def13.268
751,352
150,601
def14,163
870,539
187,599
31,976
722,241
126,526
6ef39,271
9,268
.."-----(Frederick) Stearns & Co.
-13 % Preferred Dividend.
A
The directors have declared a dividend of 1%% on account of accumulations on the 7% cum. pref. stock. par 3100. payable June 30 to holders of
record June 20. A similar distribution was made on March 31 1934.
Regular quarterly distributions of 1,i% had been made up to and incl.
March 31 1932, when payments were omitted. Following the June 30
1934 payment accruals on the preferred stock will amount to 12 X %•
Earnings for Calendar Years (Incl. Sub. Cos.)•
1931.
1932.
1933.
Consolidated net profit
x$78,766
821,315 loss$179.577
Previous surplus
2.845,311
2,545.009
2,377,728
Tax adjustment prior years
6.640
Discount on preferred stock retired_ 58,702
4.529
65,325
Other adjustment
21.970
4,599
Dr3,412
Credit from adjustment of net assets
of foreign subs, to dollar basis
10.715
124.147
.
Decrease in surplus applic.to minority
interest-Nyal Co
7.833
2,118
Total surplus
$2,587,221
Preferred dividends
Common dividends
Nyal Co. dividends
..
Adjustment of net assets
Provision for loss on bonds
25,000
Provision for possible loss on deposit
in closed banks
50,000
$2,464,653 $2,939,845
109,926
26,925
119.729
5,562
159,619
60.000
Surplus Dec. 31
82.512,221 32.377,728 32.545,009
x After reducing the earnings of foreign branches and subsidiaries to the
rate of exchange in effect Dec. 31 1931.
Financial Chronicle
4478
June 30 1934
Texas & Pacific Ry.-Earnings.-Consolidated Balance Sheet Dec. 31.
•
1934-5 Mos.-1933.
1932.
-Month-1933.
1933.
LtabilttlesPeriod End. May31- 1934
1932.
1933.
Assets$117,347
$1,874,532 $1,782.952 $8,825.396 $7.883,165
Operating revenues
$278,512 $354,287 Accounts payable_ $192.084 1.450.400
2,118,08
Cash
583.196 2.826,826 1,023,918
633,415
oper-stock_ _ _ _ 1,348,500
Net rev,from ry.
333.438 7% pref.
8
Govt.& invest. bds 355,132
349.519 1.752,072
412.366
1,662,900 1.662,900
Net ry. oper. income___
Accts. receivable 1,072,822 1,027,991 x Non-par val. stk. 2,512.221 2,377.728
1,905.768 1,168,070
379,423
444,422
Gross income
Mdse. inventory 1,242,138 1.160.675 Surplus
166,267 def607,211
23,104
98.085
Net income
130.881 Cap. stk. of cos.
151,198
Other assets
74,840
73,890
not owned
-V.138, P.3621.
Permanent assets_ 1,715.476 1,701,661
Surplus applic. to
Pats., processes &
13,053`-Pays $7 on Account of
10,935
888.742 other cap. stock_
--Thompson Products, Inc.
886,177
trade-marks
98,593
99,073
Deferred assets
Accumulations on Preferred Stock.
share on the 7% pref.
$5,800,529 $5,696,267
The directors have declared a dividend of $7 per 1 to holders of record
Total
$5,800,529 $5,696,268 Total
an account of accumulations, payable July the regular quarterly
stock,
-V.138. p.2098.
x Represented by 133,032 shares of no par value.
made on this issue was
June 25. The last payment
on the pref. stock,
dividend of $1.75 on March 1 1932. Accumulations p.)3455.
-New Chairman.
Stewart-Warner Corp.
-V.1j8
g
as of June 1 1934, amounted to $8.75 per share.
S. Knowlson has been elected Chairman of the board, succeedin
James
e
R.J. Graham,deceased. The vacancy on the board of directors caused by
-Initial Dividend.
Victor Brewing Co.
-V.138, P.3519
.
cents per share on
the death of Mr. Graham has not been filled.
The directors have declared an initial dividend of five
record July 2.-V.
16 to holders of
-Prices of New Models.-lower-than the common stock (par $1). payable July
Studebaker Corp.
.
137. p. 2824.
$30
Prices on the new models introduced June 26. areon the Dictator and
d
4114-ke
former line on the Commander series and unchange sells at $890 against -.----Virginia Bridge & Iron Co.
-Smaller Dividend4 on the i(
per share
President series. The lowest priced Commander now
the President
The uirectors have declared a semi-annual dividend of 32 June 22. The
ta
$920 formerly, while the Dictator series starts at 3695 and
(par $100) payable July 2 to holders of recordper share.
capital stock
-V.
line at $1,170.
company previously paid semi-annual dividends of 113
133, p. 141.
Unfilled Orders, &c.company should
According to Paul G. Hoffman, one of the receivers, the shipments will
-Earnings.
June
Union American Investing Corp.
go into July with unfilled orders of about 1,500 cars. 5,050 in June 1933:
1932.
1933.
1934.
be approximately 5,300 to 5,400 cars, vimpared with 4140.
Years Ended May 31$84,940
$53.152
$62,428
stocks
in June 1932,and 4,656 in June 1931.-V. 138, p.
4,770
Dividends on
51,492
Interest on bonds
8
47
91. 31
38
42
-Larger Dividend.
93. 35
6
-- -Supervised Shares, Inc.
Interest on call loans Sc bank balances
per sha
The directors have declared a quarterly dividend of 1.2 cents 30. This
June
on the capital stock, payable July 16 to holders of record Jan. 15 1934:
Total income
compares with 1 cent per share paid April 16 last: 1.3 cents per share on
Interest on debentures
22:276146
8 42
2110
1.5 cents Oct. 15 1933: 1.6 cents July 15 1933 and 1.75 cents
A mortization of discount on debs_
Taxes
.577
32.155
April 15 1933.-V. 138, p. 2763.
26.840
19,557
20.958
Other expenses
-Earnings.Sweets Co. of America.
1934-5 Mos.-1933.
Net income for year carried to unPeriod End. May31- 1934-Month-1933.
$53.443
344,714
37.183
distributed income account
Net profit after all chges.
during the year ended'
330.757 loss$51,797
2
Notes -Net profit realized on sale of securities account under surplus,
$8,150 loss$2.18
except Federal taxes__
been credited to a special
May31 1933, which has
V. 138. p. 4314.
by applying sales against
amounts to 528.254. Such net profit is computed
cost.
the securities purchased at the highest
-Bonds Redeemed.---,Syracuse Lighting Co.
value of securities as compared with
Unrealized depreciation in market
as compared with $633,520
The Chase National Bank, New York, trustee, announces to holders
cost amounted to $631.156 at May 31 1934,
of 1st & ref. mtge, gold bonds 5% series, due 1954, that there has been
at May 31 1933.
by lot for redemption in the sinking fund $29,000 of these bonds.
drawn
Ended May 31.
Surplus Accounts for the Year 3.
1932.
These bonds will be payable at the Corporate Trust Department of the
-93
$955,007
Capital Surplus
bank, 11 Broad St., Now York, on Aug. 1 1934 at 105%.-V. 138,1:1• 3791.
$957,143
82,084.384
at May31
Balance as
se of de-.
96.411
Tabor & Northern Ry.-Abandonment.Credit arising from repurcha
18,198
7,076
bentures at a discount
-S. C. Commission on June 20 issued a certificate permitting the
The I.
Reduction in cap. result from cancel.
company to abandon, as to inter-State and foreign commerce, its entire
325.755
14.500
of COM, stock reacq. from public
railroad, extending from Tabor in a northerly direction to a connection
818.000
with the Chicago Burlington & Quincy RR.at Malvern,about 8.613 miles,
Reduct. in stated value of corn. stk...
18
all In Mills County Iowa.
82,105,959 82,119.096 81,051.4
surplus
Total
94.275
-Earnings.
Tampa Electric Co.
Cost of shares of common stock re34.712
104.140
1934-12 Mos.-1933.
purchased and canceled
Period End. May31- 1934-Month-1933,
$957.143
$305.189 $3,849.019 $3.688.217
$328.703
Gross earnings
82.001,819 12,084.384
1,328,313
1.479,382
111.493
Balance as at May31
129.715
Operation
233,558
227,489
18.911
Realized Net Losses on Securities Sold
19.258
Maintenance
earned surplus
465.035
429.588
597.767
35.915
35.833
Amt. transferred from
Retirement accruals _ _
deF395,202 def183,168
357.783
423.738
31,428
as at May 31
36.946
Taxes
32,556
9,195
780.935
2,565
855
Net loss realized on securities sold prof28.254
Interest
212,034
so.d during year
168
$104,874 51.279,626 $1.270,969
$106.093
Balance
def$366.948 def3395.202 def$183.
Balance as at May31
the last 34 years the company has expended for maintenance
During
:
$288
Undistributed Income Accountand in addition during
$339,559
8.31% of the entire gross earnings over this period
Dr1 880
Bal. of earned surplus as at May 31- $384,273
this period has set aside for reserves or retained as surplus a total of 13.61%
Prov.for Fed.inc.& N.Y.State taxes
-V. 138, p. 3620.
of these gross earnings.
$286,115
$339.559
8384.273
53.442
Total
44.714
Tennessee Central Ry.-Earnings.7.183
Net income for the year
- 1932.
1931.
1933.
1934.
may$339,559
8384,273
21:833
$242 7 5
3141.066
3143.171
3391,456
$162,357
Gross from railway
Balance as at May31
20,906
24,391
36,398
Net from railway
Balance Sheet May 31.
3.731
21,286
8.526
1933.
18,462
1934.
Net after rents
Liabilities
1933.
1934.
AssetsFrom Jan. 1
A5%cctsg..dpeabys....searc.crA$1,470.000 $1,521,000
811,710
1,151,525
761.372
896,099
a Securities owned,
Gross from railway
145,901
4,531
$3,563,672 $3,902,394
192.153
168,242
253,178
at cost
.156
Net from railway
45,912 expenses, &c,. 394.500
60,691
280,217
84,191
409.000
77,100
156,792
Cash
Net after rents
b Common stock_
2,084,384
Int. accrued, diva.
-V. 138, p. 3792.
19,261 Capital surplus... 2,001,819
d
urzo
receivable, : 17,480
Furn ati.tes
793 Realized net losses 366,948
395,202
599
-Earnings.
Tennessee Electric Power Co.
cricbur, sold._
on
Unamort. dint.
income
oniss
y of Commonwealth & Southern Corp.]
39,927 Und t
[A Subsidiar
384,273
36,016
debentures
was$3i386993711:456
account
1934-12 Mos.-1933.
-Month-1933.
Period End. May31- 1934
$923,828 811,948,194 $11.190,191
11,033.829
Gross earnings
$3.897.984 34,008.287 Total
Total
Oper. expenses. including
439.781 6.024,125 5.211,723
550.594
maintenance and taxes
a The cost of securities owned as at May 31 1934
3 8 $4 e018ces
9, , 0i:0
by 7 185460 n ::
222.944 2,639,800 2.664.003
219,393
Fixed charges
of the aggregate market value thereof. b Represented
105.000 1,260,000
1,260,000
105,000
.
for retire. reserveProv.
shares in 1934 and 78,900 in 1933.-V. 137. IL 2551
-Obituary.
$156,102 $2.024.268 $2,054,463
$158,841
Net income
Union Oil Co. of California.
June 22. Mr. Newton
129.409 1.552,547 1,551,829
129,339
Divs,on preferred stock_
Isaac B. Newton. a director of the company. died Commercial Insurance
also was a Vice-President of Union Oil Associates,
$502,634
$471,720
$26.692
$29,502
-V. 138. 1). 2593.
Balance
Co., and Commercial Discount Co.
-V.138. p. 3620.
-Earnings--Union Pacific RR.
1932.
-Earnings.
31527
May-Tennessee Public Service Co.
174..
1,88 85,342,176 $7,69 43
.
$5,523.i47 15,35i
Gross from railway
[National Power & Light Co. Subsidiary]
1,604,278 2.077,718
1,441.965 2,035,988
1.170,4
Net from railway
1934-12 Mos.-1933.
759,243
May31- 1934-Month-1933.
1,360,255
748,414
Period End.
Net after rents
8224.979 $2.859.273 22,839,820
2239.814
Operating revenues
35.933.172
From Jan. 11,901.760
144.038
1,653,287
170,923
25.217.080 21,016.859 25,597.708 9.577.777
Oper.exps.,incl. taxes
Gross from railway
7,264,041
6.826.896 5,909.326 3,850,139 5,210,641
Net from railway
$957,513 $1,186,533
$80.941
$68.891
Net revs, from oper
3,493,095 3.418,440
Net after rents
104,499
102,605
8,593
8,703
Rent from leased prop
19,480
20,751
1.005
-V.138, p. 4315.
1,598
Other income
?
"NM 814, :SU 87(1:111
(. )
Dividend.-
-Resumes Common
the coin190,539 $1.081.492 S1.309,889"Union Twist Drill Co.
of 25 cents per share onQuarterly
192y
391,898
391.520
The directors have declared a dividendlders ofhecord Jfrom .1une terl8
32.593
.
ma
0
sh nre3 to ho d on t ris isane une 26 Q 0
of
distributionsmon stock(par
$918,369Jua e were
5
2 cpn yaple
$ )eats ber
$689,594
y$57.946
y$46.561
-V. 138, P. 2271.
313,523
to and including Dec. 30 1932; none since.
323,321
t reserve appropriation.s
Gross corp. income__ _
Net int. & other deduc'ns
$79,192
32,631
Balance
Property retiremen
$376,071
-Has Applied for
Cigar Stores Co. of America.
to Reorganize Under New Bankruptcy Law. al of
Permission
withdraw
--United
$595.(°'
295
,405
297433
on June 23 following
The meeting of creditors adjournedTrust Co. to grant a continuance of
the motion of counsel for the Irving This was none because the company
$299,616
$78.666
Balance
their right to operate the business. under Section 77B of the new corporate
to
to May 31 1934
applied for permission to reorganize n was granted. Irving Kurtz, Referee.
x Diviaends accumulated and unpaid 75 cents a share onamounted
$6 preferred
reorganization law and the permissio gs to date in the United Cigar Stores
.299,206. Latest dividend, amounting to on this stock are cumulati ve
May 1 1934. Dividends
who has been sitting in the proceeJin Master in the case and the Irving
stock, was paid
bankruptcy, was appointed Special
property retirement reserve appropriations and dividends,
y Before 4140.Co.
will be held July 10
i
Trust Co. was appointed temporary trustee. A hearing t trustee under the
138, P.
V.
the permanen
to consider making the Irving Trust Co.
-Earnings.System.
new proceedings.
Third Avenue Ry.
are temporarily sus
Under these circumstances the present proceedingsmakes permanent the
[Railway and Bus Operations]
July 10
pended and will be terminated if the hearing
1934-11 Mos.-1933.
1934-Month--1933.
Per. End. May31new proceedings.
$1.178,418 $1,167,277 $12.035.705 $12,566.418
cigar and drug stores
Operating revenues
The Irving 'Filist Co.reported that April gales of the
834,266 8.922,974 9,284,090
830,702
ion and amortization
Operating expenses
were $4,473.307 and the net profit before depreciat the cigar stores and
852,865
804,828
69,780
78.559
Taxes
was 3119,023. Of total sales, $2,994,720 came from drug store sales were
8263,231 82,307,902 $2,42974-63
yielded net profit on the above basis of $51,469. The
Operating income_ _ -- 8269.156
303,781
315.512
27,608
29.832
before
$1,478.578, with a net profit of $67,553.
Non-oper. income
with net profit
12.623.414 $2,733,245
$290,839
May sales of combined stores were $4,696,664, sales were 83,129,713
$298,989
Gross income
$102,903.
228,445 2,518.856 2,538,179
depreciation and amortization ofdrug store Cigar store $1.539.951 with net
228,697
ns
sales were
Total deductio
with net profit of $47,728 and
$195,065
$62,394
$104,558
$70,291
Net inc. ry. St bus
profit of $55,175.
-V.138. p. 3792.
period, whether paid or unpaid
Financial Chronicle
Volume 138
Sales and Net Profits for Five Months Ended May 31.
Cigar Stores1933.
1934.
Sales
$14,707.332 $14,300.703
74,218
* Net profit
250.319
Drug Sores
Sales
7,213,084
7,347,359
* Net profit
96,352
270,425
Combined Sores
Sales
22.054,691 21,513.787
* Net print
170,570
520.744
* Before depreciation and amortizatien.
During the first five months of 1934 approximately 35 less stores were
operate1 than in the like period last year. The number of drug stores was
about the san e.
Sales and stamp taxes for the cigar stores for the first five months of 1934
were $200.453. against $59,203 in the like period last year. Drug store stamp
and sales tax payments were about $40,000. against $6.000 a year ago.
There has been n sale of non-operating assets of the company since the
April meeting of creditors and none is now in contemplation, the Irving
Trust Co. said.
Cash in the United Cigar Stores Co. and Whelan Drug Stores on May 31
totaled 32,841,967, accounts receivable amounted to $787.740, merchandise
was valued at $5,589.796, making total current assets of$9,219.505. Trustees
liabilities are $2,457,450, leaving net current assets of $6,762,055.-V.
138, p. 4315.
United Gas Corp.(& Subs.).
-Earnings.SubsidiariesOperating revenues
Operating expenses, including taxes
-12 Mos. End. May 311933.
1934.
$22,428,373 $21.721.546
11,812,291 11.088.214
Net revenues from operation
Other income
310.616.082 $10,633.332
114.230
108.488
Gross corporate income
Interest to public & other deductions
Interest charged to construction
Prop. retire. & depletion reserve approp
$10.724.570 $10,747,562
S1,313.446 $1,391,208
Cr17,771
Cr11.443
2.906.778 2,631.833
Balance
:16,515.789 36,742,292
Preferred dividends to public
30.675
37,792
Balance
$6.477.997 $6.711.60
Portion applicable to minority interest
*7,385
1.615
Net equity of United Gas Corp.in inc. ofsubs__ - 36,476,382 $6.719,002
United Gas Corp.
Net equity of United Gas Corp. In Inc. of subs.(as
ve)
$6,476,382 $6,719.002
Other income
57,345
68.014
Total income
$6,544,396 $6.776,347
Expenses, including taxes
108.569
188.074
Interest to public and other deductions
2,884,569 2,962.615
Balance carried to consolidated earned surplus
$3,471.753 $3.705.163
Note.
-All inter-company transactions have been eliminated from the
above statement. Interest and preferred dividend deductions of subs.
represent full annual requirements paid or accrued (where not paid) on
securities held by the public. The "portion applicable to minority interest"
Is the calculated portion of the balance of income available for minority
holdings by the public of common stock of subsidiaries. For the current
period minority interests have not been charged with deficits where income
accounts of subsidiaries have so resulted. The "net equity of United Gas
Corp. in income of subsidiaries" includes interest and preferred dividends
paid or earned on securities held, plus the proportion of earnings which
accrued to common stocks held by United Gas Corp. less losses where income
accounts of individual subsidiaries have resulted in deficits for the period.-V.138, p.4315.
--" United Post Offices Corp.
-To Pay Feb. 1933 Coupon.
The ,protective committee for the 1st mtge. 5Ji% sinking fund gold
bonds due Feb. 15 1935 states that the funds deposited by the corporation
under the terms of the agreement of July 1 1933 between the corporation
and the committee have increased substantially and now aggregate $168,000.
The committee and the corporation believe that there is no need to retain
such a large sum for the present and have therefore decided to distribute
from these funds an amount sufficient to pay the coupon which matured
Feb. 15 1933 on the outstanding 1st mtge.5 % bonds of the corporation.
a
Funds sufficient to make such payment will be deposited with the Irving
Trust Co., 1 Wall St., New York corporate trustee under the mortgage.
Holders of undoposited bonds may collect the amount payable by deposit,
ing their coupons with the necessary ownership certificates in the usual
manner.
The amount of bonds deposited with the committee is steadily increasing and at present over 58% of the outstanding issue are on deposit.
V. 138, p. 2597.
United Rys. & Electric Co. of Baltimore.
-Earnings.
Period End. May 31Total revenue
Total expenses
Taxes
1934-5 Mos.-1933.
1934
-Month-1933.
$854.352 $4,604.587 $4,157.297
$963.225
3.599.542
3,851,476
738.767
778,502
437.423
460.377
93,221
89,329
Operating income_ _ _
Non-oper. Income
$95.392
1,298
$22,364
619
$315.688
4,759
$97,378
4,616
Gross income
x Fixed charges
$96,691
10.008
$22,983
11.817
$320,447
52,327
$101.994
112,203
Net income
$268,119 def$10,208
$11,166
$86,682
x Due to the appointment of receivers on Jan. 5 1933, no provision has
been made in the above statement for interest on funded debt
-$199,337
for 1934 and $199.702 for 1933.-V. 138, p. 4142.
U.S. Dairy Products Corp.
-Files Under Bankruptcy Law.
The corporation has flied in the U. S. District Court in Baltimore a
petition under the amended Federal Bankruptcy Law fcr the purpose of
reorganization. James Piper. attorney, of Baltimore, has been appointed
trustee for the corporation pending completion of a plan of reorganization.
Tin, Philadelphia Dairy Products Co., Inc., and other subsidiaries are
not affected by the petition.
-V. 137. P. 1430.
im" --United States Smelting, Refining & Mining Co.
Increases Common Dividend.
-The directors on June 26 declared a dividend of $2 per share on the common stock, par
$50, payable July 14 to holders of record July 5. Regular
quarterly dividends of 25 cents per share have been paid on
this issue from July 15 1930 to and including April 14 last.
In addition the company paid extra dividends of $1 per share
April 14 1934; $3.50 per share Jan. 15 1934, and 50 cents
per share Oct. 14 1933.
An official statement by company says that the above declaration "is
In view of current earnings and is not to be considered as establishing a
regular dividend rate."
Consolidated Income Account 5 Months Ended May 31.
5 Mos.End. May 311931.
1932.
1933.
1934.
Gross earnings
$3.201,659 31,560,891 $1.432.599 $1.516.559
Reserves
759.436
731.292
633.314
701.160
Balance._
------- $2.500.499
Preferred dividends._ -682.424
$927,577
682.424
$701,307
698.400
$757.123
709.260
Balance for common_ $1,818,075
$2.907
$47,863
$245.153
Average shs. corn, stock
outstanding (par $50)
620.562
535.493
528,765
528.765
Per share of common__ _
$0.4630.08
$3.43
Av. silver price (5 mos.)
28.263c.
28.841c
29.156c
$ 01
0
y44.94c
Av. lead price (5 mos.).
4.064c3.212c
4.422c
3.322c
3.155c
3.814c
Av.zinc price (5 mos.)._
2.774c
4.348c
y N. Y. open market price; government price 64.5c.
-V.138. p. 2430.
4479
'TUnited Thrift Plan, Inc.-Exc./range-Of/tr..-
olders of the class A stock are being invited to tender their shares in
exchange for the common stock of the Equity5orp. on the basis of fi of a
ig
share of the latter for each share of the former
The invitation, which expires on Aug. 4,
being made by Allied-Distributers. Inc.. 1 Exchange Place. Jersey City, N. J., and is stated to have
no connection with the formal exchange invitations made earlier in the week
by the Equity Corp. itself to the stockholders of certain of its controlled
and associated companies. It involves a block of previously issued Equity
stock held by a client of Allied-Distributers, Inc.
United Thrift Plan. Inc., was organized in 1925. The Dec. 31 1933 balance sneet shows total book assets of about $500,000.-V. 131, p. 1114
Universal Cooler Corp.
-Unit Sales.
The corporation, manufacturer of both domestic and commercial refrigeration units, reports unit sales of 15.742 in May 1934, as compared
with 4,512 in same month last year, an increase of 11,230.
Unfilled orders as of May 31 had risen in proportion to sales,it is stated.
V. 138, p. 1066.
Universal Pipe & Radiator Co.
-Earnings.
Period End. May31- 1934-2 Mos.-1933.
Net prof. after interest,
taxes, &c
$12,395 def$127,813
-V.138. P. 4143.
1934-5 Mos.-1933.
def$21.601 def$315,280
Utah Ry.-Earnings.May
Gross from railway
Net from railway
Net after rents
From Jan IGrcss from railway
Net from railway
Net after rents
-V. 138. p. 3793.
1934.
$26,595
def10,341
def23.967
1933.
$55,357
8.355
def6.261
1932.
$48.748
1.905
def12.681
1931.
353.966
def402
def14,617
246.350
30.990
def56.927
473.109
178,650
72.053
512.285
172.764
65.764
540.133
154.773
57.755
-Pays 50-cent Dividend.
Vanadium-Alloys Steel Co.
The directors have declared a dividend of 50 cents per share on the
common stock, no par, payable Aug. 10 to holders of record Aug. 1. This
compares with three special distributions of 25 cents each made on May
15 and March 20 1934, and Nov. 20 1933.-V. 138, p. 2946.
-Listing.
-Virginia Electric & Power Co,
The New York Stock Exchange has authorized the listing of $8.316.000
1st & ref. mtge. bonds, series B 5%, due June 1 1954, on official notice
of issuance.
In order to refund the $8.316.000 underlying bonds outstanding on May
11934. namely. $6.531.000 Norfolk & Portsmouth Traction Co. 1st mtge.
5% 30-year gold bonds, due June 1 1936; $1.318.000 Norfolk Railway &
Light Co. 1st consol. mtge. 5% gold bonds, due Nov. 11949: and $467.000
Norfolk Street RR. 1st mtge. 5% gold bonds, due Jan. 1 1944, the company, on May 25 1934, made offeres to the holders of these bonds which
provide as follows: For each $1,000 of underlying bonds, with all appurtenant coupons maturing subsequent to June 1 1934. the company will
deliver on or after June 1 1934: $50 in cash, plus. in the case of Norfolk
Railway & Light Co. bonds and Norfolk Street RR. bonds, accrued interest to June 1 1934; and $1.000 principal amount of series B bonds,
bearing interest from June 1 1934. (See also V. 138. p. 3626.)
Consolidated Balance Sheet April 30 1934.
Assetsp Liabilities
419,216,786
679,561,471 $13 Div. pref. stock
Plant and property
b15,137.260
Cash in banks and on band._ 2,930,135 Common stock
34,492,000
44,004 Bonds
Notes receivable
308.747
1,275,265 Accounts payable
Accounts receivable
254,975
657,9151 Consumers' deposits
Materials and supplies
108,773, Interest & taxes accrued__ _ _ 1,639,126 •
FrePaYm'ts of ins., taxes. &o_
54.336
47,2261 Sundry liabilities
Miscellaneous investments
9,907,094
67,981: Retirement reserve
Sinking funds
107.612
Special deposits with trustees
447.211 Contributions for extensions_
281,422
UnamortIzed debt disc. & cap 1.111,363 Operating reserves
250,055
494,082 Unadjusted credits
Unadjusted debits
299,135
Capital surplus
4.796,875
Earned surplus
886,745,430
Total
$86,745,430
Total
a Preferred stock represented by 195,299 shares no par value. b Common stock represented by 2,788.445 shares no par value.
-V. 138. p. 3963.
Virginian Ry.-Earnings.1933.
1934.
3970.538
31,126.323
566.557
447.595
480.080
378,949
may-
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p.3795.
5.935.749
3.112.930
2.700,872
5.181,420
2,472,462
2.112.577
1931.
1932.
3869.493 31,262.588
329.002
577.513
277.752
494,516
5,551,736
2,562,395
2.156,585
6.426.820
2.803,170
2,388,033
Wabash Ry.-Earnings.May-Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 4144.
1931.
1932.
1934.
1933.
$3.477.909 $3,171.839 $3,244,228 $4,523.663
891,712
804,315
640.133
976.748
259,482
70,258
501.542
311,389
16.272,393 13.800,366 16,165,296 21.381.567
4,083.076
2,315,935
2,370.265
4.492.564
1,161,898
2,090,313 def243,524 def505,436
-Warner-Western ElecWarner Brothers Pictures, Inc.
tric Suit Settled.
A settlement of the long standing controversy between Electrical Research Products, Inc., subsidiary of Western Electric Co.,and Warner
Bros. Pictures, Inc.. has been announced.
H. M. Warner, President, in a letter to stockholders regarding the
settlement states:
"On June 1 1934 toe boards of directors of your company and certain
of its subsidiaries, including The Vitaphone Corp. and Stanley Co. of
America, authorized the settlement of the disputes between those companies and Electrical Research Products, Inc.. its parent company Western
Electric Co.. Inc.. and the American Telephone & Telegraph Co., the
parent company of Western Electric Co.. Inc.
"Under the settlement effected, your company and its subsidiaries
have received $2.500,000 in cash, a $500.000 negotiable promissory note
of Electrical Research Products, Inc., endorsed by Western Electric Co..
Inc., payable April 26 1935, a similar $500,000 note payable April 26 1936
and a similar $300.000 note payable April 26 1937. A further amount not
to exceed the sum of $200.000 will be received under certain contingencies
which will not be determined until April 26 1937. In addition to the above
sums. the books and records of Warner Bros. Pictures. Inc.. and subsidiaries show a net financial benefit from exchange of mutual releases
amounting to approximately 32,100.000 before provision for Federal and
State taxes (not yet ascertainable), legal fees and minor adjustments.
"Your company remains a licensee of Electrical Research Products,
Inc., to produce and distribute talking motion pictures, and to use reproducing equipments installed in its theatres by Electrical Research Products,
Inc. Your company believes that it will be enabled to operate most
advantageously under the various agreements entered into in connection
with the settlement.
"The right of The Vitaphone Corp. to participate in royalties collected
and to be collected by Electrical Research Products, Inc., has been surrendered. By the exchange of mutual releases between the parties, all
claims for indebtedness and damages to your company and its subsidiaries
against Electrical Research Products, Inc., Western Electric Co.. Inc.,
and the American Telephone & Telegrapn Co. have been discharged.
Likewise claims of Electrical Research Products, Inc., against your company and its subsidiaries are discharged, except that as to certain claims
the release runs to Jan. 1 1934. and as to certain other claims to April 1
1934. All litigation between the parties has been terminated.
June 30 1934
Financial Chronicle
4480
Anti-Trust Suit Brought by Government Dismissed.
"At the same time your company also wishes to inform you of a matter
brought
which has no connection with the foregoing. The anti-trust suitNational
by the Government against us arising out of our acquisition of First
-j
Pictures, Inc., has been dismissed." V. 138, p. 4315.
-Dividends Resumed.
'Warren Foundry & Pipe Corp.
on the
The directors have declared a dividend of 50 cents per share
common stock, no par, payable Aug. 1 to holders of recofd July 16. The
Oct. 1
company formerly paid 50 cents per share for each quarter from 2 1932;
1931 to and including Jan. 2 1930, and 30 cents per share on Jan.
-V.138, p. 3457.
none since.
-Action on Dividend Postponed.
" Westmoreland, Inc.
wait until the August
The directors at their meeting June 22 decided to
meeting to take action on the quarterly dividend, payable in October.
August
The regular meeting dates are the fourth Friday of February, May,
the dividend
and November, but in recent years, the company has declaredAugustAie0fin June, and held no meeting in
usually declared in August
ficials of the company said that the directors felt that action should not_be
taken in advance this year as it has been in previous years. April 1 1933
Quarterly dividends of 30 cents per share were paid from
to and including July 1 1934.-V. 138, p. 1584.
Wheeling & Lake Erie Ry.-Earnings.-
1931.
1932.
1933. •
1934.
$512,819 $1,111,209
$894,783
$1,069,120
256,868
def3,463
285,090
244.516
been withdrawn
139,902
Day & Zimmermann, Inc.. engineering firm, have
187,186 def104,736
144,556
from the management of the company. No change in the control has
5,010,388
of the engineering firm have been replaced
taken place, but representatives
4,902,494 3,482,538 3,306,868
469,599 1,009,975
by men representing United Gas Improvement Co.
809,445
1,330,470
470,127
H. N. Ramsey, formerly with United Engineers was elected Prewident
327,142 def38,929
812.228
and director of company, succeeding H. It. Martz; C. A. Holdcraft succeeds A. L. Fowler as Treasurer.
The following changes were made in the board of directors: H. W. Reed.
-Dividend Increased.
" -(R. C.) Williams & Co.
F. A. Wegener and Ramsey were elected directors succeeding H. R.Martz, -the
The directors have declared a dividend of 25 cents per share on
-V. 137. p. 4374.
A. L. Fowler and W. Findlay Downs.
B common stock, no par value, payable Aug. 1 to holders of record
class
with a dividend of 20 cents per share paid Apri120
-Earns. July 16. This compares
were
Wesson Oil & Snowdrift Co., Inc.(& Subs.).
last. Prior to this quarterly distributions of 1714 cents per share
1931.
1932.
1933.
1934.
9 Mos.End. May 31made from May 1 1931 to and incl. May 2 1932.
$36,291,122
$25,872,035 $20,616,301 $23,208,054
Net sales
Income Account for Years Ended April 30.
23,919,099 19,573,117 21,360,844 33,592,746
Cost of sales
1932.
1933.
730,884
1934.
748,610
520.792
511,746
Depreciation
Net profit after deduct, all charges,
loss$8.566
$522,392 $1,098,600 $1,967,492
incl. deprec. prov. for Fed.tax__ $186,887 loss$38.233 x1,099.581
$1,441,190
Operating profit
286,200
992,197 1,030,430
242,441
125,465
Previous surplus
146,030
Other income
44,085
Retirement of capital stock
$647,857 $1,341,041 $2,253,692
$1,587.220
Total income
$992,197 $1,135,101
$1.179,084
23,086
Total surplus
21,772
Interest
79,671
22,133
269,650
168.100
91,950
Dividends paid
266,748
Federal taxes
25,000
Additional reserve for bad dents
600
$532,821 $1,172,941 $1,984,042
Additional reserve for Federal tax...
$1,298,700
Net profit
1.081,130
978,606
892,346
886,965
Preferred dividends_ _ _ _
$992,197 $1,030.430
$1,156.352
900,000
600.000
Surplus, April 30
300,000
222,115
Common dividends
112,010
112,010
110,698
She, of com, stock outst.(no par)
Nil
Nil
$1.69
sur$2.912
$405,665
Earnings per share
$659,525
Deficit
Pref$189,620
x Adjusted.
Earns,per sh. on 600,000
Balance Sheet April 30.
$1.50
$0.32
Nil
$0.68
shs. corn. stk.(no par)
1933.
1934.
Liabilities1933.
1934.
AssetsFor the quarter ended May 311934. net profit was $521,778 after taxes
$390,804 $198,145 Notes payable_ _ _$1,138,000 $338,238
Cash
and charges. This compares with a net profit in quarter ended May 31
79,428 Accounts payable_ 298,529
163,048
Notes receivable
1933 of $853,075; $99,939 for the 1932, and $614,071 for the 1931 quarters.
893,472 First mtge. gold
Accounts reedy_ 1,050,381
799,000
bonds, 5Si%Consolidated Balance Sheet, May 31
707,030
1,401,953
Inventories
1933.
1934.
1934.
1933.
Land & buildings_ 1,154,226 1,176,707 First mtge. gold 700,000
8,640 bonds, 6%
Liabilities
Assets
8,664
Automobile equip_
z Capital stock.- 1,583,029 1,583,029
x Capital stack _ _20,571,788 20,571,786
7 Real est., plant,
Office dr warehouse
426,745
46,137 Capital & paid-in
Miscall. reserve.-- 434,334
47,936
equip., &c.. lees
equipment
y
559,0851 992,197
1,211,092
56,880 surplus
40,285
depreciation - - 9,991,513 10,368,064 Accounts payable- 1,359,458
Investments
Earned surplus... 597,267)
Preferred dividends
Inv. et adv. to affilCash Burr. val. of
295,699
295,655
payable
171,528
iated companies 182,629
23,000
life insur. policy
500:6645
80,000
500,000
80,000 Common dividends
U.S.Gov'tLib.bds.
Good-will
75,000
73,149
40,059
payable
Invest. In cos. own
82,667
Deferred charges_
purch.
5,966
cony. pref. stock 202,376
200,283 Sub. cos.
10,947
Treasury stock...
212,000
money notes pay. 106,000
Cash in banks in
84,873,909 83,712,484
574,733 Reserve for Fed315,010
liquidation
$4,873,909 83,712,464 Total
Total
244,450
454,189
pureral tax
Cos.common stock
y Including $559,085 arising from good will, donated capital and par
162,965 Reserve for insurheld for employ_ 253,717
x Represented by 112,010 no
chase and retirement of capital stock.
701,519
ance & ,canting. 750,022
Cite. of deposit_
shares, including 1,312 held in treasury in 1933.-V. 138. p. 2435.
3.831,122 3,377,200 Paid in surplus.- - 3.200.000 3,200.000
Cash
5,886,868 5,886,868
18,073,403 17,178,632 Capital surplus
Inventories
Wisconsin Central Ry.-Earnings.Accts. dr bills rec._ 2,004,744 1,936,459 Earned surplus _ _ 8,801,833 2,974,841
1934-5 Mos.-1933.
-Month-1933.
457,430
Period End. May 31- 1934
Miscell. Investm'ts 588,972
$753,404 $3,917,078 $3,291,549
527,184
$968.161
Total revenues
Loans dr advances. 815,338
285,968
807,262
307,980 • 151,524
596,894
Imam fund invest. 302,347
Net ry. revenues
Dr89,471 Dr522,807
Dr19,406
Cr114,158
68,651
Net after rents
Prepaid expenses_ 112,124
105,571
136,359
20,191
27,679
Other inCome-Net Dr..
794,957
765,678
36,733,294 35,800,003
160,914 • 163,013
-Dr.
36,733,294 35,800,003 Total
Int. on fund. debt
Total
991,510 1,423,336
202,611
74.435
Net deficit
x Represented by 300,000 shares $4 convertible pref. stock and 600,000
shares no par common stock. y After reserve for depreciation of $8,441,781
Abandonment.
in 1934 and $7,822,375 in 1933.-V. 138. p. 2768, 2272.
-S. C. Commission on June 13 issued a certificate permitting
The I.
of railroad
- (a)the Wisconsin Central Ry. and its receiver to abandon a line5.06 miles.
-Hearing on Petition to Reorganize.
"'West Ohio Gas Co.
extending from Abbotsford in a westerly direction to Curtiss, Sault Ste.
Hearing will be held July 25 on appointment of a trustee for the company
all in Clark County, Wis., and (b) the Minneapolis, St. Paul &
under the terms of the recently enacted McKeown bill providing for cor-V. 138. p. 3628.
Marie Ry. to abandon operation thereof.
porate reorganizations. Petition of the company for reorganization under
,
the McKeown Act was filed June 25 in Federal Court at Toledo. Ohio.'Worthington Ball Co.
-cent Class A Dividend.
-50
Judge George P. Hahn approved the petition,leaving the company manageThe directors have declared a dividend of 50 cents per share on account
affairs until a trustee is appointed.
ment in control of tne company's
of accumulations on the $2 cum. class A preference stock, par $25, payable
Company provides gas service for Lima, Kenton and a number of adjacent
July 14 to holders of record June 30. .A similar payment on account of
communities. The petition set forth that the company was unable to
accumulation was made on April 14 last the first since Jan. 14 1933 when
to the fact
meet its obligations as they matured and also called attention
the regular quarterly payment of 50 cents per share was paid.
that under a recent ruling of the Ohio Supreme Court the company was
Following the July 14 1934 disbursement, accruals on the class A stock
obligated to make refunds of $400,000 in connection with rate litigation.
-V.138. p. 2272.
will amount to $2 per share.
The Ohio Supreme Court upheld the finding of the Public Service Commission of Ohio concerning the refunds and the company has appealed
Yazoo & Mississippi Valley RR.-Earnings.-V.138. P. 3795.
that ruling to the U. S. Supreme Court.
1931.
1932.
1933.
1934.
May$981,408
$884,552 $1,536,242
$965.434
Western Maryland Ry.-Earnings.Gross from railway
302,161
132,762
380,161
280,958
1934-5 Mos.-1933.
Net from railway
May 31- 1934-Month-1933.
Period End.
7,921
167,072 de179,812
93,979
Net after rents
$894,764 $5,897.691 $4.476,270
$1.205,738
Operating revenues
From Jan. 1
329,790 2.006.453 1.636.418
377.488
Net operating income
4,552,671 4,289,787 4,909,115 7,081,126
Grose from railway
1,817.694 1,320,672
279,581
321,066
Net ry. oper. income
766,947
1,010,932
1,226,415
1,153.573
58,782
42,716
Net from railway
9,147
10.478
Other income
94,013 def124,150 def696,625
140,142
Net after rents
$1.860.410 $1,379.454
$288,728
-V.138, p. 3796.
$331,544
Gross income
272,920 1,348.390 1,361,925
270,973
Fixed charges
-Changes in Officials.
Welsbach Co.
$17,529
$512,020
$15,808
$60,571
Net income
-Third Week ofJune--Jan. 1 to June 211933.
1934.
1933.
1934.
Period$222,995 $6,694,894 $5,145,256
Gross earnings(est.)-.-- $262,425
-V.138, p.4315.
Western Pacific
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 4316.
RR.-Earnings.•••••
1933.
$900,589
138.655
37,323
1931.
1932.
$811,949 $1.110,952
84,214 def49,872
def9,642 defI31.705
3,466,827
134,547
343.339 def273,651
3,952,673 4.953,425
19,527 def154,200
433,810 def557.350
1934.
$968,942
111,065
4,251,446
-Earnings.
Wheeling Electric Co.
Calendar YearsOperating revenue,electric
Operation
Maintenance
Depreciation
Taxes
1932.
1933.
$2,134,383 $2,181,761
1,198,426 1,260.824
51,614
44,318
248,091
225,711
222.730
238,878
Operating income
Other Income, net
$419,751
47,095
$405,796
44,066
Total income
Interest on funded debt
Amortization of debt discount and expense
Other deductions
$466,846
152,698
7.915
2,012
$449,863
152,700
7.915
3,523
Net income
Preferred dividends (net)
Common dividends
--V. 115, p. 998
.
$304,220
154,913
92,850
$285,724
MayGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p.3796.
CURRENT
NOTICES.
-Sanderson & Porter, engineers, announce the merger of their service
for public utility valuation and that of the Cecil F. Elmes Organization, to
constitute the valuation department of Sanderson & Porter under the direction of Cecil F. Elmes.
-Gertler & Co. have issued a report on the finances of the State of
Including, in addition to a complete financial statement,a summary
of the sources of revenue applicable to the payment of debt service charges
on each type of bond.
A.M.Kidder & Co.announce that Walter H. Hass and Arba Dike Faxon,
both formerly with Clinton Gilbert & Co., have become associated with
them.
-Harriman & Co. have issued a statistical analysis of summer markets
based upon a study of stock market performance from 1923 through 1933.
-Leo J. Cook, formerly with Munds, Winslow & Potter, Is now associated with Burley & Co. of Now York in their sales department.
-Royal Securities Corporation of 100 Broadway, New York has appointed Harold D. Stanley Manager of their trading department.
-James Talcott, Inc., has been appointed factor for Mount Alto Bedspread Co., Calhoun, Georgia, manufacturers of bedspreads.
-Clinton Gilbert & Co., 120 Broadway, New York, have issued a
six-page prospectus on the Home Insurance Co, Now York.
-Allen & Co., 20 Broad St., New York, are distributing an analysts on
American Surety Co. of New York.
-Hornblower & Weeks have prepared a special circular on the Amerex
Holding Corp.
Volume 138
Financial Chronicle
geports and
4481
Documtuts.
PUBLISHED AS ADVERTISEMENTS
AMERICAN CAR AND FOUNDRY COMPANY
.
THIRTY-FIFTH ANNUAL REPORT—YEAR ENDED APRIL 30, 1934.
To the Stockholders:
Towards the close of your Company's thirty-fifth fiscal
' year (on April 30, 1934), there was a resumption of railroad
buying of new equipment in considerable volume—greater
than had been the case at any time during the preceding
three-year period. Of such business your Company has
secured its fair share—but, unfortunately, the buying began
too late to show a favorable reflex in the result of the year's
operations. While, therefore, in the report now submitted
we show no profit as a result of this business taken, nevertheless it is distinctly a source of satisfaction to know that
we entered upon our fiscal year now current with a volume
of business on hand much in excess of that on our books at
the beginning of the year recently closed.
