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The.
tolitintra31
Volume 138
finandat
lircintriv
New York, Saturday, March 31 1934.
Number 3588
The Financial Situation
HE past week has been eventful. If encouraging
progress in the critical labor situation has not
succeeded in substantially improving the rather
gloomy frame of mind still existing in financial
circles, that is because developments in other sections of the economic front have been less fortunate
and also because certain abiding fundamental problems which until recently were not accorded the attention they deserved have found their way up into
the acute consciousness of many minds.
The action of Congress in promptly and vigorously
over-riding the President's veto of the Independent
Offices Appropriations bill was one of the most unexpected developments of recent weeks and a disturbing one. It is unfortunate that the President
by his policies of lavish expenditures and by his advocacy of high wages had placed himself in a position in which he could not most effectively, employ
the strongest arguments against the measure in
question. But given the present temper of Congress
and the approach of the Congressional elections next
autumn,it is not improbable that the course of events
would have been about the same in any case. Yet
no considerations of this sort can reduce the importance of the action taken by Congress. It may
be very well for politicians to assert that with our
enormous deficit this year the $228,000,000 thus
added to the budget is insignificant. The truth is
that a sum of this magnitude is never insignificant.
Moreover the expenditures, which are without warrant in good faith or fair dealing with the veterans,
are not of a non-recurrent variety. On the contrary,
they will in very substantial degree burden the
budget in the years to come when we had supposed,
or at least hoped, that a genuine balance might be
attained.
The importance of the incident is, however, not
to be fully measured by the amount of money directly
added to our budgetary commitments. The question
is definitely raised whether from this time forward
it will be possible for the President, or any one else,
to hold the so-called inflationary elements in Congress, the spenders, and the subsidy seeking interests
in check. Already a movement is on foot to push
through to the statute book, with the support of the
currency tinkerers, the silver interests and the veterans' lobby, legislation that would require the payment of two billions or more in cash bonuses to the
soldiers, the necessary funds to be raised by having
the government buy and use silver in such a way as
to create "new money"for the purpose. It may well
be that the action of Congress early this week in
defying the President will again stimulate the fiat
money advocates into action with the possibility
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that in the altered circumstances they may succeed.
It is of course too early to grow unduly anxious concerning these matters, but the financial community
is well warranted in giving them careful thought at
this time. Unfortunately there is a rather widespread tendency in quarters that ought to know
better to favor inflation if only it is called by some
other name, and does not take the form of outright
fiat currency. The President, after a good deal of
apparent hesitation, has seemed to set his face
against at least the cruder forms of currency debasement. Not so with influential elements in Congress.
If now the power and influence of the President are
definitely on the wane, what assurance have we that
we shall not once again be obliged to demonstrate
the fallacies of these ancient quack remedies for economic ills? It is to be hoped that Mr. Roosevelt will
be able to continue to hold these elements in check,
but for assurance on this point we must wait the
future. This is perhaps the most important aspect
of the defeat suffered by the President.
HAT the state of affairs in respect of industrial
relations has assumed a different and on the
whole distinctly more hopeful aspect during the past
week there can be no question. It is of first rate
importance, of course, that a widespread strike in
he motor industry, possibly spreading elsewhere,
has been averted. But even more heartening are the
general circumstances under which this catastrophe
has been avoided. So novel in this country are some
of the terms of the settlement in the automobile industry, and so startlingly unexpected the general
nature of the agreement, that most observers have
been rather slow to come to a full realization of the
apparent meaning of it all. The most unusual
feature of the compact entered into by labor representatives and the manufacturers at the beginning
of the week is found in the composition of the proposed group to represent labor in its dealings with
employers. For the first time, in any important
industry at least, this body will be composed of representatives prorated according to the choice of the
men employed in the plants, which means that the
American Federation of Labor, the so-called company unions, dissident labor groups as well as
workers unaffiliated with any sort of permanent
labor organization may be represented upon the same
bargaining organization at one and the same time.
Just how this will work out in practice of course remains to be seen.
But the really important aspect of the settlement
is found in the clear indication it affords of a complete reversal of the policy of the National Govern-
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Financial Chronicle
Mar. 31 1934
ment in dealing with labor questions. Heretofore the President on this Board will in reality be another
the tendency has been to favor the American Federa- representative of the American Federation of Labor?
tion of Labor in all such controversies at the expense This suspicion was somewhat strengthened later in
of other groups, this policy taking its most serious the week when it was announced that this appointee
form in the discrimination shown against shop com- was none other than Professor Leo Wolman, who has
mittees, company unions and similar organizations. long been associated with and an advisor to labor
Disposition was repeatedly shown to grant labor unions. But one sentence in the President's stateminorities no rights at all in the premises. The Na- ment seems to have been overlooked in all the antional Labor Board in individual cases had definitely xiety on the subject. This sentence asserts that unruled that any faction or element in any given plant less and until the employer has been furnished a
that was able to poll a majority vote of the workmen list of the alleged members of any given union no
was entitled to speak for the whole working force cases of discrimination against any employee for
of the enterprise. These and similar policies on affiliation with such a union will be recognized by
the part of public officials had enabled, if not en- the Board. Now the independent unions firmly recouraged, the American Federation of Labor to fuse to furnish any such list to the employers in
launch membership campaigns largely based upon the automobile industry. It is therefore not exactly
the claim made to workers that a union card was clear what this Board will have to arbitrate that is
needed, or soon would be, for any man to hold a job of really first rate importance.
in the industry in question. Such claims had of
In any event, the appointment of Professor Wolcourse greatly added to the membership of the sundry man is really to be considered a confirmation of the
constituent unions of the Federation, and the results reversal of governmental policy in labor matters
presented a very genuine threat of complete domina- rather than of suspicions of probable favoritism.
tion on the part of that organization. Coercion of Professor Wolman is well known among his rather
workers by the American Federation of Labor was large circle of friends and acquaintances as a sharp
viewed with a tolerant eye while employers were and outspoken critic of the labor policies of the Adstrictly forbidden to interfere in the "free choice" of ministration from the very first. So pronouncedly
representatives or in the organization of employees. were his views at variance with what until the past
The so-called Wagner bill, apparently with the sup- week had been the apparently settled policies of the
port of the Administration,threatened to carry these Administration that he recently offered his resignageneral policies and conditions even farther. This in tion from the Labor Advisory Board and was with
brief was the situation that co greatly concerned, not difficulty persuaded to remain in harness there.
to say alarmed, alert and forwardlooking industrial- Those who know him well affirm with confidence
ists as the automobile labor situation came definitely that he is probably more closely in sympathy with
to a head two or three weeks ago.
the general principles laid down in the terms of
So suddenly, so unexpectedly and so dramatically, settlement of this controversy than any qualified
has all this been changed that it has been hard either person the President could readily have found for
to grasp or fully to credit. The President in his the position. He is moreover a well-trained econoofficial statement takes pains to declare in plainest mist quite capable of understanding the financial
terms that the Government henceforth favors no par- and other problems of the manufacturers. His
ticular labor group as opposed to any other, and that course under the new responsibilities that have been
it does not desire and will not tolerate interference placed upon him will be watched with more than
with or coercion of the individual workman from usual interest.
any source—the existing orthodox unions, the emThe program as thus laid down for the automobile
ployers or any one else—in the free choice by the industry may of course not work out in practice as
men of their own representatives. The terms of the now appears probable, but it is certainly well within
settlement itself provide that any and all factions the truth to say that it has at least served as a
•of the employees of the automobile manufacturers vehicle for an enunciation of a new and much more
shall have due representation upon the collective satisfactory labor policy on the part of the Governbargaining body. Suddenly it becomes clear as ment at Washington, and furthermore to add that if
words can make it, as it certainly had not been clear it proves reasonably satisfactory in Detroit, it ought
before, that what is sauce for the goose is likewise to do much to facilitate similar progress in a good
sauce for the gander in these matters so far as the many other districts where the same conditions, or
policy of the Government is concerned. Of course it ones closely similar, have been threatening to reach
was clear at once to thoughtful persons that no a critical stage. That 'spokesmen for the American
philosophy such as this was consistent with the terms Federation of Labor have themselves come to some
of the Wagner bill. The Senator with evident em- such conclusion is apparent from the rumblings of
barrassment has quickly consented to change his complaint beginning to make themselves heard. They
measure accordingly—and even then it is far from may of course find it possible to make some headway
clear at this time that his bill in any form will be in retaliation by causing trouble in various Indusadopted at this session.
tries, but it hardly appears probable that they can
Another point that has given the financial com- or will do more harm in this manner—certainly not
munity, not always fully conversant with matters in the long run—than they would if the old policy
that have to do with industrial relations, consider- of the Government had continued to prevail. Meanable pause is the Board now set up for the arbitra- while,'continued rei)orts of otherwise unnecessary
tion of disputes. Will this not prove to be the wage increases in the steel industry and more re"joker" in the whole arrangement, asked a skeptical cently somewhat similar reports from the coal fields
financial community, finding it hard to believe that in Pennsylvania remind us that avoidance of acute
the settlement really was what it appeared to be. labor troubles is proving expensive business even
Will it not presently develop that the appointee of under improved conditions.
Volume 138
Financial Chronicle
HE plan for the establishment of regional intermediate credit banks seems rather definitely
to have been replaced by a measure prepared by
Senator Glass and apparently designed to do about
the same work through direct or indirect advances
and guarantees by the Federal Reserve banks themselves. There has been a disposition in some quarters
lately to assume that the inauguration of this system
of longer term lending will usher in a period in
which virtually anyone may obtain loans for the
asking. Those who reason in this way seem to suppose that the member banks of the country would
count as naught a risk of losing 20% of funds they
lend, and that the Reserve authorities will be equally
ready to take undue risks with all, or at the least
80%, of their advances. Although efforts have been
made from time to time to induce such loose credit
policies, and in at least two important instances
mechanisms have actually been set up for the purpose of making loans that the banks of the country
would themselves in the ordinary course of their business not extend, nothing of consequence has ever
come of them. It is certainly most ardently to be
hoped that the creation of yet another system will
not result in careless credit policies on the part of
any of our financial authorities. Meanwhile it is
wellfor those who still respect the principles of sound
financial management to remember that except to
the extent that the funds to be used in the extension
of five year loans are obtained from the savings of
the people, such paper has no rightful place in the
portfolios of our banks, least of all those of the Reserve banks.
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HERE are two or three pending matters which
thoughtful elements in the financial community continue to watch with mingled interest and
anxiety. One of them is the attitude apparently developing in Washington hostile to the forms of
limited price control envisaged in the National Industrial Recovery Act and permitted in a number of
the so-called codes of fair competition. The President has recently expressed dissatisfaction with this
aspect of the steel code, and various outgivings from
the National Recovery Administration have strongly
suggested that official dissatisfaction is not confined
to the steel industry. Several members of Congress
too have let it be known that they are uneasy concerning this phase of the recovery program. Yet
industrialists are on strong ground when they insist
that about the only benefit they have received from
the sundry enactments collectively spoken of as the
"New Deal" is found in these price controlling privileges, while on the other hand they have been obliged
by these same enactments and administrative policies under them to shoulder a number of burdens they
otherwise would not have to bear. It would be a
serious matter if they are presently required to carry
the one without the aid of the other. Another situation causing uneasiness is the group of proposed
New York State laws popularly known as the Lehman utilities bills. The legitimate anxiety thus
aroused was not lessened late in the week by the publication of evidence apparently indicating indefensible tactics in dealing with legislative problems in
Albany. It would be unfortunate indeed if the
merits of such questions as the advisability of permitting municipalities with Federal aid to compete
without let or hindrance with closely controlled
private enterprises should be lost to view in the glare
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2127
of charges of corruption or other malpractices.
There are also some other very doubtful provisions
in the bills in question. All such matters should of
course be considered on their own merits with judgments unclouded by emotions. The proposed Federal stock exchange control law continues to spread
gloom over important sections of the financial community and uneasiness over the business community
in general, although the week closed without clear
indications what the final outcome of the debates in
Washington on the subject will be. Certainly, it is
apparent that it is highly desirable that this proposed bill be materially modified before being
enacted into law.
O SPECIAL comment is called for by the condition statement of the 12 Federal Reserve
banks, other than to note that tendencies reflected
last week are still in effect. Gold certificates lodged
by the Treasury with the Federal Reserve banks,
which now indicate the interest of those institutions
in the gold stocks of the country, amounted to less
this week than the known receipts of the metal from
foreign shores and from American mines. For a
period of six weeks, up to two weeks ago, the Treasury placed more certificates with the Reserve banks
than the equivalent of new metal, and a tremendous
increase in credit resources, which carried the excess
reserves of member banks to the prodigious total of
$1,500,000,000, thus was stimulated.
The reserve of this policy, shown in last week's.
statement, is now continued, and in consequence the.
excess reserves of member banks with the Federal
Reserve institutions are remaining approximatelyat their former level. In place of its former relianceupon gold certificate sales to the Reserve banks for
financing current expenditures, the Treasury is
drawing upon its war loan deposit accounts with
banks. In effect, therefore, the Treasury, which,
now appears to be the arbiter of credit conditions in
the country, has adopted for the time being a more
nearly neutral policy. Gold certificates of the Reserve System increased slightly more than $10,000,000 in the week covered, or from $4,270,695,000.
to $4,281,197,000. The actual gain in monetary gold
stocks from imports alone, in the same period,
amounted to approximately $35,000,000.
In other respects the condition statement reflects.
only nominal changes. Member banks increased
their borrowings at the Reserve institutions to a
small degree, the discounts advancing to $52,579,000•
from $51,412,000 in the preceding week. The market
demand for bankers' acceptances still was keen, and
the Reserve banks permitted an additional $4,000,000
of their holdings to run off without replacements,
the total falling to $29,359,000 from $33,250,000.
The total of United States Government security
holdings of the Reserve System was unchanged at
$2,431,886,000* as against the previous figure of•
$2,431,895,000.
Although total currency in actual circulation increased by $2,000,000,it is satisfactory to record that
Federal Reserve bank notes in circulation continue .
\
to recede. This special currency dropped to $122,743,000 from $143,877,000, while ordinary Federal
Reserve notes increased to $2,997,036,000 from.
$2,984,943,000. Deposits increased more than $29,000,000, owing to a gain of a nearly like amount in-.
Government deposits, and the total is now $3,656,- 752,000 against the former figure of $3,627,636,000. _
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2128
Financial Chronicle
Member bank reserve deposits dropped slightly to
$3,438,948,000 from $3,449,269,000. The total of
Reserve bank credit outstanding, however, registered
a small increase of $11,000,000, and is now computed
at $2,519,000,000. The ratio of total reserves to
deposit and Federal Reserve note liabilities combined decreased during the week to 68.2% from the
former figure of 68.4%.
HE foreign trade statement of the United States
for the month of February shows very little
change from that for January. Both merchandise
exports and imports for last month were less than
those for January but February is a short month.
Exports were valued at $162,805,000 and imports at
$132,938,000, the excess of exports amounting to
$29,867,000. Exports in January amounted to $172,224,000 and imports $135,551,000. Exports for that
month exceeding imports by $36,673,000. In February of last year both exports and imports were
unusually low in value. This was in part due to
the very loy prices prevailing in the commodity
markets at that time. Exports a year ago amounted
to only $101,515,000, while imports of merchandise
in February of last year were down to $83,748,000.
It had been a great many years since exports for
any month were valued at so low an amount as they
were in February 1933. For the eight months of
the current fiscal year, from July 1933 to February
1934 inclusive, merchandise exports from the United
States were valued at $1,340,693,000 and imports
$1,125,956,000. The excess of exports was $214,737,000. Exports have exceeded imports in value,
each of the eight months of the past fiscal year to
date, excepting only August, for which month imports were somewhat higher than exports. For the
same period of the preceding year, July 1932, to February 1933, inclusive, merchandise exports were
$993,108,000 and imports $755,742,000, the excess of
exports being $237,366,000. The increase in the
value of exports the current year was $347,585,000
or 35.1%; the increase in imports for the same period
was $370,214,000 or 49.0% higher this year. Much
of the increase both in exports and imports, reflected the higher prices for practically all commodities in the latest year. February exports were
in excess of those for a year ago by $61,290,000, or
60.4%, while the increase in the value of merchandise imports last month over those of last year was
nearly as great, amounting to $49,190,000, or 58.7%.
Exports of cotton last month were smaller than
in January, as is usually the case, but there was the
usual large increase in value over February 1933.
Cotton exports for the month just closed amounted
to 642,935 bales, against 757,469 bales in January
and 568,667 bales in February 1933. Exports of
cotton last month were valued at $37,734,097, compared with $41,482,794 for January of this year and
only $20,560,566 for February 1933. Cotton exports
last month averaged $58.69 per bale in value; in
January the average was $54.77, while for February
1933, the average was $36.15 per bale. This year's
value in February was $22.54 higher per bale than
in February of last year, an increase of 60.4%. Exports other than cotton for the month just closed
were valued at $125,071,000 against $80,954,000 for
February 1933, an increase this year of $44,117,000,
equivalent to 54.5%. A considerable part of the increase this year was due to the higher prices now
prevailing.
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Mar. 31 1934
HE New York stock market this week was subjected to holiday influences, as well as to the
numerous legislative and business uncertainties.
Trading was suspended yesterday (Good Friday),
and the impending holiday tended to diminish turnover in the earlier days of the week. On other accounts, also, there was little incentive to an increase of commitments, and business decreased from
more than 1,500,000 shares Tuesday to less than
1,000,000 shares Wednesday, with the turnover on
Thursday only a little more than 1,000,000 shares.
The course of trade still appears to be slightly upward, according to available indices, but the small
gains reported in such returns as the index of steel
production are not very encouraging, and there is
a tendency to await further indications. Adjustments were achieved, however,in the strike situation
in some important industries, and largely on this
account the general course of quotations for shares
was upward.
Tendencies on Monday were quite good, as the
preceding week-end witnessed the successful intervention of President Roosevelt in the threatened
strike of automobile factory workers. The adjustment of this difficulty made it evident that there
would be no halt in the many industries that supply
the automobile trade, and a substantial advance in
securities developed. An almost equally large decline appeared Tuesday, however, owing to.a demand
by President Roosevelt for stringent regulation of
securities exchanges. An upward trend was re-established Wednesday, despite the very small dealings,
and a little further progress was made Thursday.
Although the course of business played only a small
role in stock transactions of the week, it is significant that steel production for this week, as reported
by the American Iron and Steel Institute, decreased
to 45.7% of capacity, as against 46.8% last week.
Production of electricity for the entire country as
reported by the Edison Electric Institute for the
week ended March 24 amounted to 1,658,389,000 kilowatt hours against 1,650,013,000 kilowatt hours the
previous week and 1,409,655,000 kilowatt hours for
the corresponding period of 1933. Carloadings of
revenue freight last week (March 24) totaled 608,462
cars as compared with 625,773 cars the preceding
week, being a decrease of 2.9%.
Commodity markets followed a contrary tendency
to that evident in stocks, the general course being
downward in most sessions. Grains sold slowly
lower in every session from Monday to Thursday,
inclusive. Cotton also was soft until Thursday,
when adoption of the Bankhead crop-limitation bill
by the Senate occasioned a sharp advance. The bond
market was unsettled all week, but changes were
important only in a few sections of the listed market.
Gilt-edged issues held firmly until Thursday, when
passage of the bill for veterans' compensation and
increased salaries of Government employees over
the President's veto caused some irregularity. Speculative bonds showed small gains, in keeping with
the trend of equities. German bonds moved sharply
lower. The foreign exchange markets reflected few
new developments,the dollar 'being maintained much
at former levels in relation to other currencies.
As indicating the course of the commodity markets, the May option for wheat in Chicago closed on
Thursday (the Chicago Board of Trade having closed
yesterday on account of Good Friday being a holiday) at 8614c. as against 8714c. the close on Friday
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Volume 138
Financial Chronicle
of last week. May corn at Chicago closed on Thurs4
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day at 48 c. as against 50%c. the close on Friday
of last week. May oats at Chicago closed on Thursday at 32%c. as against 33%c. the close on Friday
of last week. The spot price for cotton here in New
York closed on Thursday at 12.20c. as against 12.10c.
the close on Friday of last week. The spot price
for rubber on Thursday was 11.00c. as against 10.85c.
on Friday of last week. Domestic copper was quoted
on Thursday at 8c., the same as on Friday of last
week and for preceding weeks. Silver for the week
has been steady, with little or no change in prices.
In London the price on Thursday was 19 15/16 pence
per ounce as against 20 pence per ounce on Friday
of last week,and the New York quotation was 45.90c.
as against 46.55c. on Friday of last week. In the
matter of the foreign exchanges, cable transfers on
London on Thursday closed at $5.13 as against
/
$5.103 the close on Friday of last week, while cable
/
transfers on Pgris closed on Thursday at 6.5714c. as
against 6.59%c. the close on Friday of last week.
Corporate dividend changes for the week were few
in number, and among the more important of the
changes may be mentioned the Newmont Mining
Corp., which on March 27 1934 resumed dividend
payments on its common stock by the declaration of
50c. a share; from July 15 1927 to and including
April 15 1931 quarterly dividends of $1 a share were
paid, and, in addition, an annual dividend of 5% in
stock in January of each year from 1927 to and
including 1930. On the New York Stock Exchange
58 stocks touched new high levels for 1934 during
the week and 33 stocks dropped to new low levels
for the year. On the New York Curb Exchange 39
stocks reached new high figures for the year, while
26 stocks touched new low levels. Call loans on the
New York Stock Exchange again remained unchanged at 1%.
On the New York Stock Exchange the sales at
the half-day session on Saturday last were 681,510
shares; on Monday they were 1,275,170 shares; on
Tuesday, 1,587,010 shares; on Wednesday, 843,475
shares, and on Thursday, 1,021,330 shares. Friday,
being Good Friday and a holiday, the Exchange was
closed. On the New York Curb Exchange the sales
last Saturday were 165,177 shares; on Monday,
246,345 shares; on Tuesday, 305,065 shares; on
Wednesday, 208,340 shares, and on Thursday,
289,402 shares.
As compared with Friday of last week, the trend
of prices in many instances has been toward slightly
higher levels, with fractional advances at the close
on Thursday of the present week. General Electric
closed on Thursday at 21% against 21% on Friday
of last week; North American at 19 against 19;
2
1
/
Standard Gas & Electric at 12 against 13; Con/
solidated Gas of N. Y. at 3914 against 38½; Pacific
Gas & Elec. at 19 against 19½;Columbia Gas & Elec.
14
/
at 151 2 against 15%; Electric Power & Light at 7/
against 71/4; Public Service of N. J. at 39% against
/
3818; J. I. Case Threshing Machine at 71% against
/
701 8; International Harvester at 41 against 41;
/
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Sears, Roebuck & Co. at 4478 against 471 8; Mont4
1
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gomery Ward & Co. at 31 against 31%;Coca-Cola
/
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"A"at 5238 against 5178; Woolworth at 50% against
/
Western Union Telegraph at 55% against 5478;
50;
/
Safeway Stores at 5118 against 52; American Tel. &
%; American Can at 98%
Tel. at 119 against 1181
/
against 98%; Commercial Solvents at 281 4 against
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291 8; Shattuck & Co. at 11% against 1178 and Corn
Products at 71 against 71%.
Allied Chemical & Dye closed on Thursday at 150
against 148 on Friday of last week; Associated Dry
4
1
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Goods at 15 against 15; E. I. du Pont de Nemours
/
2
1
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at 94 against 9378; National Cash Register "A" at
/
4
1
/ against 19 ; International Nickel at 281 8
18
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Roller Bearing at 3414 against
against 26½;Timken
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3378; Johns-Manville at 551 8 against 55; Gillette
Safety Razor at 10% against 10%; National Dairy
Products at 15% against 15½; Texas Gulf Sulphur
at 36% against 3534; Freeport-Texas at 42% against
/
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42; United Gas Improvement at 161 2 against 1678;
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National Biscuit at 43 against 4214; Continental
/
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Can at 771 2 against 761 2; Eastman Kodak at 861 2
against 88; Gold Dust Corp. at 20 against 19%;
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Standard Brands at 211 8 against 211 8; Paramount/
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Publix Corp. ctfs. at 478 against 478; Westinghouse
4
Elec. & Mfg.at 3678 against 371/ ; Columbian Carbon
/
Reynolds Tobacco class B at
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at 671 2 against 67%;
A3
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401 2 against 40%; Lorillard at 171 against 16%;
Liggett & Myers class B at 90 against 88; Yellow.
Truck & Coach at 5% against 5% bid; Owens Glass
at 83 against 85; United States Industrial Alcohol
/
at 511 2 against 54%; Canada Dry at 26% ex-div.
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1
/
against 26 ; National Distillers at 27% against
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S878; Crown Cork & Seal at 29% against 30, and
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Mengel & Co. at 878 against 8%.
The steel shares, as in previous weeks, continued
to register declines, though in a moderate way.
United States Steel closed on Thursday at 50%
against 51 on Friday of last week; United States
/
Steel pref. at 90 against 91; Bethlehem Steel at 3978
/,
against 401 2 and Vanadium at 25% against 26%.
In the motor group, Auburn Auto closed on Thurs/
day at 52% against 521 2 on Friday of last week;
General Motors at 37% against 36%; Nash Motors
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at 25% against 251 2; Chrysler at 52% against 511 2;
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Packard Motors at 5% against 5 ; Hupp Motors at
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578 against 5%, and Hudson Motor Car at 20%
.
/
against 191 2 In the rubber group, Goodyear Tire &
2
1
/ against 35
Rubber closed on Thursday at 34
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F. Goodrich at 151 2
on Friday of last week; B.
United States Rubber at 19%
against 15%, and
against 19.
The railroad list for the most part showed fractional advances as compared with Friday a week ago.
Pennsylvania RR. closed on Thursday at 34 against
33% on Friday of last week; Atchison Topeka &
%;
Santa Fe at 65% against 643 Atlantic Coast Line
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at 441 2 against 47; Chicago Rock Island & Pacific
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at 4% bid against 4%; New York Central at 3514
%;
against 281
against 35%;Baltimore & Ohio at 28%
New Haven at 181 2 against 18%; Union Pacific at
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125 against 125½; Missouri Pacific at 5 against
4%; Southern Pacific at 261 2 against 27; Missouri/
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Kansas-Texas at 11 against 11; Southern Railway
4
1
/
at 31% against 32; Chesapeake & Ohio at 44
/,
against 4418; Northern Pacific at 31 against 311 2
/
2
1
/
4
1
/
and Great Northern at 271 2 against 27 .
/
The oil stocks are irregularly changed for the
week. Standard Oil of N. J. closed on Thursday at
/
4478 against 451 8 on Friday of last week; Standard
/
Oil of Calif. at 371 8 against 361 Atlantic Refining
%;
/
at 30 against 301 8 In the Copper group, Anaconda
.
/
/
/
Copper closed on Thursday at 1478 against 141 8 on
Friday of last week; Kennecott Copper at 19 against
18%; American Smelting & Refining at 44 against
%;
421 Phelps-Dodge at 15% against 15; Cerro de
2130
Financial Chronicle
Pasco Copper at 36 against 33, and Calumet & Hecla
at 5 against 4%.
T
RADING on all the leading European stock exchanges was very quiet in the four sessions
of the current week that preceded the extended closings for the Easter holiday period. Steadily decreasing activity was the rule on the London, Paris
and Berlin exchanges from Monday to Thursday,
inclusive. All the European markets were closed
yesterday, and business will not be resumed until
next Tuesday. All the markets were irregular, but
the London Stock Exchange showed rather better
results than the Continental markets, owing to favorable company reports and increased estimates of the
British Government's budgetary surplus for the
fiscal year which ends to-day. The tendency on the
Paris Bourse was generally downward, as a feeling
of apprehension was occasioned by Premier Doumergue's plea to the French people, last Saturday,
for their support in his efforts to save the country
from financial catastrophe and the threat of civil
war. On the Berlin Boerse movements were alternately upward and downward and net changes
for the four sessions were unimportant. Much uncertainty again prevails on the European markets
regarding international currency problems. It is
feared that the few countries still on the gold standard may be forced to relinquish their positions, and
any developments of that nature probably would induce a further series of experiments. Business indices in the United Kingdom, however, continue to
reflect improvement, while official reports of German
conditions also are favorable. The situation in
France is less happy.
The London Stock Exchange was quiet but fairly
firm in the initial session of the week. British funds
were well maintained, while home rail stocks improved. A number of good features developed among
industrial stocks, but South African gold mining
shares lost a little ground. International securities
moved upward, with the exception of German bonds,
which were adversely affected by the various speeches
in which Dr. Hjalmar Schacht, President of the
Reichsbank, urged reduction of German indebtedness. In Tuesday's dealings British funds again
were steady, but some irregularity developed in other
sections of the market. Home rail stocks again
showed small gains, but the industrial group reflected as many losses as gains. The international
securities dropped as a whole, with German bonds
weaker than others owing to fears of unfortunate
developments at the April conference with creditors
in Berlin. Excellent revenue returns stimulated
British funds in Wednesday's trading. Home rails
rallied after early weakness, while more advances
than recessions were recorded in the industrial group
of stocks. South African gold mining shares were
in good demand, and German bonds recovered part
of their previous losses. Changes were small in very
quiet pre-holiday dealings on Thursday. The advance
in British funds was resumed, and some industrial
stocks also showed further gains, but there were
many issues which lost ground. The international
section was quiet, with German issues maintaining
their positions.
The Paris Bourse was unfavorably impressed by
Premier Doumergue's appeal to the country and by
strenuous efforts on the part of Finance Minister
Germain-Martin to rally support for the Govern-
Mar. 31 1934
ment's economy program. French financial commentators described these endeavors as a last effort
to save the franc. Rentes dropped sharply in the
initial session of the week. Bank stocks improved.
somewhat, but most other equities were depressed.
In Tuesday's dealings almost all securities fell steadily, and losses were severe in a number of issues.
Rentes were among the heavy losers, while French
stocks and international securities also were quite
weak. Optimism regarding Government economies
gave a more favorable tone to the market Wednesday,
and rentes moved upward for the first time in many
days. The market otherwise remained very dull and
early gains in bank stocks and utility issues were
lost again as the dealings progressed. Thursday's
session was lifeless, as the four-day closing coincided
with the end of the fortnightly account and there
was no disposition to enlarge commitments. Rentes
and French equities moved in a narrow range, but
international securities tended to improve.
The Berlin Boerse was very weak in the opening
session, and prices of some speculative favorites fell
from 4 to 6 points. Liquidation was occasioned both
by an unfavorable statement of the Reichsbank, and
a new law forcing German corporations to invest
part of their profits in Government loans. Bonds
were soft, as well as stocks. Early uncertainty on
Tuesday was followed by a rallying tendency, and
some of the losses of the previous day were recovered
in a broad upswing that finally developed. Not all
issues joined in the forward movement, but the general tone was set by a 3 point recovery in I. G. Farbenindustrie shares. Movements were irregular in
quiet trading on Wednesday. A few issues managed
to make small further gains, but most securities
lost ground. The so-called heavy industrial stocks
were weaker than others. The market was firm
Thursday, on rumors of an increased dividend on
I. G. Farbenindustrie shares, this issue advancing 4
points. Trading otherwise was dull, but many gains
of a point or two were registered. Fixed-interest
securities participated in the general improvement.
IN A succinct and carefully-drawn resolution, the
International Chamber of Commerce urges the
nations of the world to take advantage of the present "propitious opportunity" for a general return to
currency stability. The need for such action, from
whatever viewpoint the matter may be considered, is
argued with force and ability in the resolution, which
was adopted at Paris, last Sunday, when the Council
of the Chamber met for its forty-fifth session. The
de facto currency stability now achieved, it is convincingly asserted, should be made legal and permanent,since "it would be idle to pretend that world
conditions have become so stable that all fears of new
complications have been definitely eliminated." It
is also remarked by the Chamber, after long study,
that one of the most pressing needs for genuine international currency stability is a resumption of long
term lending by the leading capital markets to undeveloped countries. The resolution was drawn by
the monetary committee of the Chamber, after careful consideration of all aspects of the matter by
the international body. Georges Theunis, former
Premier of Belgium, and now regent of that country's central bank, is Chairman of the monetary
committee, which includes also fifteen additional
bankers, economists and industrialists from nine
countries.
Volume 138
Fir, ncial Chronicle
The resolution makes it plain that the Chamber
is fully conscious of the fact that economic factors
alone do not suffice to explain the present situation.
It feels, however, that considerations of a purely
economic kind are largely at the root of the difficulties with which the world is struggling. Among
the economic factors involved, apart from the question of discharging international obligations in
goods and services, it considers that primary significance attaches to the present instability of a large
number of currencies, especially since two or three
of the most important currencies are to be included
in this category. The Chamber believes that the
problem of currency instability is inextricably interwoven, both as cause and effect, with all those other
factors, such as tariff manipulations, quota systems,
exchange restrictions, sharp cessation of foreign
lending and debt moratoria, which have so greatly
affected the volume of international trade in recent
years. These adverse elements cannot •be tackled
successfully without a solution of the problem of
currency stability,it is asserted.
"In the opinion of the Chamber," the resolution
states, "the present moment presents a unique opportunity for taking a decided step forward. The
era of competitive exchange depreciations, which
has resulted in such a decided intensification of the
level of tariff protection, taken in the widest sense
of the word, has for the moment come to an end. It
may be said with some confidence that a certain
natural equilibrium has established itself, in virtue
of which costs and prices,in those countries in which
they were previously most out of line with each other,
have become more adjusted than at any time since
the onset of the world depression. These adjustments have, however, taken place while a certain
number of countries have adhered to the gold standard in the sense that they have not, since the onset
of adverse conditions in 1929, altered the nominal
gold content of their currencies. This de facto equilibrium has, therefore, been arrived at on the tacit
assumption that no new disturbing factors would
manifest themselves." The Chamber, accordingly,
regards the maintenance of the de facto situation in
the remaining gold countries as being as important
to the non-gold countries as to the gold standard
countries themselves. The firm conviction was expressed that it is to the economic interest of the nongold-standard countries to move as rapidly as circumstances permit toward a definitive regulation
of the value of their currencies. Any new wave of
currency instability would have disastrous consequences, it is argued, upon the level of gold prices,
upon international trade and upon international
good-will.
It is earnestly urged that the recent improvement
in business conditions and the consequent change in
public sentiment have made the world ripe for positive action in the sphere of currency reform, where
governments alone can take decisive steps. The great
obstacle to recovery has been the fear of what the
future might bring, it is pointed out. The first and
most obvious as well as the most considerable of the
evils which the business man must face is currency
disorganization. The time appears to have come
when a further advance could be made and the
foundation laid for a progressive improvement in
the future, the resolution holds. While the mode of
procedure is clearly for governments to determine,
the Chamber declares that certain fundamental
2131
principles for a successful working of a stable international standard must be recognized. Certain
parts of the world are not yet in a condition to raise
their standard of life without recourse to the capital
markets of the older and more advanced countries,
and it is patent, moreover, that if international lending is not to result in disastrous losses to bankers
and investors alike, long term lending must be restored in place of the short term loans which characterized the boom and the first two years of the
depression. The primary condition of a wholehearted recognition of these necessities is a general
realization that interest and sinking fund payments
can only be effectively liquidated in goods and services,it is remarked.
HERE were numerous indications this week
that the world-wide tendency toward Governmental control of international trade is developing
into a headlong race. Severe restrictions on imports were announced by the German Government,
while steps toward trade regulation also were taken
in the United States, Canada and Japan. It is hardly
to be doubted that the regulatory measures will result in further serious inroads on the already sadly
depleted commerce of the world. The German restrictions were considered necessary because of the
drain of gold and foreign exchange reserves, which
has placed the Reichsbank in a precarious position.
Foreign exchange to be made available to German
importers in April will be reduced to 35% of the
original requirements of the firms concerned, as
against 45% for March. Under subsequent rulings
temporary embargoes were established by the Reich
on purchases of foreign textile fibres and foreign
copper, and control boards were set up to ration
the available supplies among German industries.
Spokesmen for the German Government issued warnings, Tuesday, that Germany may be forced to practice dumping of her products abroad on a wholesale
scale in order to obtain exchange for foreign debt
service.
Advancement of American commerce with other
nations will be sought, under an Executive Order issued in Washington, last week, by a special adviser
to President Roosevelt on foreign trade. This official, so far unnamed, will have broad powers to
negotiate financial arrangements, barter transactions and other forms of Governmental participation in trade agreements. Negotiations may be initiated with respect to "specific trade transactions
with any individual, corporation, association, group
or business agency." Francis B. Sayre, Assistant
Secretary of State, declared Monday that the United
States must abandon its rigid tariff rate policy in
order to cope with the development of the trade
bargaining machinery of other nations. In the House
of Commons, at Ottawa, a Canadian Government •
bill was presented, Monday, whereunder the Government would have sweeping powers to regulate
domestic and foreign trade of all natural products
or commodities through a Dominion marketing
board. Only mineral products would be exempt from
this arrangement. At Tokio, a suggestion was made
Monday by Saburo Burusu, chief of the Foreign
Office commercial bureau, for a series of trade
agreements covering not only the chief articles of
commerce between Japan and the United States, but
also the commercial relations of the two countries
with Latin-America. Japan now sells more to Latin-
T
2132
Financial Chronicle
Mar. 31 1934
American countries than she can absorb from them, tinued after June 30, next, since the terms of the
it was pointed out, and a three-way trade project, forthcoming conference preclude discrimination.
with the United States as intermediary, was suggested in order to solve this problem.