This resumption of equipment buying by the railroads is
ascribable to governmental action. During the year there
was set up by the Government the Public Works Administration (generally referred to as the "PWA") which body
was directly charged with the responsibility, of speedily
providing employment for the alarmingly g-reat number of
the people of our country then unemployed. Among other
things, the PWA was authorized "to aid in the financing
of such railroad maintenance and equipment as may be
approved by the Interstate Commerce Commission as desirable for the improvement of transportation facilities."
In obedience to this mandate, it has been made possible for
the railroads to procure new, and needed, equipment—
both rolling stock and motive power—on terms much more
favorable than at any time heretofore.
The Administration has been most zealous and unflagging
in its efforts to discharge the responsibility put upon it by
the law of its creation, and a marked measure of success has
attended its efforts—with the result that orders for work and
materials, aggregating many millions of dollars, have been
placed by the railroads, many plants long idle have resumed
activity, and remunerative employment has been given to
many thousand workers in all lines of industry. In this
renewal of industrial activity your Company, with others
engaged in the same general field of operations, has shared
in a measurable degree, although orders for new equipment
have not yet been placed to the extent that might reasonably
have been expected.
In a project so stupendous and of so complex a nature,
inevitably there was delay in getting the machinery of rehabilitation started and smoothly working. This has now
been accomplished, and it may fairly be assumed that many
more of the roads, under the stimulus of governmental help,
will recognize the advisability of modernizing their equipment, both rolling stock and motive power, by replacing
such of it as is obsolete or practically so, and hence uneconomical to operate, with equipment that is new and upto-date in design and structure. We are hopeful that this
will be so and that in the near future more orders will be
added to those already on our books.
Much has been said during the year of the trend towards
the light-weight, high-speed, stream-lined trains for passenger
service. Your Management has kept itself well abreast,
and perhaps in advance, of this development. It is fully
prepared to meet the demand for this type of train, whether
such demand be for cars of aluminum, or of stainless or
other alloy-steels, and with whatever kind of motive power
that may be required. Your Company now has under order
from one of the leading railroads of the country the building
of two trains of eight cars each, one train to be of aluminum
and the other of the alloy-steel, "Cor-Ten." While these
trains will not be so extreme in design and construction as
are some recently put in operation, yet there is reasonable
ground to believe that they will more closely approximate
the train-of-the-future than do the others referred to.
The Consolidated Balance Sheet which, with Certificate
of Audit, is annexed, discloses the healthy condition of your
Company's finances. With current liabilities of less than
a million as against current assets of in excess of twenty-one
million dollars, with no funded debt and with no bank loans,
its financial structure is exceptionally strong and liquid.
The loss shown for the year is due entirely to the lack of
business available, which lack made impossible the operation of your Company's plants on the basis of a normal overhead cost—a condition by no means peculiar to your Company. Added to the lack of business, and as a minor but
nevertheless an important factor, consideration also must
be given to the increased costs due to the effect of the Codes
set up under the National Industrial Recovery Act.
There will be noted the charge for Renewals, etc., in the
statement of Consolidated Net Loss. Of the figure there
shown the greater part represents money not actually expended but which has been added to the Reserve for General Overhauling, Improvements and Maintenance—this
to take care of ordinary depreciation of plants and equipment
to the extent that repairs, replacements and renewals made
have not already done so. Your Company carries no depreciation account as such—it having been the practice
to compensate for the annual depreciation by the expenditure,
yearly out of earnings, of such amount as was necessary
by way of renewals, replacements and the like to keep its
property, plant and equipment in good order and working
condition, and so make unnecessary any "write-off" because of depreciation. Your Management now considers it
advisable to set up a depreciation account as such—and
for that purpose has in course a re-appraisal of the Company's properties and plants for the purpose of fixing a
proper basis for such account. In due time there will be
presented to the stockholders the result of such re-appraisal
with whatever recommendation it may be thought advisable
to make because of such change in accountancy methods.
It is with the deepest sorrow that we record the death,
on May 3, 1934, of William H. Woodin who,in March 1933,
resigned his office as Director and President of your Company, to accept the office of Secretary of the Treasury of the
United States. He assumed that office at what was perhaps the most trying time in the financial history of our
country. He gave to its duties the utmost of his strength—
but failing health, induced by his labors, compelled him to
resign his high office in December last. In very truth, he
died a martyr to his duty.
Once more the Management returns its sincere thanks to
the members of the Company's organization, who have given
the utmost of devotion, loyal and unselfish, to the advancement of the interests of the Company,and of its stockholders
during the troubled year through which we have just passed.
By order of the Board.
Respectfully submitted,
CHARLES J. HARDY,President.
June 28, 1934.
CONSOLIDATED BALANCE SHEET
with Statement of Consolidated Net Loss,
Surplus and Working Capital
April 30, 1934
ASSETS
PROPERTY AND PLANT ACCOUNT
$71.703,617.74
CURRENT ASSETS
21,805,080.64
Materials on'Hand, inventoried at cost or
less, and not in excess of present market
prices
$3.744,140.17
Accounts Receivable
2.067.095.08
Notes Receivable
5,650,950.85
U. S. Government Securities
4,302,609.41
Stocks and Bonds of other Companies at
cost or less, and not in excess of present
indicated market values
2.265,129.23
Cash in Banks and on Hand
3,775.145.90
*TREASURY STOCK AT COST
533,399.75
594.042,098.13
* Represented by 10,550 Shares of Preferred and 600 Shares of Common
Capital Stock.
LIABILITIES
CAPITAL STOCK
Preferred, authorized and outstanding (300,000 shares—
par value $100.00 per share)
$30,000,000.00
Common, authorized and outstanding (600.000 shares—
no par value)
30.000,000.00
CURRENT LIABILITIES
945,721.74
Accounts Payable, not due; and Pay Rolls
(paid May 10, 1934)
$945,721.74
RESERVE ACCOUNTS
6,577,305.65
For Insurance
$1.500,000.00
For General Overhauling, Improvements
and Maintenance
2,031,602.45
For Dividends on Common Capital Stock.
to be paid when and as declared by Board
of Directors
2,983,494.74
For Improving Working Conditions of Employees
62,208.46
EARNED SURPLUS ACCOUNT
26.519.070.74
$94.042.098.13
Subject to contingent liability of $500,000 for:guaranteed bank loan of
Hail-Scott Motor Car Company.
STATEMENT OF CONSOLIDATED NET LOSS
Loss for the thirty-fifth fiscal year ended April 30, 1934.
before including Repairs, Renewals,etc.. as noted hereunder_ $1,720,748.33
Renewals. Replacements, Repairs. New Patterns, Flasks,etc. 1.586,084.00
Loss for Year
$3,306,832.33
STATEMENT OF CONSOLIDATED EARNED SURPLUS
Consolidated Earned Surplus, April 30, 1933
$29,825.903.07
Less: Loss for Year
3,306,832.33
Consolidated Earned Surplus, Apri130, 1934
$26,519,070.74
STATEMENT OF CONSOLIDATED WORKING CAPITAL
Consolidated Working Capital, April 30, 1933
$17,582,801.29
Less: Loss for the year ended April 30, 1934
3.306.832.33
514,275,968.96
Add: Net amount deducted from Property and Plant Account through disposal of various items thereof during the
year
6.084.29
Consolidated Net Working Capital, Excluding Reserves,
April 30, 1934
$14 282 053.25
CHARLES J. HARDY, Esq., President
American Car and Foundry Company,
30 Church Street, New York City.
Deal Sir:—Wt. have made an audit of the books and accounts of ,,he
American Car and Foundry Company, American Car and Foundry Securities Corporation and American Car and Foundry Export Company for the
fiscal year ended April 30, 1934, and in accordance therewith, we certify
that. in our opinion, the foregoing Statement of Income and the Balance
Sheet are true Exhibits of the results of the operation of those Companies
for said period, and of their condition as of April 30, 1934.
Very truly yours,
ERNEST W. BELL AND COMPANY.
New York, June 19, 1934.
Financial Chronicle
4482
June 30 1934
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS
-WOOL-ETC.
-DRY GOODS
Orders executed in
WHEAT-OATS--CORN
and other commodities
Special letter regarding current
grain situation supplied upon request.
BABCOCK, RUSHTON & CO.
-Established 1895
MEMBERS
NEW YORK STOCK EXCHANGE
CHICAGO BOARD OF TRADE
and other principal exchanges
New York
50 Broadway
Chicago
135 So. La Salle St.
Des Moines
Fleming Bldg.
COMMERCIAL EPITOME
Coffee futures after advancing early in the session on the
25th inst., declined sharply under general liquidation and
renewed selling by the trade and ended 32 to 44 points lower
on Rio contracts and 38 to 53 points off on Santos. On
the 26th inst., the market was more active and prices endeci
15 to 25 points higher and a better demand from commission
houses and foreign 'nterests. Sales were 80,000 bags in the
Santos contract and 24,000 bags in Rio. Cost and freight
offerings were unchanged to 20 points lower. The spot
market was dull and unchanged with Santos 4s quoted at
103 to lie, and Rio 7s 93/2 to 9%e.
%
On the 27th inst. futures closed 5 to 17 points higher on
Rio contracts and 21 to 24 points higher on Santos. Shorts
covered and there was some new outside buying. On the
28th inst. the market continued its downward trend and
ended 8 to 12 points lower on Rio contract and 12 to 14
points lower on Santos. To-day futures closed 3 to 5
points lower on Rio contracts and 2 to 3 points lower on
Santos. Prices on Rio closed as follows:
September
December
7.681March
7.801
7.90
Santos prices closed as follows:
July
September
9.78 December
10.25 March
10.45
10.52
Cocoa futures on the 25th inst., closed unchanged to 4
points higher. Liquidation of July continued, but good
support by the trade and commission houses checked the
decline. At one time the market was 4 to 5 points higher.
July ended at 5.26 to 5.2'tc.; Sept. at 5.43c.; Dec. at 5.62c.
On the 26th inst. futures ended 5 to 7 points lower with
July liquidation a feature of the trading. Sales were 320
tons. No great number of notices was expected on first
notice day the 27th. July ended at 5.21c., Sept. at 5.36e.,
Mc. at 5.57c. On the 27th inst. futures after showing
early strength because of renewed commission house buying
reacted under liquidation ad closed 1 point lower to 1
point higher. July ended at 5.20c., Sept. at 5.37c., Oct.
at 5.44c., Dec. at 5.58c., Jan. at 5.65c., Mar. at 5.76e.,
and May at 5.88c. On the 28th inst. futures closed 3 to
5 points higher with sales of 4,275 tons. London was unchanged. Fifteen Bahia notices were issued which brought
the delivaries against July contracts to 16. July ended at
5.230., Sept. at 5.41c., and Dec. at 5.61e. To-day futures
closed 2 points lower with sales of 50 lots. January ended
at 5.66c., Mar. at 5.79c., May at 5.91c., July at 5.21e
Sept. at 5.39c., Oct. at 5.46c., and Dec. at 5.59e.
Sugar futures on the 25th inst., declined 1 to 4 points
under general liquidation. Volume was about average,
totaling 15,800 tons. The spot position was steady dipping
only 1 point. It was first notice, day, but no notices were
issued. On the 26th inst., futures closed 2 points lower to 1
point higher, with demand smaller. Offerings were larger.
On the 27th inst., futures closed 2 to 3 points higher with
sales of 7,200 tons.
On the 28th inst., futures closed unchanged to 2 points
higher. Early prices showed a declining tendency, but buying on rumors of early ratification of the proposed new
commercial treaty, which inclu3es a reduction in the preferential duty on raw sugar, checked the decline.
To-day futures closed 1 to 2 points lower.
Prices closed as follows:
July
September
ber
December
i.66 January
1.71 March
1.80 May
1.81
1.91
Lard futures on the 23d inst ,on a small demand,advanced
10 to 12 points. Commission houses and packers were buying. Offerings were very light. Exports were only 6,300
lbs. to North African ports. Hogs were steady with the
top $5. Cash lard was firm; in tierces, 6.650.; refined to
/
Continent, 430.; South America, 4%c. On the 25th inst.,
futures declined 10 to 12 points in the end on selling, encouraged by the weakness in wheat. July was under heavy
liquidation. There was no improvement in export business;
sales 278,180 lbs. to Liverpool. Hogs were 5 to 100. lower,
with the top $5.10. Cash lard was easier. On the 26th
inst., futures closed unchanged to 2 points higher. There
was a moderate demand inspired by the strength in corn.
Exports were larger, being 753,447 lbs. to London,Southampton, Glasgow, Antwerp and Rotterdam. Cash lard was
steady; in tierces, 6.52c.; refined to Continent, 43/2 to 4%0.;
South America, 4% to 4%c.
On the 27th inst.,futures closed 2 to 7 points lower, owing
to the weakness of hogs. Hogs were Sc. to 20c. lower with
the top $5.05. Cash lard was quiet; in tierces 6.47e.; refined
to Continent 43/2 to 4%c.; South American 4% to 43 0.
4
On the 28th inst., futures advanced 10 to 15 points in
quite heavy
response to the rise in corn. The demand was
and more than offset July liquidation. The pig report,
which showed a reduction in the spring crop of 28% and a
decrease of 38% in the number of sows farrowing, influenced
not a little of the demand. Exports were 11,900 lbs. to
Malta. Hogs, however, were 15c. lower with the top $4.90.
Cash lard was firmer; in tierces, 6.60c.; refined to Continent,
4%c.; South America, 47 3.
4
To-day futures closed Sc. lower to Sc. higher.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
6.55
6.45
6.55
6.50
6.47
6.60
6.87
6.85
6.75
6.80
6.80
6.90
6.97
6.97
6.87
6.90
6.90
7.00
July
September
October
Pork steady; mess, $19.123/; family, $19.75; fat backs,
2
$13.75 to $15.75. Beef was also steady; mess, nominal;
packer, nominal; family, $12.50 to $13.50; extra India mess,
nominal. Cut meats, firm; pickled hams, 4 to 6 lbs.,
9%c.; 8 to 10 lbs., 93/20.; 4 to 10 lbs., 93.c.; 14 to 18 lbs.,
%
170.; 18 to 20 lbs., 163/20.; 22 to 24 lbs., 143c.; bellies, clear,
2
f. o. b. N. Y.,6 to 12 lbs., 143/e.; bellies, clear, dry salted,
/
boxed, N. Y., 14 to 16 lbs. 118se.; 18 to 20 lbs., 113/80.;
20 to 25 lbs., 103/2c.; 25 to 40 lbs., 10%e. Butter, creamery, firsts to higher than extra, 223 to 253/2e. Cheese,
flats, 16 to 190. Eggs, mixed colors, checks to special packs,
13 to 213/2c.
Oils.
-Linseed was in small demand, but the price was
held at 9.3c. in tanks. Cocoanut, Manila Coast tanks,
23'c.; tanks, New York, spot 23/20. Corn, crude, tanks,
f. o. b. Western mills, 5 to 53/8c. China wood, N. Y. drums,
delivered, 93 to 95ic.; tanks, spot, 8.7 to 8.8c. Olive, denatured, spot, Spanish, 83 to 85c.; shipment, Spanish,
82 to 83c. Soya bean, tank cars, f. o. b. Western mills,
34 to 60.; cars, N. Y. 7c.; L. C. L., 7.5c. Edible, olive,
$1.60 to $2.15. Lard, prime, 93/243.; extra strained winter,
73/2c. Cod, dark, 31c.; light filtered, 32c. Turpentine,
483/2 to 523/2c. Rosin, $5.30 to $5.95.
Cottonseed Oil sales to-day, including switches, 54 contracts. Crude, S. E., 5 nominal. Prices closed as follows:
July
August
September
October
5.901November
5.85ec
5,86(5.92 December
5.89 5.92 January
February
5.98@
.:-?
8.(11816 1
.
6.25 6.28
Petroleum.
-The summary and tables of prices 6008.4
3
formerly
appearing here regarding petroleum will be found on an
in our department of "Business Indications,"
earlier page
in the article entitled "Petroleum and Its Products."
Rubber futures on the 25th inst. closed 15 to 23 points
higher with sales of 2,980 tons. July ended at 13.550.,
Sept. at 13.83c. and Dec. at 14.20c. Strength in foreign
markets and a London report that the control committee
set up under the restriction scheme would meet on the 27th
inst., possibly to revise export quotas downward imparted
considerable strength to the market early in the session.
Malayan estate stocks in May were reduced to 5,954 tons
from 14,968 tons at the end of April. This was due to heavy
exports. Dealers' stocks, not including 73,181 tons held
in the Colony proper, were 1,259 tons against 18,797 tons in
April. Standard ribs advanced 3-16e. to 13 9-16c. for JuneJuly anival. Some quoted 13%e. The London report
on a possible cut in export quotas lack confirmation. On
the 26th inst. futures closed 20 to 25 points higher with sales
of 4,960 tons. July ended at 13.76e., Sept. at 14.040.,
Oct. at 14.16c. and Deo. at 14.40e.
.
On the 27th inst. futures closed 1 to 4 points lower under
pre-notice day liquidation and profit taking sales. July
ended at 13.74c., Sept. at 14.000., Dec. at 14.390., Jan.
14.51e. and March at 14.75e. On the 28th inst. futures
closed 16 to 21 points higher. July ended at 13.95c., Sept.
at 14.20c., Oct. at 14.530. and Dec. at 14.550. To-day
futures closed 10 to 15 points higher with sales of 408 lots.
July ended at 14.06 to 14.10c., Sept. at 14.330., Oct. at
14.47c., Dec. at 14.70 to 14.74c., Jan. at 14.84c., March at
15.03 to 15.06c. and May at 15.28c.
Hides futuies on the 25th inst. declined 35 to 50 points
in old contract and 30 to 40 points in the standard with
Volume 138
Financial Chronicle
sales of 1,400,000 lbs. of which standard contract accounted
for 1,080,000 lbs. Trading was rather light during most of
the session. There was a fair inquiry for spot hides but
actual business was very small. Some 160,000 lbs. were
tendered for delivery against the old June contract; total
tenders thus far this month 800,000 lbs. Sept. old, closed
at 8.60 to 8.70c., Dec. at 8.85 to 9.10c., March at 8.850.;
standard, Sept., at 9.30 to 9.40e.; Dec. at 9.650.; March at
9.95c., and June at 10.22 to 10.30e. On the 26th inst.
futures closed 5 points lower to 5 points higher on a better
demand. Sales totaled 3,000,000 lbs. Tanners showed a
fair interest in spot hides but actual business continued
light. Old Sept.closed at 8.55c. Dec.at 8.90e.,and March at
9.20c.; standard, Sept., at 9.35e.; Dec. at 9.60c., March at
9.95e., and June at 10.20e.
On the 27th inst. iutures closed 27 points lower on the old
and 10 to 20 points off on the new contract. Sept. old
closed at 8.30e., Dec. new at 9.50c., March new at 9.80e.
and June at 10.05e. On the 28th inst, the market was
somewhat more active but prices ended 10 to 15 points
lower on old contract and 7 to 13 points lower on standard;
sales 2,040,000 lbs. of which 1,840,000 lbs. were in the
standard contract. Old contract ended with Sept. at 8.20
to 8.30c., Dec. at 8.55e. and March at 8.80c.; standard Sept.
9.05 to 9.20e., Dec. at 9.43c., March at 9.67 to 9.70e. and
June at 9.95c. To-day futures closed 70 points lower on
Sept. old and 65 to 77 points lower on standard contract.
Sept. old closed at 7.50e., Standard Sept. 8.40e., Dec. 8.70e.,
March 8.90e. and June 9.20e.
Ocean Freights continued quiet. Sugar charters were
more active. Charters included:
Sugar.
-Second half July, United Kingdom-Continent, 1 Cuba. 12s. 9d.:
two ports, 13s.; prompt United Kingdom-Continent, 2 Cuba, 13s.; 3 Cuba,
138. 3d.•, United Kingdom-Havre-Dunkirk, 2 Cuba, 12s. 9d.; 3 Cuba. 13s.
Grain booked.
-4 loads New York-Hamburg, Sc.; 10 to 15 loads, New
York-Mediterranean, 8c. Trips.-Pronapt West Indies, round, 65e.;
trip down from Canada, 75c.; three or four months, West Indies, $1.15.:
West Indies, round, $1.25.
4483
1926, owing to higher labor and material costs. Operations
were at 54% in the Pittsburgh district and 53% in the Chicago area. Quotations: Semi-finished billets, rerolline
$29.; forging $34.; sheet bars $29.; slabs $29.• wire rods $39.;
skelp 1.70e.; sheets, hot rolled 2e.• galvanized 3.25c.; strips,
hot rolled 2c.; strips, cold rolled 2.80c.; hoops 2c.; bands 2c.;
tin plate per box $5.25.
Pig Iron.
-The outlook for third quarter does not appear *
very bright at the moment. Users, it is believed, have
enough iron in their yards to last them over the rest of the
year. The output is falling off rapidly. There was a
sale of 8.000 tons reported to a New England consumer by
one trade journal. A good many familiar with the situation
in that district were wondering where such a large tonnage
could be placed. Many furnaces are expected to be put out
of blast rapidly during the next few weeks. Many producers, however, will continue to build up stocks which
have become low in recent months. Quotations: Foundry
No.2 plain, Eastern Pennsylvania,$19.50; Buffalo, Chicago,
Valley and Cleveland, $18.50; Birmingham, $14.50; basic
Valley, $18; Eastern Pennsylvania, $19.
Wool was very quiet. Boston wired a Government
report on June 28 saying: "Trade in wool remains very
quiet in Boston. Mill buyers continue to look around the
market for the purpose of examining the new wools that
arrive but they are not making commitments in most cases.
Scattered small sales are being closed on fleeces. Strictly
combing 58s, 60s, half-blood Ohio fleeces have been sold at
30 to 32c. in the grease, some realizing the maximum figure
Strictly combing, 56s, three-eighths blood, sells occasionally
at 32 to 33c."
Silk futures ended M to 2c. lower with sales of 1,770 bales.
Crack double extra broke to a new low of $1.161A on the
spot. First notice day for July is Wednesday and consider-•
able deliveries are expected. Cables were weaker. June
ended at $1.10 to $1.12, July at $1.11, Sept. at $1.153,
Nov. at $1.16 to $1.163/i, Dec. $1.163/ and Jan. at $1.16 M•
On the 26th inst. futures closed unchanged to Mc. higher
on sales of 1,810 bales. July at $1.113/i, Sept. at $1.16,
Nov. at $1.16, Dec. at $1.17, Jan. at $1.i63/ and Feb. at
$1.17.
On the 27th inst. futures closed unchanged to Mc. higher.
July ended at $1.12, Aug. at $1.143, Sept. at $1.16 and
Oct., Nov. Dec. Jan and Feb., $1.17. On the 28th inst.
futures ended 2M to 33/ic. higher with sales of 1,700 bales.
Cables were firmer. Crack double extra was unchanged
at $1.16H. No more July notices were tendered.
Coal.
-There was a fair demand for bunker and prices
were slightly firmer. Domestic size Illinois and Indiana
bituminous will be advanced for July shipment Sc. to 10e.
and Kentucky is expected to follow. Bituminous output
last week was 6,150,000 tons against 6,112,000 in the preceding week and 6,217,000 two weeks before. The total
for three weeks was 18,489,000 tons and the weekly average
6,163,000, against 17,099,000 and 5,699,000 tons respectively
a year ago.
Silver futures after being 10 to 75 points higher early in
the trading on the 25th inst. reacted and ended 3 points
lower to 7 points higher in rather active market. Trading
amounted to 4,750,000 ounces. July closed at 45.37c.,
COTTON
Sept. at 45.90c. and Dec. at 46.65e. On the 26th inst.
Friday Night, June 29 1934.
futures closed 12 points lower to 10 points higher in a fairly
active market. Sales were 3,625,000 ounces. July ended
The Movement of the Crop asindicated by our telegrams
at 45.45e., Sept. at 46.00e. and Dec. at 46.70c.
from the South to-night, is given below. For the week
On the 27th inst. futures closed 26 to 41 plinth higher. ending this evening the total receipts have reached 59,054
The Treasury was credited with buying. Sales were 5,- bales, against 47,623 bales last week and 34,833 bales the
350,000 ounces. July ended at 45.86e.; Sept. at 46.260.; previous week, making the total receipts since Aug. 1 1933,
Dec. at 46.96c., and Mar. at 47.80c. On the 28th inst. 7,242,221 bales, against 8,481,437 bales for the same period
renewed buying by the Government resulted in a rise of of 1933, showing a decrease since Aug. 1 1933 of 1,239,216
25 to 50 points after sales of 5,850,000 ounces. July ended bales.
at 46.22c.; Sept. at 46.70c.; Dec. at 47.45c., and March.
Receipts atat 48.15c. To-day futures closed 35 to 60 points higher
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
•
with sales of 5,200,000 ounces. July ended at 46.850.; Galveston
3,170 1,862 5,726 1,949 1,896 2,011 16.614
Sept. at 47.10 to 47.20c.; Dec. at 47.80e. and Mar.at 48.75e. Houston
700 1,457 1,162
647
51
732
,.
Corpus Christi
___
------------------396
_
395
Copper was rather quiet for domestic delivery and the New Orleans_ _
1,666 1,488 6,063 1,089 2,753 4,375 17,434
Mobile
905
366
953 2,164
642 2.232 7,262
price was unchanged at 9c. Business abroad, however, Pensacola
3,021 - 3,021
showed some improvement, with prices ranging from 7.85 Jacksonville
2
2
564
297
131;
to 8e. In London on the 28th inst. standard copper was Savannah
4'73
368 2,381
541
10
10
2s. 6d. lower at £31 7s. 6d. for spot and £31 16s. 3d. for Brunswick
Charleston
330
127
227
45
145
586 1,460
futures; sales 100 tons of spot and 1,100 tons of futures. Lake Charles_ __ _ - _ - _ ____
____
____
____
328
328
Wilmington
1
--- 4 . 61
342
79
487
Electrolytic bid unchanged at £34 15s., with the ask quota- Norfolk
12
27
146
303
496
tion 4s. off at £35; at the second session in London prices Baltimore
431
431
were unchanged with sales of 300 tons of futures.
Totals this week_
7.344 5.993 14.2R5 (1.455 A AAR 14.AR1 RA 054
Tin was steady at 51 to 51%c. for spot Straits, with
The following table shows the week's total receipts, the
a fair demand. In London on the 28th inst. spot standard total since
Aug. 1 1933 and stocks to-night, compared with
was up 15s. to £226 5s.; futures gained 12s. 6d. to £225 15s.; last
year:
sales 100 tons of futures. Spot Straits rose 175. 6d. to £227.
Eastern c.i.f. London was off 5s. to £226 10s.; at the second
1933-34.
Stock.
1932-33.
London session standard was unchanged, with sales of 30
Receipts to
June 29.
This Since Aug This Since Aug
tons of spot and 20 tons of futures.
Week. 1 1933. Week. 1 1932.
1934.
1933.
Lead was lower at 3.85c. New York and 3.700. East St. Galveston
16.614 2.140,577 8,631 1,991,345 560,317 536,612
Louis with demand quiet. Surplus stocks in May increased Texas City
178,184
512 244.941
7,241
15.551
8,732 2,222,801 16.705 2,814.604 908.530 1,348,471
10,460 tons. In London on the 28th inst. spot was up is. Houston
396 321,912 1,411 302.151
56.561
48.404
3d. to £11 3s. 9d.; futures fell 2s. 6d. to £11 2s. 6d.• sales Corpw;Christi_
Beaumont
10,464
__-_
31,600
3,790
18,498
17,434 1,473,557 24.551 1.903,274 603,029 837.908
200 tons of spot and 250 tons of futures; at the second London New Orleans
'
606
session prices were unchanged with sales of 100 tons of fu- Gulfport
Mobile
7.262 171,929 7.727 333,943
93.183 120,151
Pensacola
tures.
3,021 152.998
--- - 137,663
11,183
20.602
Jacksonville
2
434
13.843
9.739
3,743
1,899
Zinc was higher at 4.35e. East St. Louis on a fair demand. Savannah
2,381 178,157 4,097 163.138 103,629 111,520
Brunswick
10
37,001
36.670
It was reported that the tri-State producing district will Charleston
135,960
198,912
51.925
51.166
shut down operations in July to only some 20% of the present Lake Charles_ _ _ _ 1.460 103,873 6.724 175,395 20,954 71,029
328
2.319
Wilmington
987
23,528 1,307
16,020
15,780
55,253
rate. In London on the 28th inst. prices advanced is. 3d. Norfolk
496
56,192
800
43,442
37.942
14,263
to £13 15s. for spot and £13 18s. 9d. for futures; sales 150 N'Port News,&c_
8,689
New York
59,395 187.721
tons of futures and 50 tons of spot.
141
Boston
19,328
9,482
Baltimore
2,413
431
Steel.
34,185
-The expected rush to complete second quarter Philadelphia
2,470
16,991
736
deliveries failed to materialize. They are now about comTotals
pleted and a very dull July and August is expected. There
59.054 7.242,221 75.954 8.481,437 2,516,559 3.454,151
has been more activity on the lighter forms of steel in the
In order that comparison may be made with other years,
East. New prices on cast iron pipe are the highest since we give below the totals at leading ports for six seasons:
4484
Receipts
Financial Chronicle
at--
1933-34. 1932-33. 1931,32. 1930-31. 1929,30. 1928-29.
Galveston__
Houston
New Orleans_
Mobile
Savannah
Brunswick
Charleston__
Wilmington__
Norfolk
Newport News
Allothers____
16,614
8,732
17.434
7.262
2,381
10
1,460
487
496
4,178
5,412
5,475
1,106
1,376
711
Totalthiswk_
59,054
75,954
44,758
17,602
19,256
10,769
8.631
16,705
24,551
7,727
4,097
5,848
3,296
17,494
7,033
4,235
2,022
4,214
3,556
1,972
2,555
1,658
1,378
5,758
416
4,848
2,654
1,368
4,221
622
630
6,724
1,307
800
629
497
251
1.191
620
366
3,777
8
146
113
304
37
8inceAlug.1_ 7.242,221 8,481,437 9,599.467 8.435.154 8.160.7M8.985.752
The exports for the week ending this evening reach a total
of 123,722 bales, of which 18,697 were to Great Britain,
3,051 to France, 16,153 to Germany, 2,984 to Italy, 59,473
to Japan, 14,244 to China, and 9,120 to other destinations.
In the corresponding week last year total exports were
141,846 bales. For the season to date aggregate exports have
been 7,137,992 bales, against 7,682,941 bales in the same
period of the previous season. Below are the exports for the
week.
Exported to
Week Ended
Great
GerJune 29 1934.
- BrUain. France. many.
Exports from
Italy.
Japan. China. Other.
Total.
Galveston----Houston
Corpus Christi_ _
New Orleans _ _ _ _
Lake Charles_
Mobile
Jacksonville_ _
Pensacola
Panama City_ _ _
Savannah
Brunswick
Charleston
Wilmington
Norfolk
New York
Los .Angeles _ _ _ _
2,691
2,043
Total 1934_ _ _
18,697
3.051 16,153
31,615
14,890
3,316 38,393 10,407 36,133 10,577 11,405 141,846
3,458 10.562 10,161 11,689 4.757 7,400 62,917
Total 1933
Total 1932
851
350
7:ii5 1:ii6
1,044
1,054
198
300
100
48
3,036 25,466
308 38,482
100 4,194
2,530 33,747
129 1,544
350 5,944
198
21 1,228
1,656 1,752
390 5,868
10
292
"600 1,793
530
64
2,610
2,984 59,473 14,244
9,120 123,722
2:iii
4,119
271
4,140
2;466
-, 66
1
12,779
26,171
2,914
15,105
6.109
6,907
1,180
-907
96
1,896
10
292
1,193
530
3,402
180
64
58
2;Loi
From
Aug. 1 1933 to
June 29 1934. IGreat
GerExports from-:Britatn. France. many.
Exported to
Italy.
Japan.lChina. Other.
Total.
250,946239,451 239,185 187,094 552.105109.041 334.2801922.102
Galveston
266,807256,603 427,418252,144 598,969 119,082341,1042262,127
Houston
Corpus Christi_ 97,793 54,058 30,425 17,621 130,173 10,075 43,389 383,534
20,159 24,062 43,917 4,396
3,4661
179 22,316 118,495
Texas City
Beaumont _ ......
4,107 4,743
2,397 1,300
3,516 2,140 1,949 20,112
.
New Orleans_ 301,757 112,695 272,191 155,361 221,187 44,81 192,861 1300,866
Lake Charles.... 11,767 24,753 26,171 2,857 17,761 11,581 25,581 120,470
Mobile
49,666 9,26
85,01 14,816 19,531 1,000 11,538 190,832
__ _
Jacksonville.._ _,
9,101
100
__
67
-13.618
22,581 1:432 36,583 13:267 16,549 2:000 1,838 94,250
.
Pensacola
panama City-- 22.74
16.73i
25
__ __ 11,100 8.500 3,376 62,710
Savannah
71,617
100 70,907 . 1,50
18,168
___
9,921 172,217
Brunswick_ ... _ 30,767
__ __
5,878
2
36,670
Charleston_ _
52,227
379 62,980
2.187 117,839
66
1,9
Wilmington_
13.252
500
15,702
9,107 2,124
Norfolk
7,601
274
798 -__
360 20,264
171
_
7,27'
3.699
19
108 11,276
Gulfport
369
8,982
263
7.3 I
1,098 1,398 8,431 27,931
New York_ _ _ 12'
. _ _ 8,548
_
151
205
Boston
9,033
Philadelphia... _
9
9
Los Angeles...._
6,814 1,20
10,090
____ 155,732 9,094 2,723 185,698
San Francisco..
2,25
575
2,17
____ 42,969 2,23
1,710 51,921
___316
Seattle
316
Total 1933-34 1251,283732,269 1373,308651,588 1793,222 321,141 1015181 7137 992
Total 1932-33.. 1376,985841.29 1810,443 767,629 1558,026 295,640 1032923 7682,941
rn...•.1 1001-19
1027 7512105 202 1 kf. 111c 11.111 .
1111992n 711c IfIctlit. ORO Rlft. GI
ft,
ne
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for
June 29 at
Great
GerOther
CoastBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_ Mobile
Norfolk
Other ports *
4,000
200
100
4,300 30,000
491
5,590
.5;866
1,6515 1,666 2;666 34;666
1,822
Total 1934.... 6,822
Total 1933.. 20.343
Total1932.... 7.449
Total.
Leaving
Stock.
1,500 40,000
6,181
520,317
596,848
103,629
51,166
7,328
85,855
14,263
38E,6615 1,052,972
1,500 91,509 2,425,050
1,300 6,791 75,096
7,198 25,979 105.257 12,341 171.118 3,283,033
1,505 87.462 3,489,308
7.587 14,192 56.729
Texas. Demand was bettek and more general. Liverpool
cables, too, were better than expected and there were further
complaints of boll weevil from the central and eastern belts.
There was further liquidation of July for over first notice day
next Tuesday, but this was more than offset by a good demand for that delivery from trade and spot interests at the
prevailing differences. There was no improvement in the
spot demand, but the basis remained firm. Some traders
thought the weather in the eastern belt was favorable.
They took the view that the hot conditions, which prevailed
following the showers in the Atlantic States, would not only
promote active growth and check the boll weevil, but would
also enable farmers to cultivate their fields. • Scattered
selling induced by the weakness in stocks and wheat at one
time caused a slight momentary setback.
On the 26th inst., prices closed 4 to 9 points higher on
buying encouraged by continued dry weather in Texas and
a belief that liquidation of July has culminated with the
issuance of July notices for 27,000 bales which were promptly
stopped by strong spot interests. Leading spot houses were
good buyers of July. Generally clear and hot conditions
prevailed over the belt and there were reports of crop deterioration in parts of Texas. In the eastern belt, however,
the weather was generally favorable. There was good buying
at times by Western interests and wire houses and recent
sellers were reported to be replacing old lines. Liverpool was
better than due and Southern spot markets were 3 to 15
points higher. There was considerable liquidation on the
advances and hedge selling increased.
On the 27th inst. selling encouraged by a more favorable
weekly weather report sent prices downward and the ending was at net losses of 8 to 11 points. The failure of the
crop bulletin to confirm the numerous reports of crop
damage in Texas was disappointing to bulls, although
it said that Texas was in need of rain. The South sold
more freely and offerings of 10 cent loan cotton were more
liberal on the recent advance. The spot demand continued
small but the basis was firm. Textile markets were quiet
but steady. Commission houses and the trade bought on
reports of continued dry hot weather in Texas. Private
advices said that the situation was becoming serious in
the western portion of that State.
On the 28th inst. prices advanced about 75 cents a
bale in light trading and held most of their gains at the
close. Buying was influenced by the continued lack of
rains in Texas, better cables than due and reports of heavy
weevil infestation in southeast Oklahoma. The map showed
a few scattered rains in the Mississippi Valley and along
the east Gulf coast but there was little elsewhere in the
belt. The possibility of the President's speech having a
favorable effect on the market checked selling. Worth
Street was quiet. Offerings of 10
-cent loan cotton were
larger. Heavy weevil infestation was reported in southeastern Oklahoma by the A. & M. College of Oklahoma but
the State Plant Board of Mississippi said that infestation
in that state had dropped from 27 to 15% within a week.
To-day prices ended 7 to 12 points lower after stiowing
early steadiness. The trade, Wall Street and spot houses
were among the early buyers while the South, commission
houses and New Orleans sold. The early buying was stimulated by stronger Liverpool cables and continued hot dry
weather in the western belt. The failure of the President to
mention inflationary possibilities in his speech last night
and general liquidation caused the decline. Final prices
show an advance for the week of 17 to 26 points. Spot
cotton ended at 12.35c. for middling a rise for the week of
25 points.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
July 6 1934.
15-16
Inch.
1-Inch &
longer.
.13
.13
.13
.13
.13
.11
.10
.36
36
.36
.36
.36
.31
.27
.12
12
10
36
36
.30
11
11
.11
.29
29
.27
10
.27
10
.27
10
.10
.27
.27
*Estimated.
Speculation in cotton for future delivery was on a
moderate scale but prices were higher on a fair demand
stimulated by the continued absence of rain in Texas, and
reports of heavy weevil infestation.
On the 23d inst., prices ended 3 to 5 points higher on
buying induced by further complaints of a lack of moisture
in the Western belt and better Liverpool cables than expected.
Domestic and foreign trade interests were buying, as well as
commission houses. There was a good deal of evening up
of July contracts for over Tuesday's notice day. The
firmness of wheat and stocks also led to some buying. On
the bulges offerings increased, but on the whole, the market
showed a steady undertone with spot and trade interests
more inclined to buy July.
On the 25th inst., the market closed 17 to 18 points higher
owing to lack of rain in the drouth section of the Southwest
and further reports of crop damage from hot winds in western
June 30 1934
Differences between grades established
for deliveries on contract July 6 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
White
.7500
strict Good Middling- do
.59
do
Good Middling
.47
Strict Middling....,
do
33
Middling
do
Basis
Strict Low Middling.... do
38 off
Low Middling
do
79
*Strict Good Ordinary-- do
1.29
*Good Ordinary
do
1.74
Good Middling
Extra White
.48 on
Strict Middling
do do
.33
Middling
do do
.01
Strict Low Middling
do do
37 off
Low Middling
do
do
76
Good Middling
Spotted
28 on
Strict Middling
do
Even
Middling
do
38 oft
*Strict Low Middling... do
70
*Low Middling
do
1.29
Strict Good Middling--_Yellow Tinged
.02 off
Good Middling
do do
.26 oft
Strict Middling
do do
.43
*Middling
do do
.79
*Strict Low Middling.._
do do
1.26
*Low Middling
do do
1.68
Good Middling
Light Yellow Stained__ .42 oft
*Strict Middling
do
do
do
SO
*Middling
do
do
do ..1.28
Good Middling
Yellow Stained
.78 off
*Strict Middling
do do
1.26
*Middling
do do
1.69
Good Middling
Gray
.20 off
Strict Middling
do
.50
*Middling
do
.81
*Good Middling
BlueStained
SO oft
*Strict fiddling
do do
1.26
*Middit.4
do do
1.68
Not deliverable on future contract.
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
Financial Chronicle
Volume 138
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
June 23 to June 29-
Sat. Mon. Tues. Wed. Thurs. Fri.
12.15 12.35 12.45 12.35 12.45 12.35
Middling upland
Futures.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
June 23.
Monday,
June 25.
Tuesday, Wednesday, Thursday,
June 28.
June 26.
June 27.
Fri aO.
Jur 29.
July (1934)
Range_ _ 11.91-11.99 11.98-12.13 12.03-12.25 12.12-12.21 12.12-12.24 12.11-12.28
Closing. 11.94-12.12-12.13 12.21 12.12-12.22-12.24 12.11
Aug.
Range _ _
Closing _ 12.039
12.21,5
12.29n
12.20n
12.30n
12.21
Sept.
Range__
Closing. 12.12n
12.30n
12.37n
12.38n
12.21
12.28n
Oc
Range _ _ 12.20-12.26 12.27-12.42 12.37-12.52 12.33-12.48 12.39-12.50 12.31 12.52
Closing. 12.2212.40-12.42 12.44-12.45 12.3512.47-12.48 12.31 12.36
Nov.
Range._
Closing. 12.27n
12.45n
12.50n
12.41n
12.54n
12.41
Dec.
Range.. 12.31-12.38 12.38-12.51 12.48-12.65 12.47-12.60 12.52-12.63 12.5( 12.64
Closing 12.3312.50-12.51 12.56-12.58 12.48-12.61 12.5(
Jan.
(1935)
Range 12.37-12.39 12.43-12.56 12.54-12.69 12.52-12.64 12.56-12.67 12.51
Closing 12.38 ---- 12.56 ---- 12.62 ---- 12.53 ---- 12.65 ---- 12.51 12.69
Feb.
Range..
Closing
March
•
Range_ _ 12.47-12.53 12.52-12.68 12.62-12.79 12.63-12.75 12.67-12.77 12.6
,
Closing. 12.49 ---- 12.66-12.68 12.73 ---- 12.64 ---- 12.76 ---- 12.6, 12.78
April
Range..
Closing.
-- -Stay
Range.. 12.57-12.63 12.62-12.76 12.73-12.88 12.72-12.85 12.77-12.88 12.71 12.87
Closing. 12.6912.76 -- 12.8512.8712.71
12.74June
Range _.
Closing _
n Nominal.
Range of future prices at New York for week ending
June 29 1934 and since trading began on each option:
Option for
June 1934
July 1934_ 11.91
Aug. 1934
Sept. 1934
Oct. 1934.. 12.20
Nov. 1934_
Deo. 1934.. 12.31
Jan. 1935.. 12.37
Feb. 1935._
Mar. 1935.. 12.47
Apr. 1935_
May 1935._ 12.57
Range for Week.
Range Since Beginning of Option.
11.42
June 23 12.28 June 29 9.27
10.94
11.35
June 23 12.52 June 26 10.05
11.14
June 23 12.65 June 26 10.73
June 23 12.69 June 26 11.02
Jan. 15 1934 12.50
Oct. 16 1933 12.71
Apr. 26 1934 12.38
Apr. 26 1934 12.77
Nov. 6 1933 12.89
Apr. 26 1934 12.70
Dec. 27 1933 13.03
May 1 1934 13.09
Feb. 13 1934
Feb. 13 1934
Mar. 6 1934
Feb. 13 1934
Feb. 13 1934
Feb. 23 1934
Feb. 13 1934
Feb. 13 1934
June 23 12.79 June 26 11.13 May 1 1934 ii:i6 June 26 1934
June 23 12.88 June 26 11.79 May 25 1934 12.88 June 26 1934
The Visible Supply of Cotton to-night, as made up
by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday) we add the item of exports from the United States,
including in it the exports of Friday only.
June 29-Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales- 886,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
1933.
678,000
1932.
620,000
1931.
814,000
212,000
105,000
107,000
190.000
991,000
785,000
810,000 1,026,000
464,000
217,000
23,000
77,000
59,000
12,000
8,000
520,000
195,000
21,000
91.000
99,000
338.000
184,000
18,000
94,000
68.000
403,000
329.000
9,000
115.000
50.000
Total Continental stocks
860,000 926,000 702,000 906.000
Total European stocks
1,851,000 1,711,000 1,512,000 1,932,000
India cotton afloat for Europe... 73,000 117,000
35,000
90,000
American cotton afloat for Europe 127,000 321,000 142,000
83,000
Egypt, Brazil,&c..afl't for Europe 143,000
97,000 104.000
78,000
Stock in Alexandria, Egypt
285,000 377,000 539,000 629,000
Stock in Bombay, India
1,097,000 895,000 854.000 880,000
Stock in U. S. ports
2,516,559 3,454,151 3,576,776
Stock in U. S. interior towns.....-1,236,729 1,343,684 1,430,563 2,991,427
877,605
U.S. exports to-day
25,475
32,259
11,306
11,054
Total visible supply
7,361,547 8.341,310 8,204,645 7,572,086
Of the above, totals of American and other descriptions are as follows:
American1.4
Liverpool stock
352.000 360,000 290.000 397,000
Manchester stock
46,000
64.000 114.000
81,000
Continental stock
729,000 861,000 650,000 795,000
American afloat for Europe
127,000 321,000 142,000
83.000
U. S. port stocks
2.516,559 3,454,151 3,576,776 2,991.427
U. S. interior stocks
1,236,729 1,343.684 1,430,563 877,605
U. S. exports to-day
32,259
25,475
11,306
11,054
Total American
5,039,547 6,429,310 6,214,645 5.236.086
East Indian, Brazil, &c.
•
Liverpool stock
534,000 318.000 330,000 417,000
London stock
Manchester stock
59,000
43,000
76,000 131,000
Continental stock
131,000
65,000
52.000 111,000
Indian afloat for Europe
73.000 117,000
35,000
90,000
Egypt. Brazil, &c.. afloat
143.000
97,000 104.000
78,000
Stock in Alexandria. Egypt
285,000 377,000 539.000 629,000
Bombay. India
Stock in
1,097.000 895,000 854,000 880.000
Total East India, &c
2,322,000 1.912,000 1,990,000 2,336,000
Total American
5,039.547 6,429,310 6,214,645 5,236.086
Total visible supply
7,361,547 8,341,310 8.204,645 7.572,086
Middling uplands, Liverpool
- 6.84d.
6.38d.
4.65d.
5.48d.
Middling uplands, New York--- 12.35c. 10.15c.
5.75c.
10.35e.
Egypt, good Sakel, Liverpool.-- 8.95d.
9.17d.
7.55d.
9.65d.
Broach, fine, Liverpool
5.26d.
5.50d.
4.30d.
4.56d.
Tinnevelly, good, Liverpool
6.166.
6.01d.
4.43d.
5.266.
Continental imports for past week have been 68,000 bales.
The above figures for 1934 show a decrease from last
week of 129,269 bales, a loss of 979,763 from 1933, a
http://fraser.stlouisfed.org/
ANIEr
Federal Reserve Bank of St. Louis
4485
decrease of 843,098 bales from 1932, and a decrease of
210,539 bales from 1931.
At the Interior Towns the movement
-that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below:
Movement to June 29 1934.
Towns.
Movement to June 30 1933.
Ship- Stocks
ments. June
Week. Season. Week. 29.
Receipts.
Ship-
Week. Season.
Receipts.
Week.
Ala., Birming'm
224 8,234
490 33,024
180 42,380
Eufaula
10,730
95
490 4,998
829
14,186
Montgomery
612 24,851
74 32,716
40.930
61
Selma
206
39,637
884 24,408
161
60,827
Ark, Blytheville
35 127,630
580 39,510 331 189,958
Forest City
18.015
2271 8,987
6
19 23,484
Helena
116, 45,634 1,655 12,725
389 69,862
Hope
49,474
207
442 55,710
371 10,984
Jonesboro__
13 30,912
109 20,588
62 5,850
Little Rock
679 115.352 1,193 30,124
905 161,809
Newport. _ _
60 31,161
538 10,937
28 50,673
Pine Bluff..,
326 109,212
585 21,987
825 133,894
Walnut Ridge
171 53,475
5
52 66,535
287 6,890
Ga., Albany _ _ _
11,263
1,489
104
336
8
Athens
34 32,771
375 54,281
355 28,350
Atlanta
958 145,477 2,387 175,394
367 233,840
AugUSta
1,989 157,242 1,489 112.576 2.896 149,296
Columbus...
300 29,490
400 12,411 3,500
30,234
Macon
19,508
287
348 30,870
215 21,359
Rome
12 12,573
100 8,830
13,301
60
La.. Shreveport 1,042 56,319 1,165 18,177
445 81,659
Miss.Clarksdale
500 129.374 1,608 18,765 1,026 136,420
Columbus...
19,993
44
15
9,687
64
16,418
Greenwood..
296 145,781 1,398 33,879
861 136,898
Jackson
527 30,629
32 11,472
243 38,224
Natchez.
2
158 4,138
4,73
8,951
Vicksburg_ _
158 22,231
222 4,309
14
37,299
Yazoo City._
4 27,331
188 7,874
59 32,417
Mo., St. Louis_ 2,520 264,94
2,520 14,467 3,140 180,544
N.C.Greensb'ro
199
7.828
154
84 17,990
29,843
Oklahoma
15 towns...
950 806,168 3,599 53,956
894 739,849
S.C., Greenville 2,458 174,565 1,603 88,570 3,105 170,996
Tenn.,Memphis 13,523 1,853,28 24,536315,718 21,5232,044,761
Texas, Abilene_
73,55
1,975
90,091
Austin
19,814
7
176 1,699
155 24,152
Brenham
27,491
172
222 3,536
81
18,081
Dallas
190 99,267
514 4,526
247 101,583
Paris
112 54.497
755 4,287
134
54.888
Robstown_ _ _
_
5,479
19
2
486
6,525
San Antonio.
72
11,406
151
75
175
12,063
Texarkana
159 34.582
992 9.286
157 47,461
Waco
212 93.720
508 6,598
441
76,830
Stocks
June
30.
256 8,527
720 6,152
702 40.142
1,438 32,594
901 22,497
251 12,278
1,121 25,674
648 10,376
291 2,386
2,568 46.446
679 9,152
1,489 31,297
168 3,570
1,831
36
28 45,405
9,219224,224
4.029
3,000 11,181
954 34,540
300 12,992
2,78 36,252
2,862 20,929
701 5,743
3,624 44,389
1,791 19,242
96 4,727
71
8,759
7
10,301
3,14
5
334 20,183
4,139 31,368
4,386 96,071
35,370330,715
63
66
1,946
620
4
95
711
958
1.568
2,590
11,800
3,496
150
573
12,966
3,919
Total, 56 towns 29.0565,067.232 53.339 236729 44,7565,494,658 94,5361343884
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 25,349 bales and are to-night
106,955 bales less than at the same period last year. The
receipts at all the towns have been 15,700 bales less than
the same week last year.
New York Quotations for 32 Years.
The quotations for middling upland at New York on
June 29 for each of the past 32 years have been as follows:
1934
1933
1932
1931
1930
1929
1928
1927
12.35c.
10.50c.
5.55c.
10.05c.
13.70c.
18.45c.
22.80c.
16.95c.
1926
1925
1924
1923
1922
1921
1920
1919
18.40c. 1918
24.80c. 1917
30.05c. 1916
28.55c. 1915
22.20c. 1914
11.75c. 1913
38.75c. 1912
34.90c. 1911
32.00c.
26.55c.
13.45e.
9.55c.
13.25c.
12.40c.
11.65c.
15.20c.
1910
1909
1908
1907
1906
1905
1904
1903
15.20c.
11.60c.
12.00c.
12.85c.
10.90c.
9.20c.
11.25c.
12.50c.
Market and Sales at New York.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same day.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Corilr'ct Total.
Saturday... Steady,5 pts. adv.. Steady
329
329
Monday
Steady. 20 pis. adv. Very steady_ _ _
200
200
Tuesday Wet, 10 pts. adv.. Steady
Wednesday_ uiet, 10 pts. dec. _ Steady
Thursday.. Wet. 10 pts. adv.. Steady
Friday
Wet, 10 pts dec.. Barely steady
Total week.
529
529
---SinceAug. 1
109,381 208.100 317,481
Overland Movement for the Week and Since Aug. 1.
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
reports Friday night. The results for the week and since
Aug. 1 in the last two years are as follows:
June 29
-Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1933,34---Since
Week. Aug. 1.
2,520 250,714
2,800 136,795
134
3,634
4.000
Total gross overland
13.088
Deduct Shipments
Overland to N, Y., Boston,&cc- 431
Between Interior towns
246
Inland, &c., from South
5,291
Total to be deducted
5.968
----1932-33---Since
Week. Aug. 1.
3,140181,315
5,053
470
1,322-12,328
(36
16,980
176,099
3,736 158,403
481,453
2,000 315.217
1,058,711
8,936 677,438
____
17.458
11,613
193.326
34.161
15.173
225,135
736
297
5,088
274.469
Leaving total net overland*
7,120 784,242
• Including movement by rail to Canda.
6,121
222,397
2.815
455,041
The foregoing shows the week's net overland movement
this year has been 7,120 bales, against 2,815 bales for
the week last year, and that for the season to date the
Financial Chronicle
4486
aggregate net overland exhibits an increase over a year ago
of 329,201 bales.
-----1932-33
-1933-34----Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
75.954 8,481.437
59.054 7,242,221
at ports to June 29
Receipts
455.041
2,815
784,242
7.120
Net overland to June 29
South'n consumption to June 29_100,000 4.689,000 105,000 4,715.000
166.174 12,715.463 183,769 13,651.478
Total marketed
*56,008
*25.509 *48,919
*25,349
Interior stocks in excess
Excess of Southern mill takings
143,314
20,163
over consumption to June 1
Came into sight during week.._ -140,825
12.710.117
Total in sight June 29
134.850
-_-- 13.738,784
North.spinn's's takings to June 29 18,250 1,242,264
27,238
958,588
* Decrease.
Movement into sight in previous years:
Week-July 4
1932
1931-July 5
-July 6
1930
Stnce Aug. 1Bales.
103.807 1931
69,010 1930
85.176 1929
Bales.
15.505.968
13.979.547
14.682.864
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
Ssturday. Monday. Tuesday. Wed'day. Thurstry, Friday.
12.25
12 35
12.25
12.35
12.30
12.10
Galveston
12.28
12.36
12.22
12.32
12.24
New Orleans- 12.07
12.10
12.17
12.07
12.16
12.07
11.89
Mobile
12.26
12.37
12.25
12.31
12.28
12.09
Savannah
12.25
12.38
12.25
12.38
12.34
12.15
Norfolk
12.00
12.05
11 90
12.00
11.90
Montgomery...... 11.75
12.35
12.47
12.35
12.44
12.41
-_ 12.22
Augusta
12.10
12.20
12.10
12.30
12.25
11.80
Memphis__
12.25
12.35
12.25
12.35
12.30
12.10
Houston --._
12.10
12.22
12.10
12.19
11.97
Little Rock- - .._ 11.79
11.90
12.00
11.90
11.95
11.80
11.65
Dallas
11.90
12.00
11.90
11 95
11.80
.
Fort Worth. _ _ 11.65
Week Ended
June 29.
-The closing quotations
New Orleans Contract Market.
for
for leading contracts in the New Orleans cotton market
the past week have been as follows:
Saturday,
June 23.
Monday,
June 25.
Tuesday, Wednesday, Thursday,
June 28.
June 27.
June 26.
Frtdao
Jtc e 29.
12.1:
12.09-12.10 12.17 -12.07 -12.21July (1934) 11.92August _- September
12.3, 12.35
October __ 12.16-12.17 12.35-12.36 12.43-12.44 12.32-12.33 12.44-12.45
November
12.4' -12.48
12.5812.4512.48-12.49 12.56December_ 12.30Incl. 12.2 BM
(1935) 12.34 Bid. 12.52 Bid. 12.60 Bid. 12.49 Bid. 12.62
Jan.
February _
12.70 Bid. 12.62-12.73 Bid. 12.6; Bid
• March____ 12.44 Bid. 12.63April
12.7: Bid
12.80 Bid. 12.72 Bid. 12.8312.M Bid. 12.73May
June
Tone
Stt ady.
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
St,ady.
stdy Steady.
Options. _ _ Steady. Very stay. Steady. Barely
Government to Purchase Cotton for Fabrication of
Articles to Be Given Unemployed-250,000 Bales
Will Constitute Initial Purchase, to Be Made
"Very Soon."
Harry L. Hopkins, Federal Emergency Relief Administrator, announced on June 20 that the Government will
shortly purchase 250,000 bales of cotton in an effort to decrease the cotton surplus. Cotton so purchased will be used
for relief purposes. Mr. Hopkins said June 22 that buying
of approximately $12,500,000 of cotton to be made into
articles for distribution to unemployed will begin "very
soon." He added that while 250,000 bales will start the
program, further purchases will be made from time to time.
A Washington dispatch of June 20 to the New York "Journal
of Commerce" gave further details of Mr. Hopkins's plans
in part as follows:
available from the $525,Funds for purchase of the cotton will be made
Works Administration,
000.000 appropriated by Congress for the Public
primarily for drouth relief.
a conference
Announcement of the intended cotton purchases followed
(Dem., S. C.), who has
between Administrator Hopkins and Senator Smith
Government for relief
by the
been advocating open market purchases
purposes.
said, will be used in the manuThe purchased cotton, the Administrator
towels, certain types of
facture of mattresses, quilts, ticking, pillow cases,
among the needy unemclothing, and possibly sheets, for distribution
the relief measures at presployed. These products will be in addition to
ent employed by the FERA.
quarters, that the cotton would be
The possibility, expressed in some
by officials here to-night,
purchased from the Government pool was scouted
at least 15 cents a pound
who pointed out that the pooled cotton must bring
in the pool will not be released
before its release. Furthermore, the cotton
before July 15, It was said.
Georgia Warehouse and Compress Association Formed
by Cotton Handlers-Seek Co-operation Under
Code.
The Georgia Warehouse and Compress Association, representing the cotton warehouses and compresses of Georgia,
States
was formed at a meeting on June 18 in the United
Agricultural Department in the new post office building,
June 19, from
according to the Atlanta "Constitution" of
-which we also quote:
President; Ferdinand Phinlzy of
L. E. Floyd of LaGrange was elected
Fletcher of Cordele, Secretary and
Augusta. Vice-President. and T. E.
elected; First district. R. C.
Treasurer. The following directors were
June 30 1934
Albany; third, T. E.
Neeley, Waynesboro;second district, J. P. Champion,
fifth, not yet selected;
Fletcher, Cordele; fourth, L. E. Floyd. LaGrange;
eighth, J. E.
sixth, H. It, Moffett, Dublin; seventh, B. F. Archer, Rome;
W.B. Moss, Athens.
Howell. Ocilla; ninth, R. S. Johnson, Jefferson; tenth,
co-operation and
The main object of the organization is to bring about
compresses in Georgia
understanding between the 600 warehouses and the
cause is the need of
which handle the State's cotton crop. The specific
officers said, has
a serious consideration of the proposed code which, the
co-operation of the
objectionable features. They said it would require the
industry to bring about an adjustment.
touch with their
Warehouse and compress owners are urged to get in
can point out its
officers and directors who have a copy of the code and
objectionable features.
World Consumption of American Cotton During
May About Unchanged from April, According to New
-World consumption of American
York Cotton Exchange.
April,
cotton during May was practically unchanged fromCotton
according to a report issued June 25 by the New York
Exchange Service. May consumption totaled 1,135.000
bales as compared with 1,136,000 in April, 1.340.000 in
May last year, 1.045.000 two years ago, 964,000 three
years ago and 1,027,000 four years ago. The report states:
daily
-n
Domestic mills used more c-tt In May than in April. altheurh the
in the dorrestic
,
rate of c msumption declined seas natty. The increase were more w rkMay was due to the fact that there
consumed'n t tal for
bales of
ing days in May than in April. Domestic mills w- nsurred 508,000 607.000
Arril.
American c tt n during May as compared with 500,000 in years ago and
three
in May last year. 323.000 two years ago. 451,000
450.000 four years ago.
during
Abrowl. consumption of American cotton reoistered a decline
ForMay. contrary to the usual seasonal tendenc, to show a small increase.
as against
used 627,000 bales of American cotton during May two years
eign spinners
in May last year, 722,000
636.000 (revise') in April, 733,000
ago. 513.000 three years ago awl 577.000 r ur years ago. consumption of
At the end of May, for the first time this seas-n, w -mid f r the correthan
American cotton f‘r the season since Aug. 1 was less of this,season from
sponding period last season. During the ten months
spinners used 142.000 bales less American cotton
Aug. 1 to May 31, world
they wed 1.093.000
than during the corresponding period last season, but2,309,000 mere than
ago,
bales mere than in the same period two seasons seasons ago. World confour
three seasons ago and 370,000 more than to May 31 this season was 11.sumnthn of American c tton from Aug. 1 during the corresponding por621.000 bales as compared with 11,763.000
tion of last season. 10,528.000 two seasons ago. 9,222,000 three seasons ago,
and 11.251.000 four seasons ago.
with the exAll maj r divisions of the world cotton spinning industry,
as "Elsewhere,"
ception of minor cotton-consuming countries classified last year, but the
in May this year than in May
used less American cotton
countries used more
United States, the Continent and minor consuming
than in May three
than in May two years ago, and all divisions used more
years ago.
bales as
world stock of American cotton on May :31 was 12,734,000
The
15.170,000 two
compared with 14.229.000 at the end of May last year, years ago.....ss
years ago, 10,801.000 three years ago. and 7,907,000 four
-The
Dallas Cotton Exchange Weekly Crop Report.
Dallas Cotton Exchange each week publishes a very elaborate
and comprehensive report covering cotton crop conditions
in the different sections of Texas and also in Oklahoma and
Arkansas. We reprint this week's report, which is of date
June 25, in full below:
TEXAS.
West Texas.
-Past week has been hot and dry, but cotton
Abilene (Taylor County).
I looks good.
strong. On land that is well cultivated cotton still growing an good. We
it stands the high temperatures and still loots
Can't see hew
must have rain soon.
-Getting very dry, need rain badly, but good
Anson (Jones County).
next
bottom season is causing cotton to hold fairly well. If we can get rain
week, cotton will be all right. Old feed suffering.
-On account of the lack of moisture and hot
County).
Floydada (Floyd
and feed
winds the past ten days most of the late and replanted cotton but must
well,
has died. The early planted cotton is holding its own fairly we will gin the
present it is very doubtful whether
have rain soon. At the
Government allotment of cotton. weather has been decidedly unfavorable
Haskell (Haskell Cpunty).-The
over
for the growth and fruiting of cotton. Temperatures running well had
evening
100 degrees practically all of the past two weeks. Thursday
by high winds and destructive hail in some localities.
local rains accompanied
winds. Some fields of cotton
followed Friday by temperature of 104.and hotnow
like we won't gin to the
have been ruined by careless worms. It looks
Bankhead allotment of 32,000 bales.
looks bad.
Lubbock (Lubbock Counly).-Still hot and dry. Everything t allotment
Don't see how the Plains can make anything like the Governmen
account
account so much was never planted and there is plenty already dead
sandstorms and heat.
-Crop continues to suffer for want of rain.
Quanah (Hardeman County).
high
Local showers over week-end did not do much good. Extremely very
Crop is
temperatures all this week. South Plains area burning up.
spotted, looks like a repetition of season 1930.
-Light to heavy showers fell Thursday over
Stamford (Jones County).
had a good rain. Good rains
about 20% of the crops and a small areaacreage will be reduced account
would still save the cotton crop, however,
of the drouth.
North Texas.
.-Cotton still making fine progress under
Honey Grove (Fannin County)
been
the existing weather conditions prevailing the past week, as it has
Plant is still fruiting nicely with a large number of
extraordinarily hot.
up. The crop as a whole is looking
squares and blooms beginning to show would prove very beneficial.
very good although a good general rain made
-Cotton
wonderful progress the Past
Royse City (Rockwall County).
cotton. Squaring and
week. Hot days and cool nights have been ideal for this season of the year.
never seen a better tap-root at
blooming freely. Have
No sign of any insects.
-Cotton crop in this section is doing fine.
Sherman (Grayson County).
plenty of
While we need rain the plant is not suffering as yet. We have them. If
away with
weevil in this section, but the hot weather is doingto make a good cotton
July. will have plenty of time
we can get rain in early
plenty of rain
crop. Oklahoma has an excellent prospect as they have had
across the river from this section. -Cotton holding up well considering
County).
Wills Point (Van Zandt
up in many places
extreme hot weather. Boll weevil and flea showingbe lost if rain is not
and doing considerable damage. The corn crop will
received at once.
Central Texas.
small
Brenham (Washington County) -Crop continues late with plant much
some improvement lately, but condition generally
and runty. Shows
but very spotted
lower than year ago this date. Showers Sunday week ago,
Some places none.
this county, ranging from very good to light sprinkle. and prevalence of
With the heavy reduction in acreage, low condition
about
insects, the crop will probably not be half of last year. We predict The
improvement.
15.000 bales against 35,000, even with good rains and
prospect is not bright.
,-The cotton in this section has started blooming,
Ennis (Ellis County)
had the Past
we
and most of it has stood up well under the hot days the have has retarded
heat
week. The fleas have been bad in some fields but has a good tap-root
is small In most fields but
their activity. The stalk
overcome the
and with a good general rain in the next ten days should get our first
will
size of the plant and make a good crop, as it now looks we
bale about the first week in August.hot and dry. Temperatures from 98
.-Still
Lockhart (Caldwell County)
fruiting nicely, but will need rain
to 102 degrees every day. Old cotton is
•
to mature the bolls. Young cotton needs rain to make stalk. Very few
weevil now.
Sin Marcos (Hays County).
--Rainfall of one to 23i inches the 17th
very beneficial to all crops. Prospects of a good cotton crop at this time
are very good. Fleas were doing some damage before rain but seem to have
quit now. No other insects at this time.
Taylor (Williamson Counly).-RaIns late last Sunday which at the time
seemed general over all the county proved to be sufficient in only small
area, making conditions very spotted. About 75% this territory needs
rain badly. The flea seems to have stopped, but lots of complaint of weevil
damage. Some say they have never seen them as numerous before. Plants
all sizes, few inches tall to knee-high, depending on rains had.
-Old cotton doing
Temple (Bell County).
-Still hot and dry, no rain.
fairly well. Young cotton needs rain. Plant small. Fields clean. Cotton
beginning to bloom. Good general rains would be very beneficial.
East Texas.
Tyler (Smith County).
-No rain timing the past week, but the crop Is
not yet suffering for want of moisture. There are reports from various
places throughout the county that the boll weevil and fleas have shown
up on the cotton plants in alarming numbers. The cotton crop in our
county generally speaking is fair, fields clean and farmers up with their
work. The Government allotment for our county is approximately 20,000
bales.
South Texas.
Cuero (De Wilt County).
-The weather the past week has been very
unfavorable, excessive heat every day. Made personal inspections of several
fields yesterday and found plant not as good as expected. Old cotton
shedding and not fruiting as has been. In numerous fields plant is 8 to 12
inches high with practically no fruit. Heat and dry weather beginning to
show the seriousness of its effect.
OKLAHOMA.
Altus (Jackson County).
-Southwestern Oklahoma had an inch of rain
Saturday, June 16, which has been a great help to the cotton crop this
week, but with the high temperature and hot winds this week we will be
needing more rain in a few days. The plant is looking good and beginning
to put on some squares, with no report of insects, and fields fairly clean
and well cultivated.
Hugo (Choctaw Count y)
.-Things look bad. Cultivation excellent, stands
fair but weevils are thick and fleas are getting all the squares before they
are large enough for the weevil.
McAlester (Pittsburg County)
.-Cotton made good progress during past
week. Moisture sufficient. 85% to 90% chopped, stands fair. Height
ranges from 4 to 18 inches, average about 10 inches. Squaring general
in early plantings. Weevil plentiful but some letup noticed during the
past week. Cultivation generally good. Acreage 25% to 30% less than
acreage harvested last year, with possibility of some more being plowed up
by farmers who signed Government acreage reduetion contracts.
ARKANSAS.
Ashdown (Little River County).
-Dry and hot all week, some localities
beginning to need rain. Very good progress In growth this week. Weevil
and hoppers continue to take most all fruit.
Conway (Faulkner County)
.-Weather past week has been favorable, dry
and hot. Fields well cultivated and plant Is growing and fruiting satisfactorily. The bool weevil is reported from all sections of our territory.
Little Rock (Pulaski County)
.-Past week of high temperatures and no rain
has been an Ideal one for the progress of the cotton crop. Outside of the
weevil threat there are practically no complaints coming in. As to the weevil
it seems they are plentiful and will be a real menace if weather is favorable
for them later on.
Magnolia (Columbia County).
-Weather past two weeks has been more
favorable than otherwise. Have had few local rains but are needing a general
Is me. Most fields have been cleared of grass and cotton has made
rain r
good growth. Some few blooms appearing. More boll weevils than at this
date since 1923. Am hopeful that the extremely hot weather will check
their ravages. Season 5 to 10 days later than normal.
Pine Bluff (Jefferson County)
.-Weather is ideal and cotton is "making"
daily. Some complaint of weevil, but with this weather we are bound to
have a full yield unless damp weather in August breeds weevil.
-Reports to us by
Weather Reports by Telegraph.
telegraph this evening indicate that the weather during the
week has been mostly fair and sunny, which facilitated
needed cultivation in the eastern section of the cotton belt,
but there are still complaints of grassy fields from those sections that have had considerable rain during previous weeks.
There have been no serious reports of boll weevil activity.
Texas.
-This State has received only one-fourth of an
inch rainfall since June 1. The early, planted cotton is
standing the dry weather but general rains are needed.
Galveston ,Tex
Amarillo. Tex
Austin. Tex
Abilene, Tex
Brenham, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas. Tex
Del Rio, Tex
El Paso, Tex
Henrietta, Tex
Kerrville, Tex
Lampasas, Tex
Longview. Tex
Luling. Tex
Nacogdoches, Tex
Palestine, Tex
Paris, Tex
San Antonio, Tex
Taylor, Tex
Weatherford, Tex
Oklahoma City, Okla
Eldorado, Ark
Fort Smith, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Sore report. La
Meridian. Miss
Vicksburg, Miss
Mobil., Ala
Birmingham, Ala
Montgomery. Ala
Jacksonville, Fla
Miami Fla
Pensacola. Fla
Tampa, Fla
Savannah, Ga
Athens, Ga
Atlanta. Ga
Augusta, Ga
Macon. Ga
Charleston. S.0
Greenwood, S.0
Columbia, S. C
Conway. S.0
Asheville, N.0
Charlotte, N.0
Newborn, N.0
Raleigh, N.0
Weldon, N. C
Wilmington, N. ID
Memohis, Tenn
Chattanooga. Tenn
Nashville, Tenn
4487
Financial Chronicle
Volume 138
Rain. Rainfall.
dry
dry
dry
dry
dry
2 days 0.25 In.
1 day 0.24 in.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.80 in.
1 day 0.20 in.
2 days 0.08 in.
dry
dry
2 days 0.28 in.
dry
dry
1 day 0.16 in.
2 days 0.44 In.
2 days t,.10 In.
2 days 0.36 In.
dry
1.20 in.
1 day
0.44 in.
1 day
1 day 0.02 in.
dry
dry
2 days 0.48 In.
1 day 0.11 in.
1 day 0.02 in.
1.11 in.
1 day
2 days 0.16 in.
2 days 1.19 in.
2 days 0.34 In.
dry
3 days 1.58 in.
dry
2 days 0.79 in.
2 days 0.02 in.
0.04 In.
1 day
Thermometer
high 88 low 79 mean 84
high 102 low 68 mean 85
high 98 low 70 mean 84
high 102 low 74 mean 88
high 96 low 70 mean 83
high 90 low 74 mean 82
high 88 low 76 mean 82
high 98 low 74 mean 86
high 100 low 74 mean 87
high 100 low 70 mean 85
high 104 low 72 mean 88
high 98 low 66 mean 82
high 102 low 68 mean 85
high 102 low 70 mean 86
high 104 low 70 mean 87
high 94 low 68 mean 81
high 96 low 72 mean 84
high 100 low 70 mean 85
high 98 low 72 mean 85'
high 98 low 66 mean 82
high 104 low 72 mean 88
high 102 low 72 mean 87
high 100 low 72 mean 86
high 102 low 74 mean 88
high 96 low 74 mean 85
high 98 low 73 mean 86
high 95 low 70 mean 83
high 95 low 67 mean 81
high 92 low 78 mean 84
high 98 low 74 mean 86
high 96 low 72 mean 84
high 94 low 72 mean 83
high 94 low 76 mean 85
high 96 low 74 mean 85
high 96 low 74 mean 85
high 94 low 72 mean 83
high 08 low 76 mean 82
high 92 low 76 mean 84
high 92 low 74 mean 83
high 97 low 68 mean 84
high 99 low 65 mean 82
high 94 low 72 mean 83
high 96 low 72 mean 84
high 96 low 70 mean 83
high 91 low 74 mean 83
high 100 low 70 mean 85
high 98 low 72 mean 85
high 96 low 67 mean 82
high 94 low 62 mean 78
high 96 low 67 mean 83
high 97 low 64 mean 81
high 98 low 72 mean 85
high 100 low 64 mean 82
high 92 low 74 mean 83
high 97 low 73 mean 85
high 100 low 70 mean 85
high 98 low 74 mean 86
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given:
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
June 29 1934. June 30 1933.
Feet.
Feet.
9.9
1.5
10.8
6.6
9.1
10.8
5.9
4.5
19.5
8.8
-The following table
Receipts from the Plantations.
indicates the actual movement each week from the plantations. The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts at Ports.
Week I
Ended,
1934.
1933.
1932.
Stocks at Interior Towns. IReceiptsfrom Plantations
1931.
1934.
1932.
1933,
1
Mar.
30_. 64,579 71,116 115.587 1.662.788 1,874.180 1.847,155
April
68.255 75.548 93.799 1.620.120 1.839.230 1,812,832
13__ 70.948 56.769 62.040 1.581.811 1.806,896 1.781.096
20-- 74,294 80,344 76.159 1,546.878 1.772.695 1.747.767
27._ 79.174 92,386 86,624 1.506.117 1.739.038,1.710.830
May
75,235 90.027 53,102 1.467.685 1.709.66111.664.135
46 544 101.074 62.171 1,436.369 1.672.791 1.622.896
,
, ,
1,624.351 1.588.105
18__ 51,676 118,296
25.. 34.486 79,657 54,967 1,378,269 1.566,959 1,554,722
1
June
1_ 33.148 88.978 64.258 1.351,401 1.521.226 1,526.1E10
8_ 34,989 86.064 30.5911.312,579 1.478,208 1,497,915
15_ 34,833 72.682 24,783 1.284,177 1,442,027 1,476,605
22__ 47,623 60,353, 40,7931.262.078 1.392,603 1,450,054
29__ 59,054 75,954 44,758 1,236,723 1,343,684 1.430.563
1933.
1932.
39,702 43,005 89.864
59.476
30.304
42,830
49,687
25,587
32.699
39,301
38.413
20,358
24.435
46.143
58.729
36.803
15.228
19.561
8,501
60.650 6.407
64,204 20.931
69,856 2,745
22,275 21.584
6,280
Nil
6,431
25.524
33,705
43.245 37.716
43.046 2.326
36.501 3.473
10.929 14,242
27.035 25.367
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 7,191,830 bales;
in 1932-33 ware 8,342,300 bales and in 1931-32 were 10,166,750
bales. (2) That, although the receipts at the outports the
past week were 59,054 bales, the actual movement from
plantations was 33,705 bales, stock at interior towns
having decreased 25,349 bales during the week. Last year
receipts from the plantations for the week were 27,035
bales and for 1932 they ware 25,367 bales.
World's Supply and Takings of Cotton.
-The following brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are obtainable; also the takings or amounts gone out of
sight for the like period:
del
Cotton Takings,
Week and Season.
1933-34.
Week.
1932-33.
Season.
Week.
Season.
8.574.331
7,490.816
Visible supply June 22
7.791.048
7,632,242
Visible supply Aug. 1
140.825 12,710,117
13 .515 13.738.784
-- 6
4:
American in sight to June 29..
30.000 2,535,000
45,000 2,282.000
Bombay receipts to June 28
517.000
17.000
Other India ship'ts to June 28
35,000
876,000
967.800
400
1,684.400
Alexandria receipts to June 27
516.000
11.000
13,000
567,000
Other supply to June 28 * b
Total supply
Deduct
Visible supply
7,724,641 25,751,759 8,767.581 26,065,032
7,361,547 7,361,547 8,341.310 8.341.310
Total takings to June 29 a_ _ _ _
426,271 17,724,322
363,094 18,390.212
Of which American
317.871 13.208.522
260.094 13,502,812
Of which other
103.000 4,887.400
108.400 4.515.800
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, dm.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills. 4.689.000 bales in 1933-34 and 4,715,000 bales in 1932 -33
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners, 13.701,212 bales in 1933-34 and 13,009.322 bales in
1932-33, of which 8,813.812 bales and 8,493,522 bales American.
b Estimated.
India Cotton Movement from All Ports.
-The receipts
of India cotton at Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:
1933
-34.
June 28.
Receipts at
Bombay
Since
Week. I Aug. 1.
Week.
Since
Aug. 1.
1931-32.
Week,
Since
Aug. 1.
45,000 2,282,000 30,000 2,535,000 20.000 2,004.000
For the Week.
Exports
from
-
1932-33.
Since Aug. 1.
,
Great 'Conti- Jap'n&
Great
Conti- Japan A
Total.
China.
Britain. neat. IChina.i Total. Britain. I neat.
Bombay
I
I
1933-34 _ _
6,000 44.000 50,000 65,000 320,000 912,000 1,297,000
1932-33_
6,000 63,000 69,000
56.000 294,000 1,126,000 1.476.000
l931-32.
19,000 135,000 849.0001.003,000
3,000 3.000
Other India1933
-34 _
15.000 20,000
876,000
1 35,000 265.000 611,C00
1932-33..
517.000
1,000 16.000
, 17.000 120,000 397.000
1931-32.
2,000 14,000
366,000
_...1 16,000
96,000 270,000
Total all
1933
-34_ - 15,000 26,000 44,000 85.000 330,0001 931.000 912.000 2.173.000
1932-33_
1.000 22,000 63,000 86,000 176.000 691,000 1,126.000 1,993,000
1931-32- _ 2.000 14,000 3,000 19,000 115.000 405.000 849,000 1,369,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
15,000 bales. Exports from all India ports record a decrease
of 1,000 bales during the week, and since Aug. 1 shows an
increase of 180,000 bales.
Alexandria Receipts and Shipments.
-We now receive weekly a cable of the movements of cotton at Alexandria, Egypt. The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Financial Chronicle
To Liverpool
2.000 253,478 4,000 149.165
To Manchester, &c_ _ - _
_-_ 177,740 6.000 120,085
To Continent and India 10:000 638,306 11,000 4E4,007
To America
1,000 70,235 3,000 37,406
201.416
145,651
7:666 563,223
46,206
Total exports
13,000 1139.759 24,000 770,663 7,000956.496
Note.
-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week ended June 27 were
nil cantars and the foreign shipments 13,000 bales.
Manchester Market.
-Our report received by cable
to-night from Manchester states that the market in both
yarns and cloths is steady. Merchants are not willing to pay
present prices. We give prices to-day below and leave those
for previous weeks of this and last year for comparison.
1933.
1934.
32s Cop
Twist.
d.
Mar.
30____
April
6____
13--- 20____
27-May
4.11____
18-25_..June-1---
811 Lbs. Shirt- Cotton
ings, Common Middro 32: Cop
to Finest.
Uprds. Twist.
s. d.
s. d.
d.
d.
834 Lbs. Shirt- Cotton
inas, Common Middle
to Finest.
Uprds.
s. d.
s. d.
934@1134 91
10 93
6.35
8140 911 83 0
93401114
91101114
9341511
934151034
91
9 1
91
91
1593
09 3
09 3
093
6.40
6.35
6.18
5.88
8110 911
8140 97
4
8340 934
834(510
911 01014
91401034
91401034
91001034
9
9
9
9
093
093
093
094
5.93
814010
93401034 92 15 94
934(51134 9 2 0 9 4
15-- -_ 10 (gaig 9 2 1594
22___ 10 01114 9 2 0 9 4
29_...... 101401111 92 0 94
1
1
1
2
d.
6
5.15
83
83
83
83
0
0
(0
(0
6
6
6
6
5.28
5.37
LSO
5.53
6.23
6.20
83
85
91101011 8 5
9 01014 8 5
0
(5
0
0
6
0
0
0
589
6.19
5.96
8.07
6.26
6.56
6.61
6.69
6.84
91401054
91401014
91401014
931151051
91401034
87
87
87
87
87
0
15
0
@
0
2
1
1
1
1
8.37
6.12
6.18
6.18
6.38
6.15 ssi@m%
Shipping News.
-Shipments in detail:
Bales.
GALVESTON-To Havre-June 21-Arizona, 100-June 27
City of Omaha, 200
_._
300
To Dunkirk-June 21-Arizona, 551
551
-June 21-Arizona, 150_ _June 27
To Ghent
-City of Omaha,
324; Palatia, 50
524
To Japan-June 21-Lisbon Maru, 1,305---June 23-Kwansal
Marts, 6700_ __June 25-Fernmoor, 3,019; Fernbrook,
1.153J-une 26
-Bra
e,602
12,779
-June 21-Lis on Marti. 426
To Shanghai
26
-June 23-Davian,1,458
To Liverpool
1,458
-June 23-Davian, 1,233
To Manchester
1,233
Antwerp-June 27
-City of Omaha,80; Palatia, 58
To
138
To Copenhagen-June 25
-Tugela, 139
139
-June 25
-Tugela, 1.089
To Gdynia
1,089
-June 25-Beematerdijk. 90
To Ghent
90
To China-June 25-Fernbrook, 1,257-- June 26-Bradfyne,
3.567-June 27-Edgehill, 859
5,683
-City
To Rotterdam-June 25-Beemsterdijk, 435_ _June 27
of Omaha,421; Palatia, 200
1,056
-June 21-Davian,782
HOUSTON-To Liverpool
782
1,261
To Manchester-Tune 21-Davian, 1,261
-June 23-Beematerdijk, 50___June 26
-City of
To Ghent
Omaha,2
52
-City
To Rotterdam-June 23-Beemsterdijk, 15_ _June 25
of Omaha,79
94
To Trieste-June 23-Beemsterdijk,4
4
To Japan
-June 22-Bradfyne, 1,592: Hakubaaan Maru,
6,165-June 26-Katsuragi Maru, 4,922; Fernmoor,
13.492
26,171
To China-June 22-Bradryne, 6,907
6,907
-June 25-Palatia, 142-Arne 26
-City of
To Antwerp
Omaha, 20
162
-City of Omaha.350
To Havre-June 26
350
To Bremen-June 27-Nemaha, 707-June 25-Griesheim,
1,699
992 _
1.000
To Hamburg-June 25-Griesheim, 1.000
-West Tacook,907_ --To Liverpool-June 23
907
LAKE CHARLES
-West Tacook,137
137
To Manchester-June 23
-City of Omaha,100
100
To Havre-June 23
-City of Omaha,129
129
-June 23
To Ghent
271
To Bremen-June 23-Nemaha,271
-June 19
-Colorado Springs,
-To Liverpool
NEW ORLEANS
2,677
2,337_ __June 26-Davian, 340
-Colorado Springs, 4,028_ _June 26
To Manchester-June 19
5,166
-Davian, 1.138
2,400
To Gen-a-June 26-Montello, 2,400
To Bremen-June 20-Delfshaven, 3,070-June 27-Wester3,736
wald,666
150
To Rotterdam-June 20-Delfshaven. 150
To Gdynia-June 20-Delfshaven, 100-June 27-Wester150
wald. 50
-Arizona, 100
To Dunkirk-June 26
100
-Arizona,
To Havre-June 20-Meanticut, 1,550_ _ _June 26
1.650
100
To Hamburg-June 27-Westerwald, 383
383
To Rotterdam-June 20-Meanticut, 550
550
To Ghent
-June 20-Meanticut, 450
450
To Japan-June 22-Katsuragi Maru, 5.705
5,705
To Buena Ventura-June 16-Sixaola, 240
240
-Santa Marta,200
To Porto Colombia-June 23
200
To China-June 25-Edgehill, 9,400
9,400
To Barcelona-June 23
-Carlton, 790
790
MOBILE-To Liverpool-June 15-Afoundrla, 158
158
To Manchester-June 15-Afoundria, 896
896
To Genoa-June 5-Montello, 400
400
To Bremen-June 9-Wido, 1,000
1,000
To Gdynia-June 9-Wido, 100
100
-Mar Negro, 150
To Barcelona-June 13
150
To Bremen-June 18-Delfshaven, 1.627.. _ _June 15-Antinous, 1,505
3,132
To Hamburg-June 15-Antinous, 8
8
To Rotterdam-June 15-Antinous, 100
100
-To Rotterdam-June 19
-Oakwood, 100--CORPUS CHRISTI
100
To Japan-June 23-Fernbrook,693
693
To China-June 23-Fernbrook, 1,180
1,180
To Japan-June 22-Fernmoor,
2,221
PENSACOLA-To Bremen-June 22-Westerwald,450_ _ -June 27
2,221'
-Topa Topa, 457
907
100
To Liverpool-June 28-Madiden Creek, 100
21
To Gdnyia-June 27-Topa Topa, 21
-Maiden Creek, 200
200
To Manchester-June 28
CHARLESTON-To Hamburg-June 24-Dalworth,292
292
WILMINGTON-To Bremen-June 25-Sundance, 1.193
1,193
600
To Gdnyia-June 25-Sundance, 600
-To Gdnyia-June 26-Topa Topa, 1,656
PANAMA CITY
1,656
To Hamburg-June 26-Topa Topa,96
96
Total
123,722
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
StandHigh
Density.
ant.
Density.
.250. Trieste
Liverpool .250.
.500.
M anchester.25c.
.25c. Fiume
.500.
Antwerp .35c.
.500. Barcelona .35c.
Havre
.25c.
.40c. Japan
•
Rotterdam .35c.
.50c. Shanghai
*
Genoa
.40c.
.55c. Bombay z .40c.
Oslo
.46c.
.61e. Bremen
.35c.
Stockholm .42c.
.570. Hamburg .35c.
*Rate is open. z Only small lots.
High
Standrad.
Density,
.750.
.65c. Piraeus
.750.
.65c. Salonica
.500.
.50c. Venice
Copenhag'n.38c.
.400.
Naples
.550. Leghorn
.40c.
.500. Gothenberg.42c.
.500.
Stand
ant.
.900.
.900.
.650.
.550.
.55e.
.570.
Liverpool.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
June 8. June 15. June 22. June 29.
57,000
49,000
46,000
54,000
908,000 879,000 873.000 886,000
393,000 375,000 363,000 352.000
53,000
22,000
52,000
69,000
17,000
13,000
9,000
15,000
24,000
29,000
28,000
33,000
134.000 148,000 143,000 142.000
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Market,
12:15
P. M.
Mid.UpPels
Saturday.
Monday,
Tuesday. Wednesday. Thursday.
Moderate Moderate
demand.. demand,
6.71d.
6.75d.
Quiet.
Moderate
demand.
6.80d.
6.78d.
Quiet.
Friday.
Moderate
demand.
6.84d.
6.76d.
Futures.1 Steady,
Steady,
Steady,
Steady,
Steady,
Steady,
Market
2 to 4 pts. 3 to 5 pta. 5 to 6 pts. 1 to 3 pta. 5 to 6 pts. 3 to 4 pts.
opened
decline,
advance, advance, advance, decline.
advance.
Market,
Quiet but Quiet but Quiet but Stdy.,2 pta Stdy., 1 pt. Quiet but
4
stdy., 2 to stdy., 1 to stdy., 7 to dec. to 1 pt adv. to 1 pt steady, 1 pt
P. M. 3 4 pte. dec. 3 pts. adv. 8 pts. adv. advance.
decline.
advance.
Prices of futures at Liverpool for each day are given below:
Sat.
June 23
to
June 29.
Mon.
Tues.
Wed.
Thurs.
Fri.
12.00 12.00 12.15 4.0012.15 4.0012.16 4.0012.15 4.0012.15 4.00
p. m,p. m. p. m.p. m.p. m.p.m. p.m.p. m4p- m. p. m p.m.p.ins.
New Contract. d.
d. d.