AREFUL examination of the armaments problem is being continued in conversations among
REPARATIONS are speedily being concluded the leading European Powers, but it becomes ever
for the forthcoming negotiations in Berlin re- more questionable whether any reduction in armagarding transfers of debt service on German bonds ments will be achieved. A French note to the British
held externally,for the period subsequent to June 30 Government, published late last week, makes it clear
1934, when the current arrangement expires. An that the entire discussion is now in a new phase,
announcement made in this city, Wednesday, in- with the aim of actual disarmament by any country
dicates that a group of skilled financiers and nego- virtually abandoned. The General Disarmament
tiators will represent the interests of the American Conference, which has now been in progress more
holders of German dollar bonds. Creditors' rep- than two years, also appears destined for oblivion,
resentatives from all creditor countries will assemble and it is quite possible that the Steering Committee
at Basle, Switzerland, on April 6, for a preliminary will prepare the way for dissolution when it meets
discussion, making it likely that a united front will in Geneva on April 10. Proposals now under discusdevelop in the Berlin conferences with representa- sion in Europe,according to dispatches from leading
tives of the Reichsbank and the debtors. When the capitals, call for maintenance of their present armalast conference was held in Berlin, during January, ments by the heavily-armed States, and a measure
it was stated that a further meeting would be called of rearmament by Germany. In return for the conin April in order to consider the placing of German cession on German rearmament, France apparently
debt transfers on a "contractual basis." In recent desires extensive assurances of security from Great
weeks Dr. Hjalmar Schacht, President of the Reichs- Britain, and possibly from a number of other counbank, has been conducting a campaign of propaganda tries as well. There is every indication that the curthat is obviously intended to prepare the way for rent trend of the discussions is more realistic than
substantial reductions in transfers, and possibly for the former debate regarding the advisability of perreduced interest payments in marks as well. Lessened mitting Germany to rearm. Official figures on the
holdings of gold and foreign exchange reserves by the German budget for 1934-35 were made available in
Reichsbank have given point to the contentions of Berlin, Tuesday,and they include a large increase in
the Reichsbank President. But German export trade military appropriations.
appears to be suffering at the moment from an unThe French note to the British Government disusual combination of adverse circumstances, and the closed that France is in almost complete disagreewisdom of any permanent transfer or debt payment ment with the British memorandum of Jan.29, which
adjusted on the basis of present figures may well be suggested some disarmament by France and other
questioned. That all such factors will be borne in countries that were victorious in the World War,
mind by the creditors' representatives seems ob- and simultaneous rearmament by the Reich. The
vious.
British memorandum stated that reconciliation of
The Foreign Bondholders'Protective Council, of the French and German viewpoints is essential for a
which J. Reuben Clark is Acting President, an- general agreement, and with this statement the
nounced on Wednesday that it would be represented French reply agreed. But the desired solution
in the Basle and Berlin meetings by Pierre Jay, a would not be real if it rested on an ambiguity, the
member of the Council's Executive Committee, and French remarked,and a number of serious objections
Laird Bell, a Vice-President of the Council. These to the British plan were cited. The essential probselections are praiseworthy, as Mr. Jay was in Berlin lem remains that of guarantees, and in this connecfrom 1927 to 1930 as the American member of the tion mere general affirmations would be insufreparations transfer committee, while Mr. Bell at- ficient, according to the Paris Government. The
tended the meeting in Berlin last January, at which signatories to any convention, it was stated,"should
current arrangements for a transfer of an aggregate recognize the imperative duty which is laid upon
of 76.9% of interest due on German external bonds them, while adapting the gravity of sanctions to that
were made. In addition, W. W. Cumberland, who of the infraction revealed by control, to rectify withwas a member of the American delegation at the out delay that infraction by all methods of pressure
Paris Peace Conference, will be sent to Basle and which would be recognized as necessary." In the
Berlin as the representative of the American bank- same way, it should be admitted, the note continued,
ing firms concerned in the flotation of German dollar that if established violations endanger the security
bonds. Mr. Cumberland will be assisted by Rogers of another State, common action by the Powers
S. Lamont, as legal counsel. Ralph T. Crane, act- should be used for the benefit of the threatened
'
ing as Chairman of the issue houses, made the an- State to re-establish the disturbed equilibrium.
nouncement that Messrs. Cumberland and Lamont
In effect, this declaration by the French Governwill proceed to Europe, and he indicated at the same ment put the matter of guarantees squarely before
time that the meetings will be on the basis of "no the British Government, and there has been much
discrimination in favor of the creditors of any informal debate this week regarding the lengths to
country and the cessation of separate agreements." which the London Government might go in an enThree conferences on German transfers have been deavor to meet the French views. Diplomatic exheld to date, and under the two agreements 60 far changes between the two governments this week remade to cover the transfers the German authorities lated to the kind of guarantees desired by France.
found it possible to make arrangements for full It was indicated Wednesday, in reports from Paris,
transfers to Dutch and Swiss bondholders in ex- that a new conference to limit armaments may result
change for enlarged German exports to Holland and from the current exchanges. Any such discussion
Switzerland. Such engagements will not be con- probably would be held elsewhere than at Geneva,
C
P
Volume 138
Financial Chronicle
it is suggested, in order to give the League of Nations armaments provisions an appearance of intactness. Foreign Minister Louis Barthou, of France,
visited Belgium last Monday, in order to sound out
the Brussels Government on the armaments question. A joint communication, issued Tuesday, indicated a unanimity of views regarding the danger of
rearmament by Germany. To avert the perils of an
armaments race, the two governments "considered
it advisable that an international convention affording serious guarantees of execution should be
reached." This statement, of course, is quite in line
with the French note to Great Britain. In Washington it was made plain late last week that the
United States is not prepared to go farther than the
vague consultation in the event of a threatened
breach of the peace suggested by President Roosevelt last year.
PREMIER
2133
of the new Constitution indicated that the new Austria would become the most autocratic State in
Europe," the report added. Opinions of the Austrian
people will be expressed at the polls only when the
Government thinks this advisable, a dispatch to the
Associated Press indicates. Popular initiative is
barred and the people will not have the right to
elect their own Government. A proclamation placing the new Constitution in effect is anticipated soon
after Easter.
Legislation under the new arrangement may be
initiated only by the Government, which will be
advised by four consultative bodies, none of which
will exercise any control. The State Council of 40
to 50 members will be appointed by the President
The Federal Cultural Council will consist of representatives of churches, religious societies and
schools. The Federal Economic Council will be
chosen from business, industrial, financial and agricultural circles, while the Provincial Council will
consist of Go.vernors and Finance Ministers from
the various Provinces. The public will be excluded
from any sessions of these Advisory Councils. There
will be a fifth Council, called the Federal Chamber,
to be chosen from representatives of the first four
bodies. This Chamber will hold sessions open to
the public, and it will have power to accept or reject
measures submitted to it, without argument. The
place of the Austrian President in this proposed
regime remains uncertain, but it is suggpsted in
most reports from Vienna that President Miklas,
who was elected President under the Republican
Constitution, probably will be released from his
oath to uphold that document when the new Constitution is promulgated.
GASTON DOUMERGUE, of France,
appealed to his countrymen last Saturday for
their support in the struggle he is waging to maintain an orderly Government and an unimpaired valuation of the franc. France, said the Premier, "has
another Marne to win to restore our financial situation and confront all our difficulties." With obvious reference to the Stavisky scandal, M. Doumergue remarked that justice and a moral housecleaning
must be hastened, with none to be spared in the
process. It is indispensable to purify the atmosphere
if the parliamentary regime is to be saved, he added
significantly. Maintenance of the current value of
the franc is indispensable for continued confidence,
both within and without the country. "The franc
at four sous must remain untouchable," the Premier
declared, "if the French people's virtue of thrift
UALIFIED Italian voters, who number approxiis to be preserved." A balanced national budget is
mately 10,500,000, marched to the polls last
equally a requirement, it was indicated, and this
must be attained chiefly by governmental economies, Sunday, and to an overwhelming degree expressed
although some increase in taxation also appears their approval of the Fascist regime headed by Preunavoidable. Finance Minister Louis Germain- mier Benito Mussolini. The result of this national
Martin gave some indications on Wednesday of the election was never in doubt, as only the 400 Governmethods the French Government will pursue to bal- ment-selected candidates appeared on the roster for
ance the budget and save the franc. Expenditures election to the Chamber of Deputies. Voters were
are to be curtailed by 4,000,000,000 francs, chiefly asked merely whether they approved or disapproved
through the premature retirement of 60,000 to 80,000 the list of 400 names, and of the 10,041,997 votes
civil employees, and salary reductions Of 5% to 8% actually cast, only 15,265 were adverse. The favorfor those retained. Immediately after this announce- able ballots made up the impressive ratio of 99.8%
ment was made Government employees started to of the total cast. In some populous provinces of
organize in protest. Earlier in the week political Italy not a single dissenting vote was registered.
meetings were held at Tours and Toulon, and they The opponents of Fascism apparently contented
ended in riotous disorder when the Right and Left themselves with refraining from voting. This is indicated by the circumstances that Milan, among the
adherents started fighting.
large cities, showed the smallest percentage of votes
FFICIAL publications in Austria furnished the in proportion to the qualified electorate. At the
outline, last Sunday, of the "corporative Con- last quinquennial election, in 1929, Milan polled the
stitution," under which the small Central European largest vote against the Fascist list. The Chamber
country is to be governed when the plans of Chan- now elected is the twenty-ninth, but it promises to
cellor Engelbert Dollfuss and his Heimwehr associ- be the last, as Premier Mussolini declared some
ates are completed. The change from the Republican months ago that the legislative powers of the Parliaform of rule is a striking one, as the new Constitu- ment are to be surrendered to the new National
tion provides that all laws of the new Fascist State Council of Corporations, which will govern Italy as
"emanate from God Almighty," whereas the Repub- a "corporative State." Although the election last
lican Constitution declared that all power emanates Sunday was little more than a formality,it was made
from the people. "Anything that could recall the the occasion for celebrations and mass meetings of
democratic era is done away with, and those safe- Fascisti in all principal cities. The authorities in
guards that are erected are against any possibility Italy followed the practice, common in dictatorial
of the voice of the people being heard," a Vienna dis- regimes, of describing the results as a demonstrapatch to the New York "Times" states. "The details tion of the nation's faith in its leader.
Q
O
2134
Financial Chronicle
HERE have been no changes the present week in
the discount rates of any of the foreign central
banks. Present rates at the leading centers are
shown in the table which follows:
T
DISCOUNT RATES OF FOREIGN CENTRAL BANKS.
Country.
Austria__
Belgium...
Bulgaria—
Chile
Colombia
Czechoslovakia
Danzig
Denmark _ _
England...
Estonia
Finland
France....
Germany ....
Greece
Holland _
Rafe fn
Effect
Date
Mar.30 Established.
Prestow
Rate.
5
334
7
434
4
Mar.23 1933
Jan. 13 1932
Jan. 3 1934
Aug. 23 1932
July 18 1933
6
234
8
534
5
334
4
234
2
534
431
3
4
7
234
Jan. 25 1933
July 12 1932
Nov. 29 1933
June 30 1932
Jan. 29 1932
Dec. 20 1933
Feb. 8 1934
Sept.30 1932
Oct. 13 1933
Sept. 18 1933
434
5
3
234
634
5
234
5
734
3
Country.
Hungary...
India
Ireland_ _
Italy
Japan
Java
Lithuania
Norway....
Poland_._
Portugal...
Rumania
South Africa
Spain
Sweden
Switzerland
Rate in
Date
Effect
Illar.30 Established.
434
334
3
3
3.65
434
6
334
5
534
6
4
6
234
2
bills bought abroad remain unchanged. The proportion of gold on hand to sight liabilities stands this
week at 77.34% as compared with 76.50% last year
and 69.67% the previous year. Below we furnish
a comparison of the various items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
PreMous
Rate.
Oct. 17 1932 5
Feb. 16 1933 4
June 30 1932 334
Dec. 11 1933 334
July 3 1933 4.38
Aug. 16 1933 5
Jan. 2 1934 7
May 23 1933 4
Oct. 25 1933 6
Dec. 8 1933 6
Apr. 7 1933 6
Feb. 21 1933 7
Oct. 22 1932 534
Dec. 1 1933 3
Jan. 22 1931
34
In London open market discounts for short bills
on Thursday were%, as against 4©13-16% on
3
Friday of last week and %@15-16% for three
months' bills, as against 13-16@3/ on Friday of
%
8
last week. Money on call in London yesterday was
%%. At Paris the open market rate remains at
234% and in Switzerland at 13/2%.
Mar. 31 1934
Changes
for Week.
Mar. 23 1934. Mar.24 1933. Mar.25 1932.
Francs.
Francs.
Francs.
Francs.
+313,982,893 74,385,395,446 80.623,436,491 76,831,523,050
No change.
14,315,519 2,405,678,976 3,848,635,589
Gold holdings
Credit bats. abroad_
a French commercial
bills discounted
+520,000,000 5,612,516,868 4,227,163,108 4,820,333,859
b Bills bought abr'd No change.
1.056,809,796 1,980,324,353 8,783,615,054
Adv. agent secure
—29,000.000 2,966,643,025 2,635,329.457 2.715,643,446
Note circulation_ _ _ _ —366,000,000 80.819,911.980 84,233,030,325 81,782,044,235
Credit current accts. +1.189,000.000 15,336.853,904 21,157.850.32428,488.827,552
Propor'n of gold on
hand to sieht liab
.
—0.33%
77.34%
76.50%
69.67%
a Includes bills purchased in France. b Includes bills discounted abroad.
HE New York money market was again a dull
affair this week, no changes in rates occurring
in any department, while demand for accommodation
remained at a low ebb. The abnormal credit ease
was shown again, however, in record low rates at
which the Treasury awarded two series of discount
bills on Monday. One series of $50,00,000, due
in 91 days, was awarded at an average discount of
only 0.08%, which breaks the record of 0.09% established on this maturity in December 1932. A second
series of $50,000,000, due in 182 days, was awarded
at an average discount of 0.19%, and on this relatively new maturity a record also was established.
Call loans on the New York Stock Exchange were
1% for all transactions of the week, whether renewals
or new loans. In the unofficial outside market loans
were reported done every day at 4%,or a concession
3
of W from the official rate. Time loans were also
I%
unchanged, with demand very small. The total of
brokers' loans against stock and bond collateral,
reported for the week to Wednesday night by the
Federal Reserve Bank of New York, decreased
$8,000,000.
T
HE Bank of England statement for the week
ended March 28 shows a slight gain of £16,876
in gold holdings which brings the total to another
new high of £192,152,872 in comparison with £172,688,160 a year ago. Inasmuch as the gain in gold
was attended by an expansion in note circulation
•of no less than £9,314,000, reserves fell off £9,297,000.
Public deposits rose £5,346,000 while other deposits
.decreased £12,231,254. The latter consists of
bankers' accounts, which decreased £13,087,199, and
other accounts, which increased £855,945. The
proportion of reserve to liability dropped to 49.27%
from 53.06% a week ago; last year the ratio was
54.05%. Loans on Government securities expanded £4,205,000 and those on other securities
fell off £1,784,640. Other securities include discounts and advances which rose £16.685 and securities
EALING in detail with call loan rates on the
which decreased £1,801,325. The rate of discount
Stock Exchange from day to day, 1% reis still 2%. Below we furnish a comparison of the mained the ruling quotation all through
the week
•different items for five years:
for both new loans and renewals. The market for
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
time money has been extremely quiet this week,
1934.
1933.
1931.
1932.
1930.
practicallly no transactions having been reported.
March 28 March 29 March 30
April 2
April 3
Rates are nominal at %@1% for two to five months,
£
£
£
£
£
Circulation
378.779.000 367.111.600 360,529,134 357,056,936 357,265,456
and 1@.134% for six months. The demand for comPublic deposits
17,512,000 21,244,065 27,230.726 17.242,743 18,422,477
Other deposits
131,385,189 127,804,053 88,947,089 93,481.658 100,192,023
mercial paper has been fairly brisk this week, but
Bankers'accounts_ 94,468.743 92,838,083 54,565,819 58,788,220 62,833,897
Other accounts_ 38,916,446 34,965,970 34.381.270 34,693.438 37,358,126
dealers report a shortage of satisfactory paper has
Govt. securities_ _ 77,101.732 57,737,779 35,695,906 30,349,684 54,021,909
Other securities
16.677,260 28,981.223 62,812,256 50,314,011 23,015,858
greatly curtailed sales. Rates are 1% for extra
Diset. dr advances_
5,634,269 11,770,312 11,725,366 24,628.884 10,309,949
11,042,991 17,210,911 51,086,890 25,685,127 12,705,909
Securities
choice names running from four to six months and
Reserve notes de coin 73,373,000 80,576,560 35,902,657 48,330,251 59,880,036
Coln and bullion.... 192,152,872 172,688,160 121.431,791 145,387,187 157.125,492
Proportion of reserve
134% for names less known.
to
'T
D
liabilities
Bank rate
49.27%
2%
54.05%
2%
30.90%
334%
43.64%
3%
50.46%
334%
HE Bank of France statement for the week
ended March 23 shows an increase in gold
holdings of 313,982,893 francs. The Bank's gold
holdings now aggregate 74,365,395,446 francs in
comparison with 80,623,436,491 francs a year ago
and 76,831,523,050 francs the year 'before. French
commercial bills discounted and creditor current
accounts register increases of 520,000,000 francs and
1,189,000,000 francs, while advances against securities record a loss of 29,000,000 francs. Notes in
circulation reveal a contraction of 366,000,000 francs,
bringing the total of notes outstanding down to
80,819,911,960 francs. A year ago circulation stood
at 84,233,030,325 francs and the previous year at
81,782,044,235 francs. Credit balances abroad and
T
HE demand for prime bankers' acceptances has
been extremely quiet this week, due to the
shortage of satisfactory paper. Rates are unchanged. Quotations of the American Acceptance
Council for bills up to and including 90 days are
/% bid and N.% asked; for four months, /% bid
1
and M3% asked; for five and six months, 4% bid
3
and M% asked. The bill buying rate of the New
York Reserve Bank is M% for bills running from 1 to
90 days, and proportionately higher for longer maturities. The Federal Reserve banks' holdings of
acceptances fell during the week from $33,250,000 to
$29,359,000. Their holdings of acceptances for foreign correspondents, however, remain unchanged at
$4,935,000. Open market• rates for acceptances
are as follows:
T
Financial Chronicle
Volume 138
2135
sterling was attributed largely to American purchases
of sterling, doubtless with a view to taking gold
Prime eligible bills
from the London open market. The relative firm-90 Days-2
-- -60 Days- -30 Days
Bid. Asked. Bid. Asked. Bid.
Asked.
ness in the pound results also from the fact that there
Prime eligible bills
34
34
34
34
34
34
was considerable bear speculation in dollar exchange
FOR DELIVERY WITHIN THIRTY DAYS.
in Paris and London in consequence of President
Eligible member banks
yi% bid
Eligible non-member banks
34% bid
Roosevelt's defeat by Congress on the Independent
Offices bill. European bankers see in this the possihave been no changes this week in the bility of wholesale credit expansion. Sterling has
I rediscount rates of the Federal Reserve banks. also firmed up slightly in terms of French francs,
The following'is the schedule of rates now in effect especially in Thursday's market, when at one time
for the various classes of paper at the different the London check rate on Paris went just over 78
Reserve banks:
francs to the pound (78.08) for the first time in
DISCOUNT RATES OF FEDERAL RESERVE BANKS.
several weeks. The range for sterling this week has
Rate in
been between $5.091 and $5.133 for bankers' sight
4
A
Date
Effect on
Previous
Federal Reserve Bank.
Rate.
March 30.
Established.
bills, compared with a range of between $5.08%
Feb. 8 1934
2
2%
Boston
and 85.113 last week. The range for cable trans4
2
Feb. 2 1934
154
New York
3
Nov. 16 1933
2%
Philadelphia
fers has been between $5.093 and $5.13%, compared
/
2%
Feb. 3 1934
2
Cleveland
3%
Feb. 9 1934
Richmond
with a range of between $5.09 and $5.11% a week
354
Feb. 10 1934
3
Atlanta
3
Oct. 21 1933
254
Chicago
ago.
3
Feb. 8 1934
2%
St. Louts
Mar. 16 1934
a
354
Minneapolis
354
Feb. 9 1934
3
The following tables give the mean London check
Kansas City
8
Feb. 8 1934
354
Dallas
2%
Feb. 16 1934
2
San Francisco
rate on Paris from day to day, the London open
market gold price and the price paid for gold by the
HE Bank of Germany in its statement for the • United States.
third quarter of March reveals a further decline
MEAN LONDON CHECK RATE ON PARIS.
77.41 I Wednesday, March 28
77.53
in gold and bullion, the decrease this time being Saturday, March 24
77.94
77.41 I Thursday, March 29
Monday, March 26
March 30... _Holiday
77.48 I Friday,
20,739,000 marks. Owing to this loss, the Bank's Tuesday, March 27
LONDON OPEN MARKET GOLD PRICE.
gold holdings now stand at 244,991,000 marks, in
Wednesday, March 28 _136s.
comparison with 727,356,000 marks last year and Saturday, March 24_ ___136s. 3d. 1 Thursday, March 29 _1358. 3d.
534c1.
Monday, March 26___ _136s. 5d.
March 30 _Holiday
877,088,000 marks the previous year. An increase Tuesday, March 27_ __ _136s. 331c1. Friday,
appears in reserve in foreign currency of 8,532,000 PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
RESERVE BANK)
marks, in silver and other coin of 17,976,000 marks, Saturday, March 24
Wednesday, March 28
35.00
35.00
35.00
Thursday, March 29
35.00
in notes on other German banks of 421,000 marks, Monday, March 26
35.00
Friday,
March 30
35.00
advances of 1,859,000 marks, in investments of Tuesday, March 27
in
Although sterling went above 78 francs to the pound
9,000 marks, in other assets of 10,185,000 marks, in
other daily maturing obligations of 5,503,000 marks on Thursday, there was no indication of intervention
and in other liabilities of 6,736,000 marks. Notes in by the Britisli exchange control. The Paris check
circulation show a contraction of 63,575,000 marks, rate opened at 77.687 and closed at 78.08, with the
bringing the total of this item down to 3,322,041,000 average quotation at 77.94. A contributory factor
marks. Circulation a year ago was 3,196,798,000 in the firmness of the pound with respect to the franc
marks and two years ago 4,005,896,000 marks. A was thought to be the drift of capital from Switzerdecrease appears also in bills of exchange and checks land to London by way of Paris. The higher check
in the amount of 69,579,000 marks. The proportion rate is really without significance, coming as it did
of gold and foreign currency to note circulation is toward the close of a drifting market when everyone
now 8%, as against 26.6% the same period a year was preparing for the holiday observances. Essenago. Below we furnish a comparison of the various tially there is no change in the foreign exchange
situation from last week. The price of gold in the
items for three years:
London market has been drifting lower and the relaREICHSBANK'S COMPARATIVE STATEMENT.
tion of the dollar to the pound and to the Continental
Changes
for Week.
Mar,231934. Afar. 231933. Afar.231932.
currencies is so close to parity, as represented by the
AssetsReichsmarks. Reichsmarks. Reichsmarks. Reichsmarks.
London and Paris estimates of dollar value, that
Gold and bullion
-20.739,000 244,991,000 727,356.000 877,088,000
No change
Of which depoa. abroad
26,479,000
66,365,000
76,623,000
only banks in the most favored position can import
Reserve In foriegn cure_
+8.532,0
17,264,000 121.948,000 142,188,000
-69,579,000 2,767,737,000 2,470,614.000 3,219,323.000
Bills of exch. and checks
gold from Europe to the United States at any profit,
other'min.__
+17,976,000 276,155,000 288,921,000 208,696.000
Silver and
+421,000
Notes on other Ger. bks.
11,858,000
14.521,000
7,813,000
although the fraction favoring American imports
+1,859,000
79,137,000
Advances
83,637,000 134,869,000
+9,000 678,931,000 401,071,000 361.753,000
Investments
+10,185,000 521,654.000 619,229.000 832,454,000
has been slightly more advantageous to the New York
Other assets
Liabilities
-63,575,000 3,322,041,000 3,196,798.000 4,005.896,000
banks this week. It costs about 28 cents an ounce to
Notes in circulation._
+5,503,000 540,810,000 362.357,000 491,453.000
Other daily matur.oblig.
+6,736,000 141,079,000 600,726.000 711,409.000
land gold at the assay offices here from London.
Other liabilities
Propor.ot gold and torn
-n
With the price of gold as established by the United
States Treasury at $35 an ounce, the dollar equivaTERLING exchange is firmer than at any time in lent for gold in London has ranged this week between
several weeks. The market, characteristic of $34.75 and $34.65, the latter price occurring on
the Easter season, is extremely dull. Capital move- Thursday when the London open market price for
ments are at a minimum and trading is confined to gold fell from 136s. 3d. per ounce to 135s.
limited commercial requirements. Business of nearly At the same time London quoted the dollar-sterling
every description comes almost to a standstill in most rate at $5.13/. The dollar equivalent for the London
European countries during Holy Week. In London, price of gold varies with the fluctuations in dollarParis, and most of the larger cities the exchanges sterling exchange. In the main Europe feels that
remain closed from Friday until Tuesday morning. European gold shipments to this side are practically
Most of the foreign exchange business in New York at an end, although the franc eased off very conwas transacted before Thursday and the firmness in siderably in terms of the dollar and sterling on ThursSPOT DELIVERY.
-180 Days- -150 Days- -120 Days
Bid.
Asked. Bid. Asked. Bid. Asked.
X
X
X
X
34
X
THERE
T
9%
S
a%
seam,
•
no .1 of
2136
Financial Chronicle
day. Except as the gold is taken from the open
market and not from central banks, it would seem
that the United States can not continue to draw gold
from Europe without serious injury to the countries
still on the gold basis. According to the Department of Commerce an all-time record for gold
imports was set in February, when gold imports
totaled $452,622,000. Further imports since February have brought our total abstraction of gold
from European bank reserves to close to $600,000,000
in two months.
The Bank of England's gold holdings now stand
at £192,152,872 and constitute a record. The
upward movement has been slow. Since the beginning of the year the metallic reserves of the bank have
risen only approximately £509,000 and it would seem
that most of this increase has come from private
sources. Apparently thus far this year the British
exchange equalization fund has not resold gold to
the bank and this is interpreted as indicating the
satisfaction of the British authorities with their
present gold holdings.. The gold in the Bank of
England is valued at its old statutory price but its
present value is approximately 40% greater.
Money continues in great abundance in Lombard
Street and rates show practically no changes from
week to week. A few weeks ago the banking authorities endeavored to keep the three-months' bill rate
at 1%,but so great is the glut of funds that even this
low rate could not be maintained. Call money is in
supply at Y
i% to %%. Two-months' bills are
%%; three-months' bills, 4% to 15-16%; four7
months' bills, 15-16% to 1%, and six-months bills,
1 1-16%.
On Saturday last there were £230,000 bar gold
available in the open market, which was taken for
unknown destinations. On Monday, £150,000 was
taken for unknown destinations. On Tuesday
£164,000 was similarly taken. On Wednesday
£475,000 and on Thursday £620,000 went to unknown
destinations. On Friday there was no market. The
Bank of England statement for the week ended
March 29 shows an increase in gold holdings of
£16,876, the total standing at £192,152,872, which
compares with £172,688,160 a year ago and with the
minimum of £150,000,000 recommended by the
Cunliffe committee. At the Port of New York the
gold movement for the week ended March 28, as
reported by the Federal Reserve Bank of New York,
consisted of imports of $34,491,000, of which $24,115,000 came from England, $5,378,000 from India,
$1,825,000 from Canada, $1,744,000 from Holland,
$1,369,000 from France and $60,000 from Palestine.
There were no gold exports. The Reserve Bank
reported a decrease of $700,000 in gold earmarked for
foreign account.
In tabular form the gold movement at the Port of
New York for the week ended March 28, as reported
by the Federal Reserve Bank, was as follows:
GOLD MOVEMENT AT NEW YORK,MARCH 22
-MARCH 28, INCL.
Exports.
Imports.
$24,115,000 from England
5,378,000 from India
1,825,000 from Canada
None.
1,744,000 from Holland
1,389,000 from France
80,000 from Palestine
$34,491,000 total
Net Change in Gold Earmarked for Foreign Account.
Decrease: $700,000
A footnote to the Reserve Bank's weekly gold statement reads: "Imports from France of $7,368,000 of gold previously acquired and included
in the monetary gold stock of the United States."
Mar. 31 1934
The above figures are for the week ended Wednesday evening. On Thursday imports amounted to
$1,433,100, of which $1,271,700 came from Canada,
$136,700 from India, $14,100 from Cuba and $10,600
from Mexico. There were no exports or change in
gold held earmarked for foreign account. On Friday,
$121,700 of gold was received from Canada. There
were no exports or change in gold held under earmark
for foreign account.
Canadian exchange has been relatively steady,
moving at from a slight discount to par and occasionally fractionally above par. On Saturday last,
Montreal funds were at a discount of from 1-16% to
A%,on Monday at from 1-16% to 3-32%, on Tuesday at from 1-32% to 38%, on Wednesday at from a
discount of 1-16% to par and on Thursday and
Friday at par.
Referring to day to day rates, sterling exchange on
Saturday last was steady in dull trading. Bankers'
sight was $5.09X®$5.093 ;cable transfers $5.0998®
4
$5.10. On Monday rates were again steady in
limited trading. The range was $5.09/®$5.10W,
for bankers' sight and $5.09®$5.103/ for cable
transfers. On Tuesday rates softened slightly.
Bankers' sight was $5.09%®$5.103/ cable transfers
;
8
$5.09%®$5.101 . On Wednesday sterling was firm.
4
The range was $5.09%®$5.11% for bankers' sight
and $5.103/®$5.11% for cable transfers. On Thurs8
day sterling was steady in dull trading. The range
was $5.11%@$5.13% for bankers' sight and $5.12®
$5.13% for cable transfers. On Friday, Good Friday, markets were practically at a standstill with
rates largely nominal. Bankers' sight was
$5.123 cable transfers $5.12%@$5.13. Closing
4
4
quotations on Friday were $5.123 for demand and
$5.13 for cable transfers. Commercial sight bills
-day bills at $5.113/2; 90-day
finished at $5.12; 60
bills at $5.11; documents for payment (60 days) at
and seven-day grain bills at $5.12%.
$5.11
Cotton and grain for payment closed at $5.12
countries
EXCHANGE on the Continentalwhile in theturned
easier in Thursday's trading,
earlier
part of the week
there was no decided change from
last week. French francs were off sharply in Thursday's trading, due to the strong demand for sterling
in Paris not only for French account but for other
European interests. The decline in the franc was
particularly marked as the Bank of France statement
for the week ended March 23 was decidedly the best
in many weeks. The sudden turn of Europe toward
sterling is not only an indication of the consistent
confidence reposed in London as the safest center for
timid capital but reflects also a certain uneasiness on
the part of European financial interests as to the
possibility of untoward political developments which
might arise during the long Easter holidays. For a
number of weeks rumors of currency devaluation
have been renewed in France, Germany, Switzerland
and in other countries. There can be no doubt
that the devaluation forces are gaining strength in
France. The French monetary authorities as represented by the Treasury Department and the Bank of
France are as insistent as ever that the gold value of
the franc will be maintained at its present level.
Nevertheless, if the economy policies of the Doumergue Government are to be carried out, as promised,
by decrees early in April, deflationary measures must
be adopted and it is a serious question whether the
French war veterans'and_other pensionaries:andlthe
Financial Chronicle
Volume 138
large body of civil employees will be willing to make
the sacrifices necessary for successful accomplishment of a deflationary program. It begins to look
more difficult for France to maintain the gold standard at the present valuation of the unit. The drop
in the franc against sterling and dollars on Thursday
would seem to indicate the possibility of a resumption
of the gold movement from France to London and to
the United States by way of London. However,
in view of the seasonal cessation of trading during
the Easter holidays the action of Thursday's market
might easily be over-estimated. France could afford
if necessary to lose a great deal more gold without
being compelled to abandon the gold bloc agreement.
The Bank of France statement for the week ended
March 23, shows an increase in gold holdings of
fr. 313,982,893, the total standing at fr. 74,365,395,446, as compared with fr. 80,623,436,491 a year ago.
The bank's ratio is at the high figure of 77.34%,
which compares with 77.67% a week earlier, with
76.50% a year ago, and with legal requirements of
35%. The following table shows the relation of the
leading European 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
25.54
5.26
8.91
23.82
40.33
19.30
32.67
40.20
68.06
Range This Week.
6.56% to 6.593
23.29 to 23.38
8.56% to 8.613
39.54 to 39.74
32.22 to 32.34
67.25 to 67.46
German marks have fluctuated within a narrower
range this week and are easy in terms of the dollar.
However, it must be remembered that mark quotations are highly nominal as the unit is under strict
Reichsbank control. The mark situation is on the
whole precarious. It will be recalled that only a few
weeks ago Dr. Schacht, President of the Reichsbank,
gave warning of the possibility that Germany might
limit severely, if not ban, imports of foreign goods
if the strain on the Reichsbank reserves is not relieved.
He gave notice that the moratorium would be made
more extensive. It is well known that Dr. Schacht
favors a sound currency on a full gold basis as
represented by old dollar parity of 23.82 when the
mark was stabilized. He has almost daily reiterated
his faith in the gold standard and has constantly
condemned currency inflation, but now in view of
the renewed devaluation discussions in many countries
since devaluation of the dollar, a similar agitation
has been gaining strength in German Government
circles, and it is a serious question in many well
informed circles whether Dr. Schacht can overcome
this opposition. Germany has been losing gold
steadily in recent weeks. The Reichsbank statement
for March 23 shows a further loss of 20,739,000
marks gold during the week, which follows upon
a loss of 47,185,000 marks the previous week. The
reserve ratio stands at 8.0%, compared with 8.2%
on March 15 and 9.4% on March 7. A year ago the
Bank's reserve ratio was considered excessively low
when it stood at 26.6%. The lowest ratio recorded
by the Bank since the stabilization of the unit was
7.5% on June 30 1933,just as the transfer moratorium
was about to take effect. Various items pertaining
to the German credit situation and to the forthcoming
meeting of the Reich's creditors in Basle will be found
in our news columns.
The London check rate on Paris closed on Thursday at 78.08, against 77.35 on Friday of last week.
In New York sight bills on the French center finished
on Thursday at 6.57, against 6.593/ on Friday of last
2137
week; cable:transfers at 6.573, against 6.599, and
commercial sight bills at 6.56, against 6.583/2.
Antwerp belgas finished at 23.29 for bankers' sight
bills and at 23.30 for cable transfers, against 23.34
and 23.35. Final quotations for Berlin marks were
39.63 for bankers' sight bills and 39.64 for cable
transfers, in comparison with 39.79 and 39.80.
Italian lire closed at 8.573/2 for bankers' sight bills
and at 8.58 for cable transfers, against 8.573 and
%
8.583j. Austrian schillings closed at 18.95, against
19.00; exchange on Czechoslovakia at 4.15, against
%
4 163/2; on Bucharest at 1.013', against 1.013 ; on
.
Poland at 18.88, against 18.95, and on Finland at
2.27, against 2.263. Greek exchange closed at
0.93 for bankers' sight bills and at 0.94 for cable
A
transfers, against 0.94 and 0.941 .
XCHANGE on the countries neutral during the
war presents no new features of impotrance
from those of recent weeks. The Swiss franc and
the Dutch guilder are decidedly easier in terms of
the dollar, although transacticins have been extremely
limited. The ease in both these currencies must be
largely attributed to the temporary withdrawal of
funds from Holland and Switzerland for transfer to
the London market. Swiss and Dutch funds are
believed to have been prominently engaged in the
London gold market during the week, and only a
few days ago the Swiss and Dutch units were easier
in terms of the French franc. The recent acquisitions
of gold by the Bank of France are believed to have
come almost exclusively from these two countries,
although Berlin has also been shipping gold to Paris.
One factor in the ease of the guilder was the transfer
of funds to France in connection with the 100,000,000
guilder loan extended by Dutch banks to the French
Treasury. The Amsterdam money market is showing a tendency to firmness. The private discount
rate has been raised to 1 5-16% from 13/8%, the
latter rate having been in effect since March 12.
Prime guilder acceptances have been raised to
1 7-16% from 134%.
Bankers'sight on Amsterdam finished on Thursday
at 67.32, against 67.39 on Friday of last week; cable
transfers at 67.33, against 67.40, and commercial
sight bills at 67.30, against 67.37. Swiss francs
closed at 32.23 for checks and at 32.24 for cable
transfers, against 32.31 and 32.32. Copenhagen
checks finished at 22.89 and cable transfers at 22.90,
against 22.77 and 22.78. Checks on Sweden closed
at 26.45, and cable transfers at 26.46, against 26.31
and 26.32; while checks on Norway finished at 25.77
and cable transfers at 25.78, against 25.61 and 25.62.