July (1934) -------6.44 8.49
October
__ __ 6.41 6.46
December
__ __ 6.38 6.41
January (1935) __ __ 6.36 6.41
March
- -_ 6.36 6.41
May
July
October
December
6.32. __
January (1938)- -_ 8.32._ __
March
May
d.
6.47
6.43
6.38
6.38
6.39
d.
6.54
6.0
6.45
6.45
6.46
6.34_. -8.34 __ __
d. I
6.
.6.49
6.44
6.4
6.46
d.
6.50
6.45
6.40
6.40
8.41
6.44- _ 6.41... _
6.41_ __
6.41 __ __
6.43., __
N.000WOICAONo
This
Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (Bales)
-
GON
15.000
6,847,843
appoo,"1
:parA •
2,000
4,935,151
Bales.
180
SAVANNAH-To Genoa-June 23-Monflore, 180
1,244
To Liverpool-June 28
-Liberty Glo, 1,244
300
To Gdnyia-June 26
-Topeka,300
To Manchester-June 28
-Liberty Glo. 2,158
2,158
To Hamburg-June 27-Dalworth,1,896
1,896
40
To Barcelona-June 27-Dalworth, 40
50
To Lisbon-June 27 Dalworth,50
530
NORFOLK
-To Bremen-(7)
-City of Baltimore,530
64
NEW YORK
-To Liverpool-June 26
-Clairton,64
58
LOS ANGELES
-To Liverpool
-June 25-Drechtdijk,58
To Japan-June 15-Rhexenor. 147..,, _June 23
-President Van
Buren, 1,857; Taiyo Maru,500
2,504
To China-June 23
-President Van Buren,48
48
JACKSONVILLE
-To Liverpool-June 25
-Liberty 010,78
78
To Manchester-June 25
-Liberty Glo,120
120
BRUNSWICK
-To Bremen-June 22-Sundance, 10
10
4$811
1931-32.
8,420i§:1
-
Receipts (cantors)
This week
Since Aug. 1
1932-33.
I
1933-34.
moceoc.mcboomm 1
4;11.4.4.4.6e
Alexandria, Egypt,
June 27.
June 30 1934
MCb0C4=0000.000M,.
4488
8..56
6.58
6.53 6.50
6.48 8.45
8.48 6.46
6.49 8.46
_ __ 6.46
__ __ 6.41
__ __ 8.41
_ 8.43
BREADSTUFFS.
Friday Night, June 29 1934.
Flour continued in light demand and prices followed
the trend of grain.
Wheat advanced 27/i to 3c. on the 23d inst. under a good
demand from commission houses and professional interests
owing to bullish European crop estimates and a stronger
Kansas City market. Hedging sales were rather large but
were quickly absorbed by a broader demand. Wall Street
and Kansas City houses were buying and shorts covered.
Kansas City advanced more than 4c. and premiums on cash
wheat there were M to lc. higher. Scattered showers fell
in Western Canada and the American Northwest and there
were heavy rains in the Ohio Valley.. Winnipeg advanced
Hi to lc. in rseponse to the rise at Chicago. Liverpool was
%d. higher. Broomhall estimated the European wheat
:
crop including Russia at 480 000,000 bushels less than last
year. On the 25th inst. selling by commission houses and
professional traders owing to better weather reports from the
American Northwest and Western Canada sent prices down
2 to 234c. Offerings were not large but demand was very
.
light. Houses with Northwestern and Kansas City connections were selling. A depressing factor also was the coolness with which Liverpool responded to the advance in
North American markets on Saturday. There was also a
little hedge selling noticeable. The movement of new wheat
in the Southwest continued heavy. More than 4,000,000
bushels were received at ten Southwestern markets. The
visible supply showed an increase of 1,080,000 bushels.
Good rains were reported in Western Canada and theAmerican
Northwest and also in the Ohio Valley. Winnipeg was %
to %c. lower and Liverpool was %d. off. On the 26th inst.
after showing some firmness early in the day prices reacted
in the late dealings and ended % to %c. lower. Hedge
selling increased on the upturn and, considerable wheat was
Volume 138
Financial Chronicle
sold against purchases of corn. Yet the news was generally
bullish. The movement of new wheat in the Southwest
continued heavy and Northwestern advices said that the
spring wheat crop may not exceed the 100,000,000 bushels
estimated by the Government despite recent rains. Mills
and elevator• interests were buying July at Kansas City
and the nearby delivery there was Mc. over September.
Light rains fell in scattered sections of the Northwest and
Western Canada but there was little moisture elsewhere in
the belts. Winnipeg was %c. lower. Liverpool declined
Md. to 30.
On the 27th inst. prices ended unchanged to / higher.
c.
1
4
Early prices were about 1c. higher but hedge selling and
liquidation caused a reaction. Early buying was stimulated by the strength in corn, poor threshing returns and
bullish crop reports from the Northwest. Except for good
rains in western Canada and some in the American Northwest, there was a lack of moisture. Temperatures were
high in the west. Winnipeg ended % to %c. lower. Liverpool was 14d. to %d. lower with spot demand light.
/
On the 28th inst. prices closed 1% to 23c. higher on
buying influenced by unfavorable weather conditions. Temperatures were climbing rapidly at many points in the belt.
In parts of the Ohio Valley and central plains temperatures
were as high as 100 to 104 degrees, and there no relief
was indicated. Wall Street and the Southwest were buying.
Hedging sales continued rather heavy, but the demand was
sufficient to absorb these offerings readily. Winnipeg was
7 to 1%c. higher, and Liverpool closed unchanged to %d.
/4
higher. It was the most active session in recent weeks.
To-day prices closed 1% to 2c. lower, under hedge selling
and general liquidation induced by the weakness in corn,
cooler weather in the Northwest and rains in Canada. Final
prices are % to %c. higher than a week ago.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
11034 108 10934 109 11134 10934
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
44
Sat. Mon. Tues. Wed. Thurs. Fri.
July
9234 9014 90
90
92
90
September
9134 9134 9034 9034 9234 91
December
9434 9234 9134 9134 9334 92
Season's High and When Made.
Season's Low and When Made.
July
10634 June 1 1934
7051 Oct. 17 1933
September...... _10734 June 1 1934 July
September _
7434 Apr. 19 1934
December
10934 June 5 1934 December
9034 June 22 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
77S, 7634 76;4 75% 77
/
76
October
78
78% 79
7914 7834 78
December
7934 8031 79 4
79
8034 80
Indian Corn was 13% to 2e. higher on the 23d inst., owing
to a good demand from commission houses inspired by the
strength in wheat. There were further complaints of
chinch bugs. On the 25th inst., prices declined in sympathy
with wheat and ended with net losses of x, to Mc. On the
setbacks, however, a good demand was encountered. On
the 26th inst., corn showed independent strength of its own
and ended with net gains of M to 9/843., owing to a good
speculative demand. Profit-taking sales caused a reaction
late in the day. Showers were reported in parts of Iowa,
Illinois and Indiana.
On the 27th inst. prices ended % to %c. higher, with
spreaders good buyers of corn against sales of wheat. On
the 28th inst. prices advanced 3
/ to 3%c., on buying influ1
2
enced by high temperatures. The crop was reported to be
badly in need of cooler weather and good soaking rains.
To
-day prices ended 2% to 2 e. lower, on selling induced
/
1
2
by cooler weather and some moisture in the belt. A bearish
influence also was talk that 15,000,000 fewer pigs this season
meant that there would be 150,000,000 bushels less corn
needed. Final prices show a rise for the week of 4 to 4%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
7134 7234 7234 7334 7634 7434
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
5654 5634 5634 5734 61
5834
September
5834 5834 584 5934 6234 6034
December
5934 5934 5934 6034 6434 6134
Season's High and When Made.
Season's Low and When Made.
July
6434 June 1 1933 July
43
Apr. 17 1934
September.___ 6634 June 1 1934 September- _ 45
Apr. 17 1934
December -- 6434 June 28 1934 December
5634 June 5 1934
Oats on the 23d inst., ended 2 to 2Wic. higher under a
good demand induced by bullish European crop estimates.
.1 roomhall estimated the European crop at 360,000,000
3
bushels under that of last year. On the 25th inst., prices
declined % to /0. in sympathy with wheat. Trading was
8
light with little or no outside interest. On the 26th inst.,
prices ended
to txo. higher, with offerings light. Cash
interests bought moderately. Commission houses sold on
the bulges.
On the 27th inst. prices closed % to 34c. lower, in light
/
trading. Selling increased on the bulges. On the 28th inst.
prices rose 24 to 2%c. The strength in other grain, par3
ticularly corn, attracted buying. There was a better outside
interest. At times liquidation caused slight recessions. Today prices declined 1 to 1%c., in sympathy with corn. Final
prices are 2% to 3%c. higher than a week ago.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
54
5334 5334 5334 5534 5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
4234 4174 42
4134 4434 43
September
4234 4194 42 ,4234 4434 43
December
4334 4234 43
4334 4534 44
4489
Season's High and When Made.
Season's Low and When Made.
4734 June 1 1934 July
July
2434 Apr. 17 1934
September
4774 May 25 1934 September
2634 Apr. 17 1934
December
June 1 1934 December
50
4134 June 22 1934
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
3934 3734 379-1 3734 3834 37%
October
38
37
3634 3634 3834 37%
Rye was 23% to 33%c. higher on the 23d inst., owing to
short covering and buying by commission houses because of
bullish estimate on the European crop. Broom ball estimated
that Europe will have a yield of 229,500,000 bushels less than
last year. He put the barley yield at 330,000,000 under
that of last year. On the 25th inst., prices followed wheat
downward and ended % to /0. lower. Unfavorable crop
3
reports caused buying at times, especially on the dips.
Trading was rather small, however, and the demand was
readily satisfied. On the 26th inst., prices ended M to Mc.
lower on liquidation, influenced by the decline in wheat.
July liquidation was a feature of the trading.
On the 27th inst. prices were / higher. Fluctuations
1c.
2
followed those in wheat. Offerings were light. On the 28th
Inst. prices were 1% to 2c. higher, on a good demand stimulated by the strength in other grain. Offerings were smaller.
Cash interests bought September on the recessions. To-day
prices responded to the weakness in other grain and ended
/
1
2
1 to 1 c. lower. Final prices show a rise of 2% to 3%c.
for the week.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
6534 6434 6434 6434 6634 65%
September
67
665' 66
6634 68% 67
December
69
689- 68h 69
70% 6931
Season's High and When Made.
Season's Low and When Made.
July
70
Nov. 21 1933 July
51 Apr. 19 1934
September
71% June 1 1934 September
52
Apr. 19 1934
December
7234 June 13 1934 December
65
June 22 1934
DAILY CLOSING PRICES OF RYE FUTURES IN WINNIPEG.
Sat, Mon. Tues. Wed. Thurs. Fri.
July
5534 5434 5434 5434 5514 55h
October
5734 5634 5635 5634 5734 57%
DAILY CLOSING PRICES OF BARLEY FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs, Fri.
July
55
55
5334 53
55
54
September
53% 52
5134 514 5334 5234
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
July
46
4434 4414 4434 4534 4434
October
4634 4534 4534 4474 4634 45
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No.2 red,c.i.f., domestic _ _109%
No.2 white
5431
Manitoba No.1,f.o.b. N.Y.. 8534
No.3 white
53h
Rye,No.2.f.o.b.bond N.Y 64%
Corn, New York
Chicago, No. 2
Nom.
No. 2 yellow, all rail
7434 BarleyNo.3 yellow, all rail
N.Y., 4754 lbs.malting
74
7034
Chicago,cash
56-98
FLOUR.
Spring pats.
.high protein 57.2007.80 Rye flour patents
$4.7505.10
Spring patents
6.9007.20 Serninola, bbl., Nos. 1-3_ 9.3509.70
Clears,first spring
6.40cl6.70 Oats good
2.85
Soft winter straights
5.95 6.50 Corn flour
2.00
Hard winter straights. - 6.30 6.60 Barley goods
Hard winter patents_
6.40(6.70
Coarse
3.60
Hard winter clears
6.00 6.40 Fancy pearl,Nos.2,4&7 5.4505.65
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. I for each
of the last three years:
Receipts at
-
Flour. 1 Wheat. I Corn.
Oats.
Rye. I Barley.
,
bbls. 1961bs, bush 60 lbs bush. 56 lbs. bush. 32 lbs. bush.561bs.hush.481bs.
Chicago
171,000
124,000
714,000
230,000 335,000' 102,000
Minneapolis_
674,000
173,
67,000
68,0001 544,000
Duluth
817,000
116,000
2,00
89.000 159,000
Milwaukee_ - _
15,000
17,000
116,000
16,000
216,000
Toledo
44,000
65,000
24.000
1,000
Detroit
6,000
5,000
14,000
Indianapolis
22,000,
284,
74,000
1,000
St. Louis_ _
114,000,
237,000
234,000
34,000
Peoria
'
29,000
10.000
331.000
72,000
80,000
Kansas City
11,000 1,929,000
239.000
24,000
Omaha•
199,000
174,000
St. Joseph_ .. _
27,000
91,000
9,000
Wichita
2.259.000
11,000
Sioux City_
41,000
11,000
1,000
1.000
4,000
Buffalo
3,142,000
463,000
421,000
6,000
Total wk.'34_
340,000 9,556,000 3,025,000
980,006 529,000 1,125.000
Same wk.'33_
381,000 7,961,000 7,501,000 3,026,000 756.000 996,000
Same wk.'32_
335.000 4,846,000 1,642,000
81,000 339,000
837,000
Since Aug.11933
16.216,000 225.589,000 183,285,000 69,286,00012,193,000 50,215.000
1932
17,872,000 323,738,000 212,079,000 94,473,000 16,863.000 50,448.000
1931
18,973,000 303,415,000 120,590,000 68,109.000 7,775,00031,360,000
I
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, June 23 1934, follow:
Receipts at-
L.
Flour. 1 Wheat.
Oats. I Rye.
Corn.
Barley.
Ibis. 196Ibs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bush.48lbs.
New York__ _
114,000
584,000
203,000
111,000
Philadelphia_ _
.
67,000
7,000 123,000
1,000
Baltimore_ _
l4,00
29,000
22,000
6.000
79,0
New Orleans •
22,000
48,
30,000
12.0001
Galveston_
50,000
Montreal_ _ _
77,000 1,541,000
156,000
83,000
Boston
16,000
3,00
2,000
13,000
1,000
Sorel
535,000
Halifax
1,000
Total wk.'34_
266,000 2,757,000
350,000
312,000 203,000
84.000
Since Jan.1'34 6.580,000 32,990,000 3.829.000 3,204.000 1,309,000 319.000
Week 1933._ _
83,000,
311,000 1.636,000
98,000
5,000
17.000
Since Jan.1'33 7,429,000 36.190,000 2.322.006 2,190,000 112,000 365.000
Receipts do not Include grain passing through New Orleans for foreign ports
on through bills of lading.
4490
Financial Chronicle
The exports from the several seaboard p)rts for the week
ending Saturday, June 23 1934, are shown in the annexed
statement:
Exportsfrom-
Wheal.
Bushels.
New York
Baltimore
Sorel
New Orleans
Galveston
Montreal
Halifax
Corn.
Bushels,
689,000
20,000
535,000
4,000
Flour.
Barrels.
Rye.
Bushels.
Barley.
Bushels.
4,174
2,000
5,000
7,000
77,000
1,000
156,000
83,000
94,174
113.480
157,000
61.000
83,000
17.000
1,541,000
Total week 1934._ 2,789,000
Same week 1933_ ___ 1.884.000
Oats.
Bushels.
2,000
7.000
1,000
The destination of these exports for the week and since
July 1 1933 is as below:
Flour.
Exports for Week
Week
Since
and Since
June 23 July 1
July 1 to1934.
1933.
Corn.
Wheat.
Week
June 23
1934.
Since
July 1
1933.
Week
June 23
1934.
Since
July 1
1933.
Bushels. Bushels. Bushels.
Bushels.
Barrels. Barrels.
368,000
United Kingdom_ 73,484 2,747,090 1,092,000 44,649,000
256,000
7,475
661,864 1,682,000 60,790,000
Continent
2,000
482,000
64,000
13,000
So. es Cent. Amer. 3,000
57,000
54,000
2,000
794,000
2,000
10,000
West Indies
1,000
70,000
____
Brit. No. Am.Col.
13,000
213,463
735,000
215
Other countries
Total 1934
Total 1933
94,174 4,550,417 2,789,000 106,710,000
113.480 4.112.302 1.884.000 153.548.000
2,000
697,000
7.000 4.830.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, June 23, were as follows:
United StatesBoston
New York
" afloat
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort worth
Wichita
Hutchinson
St. Joseph
Kansas City
Omaha
Sioux City
St. Louis
Indianapolis
Peoria
Chicago
On Lakes
Milwaukee
Minneapolis
Duluth
Detroit
Buffalo
" afloat
On Canal
GRAIN STOCKS.
Wheal,
Corn,
Oats,
bush.
bush.
bush.
73,000
6,000
46,000
173,000
57,000
94,000
133,000
131,000
176,000
24,000
290,000
11,000
21,000
149,000
11,000
38,000
201,000
38,000
488,000
2,470,000
74,000
273,000
1,057,000
2,458,000
4,000
1,112,000 1,705,000
255,000
24,646,000
693,000
218,000
3,357,000 4,408,000
476,000
277,000
289,000
123,000
1,837,000
123,000
175,000
236,000
917,000
405,000
69,000
74,000
1,796,000 11,736,000 2,374,000
486,000
402,000
711,000
566,000 1,307,000
16,938,000 2.875,000 9,690,000
11,708,000 3,988,000 6,701,000
18,000
97,000
11,000
977,000
3,737,000 7,505,000
194,000
122,000
237,000
56,000
433,000
Rye,
bush.
,1,000
*44,000
Barley,
bush.
x162,000
z88,000
9,000
1,000
62,000
2,000
5,000
23,000
86,000
20,000
4,000
61,000
2,000
13,000
13,000
6,000
26,000
4,540,000
854,000
107.000
549,000
2,339,000 5,356,000
1,886,000 1,150,000
27,000
60,000
1,192,000
212,000
-June 23 1934._ 74,115,000 37,494,000 22,947,000 10,564,000 8,336,000
Total
-June 16 1934._ 73,036,000 39,086,000 23,585,000 10,228,000 8,646,000
Total
-June 24 1933...121,622,000 44,232,000 26,932,000 10,275,000 11,786,000
Total
* Includes 3,000 Polish rye. x Includes foreign rye duty paid. z Additional
174,000 Polish rye in store.
-Bonded grain not included above: Wheat, New York, 402,000 bushels;
Note.
New York afloat, 290,000: Buffalo, 5,583,000; Buffalo afloat, 1,283,000: Duluth,
4,000; Erie, 1,508,000; on Lakes, 228,000; Canal, 1,222,000: total. 10,520,000
bushels, against 5,693,000 bushels in 1933.
Wheat,
bush,
Canadian3,323,000
Montreal
Ft. William & Pt. Arthur 57,516,000
Oth. Can.& oth water ins 32,705,000
Total
-June 23 1934._
-June 16 1934..
Total
Total-June 24 1933._
Summary
American
Canadian
Corn,
bush,
Barley,
Oats,
Rye.
bush,
bush.
bush.
407,000
1,136,000
185,000
1,791,000 2,246,000 3,676,000
465,000 1,501,000
2,200,000
5,127,000 3,118,000 5,362,000
5,389,000 3,053,000 5,293,000
4,387,000 4,031,000 3,040,000
93,544,000
93,156,000
95,639,000
74,115,000 37,494,000 22.947,000 10,564,000 8,336,000
5,127,000 3,118,000 5,362,000
93,544,000
-June 23 1934_167,659,000 37,494,000 28,074,000 13,682,000 13,698,000
Total
-June 16 1934-166,192,000 39,086,000 28,974,000 13,281,000 13,939,000
Total
-June 24 1933_217,261,000 44,232,000 31,319,000 14,306,000 14,826,000
Total
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending June 22, and since July 1 1933 and July 2 1932, are
shown in the following:
Corn.
Wheat.
Exports.
Week
June 22
1934.
Since
July 1
1933.
Since
July 2
1932.
Week
June 22
1934.
Since
July 1
1933.
Since
July 2
1932.
Bushels.
Bushels.
Bushels. I Bushels.
Bushels. I Bushels.
832,000 5,556,000
4,000
North Amer. 4,541,000 215,516,000 294,878,000
289,000 36,670,000 72,482,000
41,947,000 19,512.000
32,000
Black Sea-.
Argentina__. 2,881,000 136,434,000 113,057,000 4,901.000 209,409,000204,150,000
Australia -_- 2,612,000 87,902,000152.189,000
416,000 27,932,000 24,605,000 238,000 11,288,000 31,666,000
Oth. countr's
Total
10,482,000509.731,000 604,241,000 5.432,000 258,199,000 313,854,000
Drop in Wheat Laid to Excess of Buying-London
Predicts Prices Will Be Increased by Demand for
Feeding Grains.
From London the New York "Times" reported the following under date of June 23:
Leading authorities here are not perturbed by any weakening in wheat
quotations in North America, and are prone to regard these as a sign of an
overbought market. Some take the view that new buyers can be attracted
only by offerings at a lower level.
Crop conditions in Europe are definitely bad because of the drouth,
and on the Continent the wheat crop is estimated at 20 to 30% below last
year's good figures. In London the world wheat crop is estimated to be
average and the feed and forage crops even worse.
under
June 30 1934
Experience shows that the lower-classed grains follow the market
lead of the premier cereal, but traders here believe that the demand for
feeding grains at higher prices will have the effect of sending wheat higher.
France Votes Subsidy for Growers of Wheat.
A subsidy of 500,000,000 francs (approximately $33,300,000) was voted on June 25 by the French Chamber of
Deputies to help the farmer and keep the price of wheat
boosted to 130 francs a quintal, or approximately $2.60 a
bushel. We quote from United Press advices, June 25, from
Paris to the New York "Journal of Commerce" which
further said:
This brings the total of direct subsidies by Parliament to the farming
community to 700,000,000 francs (approximately $46,600.000) for the
present year. In addition, the public must pay more than double the world
price for their bread, and in this way it is estimated the French nation pays
between seven and eight billions of franca (about $500,000,000) annually
to aid the farmer.
These subsidies are paid into the Agricultural Credit Fund, which
grants credits to the farmers to encourage them to stock their wheat and
keep the market from being overloaded with the huge surplus stocks
available. Last year munificient bounties were granted farmers to subsidize
export of French flour on the European markets.
This experiment proved so costly, eating drastically into the Government
credi;s, that it is not yet decided whether it will be renewed.
The surplus wheat problem is one which has only been a trouble to
the French Ministry of Agriculture in the past three years. Previously
France's crop was deficient for the nation's needs, which are 85,000,000
quintals, including cattle feed and sowings.
World Wheat Crop and Supply Sharply Reduced.
World wheat production outside Russia and China in the
1934-35 season now seems likely to be about 7% less than the
crop of the preceding year, and the world supply of wheat
about 8% less than in 1933-34, according to the Bureau of
Agricultural Economics in its report, on world wheat prospects, made public on June 26:
Production in the Northern Hemisphere outside Russia and China is
forecast at 200,000,000 bushels less than last year's crop, and average yields
In the Southern Hemisphere would produce about 60.000,000 bushels less
than a year ago, says the bureau. China is reported to have a better crop,
but the Russian crop is expected to be smaller than last year.
The world wheat supply for 1934-35 seems likely to be about 300,000,000 bushels less than that of the previous season, says the bureau.
adding that world wheat prices have risen in response to the prospective
reduction in the supply, and "are likely to be maintained at a level somewhat above that of tne past season."
The new wneat crop of the United States is expected to be about 100,000,000 bushels short of domestic requirements, and this shortage, says
the bureau, will result in the use of the excess in the carry-over from previous years. The carryover of wheat on July 1 1935 is expected to be of
"about normal proportions" in contrast with an expected carry-over of
about 265.000,000 bushels on July 1, this year.
The supply of wheat east of the Rockies will again be snort, says the
bureau, whereas the supply west of the Rockies will exceed the local requirements of that area. It is stated that some of the western wheat can
be absorbed in the East without exporting any significant quantities and
without leaving a carry-over in excess of normal.
The durum and hard red spring wheat crops will be short,says the bureau,
adding that the carry-over of these wheats is not sufficient to provide for
average consumption and maintain a normal carry-over. Substitution of
some other wheats for durum, and imports to meet domestic requirements,
are expected. Some nard red winter wheat is likely to be substituted for
hard red spring, and some hard wheat may be imported from Canada,
says the bureau.
Prices of durum and hard red spring wheats are expected to be "high in
relation to prices of other classes of wheat." Some white wheat and possibly
some red winter wheat may be exported from the Pacific Coast unless the
surpluses of these wheats in that area are drawn into the Eastern States for
consumption, says the bureau.
-Crop prospects
Canadian Crop Prospects Improved.
throughout Canada are showing the effects of variable
weather conditions, but a net improvement is evident in
most sections in the last two weeks, the Foreign Agricultural
Service of the Bureau of Agricultural Economics was informed on June 27 in a telegram from the Agricultural
Branch of the Dominion Bureau of Statistics at Ottawa.
Rainfall in most areas has recently been fairly adequate and in areas
where crops are most promising warmer weather would now be advantageous to growth. In some southern areas of the Prairie Provinces, however, further crop injury occurred in the last week due to lack of effective
rain, and frost caused some damage in central Alberta.
The effects of early drouth have not been overcome in some sections
of the important wheat Provinces of Manitoba and Saskatchewan and the
eastern Province of Ontario, according to the dispatch. Grasshoppers in
general are under good,control but are now beginning to reach the winged
stage, when control by poisoning is more difficult. In British Columbia
the weather continues favorable to crops.
-The
Weather Report for the Week Ended June 27.
general summary of the weather bulletin Issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended June 27, follows:
In nearly all sections east of the Rocky Mountains the week was characterized by high temperatures; little or no rain in most Southern States,
and unevenly distributed showers in central and northern districts. Chart I
shows that the temperature averaged from 6 to 12 degrees above normal
over a large area of the interior, and from 2 to 5 degrees above over most of
the more Eastern States. The maxima were unusually high in the western
Ohio and central and upper Mississippi Valleys, and also in the lower
Missouri Valley and Southwest. In these areas the extremes of the week
were generally 100 degrees or higher. West of the Rocky Mountains
moderate temperatures prevailed.
Chart II shows that there was practically no rain in the Southern States,
except in the Atlantic section. In the interior valleys and Northwest
light to moderate showers were the rule, with some locally heavy falls in
the southern Ohio Valley area, the western Lake region, and a few northcentral localities. There were some good rains in the northern Rocky
Mountain States, but very little was reported from the far Southwest.
As during the preceding weeks of June there were scattered showers,
mostly in moderate amounts, over much of the interior and Northwestern
sections of the country, and good, substantial rains over limited areas,
the latter principally parts of the Ohio Valley, the western Lake region,
and some central-northern districts. Recent rains have been especially
timely and helpful from the eastern Ohio Valley eastward and northeastward, and in the western Lake region, and the northern two-thirds of
Minnesota.
The showers were sufficient to maintain the improved outlook resulting
from the previous rains in most parts of the drouth area, and cultivated
crops, especially, show substantial progress in many places. Grass lands
are still greening up, but there has not been enough rain to produce marked
or permanent improvement in the grazing situation. Recently planted
emergency forage crops, howexer, have come up well and are growing
nicely, but in parts of the upper Mississippi Valley there are complaints
of limited acreage, because of seed scarcity and chinch bug menace.
Volume 138
Financial Chronicle
While the improved situation is being maintained, the rains in most
places have been sufficient only for current needs of cultivated crops,
with widespread rains in substantial amounts still necessary for permanent
relief. This is emphasized by the fact that most of the interior drouthy
States, following an extremely dry spring, have received, so far, less than
the normal rainfall since the beginning of June. A favorable feature of
the showers has been their occurrence at frequent intervals and mostly in
moderate amounts, which have assured the maximum of benefit from the
amount of rain received—only in limited areas have they been excessive
and damaging.
At the present time, in addition to the need for widespread, generous
rains over the Central valleys and Northwest, the amounts recently in
large important areas have been entirely inadequate, and decidedly drouthy
conditions prevail. Such outstanding areas include eastern Montana
and western North Dakota, Missouri, northern and western Arkansas,
most parts of Oklahoma and Texas; also parts of Louisiana, much of the
southern Rocky Mountain area, and the Great Basin of the West. In
the Southwest the extremely high temperatures of the week intensified the
situation. For example, in Oklahoma, maximum temperatures averaged
100 degrees or higher on three days of the week, with an extreme of 113
degrees at Hollis. Also in the upper Mississippi Valley there was
a gradual
rise in temperature to record-breaking heights at the close of the week.
In the northern Rocky Mountain districts most sections show decided
improvement, while excellent growing weather
from the Appalachian Mountains eastward. prevailed quite generally
Farm work made good
progress. The harvest of winter wheat
has
ern portions of the northern Ohio Valley begun northward to the northof Nebraska. Threshing is progressing States and the central counties
in the
Row crops are generally well cultivated, though more southern districts.
there is still complaint of
grassy fields in parts of the Southeast
where previous rains hindered cultivation.
4491
THE DRY GOODS TRADE
New York, Friday Night, June 29, 1934.
Only moderate improvement was shown by retail trade
during the past week. Although weather conditions were
larely favorab12, ancLmany_pricleductions were resorted
to, the_bulk— consumer buying was confined to vacation
of
and travel goods and to such items purchase of which had
been postponed on account of previous unseasonably cool
weather. Regular lines of goods were neglected as heretofore and many stores continued to fall behind last year's
corresponding figures when threats of inflation produced
first great buying rush of the post-depression
the As has been the rule of late, relatively best results were
reported from the Southwestern and Southern districts,
with farming and suburban sections faring better than the
larger centres of population. No general improvement in
sales is expected until after the summer months,during which
it will be difficult for merchants to equal, let alone exceed,
SMALL GRAINS.—In the Ohio Valley winter
the high sales volume of the summer season 1933.
wheat harvest is under
way in north-central parts and nearing
completion in southern sections;
Trading in wholesale day goods markets was somewhat
condition averages fair in some localities,
complaints of poorly filled and lightweightbut in others there are many
handicapped by preparations for semi-annual inventory
heads due to the drouth and
chinch buy damage. Threshing has
begun in Missouri, with some yields
taking, but expectations of higher prices to come induced a
fairly good, while in Kansas
part. Harvest is beginning incutting is practically over in the eastern
continuance of fairly active buying of all types of fall goods.
way in the Pacific Northwest. Nebraska and it is slowly getting under
The arrival of buyers in the metropolitan market has shown
In the spring-wheat region early
short straw and thin stands; the seeded grain is generally poor, with
an increase and after next week's Independence Day a real
later planted is small, but has shown
considerable improvement since the
spurt in the placing of orders for fall lines is anticipated.
rains. Late oats lengthened somewhat in Iowa and may produce
Initial showings of the new lines of dresses and coats met
and southwest the drouth and a crop in some sections, while in the south
chinch bugs completely ruined the crop
so that not even seed can be saved.
with good response, resulting in fair-sized orders for August
There were local reports elsewhere
of late oats showing some improvement,
but most of the early crop is very
promotions. Business in silk goods continued very quiet,
poor, or nearly a failure. Rice is
doing
ning to need rain, while flax is reported well in Louisiana, but is beginwith prices manifesting an easier trend. Some interest was
in satisfactory condition in some
northern sections.
shown in heavy sheers for early fall and a fair amount of
CORN.—Showers in most Corn Belt
buying was done in Cantons, satins and taffetas. Greige
top-soil moisture for favorable growth, States have maintained sufficient
and progress of the corn crop is
very good rather generally, except in
goods declined in price. Trading in rayon yarn was spotty.
of delay in
germination of late planted the crop isthe Southwest. Because but is now
size,
While large producers reported satisfactory sales for July
generally growing well, except in some decidedly uneven in
weather
locally dry areas.
caused some leaves to roll in Iowa, and chinch bugs areThe hot portions
delivery, smaller plants are complaining about slow moveof that State, as well as in parts of Missouri and Illinois. bad in
The corn crop
ment of their output with the result that curtailed producneeds rain in Missouri, western Kansas, Oklahoma
Texas. Some
deterioration is reported from southwestern Kansas, andthe uplands of
tion schedules have been put into effect. Best demand
on
Oklahoma, and more generally in Texas.
continued for 200
-denier yarns and a shortage was said to
In the Atlantic area the crop
is doing well.
be developing in this count. Business in acetate yarns
COTTON.—Rain is needed in the western Cotton Belt, but otherwise
the week's weather was mostly
slackened somewhat, but an improvement was reported in
portions of the
belt the mostly fair and sunny favorable. In the easterncultivation, but
weather facilitated needed
the cuprammonium field.
there are still some complaints of
grassy fields; in Georgia the general
condition of the crop is still rather poor
to only fair. In the central States
Domestic Cotton Goods.—Trading in gray cloth was
of the belt the week was almost
entirely rainless, and considerably warmer
than normal; the progress of cotton
quiet although prices held firm. While it is recognized that
was mostly good, with some improvement indicated in last week's
growth was
buyers still need substantial quantities of various construcstorm area.
satisfactory, with chopping about completed. In Oklahoma
Rain is needed in Texas.
tions for delivery during the summer months, the feeling
Preliminary reports show that
this
fourth of the normal rainfall since State has received only about oneprevails that slow trading over the next few weeks may reJune 1. Many plants are small, but
the general condition of the crop continues
mostly fair to good.
sult in occasional bargain offerings. Converters and printThe Weather Bureau furnished the following resume of ers were said to have been disappointed with the volume of
the conditions in the different States:
finished goods business. Buying on the part of bag manuVirginia.—Richmond; Temperatures unseasonably high; precipitation
facturers has been poor. Second hand offerings, on the
negligible. Favorable for work, growth, harvesting and haying. Rain
other hand, have virtually disappeared for the time being,
needed badly in sections of
extreme west and southeast. Cotton, corn.
tobacco and peanuts exceptionally
indicating that the takings of the.
previous period had done a
rapid growth. Meadows and pastures
generally good. Southeastern
truck and other crops still mostly good.
great deal toward cleaning up quick offerings and laying the
North Carolina.—Raleigh; Weather warm, with abundant sunshine
foundation for getting nearby deliveries more in line with
and showers. Favorable week
Some
work
fields still grassy, but many for fieldduringand growth of crops. cotton
later shipments if and as the next buying wave should develop.
week. Progress of
cleaned
generally good; condition varies
from poor in parts of Piedmont to mostly
Towards the end of the week the mild revival of inflation
very good in coastal plain.
psychology and a somewhat stronger trend in raw cotton
South Carolina.—Columbia;
Warm, with scattered showers. Favorable for cultivation; grain harvest completed
prices appeared to improve sentiment but most traders
threshing active. Corn,
tobacco and vegetables fairly good progress. and
professed to look for little in the way of active buying besmall; chopping and cultivation good advance; Cotton progress fair; plants
blooming in south.
fore the middle of July. Trading in fine goods was more
Georgia.—Atlanta; Little rain•, generally favorable conditions. Cotton improved, but still rather poor to fair; chopping excellent progress.
active with buyers entering the market for considerable
Condition of corn excellent
quantities of spring dress goods fabrics. Colored yarn fabrics
cultivation reducing menace in southwest to poor in central and north;
of weeds. Fruits and other crops generally
satisfactory.
moved in fair volume. Closing prices in print cloths were
Florida—Jacksonville; Temperatures high; rainfall mostly deficient.
as follows: 39-inch 80's,8% to 8y 39-inch 72-76's, 83.ic.•
Cotton condition and progress fairly good. Corn and truck damaged
8e•
;
by
heavy rains of preceding week. Ranges still flooded in central,
39
-inch 68-72's, 7% to 75c.; 3834-inch. 64-60's, 64 to
/
but intproving elsewhere. Citrus good.
65 c.; 3834-inch 60-48's, 5Y0.
/
8
Alabama.—Montgomery;
Cotton
ress very good;favorable for Warm, with scattered showers. potato,progactivity. Sweet
checking
corn,
Woolen Goods.—Pending the completion of the usual
pastures and miscellaneous crops need weevil
rain.
semi-annual inventory taking by mills, wholesalers, clothing
AlisstssippL—Vicksburg; Mostly dry and somewhat warm.
of cotton cultivation and growth generally good; early squaring Progress
becoming
manufacturing and retailers alike, trading in men's wear fabgeneral and blooming reported locally; mostly unfavorable for weevil
activity. Progress of gardens and pastures poor in east; fair to
rics remained extremely quiet. Confidence prevails, howgood
elsewhere.
ever, in most quarters that a revival in business may be anLouisiana—New Orleans; Warm, with a few scattered showers
In
south. Sunshine improved truck and cotton in last week's storm
ticipated immediately following the turn of the month,
area,
where condition of cotton poor to fair, but much corn beyond
inasmuch as inventories are said to be generally very low.
recovery:
elsewhere rain needed, though progress of cotton fair and condition mostly
Sales of wool piece goods were confined to small filling-in
good, with dryness favorable in checking weevil. Rice and cane
mostly
good.
lots for spot and nearby delivery. While some uncertainty
Texas.—Houston; Averaged warm and no rain of consequence. Minor
exists concerning the future trend of prices, most observers
crops in general holding their own in Panhandle, but otherwise slowly
believe that no further reductions need be looked for, at
deteriorating* Cotton continued generally in fair to good condition, but
many plants small;first bale grown in Starr County marketed at Houaton
least for the time being. Completion of the liquidation of
June 24. Corn deteriorated rapidly and firing badly in most districts.
Pastures dry, but cattle mostly fair to good.
surplus spring stocks of men's clothing is confidently preOklahoma.—Oklahoma City; Hot, with only
dicted to be accomplished at an early date. Reports from
showers. Daily maximum temperatures averageda few widely scattered
100 degrees or higher on
three days, with highest 113 degrees at Hollis. Bain needed in practically
retail centres continue to stress the brisk demand for summer
all sections. Progress of corn poor to fair, except crop deteriorated on
clothing of all kinds, with sales exceeding last year's figures
uplands in scattered localities of south and east; condition generally
fair,
by as much as 50% and resulting in stores placing reorders
but will need moisture soon. Oat and wheat harvests nearly completed;
threshing general. Condition and progress of cotton fair to good. Chopin appreciable volume.
ping excellent advance and this work nearly finished.
Arkansas.—Little Rock; Progress of cotton
Foreign Dry Goods.—Notwithstanding the advanced
clean and well cultivated; squaring rapidly andgood to excellent; crop
season, the demand for dress linens was maintained surpristions; rank growth on lowlands. Progress of corn blooming in most porpoor in west and north
where too dry; very good elsewhere.
ingly well, reflecting the continued active interest in linen
Tennessee.—Nashville; Winter wheat shocked
threshing;
clothing on the part of the consuming public. The demand
condition fair. Scattered showers in central and eastand some and
latter part
ground
fairly well supplied with moisture. Condition of corn excellent;
for household linens showed also some expansion. Reports
seling. Condition of tobacco fair, except where washed on some taslowlands.
from European producing centres emphasize the increase in
Good Progress in chopping cotton and squares forming. Condition
of
potatoes good'sweet potatoes and truck doing well.
inquiries for handkerchiefs for fall delivery. Under the inKentucky.—Loutsville; Heavy to excessive rains in west-central irregufluence of slightly lower Calcutta cables, burlap prices conlarly distributed, light in east and extreme west. Some late tobacco transplanting; stands good, except dry, hilly localities of east; start
tinued to sag. Although inquiries improved somewhat,
varies
with rainfall and mostly fairly good, but temperatures too high.
actual business was small, being confined to moderate spot
and condition of corn fair to excellent; cultivation good. WheatProgress
harvest
continuing in east; threshing commenced in southwest. Pastures
lots. Domestically lightweights were quoted at 4.25c.,
improving in west and central, otherwise stationary or deteriorating.
heavies at 5.80c.
Financial Chronicle
4492
June 30 1934
State and City Department
Specialists in
Illinois & Missouri Bonds
STIFEL, NICOLAUS & CO., Inc.
105 W.Adams St.
CHICAGO
DIRECT
WIRE
.
314 N. Broadway
ST. LOUIS
NEWS ITEMS
Birmingham, Ala.—City Comptroller Reports on Ouster
Suit.—In connection with the report given in V. 138, p. 4160
regarding the petition brought in the Jefferson Circuit Court
by five alleged creditors of the city for the removal of the
three City Commissioners, we requested explicit information
from C. E. Armstrong, City Comptroller, as to the status
of the court proceedings and their effect upon the credit of
the city. The following is the text of a letter sent to us on
June 25 by Mr. Armstrong:
Making reply to your letter of June 23rd, regarding this ouster proceeding brought against our City Commission please be advised as follows:
This suit was brought through a local attorney, representing several
clients who have total judgments of $9,400 against the city, ranging in size
from $150 up. Most of these judgments are for minor personal injuries.
One of the judgments, amounting to $1,000, included in the above amount,
is still in our State Supreme Court. The several other judgments involved
were not final until January and April of this year.
We are confronted here with what we believe to be a rather unusual situation, relative to these petty damage suits, different from what we believe
is true in most cities. For the past several years, we have had an unusually
large number of these petty suits, as a result of what the plaintiff claims of
having "stubbed his toe" "slipped on banana pools," or "caught a high
"
heel shoe, &c., in car tracks, resulting in sprains claim. Unfortunately, it
would seem that the juries are nearly always ready to resolve any possible
doubt in favor of the claimant. In order to discourage the bringing of so
many of these petty suits, the city, for the past several years, has made it
possible, the payment
,aeyghi
lNointtcdef)r,jut r
oft
part ofthe
ugmens.le have felt
administration in following such procedure.
In the present case, I personally feel that it is largely a matter of bluff on
the part of the claimants involved,and perhaps mixed with a certain amount
of politics. Of course, it is most unfortunate, from the city's standpoint.
that such a suit should be brought, but at the same time, it is simply silly
to even think that the City of Birmingham could not take care of $9,400 in
Judgments if they wanted to do so. Personally, I feel that the city's
financial condition is stronger to-day than it has been for several years.
I trust that this will explain the matter to you. However, if there is
any other information you may wish to have, please communicate with me.
Georgia.—State Wins Suit Involving Income Tax Law.—A
case involving the question of whether the State, under the
Boykin income tax law of 1929, had the right to assess
taxpayers for State income tax on the Federal income taxes
deducted, was decided in favor of the State by the Supreme
Court on June 16. The Atlanta "Constitution" of June
17 carried an article on the decision, from which we quote
as follows:
thereby
enriched its
The State of Georgia won a lawsuit Saturday and
treasury by a sum estimated at $400,000. The decision which was in
favor of the State revenue commission and against the National Biscuit Co.,
culminates legal action begun in 1932, under the direction of Attorney.
General Lawrence Camp, and now concluded under Attorney-General
M. J. Yeomans.
The case involved the question of whether the State, under the Boykin
for State income
income tax law of 1929, had the right to assess taxpayersinvolved includes
The amount
tax on the Federal income taxes deducted. the State Treasury and further
collected and now held in
$150.000 already
collections estimated at $250.000 which may now be made.
Of the money the State gains under the ruling, about half will go to the
public schools and the rest to eleemosynary institutions, the State university and other beneficiaries of the general appropriations bill in proper
ratio. General Yeomans. said.
Six Questions Asked.
The six specific questions asked of the supreme court and on which they
rendered their decision were as follows:
Whether the State Revenue Commission could lawfully assess and recover
deficiency taxes from taxpayers for Federal income taxes deducted.
Whether the Revenue Commission could allow deductions for payments
to the State of State income taxes.
delinquent
Whether the Commission has the power to issue fl. fas. against
taxpayers owing taxes under the State income tax law. to make additional
Whether the Revenue Commission has the power
assessments against taxpayers woo make erroneous or insufficient returns
of State taxes.
per
Whether the commission has the power to claim and collect 1%
month as interest or penalty for unpaid taxes.
taxes provided by
Whether the interest or penalty on unpaid delinquent
taxes due or
the State income tax law are legally applicable to income
returnable.
by the
The first four of these questions were decided in the affirmative
Supreme Cout, which ruled, however, that the Revenue Commission
that
cannot legally collect 1% per month penalty for taxes unpaid, and
the penalty is not applicable to income taxes due or returnable.