2
Spanish pesetas closed at 13.613/ for bankers' sight
bills and at 13.62 for cable transfers, against 13.64
and 13.65.
E
the South American countries
South
EXCHANGE onfeatures of importance. Theat presents no new
American markets are largely at a standstill this
season,as the Easter holidays are unusually prolonged
in the Latin American countries. The nominal quotation for the Argentine paper peso shows a tendency
to harden and to follow the trend of sterling exchange.
The South American units are all under the control
of Government exchange boards and there is a great
disparity between these nominal quotations and the
"unofficial" or "bootleg" market. For instance, the
official rate for Buenos Aires is around 34, while the
2138
Financial Chronicle
unofficial rate in New York has fluctuated this week
between 25.28 and 25.45, with trading practically at
a standstill.
Argentine paper pesos closed on Thursday nominally
at 34 for bankers' sight bills, against 34 on Friday of
last week; cable transfers at 3432, against 343'.
Brazilian milreis are nominally quoted 8.56 for
bankers' sight bills and 8.75 for cable transfers,
against 8.50 and 8.75. Chilean exchange is nominally
quoted 103, against 104. Peru is nominal at 23.60,
against 23.60.
XCHANGE on the Far Eastern countries shows
mixed trends. Trading has been limited as
even these units are influenced by the course of
events in London, Paris and Amsterdam. Hong
Kong and Shanghai have been ruling perhaps a shade
easier, while Japanese yen are fractionally firmer on
balance, in sympathy with sterling. Bombay and
Calcutta move of course in strict sympathy with
sterling exchange, to which the rupee is legally
attached at the rate of is. 6d. per rupee.
Closing quotations for yen checks Thursday were
30.25, against 30.08 on Friday of last week. Hong
Kong closed at 38%@38 13-16, against 387 ®
A
3
38 15-16; Shanghai at 34%, against 34 13-16@34%;
Manila at 50.35, against 50.35; Singapore at 603.,
against 60; Bombay at 38%, against 38.60, and
Calcutta at 38%, against 38.60.
E
PURSUANT
to the requirements of Section 522
of the Tariff Act of 1922, the Federal Reserve
Bank is now certifying daily to the Secretary of the
Treasury the buying rate for cable transfers in the
different countries of the world. We give below a
record for the week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MAR. 24 1934 TO MAR. 30 1934. INCLUSIVE.
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in Untied States Money.
Mar.24. Mar. 28. iMar.27. Mar. 28.1 Mar. 29. Mar.30.
$
EUROPE$
.189250* .189600* .189520 .189500* .189480* .189520*
Austria.schilling
Belgium, belga
.233000 .232792 .233069 .233000 .233084 .232850
Bulgaria, ley
.013375* .013425. .013500* .013500* .013300* .013250*
Czechoslovakia, krone .041571 .041531 .041525 .041503 .041496 .041486
Denmark. krone
227363 .227466 .227676 .227766 .229158 .228709
England, pound
sterling
5.094250 5.097166 .098333 .102750 5.132083 5 126500
Finland, markka
.022450 .022466 .022500 .022520 .022630 .022558
France,flans
065851 .065788 .065791 .065790 .065725 .065698
Germany. reichsmark .
.396491 .396800 .396642 .396371 .396064
Greece, drachma
009425 .009425 .009421 .009425 .009431 .009405
Holland, guilder
.673314 .672600 .672957 .672778 .673483 .672928
Hungary. pengo
.296833* .296666* .296666* .296666* .296562* .296250*
Italy, lira
085720 .085671 .085730 .085740 .085976 .085801
.-,
Norway. krone
.255841 .258107 .256250 .257800 .257481
Poland, zloty
189500 .189333 .189320 .189100 .188960 .189100
Portugal, escudo
048770 .046760 .046686 .046741 .048937 .046825
Rumania,leu
010040 .010041 .010005 .010000 .010045 .010029
Spain, peseta
136446 .136253 .136278 .136278 .138114 .136060
Sweden, krona
.262518 .262636 .262869 .263008 .264858 .264341
Switzerland, franc
.322741 .322660 .322757 .322753 .322515 .322442
Yugoslavia, dinar
.022625 .022583 .022610 .022640 .022620 .022610
ASIAChinaChefoo (yuan) dol'r .344166 .345833 .344583 .342500 .345833 .345000
Hankow(yuan) dol'r .344166 .345833 .344583 .342500 .345833 .345000
Shanghal(yuan)lorr .343593 .344843 .343906 .341718 .344687 .344583
Tientsin(yuan)dol'r .344168 .345833 .344583 .342500 .345833 .345000
.384375 .384843 .384687 .381562 .383750 .384583
Hongkong, dollar
India, rupee
.383900 .383410 .383250 .383300 .386050 .386062
300075 .300060 .300350 .300090 .301290 .301375
Japan, yen
Singapore (S. S.) dol'r .597500 .596875 .597500 .595825 .600625 .600625
AUSTRALASIA
4.057500 4.060000 4.058750 .062083 .090833 4.084583
Australia, pound
New Zealand, pound_ 4.068333 4.070833 4.069168 .072500 .101250 4.095416
AFRICA
South Africa, pound 5.032187 5.039375 5.040312 .044375 .074375 5.068437
NORTH AMER.
998515 .998483 .998750 .999298 .000234 .999895
Canada, dollar
999550 .999550 .999550 .999560 .999150 .999550
Cuba. peso
Mexico, peso (silver). .277160 .277160 .277160 .277160 .277160 .277160
Newfoundland, dollar .995937 .995875 .996260 .996812 .997812 .997375
SOUTH AMER.
.339700* .339866* .339900* .340133* .342200* .341800*
Argentina, peso
085275* .085275 .085275* .085275* .085425* .085412*
Brazil, milreis
101700* .101875 .101875* .101875* .102000* .102000*
Chile, peso
.803250* .802733° .802800* .802566* .802566* .802400*
Uruguay, peso
634900* .628)00• .628900* .627000* .627000* .627000*
Colombia, peso
• Nominal rates; firm rates not available
following table indicates the amount of gold
bullion in the principal European banks as of
Mar. 29 1934, together with comparisons as of the
corresponding dates in the previous four years:
T
HE
Banks of-
1934.
Mar. 31 1934
1933.
1932.
1931.
1930.
£
£
£
England___ 192,152,872 172.688,160 121,431,791
France a,_ 594,923,163 644,987,492 614,652,184
Germany b.
10,925.000
33,484,800
40,624,050
Spain
90.482.000
90.360.000 89,971,000
Italy
76,823,000
68.780,000
70,975,000
Netherlands
79,061,111
66,711,000
72,972,000
Net. Belg'm
76,203,1 i I
77,322,000
71,745.000
Switzerland
66,774,000
88,805,000
65,435,000
Sweden _ _
.
14,635,000
12.129,000
11,440,000
Denmark_ _
7,398,000
7,399,000
8,032,000
Norway_ _.
6,574,000
8.07.5,000
6,559,000
.£
i
145,387,187 157,125,492
448,931,518 340,406,829
105,788,400 117,307.150
96,722,000
98,729.000
57,385,000 ,. 56,131.000
37,167.000 - 35,981,000
33.733,000
40,981,000
22,439,000
25,717,000
13,543,000
13,340,000
9,574,000
9,547,000
8,145,000
8,134,000
Total week_ 1,203,720,035 1,279,972,452 1,173,837,035
Prey. week. 1,202.686.396 1.276.970.788 1.174.487.546
989,100.105
9811 034 R111
893,114,471
892_197.404
a These are the gold holdings of the Bank of France as reported in the new form
of statement. b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year is 11,323,950.
President Roosevelt, the "Brain Trust" and
the New American Revolution.
The allegations regarding the purposes of the socalled "brain trust" which Dr. William A. Wirt,
superintendent of schools at Gary, Ind., made in a
memorandum which James H. Rand, Jr., chairman
of the Committee of the Nation, read into the record
of a hearing before the House Committee on InterState Commerce on March 23 have created, as was
probably expected, a national sensation. Charges
that some unnamed members of the "trust" had declared last summer their belief that by "thwarting"
the recovery that was then in evidence they could
prolong "the country's destitution" long enough to
demonstrate to the American people the necessity of
Government operation of industry and commerce,
that financial institutions which had been making
long-term capital loans were to be destroyed by
"propaganda" in order to give the capital loan field
to the United States, that Mr. Roosevelt, who was
"only the Berensky of this revolution," could be
kept "in the middle of a swift stream," too strong
to allow him to turn back or escape, "until we are
ready to supplant him with a Stalin," that banking,
business and labor could be kept quiet and docile
by public investigations or shares in Government
contracts or loans, and that propaganda would "inflame the masses against the old social order and
the honest men as well as the crooks that represent
that order," were obviously too startling to be ignored. The sensational effect of the statement has
been heightened by Dr. Wirt's reported willingness
to support his charges before a Congressional committee of inquiry, and by efforts of the press to discover the identity of the members of the "brain
trust" who gave Dr. Wirt his information.
The first impression made by the allegations is
that they are fantastic. One naturally wonders why
members of the "brain trust" should have made Dr.
Wirt their confidant, why they should have been so
indiscreet as to blurt out their plans when success
depended upon keeping their plans under cover, and
why Mr. Roosevelt, who assuredly possesses more
than an ordinary measure of intellectual and political acumen, should not have discovered that he was
being used as a tool by his trusted advisers and
scheduled for displacement as a weak leader when
the day of the strong man arrived. Dr. Wirt should
certainly be called upon to substantiate his state.ment and reveal the names of the persons whom he
has represented as plotters of a revolution. A Congressional investigation such as is being talked of
at Washington, however, will be of little consequence
if it confines itself merely to ascertaining the truth
or falsity of Dr. Wirt's assertions. The important
thing is to determine whether, irrespective of names,
dates or particular circumstances, the revolutionary
purpose which he professes to have revealed does in
Volume 138
Financial Chronicle
fact exist. There is much reason for thinking that,
if an investigation were pushed along that line, some
of Dr. 1Virt's allegations would appear in a different
light.
It is difficult to see, in some of the most fundamental parts of the Roosevelt recovery program,
anything except a wide and deliberate departure
from principles and practices which hitherto have
characterized the relations between the Federal Government and business and trade. Some of these departures were forecast, with varying degrees of
clearness or vagueness, in Mr. Roosevelt's campaign
speeches. The country knew before November 1932,
that Mr. Roosevelt, if he were elected, would seek to
impose some radical restrictions upon the issuance
of securities and their sale, that he favored the public ownership and control of utilities wherever the
rates or services of privately-owned companies were
regarded as unsatisfactory, that he proposed to in.
terest himself in the loan and credit policies of banks,
that he intended to bring the Federal Government to
the aid of embarrassed owners of mortgaged farms
or homes, and that he meant to do something considerable for agriculture. The voters were left to
believe that when the Democratic platform spoke of
a sound and stable currency it meant the preservation of the gold standard, and they received with
gratification and hope the assurance of relief for
the unemployed.
What has actually been done, on the other hand,
goes far beyond anything that could fairly have been
lookedi, for when the Administration took office..
Under the luctiistrial Recovery Act and its administrative agency, the NRA,industries and businesses
of all kinds have been forcibly organized into groups,
codes of so-called "fair practice" with specific prohibitions have been imposed, hours and minimum
wages have been decreed, and powers of inquisition
and veto have been arrogated by the Federal Government over the acts of boards to which the operation of the system was in part entrusted. The relations between employers and employees have passed
under Government control, and a particular type of
union organization has been in practice encouraged at the expense of any other. The direct or
indirect fixing of prices and conditions of sale has
been claimed as a Government function, and pressure
has been exerted to lower prices in some instances
as a part of the Government's policy of artificially
stimulating business. Outside of some small businesses and very small communities, no employer can
to-day open or close his establishment, hire or discharge his employees, advertise his goods or fix
their prices without reference to one part or another
of a vast and intricate mass of regulation which the
Federal Government has evolved, and which it stands
ready to enforce, under penalty provisions of the
Industrial Recovery Act, by "cracking down" on
whoever is too weak to resist.
A similar situation obtains in agriculture and the
varied fields of finance. A drastic reduction of
wheat, cotton and tobacco acreage has been decreed
from Washington, and the whole country has been
subjected to processing and other taxes to reimburse
farmers for raising smaller crops. A systematic
plan for taking many millions of acres out of cultivation is on the point of being launched, and hundreds
of millions of Federal money have been poured out
to refinance private mortgages on urban as well as
rural property. Under the Tennessee Valley Au-
2139
thority the Federal Government has undertaken the
complete economic and social transformation of a
great region extending into six States, and is on the
way to driving private electric power companies out
of business there by furnishing, through a tax-free
Federal corporation, .electric power at rates with
which private companies cannot compete. The gold
standard has been thrown overboard and 40%
knocked off the value of the dollar, the Federal Reserve System has been shorn of most of its independence, the arbitrary exchange of gold for paper currency has been enforced under threat of heavy penalties, and direct Government loans to business and
industry are on the Administration's docket. A
drastic Securities Act has practically put an end to
the flotation of important capital issues, and the
stock exchanges seem on the point of subjection to
a Federal regulation which, under the guise of
remedying abuses, will seriously impede their legitimate operations.
If these things, with others that might be mentioned, do not constitute in all essential respects a
revolution, it may fairly be asked by what term they
should be described. It is not, to be sure, a revolution of the kind which history has often recorded,
with barricades and street fighting and all the other
characteristics of violence or civil war, but it is
nevertheless a revolution which goes to the heart of
the American system of government and the characteristic structure of American society. In place
of individual freedom and competition, restrained
only so far as was necessary to prevent gross injustice or oppressive monopoly, we have thoroughgoing and all-but inclusive regimentation by Federal law and Executive fiat. Instead of the timehonored recognition of individual, corporate or
local initiative and responsibility, the country is invited, when not compelled, to look to Washington
for authority, to accept Federal planning and control, and to depend upon the Federal Treasury for
grants and loans. It is the application, on a scale
without precedent in time of peace, of the theory
that the seat of national wisdom is at Washington,
and that the function of the people is to obey.
To what extent the so-called "brain trust" is to
be held responsible for the revolutionary transformation of the American social order that is in progress
cannot now be determined with precision. The term
"brain trust," as commonly used, is a very elastic
one, embracing everybody from the small knot of advisers who were associated with Mr. Roosevelt during his campaign to the long list of persons, not professional politicans, who have been assembled at
Washington to aid in formulating or administering
the recovery program. It is matter of common knowledge that the aggregation, however constituted at
any given time, has not acted as a body, that it has
been torn by personal and factional differences, and
that some who enlisted have fallen out and that
some who at first seemed radical are now accounted
relatively conservative. There can be no doubt, however, that those whose influence has counted for
most in their particular offices or bureaus or in Administration councils have been political and economic radicals with marked Socialist sympathies,
that they have embraced the fetich of economic
planning with its weakening of capitalism and
restriction of profits, that they have magnified Executive authority and looked upon the Congress with
suspicion or tolerance, and that they have done their
2140
Financial Chronicle
best to remake the United States according to the
collectivist and centralized pattern which they have
evolved.
If Congress really wants to know how much truth
there is in Dr. Wirt's sensational charges, it will not
stop with questioning and perhaps censuring Dr.
Wirt but will go on from him to the "brain trust"
and the whole recovery program. It will try to find
out whether the recovery program is in accord with
the American Constitution and American political
and economic traditions, or whether it is in fact a
social revolution consciously planned and systematically pressed. Mr. Roosevelt, meantime, can
hardly afford to let pass the serious imputations
which Dr. Wirt's statement has cast upon him. If
there is a shadow of foundation for the charge that
his advisers have been using him, or have fancied
that they were using him, as a cover for schemes
of their own, or have seriously contemplated a time
when the "stream of tendency" would sweep him
out of sight and bring an American Stalin or any
other kind of dictator to his place, he should lose
no time in exposing them and ending their activities
at Washington. There is need also of some explanation from him of the responsibility of his advisers, if
they are responsible,for the Federal usurpation, consolidation of Executive authority and systematic
interference with industry, business and finance
which characterize the "new deal," and which
threaten, if they are continued,to make our cherished
republican institutions matters of only historical
interest and reminders of a freedom that has been
lost.
Need for American Investors to Organize.
Now that authorities at Washington and leaders
of the American Federation of Labor are, apparently,
about to assume mastery over industry in the United
States, it may be well to ask what will be the effect
upon the flotation of new securities. This question
appears not to have received due consideration in
the acute contest which has been waged between
capital and labor.
Efforts of labor to gain a strong foothold in management without having any financial interest at
stake are being made against the directors and officers of corporations, and the great mass of citizens
whose savings have made possible the marvelous construction, equipment and operation of manufacturing plants in this country have had little or no voice
in the vital controversy.
Great and deserving honor and tribute are paid
to the "Unknown Soldier" as a representative of all
heroes who sacrificed their lives for their country.
In the large army of stockholders and bondholders
whose comparatively small accumulations of capital
have in the aggregate made possible the tremendous
industrial advancement in the United States are
thousands of other heroes practically unknown who
have toiled, practiced self-denial and otherwise done
their bit to sustain the honor of Old Glory on land
and sea.
Without this loyal support American industry
could not have attained its present volume and
efficiency. If the just profits of the stockholder
are to be eaten up by arbitrary rules fixing wages and
short hours of work, thus creating a situation where
there will be little prospect of proper dividends and
where the chief function of owners will be to meet
Mar. 31 1934
further demands for capital with an uncertainty
as to the payment of interest and dividends, what
incentive will remain for industrious and thrifty
citizens to hazard investments in enterprises whose
conduct will be relegated to groups having no investment interest at stake?
The 1932 American Labor Year Book places the
number of members of the American Federation of
Labor, including Canadians, at 2,889,550, their vocations ranging alphabetically from A to U—from
actors to upholsterers. The chief executive and
associates are retained in office for many consecutive years, thus enabling them to become experts in
handling every angle of the Federation's affairs,
gaining knowledge and skill by experience. These
leaders, directing a well-organized corps year after
year, gain a degree of efficiency that would not be
possible if after a few years they were compelled
to relinquish the reins to a new and moderately
skilled group of successors.
Possibly out of developments this year there will
arise some new association of national scope, magnitude and resources which will undertake to study
closely the interests of all owners of stocks and bonds
and act in their behalf.
At present labor interests are consolidated to a
very large degree in the representation of the American Federation of Labor. There exists no organization of stockholders and bondholders which can
effectively combat the aggressive methods of the
American Federation of Labor. Industry and business generally have their boards of trade, chambers
of commerce and manufacturers' associations. Many
of the larger industries have associations of their
own,'but none of them is equipped to meet an assault
such as has been waged by the Federation of Labor,
especially when its effort has had the ear of the occupant of the White House and the favor of aggressive
Senators and Representatives in Congress.
Encouragement which has been afforded to the
labor organization by its recent victory over company unions and the conduct of elections by employees will probably lead to even bolder strokes for
greater influence and power, which will naturally
call for more vigorous and effective means of
defense.
Co-operation of all investment interests appears to
be called for lest Justice perish from the Land of
the Free. Give the investor assurance that his rights
as an owner or creditor will be respected and capital
needed to keep American industry on the road to
further progress will be assured.
The Course of the Bond Market.
A short week, on account of the Exchanges closing for
Good Friday, left the bond market little changed since a
week ago. Prices strengthened on Saturday and Monday
and eased off almost imperceptibly later in the week. High
grade issues, including governments, have remained firm in
spite of the Congressional vote overriding the President's
veto,and restoring veterans' benefits and part of the Federal
pay cut. The lower grade rails and utilities showed a slight
tendency to sell off on Tuesday and Wednesday. Bond
prices as a whole, however, have remained consistently close
to the year's high levels for three weeks.
U. S. Government issues were up fractionally this week
and are also near their high mark since the first of the year.
Excess reserves have remained at high levels, and short-term
interest rates have continued low.
Prices of high grade and medium grade railroad bonds
made very little headway this past week, with closings
mixed. Chesapeake & Ohio general 434s, 1992, and Chicago
2141
Financial Chronicle
Volume 138
Burlington & Quincy, Illinois Division 4s, 1949, closed
the week unchanged. Great Northern general 7s,
1936, ended the week at 96N compared with 96N a week
3
ago; Northern Pacific 6s, 2047, at 99% compared with
1003/2. Second and lower grade rails were, in general,
fractionally higher. Chicago Milwaukee St. Paul & Pacific
mtge. 5s, 1975, closed the week at 52, up 1 since a week ago;
Louisiana & Arkansas 1st 5s, 1969, closed at 64 up 4;
1
and Missouri Pacific gen. 4s, 1975, ended the week at 15,
up 1 point. The Denver & Rio Grande Western bonds were
active and strong on announcement of a plan to pay part
interest on the gen. 5s, 1955, the junior bonds showing gains
of two or more points.
Industrial bond prices made little net progress in either
direction in the abbreviated trading of the week. In the
steel group, Bethlehem 5s, 1936, were unchanged at 102.
Youngstown Sheet & Tube 5s, 1978, lost N to 843'. Among
the tire and rubber issues, Goodrich 6s were I N points
higher at 84 and the 63/2s of the same company N point
lower at 103N. Oils registered mainly fractional changes.
Among miscellaneous issues, National Dairy 53's, 1948,
lost N to 903/3; United Drug 5s, 1953, were up 2 to 80, and
International Cement 5s, 1948, M point lower to 87.
Utility bonds have displayed a moderate amount of uncertainty during the week; losses were not pronounced but
advances were not substantial. The highest grades again
made the best showing, remaining stationary or making
fractional advances. Indianapolis Power & Light 5s, 1957,
were up 1 for the week to 92; Florida Power & Light 5s, 1954,
were up 2 to 70; Virginia Public Service 5s, 1950, were down
3
23 to 663 ,and North American Light & Power 53/s, 1956,
%
were down 1 to 47.
Movements were small for the most part among foreign
issues. Argentines held steady, as did Scandinavian, Japanese, and Polish issues. Continuing last week's decline,
German bonds, both corporate and government, showed a
drop of two or three points on Monday, after which movements were mixed. Dutch East Indies issues moved erratically this week. The 6s, 1962,gained 3N points on Tuesday,
after having lost 33/b on Monday.
Moody's computed bond prices and bond yield averages
are given in the tables below.
MOODY'S BOND PRICES.
(Based on Average Yields.)
MOODY'S BOND YIELD AVERAGES.t
(Based on Individual Closing Prices.)
U. S.
120
1934
Gov. DomesDaily
Bonds.
tic.
Averages.
••
Corp.•
Mar.30._ Stock E
29__ 103.43
28_ 103.45
27._ 103.56
26._ 103.50
24.. 103.45
23._ 103.32
22._ 103.29
21__ 103.40
20._ 103.54
19__ 103.61
17._ 103.65
16__ 103.52
15.. 103.34
14.. 103.26
13._ 103.19
12._ 103.03
10._ 103.07
9._ 103.06
8__ 102.84
7._ 102.56
6_ 102.18
5._ 102.06
3._ 101.89
2_ _ 101.88
1.... 102.01
Weekly
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 103.65
Low 1934 99.06
High 1933 108.82
Low 1933 98.20
Yr. Ago
Mar.30'33 101.36
2 Yrs.Ago
Ton,. nfra2 95.59
120 Domestic Corporate*
by Rat vim
Aaa.
Aa.
A.
120 Domestic
Corporate* by Groups.
Baa.
RR.
P. U. Indus.
e Closed.
110.98 103.65
110.79 103.65
110.79 103.82
110.79 103.82
110.79 103.65
110.42 103.48
110.42 103.48
110.79 103.32
110.98 103.32
110.98 103.82
111.16 103.99
111.16 104.16
110.98 104.33
111.16 104.33
110.98 103.82
110.79 103.32
110.61 103.32
110.79 103.15
110.61 102.47
110.42 102.30
110.42 102.14
110.23 101.97
110.23 101.97
110.23 101.81
110.23 101.64
94.58
94.58
94.43
94.58
94.43
94.43
94.43
94.73
94.73
94.88
95.18
95.18
95.33
95.48
94.73
94.73
94.43
94.14
93.85
93.55
93.40
93.26
93.26
93.11
92.82
79.56
79.56
79.91
80.14
79.91
79.68
79.88
79.56
79.45
79.68
80.49
80.60
80.37
80.26
79.56
79.34
79.11
78.88
78.32
78.66
78.77
78.88
78.77
78.66
78.32
97.31
97.47
97.62
97.94
97.78
97.47
97.47
97.62
97.62
98.09
98.41
98.41
98.57
98.73
97.94
97.78
97.47
97.47
96.85
96.85
96.70
96.70
96.70
96.54
96.54
89.45
89.31
89.45
89.59
89.31
89.17
89.04
88.90
88.90
89.17
89.72
89.86
89.59
89.72
89.04
88.90
88.63
88.50
87.96
88.10
87.96
87.96
88.10
87.96
87.69
102.14
102.14
101.97
101.97
101.81
101.81
101.81
101.97
102.14
102.14
102.30
102.47
102.47
102.47
102.14
101.81
101.81
101.47
101.14
100.98
101.31
100.31
100.61
100.41
100.11
110.23
109.86
109.12
108.75
107.67
107.67
106.25
105.37
111.16
105.37
108.03
97.47
101.97
101.47
100.00
99.68
98.41
97.16
95.48
93.26
104.33
93.11
100.33
82.99
93.26
93.26
92.10
91.81
89.31
87.96
84.85
82.02
95.48
81.78
89.31
71.87
79.68
80.37
78.88
78.99
75.50
74.36
70.52
66.55
80.60
66.38
77.66
53.16
97.16
97.31
95.33
95.33
92.68
91.39
88.36
85.74
98.73
85.61
93.26
69.59
88.36
88.36
87.43
87.04
83.97
82.38
78.44
74.25
89.86
74.25
89.31
70.05
100.81
100.81
100.0(
99.65
98.89
98.75
98.0(
97.0(
102.41
96.59
99.04
78.49
75.82 100.33
86.38
74.15
54.67
72.45
74.57
80.77
72.95
8525
72.28
5252
68 98
7R RR
74 n!
xchang
96.08
96.08
96.08
96.23
96.08
95.93
95.93
95.93
95.93
96.23
96.70
96.70
96.70
96.70
96.08
95.93
95.78
95.63
95.18
95.03
95.03
95.03
94.88
94.88
94.58
95.18
95.33
93.99
93.85
91.53
90.55
87.69
84.85
96.70
84.85
92.39
74.15
95.33
All
1934
120
Daily
DomesAverages. tic.
Aaa.
Ac.
A.
Mar.30_ _ Stock E xchang e Closed.
5.10
4.53
4.12
29__ .5.00
5.10
4.53
4.13
5.00
28._
5.11
4.52
4.13
5.00
27._
5.10
4.52
4.13
4.99
26._
5.11
4.53
4.13
5.00
24._
5.11
4.54
4.15
23_- 5.01
5.11
4.54
4.15
5.01
22__
5.09
4.55
4.13
21.. 5.01
5.09
4.55
4.12
20-- 5.01
5.08
4.52
4.12
19.- 4.99
5.06
4.51
4.11
4.96
17__
.5.06
4.50
4.11
4.96
16__
5.05
4.49
4.12
4.96
15._
5.04
4.49
4.11
14__ 4.96
5.09
4.52
4.12
13-- .5.00
5.09
4.55
4.13
12.. 5.01
5.11
4.55
4.14
5.02
10__
5.13
4.56
4.13
9-. 5.03
5.15
4.60
4.14
8-- 5.06
5.17
4.61
4.15
7_. 5.07
5.18
4.62
4.15
6.- 5.07
5.19
4.63
4.16
5-- 5.07
5.19
4.63
4.16
5.08
3__
5.20
4.64
4.16
5.08
2__
5.22
5.10
I__
4.65
4.16
Weekly
5.19
4.63
4.16
5.06
Feb. 23_ _
5.19
4.66
16._
4.18
5.05
5.27
5.14
9._
4.75
4.22
5.29
4.77
4.24
5.15
2._
5.47
4.85
4.30
5.31
Jan. 26__
5.57
4.93
4.30
5.38
19__
5.81
12.. 5.59
5.04
4.38
6.04
5.19
4.43
S.. 5.81
5.04
Low 1934 4.96
4.49
4.11
High 1934 5.81
6.06
5.20
4.43
Low 1933 4.96
5.04
4.49
4.11
High 1933 6.75
6.98
5.96
4.91
Yr. Ago6.75
5.69
4.73
Mar.30•33 6.59
2 Yre.Agn
8 93
5 os
c 95
R 87
MID. 3932
ft
30
ForP. U. Indus. eigns.
120 Domestic
Corporate by Groups.
120 Domestic Corporate
by Ratings.
Baa.
RR.
6.25
6.25
6.22
6.20
6.22
6.24
6.24
6.25
6.26
6.24
6.17
6.16
6.18
6.19
6.25
6.27
6.29
6.31
6.36
6.33
6.32
6.31
6.32
6.33
6.36
4.92
4.91
4.90
4.88
4.89
4.91
4.91
4.90
4.90
4.87
4.85
4.85
4.84
4.83
4.88
4.89
4.91
4.91
4.95
4.95
4.96
4.96
4.96
4.97
4.97
5.46
5.47
5.46
5.45
5.47
5.48
5.49
5.50
5.50
5.48
5.44
5.43
5.45
5.44
5.49
5.50
5.52
5.53
5.57
5.56
5.57
5.57
5.56
5.57
5.59
4.62
4.62
4.63
4.63
4.64
4.64
4.64
4.63
4.62
4.62
4.61
4.60
4.60
4.60
4.62
4.64
4.64
4.66
4.68
4.69
4.67
4.70
4.71
4.72
4.74
7.33
7.36
7.39
7.39
7.35
7.34
7.34
7.32
7.30
7.31
7.26
7.23
7.23
7.27
7.28
7.24
7.26
7.25
7.26
7.22
7.21
7.31
7.39
7.38
7.45
6.24
6.18
6.31
6.30
6.62
6.73
7.12
7.56
6.16
7.58
6.16
9.44
4.93
4.92
5.05
5.05
5.23
5.32
5.54
5.74
4.83
5.75
4.83
7.22
5.54
5.54
5.61
5.64
5.88
6.01
6.35
6.74
5.43
6.74
5.43
7.17
4.70
4.70
4.75
4.77
4.82
4.83
4.87
4.94
4.60
4.97
4.60
6.35
7.41
7.51
7.51
7.51
7.91
8.01
8.37
8.51
7.27
8.61
7.21
11.11
9.19
6.92
6.71
6.15
10.9
0.8.5
7.51
6.33
6.76
12.8
•These prices are computed from average yields on the hams 0 one -ideal" bond (495% coupon, maturing in 31 years) and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market. For Moody's Index of bond prices by months back to 1928. see the issue of Feb. 6 1932, page 907.
•• 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.
Central Bank Loans.
(Editorial in New York "Times" March 30 1934.)
The Senate sub-committee on banking has substituted for
the Administration's proposed "intermediate credit banks,"
to function in the 12 Reserve districts under the supervision
of the respective Reserve banks, a bill authorizing "in exceptional circumstances" loans by the Reserve banks themselves
to provide industrial working capital. The substitute measure is approved by Senator Glass, and opinion at Washington
seems to be that it will be accepted by the President. In
its stipulations and safeguards concerning the granting or rediscounting of such loans-which are to run as long as five
years, and therefore do not create "eligible paper" under the
present Federal Reserve Law-the new bill follows closely
the language of the bill that it supersedes. Like that measure,
it authorizes such action only when a sound and established
industry is unable to obtain the requisite credit from "the
usual sources."
An "industrial advisory committee,"chosen by the Reserve
Board, will in each district perform the duties of primary
supervision which in tha original bill were entrusted to the
directors of the "intermediate bank." But the Reserve
banks are responsible for the financing; they are relieved
from the duty of providing the capital for an "intermediate"
institution. On the whole, the new proposal would not
greatly change the nature of the operation. Probably it was
favored because of the somewhat cumbersome machinery of
the "intermediate" banks.
Yet it has to be admitted that the proposed arrangement
would be not only an innovation, but in some respects a perversion, of the purposes of the Federal Reserve. There is
always the danger that a change in the system's machinery
may be introduced and fastened on it purely because of temporary and wholly abnormal circumstances, whereas the
provisions of the existing Reserve Law were framed on the
basic principles of credit and currency, under which the Reserve banks had at all times a distinctive office to perform.
From this the proposed new duties are a manifest departure.
The New Glass Bill.
[Editorial in New York "Herald Tribune" March 30 1934.1
We referred recently here to the need of a coordinator for
legislation at Washington. That need is re-emphasized this
week in the announcement that Senator Glass has brought
in a new bill providing for the establishment of an intermediate industrial credit system. It may be recalled that a
fortnight ago two measures designed to meet this same purpose-one sponsored by Jesse H. Jones, head of the Reconstruction Finance Corporation, and one by Eugene R. Black,
Governor of the Reserve Board-made their appearanca
simultaneously, and that the President let it be known that
2142
Financial Chronicle
he favored the Black bill. Now,for reasons which are by no
means clear, the President is reported to have transferred his
affections from the Black bill to Senator Glass's measure.
As between the Black bill and the Glass bill it seems to us
that the former is distinctly preferable for at least two
.reasons. In the first place, whereas the Black bill provides
the funds necessary for the establishment of an intermediate
credit system by relieving the Reserve Banks of their subscriptions to the Federal Deposit Insurance Corporation, the
Glass bill makes no such provision. This means that the
Reserve banks would have to use their own capital funds,
which are none too large for the conduct of their own business
-as central banks.
Mar. 31 1934
More important, however, is the fact that under the Glass
bill the Reserve banks would themselves be put in the position of lending directly to industry. This, it seems to us, is
a step in the wrong direction. The function of the Central
bank is to control the supply of credit through its control
over the member banks. Anything that serves to take it out
of this field-to load it down with responsibilities unrelated
or contradictory to this function-is clearly undesirable.
There is no more reason why the Reserve System should take
over the business of furnishing intermediate industrial credit
than that it should assume the responsibility for furnishing
agricultural intermediate credit or agricultural mortgage
credit.
Indications of Business Activity
THE STATE OF TRADE
-COMMERCIAL EPITOME.
Friday Night, March 30 1934.
Business continued to expand. There was an increase in
-consumer demand despite unseasonal weather in many parts
-of the country. Easter buying exceeded early estimates.
Industrial activity made a good showing despite a slight
falling off in steel operations. Electric output was up to
the highest point since last September, and bituminous coal
-output was above the levels of the winter of 1929-30. More-over, lumber production increased to the highest point since
August, although there was a decline in orders and shipments. Oil production continued to exceed allowable limits.
Retail business reached the best volume since the period
just before Christmas, despite rather unfavorable weather.
Men's and women's wearing apparel were in the best demand, and there was a good business done in millinery,
hosiery and men's furnishings. There was a good sale of
furniture and rugs. Wholesale business, on the other hand.,
was slower, but buyers appeared to be more confident and
were buying in larger quantities. Iron and steel were in
better demand, and with labor problems less pressing the
-outlook is more favorable. The demand from the railroads
increased. Cotton was rather quiet early in the week, and
buying was restricted owing to the uncertainties over Washington legislation, but later the passing of the Bankbead
crop control bill, and the overriding of the President's veto
Infused more life into the market and prices rallied quickly.
Grain markets were under rather heavy selling pressure
-early in the week, owing to widespread moisture received
over the Southwest winter wheat belt as well as in the
Northwest spring wheat belt, but rallies occurred from time
:to time on Washington developments and further talk of
Inflation. Other commodities were generally quiet and
lower, with cash markets dull in most cases. Coffee showed
an upward tendency during the week, but demand was rather
small, reflecting the dullness in the actual market. Sugar,
after declining early in the week, displayed strength later,
due to the introduction of a revised sugar bill in Congress.
Silver prices advanced late in the week on inflation rumors,
'but trading was quiet. Hides and wool showed very little
activity. Copper was in better demand. Tin advanced to
the highest price of the year, but there was a lack of consumer buying. Zinc was dull and somewhat easier.
The weather was generally stormy, with snow falling last
Saturday and an almost steady, though not (heavy, rainfall,
with very little sunshine until Thursday, when it was more
pleasant and spring-like. Moisture was received in the
winter and spring wheat belts of this country, but it was
not generally believed to be sufficient to relieve the drouth
in those areas. The temperatures in New York were higher
late in the week. To-day it was mild and clear here, with
temperatures ranging from 39 to 58 degrees. The forecast
was for fair to-night and Saturday, with not much change
in temperature. Overnight at Boston it was 32 to 48 degrees; Baltimore, 36 to 54; Pittsburgh, 34 to 60; Portland,
Me., 34 to 48; Chicago, 34 to 46; Cincinnati, 36 to 64; Cleveland, 34 to 50; Detroit, 32 to 46; Charleston, 54 to 60; Milwaukee, 30 to 36; Dallas, 48 to 68; Savannah, 56 to 62;
"Kansas City, 42 to 72; Springfield, Mo., 48 to 68; St. Louis,
48 to 66; Oklahoma City, 42 to 74; Denver, 28 to 50; Salt
Lake City, 44 to 62; Los Angeles, 64 to 82; San Francisco,
54 to 68; Seattle, 50 to 62; Montreal, 22'to 36, and Winnipeg,
'6 below to 14 above.
"Annalist" Weekly Index of Wholesale Commodity
Prices Lower During Week of March 27
-Monthly
Average of Prices for March Virtually Unchanged.
With a loss of 0.8 point for the week, the "Annalist"
weekly index of wholesale commodity prices again declined,
falling to 107.5 on March 27,from 108.3 (revised) March 20.
In reporting this, the "Annalist" said:
The unsettled industrial situation, and more especially the prospect
of restrictive legislation regarding both the security and commodity exchanges, were the prime causes of the loss. Reflecting the decline of the
past fortnight, after the previous advance, the monthly average for March
was virtually unchabged from February. declining 0.1 point tO 108.2.
THE "ANNALIST' WEEKLY INDEX OF WHOLESALE COMMODITY
PRICES.
Unadjusted for Seasonal Variations. (1913=100.)
Mar. 27 1934. Mar. 20 1934. Mar. 28 1933.
Farm products
91.2
92.2
65.4
Food products
105.9
107.4
87.1
Textile products
*119.8
8120.2
66.8
Fuels
154.1
8155.0
101.9
Metals
104.9
105.0
94.0
Building materials
113.8
113.8
106.6
Chemicals
100.1
100.1
95.5
Miscellaneous
87.0
86.9
67.6
All commodities
108.3
107.5
82.0
b All commodities on old dollar basis
864.5
64.1
81.8
•Preliminary. a Revised. b Based on exchange quotations from Frsnoe,
Switzerland. Holland, and Belgium.
THE "ANNALIST" MONTHLY INDEX or WHOLESALE COMMODITY
PRICES.
(Monthly Averages of Weekly Figures.)
Unadjusted for Seasonal Variation. (1813=100.)
March 1934.
Feb. 1934.
March 1933.
Farm products
92.1
91.8
65.0
Food products
, 107.1
106.6
87.0
Textile products
121.1
122.4
66.9
Fuels
154.5
155.5
102.9
Metals
104.9
104.9
94.3
Building materials
113.8
113.5
106.6
Chemicals
100.1
99.5
95.5
Miscellaneous
87.6
87.0
68.4
All commodities
108.2
108.1
81.9
a All commodities on old dollar basis
64.5
65.4
81.4
a Based on exchange quotations for France, Switzerland, Holland, and
Belgium.
WEEKLY FOREIGN WHOLESALE PRICES INDICES.
U. S. A.
U. S. $
Old $
United France• GerDaly."'
fatted.*
many.,
Mar. 13 1934
109.0
65.0
65.1
95.9
379
Mar. 6
108.2
64.6
65.3
380
95.9
Feb. 27
108.2
64.6
65.4
381
95.8
Feb. 20
108.2
65.0
65.9
96,2
884
Feb. 13
108.5
65.3
66.3
385
96.2
Feb. 6
107.6
66.8
66.4
386
96.4
Jan. 30
106.5
66.3
66.3
386
96.3
Jan. 23
105.9
56.1
66.0
388
96.1
Jan. 16
104.9
65.2
65.8
96.3
386
Jan. 9
104.5
67.0
65.4
389
96.4
Jan. 2
104.2
65.6
64.7
390
96.2
Mar. 14 1933
82.7
82.0
91.2
60.3
..
Base
1913
1913
1926 Julv1114 DM
•Saturday following date shown. a
Wednesday folic/whiff date shown
42.1
42.0
42.1
42.2
42.3
42.3
42.3
42.5
42.5
42.6
42.5
44.0
1926
DAILY SPOT PRICES.
Index.
Cotton.
Mar.20
Mar. 21
Mar.22
Mar.23
Mar. 24
Mar. 26
Mar. 27
Wheat.
12.30
1.0344
12.15
1.0534
12.15
1.054
12.10 • 1.0534
12.25
1.0534
12.20
1.0534
12.1)5
1 nz
Corn.
0.66
0.66
0.66
0.654
0.6534
0.6534
nests
Hogs.
.
U. 8.
Dollar.
Old
Dollar.
4.27
4.82
4.22
4.31
___
4.32
4.30
138.1
187.1
187.8
187.8
137.9
137.9
137.0
82.3
81.6
81.7
81.8
82.3
82.2
111.7
Cotton, middling upland, New York. Wheat, No 2 red, new, c.i.f., domestic,
New York. Corn, No. 2 yellow, New York. Hogs, day's average, Chicago.
Moody's index, daily index of 15 staple commodities. Deo. 31 1931=100,
March 1
1933=80i
Moody's Daily Index of Staple Commodity Prices Closed
Unchanged After Decline.
Prices in the principal commodity markets continued in
the narrow trading range which has characterized them for
over two months. Moody's Daily Index of Staple Commodity Prices closed the short week unchanged at 137.3
after dipping to 136.7, the lowest mark since Feb. 1, on
Wednesday.
The even balance of conflicting forces was shown by the
fact that five of the 15 commodities contained in the Index
showed net gains for the week, six showed net losses, while
3
four were unchanged. The largest single change was a %
cent improvement in the hide price, while the advances in
cotton,rubber,silver and cocoa were all of minor importance.
The declines in the Index calculation were more evenly
distributed among steel scrap, corn, wheat, wool tops, silk
and sugar. Hogs, coffee, copper and lead were unchanged.
Copper has been steady at 8 cents since Feb. 1 and lead at
3.90 cents since Jan. 2. Wool tops, which had held at 112.5
cents since Jan. 24, dropped to 110.0 cents during the week.
The movement of the Index number during the week,
with comparisons, is as follows:
137.3
137.9
137.9
137.0
136.7
137.3
Holiday
Mar. 23
Fri.,
Mar. 24
Sat.,
Mon., Mar. 26
Tues., Mar. 27
Wed., Mar. 28
Thurs., Mar. 29
Mar. 30
Fri.,
138.4
137.8
85.9
148.9
78.7
140.4
126.0
2 Weeks Ago, Mar. 16
Month Ago, Feb. 28
Year ago,
Mar.29
July 18
1933 high
low.
Feb. 4
1934 high,
Feb. 16
low,
Jan. 2
Practically No Change in Wholesale Commodity Prices
During Week Ended March 17, According to
United States Department of Labor.
Wholesale commodity prices remained substantially unchanged during the week ended March 17, according to an
announcement made March 22 by Commissioner Lubin of
the Bureau of Labor Statistics of the U. S. Department of
Labor. Present prices are 73.7% of the 1926 average as
compared with 73.8% for the week ending March 10. We
further quote Commissioner Lubin's announcement as follows:
The index is 22% higher than for the corresponding week of last year
and 11% above the week of March of two years ago, when the indexes were
60.4 and 66.5, respectively. The average wholesale price level is 4% above
that of the first week of January. It is 3% above the high point reached
during 1933 (Nov. 18), when the index stood at 71.7, and 24% above the
low point of last year (week ending March 4). when the index was 59.6.
As compared with the average for the year 1929, the index is down by
22;i %.
Of the 10 major groups of items covered by the Bureau of Labor Statistics five showed a decrease and three an increase, with the farm products and building materials groups showing no change from the level of
the week before.
The largest decrease was shown by the foods group, which declined by
0.6 of 1%. The indbx for this group now stands at 67.7% of the 1926
average. Comparable indexes for the corresponding weeks of March 1932
and 1933 were 62.4 and 54.8. The subgroup of butter, cheese and milk
recorded a decrease of 1%%. Cereal products also declined slightly.
Important items in this group showing advances in price were coffee, eggs,
lard and certain canned and dried fruits.
6
,
The fuel and lighting materials group recorded a decrease of ; of 1%.
.
due mainly to weakening prices of beehive coke and gasoline. Textile
products, due to weakening prices of certain cotton products as well as silk.
rayon, burlap and jute, moved downward 0.4 of 1%.
A decrease of over 2% in hides and skins caused the hides and leather
products group to show a fractional decline. The housefurnishing goods
group also registered a slight decrease during the week.
The greatest increase was shown by the miscellaneous commodity group.
which rose by 0.6 of 1%. Cattlefeed prices moved upward by 555%.
Crude rubber advanced over 8% to the highest average since June 1930
with present prices over 300% above the low point which was reached
during the week of July 2 1932. Advancing prices of non-ferrous metals
and steel scrap were largely responsible for the slight increase in the metals
and metal products group. The chemicals and drugs group also registered
a fractional increase.
For the third consecutive week the group of farm products has remained
at the same level. Present wholesale prices are nearly 11% above the
last week of 1933. Important items which showed advances were cotton.
grains, steers, cows and lambs. On the other hand, potatoes were among
the items showing declines. Minor fluctuations within the group resulted
In no change in the index for building materials.
The index number of the Bureau of Labor Statistics is composed of 784
separate price series, weighted according to their relative importance in
the country's markets and is based on average prices for the year 1926
as 100.0. The accompanying statement shows the index numbers of the
major groups of commodities for the past two weeks, for the weeks of
March 18 1933 and March 19 1932. monthly averages for March 1930 and
March 1931 and the average for the year 1929:
INDEX NUMBERS OF WHOLESALE PRICES FOR WEEKS OF MARCH 17
AND MARCH 10 1934, MARCH 18 1933. MARCH 19 1932. YEAR 1929:
MONTHLY AVERAGES FOR MARCH 1930 AND MARCH 1931.
(1026=100.01
I
(as) Var.
Mar. 17 Mar. 10 Mar. 18 Mar. 19 Mar.
(ar) Year
1932.
1934.
1930.
1933.
1934.
1931.
1929.
Week EndingFarm products
Foods
Hides & leather prod.
Textile products_ _
Fuel & lighting marls
Metals & metal prod.
Building materials..
Chemicals and drugs
Housefurnish'g goods
Miscellaneous
All commodities other
than farm products
and foods
Al. •••••••••nnelltInQ
2143
Financial Chronicle
Volume 138
62.0
67.7
88.8
76.0
72.6
86.5
86.2
75.8
82.4
69.2
62.0
68,1
89.0
76.3
73.0
86.4
86.2
75.7
82.5
68.8
43.4
54.8
68.1
51.1
63.7
77.5
70.1
71.5
72.3
59.3
51.6
62.4
77.7
58.8
69.1
80.7
73.4
75.1
78.6
64.7
94.7
94.3
103.2
84.8
79.4
98.6
93.9
91.4
93.5
80.9
78.6
78.7
66.1
71.2
88.2
77.2
91.6
,
,1
7.1 a
an s
RR A
AO 9
750
052
70.6
77.6
87.6
70.0
68.3
86.4
82.5
82.9
88.0
72.0
104.9
99.9
109.1
90.4
83.0
100.5
95.4
94.2
94.3
82.6
Chain Stores Extend Sales Gains.
February sales reports of the chain stores indicate that
trade in that field rather solidly maintained the gains accumulated in previous months. Total average daily volume
increased over the January amount to an extent greater than
that shown in either of the previous two years, according to
the current survey issued by "Chain Store Age". The survey
continues:
Average daily sales in February of the 19 leading chain store companies
regularly reviewed by "Chain Store Age" amounted to $6.800,000 This
compared with $6,552,700 for January this year and $6,120,000 for February 1933.
The "Chain Store Age" index of sales for the entire group was equal to
approximately 85.2 in February, relative to the 1929-1931 average as 100.
an increase of 11.6% over the February 1933 level of 76.3. The index
figure in January this year was 89.0, an increase of 9.6% over the previous
year.
Once again the comments of chain store executives stress the favorable
significance of the broad and fairly even distribution of the sales improvement. The results in February appear even more favorable than they
actually are when there is considered the unusually bitter weather encountered in most parts of the Rockies, and which is known to have worked
great hardship on trade in the more northern localities.
The only exception to this latter factor were the drug chains which
customarily thrive on bad weather in converse ratio to the degree of intensity. Sales of two chains in this division increased 5.8% in February
over January, whereas last year they showed a drop of 1.4%. The index
figure for this group was 105.0 in February against 108.3 in January and
87.3 in February 1933.
The grocery division also made a good showing in February, due in large
measure to benefits of substantial price increases. The index figure for
six chains was 78.5 against 72.5 in February 1933. an increase of 8.3%.
in January this year above that of the previous year.
The index for the five-and-ten group was 98.7 compared with 108.2 in
January and 85.6 in February 1933; that for the shoe group was 88.0 contrasted with 100.0 in January and 71.1 in February 1933. The index for
the apparel group was approximately 90.0 in February compared with 93.2
n January and 72.7 in February 1933.
Freight Car Loadings for Latest Week 26.7% in Excess
of Same Period Last Year and Also Exceeded Comparable Period in 1932 by 8.4%.
Loading of revenue freight for the week ended March 24
1934 totaled 608,462 cars, a decrease of 17,311 cars, or
2.9%, as compared with the preceding week and an increase
of 128,503 cars, or 26.7%, over the corresponding period in
1933. It was also a gain of 47,344 cars, or 8.4%, over the
comparable week in 1932. Total loadings for the week ended
March 17 1934 were 38.0% in excess of those for the week
ended March 18 1933 and 7.0%over the week ended March 19
1932.
The first 16 major railroads to report for the week ended
March 24 1934 loaded a total of 266,439 ears of revenue
freight on their own lines, as against 270,073 cars in the
preceding 'week and 206,000 cars in the seven days ended
March 25 1933. All of these carriers, with the exception of
the International Great Northern RR., showed substantial
increases over the 1933 comparable period. This was due
to the fact that during March 1933 lmsiness was adversely
affected by the banking holiday. Comparative statistics
follow:
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS.
(Number of Cars.)
Loaded on Own Lines
Week Ended-
Rec'd from Connection
Week Ended-
Mar.24 Mar.17 Mar.25 Mar.24 Mar.17 Mar.25
1934. 1934. 1933. 1934. 1934. 1933.
18,622
22,335
14,611
16,706
14,855
2.844
3,076
4,350
13,264
44,320
4,002
19,827
57,191
5,353
19,968
5,115
Atchison Topeka dr Santa Fe Ay_
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago NHL St. Paul & Pac. Ry_
Chicago & North Western Ay_
Gulf Coast Lines and subsidiaries_
International Great Northern RR
Missouri-Kansas-Texas Lines_
Missouri Pacific RR
New York Central Lines
N.Y. Chicago & St. Louis Ry_
Norfolk & Western Ry
Pennsylvania RR. System
Pere Marquette Ry
Southern Pacific Lines
Wabash Ry
Total
18,487
23.476
14,838
17.145
14,936
2,850
3.221
4,166
13,342
45,122
3,943
19,659
59.014
5,574
19,206
5,094
16,952 4,427 4,612 3.349
14,855 7.387 7,542 5.045
12,172 6,208 6.243 4.963
14,184 6,362 6,698 4.655
11,545 9,064 9,472 6,302
803
2,143 1,305 1,249
3,522 1,835 2,008 1,539
3,938 2,469 2,630 2,070
11,586 8,153 8,329 5,606
32,314 63,040 66.789 40.567
3,136 9,442 9,575 6.037
11,475 3,807 4,095 2.908
44.630 34,003 37,551 25,409
3,357
15,684
8,303 6,263
4,507 8,13
266,439 270,073 206,000 165,634 175,096 115,516
x Not available.
TOTAL LOADINGS AND RECEIPTS FROM CONNECTIONS.
(Number of Cars.)
1Veek Ended
Mar. 24 1934. Mar, 17 1934. Mar. 25 1933.
Chicago Rock Island & Pacific Ry_
Illinois Central System
St. Louis-San Francisco Ry
Total
19,658
28,805
12,437
20,176
26,903
12,498
17,597
22,304
10,845
58,900
59,577
50,746
The American Railway Association, reviewing the week of
Mar. 17, stated on Mar. 23:
Loading of revenue freight for the week ended Mar. 17 totaled 625,773
cars, an increase of 13,371 cars above the preceding week, 172,136 ears
above the corresponding week in 1933 and 41,014 cars above the corresponding week in 1932.
Miscellaneous freight loading for the week of Mar. 17 totaled 227,562
cars, an increase of 11,129 cars above the preceding week, 76,786 cars
above the corresponding week in 1933, and 37,554 cars above the corresponding week in 1932.
Loading of merchandise less than car load lot freight totaled 166,129
cars, a decrease of 257 cars below the preceding week but 12,953 cars
above the corresponding week in 1933. It was, however, a decrease of
21,063 cars below the same week in 1932.
2144
Financial Chronicle
Grain and grain products loading for the week totaled 31,952 cars, an
Increase of 2,204 cars above the preceding week, 6,202 cars above the
corresponding week in 1933, and 2,062 cars above the same week in 1932.
In the Western districts alone grain and grain products loading for the
week ended Mar. 17 totaled 20,770 cars, an increase of 4,151 cars above
the same week in 1933.
Forest products loading totaled 25,164 cars, an increase of 2,312 cars
above the preceding week, 10,634 cars above the same week in 1933, and
4,857 cars above the same week in 1932.
Ore loading amounted to 4,010 cars, an increase of 617 cars above the
preceding week, 1,524 cars above the corresponding week in 1933, and
743
cars above the corresponding week in 1932.
Coal loading amounted to 148,159 care, a decrease of 3,335
cars below
the preceding week, but increases of 58,882 cars above
the corresponding
week in 1933 and 17,086 cars above the same week in 1932.
Coke loading amounted to 8,760 cars, a decrease of 1,334
cars below
the preceding week, but increases of 4,411 cars above
the same week in
1933 and 1,921 cars above the same week in 1932.
Live stock loading amounted to 14,037 cars, an
increase of 2,044 cars
above the preceding week, and 1,744 cars above
the same week in 1933,
but a reduction of 2,146 cars below the
same week in 1932. In the
Western districts alone, loading of live stock for
the week ended Mar. 17
totaled 11,049 cars, an increase of 1,475 cars
above the same week in 1933.
All districts reported increases for the
week of Mar. 17 compared with
the corresponding week in 1933. All districts
also reported increases compared with the same week in 1932
except the Central Western, which
reported a small decrease.
Loading of revenue freight in 1934
compared with the two previous
years follows:
Mar. 31 1934
1934.
Total
,
1932.
2,1717,562
2,308,869
604,137
612,402
625,773
1,924.208
1,970.566
481,208
441.381
453,637
2,266.771
2,243,221
559,479
575.481
584.759
6.328.743
Fours weeks in January
Four weeks in February
Week ended March 3
Week ended March 10
Week ended March 17
1933.
5.270.980
6.229.711
In the following table we undertake to show also the
loadings for the separate roads and systems for the week
ended March 17 1934. During this period only 14 of the
smaller roads showed decreases as compared with the
corresponding week last year when the bank holiday was in
effect. Among the larger carriers showing increases as
compared with the same week in 1933 were the Pennsylvania System, the Baltimore & Ohio RR., the New York
Central RR., the Chesapeake & Ohio Ry., the Southern Ry.
System, the Louisville & Nashville RR., the Norfolk &
Western Ry., the Illinois Central System, the Atchison
Topeka & Santa Fe Ry., the Chicago Milwaukee St. Paul
& Pacific Ry., the Reading Co., the Chicago & North
Western Ry., the Chicago Burlington & Quincy RR., the
Missouri Pacific RR., the Erie RR. and the Southern Pacific
Co.(Pacific Lines).
REVENUE FREIGHT LOADED
AND RECEIVED FROM CONNECTIONS (NUMBER OF
CARS)
-WEEK ENDED MAR. 17.
Total Revenue
Freight Loaded.
Railroads.
1934.
Eastern District.
Group 4
Bangor & Aroostook
Boston & Albany
Boston & Maine
Central Vermont
Maine Central
New York, N.H.& Hartford
Rutland
Total
Group B
Delaware & Hudson
Delaware Lackawanna & West.
Erie
Lehigh & Hudson River
Lerfigh & New England
Lehigh Valley
Montour
New York Central
New York Ontario & Western_
Pittsburgh & Shawmut
Pittsburgh Shawmut&Northern
Total
Group C
-.Ann Arbor
Chicago Ind.&Louisville
Cleve. Ctn. Chic. & St. Louis
Central Indiana
Detroit & Mackinac
Detroit & Toledo Shore Line
Detroit Toledo & Ironton
Grand Trunk Western
Michigan Central
Monongahela
New York Chicago & St. Louis
Pere Marquette
Pittsburgh & Lake Erie
Pittsburgh & West Virginia..
Wabash
Wheeling & Lake Erie
Total
1933.
Total Loads Received
from Connections.
1932.
1934.
1933.
2,014
3,085
7.883
1,063
2.817
11,147
575
2,247
2,469
8,342
513
2,252
8.830
485
2,129
3,317
8.149
747
2,588
11,241
591
278
4,963
10,991
2,397
2.719
12.844
1,210
245
3.652
7.566
1,638
1.909
9,342
716
28,584
23.138
28,742
35,402
25,068
6.293
10,364
13,827
151
2.088
8.626
2,231
20,943
2,227
612
462
4,788
8.785
9,370
133
1,242
8.678
1.246
15,405
1,978
320
266
8.459
9,778
11,833
182
1.673
8,339
2.185
19,245
2,176
419
366
7.672
6.018
14,985
2,175
1.275
7,109
41
32,211
2,445
16
326
4,748
4.675
10.232
1,339
824
5,072
14
18,987
1,630
17
135
67,824
48,189
62.635
74,273
47,673
482
1,238
7,588
27
190
295
2,115
4,572
8.569
5,071
3.943
5.574
4,817
1.114
5,094
3,858
377
1.078
6,094
11
178
139
841
1,771
4,084
2,474
2,897
3,130
2,181
820
4,042
2,108
543
1,575
8,780
52
225
210
1,314
2,575
6,387
3,954
4.325
4,238
3,115
1.223
5.195
3,050
1,053
1,846
12,937
73
121
3,844
1,748
7,863
10,913
150
9,575
5,786
5,567
844
8,303
3,173
940
1,248
8,065
42
55
1,807
596
4.540
6,245
142
5.935
3,321
3,212
427
5.859
1.213
54,437
32.225
46,761
73.798
43,647
Grand total Eastern District._ 150,845
103.662
138,138
183,471
118,388
391
9,296
534
7
8,390
35
15
5
2,549
1,002
24,775
11.808
588
0
3,041
82.436
Allegheny District.
Akron Canton & Youngstown__
Baltimore & Ohio
Bessemer & Lake Erie
Buffalo Creek & Gauley
Central RR.of New Jersey....
Cornwall
Cumberland & Pennsylvania
Ligonier Valley
Long Island
C Penn-Read Seashore Lines._ _
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Total
Pocahontas District.
Chesapeake & Ohio
Norfolk & Western
Norfolk &Portsmouth Belt Line
Virginian
Total
Southern District.
Group 4
Atlantic Coast Line
Cliachneld
Charleston & Western Carolina
Durham & Southern
Gainesville & Midland
Norfolk Southern
Piedmont & Northern
Richmond Frederick. & Potom.
Seaboard Air Line
Southern System
Winston-Salem Southbound
Total
503
30,013
1,999
271
6,671
9
405
242
842
1,110
59.014
15,279
7,021
104
3,416
208
19,422
626
130
4,354
0
189
177
882
1,038
42,736
9,622
2,378
49
2,327
58,997
13.064
5.513
57
3,122
788
14,896
1,368
8
11,559
45
21
30
3,655
1,322
37.851
15,954
1,466
0
6.217
128,899
84,118
118,634
94,880
26,940
640
142
6,345
33
397
208
1,176
23,476
19,659
1,391
3,678
16,000
12,211
936
2,620
19.559
15,860
850
3,695
7,542
4,095
1,189
452
5,079
2,642
842
385
48,202
31,787
39,764
13,278
8,948
10,359
1,358
420
140
42
1,220
458
343
8,428
20,252
136
8,426
684
323
141
40
1.343
464
273
8,593
16,159
132
8,558
1.012
377
143
53
1,587
483
368
6,959
19,779
185
4,933
1,693
1,196
547
146
1,298
1,150
3,282
4,227
13.114
724
3,430
1,056
820
274
82
846
888
3,068
2,989
8,722
488
Total Revenue
Freight Loaded.
Railroads.
Total Loads Received
from Connections.
1934.
Group B
Alabama Tenn. at Northern...
Atlantic Birmingham & Coast._
Atl.& W.P.
-West.RR.of Ala
Central ot 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. & St. LOUISTennessee Central
Total
1933.
1932.
1934.
174
761
788
4,387
193
1,188
942
445
1,509
18.827
18,647
173
177
1,793
3,126
367
140
503
627
3,480
143
1,282
747
263
1,061
13.832
12,274
117
119
1,558
2,448
219
223
696
697
3.405
216
1,074
725
316
1,341
19,270
17,245
114
154
1.928
2,637
458
126
854
1.049
2,065
219
624
1,448
592
698
8,792
4,044
516
251
1.434
2,440
738
1933.
137
649
827
1,943
155
512
1.103
394
497
6,423
2,944
403
156
1.048
1.864
486
53,477
38,873
50.397
28.490
19,541
Grand total Southern District__
96,633
73,451
89,899
58,798
42,002
Northwestern District.
Belt Ry. of Chicago
Chicago & North Western
Chicago Great Western
Milw. St. Paul & Pacific.
Chia. St. Paul Minn.& Omaha.
Duluth Missabe & Northern
Duluth South Shore & Atlantic.
Elgin Joliet & Eastern
Ft. Dodge Des M.& Southern.
Great Northern
Green Bay & Western
Lake Superior de Ishpeming__
Minneapolis & St. Louis
Minn. St. Paul & 5.5. Marie
Northern Patine
Spokane & International
Spokane Portland & Seattle...
746
14.936
2.280
17.145
3,485
561
606
4.862
265
8,800
498
215
1,749
4,120
8,246
108
1,136
521
10,987
1,811
12,919
2,567
290
309
2,409
267
7.343
473
177
1,292
3,632
6,487
86
682
894
14.060
2,355
17,244
3,130
421
383
3,973
280
7,830
611
1,098
1,532
9,472
2,451
8.898
2,924
95
346
5,315
110
1,984
472
92
1.470
2.232
2,123
148
898
940
5.833
1.610
4,565
1,890
37
314
2,041
113
1,144
271
55
1.093
1.355
1,399
107
710
69,458
52,252
66.907
38,360
24.177
18,487
2,384
198
14,838
1,118
10,508
3,173
849
2,013
153
870
1.911
662
108
13,548
249
340
11,609
193
1,172
15,999
2,529
238
10,790
1,555
9,114
2,107
888
1,514
149
1,099
1,655
305
101
9,687
233
267
9,502
215
920
19,605
3,042
107
15.738
482
123
13,116
243
309
12,159
382
1,030
4,612
1,716
28
8.243
648
8.568
1,922
738
1,913
8
848
1,105
308
71
3,318
290
978
5,919
2
1,241
3.008
1,286
41
4,264
721
4,519
1,437
686
1,173
9
660
775
150
12
2,128
204
592
4,002
9
856
84,489
88,547
85,290
38,474
25,530
182
158
124
2,850
3.221
159
1,685
1.043
228
424
450
97
4,168
13,342
45
81
7,439
2.056
5,658
4,141
1,677
31
112
159
142
2,022
2,903
81
1,122
885
104
284
394
61
3,746
10,174
37
79
6,453
1,857
4.582
3,178
1,457
18
157
144
221
a2,892
1,559
223
1,453
1,244
3,555
231
128
1,249
2,008
736
1.386
764
357
797
264
380
2,830
8,329
18
83
3,339
1,823
2.339
3,636
2,297
32
2.165
252
152
784
1,336
543
1,075
748
163
408
157
251
1,868
5,446
7
123
2.291
1,164
1,803
2,389
1.608
31
Total
Central Western District.
Atch. Top.& Santa Fe System.
Alton
Bingham & Garfield
Chicago Burlington & Quincy..
Chicago & Illinois Midland__
Chicago Rock Island & Pacific
Chicago & Eastern Illinois
Colorado & Southern
Denver & Rio Grande Western.
Denver .fc Salt Lake
Fort Worth & Denver City....
Illinois Terminal
Northwestern Pacific
Peoria & Pekin Union
Southern Pacific (Pacific)
St. Joseph & Grand Island
Toledo Peoria dc Western
Union Pacific System
Utah
Western Pachic
Total
Southwestern District.
Alton & Southern
Burlington-Rock Island
Fort Smith & Western
Gulf Coast Lines
International-Great Northern
Kansas Oklahoma & Gulf
Kansas City Southern
Louisiana & Arkansas
Louisiana Arkansas & Texas...
Litchfield & Madison
Midland Valley
Missouri & North Arkansas__-.
Missouri-Kansas exas Lines._
-1
Missouri Pacific
Natchez & Southern
Quanah Acme at Pacific
St. Louis
-San Francisco
St. Louis Southwestern
Texas & New Orleans
Texas dr Pacific
Terminal RR.Assn.of St. Louis
Weatherford Min.Wella & N.W.
1,891
4,834
8,103
11,374
3.182
1,037
1,812
436
1,132
479
723
53
4,825
13,673
37
83
7,584
2,217
5,769
3,171
1,608
21
43,156
34.578
39.502
32,308
22.461
Total
24,662
49,267
48.127
39,850
36,361
a Estimated. b Not available. c Pennsylvania-Reading Seashore
Lines include the new consolidated lines
pennsylyania RR.,and Atlantic City RR.. formerly part of Reading
of the West Jersey &
Co.: 932 figures included in Pennsylvania System and Reading Co. Seashore RR., formerly part of
Previous week's figures.
•
Volume 138
2145
Financial Chronicle
•
Chain Store Sales in New York Federal Reserve District in February Approximately 12% Above
February 1933.
According to the Federal Reserve Bank of New York,
"total February sales of reporting chain store systems in
the Second (New York) District were almost 12% higher
than a year previous, the third consecutive increase of
sizable proportions." Under date of March 28 the Bank
further announced:
Sales of the grocery chains advanced further above a year previous
than in any month since September 1930, and average daily sales of the
shoe chains showed the most favorable year-to-year comparison in nearly
four years. Sales of the ten-cent, variety, and candy chains also continued to be higher than in the corresponding period last year, but on
an average daily basis sales of the ten-cent and variety chains showed
slightly smaller increases than in January. Sales of the reporting drug
chains declined less froma year ago than in any month since February 1932.
The drug and shoe chains, which have had large reductions in the number
of units operated during the past year, showed large percentage increases
In sales per store, while the candy chains, which have increased considerably
the number of units in operation, reported somewhat smaller sales per
store than a year ago. The net result for all reporting chains was a larger
Increase in sales per store than in total sales.
PERCENTAGE CHANGE FEBRUARY 1934 COMPARED WITH
FEBRUARY 1933.
No. of Stores.
Total Sales.
-1.7
-0.6
-22.1
-17.9
-0.1
+13.2
+6.2
+11.6
-4.8
+5.7
+25.9
+3.8
+8.0
+12.3
+22.2
+28.6
+25.9
-8.3
Total
-2.7
+11.8
+14.9
Sales of the jewelry concerns showed the greatest percentage increase ever
reported to this Bank, owing in part to the exceptionally low level of sales
in February 1933. Sales of wholesale grocery firms were 50% higher than
last year, and even excluding liquor sales, the increase amounted to 30%,
the largest advance since last summer. In a number of other lines also,
including shoes, paper, cotton goods, men's clothing, and diamonds, the
Increases over a year ago were the most substantial since last summer. The
comparisons for sales of drugs and silk goods were slightly more favorable
this month than last, but the increases shown by the stationery and hardware firms were not as large as those reported last month.
Stocks held by the grocery and hardware firms showed the most substantial increases over a year previous yet recorded by this Bank. and stocks_
of diamond and jewelry concerns were reduced less from a year ago than last
month. The ratio of collections to accounts outstanding at the end of the
previous month continued to average considerably higher than last year.
Percentage
Change
February 1934
Compared with
February 1933.
Sales per Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
Increase of 45% Reported by New York Federal Reserve
Bank in Wholesale Trade in February as Compared
with February Year Ago.
The Federal Reserve Bank of New York, in its "Monthly
Review" of April 1, reports that "during February, total
dollar sales of the reporting wholesale firms in the Second
(New York) District averaged 45% higher than a year ago,
the largest increase since last August." The Bank adds:
Sales of Department Stores in New York Federal Reserve District 6
Higher in February in Comparison with February Last Year.
"Total February sales of the reporting department stores
in the Second (New York) District were about 632% higher
than a year ago," states the Federal Reserve Bank of New
York, which said that this is "a slightly less favorable comparison on an average daily basis than in the previous month.
Excluding liquor sales, the increase over a year ago amounted
to approximately 4%." In its April 1 "Monthly Review" the
Bank also has the following to say regarding department store
trade in the Second District:
Sizable advances in sales were reported by the Buffalo and Northern New
York State department stores; the Increase in sales of the Buffalo stores was
the largest since August 1933, and for the Northern New York State department stores the increase was the largest since October 1928, due partly to an
unusually large decline in sales in that section in February 1933. The
increases in sales of the Rochester and Southern New York State department
stores, on an average daily basis, were about of the same proportions as in
the previous month, and total sales of the New York City, Syracuse, and
Bridgeport department stores were well above those of a year ago, although
on an average daily basis, the increases were not as large as in the preceding
month. For the remaining localities comparisons with a year ago were less
favorable than in January. Sales of the leading apparel stores in this District showed a sizable increase for the third consecutive month.
The ratio of collections in February to accounts outstanding at the end
of January averaged higher in 1934 than in 1933 for both department and
apparel stores. Stocks of merchandise, at retail valuation, showed an even
larger increase over a year ago than in other recent months.
Percentage
Change From
a Year Ago.
Locality.
Net
Sales.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
Southern New York State
Hudson River Valley District
Capital District
All department stores
Apparel stores
+7.0
+17.2
+9.0
+6.4
+1.8
+9.4
+5.4
+13.8
+13.2
-2.9
+6.4
+6.6
+12.2
P. C. of Accounts
Outstanding
Jan. 31 Collected
in February.
Stock on
Hand End
of Month.
1933.
1934.
+26.6
+7.8
+10.1
+3.4
+23.0
+7.0
+0.4
40.2
37.4
41.1
24.1
37.6
28.1
26.3
42.9
36.4
43.3
28.7
37.4
31.2
24.8
+38.7
37.7
37.4
39.4
39.6
February sales and stocks in the principal departments are compared with
those of a year previous in the following table.
Net Sales
Percentage Change
February 1934
Compared with
February 1933.
Woolen goods
Muscial instruments and radio
Men's and Boys' wear
Men's furnishings
Cotton goods
Shoes
•
Silks and velvets
Books and stationery
Hosiery
Furniture
Luggage and other leather goods
Women's and Misses' ready-to-war
Linens and handkerchiefs
Silverware and jewelry
Women's ready-to-wear accessories
Toilet articles and drugs
HOMO furnishings
Toys and sporting goods
Miscellaneous
Stock on Hand
Percentage Change
Feb. 28 1934
Compared with
Feb. 28 1933.
+16.3
+15.7
+13.8
+10.2
+7.0
+6.0
+5.3
+4.7
+3.6
+3.2
+1.6
-0.1
-0.9
-1.0
-1.5
-1.5
-3.0
-6.4
+6.8
+32.8
+18.2
+30.8
+24.8
+41.7
+29.0
+25.2
+2.1
+38.6
+27.1
+18.3
+27.8
+28.3
+8.0
+22.4
+2.9
+16.4
+21.0
+17.3
Commodity.
Net
Sales.
+50.3
+42.5
+48.3
-3.7.
+56.0
+4.1
+20.5
+15.2
+28.3
+51.9
+182.3
Groceries
blen's clothing
Cotton goods
Silk goods
Shoes
Drugs
IIardware
Stationery
Paper
Diamonds
Jewelry
Stock
End of
Month.
+66.7
+33.9
-13:5
Percent of
Accounts
Outstanding
Jan. 31
Collected in
February.
1933.
1934.
73.7
29.4
30.7
56.0
29.4
22.4
36.2
51.8
40.2
)19.4
87.4
43.7
34.0
53.9
29.2
22.4
32.4
49.4
46.0
34.6
-26.7
44.8
52.2
Weighted average
+45.0
Quantity figures reported by the Nat onal Federation of Tex Iles Incorporated.
.
sucessor to the silk Association of America Incorporated; not included in weighted
average for total wholesale trade.
Decrease of 0.2 of 1% Reported by United States
Department of Labor in Retail Prices of Food
During Two Weeks Ended Feb. 27.
Retail food prices remained practically unchanged during
the two weeks' period ended Feb. 27 with the general average
showing a 0.2 of I% decline according to an announcement
made March 21 by Commissioner Lubin of the Bureau of
Labor Statistics of the U. S. Department of Labor. In
his announcement Mr. Lubin stated:
The decline is due to a decrease in the price of six of the 42 Reins covered
by the Bureau, namely, fresh eggs, fresh milk, sugar, rolled oats, oranges
and cabbage. Of the remaining 36 items, 26 showed minor increases and
10 showed no change.
The index number for the 2
-week period was 108.1% of the 1913 average
as compared with 108.3% on Feb. 13 and 105.8% on Jan. 30. The present
Index places prices 20% above the low point reached in April 1933, when
the index stood at 90.4%. It is 19% over the level for a year ago (90.9 on
Feb. 15 1933) and approximately 1% over the high point for last year
(Sept. 26 1933) when the index was 107.4. As compared with Feb. 15
1932, when the index registered 105.3% prices are up by 2%%.