Act which governed taxes
The interpretation referred only to the 1929
of the
during 1929 and 1930. The revised act of 1931 cleared up most
questions for the years since 1930.
Indiana.—Supreme Court Affirms Lower Court Decisions
in Two Tax Cases.—The Indianapolis "News" carried the
followirg article ir its June 15 issue, dealing with the rulings
handed down the previous day by the State Supreme Court,
affirming the construction put on the gasoline tax law and
circuit courts:
the $1.50 Tax Levy Limitation Act by twoIndiana Supreme Court
the
Decisions of two circuit courts were upheld by
tax money in
late Thursday in cases involving distribution of gasoline Adjustment in
Putnam County and an attack on the county Board of Tax
Marion County.
was held that
In an opinion written by Judge Michael L. Fansler, it that a surplus
ruling
the Circuit Court of Putnam County was correct in
share of gasoline tax and automobile license collections could
in the county's
surplus which it
be used to retire road bonds. The county had a $72,378
pplied to the bonds.
If the county had held the gasoline tax money when the roads were repaired for which the bonds were issued it could have been used then without
requiring a bond issue, the court reasoned.
Harry Miesse. Secretary of the Indiana Taxpayers Association, said
there are now outstanding in the State some $39,000,000 in three-mile
fre gravel road bonds and $10,000,000 county unit bonds. He said there
Is now at least $4,000,000 in gasoline tax money going to the counties and
that allowing $1.000.000 for actual maintenance work that would leave
$3.000.000 to be applied to retirement of these bonds. That, he said, would
mean a 25% reduction in tax levies in some counties and would affect each
taxpayer.
Court Affirmed
A decision of the Marion County Circuit Court also was affirmed in an
injunction suit brought by Gavin Payne. Indianapolis, and others in
an effort to prevent the County Board of Tax Adjustment from declaring
an emergency permitting it to increase the tax levy above the $1.50 limit.
Judge Curtis W. Roll, who wrote the opinion, said the Supreme Court
was without jurisdiction in case of a direct attack on the board's actions,
and that the Circuit Court should be affirmed in its decision not to grant
the injunction.
Collateral Attack,
The only appeal carrying a direct attack on a tax adjustment board is
the State Tax Board, the opinion said. To appeal to a court, the apto
pellants must make a collateral attack, according to the opinion.
Since the Supreme Court has no jurisdiction in a direct attack. the
Payne action must be regarded a collateral attack, the ruling read. Therefore the only question involved in the case affects the adjustment board's
jurisdiction and right to assert an emergency, the court said. Continuing
Its reason, it pointed out that the $1.50 tax law clearly gives tax adjustment boards jurisdiction and the authority to declare an emergency.
Minnesota.—Supreme Court Unanimously Upholds $5,000,000 Relief Act.—Reversing the decision of Judge Hugo
0. Hanft of the Ramsey County District Court, given on
May 19—V. 138, p. 3808—the State Supreme Court handed
down a unanimous decision on June 22, holding lawful the
State $.5,000,000 emergency relief appropriation, thereby
validating certificates of indebtedness issued by the executive
council to finance relief, according to the Minneapotis
"Journal" of June 22, which continues as follows:
Because the certificates are to be retired out of State taxes on beer
do
and liquor, the decision holds, they of not violate the provisions of the
internal improvement or contractState Constitution forbidding works
ing debts in excess of $250,000. As relief to the distressed, the Court says,
the expenditures are not invalid, as claimed, because of appropriating
public money to private use.
Judge Hanft.
The decision reverses Judge Hugo 0. Hanft of Ramsey County District
Court, who held the law invalid because of his doubts, and to get quick
action from the Supreme Court. Justice Charles Loring wrote the opinion.
Ben Moses, Minneapolis liquor dealer, brought the action to restrain
the issue of the certificates. $200,000 of which were to be sold to the First
National Bank of St. Paul.
Half of the $5,000,000 under the Act if permitted to be spent for public
works partly financed by Federal funds. The rest of it may be used for
direct relief. The work relief, the Court says, is merely incidental to the
general purpose of relieving poverty and unemployment.
TM decision holds that the Act does not authorize creation of public
debt, and that the certificates issued are not general obligations of the
State
No Lending of Credit.
"We see no lending of the State's credit by issuance of the certificates':
Justice Loring said. "The State is making use of its own credit to obtain
money in advance of its collection of taxes which are properly appropriated
to a public purpose. It does not lend its credit to others or use it for a
forbidden purpose."
In discussing the claim the law is invalid because it appropriates public
money for private purposes, the high Court held that the relief is for "poor
persons" or ':persons without means who for any reason are unable to earn
a livelihood. "That reason may be temporary liability to obtain employment of any kind," Justice Loring added in his definition.
Doesn I Violate Constttution.
The Act does not violate the constitutional provision against carrying
internal improvement "so long as these works remain incidental
on works of
only to the main public purpose of relief to the poor." the decision stated.
"The courts will be Jealous to prevent any perversion of the purpose
of Chapter 67 by attempts to carry on such works of internal improvement
under the guise of work relief," Justice Loring said. "The main and principal purpose must a,, all times be a bona fide provision of necessary relief
,
to the poor and destitute. There is a presumption that ptellic officers will
so conform to the Constitution.
Municipal Bankruptcy Law.—Text of New Law Published.—We wish to call attention to the fact that the complete text of the Sumners-Wilcox bill, designed to provide
for municipal debt readjustments—V. 138, p. 3640—which
was approved by President Roosevelt on May 24, was given
in the "Chronicle"of June 23,on pages 4188 and 4189,a reference to which was inadvertently omitted from this section
at that time.
Nebraska.—Details on Unconstitutionality of New Intangible Tax Law.—In connection with the report appearing
in V. 138, p. 4327, regarding the decision of the Supreme
Court on June 18, holding unconstitutional the intangible
tax law of this State that was enacted by the last Legislature,
we quote as follows from a Lineoln dispatch to the "Wall
Street Journal" of June 25:
The State Supreme Court has held unconstPutional the law passed in
1933 and effective this year which would have greatly increased taxes on
intangible properties. The court holds that the Act is defective because
in its title it failed clearly to set out the subject matter of all legislation
contained in the Act, and because it was discriminatory.
The Act attempted to list as tangibles all intangibles save money and
bank and building and loan stock, thus making them subject to the regular
mill levy. The act also required the listing of stock in all foreign corporations, and denied to Nebraska holders of them any credit in the form of
deductions for taxes paid on corporate property outside the State. It also
required of foreign corporations that they should make a report yearly to
the State Tax Commissioner of the names of all shareholders resident in
Nebraska, with the amount of stock hold by each, and penalized them for
f
ailure to comply. The Tax Commissioner was given authority to examine
their books to check up on returns. The Act rais..d the mill levy on money
to 5 mills from 2J4 mills and on bank stock to 10 mills from 8.
The court held that because banks and insurance companies, which
latter have long paid on the basis of a mill levy on gross premiums, also
hold book accounts. notes. judgments, choses in action, securities and other
intangibles, it was discrimination to tax them at a different rate than
merchants and corporations generally, because it was an attempt to tax
property of the same class at different rates. The court held that the
assess
legislature was without power to call intangibles, tangibles, and then distinthem at the tangible rate in the face of a constitutional definition
these two classes of property.
guishing
Volume 138
Financial Chronicle
New Jersey.
-State Tax Valuations for Reapportionment
Upse4 by Board of Tax Appeals.
-Regarding the news item
carried in V. 138, p. 4327, to the effect that the State Board
of Tax Appeals on June 19 ordered the entire apportionment
of gross receipts taxes set aside, we given herewith a portion
of the lengthy dispatch from Trenton to the Newark "News"
of June 19, enlarging on this important opinion:
Describing as "fanciful," "fictitious" and "illegal" the theory of valuation adopted by State Tax Commissioner J. H. Thayer Martin in reapportioning among municipalities the gross receipts tax of $3,476.940 levied
against Public Service Electric & Gas Co. for 1933, the State Board of
Tax Appeals to-day set aside the action of the Commissioner and restored
the valuations originally fixed by local assessors.
The opinion by President Francis D. Weaver contains sharp criticisem
of the method of valuation followed by Martin, who adopted unit cost of
production as a criterion of value rather than the "true value" of the
property, as required by the statute. One of the concluding paragraphs
of the opinion declares:
"His (Martin's) action was arbitrary, capricious and illegal, was not
in accordance with the provisions of the statute and cannot oy any stretch
of the imagination be considered to have been the result of inquiry, equalization or revision."
Newark Benefits.
The test case ir which the decision was reached was brought in behalf
of Hoboken. where the valuation of Public Service property had been reduced from $3,244,100 to $1,090,579, resulting in a loss of $50,801 to the
city in the apportionment of gross receipt taxes. Twenty other municipalities were represented in the proceedings. They included Newark,
Roseland, Cedar Grove, West Orange, Livingston, Maplewood, Essex
Fells, Bloomfield and Irvington in Essex County. Of these only Newark
and Roseland gained by the board's decision.
The net result of the system of valuations followed by Martin was to
reduce the apportionment of taxes in Essex County by $22,089. The
reduction in Newark was $28,123. Hudson County would have been a
net loser to the extent of $303,472 and Jersey City $347,376.
Net changes in apportionment ofthe tax in Essex County municipalities
are shown in the appended table, cents being omitted. The first column
shows the apportionment restored by the State board and the second valuations of Martin:
How Municipalities Fare.
Belleville
$6,439 $14,588 Newark
$569.340 $541,217
Bloomfield
22,975
4,294
4,329
23,6541 North CaldwellCaldwell
3,372
12,006
6,181
4,063 Nutley
Caldwell Twp-132
28,428
21,471
533 Orange
Cedar Grove
52,222
3,659
81,823
3,7251 Roseland
East Orange
17,078
35.049
12,889
35.885 South Orange
Essex Fells_ - 578
5.843
5,755
2,235 Verona
Glen Ridge
5,622
3,843
5,472
3,844 IWest Caldwell - Irvington
53,370
26,475
50,588
27,838 West Orange
Livingston Twp- 13,968
5.546
5.284
14,495 IMiliburn
Maplewood
11,558
11.863
Montclair
$922,725 $900,636
31,627
32,2631 Total
Approximately 300 taxing districts in which property of Public Service
is located are affected by the decision. In not a single instance were
the valuations of the assessors left unchanged, while in some cases the
change was as much as 400%. Without notice to the taxing districts
Martin reduced the valuations in 31 districts and increased them in about
270 others.
As a basis for his valuations, Martin retained Farley Osgood, an electrical engineer, to develop unit costs upon electric and gas utility properties. The Osgood report indicated the valuation was determined by the
estimated reproduction value necessary to produce a kilowatt of electricity
and a cubic foot of gas..
New York City.
-Appellate Division Orders Election of
Cornptroller.-On June 23 the Appellate Division handed
down a decision holding that the Comptrollership of New
York City is a constitutional office and that, therefore, a
successor to the late Comptroller W. Arthur Cunningham
must be chosen at the general election this fall. It is said
that the decision will be appealed to the Court of Appeals
by the City Fusion Party, which had originally contended
before Justice John L. Walsh, in the Supreme Court, that
the election of the Comptroller was governed by the City
Charter, which provides that city officials shall be elected
in years in which there is no gubernatorial or presidential
election, thus postponing the election until next year. The
Appellate Division unanimously upheld the opinion of
Justice Walsh.
Mayor Fails to Prevent Election Decision Appeal.
-Although Mayor LaGuardia had directed Paul Wmdels, Corporation Counsel, to withdraw from the taxpayers' action
to obtain a decision on the above-mentioned election dispute,
it was announced on June 26 by William M. Chadbourne,
counsel for the plaintiff, that he would carry the matter
to the Court of Appeals. After the Appellate Division decision it was reported that the Mayor felt further appeal
would be useless, but Mr. Chadbourne expressed the view
that a final adjudication would be of great value.
Collection Drive Planned by Comptroller on City's Business
Tax.
-It was stated by Comptroller McGoldrick on June 26
that the collection of the city's new business or excise tax
will start next week. He said that within a week the three
forms of blanks for returns and the regulations will be ready
for distribution and then the drive will start. The blanks
are being prepared in three forms; one for the tax of 1-20th
of 1% on gross receipts over $15,000 for 1933, applicable to
businesses and professions; one for the tax of 1-10th of 1%
on gross income over $15,000, applicable to brokers and
others in financial business, and a third combining the two.
In case the third is used, only one exemption of $15,000 will
be allowed.
Cash Balance Shows Decline for Week.
-The weekly financial statement of Comptroller McGoldrick issued at the
close of the week on June 23, showed that the city's cash
balance had declined from the 857,200,514 of the preceding
week to a figure of $54,884,886, a change of $2,315,628.
The total receipts of the week for expenditure purposes
from revenues were $6,410,989 and for the year $386,489,376. The total borrowings for the week were $3,000,000,
and for the year, $228,703,000. The total payments made
amounted to ,726,617, and for the year, $379,316,899.
The excess of receipts over payments totaled $7,172,477.
The cash balance in the sinking fund at the close was $3,566,485.
-Comptroller Reports State's Funds in
New York State.
-The following report on Comptroller
Excellent Shape.
4493
Tremaine's statements regarding the present condition of
the sinking funds and other fulids under his care, is taken
from the New York "Herald Tribune" of June 27:
State Comptroller Morris S. Tremaine indicated yesterday that the
State of New York sinking funds and other funds under the care of the
Comptroller's office are in excellent condition. The State sinking fund
amounts to $126,775,056, and this fund can be invested under the law only
in United States Government bonds and the obligations of the State, the
Hudson River Regulating District, the Black River Regulating District, the
Port of New York Authority, the Savings & Loan Bank of New York State
and othe various local government units within the State. Funds of
nearly $60,000,000 for the State employee's retirement system and other
funds bring the total State investments of this character up nearly to
$200,000,000.
Although the State investments consist of 600 items of bonds of the
authorities named, only one item, amounting to $10,000, now is overdue,
Mr. Tremaine said. All other payments are being made promptly,and the
Comptroller added that the single overdue item probably will be cleared up
soon.
State funds invested last year, when prices of municipal and other bonds
were depressed, amounted to $17,987,799, and the average maturity of the
obligations acquired is 1234 years. The average yield at purchase price
is 5.80%, but the present market prices of the same securities are nearly
15 points higher, on the average, the State computations show. In 1932.
from May to December, the Comptroller's office invested 814,877,000 in
bonds of 1534 years average maturity at an average yield of5.43%. Present
prices of those securities are nearly 12 points higher.
Many of the bonds were purchased at considerably less than par value,
but the State funds are conducted on an actuarial basis, and the high yields
simply accrue to the various sinking funds and reduce the requirements
of such funds.
North Dakota.
-Governor Langer Victorious in Primary.
The voters of this State gave Governor William H. Langer
a decisive victory in the June 27 primary election and turned
against the State officials who are antagonistic to the Chief
Executive since his conviction of defrauding the United
States Government
-V. 138, p. 4328. According to Associated Press dispatches from Fargo on June 28, the Republican votes that approved Langer's renomination for Governor
also apparently had assured virtually his entire ticket of
victory.
Port of New York Authority.
-Suit Dismissed to Prevent
City Accepting Annual Payment in Lieu of Taxes.
-Justice
Alfred Frankenthaler of the Supreme Court recently dismissed a suit brought by terminal interest to prevent New
York City from accepting an annual cash payment from
the Port Authority in lieu of taxes on its office building in
this city. The "Wall Street Journal" of June 23 carried
the following comment on the decision:
Dismissal of the suit to prevent the City of New York from accepting a
$60,000 annual payment from Po.t of New York Authority in lieu of taxes
on the Port Authority Commerce Building at III Eighth Avenue was
viewed Thursday by General George R. Dyer. Chairman of the Port
Authority, as a development of far-reaching significance in the operation of
self-liquidating facilities. The action was brought by the Bush Terminal
and similar interests. "The decision by Justice Alfred Frankenthaler.
said General Dyer, "holding that the Port Authority Commerce Building,
housing the union inland freight station, is a single 'self-sustaining governmental unit,' and necessarily is exempt from taxation, constitutes a splendid reaffirmation by the Supreme Court of the purposes and principles
that brought about the creation of the Port Authority by compact between
the States of New York and New Jersey 13 years ago."
West Virginia.
-City Bond Refunding Law Upheld.
An Associated Press dispatch from Charleston on June 12
reported that on that day the State Supreme Court approved the refunding of existing bonded indebtedness by
governmental subdivisions. The news report goes on to
say:
It held that the refunding process does not create new indebtedness
within the meaning of the Constitution and:
"Levies to provide debt service for the new (refunding) bonds may be
laid to the same extent and with like effect as they could have been laid
for the original bonds."
In another tax case it held that indebtedness may not be deducted
from money, credits and investments returned for taxation.
Both rulings were given in cases from Kanawha County. The refunding
of bond issues was passed upon in a test case entered by Theo Keeney,
who sought to enjoin issuance of new bonds as a substitute for a $516,000
road bond issue in Cabin Creek District.
The Union Mortgage & Investment Co. of Charleston sought authority
in the other case to deduct outstanding indebtedness of $3,865,500 in
returning money, cash and credits aggregating $2,191,190 for taxation
in 1933.
-A report has been compiled
Financial Report Prepared.
recently by Gertler & Co. of New York, on the above State,
which is believed to be particularly pertinent at the present
time as very few financial statements have been made
available recently. A large proportion of the figures exhibited in this analysis are said to be official figures received
from the State Treasurer's office. An outstanding feature
of the report is the comprehensive discussion on all outstanding bonds. The State road bonds, constituting a
large part of the State debt, are discussed in detail-the two
authorized issues being discussed at length with their
authorizing constitutional amendments. The report also
shows principal and interest due on these road bonds in
succeeding years, together with the gasoline and motor
vehicle license taxes collected over the past four years.
BOND PROPOSALS AND NEGOTIATIONS
-The $75,000
AlKEN COUNTY (P. 0. Aiken), S. C.
-BOND SALE.
issue of 5% semi-ann. court house and gasoline tax bonds offered for sale
on June 25-V. 138, p. 4328
-was awarded to Johnson, Lane, Space &
Co., of Augusta, for a premium of 81,650, equal to 103.53, a basis of about
4.27%. Dated June 1 1934. Due $7,500 from June 1 1935 to 1944 incl.
AKRON, Summit County, phio.-820,000.000 BOND ISSUE PROGRAM CONSIDERED.
-The City Council is considering plans for submission to the voters at the primary election on Aug. 14 of a sewer improvement and water extension system program, calling for the issuance of about
$20,000,000 in bonds. The Public Works Administration would be asked
to supply funds for the project and to accept the bonds as security for the
advances.
-Submission of the above bond-issuing
PROPOSAL POSTPONED.
proposition to the voters on Aug. 14 has been postponed indefinitely.
ALBANY SCHOOL DISTRICT (P. 0. Albany), Linn County.
Ore.
-BOND OFFERING CONTEMPLATED.
-The District Clerk reports
that the district plans to offer for sale during August the $25,000 refunding
bonds that were discussed in V. 138. p. 4161.
-BOND OFFERING.
ALLEGHENY COUNTY (P.O.Pittsburgh),Pa.
-Robert G. Woodside, County Comptroller, will receive sealed bids until
4494
Financial Chronicle
12 m. (Daylight Saving Time) on July 3 for the purchase of $2,250,000
not to exceed 3%% interest bofids, including $1,500.000 series No. 40
road obligations and $750,000 series No. 2 voting machine bonds. Dated
June 11934. Denom,$1,000. Due serially in 30 years. Bidder to name
single interest rate for all of the bonds, expressed in a multiple of Se' of
1%. Interest is payable in J. & D. Bids must be for the entire $2,250,000
bonds and shall be accompanied by a certified check for 2% of the amount
ALLEGHENY COUNTY AUTHORITY (P. O. Pittsburgh), Pa.
BONDS HELD NOT DEBT OF THE COUNTY.
-An important feature of
the recent decision of the State Supreme Court upholding the constitutionality of Act No. 30, passed at the extraordinary session of the General
Assembly in December 1933, authorizing second-class counties to establish "authorities" and empowering them to issue bonds to finance the
-V. 138. P.
operation and construction of varied public works projects
-Is the ruling that bonds issued by the authority do not constitute a
4328
"debt" of the county, according to an analysis of the Court's decision which
has been prepared by Hawkins, Delafield & Longfellow, bonding attorneys
of New York City, who acted as counsel for the Allegheny County Authority
In the case in question.
-J. L.
-BOND OFFERING.
ALLEN COUNTY )P. 0. Lima), Ohio.
Waiter, Clerk of the Board of County Commissioners, will receive sealed
bids until 11 a. m. (Eastern Standard Time) on July 18 for the purchase
of $80,000 6% selective sales tax poor relief bonds, divided as follows;
$45.000 bonds, due as follows; $8.800. Sept. 1 1934: $8.700, March 1 and
$8.900. Sept. 1 1935; $9,200. March 1 and $9,400. Sept. 1 1936.
35,000 bonds, due as follows; $6,900. Sept. 1 1934; $6,700. March 1 and
$6.900. Sept. 1 1935;$7,100, March land $7.400. Sept. 1 1936.
Each issue is dated May 1 1934. Principal and semi-annual interest payable at the County Treasurer's office. Bids for the bonds to bear Interest
at a rate other than 6%,expressed in a multiple of 3.1, of 1%, will also be
considered. A certified check for 1% of the bonds bid for, payable to the
order of the Count Treasurer, must accompany each proposal.
(The above bonds were originally offered for sale on June 2.-V. 138
p.3641.)
AMESBURY,Essex County, Mass.-PWA ALLOTMENT CHANGED.
-The agreement whereby the Public Works Administration was to provide
$21,000 on a loan and grant basis for highway construction-V. 138. p.
-has been changed in favor of a grant only. in amount of $5,500.
1776
ANAHEIM UNION HIGH SCHOOL DISTRICT (P. 0. Santa Ana)
Orange County, Calif.
-BOND 5 ILE.-The $275.000 issue of school
bonds offered for sale on June 25-V. 138. p. 416I-was awarded to the
First National Bank of Los Antsles. as 3'/s. paying a premium of $716,
equal to 100.26, a basis of about 3.727
°. Dated July 1 1934. Due
$10,000 from 1935 to 1954 and $15,000 from 1955 to 1959.
ANALY SCHOOL DISTRICT (P. 0. Santa Rosa), Sonoma County,
-BONDS VOTED.
Calif.
-At the election held on June 19-Y. 138. P.
4161-the voters approved the issuance of the $190.000 in not to exceed
5% school building bonds by a wide margin. Dated June 19 1934. Due
in 25 years. It is reported that the bonds will be sold as soon as possible.
ANDOVER, Essex County, Mass.
-The $100,000
-NOTE SALE.
revenue anticipation notes offered on June 25-V. 138, p. 4328
-were
awarded to the Merchants National Bank of Boston at 0.28% discount
basis. Dated June 25 1934 and due on Nov. 21 1934.
Other bids were as follows:
Discount Basis.
BidderW. O. Gay & Co
0.31%
us
Whiting, Weeks & Knowles
0.527
0.327 Plo $2
-P. Murphy & Co
0. M.
Second National Bank
0
0.337
Newton. Abbe & Co
0.35%
New Emdand Trust Co
0
0.377
Faxon, Gade & Co
0.377
Jackson & Curtis
3
0.450
Washburn. Frost & Co
0
0.55e
-The
ANGOLA, Steuben County, Ind.
-BONDS AUTHORIZED.
city has been granted permission by the Public Service Commission to
Issue $23,400 water works revenue bonds.
ANN ARBOR SCHOOL DISTRICT, Washtenaw County, Mich.
-Award was made on June 26 of $50,000 4 % refunding
BOND SALE.
bonds to the First of Michigan Corp. of Detroit. They mature serially on
Jan. 1 from 1937 to 1941 incl, and are being re-offered for public investment
to yield from 3 to 3.60%, according to maturity. The District has never
defaulted on either bond principal or interest charges, it is said.
-BOND OFFERING DETAILS.
ARIZONA, State of (P. 0. Phoenix).
-In connection with the offering on July 16 of the $42.000 refunding
bonds, report of which appeared in V. 138, p. 4161, we are informed by
the State Treasurer that these bonds are issued for the purpose of refunding
an issue of 1909 court house and jail bonds of Yuma County. Legality
to be approved by the Attorney-General. Bidder will furnish his own form
of bid and no bid will be considered for less than par and accrued interest.
-REPORT ON BONDS
ARKANSAS, State of (P. 0. Little Rock).
DEPOSITED FOR REFUNDING.-Bon's deposited under the provisions
of Act 11 of 1934, to refund the State's $155,000,000 highway indebtedness,
totaled $28.449,575 at the cl se of business on June 21. according to the
State Refunding Board. This is said to represent an increase of $2,081,500
during the preceding 10 days.
-The Mayor reports
-BOND ELECTION.
ARP, Smith County, Tex.
that an election will be held on July 7 to vote on the proposed issuance of
water works improvement bonds. for wnich an allotment of $26.000 has
been approved by the Public Works Administration. This report corrects
that given in V. 138. p. 4328.
-SUED FOR DELINASBURY PARK, Monmouth County, N. J.
-Suit to collect interest alleged to be overdue
QUENT BOND INTEREST.
on temporary loan bonds issued June 1 1929 has been instituted against
the city in the Supreme Court by Morris Bernhard, 93 Fairview Ave.,
Jersey City, according to report. Papers in the action served on Carl H.
Bischoff, City Manager, are returnable at Trenton on July 5, it is said.
The interest charges are said to be delinquent since An?. 1 1934.
-BOND OFFERING.
ASHLAND COUNTY (P. 0. Ashland), Ohio.
Doris W. Williams. Clerk of the Board of County Commissioners, will
receive sealed bids until 12 m. on July 9 for the purchase of $32.900 6%
poor relief bonds. Dated Aug. 1 1934, Due March 1 as follows; $7.600.
1935; $8,000, 1936: $8.400, 1937, and $8,900 in 1938. Interest is payable
n M. & S. Bids for the bonds to bear interest at a rate other than 6%,
of 1%, will also be considered. A certified
expressed in a multiple of
check for $350 must accompany each proposal.
-BOND OFFERING.
ASHTABULA COUNTY(P.O.Jefferson),Ohio.
-W,W,Howes, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m.(Eastern Standard Time) on July 16 for the purchase of $26,000 6% poor relief bonds. Dated July 11934. Denom.$1,000.
Due as follows; $8.400 March 1. and $8,700 Sept. 1 1937, and $8,900
March 1 1938. Principal and interest (M. & S.) payable at the State
Treasurer's office, Columbus. 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 3500, payable to the order of the County Commissioners
must accompany each proposal.
-BOND OFFERING.
ATHENS COUNTY (P. 0. Athens), Ohio.
Maude Lowry, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on July 9 for the purchase of $22.500 not to exceed
6% interest poor relief bonds. Dated July 1 1934. Due as follows:
$1,500. Sept. 1 1934; 81,400, March 1 and Sept. 11935: $1,500, March 1
and Sept. 11936; $4,900, March 1 and $5,100, Sept. 1 1937, and $5,200.
March 1 1938. A certified check for 1% of the bonds bid for, payable to
the order of the Board of County Commissioners, must accompany each
proposal.
-The Borough
-BONDS AUTHORIZED.
BADEN,Beaver County,Pa.
Council has authorized the issuance of $7,000 bonds.
-The IMMO Of$103.000
SALE.
-NOTE
BAY CITY,Bay County, Mich.
-was sold.
5% tax anticipation notes offered on June 25-V. 138, p. 4328
Dated June 1 1934 and due on April 30 1935.
-A $56,000
SALE.
BEAVER CITY, Fumes County, Neb.-BOND
issue of 4% school building bonds is reported to have been purchased recently by the State of Nebraska.
June
30 1934
-The $80,000
-BOND BALE.
BEAVER FALLS, Beaver County, Pa.
-were
43% operating revenue bonds offered on June 25-V. 138, p. 4162
awarded to S. K. Cunningham & Co. of Pittsburgh, at par plus a premium
of $1,616, equal to 102.02. a basis of about 4.07%. Dated June 1 1934 and
due $8,000 on June 1 from 1935 to 1944, inclusive.
-BOND OFFERBEDFORD SCHOOL CITY, Lawrence County,Ind.
-The Board of Trustees will receive sealed bids until 1 p. m. on July
ING.
5 for the purchase of $26,000 school bonds.
-The $1,301 6%
-BOND SALE.
BELMONT, Belmont County, Ohio.
-were purchased at a
refunding bonds offered on June 1-Y. 138, P. 3475
price of par by local investors. Dated June 1 1934. Due $651 Oct. 1
1937 and $650 Oct. 11938.
-BOND SALE.
BELMONT COUNTY (P. 0. St. Clairsville), Ohio.
-were
The $43,000 poor relief bonds offered on June 26-V. 138, p. 3979
awarded as 2s to Hayden, Miller & Co. of Cleveland, at par plus a
premium of $26.75, equal to 100.06, a basis of about 2.45%. Dated
June 1 1934 and due as follows: $8,600. Sept. 11934: 38,200, March 1 and
$8.500 Sept. 1 1935; $8,700, March 1 and $9,000. Sept. 1 1936.
BENTON HARBOR SCHOOL DISTRICT, Berrien County, Mich.
-The Board of Education failed to take
NO ACTION ON BOND BIDS.
bids submitted for the issue of $375,000 4 % coupon refundaction on the
ing bonds offered on June 25-V. 138, p. 4329. Dated July 1 1934 and due
July 1 as foliose: $12,000 from 1935 to 1940 incl.; $33,000. 1941 to 1943
incl. and $34,000 from 1944 to 1949 incl.
BEVERLY HILLS SCHOOL DISTRICT (P. 0. Los Angeles), Los
-BOND .SALE.
-The $100,000 issue of school
Angeles County, Calif.
bonds offered for sale on June 25-V. 138, p. 4162-was awarded to Rowe,
Shaw & Co. of Los Angeles. as 3's. paying a premitun of $502. equal to
100.50, a basis of about 3.69%. Dated March 1 1934. Due from March
1 1936 to 1954 incl.
BIG BEAVER TOWNSHIP SCHOOL DISTRICT (P. 0. Koppel),
Beaver County, Pa.
-BOND OFFERIA0.-Floyd G. Beresfcrd, Secretary of the School Directors, will receive sealed bids until 7 p.m. (Eastern
Standard Time) on July 10 for the purchase of $10.000 school bonds.
Dated July 1 1934. Due $1,000 on july 1 from 1939 to 1948, incl. A
certified check for $300, payable to the order of the district, must accompany each proposal.
BIG HORN COUNTY SCHOOL DISTRICT NO. 41 (P. 0. Basin),
-It is reported that the County Treasurer is
Wyo.-BONDS CALLED.
calling for payment at his office on July 1. a total of $28.500 In 6% school
bonds.
-The $20,000 4%
-BOND SALE.
BIRDSBORO, Berke County, Pa.
coupon street improvement bonds offered on June 25-V. 138, p. 4162
were awarded to Bloren & Co. of Philadelphia. at par plus a premium of
$1.557.80, equal to 107.78, a basis of about 3.43%. Dated July 1 1934.
Denom. $1.000. Due July 1 as follows: $3,000 in 1939, 1944, 1949, 1954
and 1959, and $5,000 in 1964. Interest payable in J. & J. Second high
bid for the issue, an offer of 103.83, was submitted by Yarnell & Co. of
Philadelphia.
BLAINE COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Gannett),
-Bids will be received until 7 p.m. on July 5
Ida.
-BOND OFFERING.
by S. F. Woodard, District Clerk, for the purchase of a $23.335.05 issue of
6% semi-annual funding bonds. Due from 1936 to 19 'Inclusive.
BLAINE COUNTY SCHOOL DISTRICT NO. 31 (P. 0. Carey), Ida.
-BOND OFFERIAG.-lt is reported that sealed bids will be received until
7 po.m. on July 5 by James Turnbull, District Clerk, for the purchase of
a $23.996.85 issue of funding bonds.
-The
BOONE COUNTY (P. 0. Col mbia), Mo.-BOND SALE.
$40,000 issue of 4% semi-annual jail bonds offered for sale on June 26Smith, Moore & Co. of St. Louis, paying
-was awarded to
V. 138, p. 3810
a premium of $1,294, equal to 103.23, a basis of about 3.37%. Dated
March 15 1934. Due over a period of 10 years.
-33.000.000 NOTES SOLD.
BOSTON, Suffolk County, Mass.
Award was made on June 28 of t3.000,000 temporary loan notes to a syndicate composed of Halsey, Stuart & Co., Inc.; J. & W. Seligman & Co.;
-P. Murphy & Co. The
Hemphill, Noyes & Co.; Darby & Co., and G. M.
bankers paid par plus a premium of $15 for 1.32% notes and made public
priced to yield 1%. They are declared to be legal
re-offering of same
Investment for savings banks and trust funds in the States of New York,
Massachusetts and Connecticut. Second high bid for the notes, an offer
oa
of par plus a premium of $12 with interest at 1.44%, was tendered by
oo o o
.
l
, ctheaolrs.. ktosAznelCy rk.&Brown Harriman & C ;
ouz
flid eroporszl r o
-The
-TEMPORARY LOAN.
BROOKLINE, Norfolk County, Mass.
-were
$500.000 tax anticipation notes offered on June 25-V. 138. p. 4329
awarded equally between the Bankers Trust CO. of New York and the
Merchants National Bank of Boston, each institution having bid a discount
of 0.24% for the obligations. The notes mature Nov. 27 1934.
Other bidswere as follows:
B
Discount Basis.
Whiting, Weeks & Knowles
0.27' plus $2
National Shawmut Bank
-P. Murphy & Co
G. M.
Faxon, Gade & Co
0.3370
Second National Bank of Boston
0.34%
Newton, Abbe & Co
-BOND SALE.
-The $8,000,000
BUFFALO, Erie County, N. Y.
-were
csupon or registered bonds offered on June 25-Y. 138. p. 4329
awarded to a syndicate composed of Halsey, Stuart & Co., Inc.. Bancamerica-Blair Corp.. Ladenburg, Thalmann & Co., R. W. Pressprich &
Co., Hornblower & Weeks, Lee. Higginson Corp., Stranahan, Harris &
-P.
Co. Inc., Spencer Trask & Co., Arthur Perry & Co., Inc., G. M.
Murphy & Co.. Jackson & Curtis, Burr & Co., Inc. B. J. Van Ingen &
'
Co., Inc., Wertheim & Co., A. G. Becker & Co.. all of New York; Stifel,
Nicolaus & Co., Inc., St. Louis; M. F. Schlater & Co., Inc., and Hannahs,
Bailin & Lee, both of New York; the Milwaukee Co. Milwaukee. and
Piper, Jaffrey & Hopwood of Minneapolis. The bankers paid a price of
100.365 for the bonds as 3.60s. the net interest cost of the financing to
i
the city being about 3.56%. The sale consisted
s: $120,000 from 1935
$6.000,000 refunding bonds. Due July as
$360,000 from 1940 to 1954, incl.
to 1939. Incl., and
2,000.000 work relief and home relief bones. Due July 1 1944.
the
Each issue is dated July 1 1934. The bankers are reoffering s. bonds for
general investment at prices to yield, according to maturitie as follows:
1935. 0.75%; 1936. 1.50%; 1937, 2.25%; 1938. 2.60%; 1939, 3.0070;
0
1940. 3.10%; 1941. 3.20%; 1942. 3.30%; 1943. 3.40%, and 3.507 on the
bonds due from 1944 to 1954, incl. They are declared to be legal investsavings banks and trust funds in New York State and general
ment for
obligations of the city, for the payment of which ad valorem taxes may be
levied against all the taxable property therein without limitation as to
rate or amount. In addition to the accepted bid, two other offers were
made for the bonds,as follows:
The Guaranty Trust Co. and associates submitted the second highest
tender of 100.32 for 3.60% bonds. Other members of this syndicate
were the Bankers Trust Co., the Chemical Bank & Trust Co., Edward B.
Smith & Co., Haligarten & Co., the Marine Trust Co., the Manufacturers
& Traders Trust Co., Kean, Taylor & Co., It. L. Day & Co., L. F. Rothschild & Co.. E. H. Rollins & Sons, R. H. Moulton & Co., J. & W. Seligman & Co.. the Mercantile Commerce Bank & Trust Co., Graham, Par
song & Co.. Hemphill, Noyes & Co.. Wallace & Co., Schoelikopf, Hutton
& l'omeroy and Schaumburg, Rebhann & Osborne.
The final tenders was 100.21 for 3.60s, submitted by the Chase National
Bank in association with the First National Bank of New York, the First
Boston Corp., Blyth & Co., F. S. Moseley & Co.. George B. Gibbons &
Co., Inc., the Harris Trust & Savings Bank. Estabrook & Co., Salomon
Bros. St Hutzler. Stone & Webster and Blodget, Inc., Darby & Co., Phelps,
Fenn & Co., Bacon. Stevenson & Co.. Roosevelt & Weigold, Kelley, Richardson & Co., the First of Michigan Corp. and Foster dr Co.
(Formal reoffering of the bonds by the successful banking group appears
as an advertisement on page VIII of this issue.)
-BOND ISSUANCE
BURLINGTON, Des Moines County, Iowa.
-It is reported that the city officials contemplate the
CONTEMPLATED.
Issuance of $25,000 in judgment bonds.
-BONDS NOT SOLD.
-The $9,000
BURNS, Harney County, Ore.
Issue of6% semi-ann. refunding bonds offered for sale on May 31-V. 138,
-was not sold as no bids were received. It is stated that these
P. 3810
Volume 138
Financial Chronicle
bonds will probably be exchanged with the holders of the old bonds at par.
Dated June 1 1934. Due $1,500 from June 1 1939 to 1944 incl.
-BOND SALE.-Gertler &
CAMBRIDGE, Middlesex County, Mass.
Co.of New York and Christianson, MacKinnon & Co.of Hartford.jointly,
purchased an issue of $200,000 211% coupon or registered street bonds.
Dated July 1 1934 and due $20,000 on July 1 from 1935 to 1944 incl.
Principal and interest (J&J) payable in lawful money of the United States
Perkins
in Boston. Legality to be approved by Ropes, Gray, Boyden &to yield,
of Boston. Public re-offering of the bonds is being made at prices
according to maturity, as follows; 0.625% In 1935; 1.15% in 1936; 1.50%
In 1937; 1.75% in 1938; 2% in 1939; 2.25% in 1940; 2.30% in 1941, and
1ncl. They are declared to be
2.35% on the bonds due from 1942 to 1944°
legal investment for savings banks and trust funds in New York, Massachusetts, Connecticut and other States.
-APPLICATION FOR $6,000,000
CAMDEN, Camden County, N. J.
-Governor Moore was informed by Public
PWA FUNDS DENIED.
Administrator Harold L. Ickes on June 28 that the City's applicaWorks
of a
tion for a loan and grant of $6.000.000, to finance the construction City
municipal electric light, had been rejected because it would carry the
previously had been led to believe
beyond its legal debt limit. City officials
-V. 138. p. 4162.
that the application had been approved.
CAMILLUS COMMON SCHOOL DISTRICT NO. 4 (P.O. Syracuse),
-Sealed bids addressed
County, N. Y.
-BOND OFFERING.
Onondaga
to Anna M. Sarno, Town Clerk, Care of Wright & Ellis, 802 City Bank
Building, Syracuse, will be received until 4 p.m. (Eastern Standard Time)
on July 5 for the purchase of $25,000 not to exceed 6% interest coupon or
registered school bonds. Dated July 1 1934. Denom. $1,000. Due
$1,000 on July 1 from 1935 to 1959 incl. Bidder to name a single interest
rate for all of the bonds, expressed In a multiple of 31 or 1-10th of 1%.
Principal and interest (J. & J.) payable in lawful money of the United
States at the Solvay Bank, Solvay. The bonds are said to be unlimited
tax, general obligations. A certified check for $500, payable to the order
,
of the Town Treasurer, must accompany each soroposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be frunished the
successful bidder.
-At
-BONDS DEFEATED.
CASA GRANDE, Pinal County, Ariz.
the election on April 16-V. 138. P. 245I-the voters rejected the proposed
Issuance of $15,000 in city hall bonds.
CASS TOWNSHIP (P. 0. Dugger), Sullivan County, Incl.-BOND
-Harry M. Collins, Trustee, will receive sealed bids until
OFFERING.
2 p. m. on July 9 for the purchase of $2,700 411% poor relief judgment
payment bonds. Dated July I 1934. Denoms. $500 and $200. Due
July 1 as follows: $200 from 1937 to 1942 incl. and $500 from 1943 to 1945
incl. Interest payable semi-annually.
-WARRANTS CALLED
CASSIA COUNTY(P.O. Burley), Idaho.
W. R. Stearman, County Treasurer, reports that the following county warrants were called for payment beginning June 14:
1933 series, current expense fund, up to and including No. 528.
1932 series, current expense fund, up to and including No. 1100.
1931 series, current expense fund, up to and Including No. 1353.
1933 series, hospital and charity fund, up to and including No. 800.
1932 series, hospital and charity fund, up to and including No. 2100.
Interest on the above warrants ceases 10 days after date of call.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT (P. 0.
Cedar Rapids), Linn County, lowa.-BOND OFFERING.-Blds will
,
be received at 2 p. m. on July 5, by Chas. D. Hedberg, Secretary of the
Board of Directors, for the purchase of an issue of $100,000 311% refunding
bonds. Denom. $1,000. Dated July 15 1934. Due on July 15 as follows:
$12.000. 1935 to 1937; $13.000. 1938 and 1939; $14.000, 1940 and 1941;
$10,000 in 1942. The approving opinion of Chapman & Cutler of Chicago,
will be furnished, as well as the printed bonds. A certified check for $1,000,
payable to the District, must accompany the bid.
CHARLOTTE, Mecklenburg County, N. C.
-The
-NOTE SALE.
$50,000 issue of revenue anticipation notes offered for sale on June 22
(Incorrectly given under the caption of Raleigh)
-V. 138, p. 4334-was
awarded to Oscar Burnett & Co. of Greensboro. at 311% plus a premium
of El. Due on Aug. 24 1934. The other bids for the notes (all on 411s)
were as follows:
BidderAmt.Bid for.
American Trust Co., Charlotte, N. C
$33.750.00
Charlotte National Bank, Charlotte, N. C
3.750.00
Commercial National Bank, Charlotte, N.0
4.000.00
Union National Bank, Charlotte, N. C
8.500.00
CINCINNATI, Hamilton County, Ohlo.-BOND SALE.
-The Sinking Fund Commission has purchased at par the following 311% bonds,
aggregating $65.000:
$40,000 waste collection dept. bonds. Denom. $1.000. Due Sept. 1 as
follows: $2.000 from 1935 to 1944, incl., and $1.000 from 1945 to
1964, inclusive.
20.000 airport bonds. Denom. $1.000. Due Sept. 1 as follows: $2.000
from 1935 to 1939, incl., and $1.000 from 1940 to 1949, incl.
5,000 fire dept. bonds. Denom. $500. Due $500 on Sept. 1 from
1935 to 1944, inclusive.
Each issue is dated July 1 1934.
CLARENCE SCHOOL DI5TRICT (P. 0. Clarence), Cedar County,
Iowa.
-BOND SALE DETAILS.
-The $20.000 school building bonds
that were purchased by the Carleton D. Bell Co. of Des Moines as 310
-V. 138. p. 4162-are dated June 1 1934. Denom. $500. Due from
1935 to 1951 inclusive. Price paid was 100.67, a basis of about 3.40%•
Interest payable M. & N.
CLEAR LAKE, Deuel County, S. Dak.-FEDERAL FUND ALLOTMENT REDUCED.
-The loan and grant of $10.000 for water system Improvement that was approved by the Public Works Administration in
January
-V. 138, p. 712
-has been changed to a grant alone, in the sum
of $2,800.
COLORADO, State of (P. 0. Denver).
-WARRANT CALL.
-The
State Treasurer is said to be calling for payment on July 10 the following
warrants: All general revenue of 1932 and 1933,and Nos.40,218 to 40,327
of the Capitol Building warrants.
-BOND PURCHASE APCOLUMBIA, Richland County, S. C.
PROVED.
-At a meeting on June 19 the City Council is said to have voted
to accept the proposal of the Public Works Administration to purchase the
$812,000 in 4% semi-ann. sewerage and water works bonds that were
recently upheld by the State Supreme Court
-V. 138. p. 3476. (An allotment of $893.000 for this purpose was approved by the PWA.) The
council is said to have also approved the proposal of the Reconstruction
Finance Corporation, to purchase the final $30,000 block of the $82,000
stadium bonds
-V.138,P.3643. Due $5,000 from Dec. 1 1947 to 1951 incl.
-BONDS VOTED.
COLUMBIA HEIGHTS, Anoka County, Minn.
-the voters approved the
At the election held on June 18-V. 138, p. 3980
issurance of the $10,000 in city hall purchase bonds.
COLUMBUS, Platte County, Neb.-BOND SALE DETAILS.
-It Is
now reported that the $100.000 city hall bonds purchased by the Central
National Bank of Columbus
-bear interest at 4%. not
-V. 138. p. 4330
454%,and they were sold at par. Due in 1954, optional in 1939.
COMPETINE TOWNSHIP SCHOOL DISTRICT (P. 0. Farson),
Wa polio County,Iowa.
-An S18.000 issue of school bonds
-BOND SALE.
is reported to have been purchased on June 11 by the Farmers Savings
Bank of Packwood, as 3 Lis.
-TEMPORARY LOAN.
CONCORD, Merrimack County, N. H.
Whiting, Weeks & Knowles of Boston were awarded on June 26 a $100.000
tax anticipation loan at 0.55% discount basis. Due Dec. 3 1934. Other
bids were as follows: Manufacturers National Bank of Detroit, 0.57%;
Balton, Adams & Whittemore, 0.64%; First Boston Corp., 0.73%; Lincoln
R. Young & Co., 0.89%, and Faxon, Gade & Co., 1.23%•
-TAXPAYER SUITS TIE UP
COOK COUNTY (P. 0. Chicago), III.
-It was disclosed at the County Tres mrer' office on Jnue 21
325,000,000.
that more than $25,000,000 paid in taxes has been tied up in banks because
the payments were made under protest. The tax rate involved is that of
1932 and County Treasurer Thomas D. Nash is unable to disburse any part
of the funds until a court decision on the tax question is rendered.
-LOAN AUTHORIZED.CORAOPOLIS, Allegheny County, Pa.
The Council in the early part of Juno adopted a resolution to borrow
$6,500 in anticipation of the collection of taxes and current revenue in the
fiscal year 1934-1935.
4495
-BOND CALL.
COUNCIL BLUFFS, Pottawattamie County, Iowa.
-The City Treasurer states that the following 431% bonds are being called
for payment at his office, or at the office of Glaspell, Vieth & Duncan of
Davenport, on July 1, on which date interest shall cease: $97,000 funding.
and $20,000 sewer bonds. Dated July 1 1928.
-BOND
CRESSON SCHOOL DISTRICT, Cambria County, Pa.
-C. L. Mullen, Secretary of the Board of School Directors,
OFFERING.
will receive sealed bids until 7 p. m.(Eastern Standard Time) on July 16
for the purchase of $7,000 5% coupon school bonds. Dated June 1 1934.
Denom. $1,000. Due $1,000 on June 1 from 1935 to 1941 incl. Interest is
payable in J. & D. The bonds have been approved by the Pennsylvania
Department of Internal Affairs. A certified check for $140, payable to the
orde: of the District, must accompany each proposal.
-John Nuveen
-BOND SALE.
CROWN POINT, Lake County, Ind.
& Co. of Chicago were the successful and only bidders at the offering on
June 21 of 325,0006% refunding bonds. Award was made at a price of par.
CUDAHY, Milwaukee County, Wis.-FEDERAL FUND ALLOT-A loan and grant of $350,000 for sewer system relief
MENT REDUCED.
that was approved by the Public Works Administration in November 1933,
has been changed to a grant alone, in the sum of $98,000.
-BOND ISSUANCE CONDALLAS COUNTY (P. 0. Adel), Iowa.
-The County Supervisors are reported to be planning the
TEMPLATED.
Issuance of about $30,000 in 334% refunding bonds. on or about July 2. j
-BONDS AUTHORIZED.
DAVENPORT, Scott County, Iowa.
The City Council is said to have authorized a $50,000 issue of 411% poor
fund warrant bonds.
-BOND OFFERDEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
-Sealed bids addressed to the Clerk Treasurer will be received until
ING.
730 p. m. on July 2 for the purchase of $17,000 refunding bonds.
DELAWARE RIVER JOINT COMMISSION (P.O. Camden), N. J.-A group composed of Hemphill. Noyes & Co.,
$1,150,000 BONDS SALE.
Janney & Co.. E. H. Rollins & Sons and Cassatt & Co. purchased on June
28 an issue of $1.150.000 431% high speed transit line construction bonds at
a price of 105.27. A syndicate headed by Graham. Parsons & Co. named
a price of 105.01, while Dougherty, Corkran & Co. and associates bid a
price of 104.59. The bonds are part of an issue which was to have been
sold to the Reconstruction Finance Corporation at a price of par. The
bankers' offer, of course, was far more advantageous to the municipal unit.
The bonds now sold are dated Sept. 1 1933 and mature serially on Sept. 1
from 1936 to 1973 incl. The bankers are making public re-offering at prices
to yield from.2.50 to 3.95%. according to maturity. The bonds are redeemable at the option of the Delaware River Joint Commission at 105 and
interest on any interest date on and after Sept. 1 1943 upon four weeks'
notice. If less than all the bonds outstanding at any.time are called for
redemption they shall be called in inverse order of their numbers. The
redemption price of 105 after 1943, if exercised by the Commission, benefits
the holders of the bonds maturing from 1943 to 1973, the bankers state.
DESHLER,Thayer County, Neb.-INJUNCTION FILED AGAINST
-It is reported by the Village Clerk that the local
MUNICIPAL PLANT.
power company has filed an injunction against the proposed municipal light
and power plant, for which $29,000 in bonds were approved by the voters
-V. 138, P. 2965. A hearing is said to have been scheduled for
last spring
June 25.
-The 1175.000
DES MOINES, Polk County, lowa.-BOND SALE.
issue of armory and World Memorial Building bonds offered on June 14-was awarded at private sale to the Carleton D. Beh Co.
V. 138. v. 4163
of Des Moines. as 4315, paying a premium of X200, equal to 100.114. a basis
of about 4.24%. Dated May 11934. Due from Nov. 1 1936 tu 1953,incl.
-It is an-TAX RATE HIGHER.
DETROIT,Wayne County, Mich.
nounced that the tax rate for the fiscal year 1934-1935. which starts July 1,
will be $21.657 per $1,000 of assess3 I valuation, an increase of 56 cents over
the current levy. The assessed valuation for the new year has been fixed
at 32.251.405.970. a decline of $58.898.620 from the present figure of
$2.310.304,590. The peak valuation was established in 1930, when the
amount was $3,774,861.100. It was also disclosed that tax collections
to June 15 1934 aggregated $37,760,000, or 67.08% of the levy for the
current fiscal year.
-BOND SALE CORRECTION.
DEWITT COUNTY(P.O.Clinton),Ill.
-We learn that the amount of 5% refunding bonds awarded on June 11
to Glaspell, Vieth & Duncan of Davenport was $51.000 and not $55.000
as reported in V. 138, p. 4163. The bankers paid par plus a premium of
$3,401 for the issue, equal to 106.69. On the basis of the original sale
report, the price paid was given as 98.91. The incorrectness of the original
report, moreover, resulted from the fact that the County had announced
that $55.000 bonds would be sold. In reporting the award to us, the
County Clerk did not indicate that a lesser amount had been sold. In
addition to the successful bid, the following other offers were submitted
Bihd .for tdeg51,000 bonds:
Premium.
$322:.081774722
White-Phillips Co
Paine, Webber & Co
Barcus-Kindred & Co
Dixon, Brotscher Co., Inc
7
2.'98
3 291
DeWitt County National Bank
DuBOIS SCHOOL DISTRICT, Clearfield County, Pa.-PWA
-The district has arranged to accept a grant of 314.500
GRANT ONLY.
from the Public Works Administration toward the cost of constructing a
new school building. It was originally intended to obtain a total of $51.000
-V. 138. p. 1777.
on a loan and grant basis.
EAGLE PASS INDEPENDENT SCHOOL DISTRICT (P. 0. Eagle
-The 325.000 iS8110 Of
-BOND SALE.
Pass) Maverick County, Tax.
5% semi-ann. school bonds offered for sale on June 9-V. 138. p. 3811
was purchased at par by the Permanent School Fund. Dated June 1 1934.
Due $1.000 from June 1 1935 to 1959. inclusive.
-WARRANT OFFERING.
EAST CHICAGO, Lake County, Ind.
Oscar S. Jackson, City Comptroller, will receive sealed bids until 12 m.
30 for the purchase of $100,000 6% time warrants, dated July
on June
2 1934 and due on Nov. 7 1934. Denom. $500.
-TEMPORARY LOAN.
EASTHAMPTON, Hampshire County, Mass.
-Whiting, Weeks & Knowles of Boston were awarded on June 27 a 3100.000
0 7
0 e8c1 on
revenue anticipation loan at 0.85% discount basis. Due $50,00 .9a:
9 and Dec. 10 1934. Other bids were as follows:
Discount Basis.
BidderNovi.
W.0.Gay & Co
Second National Bank of Boston
. 7%
1. 5%
1%
3
Jackson & Curtis
Faxon, Gade & Co
SALE-The 31.650.000
-BOND
EAST ORANGE,Essex County, N.J.
coupon or registered funding bonds offered on June 26-V 138, p. 4,163
were awarded as 411s to a syndicate composed of Blyth & Co.. Inc., Dick
& Merle-Smith, E. H. Rollins & Sons, Inc.. Graham, Parsons & Co.,
Roosevelt & Weigold, Inc., Minsch, Monell & Co., Inc.. 11. L. Allen & Co.
and Burr & Co., Inc., all of New York; also Adams & Mueller of Newark.
This group paid a price of 99.20 for the obligations, making the net interest
cost basis about 4.38%. Dated June 1 1934 and due Sept. I as follows:
3225.000 from 1939 to 1941, incl., and $325,000 from 1942 to 1944, incl.
The bankers are reoffering the bonds for general investment at prices to
yield , according to maturities, as follows: 1939. 3.75%; 1940. 4.00%;
1941, 4.10%; 1942, 4.15%, and 4.25% in 1943 and 1944. They are declared to be legal investment for savings banks and trust funds in the States
of New York and New Jersey,
-In addition to the above
$1,075.000 ADDITIONAL BONDS SOLD.
award, the city made private sale, partly for cash and partly in exchange
for tax-anticipation paper, of a further $1.075.000 41.4% funding bonds
to a group composed of the Bank of the Manhattan Co., New York; Ampere
Bank & Trust Co., East Orange, and the Howard Savings Institution of
Newark. Sale of the two bond issues placed the city in a position to pay
off all maturing temporary notes and retire all tax notes, it is said.
-The following other bids were
OTHER BIDS FOR $1,650,000 BONDS.
submitted for the $1,650,000 bonds disposed of at public sale to Blyth &
Co., Inc., and associates: The Chase National Bank, together with Brown,
Harriman & Co., Kelley, Richardson & Co., MacBride, Miller &
Co., Van Deventer,Spear & Co.and C. C.Collings & Co., named the second
highest tender of 98.65 for 411s. Halsey, Stuart & Co., Inc.. headed a.
group that bid 97.80 for 410, or 99.05 for 431s. Lehman Brothers and
associates bid 97.25 for 431s,or 98.37 for 430.
4496
Financial Chronicle
DESCRIPTION OF $1,075,000 BONDS.
-Alice I. Webster, City Clerk.
has furnished us the following information with regard to the block of
$1,075,000 4%% funding bonds disposed of at private sale;
$705,000 bonds were taken by the Bank of the Manhattan Co., New
York, in exchange for $353,965.27 4%% tax-anticipation notes.
due Nov. 9 1934 and a further amount of $350,000 due Aug. 10
1934.
300,000 bonds were taken by the Howard Savings Institution, Newark,
In exchange for $200,000 5% tax-anticipation notes due Dec. 10
1934, and $95,997.74 6% tax-revenue notes due June 29 1934.
70,000 bonds were taken by the Ampere Bank & Trust Co., East Orange,
in exchange for $49.885.89 5% tax-anticipation notes due July 10
1934 and $30,000 5% revenue notes due June 29 1934.
EAU CLAIRE, Eau Claire County, Wis.-BOND SALE.
-An issue
of $152,000 4% semi-ann, water works bonds was offered for sale on
June 27 and was awarded to the Union National Bank of Eau Claire, for a
premium of $8,375, equal to 105.50, a basis of about 3.19%. Denom.
$1000. Dated Nov. 1 1933. Due on Nov. 1 as follows: $12,000, 1935
and 1936; $11,000. 1937 and 1938; $8,000, 1939; $12,000, 1941 to 1943;
$13,000. 1944 to 1947, and $10,000 in 1948.
In connection with the above report we quote in part as follows from
the Eau Claire "Leader" of June 21:
"The 3152,000 is what is left of the original $250,000 bond issue authorized by the City Council to cover the cost of the city's new waterworks
development. Of the balance of the issue $47,000 has been invested in city
trust funds; $39,000 sold to local investors; and $12,000 is being held by
the city for cancellation purposes by the Government in case the direct
grant coming from the Government under the city's bond contract with the
Public Works Administration should exceed $55,000.
"Under this bond contract the Government not only agrees Lo take
$210,000 of th bond issue, but also to mak, a direct grant to the city
based on 30% of the labor and materials costs involved not to exceed
$55,000: and should the 30% of such costs exceed the 1555.0110 limit fixed.
the Government agrees to cancel outstanding waterworks bonds in an
amount equivalent to the amount of the excess over $55,000. That is
why $12,000 of the bond issue is being held back and not sold at the present
time.
ELDORADO INDEPENDENT SCHOOL DISTRICT (P.O.Eldorado)
Schleicher County, Tex.
-It is
-SECOND ELECTION SCHEDULED.
stated by the Secretary of the Board of Education that a second election
will have to be held on the 345.000 in school house construction bonds
•
0n error in the
.
e i ion papers
a g oved en M
t
new
wasl ePd erunef 30.
l on
eea
e
preELGIN, Kane County, 111.
-BOND ELECTION.
-M. M. Brightman,
City Clerk, states that an election will be held on July 24 to vote on the
question of issuing $351,000 5% funding bonds, to mature in from 4 to
20 years.
EL PASO, El Paso County, Tex.
-SECOND BOND ELECTION CON
TEMPLA TED -We are now informed that property owners in the city who
are qualified voters will be asked to approve the issuance of $353.000 in
wer department revenue bonds, to secure a loan of $440,000 that was
approved by the Public Works Administration, unless the Federal agency
approves the bond issue that was approved by the voters on May 19V. 138. p. 3811. That election was not limited to property owners, which
may rule it out.
ELWOOD, Madison County, Ind.
-WARRANT OFFERING.
Florence E. Austill, City Clerk, will receive sealed bids until 2 p. m. on
July 2 for the purchase of $21,500 time warrants. A like amount was
sold locally in March-V. 138, p. 1778.
ERIE SCHOOL DISTRICT, Erie County, Pa.
-BOND SALE.
-The
5200,000 coupon or registered school bonds offered on June 21-V. 138.
P. 3981-were awarded as 3%s to the Union Trust Co. of Pittsburgh, at
par plus a premium of $1,250, equal to 100.625, a basis of about 3.69%•
Dated July 15 1934 and due $20,000 on July 15 from 1944 to 1953 incl.
An official list of the bids for the issue follows:
Bidderlid. Rate. Rate Bid.
Union Trust Co., Pittsburgh
3 %
100.625
Halsey.Co..
I
p
4
100.729
Edward Lowber Stokes & Co., Philadelphia
4
100.627
E. H. Rollins & Sons, Inc., Philadelphia; Graham, Parsons & Co.; Singer. Deane & Scribner, Inc., Pittsburgh-4 %
101.643
4(
Glover & MacGregor. Inc., Pittsburgh
%
100.301
EUREKA, McPherson County, S. Dak.-BOND OFFERING.
-Sealed
bids will be received until 1 p.m. on July 5, by W.M.Weber, City Auditor,
for the purchase of a $6,000 issue of 4 semi-ann. sewer bonds. Denom.
$600. Dated July 1 1934. Due $600 from July 1 1935 to 1944 incl. Purchaser to furnish required bond blanks. These bonds are said to be a
part of an $18,000 issue authorizer on Nov. 14 1933.
-TO PURCHASE OUTSTANDING
FLINT, Genesee County, Mich.
-Surplus funds in the water department will be invested
WATER BONDS.
through the purchase of outstanding water bonds, it was decided by the
City Commission on June 18, upon inquiry by Olney L. Craft, Director
of Finance. It was specified, however, that the purchase price MING be
such as to produce a yield of 3% annually to the Department during the
Period that the bonds are carried, it is said. Outstanding issues bear
and interest rates of 4% 4%.
FOWLER,Benton County,Ind.-PWA ALLOTMENT RESCINDED.
-The Public Works Administration allotment of $339,000 for sewer construction work
-has been rescinded.
-V. 138, p. 1778
FRANKLIN, Morgan County, Ind.-PWA LOAN AND GRANT
-The Public Works Administration allotment of $50.000
RESCINDED.
-V. 138. p. 1778
for construction of a sewage disposal plant
-has been
canceled.
-'CERTIFICATE
FRANKLIN COUNTY (P. 0. Hampton), Iowa.
-It is reported that the county will receive bids until July 6
OFFERING.
for the purchase of a $60,000 issue of3% anticipatory certificates.
FREDONIA, Wilson County, Kan.
-BONDS VOTED.
-A $45,000
issue of school building bonds is reported to have been approved by the
voters at a recent election.
FREEPORT SCHOOL DISTRICT (P. 0. Freeport) Nassau County,
-BOND ELECTION.
-At an election to be held on July 2 the voters
N. Y.
will consider the question of issuing $170,000 bonds. Proceeds of the
financing would be applied to the reduction of the amount of the tax levy
for the current year.
-FEDERAL FUND ALLOTGALLATIN, Sumner County, Tenn.
MENT REDUCED.
-The loan and grant of $30,000 for water system
improvement that was approved by the Public Water Administration in
February
-V.138, p. 1261-has been changed to a grant of $8,000.
GEDDES (P. 0. Solvay) Onondaga County, N. Y.
-BOND SALE.
The $167,000 coupon or registered funding bonds offered on June 26-were awarded as 4s to the Manufacturers & Traders
V. 138. p. 4164
Trust Co., Buffalo, at a price of 100.276, a basis of about 3.95%. Dated
July 1 1934 and due on July 1 as follows: $16,000 from 1935 to 1937,incl.
and $17,000 from 1938 to 1944.incl. Other bids were as follows:
Rate Bid.
Int. Rate.
Bidder100.19
4%
A. C. Allyn & Co
Solvay Bank100,001
Phelps, Fenn & Co
100.15
4,1%
George B. Gibbons & Co., Inc
100.26
4.254,
GENEVA, Ashtabula County, Ohlo.-BOND SALE ARRANGED.
The Trustees of the Sinking Fund have agreed to purchase an issue of$7,000
bonds, the proceeds of which will be applied by the Village to the payment
of bills outstanding against the municipal building.
GILMORE CITY INDEPENDENT SCHOOL DISTRICT (P. 0.
Gilmore City) Pocahontas County, Iowa.
-BOND SALE.
-The
$19,000 issue of school bonds offered for sale on June 18-V. 138, p. 4164
was awarded to the White-Phillips Co. of Davenport, as 3%s. paying a
premium of 320, equal to 100.10. a basis of about 3.74%. Dated May 1
1934. Due from May 1 1937 to 1953. Inclusive.
GLEN ULLIN, Morton County, N. Dak.-BOND SALE.
-The
$13,000 issue of 4% coupon semi-ann. city hall construction bonds offered
on June 9-V. 138, p. 3811-was purchased at par by the Public Works
Administration. Dated Dec. 30 1933. Due from Dec. 30 1934 to 1953.
No other bid was received.
June 30 1934
GRAFTON, Worcester County, Mass.
.The
-LOAN OFFERING
Town Treasurer will receive sealed bids until July 2 for the purchase of
$75,000 revenue notes.
GRAND RAPIDS, Kent County, Mich.
-REFUNDING PLAN DECLARED OPERATIVE.
-John H. Mead of the Refinance Corp., Chicago,
announces that as the city's debt readjustment program has the support
of more than 90% of the security holders affected, the plan has now been
formally declared operative
-V. 138, p. 4164. Holders of general and
special assessment bonds maturing before April 1 1937 are advised that the
obligations may now be exchanged for new securities, without loss of interest
to those who take such action, by forwarding the old bonds either to
Frank V. Smith, City Treasurer, or to the National Bank of Grand Rapids,
Grand Rapids.
GRAND RAPIDS SCHOOL DISTRICT,Kent County, Mich.
-PAYS
ACCRUED INTEREST ON REFUNDED BONDS.
-The Board of Education on June 19 authorized payment of $1,927.59 accrued interest from
March 1 to June 1 on bonds exchanged for refunding. The Board in May
approved a contract with Braun, Bosworth & Co. of Toledo for the refunding of 5300,000 bonds, due Sept. 1 1934, on an exchange basis.
-V.
138. p. 3477.
GRANT TOWNSHIP CONSOLIDATED SCHOOL DISTRICT
(P. 0. Swea City) Kossuth County, lowa.-BONDS DEFEATED.
At the election held on June 21-V. 138. p. 4164
-the voters failed to give
a majority to the issuance of $15.000 in school bonds.
GREENVILLE LEVEE DISTRICT (P. 0. Greenville) Washington
County, Miss.
-BOND SALE.
-It is reported that a total of $300,000
In 4%% to 5% refunding bonds have been purchased by a syndicate composed of local and New Orleans bond dealers. Due from 1938 to 1943.
GREENWOOD COUNTY (P. 0. Greenwood), S. C.
-FEDERAL
FUND ALLOTMENT APPROVED.
-The following report is taken from
a press dispatch to the New York "Journal of Commerce" of June 26:
"The allocation of $2.627,000 to Greenwood County, S. C., for construction of a power development on the Saluda River at Buzzard's Roost,
has been approved by the President's cabinet committee which passes on
PWA projects.
"Approval by this committee left the way open for early formal approval,
which Is expected early this week. This project has had heavy support
since it was first proposed, although power companies have waged a determined fight against it. Backers of the development expect it to become
a little Tennessee Valley Authority for the Piedmont section of South
Carolina and to provide a yardstick for measuring power rates in the area."
GUTHRIE,Logan County, Okla.
-BONDS VOTED.
-At the election
held on Jne 25-V. 138, P. 3812
-the voters approved the issuance of the
$97,000 in water works bonds, according to report.
HAMILTON COUNTY(P.O.Cincinnati), Ohio.
-BOND OFFERING.
-E. J. Dreiha, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on July 18 for the purchase of $750,000 3% poor
relief bonds. Dated Aug. 1 1934. Denom. $1,000. Due as follows:
$37,000. Sept. 1 1934;$35,000, March.and Sept. 1 1935:538,000, March 1
and $37,000, Sept. 1 1936: $187,000, March 1 and 5190,000, Sept. 1 1937
and 5193,000, March 1 1938. Principal and interest M. & S.) Payable
at the County Treasurer's office. Bids for the bonds to bear interest at
a rate other than 3%,expressed in a multiple of % of 1%. will also be considered. The bonds are payable from the proceeds of the State selective
sales tax, which is effective until Dec. 311937. and payment is also backed
by the general credit of the County. A certified check for $7,500, payable
to the order of.the County Treasurer, must accompany each proposal.
Transcript of proceedings will be furnished the successful bidder. The
State Tax Commission. It is said, has stimated the allocation to the County
ofselective sales taxes at $1,989,881.09,and the maximum bonds to be issued
at 6% interest to be $1,842,707.62. As $1,000.000 bonds have already
been sold, sale of the current issue of $750,000 will leave $92,707.62 bonds
unsold. Revenues are received monthly from the State, and for the first
five months of 1934 amount to $232,612.87 showing the estimate of the
State Tax Commission to be conservative.
Financial Statement.
True valuation (approximate), $1.032.000,000; assessed valuation, same.
Total debt, including above issues, 519,650.606.59, from which may be
deducted bonds and ..ash in sinking fund as of June 1 1934, $3,317.914.84.
. :
June,317 914 84 worth of bonds and cash to credit of sinUng fund on
i.3 1 1 34
There has never been any default of any debt, principal or interest.
Tax rate (County levy). 1933. 3.61 mills.
Population, last census, 589,356 (estimated census in 1934. 590,000).
Percentage of total current and delinquent real estate taxes collected
for the first half of the year'1933 (based upon current billings), 96.01%.
HAMILTON COUNTY (P. 0. Cincinnati), Ohio.-? WA ALLOTMENT REDUCED.
-The agreement under which the Public Works
Administration was to allot $97,000 on a loan and grant basis for road
paving work has been changed to provide for only a grant of $28,000.
HAMPTON, Rockingham County, N. H.
-William
-BOND CALL.
Brown, Town Clerk, announced under date of June 22 the call for payment,
at par, on Aug. 1 1934. at the First National Bank of Boston, transfer
department, the following numbered 5% street railway bonds, dated Feb.
1 1921: 24,33, 37, 51 and 71.
•
HAMPTON, Elizabeth City County, Va.-BOND DETAILS.
-It is
stated by the City Clerk that no date of sale has been fixed as yet on the
$25,000 bridge bonds that were voted on June 12-V. 138. p.4164. 43 %
semi-annual bonds, dated Sept. 1 1934. Denom. $1.000 and $2,000. Due
on Sept. 1 as follows: $1.000. 1935 to 1947,and $2,000.1948 to 1953,all incl.
Legality to be approved by Thomson, Wood & Hoffman of New York.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND OFFERING.,
G. R. Morehart, County Auditor, will receive sealed bids until 10 a. m.
on July 14 for the purchase of 328.000 6% poor relief bonds. Dated
July 1 1934. Due semi-annually from 1934 to 1938 incl. Principal and
Interest(M.& S.) payable at the County Treasurer's office. Bids for the
bonds to bear interest at a rate other than 6%, expressed in a multiple of
3. of 1%, will also be considered. A certified check for $500, playable
to the order of the County Auditor, must accompany each proposal. The
approving opinion of Squire. Sanders & Dempsey of Cleveland will be
furnished the successful bidder.
HANOVER, York County, Pa.-PWA ALLOTMENT REDUCED.The original allotment of $77.000 announced by the Public Works Administration for sewer improvements
-V. 138, p. 714
-has been reduced to a
grant only, in amount of $21.600.
HATTON SPECIAL SCHOOL DISTRICT (P. 0. Hatton) Trail!
County, N. Dak.-MATURITY.-The $29,000 5% school building bonds
that were purchased at par by the Farmers & Merchants Bank of IlattonV. 138, p. 4331-are due as follows: $1,000 on July 1 1937. and $1,000 on
Jan. and July 1 from 1938 to 1952.
HAVERHILL,Essex County, Mass.
-P WA ALLOTMENTCHANGED.
-The Public Works Administration agreement providing for a lean and
grant of $55,000 for street and water system Improvements
-V. 138,
-has been revised. The new plan calls for a Federal grant toward the
358
iD.
expense of the work of $15,900.
HAVERSTRAW UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
traw), Rockland County, N. Y.
-BONDS VOTED.
-The proposal to issue $690,000 school building construction bonds carried by a
vote of 846 to 158 at the election held on June 12-V. 138. p. 3812. S. C.
Bennett. Clerk of the Board of Education, reports that no date of sale
has been fixed.
HELENA, Alfalfa County, Okla.
-BOND SALE.
-The two issues of
bonds aggregating 516,500, offered for sale on June 11-V. 138, p. 3982
were purchased by the Public Works Administration, as 4s at par. The
issues are as follows: $11.500 water works, and $5,000 town hall bonds.
Due from 1937 to 1953.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 17 (P. 0.
Franklin Square), Nassau County, N. Y.
-BOND SALE.
-George B.
Gibbons & Co., Inc. and Dick & Merle Smith, both of New York, bidding
jointly for the bonds to mature 310.000 annually on June 1 from 1936 to
1964 incl., were awarded the issue of $291.000 offered on June 22-V. 138,
p. 4164. The bankers paid a price of par for
% bonds. Dated June 1
1934. The District requested that bids be submitted either for an issue of
3291.000 bonds or one of $21,000, this latter to mature $1,000 on JUDO) 1
from 1936 to 1956 incl.
Financial Chronicle
Volume 138
-The
-BONDS VOTED.
HICKSVILLE, Defiance County, Ohio.
construction bonds carried
proposal to issue $45,000 sewage disposal plant June 19-V. 138, p. 3812.
the election held on
by a vote of 561 to 61 at
AdministraFunds for the project will be obtained from the Public Works a grant of
make
tion, which will accept the bonds as security for a loan and
916,000 toward the cost of the undertaking.
County,
HOBBS SCHOOL DISTRICT (P. 0. Lovington), Lea
-The $80,000 Issue of coupon school bonds offered
N. Mex.-BOND SALE.
-was purchased by the State Board of
for sale on June 26-V. 138, P. 3644
June 26
Finance as 6s at par. Dated June 26 1934. Due $10.000 from
1937 to 1944. inclusive.
-The $150,000
-BOND SALE.
HOMINY, Osage County, Okla.
138. P.
electric light and power plant bonds offered for sale on June 22-V. at par.
-were purchased by the Public Works Administration, as 4sbid was
4164
Due from May 1 1937 to 1949. No other
Dated May 1 1934.
received.
-COURT REFUSES APPROVAL
HOUSTON, Harris County, Tex.
OF CITY WATER BOND ISSUE -In connection with the report given in
V. 138. p. 4331. of the defeat by the voters of the proposal to issue $2,502.000 in waterworks revenue bonds, we quote from the Houston "Post"
of June 20, regarding the final disapproval of this proposal, by the State
Supreme Court:
"The city Tuesday lost the final round in its fight to secure approval of a
$2.502,000 waterworks bond issue for expansion of the municipal water
system.
"With the State Supreme Court's refusal Tuesday to grant a rehearing
In the city's efforts to force the Attorney-General to approve the proposed
issue of water revenue warrants, the city had exhausted its last hope of
winning the case. Thus came to an end a long series of proceedings which
started six months ago when the Public Works Administration agreed to
loan $2,502,000 to the City of Houston for rehabilitation of the water
system, providing the equivalent amount in municipal bonds could be
validated
"The case was taken before the Texas Supreme Court in a friendly suit.
The city lost the first round of its encounter when the court threw out the
case on the grounds that holders of a prior issue of water bonds should have
been made a party to the suit.
"Once again the city went before the Supreme Court. but lost the second
round when the court held that the water system could not be encumbered
with another bond issue. With this adverse ruling,city officialsimmediately
ordered a special election to give the qualified voters an opportunity to pass
,
on the proposed bond issue. The bonds were defeated last Saturday. The
city's last opportunity to win approval of the bonds failed when the highest
court denied the city's plea for a rehearing.of the case."
HUNTINGTON UNION FREE SCHOOL DISTRICT NO. 3 (P. 0.
-REJECTS PWA ALLOTMENT.
Huntington) Suffolk County, N. Y.
-At a special meeting held on June 22 the taxpayers, by a vote of 223 to
the proposition whereby the Public Works Administration was
75, rejected
to make a loan and grant of $550,000 to finance the construction of a new
-V. 138, p. 1954. The offer of assistance was sourned
junior high school
In the belief that the district would be obliged to use other than local labor
on the project, it is said.
-M.Cliffoid Townsend, Lieuten-BOND SALE
INDIANA (State of).
any Governor, recently announced she sale of $75.000 4%% State Board of
bonds at par so W. E. Shumaker & Co. of Indianapolis.
Agriculture
INDIANAPOLIS SANITARY DISTRICT, Marion County Ind.-It is reported that the Public Works
PWA ALLOTMENT CANCELED.
Administration allotment of $393.000 for construction of a sewage disposal
-V. 138, p. 531-has been canceled.
plant
IOWA FALLS SCHOOL DISTRICT (P. 0. Iowa Falls), Hardin
-BOND ELECTION.
County, Iowa.
-It is reported that an election
will be held on July 20 to vote on the issuance of $40,000 in school bonds.
-The 837,500
IRONTON, Lawrence County, Ohio.
-BOND SALE.
awarded
refunding
of Cinas d's." Middendorf d&1 offeredc
0
1
cinnati, jointly, at par plus a premium of $9.99. equal to 10 .02, a basis of
about 5.99%. Dated July 1 1934 and due Oct. 1 as follows: $2,500 In
1937 and $5,000 from 1938 to 1944 incl. A bid of par and accrued interest
was submitted by Fox, Einhorn & Co. of Cincinnati.
JACKSON, Madison County, Tenn.
-A $25,000 issue
-BOND SALE.
of 4;1% semi-annual refunding bonds is said to have been purchased on
June 23 by W. N. Estes & Co. of Nashville, at Par.
A Jackson dispatch to the Memphis "Appeal" of June 23 reported on
the above sale as follows:
"Soundness of the city of Jackson's financial condition was reflected today when W. N. Estes & Co.. Nashville investment house, paid par for
a $25,000 block of refunding bonds. Several investment houses bid for
the 434% bonds issued to refund bonds maturing.
"Jackson has paid and retired for the past several years in excess of
$100.000 of bonds annually out of tax collections and sinking funds. Mayor
Taylor stated that Jackson this year would retire approximately $141,000
principal without the necessity of refunding.
"It is estimated that if the city's present policy is continued the entire
indebtedness will be retired within the next 10 years. Taxes for 1931 are
97% collected. For 1932. 91% of taxes have been collected and in excess
of 80% of the 1933 taxes have been paid.
-STATE BONDS
JEFFERSON COUNTY (P. 0. Birmingham), Ala.
-A $75,250 block of bonds which had been received by the county
SOLD.
from the State for franchise taxes, was sold on June 26 to Ward-Sterne
& Co. of Birmingham at a price of 99.40, plus accrued Interest.
-DETAILS OF BOND REJERSEY CITY, Hudson County, N. J.
FUNDING PLAN.
-Printed data with respect to the plan for refunding
part of the serial bonds and tax revenue bonds of 1930 maturing during
1934 was made available at the City Hall on June 27, according to the
Jersey "Observer" of the following day. In a statement issued on March
31. Arthur Potterton, Director of the Department of Revenue and Finance,
detailed the plan as follows:
"The City Commission of Jersey City regrets to state that because of the
prevailing economic conditions, it is necessary for the city of Jersey City to
refund all serial bonds maturing for the balance of 1934, and the tax revenue
bonds of 1930, maturing Aug. 11934.
"The refunding plan is as follows:
"1. All interest to be paid in full.
"2. (a) Serial Bonds. Twenty per cent in cash to be paid on all serial
bonds maturing In 1934, and refunding bonds to be issued for the remaining
80,7)
Tax Revenue Bonds of 1930. Refunding bonds to be issued for the
difference between the 1930 Tax Reserve Fund, as of Aug. 1 1934 and the
amount of tax revenue bonds maturing. As of this date (March 31 1934)
there is sufficient cash to make a payment of approximately 32%.
"3. The refunding bonds will be in serial form maturing in annual instalments beginning five years after their date and ending 10 years after their
date and having an average maturity of not less than seven years and not
more than eight years. The bonds will be issued in $500 and $1,000 denominations.
"4. The refunding bonds will bear interest at the same rate as the bonds
less
to be refunded, but in no case shall the rate of interest be the than 4.25%.
year 1934 is
The average rate of interest on all maturing bonds for
4.035%."
-BONDS AUTHORIZED FOR
JOHNSTOWN, Cambria County, Pa.
EXCHANGE-An ordinance providing for the exchange of$194,000 refundthe levying of an
ing bonds in payment of old obligations and as an emergency annual tax
measure on
to service the new indebtedness was passed
June 16.
0. Kalispell), FlatKAUSPELL HIGH SCHOOL DISTRICT (P.
-In connection
-P WA ALLOTMENT PENDING.
head County, Mont.
year_
with the $209,905 high school bonds approved by the voters early this
-it is reported by the Principal of Schools that they are
138, p. 1955
V.
from the Public Works Administration, alstill waiting for an allotment
though the application for funds was approved some time ago.
KANSAS CITY, Jackson County Mo.-MATURITY.-Tbe two issues of 35i% semi-annual park, boulevard and sewer bonds, aggregating
of
$450,000, that were purchased by Brown Harriman & Co., Inc., to New
1941;
-V. 138, p. 433I-are due on July 1 as follows: $2,000, 1936
York
1947; $12,000, 1948 to 1951; $14,000
$3,000, 1942 and 1943; 89,000. 1944 to
1971 to 1974, all incl.
to 1956; 915.000, 1957 to 1970, and $17,C00,
1952
n 'IAcIn"n, al138, piz3
' 5-
4497
-Sealed bids
-BONDS OFFERED.
KEEWATIN,Itasca County, Minn.
were received until 5 p. in. on June 25. by A. J. Curto, Village Recorder,
for the purchase ot a $12,000 issue of not to exceed 6% semi ann. street
improvement bonds. Denom. $1,000. Dated Jan. 25 1934. Due on
July 25 as follows: $1,000. 1936 to 1942: $2,000, 1943 and 1944, and
M
1 945. These bonds were offered for sale without success on
23
May 23
KEWAUNEE COUNTY JOINT SCHOOL DISTRICT NO. 1 (P. 0.
-It is stated by the Superintendent
Algona), Wis.-BOND DISPOSAL.
of Schools that the $97,000 4% semi-ann. school bonds approved by the
-are now being disposed of to the
voters on March 10-V. 138, p. 3136
Milwaukee Co. of Milwaukee. Dated March 1 1934. Due from 1935 to
1948. Inclusive.
-The loan and grant of
FEDERAL FUND ALLOTMENT REDUCED.
$148,000 for school construction that was approved by the Public Works
-has been changed to a
-V. 138. p. 1081
in February
Administration
grant alone in the sum of $51,000.
KING COUNTY (P. 0. Seattle), Wash.-COR.RECTION.-We are
now informed by the Deputy County Auditor that the $500,000 coupon
or registered indigent relief bonds purchased on June 18-V.138. p.4332
were sold as follows: $200,000 as 55. at par, to the State of Washington,
the remaining $300,000 to Wm. P. Harper At Son Co. of Seattle, and
associates, at a price of 100.075, for the bonds maturing on or before 1949
as 6s, and those maturing from 1950 to 1954. as 53.4s. In our previous
report we had given the price paid as 100.75,and the final maturity as 1950.
-The successful bidder
BONDS OFFERED FOR SUBSCRIPTION.
dated
reoffered the above bonds for general investment. The bonds areJuly 1
July 1 1934 and the 6% bonds in the amount of $186,000 mature
1936 to 1949 inclusive and are priced to yield 4.25 to 5.30%. The 5s of
which $114,000 are being issued mature from July 1 1950 to 1954 inclusive
and are priced to yield 5.25%. These bonds, issued for relief purposes, are
part of an authorized issue of $2000,000 of which $600,000 have been
previously sold and are, in the opinion of counsel, valid and legally binding
obligation of King County, which is required by law to levy ad valorem
taxes as may be necessary to pay the bonds without limitation as to rate
Or amount.
-BONDS AUTHORIMD.-At
KNOXVILLE, Knox County, Tenn.
a meeting on June 26 the City Council is said to have authorized the issuance of $200,000 in public improvement bonds as a means of assisting the
City school board to obtain a loan and grant of $406,000 from the Public
Works Administration to finance a building program.
LA CANADA SCHOOL DISTRICT(P.O. Los Angeles), Los Angeles
County, Calif.
-The $21,000 issue of 5% semi
-BONDS NOT SOLD.
-was not sold, as
annual school bonds offered on June 4-V. 138, p. 3813
no bids were received. Dated May 1 1934. Due $1,000 from May 1 1935
to 1955, inclusive.
.-The
-BONDS AUTHORIZED
LACKAWANNA, Erie County, N. Y.
Common Council on June 18 approved an issue of$350.000 viaduct bonds.
-The $125,000
, LAFAYETTE, Lafayette Pari4h, La.
-BOND SALE.
issue of 6% semi-annual funding bonds offered for sale on June 26-V. 138.
-was purchased at par by Mr. J. C. Barry, of New Orleans. Duep.4165
from June 1 1935 to 1959. incl.
-Sealed
LA GRANGE, Fayette County, Texas.
-BOND OFFERING.
bids will be received until 8 p.m. on July 11 by Mayor C. G. Robson for'
the purchase of a $28.000 Issue of 4% semi-ann, park bonds. Denom.
$100. Due on May 10 as follows: $400, 1935 to 1944: 9700. 1945 to 1964.
and 81.000, 1965 to 1974, all inclusive. These bonds were approved br
-V. 138.
the voters on April 3 and later authorized by the city Council
P.3813. A certified check for $500 must accompany the bid.
OFFERING.
La Grange),Ind.
-BOND
LaGRANGE COUNTY (P.O.
-The County Auditor will receive sealed bids until 10 a. in. on July Ilk
for the purchase of $8,033.77 bonds.
-BOND ELECTION.
LAMPASAS COUNTY(P.O. Lampasas),Texas.
-It is said tha tan election will be held on July 14 on the issuance of$15000'
bridge bonds.
-The $49.813.80'
-BOND'SALE.
LANCASTER, Erie County, N. Y.
-were awarded as 4 Us to Leach
bonds offered on June 25-V. 138. p. 4332
Bros., Inc. of New York. at par plus a premium of $35, equal to 100.07. a
basis of about 4.22%. The sale consisted of:
$29,10.00 general bonds. Due June 1 as follows: 96,000 in 1935 and 1936:
$9,000 in 1937 and $8.100 in 1938.
A35 to
20,713.80 judgment bonds. Due June 1 as follows: $4,000 from
1938. incl. and $4,713.80 in 1939.
Each issue is dated June 1 1934,
-It is
LANDER COUNTY (P. 0. Austin), Nev.-BONDS CALLED.
reported that the 6% high school bonds, dated July 1 1921, are being
called for payment at the Lander County Bank in Austin.
-BONDS AUTHLAWRENCEBURG, Lawrence County, Tenn.
ORIZED.
-At a recent meeting the City Council authorized the issuance of
$1,000. Dated April 1
$150,000 in 4% sewerage revenue bonds. Denom.
1934. Due from April 1 1935 to 1961, incl. Prin. and int. (A. & 0.)
payable at the City Treasurer's office, or at the Chemical National Bank in
/New York City Bonds are coupon in form, registerable as to principal
alone.
-Sealed
LINCOLN, Lancaster County, Neb.-BOND OFFERING.
bids will be received until July 10, by Theo. A. Berg, City Clerk, for the
bonds.
purchase of an issue of $178,000 3% special assessment refunding refund
dated July 1 1934. Due from 1945 to 1954, incl. This issue will includbonds dated beginning July 1 1924 and annually thereafter, to and
ing July 1 1928.
LINCOLN COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Afton),
-The $105,000 Issue of semi-annual refunding bonds
Wyo.-BOND SALE.
offered for sale on June 25-V. 138. p. 3983-was purchased by the State
of Wyoming as 330 at par. Due from 1935 to 1940.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls) Passaic County,
-Bert S. Briggs. Township Clerk, will receive
N. J.
-BOND OFFERING.
sealed bids until 8 p. in.(Daylight Saving Time)on July 9. for the purchase
.
of $90,000 5. 53i. 534,534 or 6% coupon or registered sewer bonds of 1934.
Dated July 15 1934. Denom. $1,000. Due $5,000 on July 15 from 1935
to 1952, incl. Subject to prior redemption, at par and accrued interest,
at the option of the Township. Principal and interest (J. & J. 15) payable
in lawful money of the United States at the office of the Township Treasurer.
A certified check for 2% must accompany each proposal. Legal opinion of
Hawkins, Delafield & Longfellow of New York will be furnished the
successful bidder.
LITTLE FALLS TOWNSHIP (P. 0. Little Falls), Passaic County,
N. J.
-The Little Falls National Bank purchased an issue
-BOND SALE.
serially
of $54.000 improvement funding bonds. Dated May 10 1934. Due
1935 to 1939 Incl.
-BOND OFFERING.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-R.M.Painter, Clerk of the Board of County Commissioners, will receive
sealed bids until 10 a. m. on July 14 for the purchase of $10,000 6% Poor
relief bonds. Dated July 1 1934. Denoms. $1,000 and $100. Due as
follows: $3,300 March 1 and Sept. 1 1937. and $3,400 March 1 1938.