The following is also from Mr. Lubin's announcement:
The index for meats, which rose by 1% showed the largest change of any
of the three groups. Cereal foods registered a fractional advance, while
dairy products recorded a drop of 0.8 of 1%.
Compared with the corresponding period for a year ago, cereal products
have recorded the greatest increase. They advanced by 28%. Dairy
above the level of last year, while
products are slightly more than 12
meats have registered a 9% increase. Compared with prices of two years
ago cereal products have advanced nearly 15% in contrast with an 8%
decrease for meats and a decline of 1% for dairy products.
The general index for all food items has shown an increase of approIdmately 3%% since the beginning of the year. Cereal products have risen
0.7 of 1%, dairy products 6%% and meats nearly 7%.
Important items showing substantial price increases during the two
weeks' period were sliced bacon, lard, butter, cheese, potatoes, canned
peas and canned corn. Among the important articles showing no change
In average price were canned salmon, vegetable lard substitute, evaporated
milk, wheat flour, corn meal, white bread, and onions.
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. Indexes are based on the
average price for the year 1913 as 100%. Comparisons of the current index
with the indexes for Feb. 13, Jan. 30, Jan. 16, Jan. 2 1934, Feb. 15 1933,
Feb. 15 1932 and Feb. 15 1929, are shown in the following table:
INDEX NUMBERS OF RETAIL PRICES OF FOOD. (1913=100.0).
1934.
1933. 1932. 1929.
Feb. 15 Feb. 15 Feb. 15
Feb. 27 Feb. 13 Jan. 30 Jan. 16 Jan. 2
All foods
Cereals
Meats
Dairy products
108.1
143.4
107.8
101.8
108.3
143.3
106.7
102.6
105.8
142.8
103.0
95.9
105.2
142.5
102.3
96.0
104.5
142.4
100.8
95.7
90.9
112.0
99.0
90.3
105.3
125.0
117.3
102.9
154.6
164.1
180.9
151.9
Of the 51 cities covered by the Bureau,132 showed advances in food prices,
3 remained at the level of two wef4,-; ago and 16 showed a decrease. The
largest advance, amounting to nearly 2%%, occurred in Pittsburgh.
Baltimore is the only other city showing an increase of 2% or more. The
largest decrease was reported for Los Angeles, where average retail prices
dropped by 3%. Prices in Cleveland. Houston, and Minneapolis remained
at the level of the preceding two weeks. Retail food prices in Washington.
D. C. were practically unchanged, showing a drop of only 0.1 of 1%•
Financial Chronicle
2146
As compared with Feb. 15 1933, all of the cities showed material advances.
Minneapolis, where food prices have increased by 2634%.showed the largest
advance. The smallest increase was reported for Los Angeles, amounting
to 43i %. In Washington, D. C., the increase has been 1734%.
During the two-year period since Feb. 15 1932, 43 of the cities have shown
advances ranging from 0.1 of 1% in Milwaukee to 1134% in Buffalo. San
Francisco and Seattle are the only cities where present prices are at the
same level as for two years ago, and six cities on the list are lower. In
Washington, D. C. the increase for the two year period was 3.8%•
The following table shows the percent change that has taken place in
each city and the individual food items on Feb. 27 as compared with Feb.
13 1934, Feb. 15 1933. and Feb. 15 1932:
CHANGES IN RETAIL PRICES OF FOOD BY CITIES.
Percent Change on
Feb. 27 1934
Compared with
Percent Change on
Feb. 27 1934.
Compared with
City.
CUy.
Feb. 15 Feb. 15 Feb. 13
1932. 1933. 1934.
Feb. 15 Feb. 15 Feb. 13
1932. 1933. 1934.
Minneapolis__ _
+3.2 +26.5
+1.7 +15.9
Mobile
Newark
+3.4 +19.9
New Haven_ _ _
+0.6 +19.5
+2.0 +19.1
New Orleans_ _ _
New York
+5.1 +20.0
-2.5 +21.7
Norfolk
Omaha
+3.0 +26.6
+3.1 +20.0
Peoria
+7.6 +26.2
Philadelphia_ _ _
+5.7 +25.2
Pittsburgh
+0.2 +14.9
Portland, Me_ _
Portland, Ore_ _ -1.8 +13.1
+5.0 +18.0
Providence_ _ _ _
+3.7 +23.1
Richmond
+4.0 +22.3
Rochester
+2.4 +22.2
St. Louis
+4.1 +22.1
St. Paul
+1.5 +19.5
Salt Lake City_
0.0 +12.1
San Francisco_ _
Savannah
+3.5 +19.6
+3.5 +17.9
Scranton
0.0 +16.2
Seattle
+4.6 +19.5
Springfield, Ul_
Wash'g'n, D.C. +3.8 +17.5
+2.7 +18.9
United States._
CHANGES IN FOOD PRICES BY COMMODITIES.
Atlanta
+1.8 +18.9
Baltimore
+6.4 +22.3
Birmingham_ _ _
+3.4 +18.8
Boston
+1.4 +15.6
+2.1 +18.7
Bridgeport
+11.4 +24.2
Buffalo
-8.9 +9.3
Butte
Charleston,S.C. -2.5 +18.1
-2.5 +16.7
Chicago
Cincinnati
+1.8 +18.1
Cleveland
+3.3 +23.8
Columbus
+6.4 +24.2
Dallas
+2.6 +20.8
Denver
+4.3 +16.3
Detroit
+8.6 +24.7
Fall River
+0.8 +17.1
+0.9 +23.9
Houston
+1.4 +20.8
Jacksonville___ _
+4.1 +19.9
Kansas City- -+4.4 +16.9
Little Rock
+6.1 +22.9
Los Angeles_ _ _ -8.7 +4.6
Louisville
+5.3 +23.1
Manchester_ _
+4.5 +19.5
Memphis
+2.2 +23.1
+0.1 +14.8
Milwaukee_ _ _ _
+0.3
+2.0
+1.3
-1.2
+1.7
+0.7
-0.1
-0.6
-1.8
+0.1
0.0
+0.1
-0.3
+0.6
+0.5
-0.6
0.0
+0.1
-1.6
+0.9
+0.2
-3.1
+1.8
+0.1
+1.2
-0.4
Percent Change on
Feb. 27 1934
Compared with
Percent Change on
Feb. 27 1934
Compared with
Article.
Article.
Feb. 15 Feb. 15 Feb. 13
1932. 1933. 1934.
Feb. 15 Feb. 15 Feb. 13
1932. 1933. 1934.
Sirloin steak-Round steak__ Rib roast
Chuck roast- - Plate beet
Pork chops_ _ _ _
Bacon sliced_ _ Ham sliced.. _ Limon, leg of_ _
Hens.
Salmon. red,
canmd
Milk, fresh_ _ _ Milk, evapor'd _
Butter
Oleomargarine Cheese
Lard_
Vegetabln lard
substitute_ _
Eggs
Bread, wheat_ _
Bread, rye
Flour
0.0
-0.8
+0.9
+0.5
+0.9
-0.1
+1.7
+0.4
+1.0
+0.2
+2.3
+0.5
+0.2
-1.1
+1.1
-0.2
-0.3
+0.1
+0.7
+0.4
+0.6
+0.1
-0.1
+1.5
-0.1
-0.2
+13.4
+13.9
+10.3
+1.1
+0.8
+1.0
+0.8
0.0
+0.8
+2.5
+0.9
+1.6
+0.4
+11.6
+8.7
+3.0
+24.5
0.0
+12.1
+31.2
0.0
-2.6
0.0
+2.0
+1.6
+2.6
+4.1
-12.0 +3.2
+6.7 +20.6
+12.9 +23.4
0.0
-7.9
0.0
0.0
0.0
-13.2
-12.3
-16.0
-13.2
-13.5
+25.1
-6.9
-12.0
+4.2
-13.3
-26.6
-1.8
-13.9
+4.8
-23.0
-2.1
+7.4
+1.1
+2.9
-2.0
+0.8
+2.1
+35.8
+16.p
+45.5 +65.5
Corn meal
Rolled oats_ _
Corn flakes- - -Wheat cereal
Macaroni
Rice
Beans, navy.
Potatoes
Onions
Cabbage
Pork and beans.
Corn, canned_ Peas,canned_ _.
Sugar
Tea
Coffee
Tomatoes,can'd
Prunes
Raisins
Bananas
Oranges
Peaches. canned
Pears, canned_
+7.5
-14.3
+4.6
+6.6
-0.6
+6.9
+5.4
+70.6
-33.8
-9.3
-16.9
0.0
+25.0
+1.9
-8.4
-14.1
+10.5
+9.8
-18.3
-0.4
-10.0
+28.5
+17.9
+5.8
+9.0
+6.8
+34.5
+43.9
+93.4
+80.8
+25.8
+6.2
+15.3
+31.0
+8.0
+4.3
-4.3
+22.1
+25.3
+1.1
+4.0
+2.3
0.0
+1.1
+1.7
+0.6
+1.4
+1.7
+3.6
0.0
-7.1
0.0
+2.7
+2.5
-3.5
+0.8
+0.8
0.0
+1.8
+1.1
+1.7
-3.9
+0.6
+1.0
Sales of Electricity to Ultimate Consumers Increased
10% in January-Revenue was 1.1% Higher.
The following statistics, covering 1,005 of the electric light
and power industry, were released by the Edison Electric
Institute on March 15:
P. C.
Month of January
Change.
1933.
1934.
4,340,916,000 3,716,098,000 +16.8
2,706,247.000 2.760,835,000 -2.0
sKilowatt-hours Generated (Net)By fuel
By water power
7,047,163,000 6,476.933.000
Total kilowatt-hours generated
Additions to Supply
Energy purchased from other sources
Net International imports
Total
Deductions from Supply
Energy used in electric railways departments
Energy used in electric & other departments
Total
Total energy for distribution
Energy lost in transmission. distribution. &c.
Kilowatt-hours sold to ultimate consumers
.)Sales to Ultimate Consumers(KWE
Domestic service
Commercial-Small light and power (retas)_
Large light and power (wholesale)
Municipal street lighting
Railroads-Street and interurban
Electrified steam
Municipal and miscellaneous
Total sales to ultimate consumers
Total revenue from ultimate consumers_ _
x Kilowatt-hours Generated (Net)By fuel
By water power
156,163,000 +26.3
29.012,000 +138.2
266,157,000
185,175,000
66,273.000
115,889,000
75,191,000 -11.9
108,020,000
+9.3
+43.7
182,162.000
181,211,000
+0.5
7,131,158,000 6,480,897,000 +10.0
1,220,349,000 1,108,331,000 +10.1
5,910,809,000 5,372,566,000 +10.0
1.243,962.000 1,205,634.000
1,162,345,000 1,120,762.000
2,748,258,000 2,342.924,000
222,070,000
234,328,000
396,054,000
360,586,000
61,517,000
48.879.000
76,603,000
59,455.000
+3.2
+3.7
+17.3
-5.2
+9.8
+25.9
+28.8
5,910,809.000 5,372,566,000 +10.0
+1.1
3162,070.400 3160,279,300
-12 Months Ended Jan. 31- P.C.
1934.
1933.
Change.
48,051.338,000 45,294,044,000
+6.1
31,536.558,000 30,880,557.000
+2.1
79,587,896,000
Total kilowatt-hours generated
2,975,240,000
Purchased energy (net)
Energy used in electric ry. and other depts._ 1.903.374,000
80,659,762,000
Total energy distribution
Energy lost in transmission, distribution. Stc.14,367,911,000
Kilowatt-hours sold to ultimate consumers, 66,291,851,000
Total revenue from ultimate consumers_ _ _ _81,775,206,700
Important Factors
39.7%
Per cent of energy generated by water power
1.45
Average pounds of coal per kilowatt-hour_ _ _
Domestic Service (Residential Use)
605
Aver. ann. consumption per customer(kwh.)
5.48
Average revenue per kilowatt-hour (cents) _
$2.76
Average monthly bill per domestic customer
+8.8
197,037,000
69,120,000
76,174,601,000
2,797,741,000
2,061,069,000
76.911,273,000
13,661,937,000
63,249,336,000
81.817,885,600
+4.5
+6.3
-7.7
+4.9
+5.2
+4.8
-2.3
140.5%
1.49
__
599
5.53
52.79
+1.0
+1.8
-1.1
Mar. 31 1934
•
Baste Information as of Jan. 31.
1933.
1934.
24,041.800 24.223,000
9,005,300 8,902,800
458.900
452,600
Generating capacity (kilowatt)
-Steam
Water power
Internal combustion
33.499,700 33.584,700
Total generating capacity In kilowatts
Number of Customers
Farms in Eastern area (included with domestic)
Farms in Western area (Included with commercial, large).- (2V,ili)
20,025.830 19,788.367
Domestic service
3,890,462 3,664,106
-Small light and power
Commercial
543,702
523,893
Large light and power
69.933
66,929
Ah other ultimate consumers
01.
R( ,M;
24,307,114 21,086,108
Total ultimate consumers
x As reported by the U. S. Geological Survey with deductions for certain plants
not considered electric light and power enterprises.
National Fertilizer Association Reports Slight Decline
in Wholesale Commodity Prices During Week of
March 24.
Wholesale commodity prices weakened slightly during
the week ended March 24 according to the index of the National Fertilizer Association. This index, based on 476
quotations, declinbd one point during the week. The
latest index number is 71.2. A week ago the index stood at
71.3, a month ago at 71.2, and a year ago at 56.7. (The
three year average 1926-1928 equals 100.) During the
preceding week the index declined four points. Under date
of March 26 the Association further announced:
During the latest week four groups advanced, four declined, and six
showed no change. The declining groups were foods, textiles, fats and oils,
and miscellaneous commodities. Fuel, grains, feeds and livestock, and
chemicals and drugs were higher. The largest gain was shown in grains,
feeds and livestock, and foods, textiles, and fats and oils showed fairly
large losses. During the preceding week four declined, seven advanced,
and three showed no change. Of the four groups that declined last week,
three again declined during the latest week.
Prices for 26 individual commodities declined while 14 advanced during
the latest week. During the preceding week there were 23 declines and 32
advances. Two weeks ago there were 20 declines and 21 advances. Important commodities that declined during the latest week were cotton, lard.
butter, eggs, sugar, potatoes, wheat at Chicago, heavy hogs, heavy melting steel, silver, gasoline, coffee, and rubber. Advances were shown in
the prices for corn, oats, wheat at Minneapolis, foodstuffs, choice cattle,
lightweight hogs, fuel oil, tankage, and glycerine.
The index numbers and comparative weights for each of the 14 groups
listed in the index are shown in the table below.
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-1928=100).
Per Cent
Each Group
Bears to the
Total Index,
23.2
16.0
12.8
10.1
8.5
6.7
6.6
6.2
4.0
3.8
1.0
0.4
0.4
0.3
100.0
Group.
Latest
Pre
Week
Mar. 24 ceding
Week.
1934.
Month
Ago.
Year
Apo.
Foods
Fuel
Grains, feeds and livestock
Textiles
Mbzeellaneous commodities_.
Automobiles
Building materials
Metals
House-furnishing goods
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizers
.
Agricultural implements_ __
71.6
68.0
55.3
71.7
69.1
91.3
80.0
78.8
85.2
50.9
93.5
67.8
75.9
92.4
72.2
87.9
54.6
72.4
69.5
91.3
80.0
78.8
85.2
52.1
93.3
67.7
75.9
92.4
72.5
67.7
54.0
72.4
69.2
90.5
79.3
78.5
85.0
54.4
93.1
67.5
75.8
92.4
56.5
51.8
40.0
42.6
58.8
84.9
71.4
67.5
76.0
41.4
87.4
61.3
62.5
90.2
All groups combined
71.2
71.3
71.2
56.7
Electric Output for Latest Week Exceeds Corresponding
Period in 1933 by 17.6% and 1932 by 9.5%.
According to the Edison Electric Institute, the production
of electricity by the electric light and power industry of the
United States for the week ended March 24 1934 was 1,658,389,000 kwh., an increase of 17.6% over the same period
last year and 9.5% in excess of the comparable week in 1932.
The current figure compares with 1,650,013,000 kwh. produced in the week ended March 17 1934, 1,409,655,000 kwh.
in the week ended March 25 1933 and 1,514,553,000 kwh.
in the week ended March 26 1932. Production during the
week ended March 17 1934 was 20.0% in excess of the
comparable week in 1933 and also was 7.4% higher than the
figure for the corresponding week in 1932.
The New England, Rocky Mountain and Pacific Coast
regions for the week ended March 24 1934 showed larger percentage gains over the 1933 period than they did in the week
of March 17 1934 over the March 18 1933 week. Smaller
gains were reported by the New England, Middle Atlantic,
Central Industrial and West Central regions. The Institute's statement follows:
PER CENT CHANGES (1934 OVER 1933).
Major Geographic
Divisions.
TVeek Ended
Week Ended
TVeek Ended
Week Ended
Mar. 24 1934. Mar. 17 1934. Mar. 10 1934, Mar, 3 1934.
New England
Middle Atlantic
Central Industrial_ _ _ _
Southern States
Pacific Coast
West Central
Rocky Mountain
+19.2
+12.7
+27.0
+12.1
+12.3
+3.4
+18.4
+18.2
+14.7
+30.1
+17.5
+12.0
+13.8
+18.8
+17.0
+14.1
+27.6
+18.5
+7.9
+12.7
+15.7
+15.7
+15.3
+24.6
+11.9
+7.7
+10.0
+18.2
Tntwl ITnItwl Statm_
+170
-4-200
-I-18.4
+16.5
Financial Chronicle
Volume 138
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:
Week of-
1933.
Week of-
1932.
Week of-
1931.
1933 over
1932.
May 6 1,435,707,000 May 7 1,429,032,000 May 9 1,637,296,000 0.5%
2.2%
May 13 1,468,035,000 May 14 1,436,928,000 May 16 1,654,303,000
3.3%
May 20 1,483,090,000 May 21 1,435,731,000 May 23 1,644,783,000
4.8%
May 27 1.493,923,000 May 28 1,425,151,000 May 30 1,601,833,000
5.8%
June 3 1,461,488,000 June 4 1,381,452,000 June 6 1,593,662,000
7.4%
June 10 1,541,713,000 June 11 1,435,471,000 June 13 1,621,451,000
9.5%
June 17 1,578,101,000 June 18 1,441,532,000 June 20 1,609,931,000
June 24 1,598,136,000 June 25 1,440,541,000 June 27 1,631,935,000 10.9%
July 1 1,655,843.000 July 1 1,456,961,000 July 4 1,607,238,000 13.7%
July 8 1,538,500,000 July 9 1,341,730,000 July 11 1,603,713,000 14.7%
July 15 1,648,339,000 July 16 1,415,704,000 July 18 1,644,638,000 16.4%
July 22 1,654,424,000 July 23 1,433,990,000 July 25 1,650,545,000 15.4%
July 29 1,661,504,000 July 30 1,440,386,000 Aug. 1 1,644,089.000 15.4%
Aug. 5 1,650,013,000 Aug. 6 1,426,986.000 Aug. 8 1,642,858,000 15.6%
Aug. 12 1,627,339,000 Aug. 13 1,415.122,000 Aug. 15 1,629.011,000 15.0%
Aug. 19 1,650,205.000 Aug. 20 1,431,910,000 Aug. 22 1,643,229,000 15.2%
Aug. 26 1,630,394,000 Aug. 27 1,436,440,000 Aug. 29 1,637,533,000 13.5%
Sept. 2 1,637,317,000 Sept. 3 1,464,700,000 Sept. 5 1,635.623,000 11.8%
Sept. 9 1,582,742,000 Sept. 10 x1,423,977,000 Sept. 12 1,582,267,000 11.1%
Sept. 16 1,663,212,000 Sept. 17 1,476.442,000 Sept. 19 1,662,660,000 12.7%
9.9%
Sept. 23 1,638,757,000 Sept.24 1,490,863,000 Sept.26 1,660,204,000
Sept. 30 1,652,811,000 Oct. 1 1,499,459,000 Oct. 2 1.645,587.000 10.2%
Oct. 7 1,646,136,000 Oct. 8 1,506,219,000 Oct. 10 1,653,369,000 9.3%
Oct. 14 1,618,948,000 Oct. 15 1,507.503,000 Oct. 17 1,656,051,000 7.4%
Oct. 21 1,618,795,000 Oct. 22 1,528.145,000 Oct. 24 1,646,531,000 5.9%
Oct. 28 1,621,702,000 Oct. 29 1.533,028,000 Oct. 31 1,651,792,000 5.8%
3.8%
Nov. 4 1,583.412,000 Nov. 5 1,525,410,000 Nov. 7 1.628,147.000
Nov. 11 1,616,875,000 Nov. 12 1,520,730,000 Nov. 14 1,623,151.000 6.3%
5.6%
Nov. 18 1,617,249,000 Nov. 19 1,531,584,000 Nov. 21 1,655.051,000
Nov. 25 1,607,546,000 Nov. 26y1,475,268,000 Nov. 28 1,599,900.000 } 5.9%
Dec. 2y1,553,744,000 Dec. 3 1,510,337,000 Dec. 5 1,671,466,000
Dec. 9 1,619,157,000 Dec. 10 1,518,922,000 Dec. 12 1,617,717,000 6.6%
5.2%
Dec. 16 1,644,018,000 Dec. 17 1,563,384,000 Dec. 19 1,675,653,000
Dec. 23 1,656,616,000 Dec. 24 1,554,473,000 Dec. 26 1,564,652,000 6.6%
1932.
Dec. 30 1,539,002,000 Dec. 31 1,414,710,000
1934.
1933.
Jan. 2 1,523,652.000 8.8%
Jan. 6 1,563,678,000 Jan. 7:1,425,639,000 Jan. 9 1,619,265,000 9.7%
Jan. 13 1,646,271,000 Jan. 14 1,495,116,000 Jan. 16 1,602,482,000 10.1%
Jan. 20 1.624,846,000 Jan. 21 1,484,089,000 Jan. 23 1,598,201,000 9.5%
9.6%
Jan. 27 1,610,542,000 Jan. 28 1,469,636,000 Jan. 30 1,588,967,000
Feb. 3 1,838,275,000 Feb. 4 1,454,913,000 Feb. 6 1,588,853,000 12.5%
Feb. 10 1,651,535,000 Feb. 10 1,482,509,000 Feb. 13 1,578,817,000 11.4%
Feb. 17 1,640,951,000 Feb. 18 1,469,732,000 Feb. 20 1,545,469,000 11.6%
Feb. 24 1,646,465,000 Feb. 25 1,425,511,000 Feb. 27 1,512,158.000 15.5%
Mar. 3 1.658,040,000 Mar. 4 1,422,875.000 Mar. 5 1,519,679,000 16.5%
Mar. 10 1,847,024,000 Mar. 11 1,390,607,000 Mar. 12 1,538,452,000 18.4%
Mar. 17 1,650,013,000 Mar. 18 1,375,207,000 Mar. 19 1,537,747.000 20.0%
Mar. 24 1,658,389,000 Mar. 25 1,409,655,000 Mar. 26 1,514,553,000 17.6%
Mar. 31
Apr. 1 1,402,142,000 Apr. 2 1,480,208,000
Apr. 7
Apr. 8 1,399,367,000 Apr. 9 1.465.076,000
x Revised figure. y Includes Thanksgiving Day.
DATA FOR RECENT MONTHS.
•
Month of-
1934.
1933.
1932.
1931.
1934
Over
1933.
January _ ___ 7,131,158,000 6,480,897,000 v.011,736,000 7.435,782.000 10.0%
5,835,263,000 6,494,091,000 6,678,415,000 -February
6.182,281.000 6.771,684,000 7,370,687,000 -March
--- _
6,024.855,000 6.294,302000 7,184,514,000
April
---6,532,686,000 6,219,554,000 7,180,210,000
May
6,809,440.000 6,130,077,000 7,070,729,000 -June
7,058,600,000 6,112,175.000 7,286,576,000 -July
7,218,678,000 6,310.667,000 7,166,086,000
August
6.931,652,000 6,317,733,000 7,099,421,000
September _
7,094,412,000 6,633,865,000 7,331,380,000
October _
6,831,573,000 6,507,804,000 6,971,644,000
.
November
--.
December_
7,009,164,000 6,638,424,000 7,288,025,000
an 002 501 000 77 442 112 OM RR 1172 ARO (1011
-The monthly figures shown above are based on reports covering approxiNote.
mately 92% of the electric Igilt and power industry and the weekly figures are
based on about 70%.
Total
February Sales of Electric Refrigerators Set New
Record.
The Electric Refrigeration Bureau of Edison Electric
Institute reports that sales of household electric refrigerators in the United States in February broke all records for
that month. The total February sales, according to the
Bureau's tabulation, were 82,439 units, compared with
35,394 sold in February, 1933, and 53,693 in February,
1931, the previous high record for the month.
The new record for February sales, according to the Institute, follows a similar comparative record set the preceding month, when the sales were 35,212 units as against
a previous high January total of 33,169 sold in 1932.
The February total represents 136% of the quota set for
the month in the Bureau's national promotional campaign to
sell a million units this year, while the combined total sales
in the first two months of the year represent 116.4% of the
quota for that period.
1934 Silver Production Expected to Show Substantial
Gain Over Recent Years-Increased Activity Noted
in Western Producing States as Result of Increased
Prices.
For the first time in years Western silver smelters report
sufficient work in prospect to justify continued operations for
an indefinite period, according to a comment on Western
business by the Bank of America, Pacific Coast branch banking organization. The bank says:
The apparent improvement In the silver mining industry which has resulted in the re-opening of extensive operations in Colorado. Texas and
Nevada in recent month., is said to demonstrate, for the first time, the
effect of the Presidential proclamation of December 21. last, when the price
of newly-mined metal was raised to 64.5 cents an ounce. West Coast
smelters say that shipments of silver-bearing ores have increased materially
and it is anticipated that the domestic output of the refined metal during
3934 will establish a high mark for at least half a decade.
2147
WestGovernment figures just compiled show silver production of the 11
ern states to have reached $7,854,801 during 1933, or approximately 25%
increase in the Price
above 1932. This increase roughly corresponded to the
been
of silver during the same period, the average price in 1933 having
the sub$0.345 as against $0.282 in the previous year. Accordingly,
proclamation
stantial boost in silver prices resulting from the Presidential
in 1934
at the close of last year is expected to result in greater production
than has been witnessed in many years.
life of
Since the proclamation sustaining silver prices has a prospective
for some
four years, Western silver interests look for continued activity
time to come.
Employment During February in Manufacturing Industry Highest Since October 1930 According to
National Industrial Conference Board-Earnings
of Workers Largest in Two Years.
More wage-earners were at work in manufacturing industry in February 1934, than in any other month since
October 1930, and their average earnings, both weekly and
hourly, were larger than in any month in the last two years,
according to the results of the regular monthly survey of the
National Industrial Conference Board announced yesterday
(March 30). Increases in February over January 1934, were
as follows: employment, 4.7%; average weekly earnings,
4.9%; average hourly earnings, 1.3%; and payroll disbursements, 9.7%. The Conference Board's survey also showed:
Average weekly earnings of all wage-earners in manufacturing industry
rose from $18.89 in January to $19.81 in February,and reached a point 36%
in which
above the low of $14.56 in March 1933. Among the industries
1934,
notable gains in average weekly earnings were recorded from January
shoe. from
to February were, automobile, from $22.32 to $24.40: boot and
$16.64;lumber and
$19.68 to $21.35; hosiery and knit goods,from $14.19 to
silk, from
millwork, from $15.27 to $16.51; rubber, from $22.95 to $26.19;
$15.55
$14.94 to $16.86: wool, from $16.42 to $17.25; and foundries, from
to $18.05.
of work from
Quickening of Industrial activity increased weekly hours
the 25 in34.3.to 35.5, or 3.5%. Increased hours were reported in 20 of
dustries covered in the survey,and in the five exceptions the decline in hours
was slight. Owing to increased employment and increased hours, man-hours
were 8.5% higher in February than in January. The increase of 8.5% in
total man-hours and 1.3% in average hourly earnings produced a 9.7% increase in payrolls.
The increase in average weekly earnings of 4.9% more than offset the rise
of 1% in the cost of living, so that the purchasing power of the wage-earner's
weekly pay envelope recorded a net advance of 3.7%, bringing it up to 95%
of the 1923 average.
Conference o Statisticians in Industry Reports
Improvement in Business Activity During February
and First Part of March -Larger Than Seasonal
Increases Noted in Industrial Production, Primary
Distribution and Retail Trade.
According to the "Conference Board Business Survey,"
prepared by the Conference of Statisticians in Industry
under the auspices of the National Industrial Conference
Board, "improvement in business activity was shown in
February and the opening weeks of March. Gains of more
than seasonal proportions were registered in industrial production, primary distribution and in retail trade during the
month," the Survey said. Issued under date of March 20,
it continued:
Production In the basic industries showed substantial advances. Automobile output was stepped up sharply. Steel and iron production increased
as a result of expanded automobile demand supplemented by miscellaneous
demands. Bituminous coal output per day of operations advanced measurably. Electric power production also showed improvement. Building and
engineering construction, alone among the basic forms of activity, declined.
The decline in construction was due to unusually severe weather and
a let-up in publicly financed contracts; privately financed awards declined
but slightly. Publicly financed construction in February was 23.6 times
as large as privately financed, having declined from being 5 times as large
in January. In the first 8 months of 1933 public awards were only half as
large in dollar value as private. In September publicly financed operations
moved ahead of privately financed awards and became increasingly larger
until January 1934.
General distribution and trade continued to improve in February. Freight
shipments and retail trade advanced by more than seasonal amounts over
the January levels.
Department store sales showed an advance in dollar value of turnover
in February as compared with January of 1.8% and were at a level 16%
above a year ago. In recent years a slight decline was seasonal. The
Federal Reserve Board index adjusted for days and for seasonal variation
stood at 70 as against 69 in January and 69 in December, on the basis of
the 1923-1925 average as 100.
Prices of department store items showed an average advance of 0.3% in
February over January, moving up again to the November level after two
months of gradual decline. The average for the month was 22% above
a year ago.
The unit volume of turnover of department store items advanced 1.5%
In February over January. It was 5% under a year ago because the price
level had advanced more than the dollar value of sales.
Variety store sales increased 3.9% in dollar values in February over the
January total and were 11.4% higher than a year ago. The average
seasonal movement in dollar value ofsales in recent years was,roughly. 12%.
l'rices of commodities at wholesale advanced in February and held
steady in the first half of March. In the second week of March commodity
prices were 0.1% above the level of the middle of February and. roundly,
24% above the 1933 low in February. In recent weeks farm producta
and foods at wholesale showed the largest advances. Metals and metal
products, building materials, chemicals and drugs, and miscellaneous commodities showed slight gains. Hides and leather products, fuelsland
lighting materials showed slight declines in recent weeks.
The February index of wholesale prices of the Bureau of Labor Statistics
stood at 73.4 for February and 73.8 for the second week of March, on the
basis of the 1926 average as 100.
Financial Chronicle
Prices received by farmers advanced 9% from the middle of January to
the middle of February, while prices paid by them advanced 2%. The
purchasing power of farm products accordingly advanced, roughly, 7%.
The cost of living moved up 1.0% in February over the January level
and was 8.6% higher than in February 1933. The advance during the
month was due to substantial increases in food prices and moderate advances in rents, clothing and sundry items in the wage-earner's budget.
Coal prices at retail declined slightly.
Commercial failures declined more than seasonally in February as compared with January. The number of failures fell off, roughly, 23% and the
dollar value of liabilities incurred declined 41%. While comparisons with
a year ago must be viewed in the light of a prevalent view that weak concerns are now being carried by banks to a greater extent, the number of
failures in February was 56% under last year and 64% under the high in
January last year, and liabilities incurred were 70% under the total of
February 1933 and 75% under the high in January last year.
Summary of Business Conditions in United States by
Federal Reserve Board-Third Consecutive Monthly
.
Increase in Industrial Activity Noted in February.
In its summary of general business and financial conditions
in the United States, based upon statistics for the months of
February and March, the Federal Reserve Board states
that the "volume of industrial activity increased in February
for the third consecutive month and there was considerable
growth in factory employment and payrolls. Wholesale
commodity prices, after advancing for two months, showed
little change between the middle of February and the
middle of March." Issued under date of March 27, the
Board's summary also said:
Production and Employment.
Output of manufactures and minerals, as measured by the Board's
seasonally adjusted index of industrial production, increased from 78%
of the 1923-1925 average in January to 81% in February. The advance
reflected chiefly increases of considerably more than the usual seasonal
amount in the output of steel and automobiles, while activity at meatpacking establishments declined. Activity at textile mills, which in
January had increased from the low level prevailing at the end of the year,
showed a further moderate increase In February, partly of seasonal character. In the first week of March steel production showed a further
Increase and in the following two weeks remained unchanged.
Factory employment and payrolls increased substantially between the
middle of January and the middle of February to a level higher, on a
seasonally adjusted basis, than at any other time since the summer of 1931.
Working forces on railroads also showed an increase, while at mines there
was little change in the volume of employment. The number on the
payrolls of the Civil Works Administration declined from about 4,000,000
In January to about 2,900,000 in the week ending March 1. At automobile factories there was a large increase in the number employed to
approximately the level prevailing four years ago. Substantial increases
were reported also for the textile, clothing, shoe and tobacco industries.
Value of construction contracts awarded, as reported by the F. W.
Dodge Corp., showed a decline in February, followed by an increase in the
first half of March. The total volume indicated for the first quarter is
somewhat smaller than in the last quarter of 1933 but considerably larger
than in the first quarters of 1932 and 1933.
Distribution,
Freight traffic increased seasonally during February and the early part
of March. Dollar volume of department store sales on a daily average
basis showed little change in February.
Dollar Exchange.
The foreign exchange value of the dollar in relation to gold currencies
declined in the second week of February to within 2% of its new parity and
111 the latter part of February and the first three weeks of March showed a
further slight decline.
Wholesale Commodity Prices.
Wholesale prices of commodities showed little change from the middle of
February to the middle of March, after a considerable Increase earlier in
the year. The index of the Bureau of Labor Statistics for the week ending
March 17 was at 73.7% of the 1926 average, compared with 73.8% the
week before and 72.4% at the end of January.
Bank Credit.
Between the middle of February and the third week of March imports of
gold from abroad resulted in a growth of about 8550,000,000 in the country's
monetary gold stock. Funds arising from these imports of gold and from
expenditure by the Treasury of about 8140,000,000 of its cash and deposits
with the Federal Reserve banks were for the most part added to the reserves
of member banks, which consequently increased by $600.000,000 during
the four-week period. At the close of the prelod member bank reserves
were nearly 81.500.000,000 in excess of legal requirements.
Total deposits of reporting member banks increased by about 81,000,000,000 between the middle of February and the middle of March, reflecting the imports of gold, purchased by the banks of United States Government and other securities, and a growth of bankers' balances.
During March money rates in the open market declined further. Rates
on 90
-day bankers' acceptances were reduced from A% to A %, and rates
on prime commercial paper were reduced by A'% to a range of 1-13j%.
Yields on United States Government securities also declined considerably.
On March 16. the Federal Reserve Bank of Minneapolis reduced its discount rate from 334 to 3%.
Further Increase in Business Activity in San Francisco
Federal Reserve District During February Reported
by Isaac B. Newton of San Francisco Reserve Bank.
"Twelfth (San Francisco) District business activity increased further during February," stated Isaac B. Newton,
Chairman of the Board and Federal Reserve Agent of the
Federal Reserve Bank of San Francisco, in his report of
business conditions in that district, issued Mar. 27. "Increases in output of most industries," Mr. Newton said,
"required additions to working forces which partly offset
reductions in employment by Federal Government agencies.
Mar. 31 1934
New construction awards were larger than in any month
since last June." We also take the following from Mr.
Newton's report:
Rain and snowfall continued to he somewhat less than normal during
February, but mild temperatures aided new crop plantings and improved
the condition of most growing crops and livestock ranges. Increases in
crop marketings as compared with February 1933 were accompanied by
substantially higher prices. Farmers' cash income was further increased
by Government payments for wheat acreage reduction.
Lumber cut expanded about seasonally, accompanied by a further rise
in new orders and in shipments. Crude oil production averaged slightly
lower in February than in January, but remained above Federal allotments.
Slight gains in non-ferrous metals mining were evident. There was a sharp
increase in both foreign and domestic shipments of refined copper, resulting
in further reductions in copper inventories. Activity in the flour milling
and meat packing industries remained at a comparatively high level.
After allowance for seasonal factors and for changes in the number of
trading days, the valite of department store sales increased throughout the
district during February. Wholesale sales were seasonally smaller than in
the preceding month, but were 45% larger than in February 1933. Following a decline in January, automobile registrations increased considerably
during February, this bank's adjusted index for that month standing at 54%
of the 1923-1925 average, compared with 36% in January. Freight carloadings expanded by approximately the seasonal amount. Intercoastal
traffic was substantially larger in February than in January.