Principal and interest(M. & S.) payable at the County Treasurer's office.
A certified check for 2% of the bonds bid for, payable to the order of the
County Treasurer, must accompany each proposal. Bidders required to
satisfy themselves as to the legality of the bonds.
-It is
LOVELOCK, Pershing County, Nev.-BOND OFFERING.
reported that sealed bids will be received until 10 a. in. on July 9, by V. A.
issue of 4% water bonds.
Twigg, City Clerk, for the purchase of an $85,500
Due from 1936 to 1954. A certified check for 5% must accompany the bid.
LOYALHANNA TOWNSHIP (P. 0. Loyalhanna) Westmoreland
-D. R. Carnaham. Township Secre-BOND OFFERING.
County, Pa.
tary, will receive sealed bids until 2 p. in, (Eastern Standard Time) on
July 25, at the office of C. K. McCreary & Crowell & Whitehead, Bank &
Trust Bldg., Greensburg, for the purchase of $9,000 5% bonds. Dated
June 15 1934. Denom.$1,000. Due June 15 as follows: $2,000 from 1941
to 1943,incl. and $3,000 in 1944. Interest is payable In J.& D. A certified
check for $500, payable to the order of the 'Township Treasurer, must
accompany each proposal. Sale is subject to approval of issue by the
.
Pennsylvania Department of Internal Affairs.
4498
Financial Chronicle
LOWELL, Middlesex County, Mass.
-TEMPORARY
-A. W.
Gay& Co.ofBoston recently purchased an issue of$100,000LOAN.
tax-anticipation
notes at 3.50% discount basis. Due May 15 1935.
MADISON, Dane County, Wis.-FEDERAL FUND ALLOTMENTS
REDUCED.
-We are now informed that the loans and grants aggregating
$696,200, approved by the Public Works Administration for various
purposes in September and November, have been changed to grants
of
$95,000.
June 30 1934
Commerce Bank & Trust Co., the Mississippi Valley Bank & Trust Co.,
J. & W. Seligman & Co., Jackson & Curtis. the
National Bank of
St. Paul, Stern Brothers & Co., Alex. Brown and First and the Illinois
Sons
Company.
"The Bankers Trust Co. headed a syndicate that offered the State
100.40 for 3s. Other members of the group were the National City Bank,
Brown Harriman & Co., Blyth & Co., Kelley, Richardson St Co., Wallace
& Co., the Wells-Dickey Co., Stix & Co., Schaumburg, Rebhann and
Osborne. Smith, Moore & Co.,and the Commerce Trust Co.
"The final tender of 102.80 for 3%s was presented by a syndicate comprising the First National Bank of New York, Estabrook & Co., Stone &
Webster and Blodget, Inc., R. W. Pressprich & Co., R. L. Day & Co..
Dick & Merle-Smith, Kean, Taylor & Co., George B. Gibbons & Co., Inc.,
Benumbs, Bailin & Lee, It, H. Moulton & Co., Foster & Co., the Metropolitan St. Louis Co., Presscott, Wright, Snyder Co., the City Bank and
Trust Co. of Kansas City, and Newton, Abbe & Co."
MANSFIELD, Richland County, Ohio.
-BOND OFFERING.
-P. L.
Kelley, City Auditor, will receive sealed bids until 1
purchase of $20,000 6% assessment bonds. Dated p. m.on July 9 for the
July 1 1934. Denom.
$1,000. Due $2,000 April 1 and Oct. 1 from 1935
is payable in A. & 0. A certified check for 2% of to 1939 incl. Interest
the bonds bid for must
accompany each proposal.
MARION COUNTY(P.O.Indianapolis). Id.- BOND OFFLRING.Charles A. Grossart, County Auditor. will reel ive staled bids until 10
on July 20 for the purchase of 318.000 not to exceed 6% interest a.m.
bonds. Dated Aug. 1 1934. Denom. $1,000. Due 36,000 on bridge
Vora 1935 to 1937. incl. Principal and interest (F. & A.) payableAug. 1
County Treasurer's office. A certified check for 3% of the amount ofat the
bonds
bid for, payable to the order of the Board of County Commissioners, must
accompany each proposal.
MARSHALLTOWN, Marshall County, Iowa.
-BOND SALE.
-The
$7,000 issue of funding bonds offered for sale on June 25-V. 138, p.4332
was purchased by the White-Phillips Co., Inc., of Davenport as 3s, paying
a premium of $58, equal to 100.828, a basis of about 2.80%. Denom.
$1,000. Dated June 1 1934. Duefrom Dec. 1 1936 to 1939,incl. Interest
payable J. & D.
MAZOMANIE, Dane County, Wis.-BOND SALE.
-The *25,000
4% semi-annual municipal building bonds that were approved by the voters
on May 1-V. 138, p. 3137
-were purchased by local investors, paying
premium of $325, equal to 101.30, a basis of about 3.90%. Dated May a
1
1934. Due in 1954.
MIAMI, Dade County, Fla.
-REFUNDING CERTIFICATES AUTHORIZED.
-At a meeting on June 16 the City Commissien is said to have
adopted a resolution authorizing the issuance of refunding certificates
of
indebtedness for back interest, in the total amount of $1,350,000.
It is
said that the Commission will make application to the Circuit
Court for
validation of the issue.
MONESSEN SCHOOL DISTRICT, Westmoreland County, Pa.
BOND OFFERING.
-M. Kiseda, District Treasurer, will receive sealed
bids until 7:30 p. m. on July 2 for the purchase of $60,000 4%.4.4% or
5% bonds. Dated July 15 1934. Denom. $1,000. Due July 15 as follows:
$5,000 in 1939 and 1944 and $10,000 in 1947, 1950. 1952. 1953 and 1954.
Bidder to name a single interest rate for all of
Proposals to be
accompanied by a certified check for $1,000. the bonds.
MONTALBA SCHOOL DISTRICT (P. 0. Montalba), Anderson
County, Texas.
-BONDS VOTED.
-It is stated
election
the voters approved the issuance of $10,000 in that at a recent bonds.
gymnasium
Due $500 from 1935 to 1954 and optional in 1939. 5%
MONTICELLO, Drew County, Ark.
-BOND SALE.
-A $19,200 block
of city hall bonds is reported to have been jointly purchased
on June
by the Union Bank & Trust Co.and the Citizens Loan & Trust Co., both 21
of
Little Rock, at par. (An allotment of *25,000 was approved by the
Public Works Administration in March-V. 138.
-and the bonds
p. 1780
were voted on April 16-V. 138, P. 2
787.)
MOUNT IDA TOWNSHIP (P. 0. Lancaster) Grant County, Wis.BOND DETAILS.
-We are informed by the Township Clerk that the
$30.000 4% road improvement bonds approved by the voters on May 5V. 138. p. 2968
-received a count of 148 to 55. Bonds
ready for
sale but local investors will have first choice to purchaseare now Due from
them.
1935 to 1945.
MIDDLESBORO, Bell County, Ky.-BOND OFFERING.
reported that the City Clerk will receive sealed bids until July -It is
3, for
purchase of $262,000 in electric light and power plant bonds. (The the
already has a *328.000 Public Works Administration allotment on city
this
project,on which litigation was in progress for some time.
-V.138,p.3646.)
MIDLAND PARK,Bergen County, N.J.
-BOND SALE.
-The $33,000
coupon or registered improvement bonds of 1932 offered on
June 4, at
which time no bids were obtained-V. 138._p. 4165
-were sold later to the
First National Bank of Paterson. Dated June 1 1934 and
due on June 1
as follows: $5,0e0from 1935 to 1937 incl. and *6,000from
1938 to 1940, Mei
MILTON, Norfolk County, Mass.
-BOND OFFERING.
Whittier, Town Treasurer, will receive sealed bids until 12 -Clyde L.
Saving Time) on July 3 for the purchase of$370,000 coupon m. (Daylight
bonds, divided
as follows:
1335,000 junior high school bonds. Due July 1 as follows:
$17,000 from
1935 to 1953 incl. and $12,000 in 1954.
35,000 sewer assessment'
bonds. Due $7,000 on July 1 from 1935 to
1939 inclusive.
Each issue is dated July 1 1934. Bidder to name rate of
interest in
multiples of
of 1%. Bonds are registerable as
interest. Principal and interest (J. & J.) payable to both principal and
at the First National
Bank of Boston. This institution will
bonds and certify as to their authenticity.supervise the engraving of the
Legal opinion of Ropes.
Boyden & Perkins of Boston will be furnished the successful bidder. Gray.
Financial Statement (as of July 2 1934).
Assessed valuation for year 1933
$37,500,150
Total bonded debt, including these issues
1,482,000
Water bonds (included inaotal debt)
520,000
Population, 1933, 17.507.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-PUBLIC
SALE
NOT CONTEMPLATED.
-It is stated by the County Auditor that
the
$122,000 county park and airport bonds authorized by the County
Board
recently
-V.138.P. 4332
-will not be offered for sale but will be purchased
for general county sinking funds.
MINNESOTA. State of (P. 0. St. Paul).
-FEDERAL FUNDS RESCINDED.
-The following report on the cancellation of seven
Public
Works Administration fund allotments in this State is taken from
the
Minneapolis "Journal" of June 22:
"Secretary Harold L.Ickes to-day canceled PWA loans and allotments
to
seven Minnesota municipalities for public improvements that
totaled
$305.000.
"He also issued an order that allotments and grants to 18 other
municipalities for proposed improvements that total nearly Minnesota
$19,000.000
will be rescinded unless 'immediate steps are taken to get the
projects
under way.'
"According to an Associated Press dispatch, the seven canceled
allotments are: An $8,000 loan and grant to Dundas for an
auditorium;
$10,000 loan and grant to Crookston for street improvements; a grant a
of
132.800 to Wabasha County for roads; a $25,000 grant to Rockville for
water works and sanitary sewers; a $1.400 grant to Itasca
bridge repairs; a grant of $5,600 to Moorhead for additions toCounty for
an
plant: a grant of $200,000 to Fergus Falls for sanitary sewers and electric
sewage
treatment plant. The order also reduces a $270,000 loan and grant to
Winona for building a sewer system to a grant of $69.000 and cuts a
Duluth Street project allotment from 1170,000 to $69.200.
"Other Minnesota projects included in the list the Snretary threatens
will be rescinded are: Warroad, bathing beach, $5,000; Keewatin, streets,
$5,400; Bemidji, sewage disposal plants, $90,000; Winona, sanitary sewer.
$270,000; Nobles County, highways, $8,000; Cambridge. school,
$20,000;
Duluth, streets, $70,000; St. Louis County, schools, $56,000; Moorhead,
genital y sewer, $170.000; Paramount, sewerage disposal plant.
$63.000;
New York Mills, water works. $34,001.4 Hutchinson, water mains.
$1.900:
Lamberton, streets, $6,600: Jordan, bridge, $15.700; Watertown, sewerage
disposal plant, $2,500; Owatonna, streets, $2,900."
M SSOURI, State of (P. 0. Jefferson City).
-BOND SALE.
-The
15,000.000 issue of road, series W. bonds offered for sale on June 25V. 138, P. 4165
-was awarded to a syndicate composed of the Chase
National Bank; Kidder, Peabody & Co.; Lehman Bros.; F. S. Moseley
& Co.; Hemphill, Noyes & Co. all of New York; the Manufacturers &
Traders Trust Co. of Buffalo; Arthur Perry & Co. of Boston; Stranahan,
Harris & Co., Inc., of Toledo, and Whitaker & Co. of St. Louis as 3s at
a price of 101.169, a basis of about 2.81%. Dated June 15 1934. Due
$1,000,000 from June 15 1953 to 1957 inclusive.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders
re-offered the above bonds for public subscription at prices to yield 2.85%
for all maturities. The bonds constitute, in the opinion of counsel, valid
and direct obligations of the State for the payment of which ad valorem
taxes may be levied upon all of the taxable property in the State without
limitation as to rate or amount. They are legal investments for savings
banks in New York, Massachusetts, Connecticut and certain other States,
according to the bankers.
Press dispatches listed the other bids for the bonds as follows:
"Halsey, Stuart & Co., and associates were second with the closely competitive tender of 101.156 for 3s. a difference of only 13 cents a $1.000 bond.
This syndicate included also the Chemical Bank & Trust Co.. BancamericaBlair Corp.. Ladenburg, Thalmann & Co., Hallgarten & Co., Graham,
Parsons & Co., the Lee Higginson Corp., Darby & Co.E. H. Rollins &
Sons, G. M.
-P. Murphy & Co.. B. J. Van Ingen & Co. 'Stifel, Nicolaus &
Co., William R. Compton & Co.. Baum, Berheimer St Co., the First Na'
tional Bank of Memphis and the Equitable Securities Corp. of Nashville.
"Third among the bids presented was a figure of 100.813 for 3s, named by
the Harris Trust & Savings Bank of Chicago, in association with the First
National Bank of Chicago,the First Boston Corp. the Northern Trust Co..
the Boatmen's National Bank, L. F. Rothschild .!‘. Co., Eldridge & Co.,and
Rutter & Co.
Other Tenders.
"This was followed by a bid of 100.42 for 3s, named by a group composed
of the Guaranty Trust Co., Edward B. Smith & Co., the Mercantile
MUSKEGON, Muskegon County, Mich.
-BONDS NOT SOLD.
No bids were obtained at the offering on June 8 of $50.000 not to exceed
5% interest general improvement bonds
-V. 138. P. 3984. Dated July 1
1934 and due 15.000 on July 1 from 1935 to 1944. incl.
NASHUA, Hillsboro County, N. H.
-BOND ,SALE.
-The $200.000
coupon bonds offered on June 27-V. 138, p. 4333
-were awarded as 3s to
Halsey, Stuart & Co., Inc., of New York at a price of 100.182, a basis of
about 2.91%. The sale consisted of:
$100,000 sewer bonds. Due *5.000 on June 1 from 1935 to 1954, ind.
100,000 permanent public impt. bonds. Due $5,000 on June 1 from
1935 to 1954, inclusive.
Each issue is dated June 1 1934. The bankers are reoffering the bonds
for public investment at prices to yield from 0.75 to 3.10%, according
to maturity. The bonds,it is said, are held by counsel to be general obligations of the city, payable from unlimited ad valorem taxation, and al'e legal
investment for savings banks in the States of New York, Massachusetts
and Connecticut. The city reports an assessed valuation for 1933 of $37,689.007 and net bonded debt, including present bonds, of $1,355,466.
Other bids were as follows:
BidderInt. Hate.
Bate Bid.
Brown Harriman & Co
3
100.13
Arthur Perry & Co
100.046
3
Burr, Garrett & Co
99.66
Ballou, Adams & Whittemore
. 99.12
Halsey, Stuart & Co.,Inc
101.75
3
Estabrook & Co
100.91
3
Lee Higginson Corp
100.125
Indian Head National Bank of Nashua
100.40
E. H. Rollins & Sons
2
98.38
Newton, Abbe & Co
2
98.15
Halsey, Stuart & Co
‘,
97.90
NEBRASKA, State of (P. 0. Lincoln).
-BONDS REGISTERED.
The following is taken from an article on registrations appearing in the
Lincoln "Star"of June 6:
"Refunding bonds issued by nine governmental subdivisions of Nebraska
for the purpose of lowering interest rates on their outstanding obligations
made up the bulk of public security registrations in the office of State
Auditor Price during the month of May.
"The grand total ofrefunding bonds recorded last month was $1.163.457.
This, of course, represents no increase nor decrease in funded public
indebtedness.
"New bonds Issued and registered in May were in two lots, for a total of
$82,000. One was $40,000 of water bonds by the City of Wahoo. at 4%,
due in 20 years and optional for payment after 5 years. The other was
$42.000 of building bonds by the school district of Kearney. These will
• mature serially in 1 to 10 years. without the optional clause, and bear
%
"A considerable number of counties, cities, villages, school districts, and
other local divisions paid off and retired their funded I.O.U.'S during May
for the gross amount of $227,470. The City of Fairbury, in addition,
reported having paid off $259,000 of its paving bonds at different times
previous to last month, which should have been officially certified at
earlier dates."
NELSONVILLE SCHOOL DISTRICT, Athens County, Ohio.-The Public Works Administration
PWA ALLOTMENT RESCINDED.
allotment of $5,000 for school building improvements
-V 138. p. 2620
has been rescinded.
NEW BEDFORD,Bristol County, Mass.
-PROPOSED BOND ISSUE.
-The City plans to issue $300,000 highway improvement bonds, the
proceeds of which would be added to funds already granted for that purpose
by the Public Works Administration.
NEW BRAUNFELS, Camel County, Tex.
-CORRECTION.
-It is
stated by the City Clerk that the report given in V. 138. P. 2293, to the
effect that an application had been filed with the Public'Works Administration by the city for a loan and grant of $7,650,000 for developing and
improving a water supply, was incorrect as no such project is contemplated.
NEW EAGLE SCHOOL DISTRICT, Washington County, Pa.
BOND SALE.
-The $34,000 bonds offered on June 25-V. 138. p. 3984
were awarded as 4 is to Glover & MacGregor of Pittsburgh, at par plus a
102.005, a basis of about 4.55%. The sale
premium of $682, equal to
consisted of:
$21,00C school building bonds. Due June 1 as follows: $1.000 from 1939
to 1948 Incl.; $2,000, 1949 to 1952 incl. and $3,000 in 1953.
13,000 school funding bonds. Due $1,000 on June 1 from 1941 to 1953.
Inclusive,
Each issue is dated June 1 1934. An offer of 100.80 for 5% bonds was
submitted by Leach Bros., Inc. of Philadelphia.
NEW MEXICO, State of (P. 0. Santa Fe).
-BOND SALE.
-The
$500,000 highway bonds offered for sale on June 26-V. 138, p. 3647
-was
awarded to a syndicate composed of the First National Bank of St. Paul,
Piper, Jaffrey & Hopwood of Minneapolis, the International Trust Co.
Bosworth. Chanute, Loughridge & Co., both of Denver, as 4s, paying
and
a premium of $1,005.67. equal to 100.201, a basis of about 3.97%. -Dated
July 11934. Due $250,000 on July 1 1942 and 1943.
NEW YORK, N. Y.
-CITY FORCED TO CALL FOR NOTES BY LOT.
The marked change that has occurred recently in the attitude of investors
toward obligations of the city was clear* indicated in the announcement
,
made by Comptroller McGoldrick on June 24 to the effort that holders of
4% revenue notes redeemable from collections of tax arrears had declined
to tender notes for retirement at the Comptroller's call, thus making it
necessary for the Department of Finance to draw lots so that
gations may be redeemed on schedule. It is the first time in the oblihistory that it has ever been compelled to force a redemption of the city's
securities
by the drawing of lots. The Comptroller explained that
initial reluctance of holders to liquidate the notes was encountered onthe 4, when
June
offers of only $436,900 were received in response to his announcement on
May 28 that a total of $5,000,000 would be redeemed. This was followed
by the announcement that an additional $5,000,000 had been obtained
Volume 138
Financial Chronicle
through payment of tax arrears and would be used in the redemption on
June 12 of a like amount of notes. No tenders having been received on the
later date, the Comptroller was obliged to draw lots and peremptorily to
call in notes in the principal amount of $9,563,100. In his announcement, Mr. McGoldrick further stated as follows: "It is obvious that the
holders of these notes prefer to retain them in their investment protfolios
as long as possible. The total amount of these notes that has been redeemed
up until to-day was $100,436,900. Added to this is the $9,563,100 for which
lots already have been drawn and since these lots were drawn, $3,650,000
arrears taxes have become available, and are earmarked for redemption of
these notes, leaving $112,782,500 of arrears taxes to come in before the
total of $226,432,500 of the notes originally issued are wiped out. Of the
amount already redeemed, $78,650,000 has been paid since Jan. 1. It was
on this basis that the banks from which the city borrows under the Bankers'
Agreement were willing to reduce the rate to 3% on the new issue of revenue
notes to be made after June 30 to take up the $50,000,000 of revenue bills
issued since Jan. 1 which were issued in anticipation of the payment of
current taxes."
PWA BONDS AUTHORIZED.
-The Board of Estimate on June 27
authorized the issuance of more than $30,000,000 4% bonds to be used as
security for the approximately 337,000000 in Public Works Administration
funds to be allotted to the city for various construction projects.
NEW YORK (State of). $30.000.000 BONDS SOLD AT RECORD
LOWINTEREST COST BASTS.
-The $30,000.000coupon or registered emergency unemployment relief bonds offered on June 28-V. 138, p. 4333
were awarded to a comprehensive syndicate headed by the Chase National
Bank of New York as 2s at a price of 100.91, the net interest cost of the
financing to the State being 1.834%. This is the lowest basis cost at which
bond financing has ever been negotiated by the State and compares with
the previous low rate of 2.887%, which was obtained at the sale on April 3
1934 of $50,000,000 bonds to a syndicate headed by the City Company of
New York, Inc.
-V. 138, p. 4333. The successful bid was the highest of
three "all or none" offers received at the sale. The unusually low terms
at which the current borrowing was arranged by the State occasioned no
surprise in informed circles, as the municipal bond market in recent weeks
has been very receptive to high-grade issues. The bonds just sold are
dated July 1 1934 and mature $3,000,000 on July 1 from 1935 to 1944. incl.
Formal re-offering by the bankers was made on June 29 at prices to yield
0.375% for the bonds due in 1935: 0.75% in 1936; 1.25% in 1937; 1.50%
in 1938; 1.60% in 1939; 1.75% in 1940; 1.90% in 1941 and 2% for the bond
due from 1942 to 1944, incl. The heavy demand from institutional and
other investors indicated that the entire issue would be distributed within
a day or two, it was said. The obligations are declared to be legal investment for savings banks in New York, Massachusetts, Connecticut and other
States and are acceptable to the State of New York as security for State
deposits, to the Superintendent of Insurance to secure policyholders, and
to the Superintendent of Hanks in trust for banks and trust companies.
SYNDICATE MEMSERS.-The successful banking group, in addition
to the Chase National Bank. includes: Hallgarten & Co.; Barr Bros. & Co.,
Inc.; R. W. Pressprich & Co.; Salomon Bros. & Hutzler; Chemical Bank &
Trust Co.: Kidder, Peabody & Co.; the Marine Trust Co., Buffalo; Manufacturers Trust Co.; Hayden, Stone & Co.; Blyth & Co., Inc.; the Northern
Trust Co., Chicago; Harris Trust & Savings Bank, Chicago; Kean, Taylor
& Co.', L. F. Rothschild & Co.; White, Weld & Co.; New York State National Bank, Albany; R. H. Moulton & Co., Inc.; J. & W. Seligman & Co.:
Mercantile Commerce Bank & Trust Co., St. Louis: Hemphill, Noyes &
Co.; Darby & Co.; Wallace & Co.; Stranahan, Harris & Co.. Inc.; Laurence
M. Marks & Co.; Kelley, Richardson & Co., Inc.; Hornblower & Weeks;
Lee, Higginson Corp.; the Public National Bank & Trust Co.: Central
Republic Co., Chicago; Ritter & Co.; Whiting, Weeks & Knowles, Inc.,
Boston; Wells-Dickey Co., Minneaplois; Stern Bros. & Co., Kansas City;
Mason-Hagan, Inc.. Richmond; Trust Co. of Georgia. Atlanta Green.
.
Ellis & Anderson; The Illinois Company, Chicago, and Edward Lowber
'
Stokes & Co., Philadelphia.
OTHER BIDS.
-The two unsuccessful bids for the issue, each being for
2% bonds, were as follows: The Bank of the Mannattan Co. of New York
and associates named a price of 100.73, which figured a net interest cost
of 1.86%, while the offer of 100.32 by the National City Bank of New
York and associates represented an interest cost basis of 1.94%. Other
members of the first group were Speyer & Co.; Ladenburg, Thalmann
& Co.; Halsey, Stuart & Co., Inc.; Bancamerica-Blair Corp.; Stone &
Webster and Blodget, Inc.; Manufacturers & Traders Trust Co., Buffalo;
Iselin Securities Corp. and Burr & Co. The City Bank account included
• also the Bankers Trust Co.; the First National Bank of New York; the
Guaranty Trust Co.; Brown, Harriman & Co.; the First Boston Corp., and
Edward B. Smith & Co.
(Official notice of the re-offering of the bonds by the purchasing syndicate
appears as an advertisement on page VI of this issue.)
NEW YORK, N. Y.
-COMPTROLLER ANNOUNCES OFFERING OF
$72,000,000 BONDS AND NOTES.
-Comptroller Joseph D. McGoldrick
made formal announcement on June 29 of his intention to offer for sale on
July 10 an issue of $60,000,000 serial bonds and an issue of $12,000,000
corporate stock notes. The preliminary notice of the projected sale,
which appeared in the "City Record," stated that further particulars regarding the offering, such as the date of the bonds, rates of interest and
other terms of sale, would be announced later. The $60,000,000 serial
bonds will be divided as follows: $48,000.000 docks, water supply and
independent subway system bonds will mature in equal annual instalments
within a period of 48 years; $6,000,000 school and various municipal purposes bonds will mature annually over a period of 15 years, while a further
block of $6,000,000 school and various municipal purposes bonds mature
by annual instalments within 36 years. The $12,000,000 corporate stock
notes will be payable on May 10 1935. Sale of the serial bonds will represent the only long-term financing the city will undertake during 1934 and
will constitute the first negotiated since March 1931. The bulk of the
proceeds of the bond award will be used to take up $58,500.000 5 %
corporate stock notes which do not mature until Sept. 1 1934. The balance
of $1,500,000 will be applied to the payment of outstanding contracts and
awards which are legally payable only from funds made available by the
sale of corporate stock notes, serial bonds or corporte stock. The proceeds of the $12,000,000 corporate stock note issue will be used in the same
manner. In announcing the forthcoming sale, Mr. McGoldrick disclosed
that it will be his policy during all the time he is in office to finance the
city's long-term loan requirements through the sale only of serial bonds.
This is in sharp contrast with the procedure employed by his predecessors,
who adopted the rule of generally borrowing on a long-term basis through
the sale of corporate stock issues, payable in a lump sum. The Comptroller
stated that he believed from the point of view both of the taxpayer and of
the security purchaser the serial bond method constitutes the sounder way
of municipal financing. This conclusion, he added, was reached only after
a long study of all phases of the matter. The present offering of $72,000,000
bonds and notes is expected to be accorded a favorable reception by investment bankers. This view is based on the many evidences of late of the
confidence displayed by both bankers and individual investors in the outstanding obligations of the city.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-LOAN OFFERING.
Ralph D.Pettingell, County Treasurer, will receive sealed bids until 11 a.m.
(Daylight Saving Time) on July 10 for the purchase of $100,000 tax anticipation notes. Dated July 10 1934. Denoms.$25,000, $10,000 and $5,000.
Payable Nov. 8 1934 at the First National Bank of Boston. Legality
approved by Ropes, Gray, Boyden & Perkins of Boston.
NORTH BEND, Coos County, Ore.
-The
-BONDS AUTHORIZED.
City Council is reported to have approved recently the issuance of $59,000
in refunding bonds to take up a like amount of bonds maturing on Aug. 15.
NORTH DANSVILLE (P. 0. Dansville), Livingston County, N. Y.
-BOND SALE.
-The $20,000 coupon or registered airport bonds offered
on June 25-V. 138. p. 4166
-were awarded to the Union Trust Co. of
Rochester. as 4.10s, at a price of 100.227. a basis of about 4.057, Dated
June 1 1934 and due $2,000 on June 1 from 1935 to 1944, incl. Other bids
for the bonds were as follows:
BidderRate.
Rate Bid.
"14.257.9
Manufacturers & Traders Trust Co
100.189
A. C. Allyn & Co
4.25%
100.16
First National Bank of Wayland
4.375%
100.00
George B. Gibbons & Co., Inc
4.60%
100.147
NORWALK, Fairfield County, Conn.
-BOND ISSUE RECOMMENDED.
-Stephen Dokus, City Comptroller. has suggested to the Board
of Estimate and Taxation that an issue of $30,000 bonds be sold in order to
finance the operations of the Welfare Department until Sept. 1.
OHIO.
-DEALERS' REFERENCE LIST.
-A complete list of dealers
interested in Ohio municipals is contained in the 1934 edition of "Classified
4499
Market," just off the press. Firms who specialize in these bonds are
indicated by a star placed before the listing. The lists are alphabetically
arranged under the cities in which the firms are located, making an ideal
mailing and prospect list. Over 150 other classifications are covered
including municipal bonds of all States of this country, besides the
various Provinces of Canada. Published by Herbert D. Seibert & Co.,
25 Spruce St., New York City. Price $6 per copy.
OMR° SCHOOL DISTRICT NO. 5 (P. 0. Omro), Winnebago
County Wis.-BONDS SOLD.
-The $20.000 school gymnasium and
auditorium bonds that were approved by the voters in March-V. 138,
p. 1781-are said to have been sold to local investors as 4s. Due in 15 years.
-FEDERAL FUND
ORTONVILLE, Big Stone County, Minn.
ALLOTMENT REDUCED.
-The loan and grant of $32,000 for sewage
treatment plant construction that was approved by the Public Works
Administration in December
-V.137, p.4726
-has been changed to a grant
alone, in the sum of $9,000.
-BOND EXCHANGE AUTHOROXFORD, Granville County, N. C.
IZED.
-In connection with the $95,000 refunding bonds that were approved
this spring by the Local Government Commission, it is stated by the President of the North Carolina Municipal Council, Inc., that the said bonds are
being authorized to be given in exchange for maturing bonds which the
Town is unable to pay off in cash. It is stated that the market will not
permit the sale of the new bonds and a refunding plan is being prepared.
-BOND ELECTION -It is stated
PARSONS, Labette County, Kan.
by the City Clerk that an election will be held on Aug. 7 in order to vote
on the issuance of the $275,000 in gas plant bonds that were mentioned in
V. 138, p. 3985.
PASSAIC COUNTY (P. 0. Paterson), N.J.-BONDS NOT SOLD.
No bids were obtained at the offering on June 27 of $2,317,000 5% coupon
or registered bonds, including $946,000 park. $695,000 road, bridge and
county building, $504,000 County Welfare Home and $172,000 refunding
Issues
-V. 138, p. 4334.
-BOND OFFERING.
PELHAM MANOR, Westchester County, N. Y.
-Gervas H. Kerr Village Clerk, will receive sealed bids until 8 p.m.
(Daylight Saving Time) on July 10 for the purchase of $18,000 not to exceed
6% interest coupon or registered series No. 51 refunding bonds. Dated
July 16 1933. Denom. $1,000. Due $1,000 on July 15 from 1935 to
1952 incl. Bidder to name a single interest rate for all of the bonds, exof 1%. Principal and interest payable at the
pressed in a multiple of
Chemical Bank & Trust Co., New York. The bonds will be prepared under
the supervision of the Continental Bank & Trust Co., New York, which
will certify as to the genuineness of the signatures of the Village officials
and the seal impressed thereon. A certified check for 2% of the bonds
bud for is required. Legal opinion of Caldwell & Raymond of New York
will be furnished the successful bidder.
Financial Statement.
$25,805,275
Assessed valuation
1,042.290
Bonds outstanding
Tax Levies and Collections.
1930.
1933.
1932.
1931.
Year$258,052.95 $274,439.56 $312,631.34 $304,372.67
Amount of levy
139.12
3,300.00
167.36
Amount uncollected_ _ _ _ 216,178.85
The taxes for the year 1933 are due on June 1 but do not become delinquent
until July 15.
-BONDS VOTED.
-At an election held rePETERSBURG, Alaska.
cently the voters authorized the issuance of $15,000 sewer system bonds.
They will be sold locally.
-It is said
PETERSON, Clay County, lowa.-BOND OFFERING.
that both sealed and open bids will be received at 7.30 p.m. on July 2
by M. E. Richard, Town Clerk, for the purchase of a $4,000 issue of water
works bonds. Dated July 1 1934. Due $500from July 1 1937 to 1944,incl.
A certified check for $200 must accompany the bid.
-INCREASE IN TAX COLLECTIONS IMPHILADELPHIA, Pa.
-AS a result of an increase of over $2,500,000
PROVE CITY'S FINANCES.
collections during the first five months of 1934, as
in the volume of tax
compared with the collections in the same eriod last year, the financial
position of the City has improved considerably and is particularly reflected
bonds.
in the rise that has occurred in the market prices of outstandingof June
according to a dispatch from the City to the "Wall Street Journal"
paredrpmnow selling at an average yield basis of3.85%. as
22. The bonds are
with yields of from 5 to 6% at which they were marketed previously.
The increase in tax collections so far this year is shown in the following
comparative record:
1932.
1934.
1933.
$52,592.865 $58,155,808 $61,742,223
Tax levy
24,233,414 23,097,994 24.902,705
Collection to May 31
40 518
9
$28,359,451 $35,057,814 $36,83 :3%
Uncollected to May 31
46.1%
39.7%
Per cent collected
PIERCE COUNTY SCHOOL DISTRICT NO. 105 (P. 0. Tacoma);
-The $2,000 issue of school bonds offered for sale
Wash.
-BOND ,SALE.
oigmo
-was purchased by the State of Washington,
on June 23-V. 138. p. 4167
as 5s at par.
-H. B.
-BOND OFFERING.
Ohio,
PLAIN CITY, Madison County,
Walker. Village Clerk, will receive sealed bids until 12 m.(Eastern Standard
Time) on July 14, for the purchase of $60,000 6% electric light, heat and
power system extension bonds. Dated June 1 1934. Denom.$1,000. Due
$2,000 on March 1 and Sept. 1 from 1935 to 1949, incl. Principal and
interest (M. & S.) payable at the Village Treasurer's office. Bids for the
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of 4 of 1%, will also be considered. A certified check for 5% of the bonds
for, payable to the order of the Village Treasurer, must accompany each
proposal.
PLYMOUTH COUNTY (P. 0. Le Mars), lowa.-CERTIFICATE
SALE.
-The $40,000 issue of 3M 7 county secondary road anticipation
-was purchased by
°
certificates offered for sale on June 25-V. 138, p. 4334
the Carleton 13. Beh Co. of Des Moines. Dated June 15 1934. Due
$12,000 on Dec.31 1934 and $28.000 on Dec. 31 1935.
POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
-A 6210,000 issue of
-BOND.SALE.
Pocatello), Bannock County, Ida.
refunding bonds was purchased recently by M.E.Traylor & Co.of Denver
as 4%s at par. Due from 1945 to 1954. (The bonds which this issue refunds were called for payment recently
-V. 138. 13• 3816.)
-BOND SALE COYPOLK COUNTY (P. 0. Des Moines), Iowa.
TEMPLATED.-It is stated that the county will sell $358,000 in funding
bonds for pauper relief. The bonds will mature in 1941 and 1944.
-ORDERED TO FULLY PROPONTIAC, Oakland County, Mich.
VIDE FOR MATURING DEBT CHARGES.
-In a decision handed down
on June 20, the State Supreme Court ruled against the City in the suit
brought by a Bondholders' Protective Committee regarding the failure
of the municipality to mare full provision in the budget to cover debt
service requirements.
-V. 138. p. 4166. The Court, according to the
Detroit "Free Press" of June 21, ordered the City Commission to convene
within 10 days and add $419,455.16 to the budget to meet principal and
interest charges due in the year beginning Aug. 1 1934. Failure to comply
with the order would result in issuance of a writ of mandamus asked by the
Protective Committee,the Court stated. The decision,it is said,established
the principle that tax delinquency in cities does not constitute legal cause
to warrant withholding of principal and interest payments. The "Free
Press" further commented on the ruling as follows:
"The city, in approving its budget for the coming year, placed but
$75.204.86 in its budget of $861,112.74 for debt service. Obligations
falling due during the year total $562,966.41. However, expected Water
Department revenues are placed at $68,306.39, which are to be applied
against obligations of that department.
"In ignoring its obligations the City defended Its action on the ground
that the City Charter limits the amount of the levy for City purposes to
2% of the valuation. It also argued that with tax delinquency for 1933
now about 43%. to increase the tax bill would further increase the delinquency. City officials refused comment on the decision. The Commission
is to meet Monday when action is probable.
"Although refusing to talk publicly, the officials privately predicted
that the enforced increase of 50% in the City taxes would add greatly to
collection problems. Copies of the decision were given the Commissioners
at an informal session held Wednesday afternoon behind closed doors in
the office of the City Manager.
"Tax delinquency for 1934 will be greater than 50% undertnd er w ratnt
asserted. u he nerresees
made necessary by the decision, several officials
4500
Financial Chronicle
valuations, adherence to the SuNireme Court's ruling would increase the
levy to 2.40% of the valuation.
PORTLAND SCHOOL DISTRICT, Northampton County, Pa.BOND OFFERING.
-R. F. Transue, Secretary of the Board of Directors,
will receive sealed bids until 2 p. m.(Daylight Saving Time) on July 2 for
the purchase of$6,8004% coupon bonds, divided as follows:
$5,000 funding bonds. Denom. $250. Due $250 on July 1 from 1935 to
1954 incl.
1,800 operating expense bonds. Denom.$200. Due July 11944.
Each issue is dated July 1 1934. Interest payable in J.& J. The bonds are
redeemable at the option of the District on call. A certified check for 2%
of the amount bid for, payable to the order of the District Treasurer,
must accompany each proposal. The bonds were approved recently by the
Pennsylvania Department of Internal Affairs.
-V.138, p. 4334.
PORTSMOUTH,Scioto County.,Ohio.
-BOND OFFERING -William
N. Gableman, City Auditor and Treasurer, will receive sealed bids until
2 p.m. (Eastern Standard Time) on July 10 for the purchase of $103,970
not to exceed 6% interest bonds, divided as follows:
$83,970 refunding bonds. Due Oct. 1 as follows: $8.370 in 1939 and $8,400
from 1940 to 1948 incl. Dated April 1 1934.
20,000 water works extension bonds. Due $2.000 on Oct. 1 from 1935
to 1944 incl. Dated June 11934.
Principal and interest (A. & 0.) payable at the City Treasurer's office.
A certified check for 1% of the bonds bid for, payable to the order of the
above-mentioned official, must accompany each proposal. Legal opinion
other than that of the City Solicitor to be paid for by the successful bidder.
June 30 1934
ST. JOHNSBURY, Caledonia County, Vt.-BOND OFFERING.
Charles G. Braley, Village Treasurer, will receive sealed bids until 5 P. in.
(Eastern Standard Time)on June 30 for the purchase of $90,000 4% coupon
,
or registered water works bonds. Dated JUne 1 1934. Denom. $1,000.
Due $5.000 on Jan. 1 from 1936 to 1953 incl. Principal and interest(J. & J.)
payable at the First National Bank. St. Johnsbury, or at the First National
Bank of Boston. The first-mentioned institution will certify as to the
genuineness of the bonds. Proposals must be for at least par and accrued'
Interest.
SALEM, Harrison County, W. Va.-FEDERAL FUND ALLOTMENT
RESCINDED.
-The loan and grant of $75,000 for sewage treatment plant
construction, approved by the Public Works Administration in December.
has been rescinded.
SAN FRANCISCO (City and County) Calif.
-The
-BOND SALE.
$5,000,000 of coupon bonds offered for sale on June 25-V. 138, p. 4334
-were awarded to a syndicate composed of the Bankamerica Co., Blyth &
Co., R. W. Pressprich & Co., and the American Trust Co., all of San
Francisco, for a premium of $139, equal to 100.002, a net interest cost of
about 3.15%, on the bonds divided as follows:
$975,000 school house as 5s, due on Jan. 1 as follows: $300,000. 1935 to
1937, and $75,000 in 1938.
2,025,000 school house as 3s, due on Jan. 1 as follows: $225,000 in 1938,and
$3300,000 from 1939 to 1944 incl.
400,000 high pressure system as 58, due 5100,000 from Dec. 1 1934 to
1937 incl.
1,600,000 high pressure system as 3s. due $100,000 from Dec. 1 1938.
to 1953 incl.
BONDS OFFERED FOR INVESTMENT.
-The successful bidders reoffered the above bonds for public subscription at prices to yield from 0.50%
to 3.55%, according to maturity. In the opinion of counsel, they are valid'
and legally binding obligations of the city and county of San Francisco which
has power and is obligated to levy ad valorem taxes upon all property
therein subject to city and county taxes )except certain intangible property
which is taxable at fixed rates (without limitation of rate or amount. The
bonds are legal investment for savings banks and trust funds in New York.
Massachusetts, Connecticut, California and other States, according to the
bankers.
SAN MARINO CITY SCHOOL DISTRICT (P. 0. Los Angeles)
Calif.
-BOND SALE.
-The $85,000 issue of school bonds offered for saleon June 25-V. 138, P. 4162
-was awarded to the Security-First National
Bank of Los Angeles, as 3Xs, paying a premium of $89.00, equal to 100.10,
a basis of about 3.74%. Dated June 1 1934. Due from June 1 1935 to1954 incl.
SANTA ANA SCHOOL DISTRICT (P. 0. Santa Ana) Ventura
County, Calif.
-The 54.000 434% semi-ann. school
-BONDS SOLD.
bonds that were offered for sale without success on June 15-V. 138, p.
4335
-were purchased by a local investor, at a twice of 100.90. a basis of
%. Dated June 1 1934. Due $500 from July 1 1935 to 1942,
incIusI13.
al" t 4
v.28
SAUNDERS COUNTY SCHOOL DISTRICT NO. 89 P.0. Wahoo)
-The loan and
Nab.
-FEDERAL FUND ALLOTMENT REDUCED.
grant of $23,000, approved by the Public Works Administration for school
-has been changed to a grant alone,
construction last April-V.138,p.2623
In the sum of $7,000.
SAYLOR TOWNSHIP SCHOOL DISTRICT (P. 0. Woodside)
-Sealed bids were received until 8 Ii• m• on
Iowa.
-BONDS OFFERED.
June 25, by Florence Melly, Secretary of the Board of Education, for the
purchase of a $10,000 issue of school bonds. These bonds were approved
-(reported under Woodside Ind. School District.
Iowa . voters on June 8
by the
)
QUINCY TOWNSHIP SCHOOL DISTRICT (P. 0. R. D. No. 2,
Waynesboro), Franklin County. Pa.
-BOND SALE.
-The $14,500 4%
coupon bonds offered on June 21-V. 138. p. 3985
-were awarded to E. H.
Rollins & Sons of Philadelphia, at par plus a premium of $159.50, equal to
101.10, a basis of about 3.76%. Dated May 1 1934. Due May 1 1954;
callable on any interest payment date on or before May 1 1939.
RALEIGH, Wake County, N. C.
-AGREEMENT REACHED ON
BOND REFUNDING PLAN.
-The following report is taken from the
Raleigh "News and Observer" of June 18:
"The City of Raleigh is soon to be off the list of municipalities in default
on bond principal, Mayor George A, Iseley announced yesterday upon his
return from New York City, where he conferred with bankers and bond
attorneys on a refunding plan.
"More than lb months ago, January 1933, the city went into default on
its bonds and since that time the defaults have accumulated to the sum of
$300,000. No effort has been made to pay principal, but interest payments
have been met.
"The agreement reached by the mayor with bankers who handled the
bonds is a compromise on a plan recently drawn. Instead of refunding
$1,250,000 in bonds, representing all debts maturing for the next five years,
the refund will include only bonds now due and those coming due through
June 30 1936. These amount to approximately 5500,000, said the Mayor.
"It is expected that the plan will be consummated within the next three
weeks. Bondholders are to send in their bonds for stamping. Completion of the refunding plan will make Raleigh eligible to operate a ninemonths school term, which it could not, under the 1933 school machinery
Act, were it in default.
"Provision for extending the eight-months term, as well as supplementing
teachers,salaries for the State eight-months term will be voted upon in the
special election set for July 17. The special tax to be voted upon is 16 cents,
the amount now represented on the tax payers' bills by four cents for maintenance of plant and 12 cents for Raleigh township back salaries.
"Registration books for the special election opened Saturday and will
remain open for four weeks. The books are separate and distinct from the
regular books, which are closed between the primaries except to those who
SCHENECTADY, Schenectady County, N. Y.
-BOND SALE.
become eligible after the first primary. They may register on June 20."
The $650,000 coupon or registered bonds offered on June 26-V. 138. P.
RIO PIEDRAS, Puerto Rico.
-BOND REDEMPTION.