Federal Government disbursements in this district exceeded local collections by $36,000,000 during the four weeks ending Mai. 21. This large
gain in banking reserves was more than offset by transfers out of the
district aggregating $41,000,000, and member banks reduced their deposits
at the Federal Reserve Bank of San Francisco moderately. Holdings of
Government securities by city banks increased further during this period
and, for the first time since last September, investments in securities other
than those of the United States Government increased by an appreciable
amount. Loans did not change during this period. Exchange allotments
of Government securities by the Treasury financing of Mar. 15 had little
effect on district banks, since they held but little of the maturing issue
for exchange.
Monthly Indexes of Federal Reserve Board -Industrial
Production Increased Further from January to
February-Factory Employment Higher.
Under date of March 27 the Federal Reserve Board issued
as follows its monthly indexes of industrial production, fac.
tory employment, &c.:
BUSINESS INDEXES.
(Index numbers of the Federal Reserve Board 1923-25=100).
Adjusted for
Seasonal Variation.
Feb.
1934
Industrial production, total
Manufactures
Minerals
Construction contracts, value z
-Tot.
Residential
All other
Factory employment
Factory payrolls
Freight-car loadings
Department store sales
Without
Seasonal Adjustment.
Jan. Feb. Feb. Jan. Feb.
1934. 1933. 1934. 1934. 1933.
p81
p79
591
p45
p13
572
74.7
78
77
88
49
12
80
71.8
63
61
79
19
8
27
59.4
64
p70
64
69
54
60
p83
582
p88
539
pll
p61
74.7
59.2
61
P57
77
76
85
40
10
64
70.5
52.9
58
57
64
63
76
16
7
23
59.2
40.0
51
49
INDUSTRIAL PRODUCTION-INDEXES BY GROUPS AND INDUSTRIES
(Adjusted for seasonal variation.)
Manufactures.
Group and
Industry.
Mininy.
Feb. Jan. Feb.
1934 1934. 1933.
Iron and steel
64
56
Textiles
p91 p87
Food products
91
90
Paper and printing ___
__ p99
Lumber cut
29
34
Automobiles
p73
58
Leather and shoes_ _ _ __ p100
Cement
49
Petroleum refining _ .._
__ 142
Rubber tires
Tobaccomanufactures 132 138
ti
=04:2.1..oWNWWWW
Otoi...-..:WOrpgaW..
2148
Industry.
Bituminous coal
Anthracite coal
Petroleum
Zinc
Silver
Lead
Feb. Jan. Feb..
1934 1934 1933
p74
p92
p118
66
04
67
82
120
66
37
64
63
64
110
43
30
40
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS
AND INDUSTRIES.
(Underlying figures are for payroll period ending nearest middle of month.)
Employment.
Group and Industry.
Payrolls.
Adjusted for Sea- Without Seasonal Without Seasonal
sonal Varimions.
Adjustment.
Adjustment.
Feb. Jan. Feb. Feb. Jan. Feb. Feb. Jan. Feb.
1934. 1934. 1933. 1934. 1934. 1933. 1934 1934. 1933.
---Iron and steel
70.9 69.8 51.4 71.5 68.4 51.8 47.7 42.7 24.7
Machinery
63.8 62.1 44.2 64.2 61.4 44.4 40.3 42.4 26.3
Textiles, group
84.9 79.3 70.4 87.0 79.8 72.3 69.9 58.9 48.2
Fabrics
91.7 86.4 72.2 93.6 87.1 73.7 76.0 65.5 48.4
Wearing apparel
68.0 61.6 66.1 70.6 61.6 69.0 57.7 c45.4 47.7
Food
91.6 90.3 79.2 90.8 89.4 78.4 77.4 76.9 62.7
Paper and printing
91.3 90.1 79.9 91.4 90.7 80.1 75.9 74.3 65.8
Lumber
45.3 44.1 34.4 43.9 42.6 33.4 26.9 24.1 16.3
Transportation equipment _ _ 62.2 57.7 45.0 62.0 55.8 45.1 55.4 44.1 32.1
Automobiles
85.1 75.3 48.9 86.3 71.1 49.6 77.6 55.0 32.2
I,eather
84.3 78.6 75.6 86.3 79.0 77.3 72.4 59.8 50.0
Cement, clay er glass
56.5 54.3 39.9 53.7 50.4 37.8 35.1 31.4 20.9
Nonferrous metals
61.0 61.5 44.4 62.2 61.0 45.3 48.6 46.2 27.4
102.1 102.1 76.4 103.5 101.8 77.3 80.8 79.4 60.8
Chemicals, group
90.4 90.6 76.7 89.2 88.9 75.7 73.6 72.7 64.3
Petroleum
Rubber products
80.6 80.4 59.1 81.1 79.5 59.4 68.4 60.2 35.8
68.2 63.3 64.1 67.4 58.9 63.4 49.1 42.9 40.2
Tobacco
•Indexes of production. car load ngs, and department store se es based on daily
averages. p Preliminary. c Corrected. z Based on 3
-month moving avearges.
centered at second month.
Lumber Orders and Output Gain over Previous Week.
New business booked at the lumber mills during the week
ended March 24 1934, was heaviest of any week since
To'ember except for the week ended March 10: except for
-
Volume 138
the previous week,production was also heaviest since August,
according to telegraphic reports to the National Lumber
Manufacturers Association from regional associations covering the operations of 1,349 American mills, whose production
was• 203,899,000 feet; shipments 186,275,000 feet; orders,
213,897,000 feet. Previous week's revised report from 1,359
mills was production, 210,329,000 feet; shipments, 180,006,000; orders, 206,332,000 feet. Revisions may bring the
latest week above any 1934 records. Report from the North
Central Hardwood Division was made for the first time for
the week ended March 24, 224 mills reporting production,
1,817,000 feet; shipments, 1,608,000 feet. Due to omission
of order reports, these figures were not included in totals.
The Association further reports as follows:
During the week ended March 24, West Coast, Northern Hemlock,
Northern and Northeastern Hardwood divisions reported orders less than
production, total softwoods being 6% above production, total hardwoods
1% below hardwood output. All regions reported production during the
week ended March 24 1934, above that of the corresponding week of 1933,
the total gain being 69%; shipments were 24% above last year's week. all
regions reporting excess except Southern pine. Orders booked in West
Coast, Southern pine and Northern regions were below those of last year.
Total softwood orders were 1% below last year; total hardwood orders 24%
above their record of last year's week.
Unfilled orders at 1,599 mills were 845,336,000 feet on March 24 1934,
total stocks at these mills. 4,907.812.000 feet. Identical mills reported
unfilled orders the equivalent of 24 days' average production, compared
with 20 days' on similar date of 1933.
Forest products carloadings during the week ended March 17 totaled
25.164 cars, an increase of 2,312 cars shove the preceding week 10,634 cars
above the same week of 1933 and 4,857 cars above similar week of 1932.
Lumber orders reported for the week ended March 24 1934, by 992 softwood mills totaled 186,111,000 feet; or 6% above the production of the
same mills. Shipments as reported for the same week were 161,848.000
feet, or 8% below production. Production was 175,776,000 feet.
Reports from 410 hardwood mills give new business as 27,786,000 feet, or
1% below production. Shipments as reported for the same week were
24.427,000 feet, or 13% below production. Production was 28,123,000 feet.
Unfilled Orders and Stocks.
Reports from 1,599 mills on March 24 1934, give unfilled orders of 845.336,000 feet and gross stocks of 4,907,812,000 feet. The 551 identical
mills report unfilled orders as 573,997,000 feet on March 24 1934, or the
equivalent of 24 days' average production, as compared with 487,290,000
feet, or the equivalent of 20 days' average production on similar date a
year ago.
Identical Mill Reports.
Last week's production of 416 identical softwood mills was 153,470,000
feet, and a year ago it was 93,240,000 feet; shipments were respectively
147,700.000 feet and 119.391.000; and orders received 160,076,000 feet and
161,940.000 feet. In the case of hardwoods, 205 identical mills reported
production last week and a year ago 17.317,000 feet and 7,962.000; shipments 15,303,000 feet and 11,561,000 and orders 16,227,000 feet and
13,090,000 feet.
SOFTWOOD REPORTS.
West Coast Movement.
The West Coast Lumbermen's Association reported from Seattle that for
577 mills in Washington and Oregon,shipments were 22% below production,
and orders 10% below production and 16% above shipments. New business
taken during the week amounted to 90,372.000 feet (previous week 83.710,000 at 574 mills); shipments 77,949,000 feet, (previous week 73,371,000);
and production 99.990,000 feet, (previous week 100,604,000). Orders on
hand at the end of the week at 577 mills were 398,865,000 feet. The 184
Identical mills repOrted a gain in production of 49%, and in new business a
loss of 10% as compared with the same week a year ago.
Southern Pine.
The Southern Pine Association reported from New Orleans that for 169
mills reporting, shipments were 5% below production, and orders 23%
above production and 30% above shipments. New business taken during
the week amounted to 36.875.000 feet. (previous week 29,865,000 at 191
mills); shipments 28.380,000 feet, (previous week 27.962,000); and production 29,972.000 feet.(previous week 34,370.000). Orders on hand at the
end of the week at 169 mills were 103,742,000 feet. The 89 identical mills
reported an increase in production of 13%, and in new business a decrease of
11%. as compared with the same week a year ago.
Western Pine,
The Western Pine Association reported from Portland, Oregon, that for
128 mills reporting, shipments were 21% above production, and orders
30% above production and 7% above shipments. New business taken
during tke week amounted to 45,422,000 feet. (previous week 51,302,000
at 138 mills); shipments 42,334,000 feet, (previous week 41.903,000); and
production 34,917,000 feet. (previous week 38,404.000). Orders on hand
at the end of the week at 128 mills were 120,849.000 feet. The 120 identical
mills reported a gain in production of 223%, and in new business an increase
of 20% as compared with the same week a year ago.
Northern Pine.
The Northern Pine Manufacturers of Minneapolis, Minn., reported production of 22 American mills as 530,000 feet, shipments 1,831,000 feet and
new business 1,526,000 feet. Orders on hand at the end of the week were
7,714,000 feet.
California Redwood.
The California Redwood Association of San Francisco reported production
of 18 mills as 6,870,000 feet, shipments 6,822,000 feet and new business
6.898.000 feet. Orders on hand at the end of the week were 35,133,000 feet.
Eleven identical mills reported production 114% greater and new business
OM greater than for the same week last year.
Southern Cypress.
The Southern Cypress Manufacturers Association of Jacksonville, Fla.,
reported production of 25 mills as 1.380,000 feet, shipments 2.248,000 feet
and new business 2,153.000 feet. Orders on hand at these mills at the end
of the week were 4,697,000 feet.
Northern Hemlock.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported softwood production of 20 mills as 1.367,000 feet,
shipments 1,033,000 and orders 956,000 feet. Week-end orders on hand at
13 mills were 4,305,000 feet. The 12 identical mills reported a gain of 559%
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Financial Chronicle
in production and a loss of 9% in new business, compared with the same
week a year ago.
Northeastern Softwoods.
The Northeastern Lumber Manufacturers Association of New York reported softwood production of 33 mills as 750,000 feet, shipments 1,251.000
and orders 1.909.000 feet. Orders on hand at the end of the week were
10,065,000 feet.
HARDWOOD REPORTS.
The Hardwood Manufacturers Institute of Memphis. Tenn., reported
Production of 357 mills as 25,268.000 feet, shipments 22,217,000 and new
business 25,270.000. Orders on hand at the end of the week at 386 mills
were 132,483,000 feet. The 193 identical mills reported production 109%
greater, and new business 26% greater than for the same week last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported hardwood production of 20 mills as 1.725,000 feet,
shipments 1,275,000 and orders 1,534,000 feet. Orders on hand at the end
of the week at 17 mills were 7,174,000 feet. The 12 identical mills reported
a gain of 341% in production and a loss of 6% in orders, compared with the
same week last year.
The Northeastern Lumber Manufacturers Association of New York reported hardwood production of 33 mills as 1,130,000 feet. shipments 935,000
and orders 982,000 feet. Week-end orders on hand were 8,464,000 feet.
The North Central Hardwood Association of Indianapolis. reported
production of 224 mills as 1,817.000 feet; shipments, 1,608,000 feet; unfilled orders, 11,845,000 feet.
Automobile Production in February Shows Large
Gain Over Previous Month.
February 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 235,376 vehicles, of which 190,253 were
passenger cars, 45,096 trucks and 27 taxicabs, as compared
with 161,086 vehicles in January, 106,888 vehicles in February 1933, and 117,418 vehicles in February 1932.
The table below is based on data received from 119 manufacturers in the United States, 32 making passenger ears
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.
Total.
1934
January
February
TaxiPassenger
Trucks. cabs.x
Cars.
PassenTotal. ger Cars. TrucAs.
*116,032 *44,733
190,253 45,096
321
27
6,904
8,571
4,946
7,101
1,958
1,470
89,829
348
15,475
12,047
3,428
21,761
15,396
5
152
3.358
3,298
2.921
3.025
437
273
199,661 37,157
236.975
99,225 18,117
118,002
March
180.713 152,939 27.363
April
184,644 33,649
May
218.347
253.387 211,448 41,904
June
195,019 38,118
233,141
July
195.076 41,412
236,556
August
160,891 35,243
September
196,143
108,010 30,469
October
138.542
42,818 19,558
63,987
November
52.601 30,252
December
84.152
lh
1 Total (year)_ 1,959,945 1,602,332 353,242
1932
119,344
98,706 20,541
January
94,085 23,308
117.418
February
157
660
411
54
35
4
68
9
63
1,611
1,299
6,656
6.632
8.255
9,396
7.323
6,540
6.079
5.808
3,682
2,291
3,262
5.946
5,927
6.957
8,024
6.005
5,322
4,919
4,358
2,723
1,503
2,171
710
705
1,298
1,372
1,318
1.218
1.160
1,450
959
788
1,091
4,371
65,924
97
25
3.731
5,477
3.112
4.494
619
983
122
74
31
73
235
27
9
13
5
239
291
9,208
8.318
6.810
8.221
7,112
7,472
4,067
2,342
2,923
2,204
2.139
7,606
6,604
5.660
7,269
6.308
6,773
3,166
1,741
2,361
1,669
1,561
1,602
1,714
1,150
952
804
699
901
601
562
535
578
Total (2 mos)
r 1933"
January
February
*161,086
235,376
396.462
130.087
106,888
306,285
108,321
91.340
r Total(2 mos)
Total (2 mos)
March
April
May
June
July
August
September
October
November
December
236,762
118,959
148.326
184.295
183,106
109,143
90,325
84,150
48.702
59,557
107,353
192,791
99,325
120,906
157,683
160,103
94.678
75.898
64,735
35.102
47,293
85,858
43,849
19,560
27,389
26,539
22,768
14,438
14,418
19.402
13,595
12,025
21.204
53,855 12,069
Total (year). 1,370,678 1,134.372 235,187 1,119 60,816 50.718 10.098
Includes only factory-built taxicabs, and not private passenger cam converted
into vehicles for hire. • Revised.
Canadian Newsprint Production 174,447 Tons in
February Compared with 188,374 Tons in January
-United States Output Reported at 72,402 Tons.
The News Print Service Bureau has announced that production of newsprint by Canadian mills during February
totaled 174,447 tons, as compared with 188,374 tons in
January and 125,610 tons in February last year. The
Bureau said that United States production in February
amounted to 72,402 tons and shipments during the month
69,251 tons. As given in the Montreal "Gazette" of March 17,
the Bureau further said:
Canadian shipments in February totaled 169,054 tons, making total
United States and Canadian newsprint production 246,849 tons and shipments of 238,305 tons. During February, 22,038 tons of newsprint were
made in Newfoundland and 1,471 tons in Mexico, so that total North American production for the month amounted to 270,358 tons.
The Canadian mills produced 98,032 tons more in the first two months
of 1934 than in the first two months of 1933, which was an increase of 37%.
The output in the United States was 15,270 tons, or 11% more than for
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Financial Chronicle
the first two months of 1933; in Newfoundland, 7,834 tons, or 20% more,
and in Mexico, 164 tons more, making a total increase of 121,300 tons,
or 27%.
Stocks of newsprint paper at Canadian mills are figured at 40,445 tons
at the end of February and at United States mills 22,060 tons, making a
combined total of 62,505 tons compared with 53,961 tons on Jan. 1 1934.
The small increase in stocks during January and February was due chiefly
to accumulation of tonnage to be shipped later by water.
Cash Income of Farmers in February Estimated at
$413,000,000 by Bureau of Agricultural Economics$385,000,000 Derived from Sale of Farm Products as
Compared with $254,000,000 in February 1933.
Farmers received a cash income of $413,000,000 in February, of which 8385,030,000 was from the sale of farm products and $28,000,000 from rental and benefit payments by
the Agricultural Adjustment Administration, according to
estimates by the Bureau of Agricultural Economics, United
States Department of Agriculture. The cash income from
the sale of farm products in February last year was $254,000,000. In noting the foregoing, an announcement issued
Mar. 23 by the Department of Agriculture added:
For January the Bureau estimated a cash income of $484,000,000, which
Included $424,000,000 from farm products marketed and $60,000,000 in
rental and benefit payments.
The Bureau explains that the usual decline in monthly income at this
time of year, due to reduced volume of marketing, was offset somewhat
this year by an advance of nearly 9% in prices of farm products from midJanuary to mid-February. The cash income from farm products marketed
this February was $131,000,000 more than in February 1933, and the
addition of $28,000,000 in benefit payments brought the total to $159,000,000 above last February, which was the month of lowest farm income
in 10 years of statistical record.
The Bureau's detailed figures show cash income for all crops marketed
of $189,000,000 in February compared with $218,000,000 in January,
and $102,000,000 in February last year; cash income from all livestock
marketed $196,000,000 in February against $206,000,000 in January and
$152,000,000 in February last year. Of the crops, the income from grains
use $45,000,000 in February against $42,000,000 in January and $14,000,000 in February last year; cotton and cottonseed, $42,000,000 in
February against $47,000,000 in January and $23,000,000 in February
last year; fruits and vegetables, $56,000,000 in February against $67,000,000 in January and $43,000,000 in February last year. Of the livestock, the inccxne from meat animals was $84,000,000 in February against
$94,000,000 in January and $63,000,000 in February last year; dairy
products, $75,000,000 in February against $79,000,000 in January and
$64,000,000 in February last year; poultry and eggs, $32,000,000 in
February against $30,000,000 in January and $23,000,000 in February last
year. Benefit payments for wheat were $14,000,000 in February against
$27,000,000 in January, and for cotton $14,000,000 in February against
$32,000,000 in January.
Brazilian Flour Mills to Buy from United States Wheat
Formerly Purchased from Argentina.
Brazilian flour mills have decided to buy in the United
States wheat formerly purchased from Argentina, according
to Argentine grain interests, according to a cablegram
March 24 from Buenos Aires to the New York "Times",
which also said:
The action is interpreted as a reprisal for the entrance of Argentine flour
mills into the Brazilian market. Brazil has been importing from 12,000400
to 18,000,000 bushels of Argentine wheat annually.
Wheat Surplus in Four Principal Exporting Countries
Sharply Lower on March 1
-Estimated at 667,000,000 Bushels by Bureau of Agricultural Economics
as Compared with 917,000,000 Bushels March 1 1933.
The surplus of wheat available for export or carryover as of
March 1 in the four principal exporting countries-United
States, Canada, Argentina, and Australia-is estimated by
the Bureau of Agricultural Economics, United States Department of Agriculture, at 667,000,000 bushels compared
with 917,000,000 bushels on March 1 last year, and with
890,000,000 bushels on March 1 1932. In an announcement
issued March 28 by the Department of Agriculture it is
stated that the Bureau estimates total surplus in these four
countries, plus United Kingdom port stocks and stocks afloat,
at 821,000,000 bushels against 984,000,000 bushels last year,
and 965,000,000 bushels in 1932, but says that import takings
are restricted because of last year's unusually large crop in
European importing countries and because of the high tariffs
and other barriers against the importation of wheat by many
countries, and that "these circumstances are combining to
keep prices low in the unprotected and unsubsidized wheat
markets of the world." The announcement further said:
Prices at Liverpool, in terms of gold cents of the old par value have been
at about 40 cents per bushel for nearly five months, and are about 65 cents
per bushel converted at current rates of exchange. Wheat at Chicago is
selling for around 85 to 90 cents a bushel.
Shipments of wheat from Argentina have been running somewhat under
those of last year despite a larger surplus for export this year. Shipments
from Australia have been much less than last year's with surplus available
for export only slightly less on March 1 than a year ago. The United States
continues to ship large quantities of wheat and flour from the Pacific Coast,
but exports from Atlantic and Gulf ports have been confined to a small
quantity offlour milled from domestic wheat and to flour milled in bond from
Canadian wheat.
Mar. 31 1934
Shipments from North America have been averaging around 4,000,000
bushels a week recently, or moderately less than shipments last year. Total
world shipments from principal exporting countries declined from 13,369,000
bushels the last week of January to 8,418,000 bushels for the week ended
March 3. Shipments in recent weeks have averaged around 11,000,000
bushels a week compared with an average of 10,000,000 a week from July
to December.
Total world shipments from January to March last year were much higher
than during the first half of the crop year, and shipments from January to
June were larger than during the preceding six months. July to December.
The bureau expects a somewhat similar situation this season.
The Bureau finds that although there was a marked reduction in United
States flour output following the imposition of the wheat processing tax last
July. "there has been no material reduction in flour consumption."
Consumption of Beet Sugar in United States
Higher in February.
Beet sugar consumption in the United States for the
month of February 1934, amounted to 144,762 long tons,
raw sugar value, according to B. W. Dyer & Co., sugar
economists and brokers, from a report released by the Domestic Sugar Bureau. This is an increase of 39,082 tons
compared with February 1933, the Dyer firm said on March
16 adding:
Consumption of beet sugar during the first two months of 1934 amounted
to 267.103 tons, an increase of 70,174 tons over the same period in 1933.
Of interest is the fact that beet consumption during February 1934, was
the largest for a single month since July 1931. when 148,855 tons were
consumed.
Imports of Refined Sugar by United States During 1933
Increased 21,571 Long Tons Over 1932 According to
B. W. Dyer & Co.
Refined sugar imports by the United States during 1933
were 21,571 long tons greater than in 1932, according to a
compilation of receipts from all sources made by the statistical
department of B. W. Dyer & Co., sugar economists and
brokers. The increase was 3.8%, the total imports for 1933
being 595,113 long tons and for 1932,573,542 long tons, both
refined sugar value. The compilation of the firm's statistical
department also noted:
Cuba, Porto Rico and the Philippines sent larger individual amounts of
refined sugar to this Country in 1933 than in 1932, while Hawaii sent a
slightly lesser amount and minor sources also showed a decrease. Imports
from Cuba in 1933 totaled 414,961 tons compared with 408.228 tons in 1932:
Porto Rico. 95,936 compared with 83,461 and the Philippines, 57.154 compared with 52,860.
The following table gives a comparison of the imports of refined sugar from
all sources by months during 1933 and 1932.
1933.
1932.
1932.
1933.
42.241 22,870 August
January
61,382 56,188
February
47,928 44,023 September
42,332 42,334
March
65,919 65,112 October
38,054 42,423
April
65,236 61,647 November
33.647 36,075
May
58,108 59,782 December
33.948 40.199
June
45.044 53,900
July
63,274 48,989
Totals
595,113 573.542
The Dyer firm said that the growth of refined sugar imports
is shown by the statement recently published by the United
States Cane Sugar Refining Industry that in 1925 imports
from all sources totaled only 16,782 tons.
•
Restrictions on Italian Sugar Beet Production Slightly
Relaxed.
Improvement in the position of Italy's sugar industry has
resulted in sugar producers agreeing to increase the tonnage
of beets they will accept in the coming sugar year 1934-35,
according to advices to the United States Commerce Department from Trade Commissioner E. Humes, Rome.
During the sugar year 1933-34, the report shows, Italian
sugar producers agree to take 2,000,000 tons of beets based
on an acreage of about 79,000 hectares. As announced by
the Commerce Department on March 27, the report further
points out:
The actual 1933 acreage was 81,614 hectares and the crop 2,146,160 tons.
The sugar mills purchased about 50.000 tons more beets than they had contracted for and the balance was used for cattle feed.
Under the new contracts recently signed the Sugar Producers Consortium
will purchase 2,100,000 tons of sugar beets and the few mills not in the Consortium will absorb 65,000 tons. Based on a normal crop this tonnage
would cover an acreage of about 85,000 hectares.
In 1932 the Italian sugar industry found itself with an accumulation of
sugar stocks amounting to 40% of the annual consumption of the country.
Because of this situation restrictions on acreage grown to sugar beets were
seen to be inadequate. In 1933. therefore, restrictions were enforced through
advance contracts between the beet growers and the sugar mills on the
total tonnage of sugar beets which the mills would accept.
Creation of Cuban Sugar Export Tax a Possibility
According to B. W. Dyer 8c Co.
Impost of an export tax on sugar equal in amount to any
increased preferential which may be granted this commodity
by pending United States legislation is regarded as a possibility by B. W. Dyer & Co., sugar economists and brokers.
Such a tax would be an assurance to United States interests
that the increased preferential would not be used by Cuban
sellers as a means of unsettling prices, the firm points out,
and may be regarded as so desirable that an amendment to
Volume 138
Financial Chronicle
the pending legislation to incorporate such a condition is regarded as a likelihood in some well informed quarters. B. W.
Dyer, head of the firm, had the following to say regarding
the tax:
The creation of such a tax by Cuba would accomplish two purposes, both
of which are regarded as being in line with the desires of the Washington
Administration. The first would be to give assurance to domestic interests
that Cuba will take full benefits of the preferential; secondly, it would considerably improve the position of the Cuban treasury and eliminate the
necessity of further taxes on the Cuban people, which is along the line of the
"new deal." If such a tax becomes effective,it is probable that the Cuban
companies will make a strenuous effort to have part of the tax rebated to
them.
If it is the Administration's idea to insist upon a Cuban export tax in
connection with an increase in Cuba's preference to 40%. an amendment
may later be added to the current Costigan Jones bill to cover both of these
matters simultaneously.
According to the Dyer firm the increased preferential
would amount to 31.2 cents a hundred pounds according to
the most frequently mentioned figures to be incorporated in
the pending Washington actions. This would represent the
difference between the present preferential of 20% on a full
duty of $2.50 a hundred pounds and an expected 40% preferential on a lowered full duty of $2.03 a hundred pounds.
Report on World Hog and Pork Prospects by Bureau of
Agricultural Economics—Reduction in Number of
Hogs for United States and Denmark—Number in
Germany Higher.
A decrease of 9% in the number of hogs in the United
States at the beginning of this year compared with a year ago
is reported by the Bureau of Agricultural Economics, United
States Department of Agriculture, in a statement on world
hog and pork prospects, issued March 23. For Denmark a
reduction of 24% is reported, but in Germany there were
somewhat more hogs at the end of 1933 than a year ago.
The Bureau's statement further said:
A greater than normal decrease in slaughter supplies in the United States
during February is reported, with a substantial rise in hog prices. Domestic
prices of pork and lard also advanced. Hog prices weakened slightly in
Germany but continued to advance in Canada, where prices were about
three times as much as in February last year.
Isk Imports of bacon and hams into the United Kingdom during recent
months have been much less than during the corresponding period last year,
and the bureau says that with relatively small imported supplies and some
reduction in supplies of bacon produced in Great Britain prices of cured pork
on British markets advanced during February. British imports of lard
were relatively largo during January but fell off during February.
Imports of lard into Germany during January and December were much
less than those of a year earlier. Lard prices in both Germany and Great
Britain rose during February. German imports of lard recently have been
placed under control of a government monopoly.
United States exports of pork during January were larger than a year
earlier, but exports of lard were much smaller than the unusually large shipments in January 1933.
World Consumption of American Cotton During
February at About Same Rate as Year Ago, According to New York Cotton Exchange.
World cotton spinners are using American cotton at about
the same rate as a year ago, according to a report issued
March 26 by the New York Cotton Exchange Service.
World consumption of American cotton during February
totaled approximately 1,101,000 bales, the Service estimates,
as compared with 1,187,000 in January, 1,110,000 in February last year, 1,093,000 two years ago, 898,000 three
years ago and 1,051,000 four years ago. The decline in
-world consumption from January to February this year was
7.2% as compared with an average decline of 4.9% in the
past eight years, and hence was slightly more than the usual
seasonal change. The Exchange Service further announced:
In the United States consumption of American cotton declined 6.1%
from January to February as against an average decline of 5.3% in the
past eight years; the decline in the United States was just about seasonal.
Abroad February consumption of the American staple fell off 8.1% from
January as compared with an average decline of 4.5%. The decline abroad
was somewhat larger than the usual seasonal amount. Total world consumption of American cotton during the seven months of this season from
Aug. 1 to Feb. 28 was approximately 8,189,000 bales as compared with
8,087,000 in the corresponding period last season. 7,219.000 two seasons
ago. 6,275,000 three seasons ago and 8.101.000 four seasons ago.
All of the major divisions of the world cotton spinning industry with
the exception of the Orient used more American cotton in February this
year than in February last year, and the United States and the Continent
ised more than two years ago, while Canada and minor consuming countries
used the same amount as two years ago. All divisions used more than
three years ago, and all divisions with the exception of the United States
more than four years ago.
In the United States mills consumed 465,000 bales of American cotton
in February as against 432,000 in February last year, 441,000 two years
ago, 419,000 three years ago and 470,000 four years ago. British spinners
used 121,000 bales as compared with 117.000 last year, 125.000 two years
ago, 73,000 three years ago and 114.000 four years ago. On the Continent
335,000 bales were consumed this year as against 329.000 last year, 306,000
two years ago, 274.000 three years ago and 331,000 four years ago. Oriental
spinners consumed .160,000 bales this year as against 217,000 last year,
201,000 two years ago, 115,000 three years ago and 120,000 four years
ago. Canada and minor consuming countries, classified as "Elsewhere,"
consumed 20,000 bales this year as against 15,000 last year. 20,000 two
years ago, 17.000 three years ago and 16,000 four years ago.
2151
Bureau of Agricultural Economics Reports 10%
Increase in World Consumption of Cotton During
12 Months Ended Jan. 31 Over Like Period a Year
Ago.
World cotton consumption by mills totaled 24,969,000
running bales during the 12 months ended Jan. 31 1934,
as compared with 22,676,000 bales during the preceding year,
or an increase of 10%, according to the Bureau of Agricultural Economics, United States Department of Agriculture. Consumption of American cotton during 12 months
ended Jan. 31 1934 was 14,338,000 bales, against 13,051,000
bales the preceding year, also an increase of 10%. The
Bureau's announcement,itsued March 14,added:
Most of the increase in world consumption was in the rust six months of
the year when consumption was 12,450.000 bales against 10,794,000 bales
in the corresponding period the preceding year, according to reports from
the International Federation. In the last six months, world consumption
was 12.519.000 bales against 11,882,000 bales in the corresponding period
the preceding year. Consumption of American cotton in the first six
months of last year was 7,320,000 bales, against 6,204,000 bales in the
corresponding period the preceding year,and in the last six months 7,018,000
bales, against 6,847,000 bales.
Smaller world consumption of American cotton during the last six months.
compared to the first six months of the year. is accounted for by reduced
consumption in the United States following the upsurge stimulated in the
first six months by speculative demand, prospective increase in manufacturing costs, and improving economic conditions.
World consumption of cotton other than American, Indian and Egyptian,
during the six months ended Jan. 31 was 2,607,000 running bales, or about
100,000 bales more than in either of the two preceding six-months' periods,
and the largest since the first half of 1929-30. The increase is attributed
to larger consumption of domestically produced cotton in China and Russia.
Consumption of Indian cotton, reported at 2.353,000 bales in the last
six months, WM the largest for any six-months' period since the first half of
1931-32. Consumption of Egyptian cotton, at 541.000 running bales.
Increased 14% over that in the preceding six-motnhs' period, and 17%
over the corresponding period last season.
The increase in world consumption of Egyptian cotton in the last six
months is attributed in part to the increase in cotton mill activity in most
Parts of the world, the favorable price relations between Egyptian and
American cotton, and in part to the change in the cotton policy of the
Egyptian Government. During the past year or more the Egyptian
,Government has been making special efforts to encourage foreign countries
to buy more Egyptian cotton.
World mill stocks of cotton on Feb. 1 are reported at 5,216,000 bales
compared with 4,542,000 bales on that date last year. and are reported to
be the second largest stocks for that date within statistical record. Of the
total, 2,833,000 bales of American cotton were in world mill stocks on
Feb. 1, and this represented the largest accumulation for that date since
1929.
The Bureau in its current report cn world cotton prospects says that the apparent supply of cotton in the United
States on Feb. 1 totaled about 13,494,000 bales. compared
with 14,529,000 bales on Feb. 1 a year ago, and 15,658,000
bales on Feb. 1 1932.
American Cotton Prices in Foreign Markets Highest in
Several Years Relative to Prices of Indian Cotton—
Stocks of Indian Cotton Feb. 28 Largest for That
Date Since 1929.
American cotton is selling higher relative to Indian cotton
in foreign markets than for several years, according to a
report issued March 12 by the New Yotk Cotton Exchange
Service, which compares the price of American and Indian
cottons in the Liverpool cotton market over a period of
years. The report also calls attention to the fact that the
end-February stock of Indian cotton in India was the largest
for that date in five years. In its report the Exchange
Service said:
'The spread between American and Indian cotton prices has continued to
widen in recent months and is now the widest since September 1930. On
a percentage basis. Indian cotton prices are the lowest relative to American
cotton prices since January 1931. At the present time. March 9, Indian
Oornra is selling 188 penny points below American middling in the Liverpool
market, as compared with 116 last August, 75 in March last year. 46 two
years ago. 160 three years ago, and 270 four years ago. On a percentage
basis, Indian Oomra is selling at 71.7% of the price of American as compared with 80% last August, 85.5% in March last year. 91.4% two years
ago. 73.2% three years ago, and 67.5% four years ago.
During the past five cotton seasons, the widest monthly average price
spread between American and Indian cottons was 311 points in July 1930:
the narrowest monthly average spread was 16 points in January 1932. On
a percentage basis. Indian cotton sold lowest relative to American in
July 1930 at 58.8% of the price of American cotton; it sold highest in
January 1932. at 97.1%.
The stock of Indian cotton in India on Feb. 28 was the largest endFebruary stock since 1929. aggregating 4,723.000 bales of about 400 pounds.
as compared with 4.132,000 at the end of February last year, 3.277.000
two years ago. 4,087.000 three years ago, 4,611.000 four years ago, and
4.750.000 five years ago. The average end-February stock in the past five
years was 4.171.000 bales.
The supply of Indian cotton in India for this season was about 7,233.000
bales, as against 6,862,000 last season, 5,798,000 two seasons ago and
an average of 7,213,000 in the past five seasons. The distribution of
Indian cotton by domestic consumption and exports from Aug. 1 to Feb. 28
this season was very small, aggregating 2,510.000 bales as compared with
2,730,000 in the corresponding period last season, 2.521,000 two seasons
ago, and an average of 3.042,000 from Aug. 1 to Feb. 28 in the past five seaSODS.
The small distribution of Indian cotton this season has been due primarily to the Japanese boycott on Indian cotton during the early part of
this season. While the export movement from India to Japan has improved somewhat during the past two months, exports for the season to
date are lagging far behind recent seasons. Exports to Great Britain and
2152
Financial Chronicle
the Continent this season are larger than last season and two seasons ago,
but are not sufficiently increased to offset the falling-off in exports to
Japan, India's largest single cotton customer.
Production of Cotton in Bulgaria Reported Higher.
Cultivation of cotton has notably increased in Bulgaria
during the last four years, according to a report from ViceConsul C. W. Cannon, Sofia, made public March 13 by
the United States Commerce Department. The report
states:
In 1930, the total area planted to cotton amounted to 5,462 hectares,
with production in that year totaling 813 metric tons; in 1933 the total
acreage had increased to 20,000 hectares, with production amounting to
3,894 metric tons.
Import regulations of Bulgaria prohibit cotton dealers and manufacturers
from importing foreign cotton until the domestic crop has been marketed.
setting a minimum price on the home product. Increasing domestic production is bringing about a marked reduction in the cotton import trade.
Bulgarian cotton is of very good quality and rated superior to the Indian
product. The fiber is good, though not as long as the high-grade Egyptian
cotton.
Total Imports of raw cotton into Bulgaria in 1933 amounted to approximately 4,600 tons, of which the United States is estimated to have supplied
about 50%.
In protecting the cotton industry the Bulgarian Government is accomplishing the triple purpose of agricultural relief, industrial encouragement
and the reduction of outflow of international payments, all three points
being major considerations before the Bulgarian Government at the present
time.
Note.—Hectare equals 2.47 acres.
Activity in the Cotton Spinning Industry for
February 1934.
The Bureau of the Census announced on March 21 that,
according to preliminary figures, 30,992,496 cotton spinning
spindles were in place in the United States on February
28 1934, of which 26,355,498 were operated at some time
during the month, compared with 25,653,324 for January,
24,840,870 for December, 25,423,348 for November, 25,875,142 for October, 26,002,148 for September, and 23,669,146 for February 1933. The Cotton Code limits the hours
of employment and of productive machinery. However, in
order that the statistics may be comparable with those for
earlier months and years, the same method of computing the
percentage of activity has been used. Computed on this
basis the cotton spindles in the United States were operated
during February 1934,at 101.5% capacity. This percentage
compares with 98.5 for January, 73.5 for December, 96.3
for November, 101.9 for October, 99.6 for September and
94.9 for February 1933. The average number of active
spindle hours per spindle in place for the month was 216.
The total number of cotton spinning spindles in place, the
number active, the number of active spindle hours and the
average hours per spindle in place, by States, are shown in
the following statement.
Spinning Spindles.
Sane.
In Place Active DarFeb. 28. tag February.
United States
30,992,496
26,355,498
Active Spindle Hours
for February.
Total.
Average per
Spindle in Place.
6,692.120.318
216
Cotton-growing states 19,242,476
New England States- 10,719,316
AU other States
1,030,704
17,893,586 4,852.497.141
7,759.416 1.685,573.142
702,496
154,050,035
252
157
149
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,725,224
750,190
3,132,112
865,570
4,073,324
177,862
910,290
277,524
5,621,652
1.061,530
5.629,488
562,910
229,156
640,820
697.846
1,908,448
956,768
3,342,038
996,268
5.784,420
221.024
1,120,876
547,492
6,140,512
1,743,720
5.764,860
649,492
272,014
652,892
891.672
482,689,702
142,171,387
863,495,945
183,859.635
888,117,590
51,807,720
195,990,784
62,262,758
1,363,624,866
253,030,754
1.670,971,347
157,376,842
60,845,629
158,073,678
157,801,681
253
149
258
185
154
234
175
114
222
145
290
242
224
242
177
Petroleum and Its Products—Opposition to Justice
Department Indictments Against California Oil
Men Voiced by Administrator Ickes — Attorney
General Cummings Discloses Action May Spread
Into Other States—Huntington Beach Operators
Indicted for Excess Crude Oil Output.
Open criticism of the policy of the Department of Justice
in obtaining indictments against Standard Oil of California,
the Associated Oil Co. and several smaller companies as
well as a number of individuals charging unfair price practices in violation of the oil code was voiced by Harold L.Ickes,
Oil Administrator in a statement issued Thursday following
an announcement indicating that the Department of Justice
is considering extending the investigation to other States.
In making known the possibility of such action, AttorneyGeneral Cummings said that the Government's future course
would "depend largely upon the outcome of the California
Mar. 31 1934
cases." This referred to the indictments returned against
the Standard Oil Co. of California, Associated Oil, Richfield
Oil and Shell Oil, as well as several alleged subsidiaries of
these companies last Saturday.
"I do not agree with the policy of the United States
Attorney for the Southern District of California in seeking
these indictments," Mr. Ickes stated. "In my judgment
this action has not helped the proper and orderly administration of the oil code.
"It is my belief that the cartel which I promulgated in
February would have gone far to solve the difficulties of
the oil industry in California. These indictments have had
the effect of once more throwing the oil industry on the
Pacific Coast into a state of chaos."
In connection with this statement the Oil Administrator
disclosed that he had heard nothing of reports that H. R.
Kingsbury, President of the Standard Oil Co. of California,
and one of the defendants, would be asked to resign from
membership on the Planning and Co-ordination Committee,
which is the oil code authority.
The Standard Oil Co. of California, the Associated Oil Co.
and various alleged subsidiaries of these two companies
were named in the indictments made public last Saturday
morning charging violations of the petroleum code. In
addition, some 41 individuals connected with these companies were named in the indictments.
Further indictments were returned on Monday against
William C. MoDuffie, receiver for the Richfield Oil Co., and
against the Shell Oil Co. and its subsidiary Guardian Oil
Co. and 13 officers and directors. Coincident with this
action came an announcement in San Francisco by U. S.
Attorney H. H. MePike that contempt charges are in prospect for the seven companies now under indictment and their
officers.
The original indictments listed, in addition to Standard
of California and Associated companies, the Signal Oil &
Gas Co., a Delaware corporation; the Signal Oil & Gas Co.
of California, alleged to be controlled by Standard, and
the Seaside Oil Co., an alleged subsidiary of Associated.
Production of gasoline by major firms which was distributed and sold through the minor firms with different
trade names was charged in the indictments. The three
grades of gasoline, respectively, handled by Standard of
California and Associated, and in turn sold by the minor
units, were held to be identical in each instance and to
have been manufactured by the large units
In the prices for premium and standard grades of gasoline, the indictments contended, levels posted by the minor
units were the same as those of the major companies. On
the third-grade product the smaller units were declared to
have "undersold" their ostensible competitors.
"For the purpose of secret price-cutting on the lower
grade gasoline," the indictments stated that both Seaside
and Signal companies operated in "ostensible competition"
with the parent units.
Due to "rebranding" of the same gasoline, "the most
vicious price-cutting war in oil history is now in effect,"
the indictments stated, contending that independent oil
producers and distributors are facing ruin.
A separate count for each day's alleged violation of the
oil code since Aug. 19 last, when it was signed, is listed in
the indictments. With a maximum fine of $500 for each
defendant for each count provided for in the code, possible
fines for the Standard of California defendants are approximately $1,600,000 and for the Associated, $2,200,000, estimates disclose.
Standard of California is charged with control of the Signal
companies by a series of contracts in the Standard indictment, which contained 149 counts, and the Federal Grand
Jury contended that all gasoline sold by Signal units is
Standard of California gasoline. The Associated Oil Co.
was held to control the Seaside organization by stock ownership. The latter indictment listed 185 counts.
In addition to Mr. Kingsbury and W. F. Humphrey,
President of Associated Oil, 39 other officials and directors
of these five companies were included in the indictments.
Monday's indictments of two companies, the receiver for
one and 13 officers and directors of the second and its subsidiary brought the total to seven companies and 55 individuals named in this case.
Richfield Oil was charged with illegal disposition of its
gasoline through another company, while the Shell company
was accused with selling its products through its subsidiary
in a manner which violated the code.
Volume 138
Financial Chronicle
The indictments were drawn up by Pierson M.Hall, United
States Attorney following his return from Washington last
week where he had spent about a month discussing the
petroleum situation with Secretary Ickes and other Oil
Administration officials. The Pacific Coast oil industry
has been under investigation by the Federal Grand Jury
for the past two months and several small units were indicted previously.
In commenting upon his indictment, W. F. Humphrey,
President of Associated Oil, said that is in direct opposition
to a code interpretation by the Planning and Co-ordination
Committee of the industry.
"The interpretation definitely establishes that the act
changed by the indictments do not violate any of the provisions of the code of fair competition for the petroleum
industry but are in absolute conformity with it," he stated.
"Furthermore, the proposed cartel has been signed by
companies marketing 95% of the gasoline on the Pacific
Coast and has been approved by the Planning and Coordinating Committee and also. by Secretary Ickes as
Petroleum Administrator. It expressly authorizes the
practices which the Department of Justice now seeks to
hold illegal."
In disclosing the possibility of contempt charges for the
indicted companies and officials, United States Attorney
H. H. McPike said that the basis of the contemplated
contempt charges would be the consent decree entered against
the oil companies in 1930.
The decree, signed by Federal Judge St. Suree on Sept. 15
1930 forbid the "fixing, increasing or decreasing of gasoline
prices by agreement" and the refusal to deliver to retailers
who had ignored the companies' orders to sell at their
figures, he pointed out.
"The Federal indictments in Los Angeles," Mr. McPike
said, "charge only misdemeanors. The punishment is
comparatively light in such cases. But under contempt
charges, which this office may decide to file, the judge is
given wide latitude, not only as to fines, but as to imprisonment."
Legal steps were taken by Federal authorities to curb
output of crude oil in excess of quota provisions in California Tuesday, when United States Attorney Pierson M.
Hall asked injunctions against more than 20 independent
companies, operating mainly in the Huntington Beach area.
The defendants in the case were given until April 9 to show
cause why the restraining order should not be issued, in a
ruling by Federal Judge George Cosgreave in Los Angeles.
The companies named in the proceedings were: E. A.
Allison Syndicate; the American Petroleum Corp.; Belton
Corp., Ltd.; Bruce Bros., Inc.; Centralia Oil Co.; De Vat
Corp.; Hammil Oil Corp.; R. B. Mckeon; Milton Oil Corp.;
Minnesota Oil Co.; Montana Petroleum Corp.; Petrol Corp.;
Smith & Dea, and E. C. Smith of this firm; Southern California Drilling Co.; S. & R. Oil Co.; Tide Petroleum Co.;
Western States Drilling Co.; Windsor Oil Co.; W. K. Co.
and a number of John Does and Jane Does.
The defendent companies were charged in the injunction
petition with producing oil in excess of the quotas set, the
resulting flood of petroleum acting as an unstabilzing influence in the market, and playing a major part in causing
price-cutting wars in the industry.
The new oil bill will provide for the continuation of the
Planning and Co-ordination Committee upon its enactment,
Oil Administrator Ickes has indicated, suggesting that the
proposed measure may contain a clause providing for such
action.
The bill, which is being revised by legal experts of the Oil
Administration to incorporate suggestions made by the
Adminstrator, also contains provisions for control of refinery
production, Mr. Ickes disclosed. Factors in the refining
branch of the industry are currently considering control
proposals but have not arrived at any satisfactory solution
as yet.
If the new bill is enacted at the present session of Congress,
Mr. Ickes stated, the code would continue until it becomes
effective at which time the code provisions would merge
with the regulations of the measure.
Developments in Texas were featured by the action of
Judge J. D. Moore in District Court in Austin in dissolving
a temporary injunction he recently granted George C.
Culver, owner of two oil refineries in the East Texas field,
restraining the Texas Railroad Commission from enforcing
the new law which gives the latter organization the authority
to examine the books and records of refineries. Legal
2153
counsel for Mr. Culver were afforded leave to amend their
petition, and it is possible that the case may come up for
trial on its merits at a later date.
A recent meeting held by the Texas Petroleum Conference
in Longview brought forth a challenge to the Railroad Commission, asking a public report of the progress made in enforcing the new refinery control bill, from Fred Weeks,
attorney for this group. Mr. Weeks also suggested that the
field force charged with enforcing orders of the commission
be increased to a basis where there would be sufficient men
to check operations.
The group adopted several resolutions at the conference,
chief of which was an appeal to banks and supply houses to
refuse to extend credit to known violators of the "letter or
spirit" of proration laws. In support of this, the group asked
the Railroad Commission to furnish to it and to the East
Texas Chamber of Commerce a list from time to time of all
operators known to be violating proration rules.
The other resolutions appealed to all factors in the oil
industry to support the proration laws in their own selfinterest, appealing especially to marketing and distributing
companies to refuse to handle refined products produced
from "hot oil."
April daily allowable crude production for Oklahoma was
set at 476,400 barrels, an increase of 20,000 barrels over
March, in new orders issued by the State Corporation Commission.
A hearing of operators in the Wilcox sand horizon area of
the Crescent pool in Logan County, Okla., to agree on a
development plan will be held in Washington April 10
before the Petroleum Administrative Board inasmuch as
these factors have been unable to decide on any plan, Adminstrator Ickes stated. This step is in Conformance with
the oil code which provides that operators submit plans for
developing new pools to Mr. Ickes for approval in order to
assure "the orderly development" of possible oil-hearing
lands.
There were no price changes.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
$1.00
Bradford. Pa
22.45 Eldorado. Ark.. 40
1.08
Corning, Pa
1.20 Rusk., Tex., 40 and over
Illinois
1.13 Darst Creek
.90
Western Kentucky
1.13 Midland District, Mich
1.35
Mid-Cont., Okla., 40 and above-- 1.08 Sunburst, Mont
Hutchinson, Tex.,40 and over
1.03 Banta Fe Springs,Calif.,40 and over 1.30
1.04
Spindletop. Tex..40 and over
1.03 Huntington, Calif., 26
1.82
Winkler, Tex
.75 Petrolla, Canada
Smackover, Ark.. 24 and over
.70
REFINED PRODUCTS—RETAIL GASOLINE PRICES SOFTEN
UNDER STRAIN OF WEAKNESS IN PRIMARY MARKETS—
DEVELOPMENTS ON PACIFIC COAST ALSO UNSETTLING
FACTOR—SPRING RISE IN DEMAND EXPECTED TO AID
SITUATION—REDUCTIONS IN SERVICE STATION PRICES
POSTED IN SEVERAL AREAS—BUNKER FUEL OIL PRICES
STRONG.
Easing of retail gasoline prices in several areas throughout
the Nation during last week was due mainly to the uneasiness
caused by the continued weakness of gasoline prices at refinery markets in east Texas and Oklahoma and the unsettling influences of the price-war currently raging on the
Pacific Coast. A sharp rise in gasoline stocks in the country
also provided further bearish news.
Trade factors, however, are not too pessimistic over the
outlook for the gasoline market despite these unfavorable
factors, pointing out that the spring seasonal rise in gasoline
demand will do much toward stabilizing prices throughout
the country.
Up-State New York gasoline prices eased off somewhat
over last week-end, declines ranging from fractions of a cent
in Buffalo and Syracuse to from one half to a fell cent a
gallon in some sections were such adjustments were necessary
to bring market quotations into line with current conditions.
The Atlantic Refining Co. moved to protect gallonage,
which was being threatened by cut-price competition,
Tuesday, cutting service station and tank wagon gasoline
prices 1 cent a gallon in south central Pennsylvania with the
exception of the Philadelphia market and M cent a gallon
in the northern part of the State. The Philadelphia service
station price held unchanged at 12 cents a gallon, but the
tank wagon level was reduced M cent a gallon to 11M cents.
Quotations at Allentown, Harrisburg and York were
cut 1 cent a gallon to 11M cents, tank wagon, and 12 cents
at service stations, the same as posted in Philadelphia, while
in the northern part of the State were cut M cents a gallon
to 12 cents, tank wagon,and 13 cents,service station. Competitors are expected to swing into line on the new prices.
In Chicago, local competitive conditions engendered
mainly by the soft bulk gasoline market were held responsbile
2154
Financial Chronicle
for Standard of Indiana cutting tank wagon and service
station prices of premium and standard grade gasoline 11
A
cents a gallon and third-grade 1 cent a gallon in the metropoliChicago area Thursday.
Under the new schedule, effective immediately, the company also cut the tank wagon price of kerosene 1.7 cents a
gallon.
In Ohio, the Standard Oil Co. of Ohio reduced all three
grades of gasoline 1 cent a gallon at service station in the
Columbus area, which takes in Franklin County. The new
schedule posts premium at 193/2 cents; standard at 173i
cents and third-grade at 16 cents a gallon, taxes included.
Other major distributors met the cut, which was posted
Thursday, effective immediately.
The cuts were due mainly to a gallonage struggle which
has been raging in this area between independent distributors
and the major units recently. Meeting in Columbus Wednesday, the independent distributors agreed upon a 1 32cent differential from levels posted by the major units in
an effort to settle their price war.
Local gasoline prices have held mainly unchanged although some weakness has developed in the New England
markets. Boston retail and tank wagon prices were cut
34 cent a gallon by some factors toward the close of the
week with Providence levels being reduced 1 cent a gallon
as competition for business brought about price-slashing
tactics. No change in local wholesale or retail gasoline
markets was noted during the week although some readjustments were made to bring prices into line with the cuts
posted last week by the Standard Oil Co. of New York.
In the fuel oil division of the local refined products market,
grade C bunker fuel oil was an outstanding item. In good
demand, the recent advances were held to be but the forerunner of further markups in the price of this product.
The statistical position of grade C bunker fuel oil is very
strong, it is pointed out. With California furnishing the
bulk of demand from local distributors of fuel oil since the
Gulf Coast area does not supply sufficient oil to meet needs
of Atlantic Coast buyers, higher prices are definitely in
prospect, according to present indications.
Currently posted at $1.30 a barrel, refinery, grade C, will
move even higher in the near future. Prices in California
which, coupled with shipping charges, bring the delivered
price above the current local quotation making such an
advance almost certain.
While kerosene is well sustained at 6 cents a gallon for
41-43 water white, in tank car lots, refinery, in the local
market, it has eased off somewhat in Providence as competition strengthened. Working stocks of kerosene are in
good shape and demand is holding up fairly well considering
seasonal factors.
Total stock of gasoline rose 171,000 barrels last week to
57,879,000 barrels, the American Petroleum Institute
reported. Refineries reporting operated at 64.6% of capacity, against 67.6% of capacity in the previous week.
April allowable production of gasoline was raised to
31,910,000 barrels of gasoline by Oil Administrator Ickes,
against 31,791,000 barrels in March, effective April 1.
Price changes follow:
Saturday. March 24.
-Readjustments in up-State New York retail
gasoline prices brought service station levels in Buffalo and Syracuse down
fractions of a cent with declines of ti to 1 cent a gallon registered in some
areas where such reductions were necessary to bring the market into line
with present conditions.
Tuesday, March 27.
-The Atlantic Refining Co. cut service station and
tank wagon prices 1 cent a gallon in south Central Pennsylvania with the
exception of the Philadelphia market and 34 cent a gallon in the northern
part of the State. Philadelphia service station prices held unchanged but
tank-wagon levels were lowered ti cent to 11% cents a gallon.
Thursday, March 29.
-Standard Oil of Indiana cut service station and
tank wagon prices of premium and regular grades of gasoline 136 cents a
,
gallon and third-grade 1 cent a gallon in the metropolitan Chicago area.
Thursday. March 29.
-Standard Oil of Ohio cut service station prices of
all three grades of gasoline 1 cent a gallon in Franklin County, which takes
In the Columbus metropolitan area. Other companies met the cut.
New York
Atlanta
Boston
Buffalo
Chicago
Cincinnati
Cleveland
Denver
Gasoline, Service Station, Tax Included.
$.155
New Orleans
$.19
Detroit
8.20
.17
19
Houston
Philadelphia
a 125
Jacksonville
San Francisco:
16
.19
18
Third grade- -- - .
Los Angeles:
16
Third grade-..-- .1134
17
Above 65 octane. .1734
.205
Premium
13
Standard
.1934
15
Premium
St. Louis
205
14
.16
z Less taxes.
Mhmeapolls
.20
Kerosene,41-43 Water White, Tank Car, F.O.B. Refinery.
New York:
03 New Orleans, ex_S.434-434
I North Texas
(Bayonne)
$06 I Los Ang., ex_ .0434-06 I Tulsa
0454-.0334
Fuel Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne):
California 27 plus D
Gulf Coast C
$1.15
Bunker C
$1.30
3.75-1.001Phila. Bunker C.---t1.20
Diesel 28-30D.. 1.951 New Orleans C
1.15
Gas Oil, F.O.B. Refinery or Terminal.
I Chicago:
N.Y.(Bayonne):
01341 Tulsa
28 plus 0 0....3.033(-.04I 32-36 G 0
8.01%
Mar. 31 1934
U. S. Gasoline, Motor (Above 65 Octane). Tank Car Lots, F.O.B. Refinery
N. Y.(Bayonne):
N. Y.(Bayonne):
Chicago
$.0334-.04
Standard Oil N.J.:
Shell Eastern Pet-3.06
New On.
.04
Motor,U.S._ __ $.06
New York:
Arkansas _ _
. . -.04
.04
62-63 octane... .0534
Colonial-Beacon.. .0634 California
.05 -.07
Stand. 011 N.Y.__ .0634
z Texas
.06
Los Ang.,ex__ .043(-.07
't Tide Water 011Co. .06
Gulf
.0634 Gulf ports-- .0454
:Richfield 011(Cal.) .07
Republic Oil
.0634 Tulsa
.04
Warner-Quin. Co_ .0614
Sinclair Refining. .06 Pennsylvania_ .05
x Richfield "Golden." z "Fire Chief," $0.07. t Tydol. .0634.
Venezuelan Crude Oil Production and Shipments in
February 1934 Continued in Excess of Corresponding Month Last Year.
Crude oil production in Venezuela amounted in February
1934 to 9,769,224 barrels of 42 gallons each, as compared
with 10,859,771 barrels in the preceding month and 8,833,778
barrels in the corresponding period last year, according to
"O'Shaughnessy's Oil Bulletin." Shipments totaled 9,198,900 barrels, as against 9,844,000 barrels in January last and
8,660,600 barrels in February 1933. Comparative statistics
follow:
PRODUCTION AND SHIPMENTS OF VENEZUELAN OIL.
(In Barrels of 42 Gallons Each.)
Production.
Shipments.
Month.
1934.
1933.
1932.
Jan _ _ _ _ 10,859,771 9.698,964 9,589,088
Feb _ _ _ 9,769,224 8.833,778 8,994,242
March_
9,944,518 9,998,250
April_
9,058,356 10,480,750
May
9.133,045 10,648.460
June _
9.262,374 10,578,631
July_
10,052,418 9,550,761
Aug _
10,309,267 9,429,632
10,181,844 8,802,687
Sept_
10,728,228 9,171.320
Oct _
Nov_
10,716,502 8,766,670
11.084.419 9,309,368
Dec _
Tot. yr_
119,003,713 115.319.859
1934.
9,844,000
9,198,900
1933.
9,581,700
8,660,600
10,076,000
9.340,400
9,624,000
8,221,600
9,635,500
10,146,200
9,959,200
10,096,000
10,398,100
10,557,800
1932.
9,087,000
8,546,100
9,949,300
11,004,200
11,260,000
10,313,300
8,394,200
8,123,600
8,087,300
7,794,100
8.377,280
9,103.700
116,297,100 110,040,080
Gasoline Prices Reduced in Large Area by
Atlantic Refining Co.
The price of gasoline in tank wagons and at service stations has been lowered at several points in Pennsylvania
by the Atlantic Refining Co., effective March 28. In
Philadelphia the company lowered the tank wagon price
,
32 cent a gallon to 1113 cents. The service station price
in that city remained unchanged at 12 cents a gallon. At
Allentown, Harrisburg and York the price was reduced
1 cent to 11M cents in tank wagons and 12 cents at service
stations. North and west of these territories the price
was cut 32 cent, making the prices in the localities 12 cents
tank wagon and 13 cents at service stations.
Ohio and Indiana Standard Oil Companies Lower
Gasoline Prices-Price Changes Made in Chicago,
Minneapolis and Columbus, Ohio.
Reductions of 1M cents a gallon in the tank wagon and
service station prices of ethyl and regular grades of gasoline,
and 1 cent a gallon in the price of third-grade gasoline,
in the Chicago area, were made on March 29 by the Standard
Oil Co. of Indiana. At Minneapolis, Minn., the company
lowered the price of regular grade gasoline 1M cents and
the third grade 1 cent a gallon.
At the same time the Standard Oil Co. of Ohio made a
reduction of lc. a gallon in the price of gasoline at service
stations in Columbus, Ohio.
Production of Crude Petroleum Again Gains-Exceeds
Federal Quota by 107,000 Barrels-Inventories of
Gas and Fuel Oil Drop Sharply-Motor Fuel Stocks
Higher.
The American Petroleum Institute estimates that the
daily average gross crude oil production for the week ended
March 24 1934 was 2,389,800 barrels, or 107,000 barrels
above the Federal allowable figure which became effective
on March 1 last. The current figure compares with 2,378,100 barrels per day produced during the week ended March 17
1934, a daily average of 2,316,300 barrels during the four
weeks ended March 24 1934 and an average daily output
of 2,249,650 barrels during the week ended March 25 1933.
Inventories of gas and fuel oil declined 1,737,000 barrels
during the week under review, or from 107,245,000 barrels
at March 17 to 105,508,000 barrels at March 24. In the
preceding week inventories increased 187,000 barrels.
Further details, as reported by the American Petroleum
Institute, follow:
Country-wide stocks of motor fuel were 171,000 barrels higher at the
end of the week under review, amounting at March 24 to 57,879,000 barrels,
as compared with 57,708.000 barrels at March 17 1934.
Imports of crude and refined oil at principal United States ports totaled
580,000 barrels in the week ended March 24, a daily average of 82,857
barrels, against a daily average of 113,321 barrels over the last four weeks.
Receipts of California oil at Atlantic and Gulf ports for the week totaled
670,000 barrels, a daily average of 95,714 barrels, against an average of
75,000 barrels a day over the last four weeks.
Volume 138
Financial Chronicle
Reports received for the week ended March 24 1934 from refining companies controlling 92.4% of the 3,616,900 barrel estimated daily potential
refining capacity of the United States, indicate that 2,159,000 barrels of
crude oil daily were rufi to the stills operated by those companies and
that they had in storage at refineries at the end of the week 33,865,000
barrels of gasoline and 105,508,000 barrels of gas and fuel oil. Gasoline
at bulk terminals, in transit and in pipe lines amounted to 20,404,000
barrels. Cracked gasoline production by companies owning 95.1% of the
potential charging capacity of all cracking units, averaged 405,000 barrels
daily during the week.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures in Barrels)
Federal
Actual Production.
Average
Agency
4 Weeks
Allowable Week End. Week End. Envied
Effeciire
Mar. 24 Mar. 17
Mar. 24
Mar. 1.
1934.
1934.
1934.
)klahoma
Senses
456,400
112,300
Week
Ended
Mar. 25
1933.
499,700
124,500
473,000
118,850
563,800
122,650
57.800
55,300
26,950
138,400
43,950
433,550
48,100
49,200
,
anhandie Texas
North 'texas
Nest Central Texas
Nest Texas
East Centlal'I exas
East Texas
Donroe
3outhwest Texas
Coastal Texas (not Including Conroe)
510,550
124,300
52,750
55,350
25,950
133,250
43,800
431,500
49,000
43,500
55,600
55,200
26,600
133.650
43,500
427,600
48,600
45,250
55,150
52,300
22,800
161,050
58,600
360,800
34,350
49,100
111,450
947,900
112,050
111,750
120,100
964,700
948,150
947,750
914,250
28,050
45,200
Total Texas
26,850
45,050
27,250
44,550
31,200
35,300
North Louisiana
Coastal Louisiana
Total Louisiana
71,800
73,250
71,900
71,800
66,500
Arkansas
Eastern (not incl. Mich.).Michigan
32,200
95,200
29,300
30,950
96,950
26,400
31,100
99,200
26,750
31,250
95,150
27,850
30,850
87,200
14,150
Wyoming
Montana
Colorado
29,600
7,400
2,500
30,150
7,000
2,350
30.850
7,050
2.600
30,750
7.200
2,600
31,150
5,550
2,500
39,500
39,500
40,500
40,550
39,200
Total Rocky Mtn.States
New Mexico
California
44.300
42,350
42,250
42,100
37,350
453,900
491,500
483,400
468,000
373,700
Total United States__ 2,282,800 2.389.800 2.378,100 2.316.300 2.249.650
Nota.-The figures Ind cated above do not include any estimate of any ol
which might have been surreptitiously produced.
CRUDE RUNE( TO STILLS. MOTOR FEEL STOCKS AND GAS AND FUEL
OIL STOCKS,WEEK ENDED MARCH 24 1934.
(Figures in barrels of 42 gallons each.)
Daily Refining Capacity
of Plants.
District.
Crude Runs
to Stills.
Reporting.
%
Potential ---- Daily GperRate
Total.
% Average. sled.
East Coast _ __
.
Appalzchlan___
Ind., Ill., Ky. _
Okla.,Kan..Mo.
Inland Texas._
Texas Gulf_ _ _
.
Louisiana gulf_
No. La.
-Ark-__
Rocky Mtn__
.
California
582,000
150,800
436,600
462,100
274,400
537,500
162,000
82,600
80,700
848,200
582,000 100.0
139,700 92.6
425,000 97.3
379,500 82.1
165,100 60.2
527,500 98.1
162,000 100.0
76,500 92.6
63,600 78.8
821,800 96.9
465,000
82.000
290,000
211.000
85.000
445,000
107,000
38,000
36,000
400,000
a Motor
Fuel
Stocks.
Gas and
Fuel Ott
Stocks.
79.9 17,244,000 5,436,000
58.7 1,936,000
673,000
68.2 8.716,000 2,026.000
55.6 5,969,000 2,761,000
51.5 1,494,000
1,627,000
84.4 5,964,000 4,377,000
66.0 1,813,000 1,367.000
49.7
373,000
598,000
56.6 1,098,000
691,000
48.7 13,272.000 85.052,000
Totals week:
Mar.24 1934. 3,616,900 3.342,700 92.42,159,000 64.6 b57,879,000 105,508,0'10
Mar,171934. 3,616,900 3.342.700 92.4 2.258.000 67.6 c57.708.000 107.245.00
a Below are set out est mates of otal motor fuel stocks in U. S. on Bureau
ot
Mines basis for week of March 24,compared with certain March 1933
Bureau figur
A.P. I. estimate on B. of M.basis, week of Mar. 24 1934
A. P. I. estimate on B. of M. basis, week of Mar. 17 1934
U.S. B. of M. motor fuel stocks, Mar. 1 1933
58.781,000 barrels
U.S. B. of M. motor fuel stocks, Mar. 31 1933
60.556,000 barrels
b Includes 33,865,000 barrels at refineries. 20,404,000 barrels at bulk
terminals
In transit and pipe lines, and 3,610,000 barrels of other fuel stocks.
c Includes 33,767,000 barrels at refineries. 20,361,000 barrels at bulk
terminals,
In transit and pipe lines, and 3,580,000 barrels of other mctor fuel stocks.
x Because of the many changes made by companies In their method of r
stocks to the American Petroleum Institute. It has been decided to discont porting
nue our
attempt at estimating figures on a Bureau of Mines basis until further
notice
2155
PRODUCTION, SHIPMENTS AND STOCKS OF FINISHED PORTLAND
CEMENT,BY DISTRICTS,IN FEBRUARY 1933 AND 1934 (IN THOU
SANS OF BARRELS).
Produdion.
District,
Eastern Pa., N. J. & Md
New York & Maine
Ohio, western Pa. & W. Va
Michigan
Wis., Ill., Ind. & Ky
Va., Tenn., Ala., Ga., Fla.& La_
Eastern Mo.,Ia., Minn.& S. Dak
W.Mo., Neb.,Kan.,Okla.& Ark
Texas
Colo., Mont., Utah, Wyo.& Ida_
California
Oregon & Washington
Total
Shipments.
Stocks at End
of Month.
1933. 1934. 1933. 1934. 1933. 1934.
449
316 3,645 4,167
403
774
66 1,625 1,690
88
149
184
145 3,006 2,505
190
204
166
101 1,567 1,563
48
96
85
192 2,804 2,288
148
470
319
521 1,597 1,384
335
646
436
177 2,557 3.074
154
422
328
282 1,687 1,698
246
244
195
492
639
273
203
280
197
347
387
122
61
____ • 104
639 1,067 1,070
368
690
395
485
544
118
34
89
23
2,777
4,168
2,278
2,952 21,125 20.763
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT,BY MONTHS,IN 1933 AND 1934(IN THOUS.OF BARRELS).
Month.
Production.
January
February
March
April
May
June
July
August
September
October
November
December
1933.
2,958
2,777
3,684
4,183
6,262
7,804
8,609
8,223
5,638
5,037
4,672
3,526
Total
83.373
1934.
3,779
4,168
Shipments.
1933.
2,502
2,278
3,510
4,949
6,709
7,979
8,697
5,994
6,517
6,750
4,463
3,738
1934.
3,778
2,952
Stocks at End of Mo.
1933.
20,624
21,125
21,298
20,542
20,117
19.936
19,848
22,078
21,216
19,502
19,709
19,541
1984.
219,547
20.763
64.086
a Revised.
Note.
-The statistics above presented are compiled from reports for February
received by the Bureau of Mines from all manufacturing plants except three, for
which estimates have been included in lieu of actual returns.
Price of Gasoline to Be Fixed by Puerto Rico Under Bill
Signed by Governor Winship-Measure Sets Up
Commission to Regulate Petroleum Distribution.
'
Governor Blanton Winship of Puerto Rico has signed a
bill creating a Petroleum Products Commission. A wireless
message from San Juan, March 27, indicating the provisions
of the bill, said:
The Petroleum Products Commission will commence operations at the
discretion of the Chief Executive, with the powers of a private corporation
capitalized at $300,000 from the proceeds of the gasoline tax. It will be
composed of four Government officials and a fifth member, its executive
officer, to be appointed by the Governor.
The law stipulates that with the Governor's approval, the Commission
may fix prices for gasoline and other petroleum products, that it must
pay gasoline and other insular taxes, and that it may make contracts, sue
and borrow mcney in its own name.
The Insular Treasurer is authorized on the Commission's request and
with the Governor's approval to borrow up to $300,000 at not more than 8%
interest for the Commission's use. If one provision of the law should be
declared invalid, it-is provided, the balance shall not be affected.
The preamble to the law, according to the message to the
"Times," says:
The people of Puerto Rico are peculiarly dependent on motor vehicles,
so that the high prices of gasoline maintained during recent years by
monopolistic agreements by corporations supplying petroleum have constituted and still constitute a serious obstacle to economic rehabilitation
and a menace to public order and welfare.
The preamble further states that unless the companies
responsible for high prices soon voluntarily reduce them, it
will be necessary for the Government to find a cheaper
source of supply, not only for governmental needs but for
general sale.
Copper Market Awaits Full Details of Code Agreement
Germany Bans Imports.
"Metal and Mineral Markets" in its issue of March 29
states that though the settlement of the labor difficulties in
the automobile industry was heralded as a decidedly favorPortland Cement Production Increased in February
- able development, interest in the market for non-ferrous
Shipments Lower Than in January, but Continue metals shifted on March 28 to the agreement on the
copper
Higher Than in Same Period a Year Previous
- code. Pending receipt of full details of the changes made in
Inventories 1.7% Lower Than at Feb. 28 1933.
the original draft of the NRA code, operators in copper were
According to the United States Bureau of Mines, the disposed to move slowly. The tone of the market was unPortland cement industry in February 1934 produced questionably firmer, and moderately higher price3 are ex4,168,000 barrels, shipped 2,952,000 barrels from the mills, pected as soon as the industry starts operating under the
and had in stock at the end of the month 20,763,000 barrels. agreement. Heavy foreign buying of copper was in evidence,
Production of Portland cement in February 1934 showed an apparently anticipating the import restrictions by Germany.
increase of 50.1% and shipments an increase of 29.6% as In the domestic trade, business in both copper and zinc was
compared with February 1933. Portland cement stocks at inactive; lead sold in good volume. Prices for major metals
showed little change during the week. The same publication
mills were 1.7% lower than a year ago.
In the following statement of relation of production to goes on to say:
capacity the total output of finished cement is compared
Domestic Copper Firmer.
The domestic copper situation now hinges on the
with the estimated capacity of 163 plants at the close of
practicability of the
the code for
February 1934 and of 165 plants at the close of February agreement onStates Copperthe industry that was reached late on Tuesday.
The United
Association will submit the labor section
and
NRA will sponsor the marketing provisions. The draft
1933:
submitted recently
RATIO OF PRODUCTION TO CAPACITY.
Feb. 1933. Feb. 1934. Jon. 1934. Dec. 1933. Nos. 1933.
13.4%
The month
The 12 months ended..._27.1%
20.2%
24.4%
16.6%
23.9%
15.5%
23.6%
21.2%
23.9%
by NRA was used as a basis for the settlement, and it is
understood that
changes made will not greatly alter the meaning of the
Administration's
code. No minimum price is named in the code, but the
code authority, in
the opinion of leaders in the industry, will leave no stone
unturned to bring
about a higher marketing basis. An advance in prices, it
is held, may not
take place before definite improvement is visible in the
industry.
2156
Financial Chronicle
Domestic business in copper during the last week was quiet, both buyers
and sellers showing no disposition to act pending the final outcome of the
code deliberations. All of the copper sold was disposed of on the unchanged
basis of Sc. per pound, delivered Connecticut. Sales were reported yesterday
involving moderate tonnages for near-by delivery on the Sc. basis.
The German Government has issued a decree prohibiting purchases of copper for import, and, according to unofficial advices, this embargo will be
kept in force until May 5. The restrictions, however, do not apply against
copper purchased prior to March 27. This action was taken because of the
exchange situation in Germany, affecting international debt settlements.
The demand for copper abroad was active, though the situation quieted
down a little in some quarters yesterday. Prices, measured in terms of
dollars, were slightly higher than in the domestic market. Purchases abroad
during the last week probably exceeded 18.000 tons.
10 France announced a retroactive restriction of 75% on import quotas for
copper and zinc. The quotas may be restored if trade concessions are made.
Exports of refined copper from the United States during the first two
months of 1934 amounted to 30.549 tons, against 19,224 tons in the same
period last year. Exports, by countries, in short tons, as reported by the
Bureau of Foreign and Domestic Commerce, follow.
Jan.
Feb.
Jan.
Feb.
1933.
1934.
1933. 1934.
Belgium
538 Sweden
728
1,407
956
France
4,434 7,086 China and Hong Kong
258
550
Germany
913 6.708 Japan
4.020 4,669
Great Britain
3,246
3,106 Other countries
924 1,157
Italy
2,987 2,711
Netherlands
466 2,909
Totals
19.224 30,549
Good Demand for Lead.