-It is an4335
-were awarded jointly to Salomon Bros. & Hutzler and Adams.
nounced by Manuel V. Domenech, Treasurer of Puerto Rico, that the
McEntee & Co., Inc., both of New York, as 2.30s at par plus a premium
municipality of Rio Piedras, Puerto Rico, has exercised its option to redeem
of$487.50, equal to 100.075, a basis of about 2.28%. The sale consisted of;
and will redeem at par and accrued interest on July 1 1934 (the next interest
$500,000 refunding bonds. Due June 1 as follows: $80,000 in 1935 and
at
i31)42c5=1.bonds Nos. 211 to 275, inclusive, of the 5X%
7
$105,000 from 1936 to 1939, inclusive.
loan of 922
150,000 public improvement bonds. Due June 1 as follows: $14,000 in.
The bonds are dated July 1 1922. and were issued under Municipal
1936 and $17,000 from 1937 to 1944, inclusive.
Ordinance of May 7 1922. Said ordinance provided that the bonds should
Each issue is dated June 1 1934. Public reoffering is being made by the
be payable in numerical order in amounts of $21.000 annually on July 1
bankers priced to yield, according to maturities, as follows: 1935, 0.75%,
1925to July 1 1935. inclusive, and $22,000 annually on July 1 1936 and
1936, 1.375%' 1937, 1.75%; 1938, 2.00%; 1939. 2.25%; 1940, 2.40%, and
•
July '1 1937, and that right of redemption at par on July 1 1934, or on any
2.50% on the balance of the maturities. The bonds are declared to be legal
Interest payment date thereafter was reserved.
Investment for savings banks and trust funds in New York State and to be
Above bonds will be redeemed at the office of the Chemical Bank &
direct general obligations of the city, payable from unlimited ad valorem
Trust Co., New York City, fiscal agents for the issue.
taxes on all the taxable property. therein. An official list of the bids for
ROANOKE, Woodford County, 111.
the bonds is as follows;
-The $6,500 5%
-BOND SALE.
water impt. bonds offered on June 19-V.138. p.4167
-were purchased by
BidderInt. Rate.
And. Bid.
Harry Litt of Bloomington, at par plus a premium of $75, equal to 101.15.
Salomon Bros. & Hutzler and Adams, McEntee &
a basis of about 4.80%. Due serially from 1935 to 1941 incl.
Co.,Inc., jointly, New York, N.Y
5650,487.50
2.30%
Brown Harriman & Co.. Inc., and J. & W. SeligRED CLOUD SCHOOL DISTRICT (P. 0. Red Cloud), Webster
man & Co..jointly, New York, N.Y
County, Neb.-BOND SALE DETAILS.
650,643.50
2.40%
-The $65,000 issue of4% refundThe First Boston Corp., New York, N.Y
ing bonds that was purchased by the Kirkpatrick-Pettis-Loomis Co. of
650,514.15
2.40%
Bankers Trust Co. and Chase National Bank
Omaha
-V. 138, p. 3986
-was awarded at par. Registered bonds dated
jointly, New York, N. Y
April 1 1934. Due in from 1 10 20 years, optional after five years. Denom.
2.50%
650,318.50
Halsey,Stuart & Co.,Inc., New York, N.Y
51.000. Interest payable A. & 0.
2.60%
651,397.50
Blyth & Co.. Inc., Dick & Merle-Smith and First of
ROCKINGHAM COUNTY(P.O. Wentworth), N.C.
-BOND OFFERMichigan Corp., jointly, New York, N.Y
650,520.00
2 70%
-It is announced by W.E. Easterling. Secretary of the Local GovernING.
Manufacturers& Traders Trust Co., Buffalo,N.Y--2.75%
650,916.50
ment Commission, that he will receive sealed bids at his office in Raleigh.
SCOTTSBURG, Scott County, Ind.-PWA LOAN AND GRANT
until 10 a.m. on July 3, for the purchase of an issue of $136,000 coupon
RESCINDED.
-The Public Works Administration allotment of $16,000 for
school building bonds. Interest rate is not to exceed 6%, stated in a
water works improvements
-V. 138, p. 535
-has been rescinded.
multiple of X of 1%. Denom. $1,000. Dated May 1 1934. Due on
May 1 as follows: $2,000, 1937 to 1944; 53.000. 1945 to 1954; 54,000, 1955
SEATTLE, King County, Wash.
-BOND BID REJECTED.
-At the
5,000, 1965 to 1974. all incl. Prin. and int.(M. & N.) payto 1964, and
offering on June 22 of the $1,128,000 not to exceed 6% semi-ann. coupon
able in New York. The approving opinion of Masslich & Mitchell of
or registered arterial highway bonds of 1932-V. 138, P. 3986. only one
New York, will be furnished. The bonds are registerable as to principal
bid was received, an offer of 100.05 on 531% bonds, tendered by Halsey
only. They will be sold at not less than par and accrued interest and
Stuart & Co., Bacon, Stevenson & Co.. the Bancamerica-Blair Corp.. all
will be delivered on or about July 18, at place of purchaser's choice. A
of New York, Drumheller, Ehrlichman & White, and Wm. P. Harper &
certified check for $2.720, payable to the State Treasurer, must accompany
Son Co., both of Seattle, and this bid was rejected. Dated July 1 1934
the bid.
Due in from 2 to 30 years after date.
ROOSEVELT WATER CONSERVATION DISTRICT (P. 0. BuckSELBYVILLE, Sussex County, Del.
-BOND SALE.
-The issue of
eye), Ariz.
-CONFIRMATION OF LOAN.
$12.000 water filtration plant construction bonds voted in February
-The Secretary of the Board of
-V.
Directors confirms the report given in V. 138. p.3320, that the Reconstruc-was sold to the Baltimore Trust Co. of Selbyville, at a price of
138. p. 1782
tion Finance Corporation authorized a loan of $1,227,500 for refinancing
par. 4% coupon bonds in denoms. of $10. Dated July 1 1934 and due
and states that no disbursements have been made as yet.
July 11954. Callable on proper notice. Interest payable in J. & J.
ROSEVILLE, Muskingum County, Ohio.
SHAWNEE COUNTY SCHOOL PISTRICT NO. 85 (P. 0. Topeka)
-W.
-BOND OFFERING.
R. Swingle, Village Clerk, will receive sealed bids until 12 m. on July 19
-FEDERAL FUND ALLOTMENT REDUCED.
Kan.
-The loan and
for the purchase of $15,500 5 % water works system improvement bonds.
grant of $88,600 for school building construction that was approved by the
Dated July 1 1934. Due $1,500 on Sept. 1 from 1935 to 1944, incl. Inter-hen been
-V. 138, p. 1613
Public Works Administration in February
est is payable in M.& S. Bids for the bonds to bear interest at a rate
changed to a grant of $30,500.
other than 53. %. expressed in a multiple of X of 1%. will also be conSHELBY COUNTY (P. 0. Shelbyville), 111.
-BOND ELECTION.
sidered. A certified check for $200, payable to the order of the Village,
At an election to be held on Aug. 14 the voters will consider the question of
must accompany each proposal.
issuing $150,000 bonds in order to put the County on a cash operating
ST. PAUL, Ramsey County, Minn.
-BOND OFFERING.
basis.
-Sealed bids
will be received until 10 a. m. on July 5, by Harold F. Goodrich, City
SHELTON, Fairfield County, Conn.
-BOND SALE.
-The BancComptroller, for the purchase of two issues of coupon bonds aggregating
america-Blair Corp. purchased on Junc 22 an (sem. of $75,000 2 X% poor
$886,000. divided as follows:
relief bonds at a price of 100.11. a basis of about 2.73%. Dated July 1
$552,000 sewage disposal system, series No. 1, bonds. Due on May 1 as
1934. Due July 1 as follows: $8,000. 1935; $7.000. 1936; $8.000. 1937;
follows: $12,000, 1937; $13.000. 1938 to 1940; $14,000. 1941 and
$7.000. 1938;$8.000, 1939; 57.000. 1940;$8,000, 1941:$7,000, 1942;$8,000
1942; $15.000. 1943 and 1944; $16,000. 1945 and 1946; $17,000.
in 1943 and 57.000 in 1944. Interespayable In J. & J. Legality approved
1947 and 1948; $18.000, 1949 and 1950; $19.000, 1951; $20.000.
by Thomson, Wood & Hoffman of New York.
1952; $21,000, 1953; $22.000, 1954: $23,000. 1955; 524,000. 1956;
SIOUX CITY, Woodbury County, Iowa.
-BOND SALE.
325,000. 1957 and 1958; 526.000. 1959 and 1960; $27,000. 1961
-The two
issues of coupon bonds aggregating $467,500, offered for sale on June 27and 1962, and $28,000 in 1963 and 1964.
V. 138, p. 4168-were awarded as follows:
334,000 sewer, series No. 1 bonds. Due on May 1 as follows: $7,000.
5440,000 sewer bonds to Halsey, Stuart & Co. of Chicago for a premium
1937 to 1939; $8.000. 1940 and 1941; $9,000. 1942 and 1943;
of $25. equal to 100.005, a net interest cost of about 3.08% on
510,000. 1944 to 1946; $11,000, 1947 to 1949; $12,000, 1950 and
the bonds divided as follows; $220,000 as 33/s, maturing on
1951; $13,000, 1952 to 1954; $14.000, 1955 to 1957; $15,000.
Nov. 1 as follows; 520,000, 1936 to 1940, and $30,000, 1941 to
to 1960; 516.000. 1961 and 1962, and $17.000 in 1963 and
1958
1944; the other 5220,000 as 3s, maturing on Nov. 1 as
1964.
$30,000, 1945 and 1946, and $40,000 from 1947 to 1950. follows;
Denom. $1.000. Dated May 1 1934. Interest rate is not to exceed 5%,
27,500 bridge bonds to the Toy National Bank of Sioux City as 3s for
payable M. & N. No bids for less than par and accrued interest will be
a premium of $130. equal to 100.47, a basis of about 2.92%.
considered. The approving opinion of Chapman & Cutler of Chicago, will
Due from Nov. 1 1936 to 1942.
with these bonds at time of sale and all bids must be unbe furnished
conditional. Bonds must bear one rate of interest. A certified check for 2%
BONDS OFFERED FOR INVESTMENT.
-The sewer bonds were reoffered by the successful bidder for public subscription at prices to yield
of the bonds bid for, payable to the city, is required. Bonds will be furnished by the City but delivery shall be at the purchaser's expense.
from 1.50 to 3.10%, according to maturity. They are said to be legal
Volume 138
Financial Chronicle
for savings banks in New York, Massachusetts, Connecticut and other
States.
SIDNEY, Shelby County, Ohlo.-BOND OFFERING.
-Arthur L.
Worst, City Auditor, will receive sealed bids until 12 m.on June 30 for the
purchase of $7,620.32 5% bonds, divided as follows:
$4,873.40 general bonds. Dated Oct. 1 1933. Due as follows: $246.40
March 1. and $1,227 Oct. 1 1935;$200 March 1, and $1,000 Oct. 1
1936;$200 March 1, and $1,000 Oct. 1 1937; and $500 on Oct. 1
in 1938 and 1939.
2.746.92 special assessment bonds. Dated March 1 1934. Due March 1
as follows: $746.92 in 1936 and $1,000 in 1937 and 1938.
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
City), Woodbury County, Iowa.
-LIST OF BIDS.
-The following is an
official list of the bidders and their bids for the $124,000 school bonds
awarded at public auction to the White-Phillips Co. of Davenport as 35
at 100.26, a basis of about 2.93%-V. 138, P. 4335: White-Phillips Co.,
Davenport, Iowa; Wachob, Bender & Co., Omaha, Neb.; GreenwayRaynor Co. and Kirkpatric-Pettis-Loomis Co. Omaha, Neb.; Halsey,
Stuart & Co., Chicago, Ill.; Iowa-Des Moines National Bank & Trust Co.,
'
Des Moines, Iowa; Toy National Bank, Sioux City, Iowa; Glaspell, Veith
& Duncan, Davenport, Iowa.
The best bid on the 33is was par and accrued interest plus a premium of
$1,475; on the 3Ns, par and accrued interest and premium of $1,575.
Those bidding on the 3% bonds were Halsey-Stuart, White-Phillips Co.,
Iowa-Des Moines National Bank & Trust Co.and their final bids were,
respectively, par, accrued interest and premium's of $175, $326 and $325.
SMITHFIELD, Fayette County, Pa.
-BOND ELECTION.
-The
Issue of $32,000 water works system construction bonds mentioned in
V. 138, P. 3986, will be passed upon by the voters at an election to be held
on July 10.
SMITHTOWN (P. 0. Smithtown), Suffolk County, N. Y.
-BONDS
DEFEATED.
-At an election held on June 22 various proposals calling
for the issuance of $71,000 bonds were defeated by the voters. The amount
included $30.000 for cutb, gutter and sidewalk work; $20.000 for a library
bldg.•, $15,000 for home relief and $6.000 to finance the purchase of land
for municipal purposes.
SONORA, Sutton County, Tex.
-It is reported
-BONDS VOTED.
by the City Manager that at the election held on June 16-V. 138, p.3816
the voters approved the issuance of $4,700 (not $6,000) in municipal building bonds by a wide margin. Due in 20
years.
SOUTH CAROLINA, State of (P. 0. Columbia).
-INJUNCTION
REFUSED ON HIGHWAY REFINANCING.
-In a recent opinion it was
held by the State Supreme Court that an injunction against the State
Highway Commission was not merited to restrain that body, the Governor
and the State Treasurer from proceeding with the refinancing of $7,374,700
of long-term State highway obligations. The decision clears the refinancing plan of all legal obstacles.
SOUTH CAROLINA, State of (P. 0. Columbia).
-BOND OFFERNG.-Sealed bids will be received until noon (Eastern Standard Time)
on July 13 by E. P. Miller, State Treasurer, for the purchase of the following coupon or registered bonds:
$7,274,000 State highway certificates of indebtedness. Dated Aug. 1
1934. Due on Aug. 1 as follows: $274,000 in 1944; $500,000.
1945 to 1948, and $1,000,000, 1949 to 1953.
011
$2,962,000 State highway certificates of indebtedness. Dated Aug. 1
1934. Denom. $1,000. Due on Aug. 1 as follows: $262,000
in 1944 and $300,000 in 1945 to 1953.
Rate of interest to be in multiples of
of 1% and must be the same for
all of the certificates. They 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 the date of delivery. As between bidders naming the same
rate of interest, the amount of premium will determine the award. Prin.
and interest payable at the State Treasury, or at the agencies of the State
In the cities of Charleston and New York. The right is reserved to reject
any or all proposals. All proposals for the purchase of the $2,962.000 certificates will be rejected if any proposal for the $7.274.000 certificates is
accepted. These certificates will be delivered in Columbia or New York
at the option of the purchaser. The approving opinion of Reed, Hoyt
& Washburn of New York will be furnished the purchaser. A certified
check for 1% of the bonds bid for, payable to the State Treasurer, is required.
SOUTH CAROLINA, State of (P. 0. Columbia).
-NOTE SALE.
The $4,230,000 issue of coupon or registered refunding notes offered for
sale on June 26-V. 138, p. 4335
-was awarded to a syndicate composed of
local banks, headed by the South Carolina State Bank of Columbia, at a
net interest cost of about 3.96%, on the notes divided as follows: 1,950,000 as 3SO, maturing $600,000 on Feb. 1 1935;$650,000 on Feb. 1 1936 and
$700,000 on Feb. 1 1937 and $2,280,000 as 45.1s, maturing 8750,000 on
Feb. 1 1938 and 1939, and $780,000 on Feb. 11940.
BONDS RESOLD.
-It is stated that a block of $2,200,000 of the above
notes were later sold by the successful bidders to a syndicate composed of
0. W. Haines & Co. of Columbia, McAllister, Smith & Pate of Greenville
and R. S. Dickson & Co. of Charlotte. The said notes mature from Feb. 1
1935 to 1940.
SOUTH FLORIDA CONSERVANCY DISTRICT (P. 0. Miami),
-REPORT ON BOND REF UNDING.-In connection with the refinancFla.
ing loan made to this district by the Reconstruction Finance Corporation
-V.138 p. 362
-we give the following report from the Jacksonin January
-Unions of June 19:
'
ville "Times
"By virtue of a long-term loan from the RFC the bonded indebtedness of
the South Florida Conservancy District, stands to-day at a little less than
$500,000.
It was announced yesterday by J. B. Jeffries of Miami,chairman of the
district's board of supervisors, that the bondholders of approximately
$1,100,000 of the district's paper had turned them into the Jacksonville
branch of the Atlanta Federal Reserve Bank and had been paid a little less
than $500,000 for their holdings.
"Located on the Southern shore of Lake Okeechobee, the district is
made up of approximately 32,000 acres of land in Palm Beach and Hendry
counties, the area including some of the richest part of the Florida "sugar
bowl" territory.
"Frank Rawls, formerly of this city and now of Washington where he is
an appraiser for the RFO, was here to view the completion of the loan,
which was authorized in January. He said that the loan was the largest
yet authorized to a Florida drainage district. It is made for a 30-year
period at 4% interest."
SOLVAY, Onondaga County, N. Y.
-BOND OFFERING.-Willlam
J. Burns, Village Clerk, will receive sealed bids until 3:30 p. m.on July 11,
for the purchase of $20,000 not to exceed 6% interest coupon or registered
public improvement bonds. Dated Aug. 1 1934. Denom. $1,000. Due
$2,000 on Aug. 1 from 1936 to 1945. incl. Bidder to name a single interest
rate for all of the bonds, expressed in a multiple of
or 1-10th of 1%.
Principal and interest (F. & A.) payable in lawful money of the United
States at the Solvay Bank, Solvay. A certified check for $400, payable to
the order of the Village, must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished the
successful bidder.
SPOKANE COUNTY SCHOOL DISTRICT NO.335(P.O.Spokane),
-BOND SALE.
Wash.
-The $9,000 issue of school bonds offered for sale
-was purchased by the Murphey-Favre Co.
on Juno 22-V. 138, P. 3987
of Spokane as 5s for a premium of $17.50, equal to 100.194, a basis of about
4.97%. Coupon bonds dated Aug. 1 1934. Due from Aug. 1 1936 to
1944, incl. Denom. $500. Interest payable F. & A.
STARK COUNTY (P. 0. Canton), Ohio.
-BOND OFFERING.
Edith G. Coke, Clerk a the Board of County Commissioners, will receive
sealed bids until 10 a. m. on July 20 for the purchase of $156,000 not to
exceed 6% interest emergency poor relief bonds. Dated July 1 1934. Due
as follows; $4,300 Sept. 11934: $4,000 March 1 and $4,100 Sept. 1 1935;
$4,200 March 1 and $4,400 Sept. 1 1936; $44.000 March 1 and $45.000
Sept. 1 1937 and $46,000 March 1 1938. Principal and interest(M. & S.)
payable at the State Treasurer's office, Columbus. A certified check for
$1,560. Payable to the order of the Board of Commissioners, must accompany each proposal. Legal opinion of Squire, Sanders & Dempsey of Cleve1 and will be furnisehd the successful bidder.
STARK COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Dickinson),
-The 8110,000 issue of school bonds offered for
N. Dak.-BOND SALE.
4501
sale on June 18-V. 138. p. 4168
-was purchased by the Public Works
Administration, as 4s at par. Dated Jan. 1 1934. Due from 1937 to 1954.
No other bid was received.
STATESVILLE, Iredell County, N. C.
-PRINCIPAL REFUNDING
CONTEMPLATED ON MATURING BONDS.
-The foliovring report is
taken from the "Wall Street Journal" of June 23:
"The North Carolina Municipal Council, Inc., reports limited principal
refunding now appears necessary to restore the City of Statesville, N. C.,
to its former credit position. It is explained that for more than a year,
since default first occurred, the city has attempted to resume a current
basis without refunding but that only recently has it been possible to pay
Past due interest and since tax collections continue slow and the city is
constantly faced with serial bond maturities.it is essential to readjust
the debt structure in some such manner as through refunding. Refunding
bonds to be due in 1949 are to be issued to take up bonds (except water,
gas and light bonds) maturing on or before April 1 1936. The amount
involved is about $159.000."
-WARRANTS CALLED.
STEVENS COUNTY (P.O. Colville), Wash.
-The County Treasurer is said to have called for payment at his office
on June 14, current expense fund and general fund warrants of various
school districts.
-BONDS NOT SOLD.
STEVENSVILLE, Ravalli County, Mont.
In connection with the $40,000 water supply bonds approved by the voters
on Feb. 26-V. 138, p. 1959
-it is statml by the Town Clerk that no disposition has been made of the bonds as yet.
-BOND CALL.STILLWATER COUNTY (P.O. Columbus), Mont.
It is reported that Nos. 1 to 25 and 46 to 60 of the 5% funding bonds dated
Aug. 1 1916 are being called for payment on Aug. 1.
-BOND OFFERING.
STRASBURG, Tuscarawas County, Ohio.
Joseph B. Davidson, Village Clerk, will receive sealed bids until 12 M.
on July 14 for the purchase of $3,000 6% water works system extension
bonds. Dated May 15 1934. Denom. $300. Due $300 on November 15
,from 1935 to 1944 incl. A certified check for 5% of the bonds must accompany each proposal.
SUPERIOR, Douglas County, Wisc.-BOND REFUNDING PLAN
ANNOUNCED.
-The following report is taken from the Chicago "Journal
of Commerce' of June 23:
"Refunding of Superior. Wisc., bonds maturing in 1934 will be accomplished through an operation now in process. Seipp, Princell & Co. has
made arrangements to purchase an issue of Superior, Wisc., 5% refunding
bonds,due 1944-53, which will furnish funds to retire this year's maturities.
Offering of the refunding bonds may be announced in a few weeks.
lir SWARTHMORE SCHOOL DISTRICT, Delaware County, Pa.-The $70,000 coupon school bonds offered on June 14,
BOND SALE.
award of which was delayed pending decisions by the Public Works Ad-were finally sold to
ministration on construction bids
-V. 138, p. 4335
,
E. H. Rollins & Sons of Philadelphia, ass at par plus a premium of
$1,764.90, equal to 102. 52, a basis of about 3.035%. Dated June 1 1934
and due on June 1 as follows: $2,000, 1940 and 1941; $4,000, 1942 to 1955
incl.; $2,000, 1956 and 1957 and $3,000 in 1958 and 1959. Ten other bids
were submitted for the issue.
SYKESVILLE, Jefferson County, Pa.
-BOND AWARD DEFERRED.
-has
-Award of the $37,000 4% bonds offered on June 20-V.138, p.3987
been deferred until the next regular or called meeting of the Borough
Council. The only actual bid submitted was an offer of par by the Public
Works Administration. Singer, Deane & Scribner of Pittsburgh requested
a 30
-day option on the bonds at a price of par. Issu is dated Dec. 31 1933
and due Jan. 1 as follows: 81.000 from 1936 to 1952 incl.; $2,000. 1953 to
1959 incl. and $3,000 in 1960 and 1961.
-BOND PURCHASE CONSYLACAUGA, Talladega County, Ala.
TEMPLATED.
-We are informed by the Town Clerk that the $92,000
4% coupon or registered water works bonds voted on May 28-V. 138,
P. 3817, will be purchased at par by the Public Works Administration on
July 10, as per agreement. Due from 1935 to 1959, inclusive.
-Bids
SYRACUSE, Onondaga County, N. Y.
-BOND OFFERING.
will be received by the city until July 6 for the purchase of $135,000 municipal stadium bonds, due in from 1 to 13 years.
TAMPA, Hillsborough County, Fla.-PWA ALLOTMENT SOUGHT.
- letter was sent to Washington on June 16 by Mayor Chancey for a
A
statement of the present status of the city's application for an allotment
of $6,000,000 from the Public Works Administration, for a sewer construction program in the city.
TAUNTON,Bristol County, Mass.-PWA ALLOTMENT REDUCED.
The agreement whereby the Public Works Administration was to allot
3103.000 on a loan and grant basis for sewer construction purposes has been
changed to provide for a grant of only $29,000 toward the cost of the work.
-BONDHOLDERS' PLAN DETOLEDO, Lucas County, Ohio.
-City Council's finance committee at a special
CLARED TOO DRASTIC.
meeting on June 20 appointed a subcommittee to draft a counter proposal
for submission to bondholders in an effort to arrange a bond refunding
plan. This action was taken after the committee had indicated that the
recent proposals of the Bondholders' Protective Committee were entirely
-V. 138. p. 4169.
too drastic for the city in its present financial condition
At the same same meeting, the Committee was advised in a report submitted by Earle Peters, Director of Finance, that less than $707,000 will
be available to meet expenditures during the last seven months of the
year, as compared with $1,239.391 spent during the first five months. The
report it is said, showed that the City actually spent $392,173 more than
it received during the initial five months. The Toledo "Blade" of June 21
referred to the demands of the Bondholders' Protective Committee as
follows:
"The Bondholders' protective committee that conferred with council's
finance committee Monday night asked the city to pay $750,000 toward
defaulted bonds, 5100.000 in interest on defaulted bonds, $576,000 in
interest on bonds due this year, to cut city expenditures from $227,000 to
8200.000 a month for the rest of the year, to assess a sewer rental charge
which would net $100,000 and to finance all refunding plan costs."
TURTLE CREEK SCHOOL DISTRICT, Allegheny County Pa.-The $125,000 4% coupon school bonds offered on June 28
BOND SALE.
-were awarded to Halsey,Stuart & Co.,Inc.,of New York
-V.138,p.4169
at par plus a premium of $3.003, equal to 102.64, a basis of about 3.78%.
Dated April 15 1934 and due on Oct. 15 as follows: $6,000 from 1941 to
.955 incl.. and $7,000 from 1956 to 1960 incl. The bonds, in the opinion
of counsel to the bankers, are general obligations of the district and are
being re-offered for general investment at prices to yield from 3.50 to
3.70%, according to maturity. The district reports an assessed valuation
for 1933 of $10,602,500, while the net bonded debt, including the present
issue, is placed at $385,613.
Other bids were as follows:
Prem.
Bidder$2,077.50
Singer, Doane & Scribner
1,300.00
E. H. Rollins & Sons
Leach Bros
375.00
Par
Public Works Administration
UNION COUNTY (P. 0. Marysville), Ohio.
-BOND SALE.
-The
sales tax poor relief bonds offered on June 25-V. 138.
$12,000 selective
D. 3987
-were purchased as 43.s by Albert J. Hickok. the only bidder.
Dated July 2 1934 and due $3,000 on Jan. 2 and July 2 in 1935 and 1936.
UNION, Union Free School District No.1(P.O. Endicott), Broome
County, N. Y.
-BOND SALE.
-The $120,000 coupon or registered school
bonds offered on June 25-V. 138. p. 4169
-were awarded as 3;is to the
Union Trust Co. of Endicott, at par plus a premium of $333.80, equal to
100.28, a basis of about 3.45%. Dated June 1 1934 and due on Dec. 1
as follows: $10.000 from 1935 to 1946, incl. Other bids were as follows:
BidderInt. Rate. Premium.
A. C. Allyn & Co
3.90
8198.00
George B. Gibbons & Co., Inc
4.00%
372.00
George 13onbright & Co
3.90%
238.92
Edward B. Smith & Co
4%
318.00
YODER TOWNSHIP SCHOOL DISTRICT (P. 0.
UPPER
Johnstown), Cambria County,*Pa.-BOND OFFERING.
-Sealed bids will
received by the Secretary of tne Board of Directors untll July 10 for be
the
purchase of $14,000 operating expense bonds approved by the
Pennsylvania
Department of Internal Affairs on June 2. A certified check for
$500 is
equired.
4502
Financial Chronicle
URBANDALE (P. 0. Des Moines) Polk County, lowa.-BOND
SALE.
-The $19,000 4% semi-ann. water system bonds offered for sale on
-was purchased by the Carleton D. Beh Co. of
June I8
-V. 138, p. 4169
Des Moines, for a premium of $293, equal to 101.54.
-A $50,000
--NOTE SALE.
UTAH COUNTY (P. 0. Provo), Utah.
issue of tax anticipation notes is reported to have been purchased recently
by the First Security Bank of Provo, at 2.375%•
-The $50,000
-BOND SALE.
VERNON, Oneida County, N. Y.
coupon or registered water bonds offered on June 26-V. 138, p. 4169
were awarded as 4s at a price of par to the National Bank of Vernon.
Dated July 1 1934 and due 32.000 on July 1 from 1939 to 1963 inclusive.
-OPTION GRANTED ON BONDS.
VERONA, Essex County, N. J.
-day option
Van Deventer, Spear & Co. of Newark have been granted a 30
on the 324.000 6% coupon or registered bonds offered on June 5-V. 138,
IL 3650. The offering consisted of:
$20,000 assessment bends of 1932. Due Aug. 15 1937.
4,000 general impt. bonds of 1932. Due $2,000 on Aug. 15 in 1936
and 1937.
Each issue is dated Aug. 15 1932.
-At the
-BONDS VOTED.
VIRGINIA, St. Louis County, Minn.
election held on June 18-V. 138. p.3817- the voters approved the issuance
• of the 3200.000 in hospital bonds.
-Sealed
-BONDS OFFERED.
WADENA, Wadena County, Minn.
bids will be received until 5 p. m. on June 29 by Hugh G. Parker. Village
memorial auditorium bonds.
Clerk, for the purchase of a $65.000 issue of
, %,payable semi-annually.
Interest rate Is net to exceed 4Jj
-Sealed
WAKEFIELD, Middlesex County, Mass. LOAN OFFERING. m. on
Treasurer will be received until 1 p.
bids addressed to the Town
July 2 for the purchase at discount basis of a $150,000 tax anticipation
note issue. Dated July 3 1934. Due $50,000 on April 4, May 3 and June 5
1935.
-BOND OFFERING.
WALNUTPORT, Northampton County, Pa.
Guy H. Harpe, Borough Secretary. will receive sealed bids until 7y. m.
% coupon bonds. Dated May 15
on July 9 for the purchase of $20.000 4
1934. Denom. $1,000. Due May 15 as follows; 31.000 from 1935 to 1950
incl., and $2,000 in 1951 and 1952; optional on or after May 15 1940.
Bonds are registerable as to principal. Int. payable on M. & N. 15. A
certified check for 2% of the amount bid for, payable to the order of the
Borough Treasurer, must accompany each proposal.
-Other
-LIST OF BIDS.
WARREN COUNTY (P. 0. Warren), Pa.
bids for the $30,000 4% Rouse Hosoital rehabilitation bonds awarded on
to Yarnall Sr Co. of Philadelphia, at a price of 101.31. a basis of
June 19
-were as follows:
about 3.33%-V. 138, p. 4336
Premium.
Bidder323452:2070
$242.72
Warren Bank & Trust Co
Singer Dean & Scribner
311.00
Glover & McGregor,Inc
156.30
E. H. Rollins & Son
153.00
S. K.Cunningham
66.66
M. M.Freeman
177.30
Graham Parsons & Co
180.00
Leech Brothers
-BONDS AUTHORIZED.
WARREN, Trumbull County, Ohio.
The City Council has approved of an issue of 38.000 4% municipal swimming pool construction bonds. Dated June 11934. Denom. $1,000.
WARWICK CENTRAL SCHOOL DISTRICT NO. 1 (P. 0. Pine
-The $34,000 coupon or
-BOND SALE.
Island), Orange County, N. Y.
-were awarded
registered school bonds offered on June 25-V. 138, p. 4169
as 4.60s to George B. Gibbons & Co., Inc. of New York,at aprice of 100.37.
of about 4.57%. Dated July 1 1934 and due July 1 as follows:
a basis
$1,000 from 1935 to 1950 incl. and $2,000 from 1961 to 1964 incl.
Other bids were as follows:
Rate Bid.
Int. Rate.
Bidder100.22
,First National Bank of Warwick
100.29
& Co
Bacon. Stevenson
4:697005
100.33
44
A. C. Allyn & Co
WASHINGTON SUBURBAN SANITARY DISTRICT (P. 0. Wash.
ington, D. C.), Md.-CORRECTION.-The $300.000 5% water main and
sewer construction bonds reported sold jointly to C. W. McNear & Co. and
John Nuveen & Co.. both of Chicago. in our issue of June 16 on page
4169. are the same obligations which were originally purchased by the
-V. 138, p. 2972.
bankers in April.
WELD COUNTY SCHOOL DISTRICT NO. 55 (P. 0. Greeley),
-The entire Issue of 5;i% school bonds dated July 1
-BOND CALL.
Colo.
1918, due on July 1 1948 and optional on July 1 1933, is being called for
payment at the office of the International Trust Co. in Denver on July 1.
WELLSVILLE SCHOOL DISTRICT, Columbiana County, Ohio.
-The Board of Education is preparing to issue
PROPOSED BOND ISSUE.
$5.000 bonds to finance the purchase of the Nicholson Field for athletic
purposes.
WEST ALLIS, Milwaukee County, Wis.-BONDS AUTHORIZED.
At a meeting of the City Council on June 19 an ordinance was passed authorizing the issuance of $35,000 in bonds for school construction and
improvement.
-BOND OFFERWEST BURLINGTON, Des Moines County, Iowa.
-It is reported that bids will be received until 7;30 p.m. on July 9
ING.
by E. V. Johnson, Town Clerk, for the purchase of an 38.000 issue of 3,
,
3
33, 331* or 4% coupon semi-annual water works bonds. Denom.
$SW Dated Aug. 1 1934. Due $1,000 from 1936 to 1943. incl. These
bonds were approved by the voters on June 12-V. 138, p. 4336.
WEST CHICAGO PARK DISTRICT(P.O. Garfield Park, Chicago),
-ANNOUNCES JULY INTEREST PAYMENT.
Cook County, 111.
At a meeting of the new Chicago consolidated park district board yesterday
payment of July 1 1934 interest on West Chicago park commissioner s
bonds was approved, according to the Chicago "Journal of Commerce"
of June 27. Payment of the July 1 interest was subject tosome acrimonious
discussion at an earlier meeting of the board, when a decision on whether or
not to pay or what to pay was postponed until certain legal questions were
decided. Comptroller Ed Heinz. formerly of the West Chicago park cornstoners and comptriller also of the cons-li fated board, announced yesterday
-year refunding 4% to
that July 1 1934 interest will be paid on the new 20
-year funding 407
5% bonds, dated July 11933, and on the $1,025,000 of 20
A,also dated July 11933. Interest for the period from July 1
bonds.series
of bonds still outstand1933 to June 30 1934 will be paid on all the old issues
ing and now in default, it was also stated. The July 1 coupon on the refunding bonds is f n. a full year's interest. No payments were announced on any
1
bond principal.
-PROPOSED BOND
WEST HAVEN, New Haven County, Conn.
call for the issuance of $150,000 unemployment
-Temporary plans
ISSUE.
relief bonds.
WESTMINSTER SCHOOL DISTRICT (P. 0. Santa Ana) Orange
-We are informed by
-BOND SALE CONTINUED.
County, Calif.
J. M. Backs. County Clerk, that the sale of a $10.000 issue of 5% semi-ann.
p. 1960. was continued from June 5 to June 26,
-V. 138,
school bonds
Dated Dec. 11933. Due $2,000 from 1937 to 1941, inclusive.
-BONDS NOT SOLD.
WEST NEW YORK, Hudson County, N. J.
No bids were obtained at the offering on June 26 of 577.000 not to exceed
-V. 138, P. 4170. Dated
6% interest coupon or registered street bonds
June 1 1934 and due on June 1 as follows: 34.000 from 1936 to 1943, incl.,
and $5,000 from 1944 to 1952, incl.
-It is
-BOND ELECTION.
WEST POINT, Clay County, Miss.
reported that an election will be held on July 14 to vote on the issuance of
bonds, mentioned in V. 138,
the $50,000 in school and plant construction
p. 4336.
-No bids
-BONDS NOT SOLD.
WESTWOOD, Bergen County, N. J.
were obtained at the offering on June 26 of 3122.000 not to exceed 6%
-V. 138, p. 3988. Dated
interest coupon or registered public impt. bonds
June 1 1934 and due June 1 as follows; $2,000 in 1945 and $10,000 from
1946 to 1957 inclusive.
WHEATLAND ELEMENTARY SCHOOL DISTRICT (P. 0. Marys.
-The $33,000 issue of 5%
-BOND SALE.
ville), Yuba County, Calif.
June
30 1934
semi-annual school bonds offered for sale on June 25-V. 138. p. 4170
was purchased by the Northern California Bank of Savings, of Marysville.
Dated
paying a premium of $10,equal to 100.03. a basis of about 4.995%.bid was
July 1 1934. Due from July 1 1937 to 1958. incl. No other
received.
WHEELER INDEPENDENT SCHOOL DISTRICT (P. 0. Wheeler),
-The $25,000 issue of refunding bonds
-BOND SALE DETAILS.
Texas.
that was purchased by the State of Texas at a price of 95.00-V. 138.
-is dated March 1 1934. Denom. $1,000. Coupon bonds matur3988
p.
ing in 30 years and optional on any interest paying date. Bonds bear 5%
interest, payable March 1.
-We are
WHITE SULPHUR SPRINGS, Meagher County, Mont.
informed by the Town Clerk and Treasurer that the $2,500 coupon sewer
-were awarded to
refunding bonds offered on June 11-V. 138. p. 3818
local investors, as 5s,at par. Denom. $500. Dated July 11934. Due
on July 11939. Interest payable J. & J.
WILLIAMBURG, James City County, Va.-FEDERAL FUND
-A loan and grant of $224,000 for water works
ALLOTMENT REDUCED.
and sewer system improvements, approved by the Public Works AdminisDecember 1933, has been changed to a grant alone in the sum
tration in
of $62,000. (An issue of $180,000 bonds for this purpose was sold recently
-V. 138, p. 4336.)
-The
-BOND SALE DETAILS.
WINFIELD, Cowley County, Kan.
1
,
$125,000 (not 3120.000) 35 % water works refunding bonds that were
purchased by the Wheeler-Kelly-Ila3rny Trust Co. of Wichita-V. 138.
-were awarded at a price of 99.35,a basis of about 3.36%. Coupon
p.4170
bonds in the denomination of 31.000 each. Due from July 1 1935 to 1944.
Incl. Interest payable J. & J.
WINONA,Winona County, Minn.
-FEDERAL FUND ALLOTMENT
REDUCED.
-The loan and grant of $270,000 for sewer construction that
-V. 138,
was approved by the Public Works Administration in January
p. $36
-has been changed to a grant alone, in the sum of $69,000.
-The
WINSTON-SALEM, Forsyth County, N. C.
-NOTE SALE.
3600.000 revenue anticipation notes that were authorized recently by the
Board of Aldermen-V. 138. P. 4336
-were purchased by the Wachovia
Bank St Trust Co. of Winston-Salem. at 3%.
-BOND OFFERWOODBURY COUNTY (P. 0. Sioux City), Iowa.
-Sealed bids will be received until 2 p.rn. on July 9, by F.Price Smith,
ING.
County Treasurer, for the purchase of $163,000 funding bonds. Denom.
$1,000. Dated June 1 1934. Interest rate is not to exceed 5%, payable
semi-annually. Due on Dec. 1 SS follows: $20.000. 1935 to 1941, and
$23,000 in 1942. Prin. and int. payable at the County Treasurer's office.
The approving opinion of Chapn an & Cutler of Chicago, will be furnished
and all bids must be so conditioned. A certified check for 2% of the bonds
bid for, must be furnished by the bidder. Open bids will also be received
for the purchase of these bonds.
Financial Facts Concerning Woodbury County-June 1 1934.
-876 square miles-561.000 acres.
Area
Population-101,669 1930 census.
-(based on past sales).
Estimated actual value-3278,763,000.00
Assessed value-3119.538.369.00
Estate (approximate), 3110.000.000.00
Real
10.000.000.00
Personal (approximate),
1 mill levy producing approximately-$120.000.00.
Moneys and Credits- 310.358,873.00-6 mill levy.
YOUNGSTOWN, Mahoning County, Ohlo.-PLANS VOTE ON
-The city plans to submit a 375,000 bond issue proposal
BOND ISSUE.
for consideration of the voters at the November general election. Proceeds
would be used to finance the construction of a new police station and jail
and a new fire department headquarters,
CANADA, Its Provinces and Municipalities.
DUFFERIN COUNTY (P. 0. Orangeville), Ont.-BOND SALE.
James Henderson. County Treasurer, reports that award was made on
June 25 of 334,000 5% bonds to the Bank of Toronto at a price of 105.70,
a basis of about 4.29%. Due in from 1 to 20 years. The next highest bid,
an offer of 105.57, was tendered by the Dominion Securities Corp. of
Toronto.
KINGSTON, Ont.-SUSPENDS BOND PRINCIPAL PAYMENTS.
it was
At a recent meeting of the Council,due on decided that the town will cease
Its debentures, but will continue
principal which becomes
to pay the
to pay interest, as authorized by Section 9 of the amended Ontario Municipal Act, reports the "Monetary Times" of Toronto of June 23.
-An issue of $93,200 5%
POINTE CLAIRE, Que.-BOND SALE.
Improvement bonds was sold recently jointly to Rene T. Lerclerc, Inc..
Banque Canadienne Nationale and Ernest Bayard, Ltd., all of Montreal.
at a price of 98.03.
-DEBT ADJUSTMENTS PROPOSED.
-It conPORT MOODY, B. C.
meeting of bondholders scheduled to be held
nection with the report of the the purpose
of considering various debt reJuly 11 for
in Vancouver on
-the "Monetary Times" of Toronto of
-V. 138. p.4170
adjustment plans
June 23 gave the following summary of the proposals set forth In a letter
sent to bondholders by McDerrnid, Miller & McDermid of Vancouver,
acting as fiscal agents for the city:
"Postponement of a year's interest on all outstanding debentures of the
city.
-year advancement of maturity dates of outstanding debentures.
"A 12
"Postponing the raising of sinking funds for four years.
"Issue of new debentures in substitution for present outstanding issues.
"No further issues of debentures until present outstanding debentures
are retired, unless approval of the Minister of Municipal Affairs has first
been obtained."
ST. BENOIT-JOSEPH LABRE, Amqui, Que.-INTEREST PAY-The Quebec Municipal Commission has ordered payMENT ORDERED.
ment of $4,820 bond interest due on the obligations of the corporation to
Nov. 1 1933.
-An issue of $75,000 .1%%
SHERBROOKE, Que.-BOND SALE.
of Montreal,
Improvement bonds was sold recently to Rene T. Leclerc. Inc..from 1
to 20
a basis of about 4.53%. Due serially in
at a price of 99.78,
years.
follows:
Bids for the issue were as
Rate Mt
Bidder99.787
Rene T. Leclerc
99.61
Hanson Bros
99.55
Bank of Montreal
99.522
W.C. Pitfield & Co
99.06
McTaggart,Hannaford, Birks & Gordon
-BOND SALE-H.A. Daly & Co. of Toronto
SUMMERSIDE,P. E. I.
have purchased an issue of $40,000 4 % improvement bonds at a price of
basis of about 4.31%. Due in 20 years.
102.54. a
-A. F. Bell, SecretaryWESTMOUNT, Que.-BOND OFFERING.
Treasurer, will receive sealed bids until 2 p.m. on July 5 for the purchase
3220.000 4% improvement bonds, due annually on May 1 from 1935
of
-V. 138. p. 4330.
to 1970 incl. This issue was authorized recently.
WINDSOR, Ont.-FAVORABLE TAX COLLECTIONS HELD AID
-The marked improvement in tax collections during
BONDHOLDERS.
TO
the first five months of this eyar, as compared with receipts In the corresponding period in 1933, has given rise to the possibility that collections
throughout the entire year will be sufficient to cover all normal operating
charges and leave a surplus for distribution to bondholders, according to
the Toronto "Globe" of June 22. The city, it is said, has made no payments on its debts since December 19:32. The total bonded debt at that
time was $13,426,282. The tax roll for 1934 amounts to $2,369.610, of
which $1,140,104, or 47.11%. was collected to May 31. This compares ith
total collections to May 31 1933 of $846,925, against a tax roll of $2,638 .
235. Early in 1934 it was estimated that if 58% of the current levy were
collected it would be enough to meet estimated expenditures during the
year. The possibility of some payment being made to bondholders is
further enhanced by the fact that the collections of all tax arrears in 1933
were applied to the liquidation of bank leans, whereas the funds obtained
through such payments this year will be at the disposal of the Board of
Supervisors, it is said.
@FedFRASER