The lead market provided substantial evidence of the improvement in
sentiment that prevailed generally in the non-ferrous metal markets last
week, which change in feeling was in distinct contrast to the pessimism and
unfavorable comment concerning developments in Washington that prevailed during the preceding seven-day period. Sales of lead during the past
week reached a total of about 6,500 tons. Prices continued unchanged at
4c., New York, the contract settling basis of the American Smelting &
Refining Co.. and 3.90c.. St. Louis. Battery manufacturers and pigment
interests were the principal buyers, although practically all types of consumers participated to some extent in the trading. Many buyers report a
sharp increase in the demand for their products, one mixed-metal manufacturer describing the outlet for his products as better than at any time
during the last year. In short, the general situation in the industry is said
to have taken a decidedly encouraging turn during the past week.
Sales of lead for March shipment, according to statistics circulating In the
industry, total about 29,000 tons; and sales for April shipment have already
reached about 27,000 tons.
Zinc Unsettled.
Demand for zinc again was quiet, and the price developed further weakness during the last week. Yesterday more than one seller offered prompt
shipment Prime Western at 4.30c., St. Louis, with a possibility of obtaining
metal at this figure for near positions. Galvanizers intimated that they
stood ready to buy a good tonnage at 4.25e. Galvanizing business has not
yet opened up, which accounts for the current quiet in the metal. Zinc
concentrate was quotably unchanged in the Tri-State district.
Fair Trading in Tin.
A fair volume of business was transacted in the tin market last week, with
prices moving over a relatively narrow range. Weakness in the security
markets on Tuesday had the effect of restricting sales somewhat, as well as
fractionally lowering the price of the metal. Yesterday, however, the tone
of the market improved and prices moved up accordingly. The outstanding
development of the week was, perhaps, the report that operations at tinplate mills had reached 80% of capacity.
Chinese 99% tin was quoted nominally as follows. March 22d, 52.950c.;
23rd. 53.175c.; 24th, 53.100c.; 26th, 53.400c.; 27th, 53250c.; 28th, 53.45e.
Germany Establishes Embargo on Copper Forbidding
Purchase of Foreign Metal Until Further Notice
Control Board Formed.
An embargo on purchases of foreign copper was put into
effect on March 27 by the German Government, and will
remain in force until further notice. The government also
established a control board to ration the available supply
of the metal among German industries. On March 22 the
German Cabinet passed a law creating bureaus to control
trade in industrial raw materials and half-finished goods, so,
as press accounts said, "to assure to German industry a
supply of the most vital raw materials with most economically advantageous distribution." The following day,
March 23, the government lowered the allotments of foreign
exchange for imports to 17 A% of the actual value of imports
in 1930. Officially, said an account to the New York
"Times," the allotment was put at 35% of the basic amount,
but this basic amount in itself represents a cut of 50%.
Steel Output Off Slightly-Resumption of Upward
Sweep of Demand Seen in Settlement of Labor
Dispute-Bookingsfrom Automobile IndustryAgain
Picking Up-Prices Unchanged.
The President's success in averting an automobile strike
has revived hopes in the iron and steel trade for a resumption of the upward sweep of demand that was interrupted
early this month, reports the "Iron Age" of March 29 in its
weekly summary of iron and steel conditions. The settlement of the labor controversy came too late to prevent a
further setback in production, but the rapidity with which
bookings from the motor car manufacturers have recovered
and the steady increase in business from the railroads indicate that the loss is only temporary, adds the "Age," which
further went on to say:
Steel output at Cleveland has declined six points to 63% of capacity,
and the rate in the Wheeling district is off five points to 70%, but
production in the Philadelphia district has forged ahead two points to 36%,
Mar. 31 1934
while operations in other producing centers remain substantially unchanged.
The national average, at 48%, compares with 48359 in the two preceding
weeks and 49% in the first week of March, the peak rate to date this year.
Heavier railroad releases are commencing to lsave a real effect on mill
operations at Chicago, Pittsburgh and in eastern Pennsylvania. Although
the view is gaining ground that demand from the motor car industry will
show no further expansion, this opinion does not take into account the loss
in retail sales attributable to the strike threat. Not alone automobile sales,
but the entire retail trade suffered because of widespread popular apprehension of the effects of a major strike on national recovery.
The feeling of relief that followed the settlement of the controversy has
brought with it an appreciation of the necessity for reinforcing public
confidence. In this spirit a number of steel producers have announced a
further advance of 10% in wage rates, effective April 1, and it is probable
that other companies will soon take similar action. A rise in steel prices
is regarded as a logical sequel, since it is unlikely that volume will expand
sufficiently in April or May to cover the added cost. The course of pig
iron prices is still in doubt, but, if present demands of coal miners are
met, advances will become a certainty.
The Boston A: Maine has bought 30,000 tons of rails, together wills
necessary fastenings. The New York Central will momentarily place
orders for 40,000 tons of rails, and has taken Clayton Act bids on its
second quarter requirements of plates, shapes, bars and sheets, amounting
to about 11,000 tons. The Norfolk & Western is receiving tenders this week
on 4,500 tons of plates and shapes, and the Pennsylvania has taken figures
on an indeterminate tonnage of various finished steel products for second
quarter. The Great Northern will buy 20,000 tons of rails and 6,000 tons
of accessories, and the Chicago Great Western has obtained a Government
loan to build 500 freight cars.
Not only is railroad buying mounting, but releases of railroad steel
against past orders are beginning to reach the mills in real volume. Contracts for a considerable portion of 175,000 tons required for the Van
Sweringen cars have been placed, but actual orders for the steel are
delayed pending the completion of standard car specifications. The distribution of this tonnage by the car builders so as to yield the purchasing railroads a maximum haul is forcing producers to absorb freight to distant
basing points, thereby sharply reducing the net prices realized at their mills.
Fabricated structural steel awards, at 12,250 tons, cornpare with 29,200
tons in the previous week. A State hospital on Long Island accounts for
2,400 tons. Plate awards of 13,000 tons include 10,660 tons for a welded
pipe line to be laid in St. Louis. Plate inquiries of 12,000 tons include
8,000 tons for tunnel liners at Fort Peck, Mont. Steel purchases for the
Midtown tunnel, New York, total 5.500 tons.
The Federal Trade Commission's attack on the steel code is regarded as a
political move, designed to discredit the NRA, which had pre-empted the
trade body's powers to discipline industry. The evidence offered to prove
that small enterprises have suffered under the code does not impress an
industry which has been under constant pressure from its larger customers
because of the present policy of price parity for all buyers regardless of
their size.
An inquiry for 50,000 tons of iron ore, the first of the season, has been
issued by the Ford Motor Co. Reaffirmation of last season's prices is
expected.
Pig iron shipments are holding up well. At Chicago the March total
will exceed that of February by at least 25%. Domestic fluorspar has been
advanced $1 a ton. Connellsville beehive furnace coke, for shipment on
one-year contracts, has been reduced 25c. to $3.25 a ton, ovens. The spot
delivery price is unchanged at $3.50.
Scrap has not yet reacted to the passing of the labor crisis and is unchanged in price in most centers. At Buffalo a large mill took advantage
of price recessions to supplement recent orders. Its purchases in the
past
fortnight are estimated at 40,000 tons.
The "Iron Age" composite prices for pig iron, scrap and finished
steel
are unchanged at $16.90 a ton, $12.67 a ton and 2.028c. a
pound.
THE "IRON AGE" COMPOSITE PRICES.
Finished Steel.
March 27 1934, 2.028c. a Lb.
Based on steel bars, beams, tank plates
One week ago
2,028e. wire, rails, black pipe and sheets,
One month ago
2.028c. These products make 85% of the
One year ago
1 0230. United States output.
High
Low.
1934
2.028c. Jan. 2
2.0280. Jan. 2
1933
2.036e. Oct. 3
1.867o, Apr. 18
1932
1 977c, Oct. 4
1.926c. Feb. 2
1931
2.037e. Jan. 13
1.945c, Dec. 29
1930
2.273e. Jan. 7
2.0180. Dec. 9
1929
2.317c. Apr. 2
2.273e. Oct. 29
1928
2.2860. Dec. 11
2.217e. July 17
1927
2.4020. Jan. 4
2.212c. Nov. 1
Pie Iron.
March 27 1934. $16.90 a Gross Ton. Iflased on average of basis iron at Valley
One week'ago
$16.90 furnace foundry irons at Chicago,
One month ago
16.001 Philadelphia, Buffalo. Valley, and DirOne year ago
13.541 mingbam.
High.
Low.
1934
$16.90 Jan. 2
$16.90 Jan. 2
1933
16.90 Dec. 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.
March 27 1934, 812.07 a Gross Ton. Based on No. 1 heavy melting steel
One week ago
$12.07
quotations at Pittsburgh, Philadelphia.
One month ago
12.75 and Chicago.
One year age
7.08
Low.
High.
1934
$13.00 Mar. 13
$11.33 Jan. 2
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 Dee. 29
1930
15.00 Feb. 18
11.25 Dec. 9
1929
17.58 Jan. 29
14.08 Dec. 8
1928
16.50 Dec. 31
13.08 July 2
1927
15.25 Jan. 11
13.08 Nov. 22
The American Iron and Steel Institute on Mar. 26 1934
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 45.7%
of the capacity for the current week, compared with 46.8%
last week and 45.7% one month ago. This represents an
Increase of 1.1 points or 2.4% from the estimate for the week
of Mar. 19 1934. Weekly indicated rates of steel operations
since Oct. 23 1933 follow:
1933.
31.6%
Oct. 23
26.1%
Oct. 30
25.2%
Nov. 6
27.1%
Nov.13
26.9%
Nov.20
Nov.27
26.8%
1933.
1934.
Dec. 4
28.3% Jan. 8
30.7%
Dec. 11
31.5% Jan. 15
34.2%
32.5%
34.2% Jan. 22
Dec. 18
34.4%
31.6% Jan. 29
Dec. 25
1934.
37.5%
Feb. 5
29.3% Feb. 12
Jan. 1
39.9%
1934.
Feb. 19
43.67
Feb. 26
45.7%
47.7%
Mar. 5
46.2%
Mar.12
46.8%
Mar. 19
45.7%
Mar.26
"Steel," of Cleveland, in its summary of the iron and steel
markets, on Mar. 26 stated:
Unsettled labor conditions still handicap the steel market, though considering all the uncertainties last week, demand showed a surprising degree
of strength and steel works operations eased off only 1 point to 49%.
The explanation for this is that while strikes have been threatened in
many iron and steel consuming plants, so far comparatively few have actually
developed to the point of interrupting the flow of material. Until the
issue in the automobile and related industries has been definitely settled,
however, steel makers view it as a continuing menace to recovery.
In Detroit, the hot-bed of discord, steel works operations actually rose
7 points to 100%; New England advanced 8 points to 71%; eastern Pennsylvania, / point to 33%. In only two districts were there declines;
1
2
Pittsburgh, off 2 points to 33%; Wheeling, 4 to 66%. Youngstown held
at 56%; Chicago, 481%; Cleveland, 82%; Birmingham, 52%, and
/
2
Buffalo, 52%.
Railroad orders are increasing, and structural steel requirements are
gaining moderately under seasonal influences. No important cancellations
have been issued by automobile manufacturers, and there has been practically no diminution of releases from them. Reduction in production of
automobiles as a consequence of disturbed labor relations has been negligible.
In the iron and steel markets last week the labor factor was felt chiefly
as an influence retarding future commitments. Though the majority of
consumers are chary in closing contracts for second quarter, some specific
requirements have been covered by users under the impression the steel
industry itself faces an hour-and-wages issue, which cannot fail to increase
costs and prices.
Scrap, reflecting the general market uncertainties, fell off 25c. to 50c. a
ton in leading centers, though there was little reduction in consumption.
For the first time since "Steel's" scrap composite began to rise early last
November, this index turned down 8c., to $12.33, though still $3 above
the starting point.
Over the next few weeks, steel makers are depending on railroad requirements to take up much of the slack that may develop in other lines. Rail
tonnage is coming in more rapidly, sustaining mill operations at Pittsburgh,
and insuring Chicago mills rolling schedules for several months.
Including rail and track fastening orders last week, and those that
probably will be awarded this week, more than 150,000 tons additional is
added to mill backlogs. Illinois Central purchased 20,000 tons of rails;
Chicago Milwaukee St. Paul & Pacific, 20,000 tons of rails and 27,000
tons of fastenings. Erie RE. is ready to distribute 32,000 tons of rails
and 12,000 tons of fastenings, and New York Central, 40,000 tons of rails
and a tonnage of accessories. The time for delivery of rails on sales at
$36.371 per ton made prior to April 15 has been extended one month
/
2
to Aug. 31.
Structural shape awards for the week, 20,984 tons, were practically unchanged from the week preceding. Fabricators are bidding on 12,000 tons
of shapes and reinforcing steel for a Government dam at Fort Peck, Mont.
and on 5,000 tons for a Boulder dam power house. PWA loans to a total
of $202,189,000 are being sought for projects requiring cast pipe.
Pig iron shipments this month in the Lake districts and Middle West
are 35% higher than in February, for the comparable number of days;
coke shipments are up 50%. Increased rail buying has led to heavier
importations of low phosphorus ore, 25,000 tons having entered at Atlantic
coast points this year.
Rail business also figures conspicuously in foreign trade, "Steel's" London
cablegram stating the European International Rail Manufacturers' Associa
tion has booked a substantial tonnage for Argentina, while China has
ordered 17,000 tons in England. From the latter country 3,000
tons of
miscellaneous steel products were shipped to Russia.
"Steel's" iron and steel price composite holds at $32.40 ;
and the
finished steel index at $51.10.
Steel ingot production for the week ended March 26 is
placed at slightly over 47% of capacity, according to the
"Wall Street Journal" of March 28. This compares with a
shade over 48% in the two preceding weeks. The "Journal"
further stated:
U. S. Steel is estimated at 42%, the same as the week before,
and com•
pared with a little under 41% two weeks ago.
Independents are credited
with a rate of 50% against 52% in the preceding week and
53% 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:
1933
1932
1931
1930
1029
1928
1927
2157
Financial Chronicle
Volume 138
Industry.
14 24 -1
57 +
73 -1
9434
85 +1
92 - 34
U. S. Steel.
14
4i
25 -1
5534+ 34
80
97
90 +1
9854-154
Independent.
14 - 34
22;4-1%
5734+ 14
66 -2
9234
79 +1
8611+114
Freight Cars in Need of Heavy Repairs Increase.
Class I railroads on March I had 295,582 freight cars in
need of repair or 14.9% of the number on line, according
to the American Railway Association. This was an increase
of 8,654 cars above the number in need of such repair on
Feb. 1, at which time there were 286,928 or 14.4%.
Freight cars in need of heavy repairs on March 1, according to the Association totaled 224,716 ears, or 11.3%, an
increase of 2,245 cars compared with the number in need
of such repairs on Feb. 1, while freight cars in need of light
repairs totaled 70,866 or 3.6%, an increase of 6.409 compared with Feb. 1.
More Locomotives in Need of Repairs-Number in
Storage Declines.
The American Railway Association reports that the number of locomotives in need of classified repairs on March 1 totaled 11,119, or 22.6%
of the number on line. This was an increase of 154 compared with the
number in need of such repairs on Feb. 1, at which time there were 10,965,
or 22.2%.
Class I railroads on March 1 had 4,893 serviceable locomotives in storage compared with 5,600 on Feb. 1.
Bill Introduced in Senate Would Authorize $200,000,000
Appropriation for Purchase of Copper.
A bill authorizing a 8200,000,000 appropriation for purchase of surplus copper,by the Reconstruction Finance Corporation was introduced on March 26 by Senator Ashurst.
In Associated Press advices from Washington it was stated
that the measure provides that the RFC shall purchase the
metal mined and processed in the United States in the open
market for use by the Government in construction of,military
and naval equipment and public buildings.
Production of Bituminous Coal Again IncreasedAnthracite Output for Latest Week Lower Than
in Preceding Seven Days, but Continues Higher
Than in Corresponding Period in 1933.
According to the United States Bureau of Mines, total
.production of bituminous coal for the week ended March 17
1934 was estimated at 8,550,000 net tons, compared with
8,360,000 tons in the preceding week and 5,123,000 tons
in the corresponding period last year. The current figure
was the highest record for the present coal year.
Anthracite production amounted to 1,674,000 net tons
during the week ended March 17 1934, as against 1,692,000
tons in the week ended March 10 1934 and 929,000 tons in
the week ended March 18 1933.
During the month of February 1934 estimates show that
31,970,000 net tons of bituminous coal and 5,952,000 tons
of anthracite were produced, as compared with 32,916,000
tons of bituminous coal and 6,125,000 tons of anthracite
in the month of January 1934 and 27,134,000 tons of bituminous coal and 4,275,000 tons of anthracite in the
month of February 1933.
During the coal year to March 17 1934 production of
bituminous coal totaled 335,569,000 net tons, as against
287,886,000 tons in the coal year to March 18 1933, while
anthracite output during the first-named period amounted
to 53,118,000 net tons, as compared with 47,516,000 tons
in the preceding year. The Bureau's statement follows:
ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (NET TONS).
Coal Year to Date.
10 eel Ended
Mar. 17
1934.c
Mar. 10
1934.d
Mar. 18
1933.
1933-34.
1932-33.e
1929-30.e
Bitum. coal a:
Weekly total 8,550,000 8,360,000 5,123,000 335,569,000 287,886,000 503,275.000
Daily avge_ _ 1,425,000 1,393,000 854,000 1,135,000
977.000 1,704,000
Pa. anthra. b:
Weekly total 1.674,000 1,692,000 929.000 53,118,000 47,516.000 70,859.000
Daily avge_ _ 279,000 282.000 154,800
181,300
163.000
243,900
Beehive coke:
876,300
Weekly total
36,100
21,000
36,800
649,200 5,664.400
2,931
2,171
6,133
Daily avge__
6,017
3,500
18,944
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. e Production during first week in April adjusted slightly
to make accumulations comparable with the year 1933-34.
ESTIMATED WEEKLY AND MONTHLY PRODUCTION OF COAL BY
STATES (NET TONS-000 OMITTED).
TWeek Ended-
Monthly Production.
Ifar.10 Mar. 3 Feb.
1934. 1934. 1934.
Jan.
1934.
Coal Year to End of Feb.
Feb.
1933. 1933-34 1932-33 1923-30
Alabama
Ark. and Okla
Colorado
Illinois
Indiana
Iowa
Kansas and .Mo_
Ky.-Eastern
Western
Maryland
Michigan
Montana
New 1\1exico
North Dakota
Ohio
Penna.(bitum.).
Tennessee
Texas
Utah
Virginia
Washington_ _ _ _
West Virginia:
Southern_ a_
Northern_b
Wyoming
Other States_c....
180
40
123
942
372
70
127
685
211
47
12
40
24
33
557
2,145
98
14
36
218
29
243
80
138
1,167
362
83
162
647
220
42
11
50
22
38
502
1,950
88
16
35
214
31
950
206
454
4,070
1,466
283
530
2,600
802
168
38
170
92
148
2,130
7,410
358
58
158
830
125
930
268
536
4,240
1,560
315
605
2,420
795
176
50
255
130
220
1,975
7,930
330
60
252
805
178
661
237
614
3,630
1,265
376
618
2,157
759
132
45
213
118
219
1.609
5,993
311
47
328
682
155
1,620
650
77
10
1,545
530
86
11
6,320
2,250
310
42
6,266
2,194
376
50
5,444 67,362 60,060 93,576
1,181 21,341 16,973 33,266
329 3,749 3,638 6,089
11
181
167
205
Total bit. coal
Penna. antha
8,360
1,692
8,273 31,970 32,916 27.134 314,947 274,584 484,860
1,654 5,052 6,125 4,275 48,875 45,101 68,592
8.654
2,139
4,655
34,047
12,988
2,789
4,897
27,267
6,765
1,450
296
1,982
1,063
1,465
19,449
76.842
3,367
584
2,220
8,058
1,337
7,174
2.111
4,854
25,644
11.469
3,367
5,386
23,858
8,766
1,212
368
1,881
1,138
1,546
12,435
67.888
3,159
568
2,505
7,013
1,404
16,313
4,930
8,876
54,122
16,434
3,869
6.205
42,378
12,535
2,369
730
3,094
2,333
1,679
22,172
129,375
4.938
974
4,562
11.604
2,232
Total coal
10,052 9,927 37,922 39.041 31.409 363,822 319.685 553.452
a Includes operations on the N.& W..C & 0., Virginian, K.& M ,and B. C.& G.
b Rest of State, ncluding Panhandle. c This group is not strictly comparable for
the several years. d Figures for 1933 and 1934 are estimates, subject to revision.
2158
Financial Chronicle
Mar. 31 1934
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 March 28, as reported
by the Federal Reserve banks, was $2,523,000,000, an
increase of $2,000,000 compared with the preceding week,
and a decrease of $276,000,000 compared with the corresponding week in 1933. After noting these facts, the
Federal Reserve Board proceeds as follows:
On March 28 total Reserve Bank credit amounted to $2,519,000,000, an
Increase of $11.000,000 for the week. This increase corresponds with
increases of $66,000,000 in Treasury cash and deposits with Federal Reserve
banks, of $8,000,000 in non-member deposits and other Federal Reserve
accounts and $2,000,000 in money in circulation, offset in part by increases
of $41,000,000 in monetary gold stock and $13,000,000 in Treasury and
National bank currency and a decrease of 110,000,000 in member bank
reserve balances.
The System's holdings of bills discounted increased $2,000,000 and of
Treasury certificates and bills $10,000,000, while holdings of United Sttes
Treasury notes declined $10,000,000 and of bills bought in open market
$4.000.000.
The statement in full for the week ended March 28 in
comparison with the preceding week and with the corresponding date last year will be found on subsequent pages,
namely, pages 2208 and 2209.
Beginning with the statement of March 15 1933, new
items were included as follows:
1. "Federal Reserve bank notes in actual circulation," representing the
amount of such notes issued under the provisions of paragraph 6 of Section
18 of the Federal Reserve Act as amended by the Act of March 9 1933.
2. "Redemption fund—Federal Reserve bank notes," representing the
amount deposited with the Treasurer of the United States for the redemption of such notes.
3. "Special deposits—member banks," and "Special deposits—nonmember banks," representing the amount of segregated deposits received
from member and non-member banks.
A new section has also been added to the statement to show the amount
of Federal Reserve bank notes outstanding, held by Federal Reserve banks,
and in actual circulation, and the amount of collateral pledged against
outstanding Federal Reserve bank notes.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year
ended March 28 1934, were as follows:
Bills discounted
Bills bought
U. S. Government securities
Other Reserve bank credit
Increase 1-1-) or Decrease (—)
Since
Mar.28 1934. Mar. 21 1934. Mar. 29 1933.
S
+2,000,000 —506,000,000
53,000,000
—4,000,000 —281,000,000
29,000,000
+594.000,000
2 432,000,000
+11,000.000
5,000,000 +14,000,000
TOTAL RESVE BANK CREDIT_ _ 2,519,000,000
7681,000,000
Monetary gold stock
2,356,000,000
Treasury currency adjusted
Money in circulation
Member bank reserve balances
+11.000.000 —183,000,000
+41,000,000 +3,696.000,000
+69,000,000
+13,000.000
+2,000,000 —730,000,000
5,336.000,000
3,439,000,000 —10,000,000 +1,452,000,000
Treasury cash & dep. with F. R.banks 3,318,000,000
Non-member deposits and other F. R.
464,000,000
accounts
+66,000,000 +2,890,000,000
+8,000,000
—28,000,000
„Returns of Member Banks in New York City and
Chicago—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in New York City, as well as those in Chicago,
on Thursday,simultaneously with the figures for the Reserve
banks themselves and for the same week, instead of waiting
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York City member
banks and that for the Chicago member banks for the
current week, as thus issued in advance of the full statement
of the member banks, which latter will not be available until
the coming Monday. The New York City statement, of
course, also includes the brokers' loans of reporting member
banks. The grand aggregate of brokers' loans the present
week shows a decrease of $8,000,000, the total of these
loans on March 28 1934 standing at 86,000,000, as compared with $331,000,000 on July 27 1932, the low record for
all time since these loans have been first compiled in 1917.
Loans "for own account" decreased from $746,000,000 to
$735,000,000, while loans "for account of out-of-town
banks" increased from $147,000,000 to $149,000,000 and
loans "for account of others" from $1,000,000 to $2,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
Loans—total
On securities
All other
New York.
Mar,28 1934. Mar.211934. Mar,29 1933.
$
7,193,000,000 7,199,000,000 6,457,000,000
Mar.28 1934. Mar.21 1934. Mar.29 1933.
$
3 901,000,000 3,875,000,000 3,339,000,000
Investments—total
U.S. Government securities
Other securities
2,720,000,000 2,717,000,000 2,185.000,000
1,181,000,000 1,158,000,000 1.154.000,000
Reserve with Federal Reserve Bank_ _1,242,000,000 1,218,000,000
Cash in vault
40,000,000
37,000,000
739,000,000
50,000.000
Net demand deposits
Time deposits
Government deposits
5,791,000,000 5,737,000,000 4,827,000,000
699,000,000 690,000,000 737,000,000
762,000,000 797,000,000 170.000,000
Due from banks
Due to banks
82,000,000
85,000,000
1,478,000,000 1,512,000,000
Borrowings from Federal Reserve Bank_
84,000,000
Loans on secur. to brokers & dealers:
For own account
735,000,000
For account of out-of-town banks_ _
149,000,000
2,000,000
For account of others
Total
55,000.000
930,000,000
746,000,000
147,000,000
1,000,000
336,000,000
31,000.000
4,000,000
886,000,000
894,000,000
371,000,000
620,000,000
266,000,000
On demand
On time
625,000,000
269,000,000
234,000,000
137.000,000
Chicago.
Loans and investments—total
1 377,000,000 1,392,000,000 1,131,000.000
Loans—total
568,000,000
Investments—total
576,000,000
647,000,000
274,000,000
294,000,000
On securities
All other
279,000,000
297,000,000
355.000,000
292,000,000
809,000,000
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
484.000,000
531,000,000
285,000,000
246,000,000
238,000.000
341,000,000
40,000,000
357,000,000
40,000,000
175,000,000
59,000,000
1,168,000,000 1,173,000,000
343.000,000 358,000,000
58,000,000
69,000,000
Reserve with Federal Reserve Bank_ _ _ _
Cash in vault
816,000,000
521,000.000
288,000,000
U. S. Government securities
Other securities
805,000,000
360,000,000
16,000,000
168,000,000
362,000,000
Borrowings from Federal Reserve Bank_
182,000,000
362,000,000
129,000,000
194,000,000
1,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York
and Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 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 Syitem for
the week ended with the close of business on- March 21:
The Federal Reserve Board's condition statement of weekly reporting
member banks in 91 leading cities on March 21 shows decreases for the
week of $85,000,000 in loans and of $25,000,000 in net demand deposits,
and increases of $91,000,000 in investments and of $27,000,000 in time
deposits.
Loans on securities declined $47,000,000 at reporting member banks in
the New York district and $40,000,000 at all reporting member banks,
and increased $8.000,000 in the Boston district. "All other" loans declined
$39,000,000 in the New York district, and $45,000,000 at all reporting
banks.
Holdings of United States Government securities increased $19,000,000
in the New York district. $14.000.000 in the San Francisco district. $11.000,000 in the Chicago district and $7,000,000 in the Cleveland district, and
declined $7,000,000 in the Boston district and $5,000,000 in the Richmond
district. Holdings of other securities increased $54,000,000 in the New
York district and $55.000,000 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 $1,047,000,000 and net
demand, time and Government deposits of $1,095,000,000, on March 21.
compared with $1,047,000,000 and $1,090,000,000, respectively, on
March 14.
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 March 21 1934, follows.
Increase (+) or Decrease (—)
Since
Afar. 21 1934. Mar. 14 1934, Afar, 22 1033.
Loans and investments—total_ _ _ A7.519,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities_ _ _
Other securities
Reserve with F. It. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
3,292,000,000 3,324,000,000 3,118,000,000
Due from banks
Due to banks
1,663,000,000 1,687,000,000 1,555,000,000
1,629,000,000 1,637,000,000 1,563,000,000
Borrowings from F. R. banks
8,196,000,000
3,553.000.000
4,643,000,000
+6,000,000 +1,498,000,000
—85,000,000
—40,000,000
— 45,000,000
—194,000,000
—172,000,000
—22,000,000
9.323.000,000
+91,000,000 +1,692,000,000
6.265.000,000
3,058,000,000
+36,000,000 +1,687,000,000
+5.000,000
+55,000,000
2,576,000,000
228,000,000
+7,000,000 +1,245,000,000
—69,000,000
—8,000,000
11,723.000,000
4,420,000,000
1,502,000,000
—25,000,000 +2,122,000,000
+97.000,000
+27,000,000
—1,000,000 +1,211.000,000
1,544,000,000
3,491,000,000
—4,000,000 +634.000,000
+26.000.000 +1,386,000.000
9,000,000
—1,000,000
—370.000,000
Financial Chronicle
• Volume 138
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by Federal Reserve banks and agents. The figures this time are for
Feb.28 1934, 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 $5,354,446,245,
as against $5,288,755,930 on Jan. 31 1934, and $6,545,067,961 on Feb. 28 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
44
From the same account we quote:
b
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and
Agents.
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and
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1,436,604,487 5,354,446,245
•
1,473,884.797 5,288,755,930
1,632,540,222,6,545,067,961
1,063.216,060/5,698,214,612
953,321,52214,172,945,914
3,459,434,174
816.266.721
4
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*Revised figures
Daes 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 1891) is included
under gold, standard silver dollars and silver bullion, respectively.
held In the Treasury (Act May 12 1933).
c $1,560,000 secured by silver bullion
d This total includes 535,138.622 deposited for the redemption of Federal Reserve
($1,585,570 in process of redemption).
notes
e Includes $39,737,839 lawful money deposited for the redemption of National
bank notes ($17,656,304 in process of redemptisn. including notes chargeable to the
retirement fund), $12,593,800 lawful money deposited for the redemption of Federal
Reserve bank notes (31,876,409 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 860,524,543 lawful money deposited as a
reserve for postal savings deposits.
f 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.
g Includes money held by the Cuban agency of the Federal Reserve Bank of
Atlanta.
h The money In circulation Includes any paper currency held outside the eon
tinental limits of the United States.
Note —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 by
a gold reserve of $156,039,088 held in the Treasury. Treasury notes of 1890 are
also sezured dollar for dollar by standard silver dollars held In the Treasury: these
notes ars 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
United States Balance of International Payments
—Net Obligation on Part of Foreign Countries
of $425,000,000 —Invisible Imports $475,000,000 —
United States Gold Loss in 1933 Placed at
$233,000,000.
Preliminary estimates on the United States balance of
international payments in 1933 made available an March 20
indicate that a "favorable" balance of trade, service and
gold items of $425,000,000 was offset in large part by net
withdrawals of dollar balances by foreigners estimated at
$412,000,000 and reflected in the year a net loss of $232,000,000 in gold through export and earmarking. Announcement
to this effect was made by the Finance and Investment
Division of the Bureau of Foreign and Domestic Commerce.
The New York "Journal of Commerce"from its Washington bureau March 20, reporting this pointed out that other
significant features were:
(1) A decline of 36% in the estimated expenditures of American tourists
in foreign countries.
(2) Continued reduction—though not as pronounced as in each of the
two preceding years—in the volume of foreign investments held in this
country.
(3) A record net inflow of United States paper currency estimated at
$90,000.000.
tl t
S 00w
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o44-4
156,039,088
82 2 8
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,
Res've Against
Unitea States
'Notes
(and Treasury
Notes
011890).
omm000
pmm000
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Total
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4
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•
I 13,184,871,158
9,745,189,152
10,275.505,304
8,479,620,824
5,396496,677
3.797,825.099
1.007.084.483
0.'4444344
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2159
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 1934, of direct obligations of the United States if so authorized
by a majority vote of the Federal Reserve Board. Federal Reserve banks must
maintain a reserve in gold certificates of at least 40%.Including the redemption fund
which must he 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 Unoted 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.
Favorable Balance $226,000,000.
The favorable balance of trade arising from an excess of exports of merchandise over imports was estimated as $226,000.000, a decline of $63,000,000 from the 1932 figures. Net receipts on service items included
$367,000,000 from foreign investments held by Americans, a decline of
$26,000,000: $20,000,000 in war debt payments, about one-fifth of the
amount received from this source in 1932, and $73,000,000 from miscellaneous service items.
These credits were offset in part by trade and service items which required
American payments to foreigners.
The largest was a sum of $220,000,000 in net tourist expenditures, a
decline of $155.000,000.
These expenditures represented in effect invisible imports, since they consist of foreign goods and services purchased by residents of the United
States, consumed, however, abroad. Immigrant remittances of $132,000,000 in 1932 were reduced to $107,000,000 during the last year.
In Tourist Category.
This item is similar to tourist expenditures, since it consists in large part
of the expenditure of American money to purchase foreign goods and
services, which in this case are consumed abroad by non-residents of the
United States.
Miscellaneous commitments such as merchandise adjustments, charitable
contributions, shipping services and Government transactions involved net
payments to foreigners of $166,000,000.
Net receipts, however, from these trade and service items totaled $193.000,000, thus exceeding the favorable balance for the corresponding items,
which were 8160,000,000 and $131,000,000 in 1931 and 1932, respectively.
This amount, owned by foreign countries to the United States, was
increased to $425,000,000 by a net outflow of gold estimated at $174,000,000
and by a net increase of $58,000,000 in earmarked gold.
Increasing still further the credit balance were international long term
security transactions and the net changes in foreign investments by the
United States which resulted in net receipts estimated at 8137.000,000. This
estimate compares with $218,000,000 in 1931 and $217.000,000 in 1932 and
reflects the relatively large volume of repatriations of foreign dollar issues
as well as substantial purchases by foreigners:of American domestic securities.
Hoarded Funds Return.
Aggregate net "credits" estimated at $562,000.000 were balanced roughly
by the estimated net inflow of $90,000,000 of United States currency, a
large part of which had presumably been hoarded abroad and particularly
by a net "debit" of $412,000,000 in the short term international banking
account.
Net withdrawal of $412.000,000 in short-term banking funds by foreign
creditors resulted largely from a reduction of $326.000.000 in foreign owned
dollar deposits in the United States and a reduction of $62,000,000 in
advances, overdrafts and short-term loans made by American banks to
foreigners.
The net figure was in part the result of an actual increase of $29,000.000
in American acceptance credits outstanding abroad. A reduction in
advances and short-term loans due American banks abroad was offset by
a corresponding increase in foreign deposits owing the same banks.
Governments Urged by International Chamber of
Commerce to Hasten Steps Toward Monetary
Stabilization—Warns of New Wave of Currency
Instability Incident to Abandonment of Gold
Standard.
The hastening of steps on the part of the governments
of the world toward money stabilization is urged by the
Monetary Committee of the International Chamber of
Commerce to prevent "a new wave of currency instability."
A resolution by the committee embodying its views was
approved by the Chamber's Council at Paris on March 25,
at which time a statement regarding the committee's conclusions was made available at Washington by the American
•
2160
Financial Chronicle
Section of the Chamber. The committee, composed of 16
prominent industrialists, bankers and economists, is under
the chairmanship of Georges Theunis, former Prime Minister of Belgium, Regent of the National Bank of Belgium.
Stating that "it would be idle to pretend that that world
conditions have become so stable that all fears of new complications have been definitely eliminated," the resolution
went on to say:
The improvement in the foreign trade position of individual countries
off the gold standard has, in effect, been attained by the tacit acquiescence
of the countries still remaining upon gold. But if the maintenance of such
a fixed relationship were made more difficult, whether in consequence of
the presure of public opinion in the countries in question or the necessities,
presumed or real, of their budgetary situation, the Chamber whishes
to express the apprehension with which it would regard the possibility of
such contingencies. It regards the maintenance of the de facto situation
In the remaining gold countries as being as important to the non-gold
countries as to these gold-standard countries themselves, and therefore
wishes to express its firm conviction that it is to the economic interest of the
non-gold standard countries to move as rapidly as ever circumstances
permit toward a definitive regulation of the value of their currencies.
The Chamber took occasion to state in the resolution that
it "has no desire whatever to anticipate the course of events
and to picture the outlook as gloomier than it actually is."
In part the resolution continued:
On the contrary, the Chamber firmly holds the view that in some definite
respects the outlook is more promising than it has been since 1929. Nevertheless, It is impossible to overlook the fact that a new wave of currency
in,tabillty, due to the abandonment of the gold standard by any
important country now adhering to it, would in all probability have
the
following consequences.
(A) A new pressure upon the level of gold prices. In the opinion of
the
Chamber, the consequence of previous departures from the gold standard
has been to increase the difficulty of adjusting the balance of payments
of
those countries still upon gold; the effect of exchange depreciation has
been,
on balance, a deflationary one. The Chamber, therefore, feels that
it
would be failing in Its duty toward public opinion and its constituents
if it
did not draw attention to the danger that a further fall in the
world level
of gold prices would follow upon any now departure from the gold standard.
(B) The Chamber believes that a growth in the volume of international
trade is universally recognized as a necessity, not only from the standpoint
of the revival of investment, but more importantly still from the standpoint of relieving the appalling volume of unemployment which Is still
characteristic of all the nations of the world. So far from the advent of
now era of exchange depreciation assisting revival, the Chamber
believes
that nothing would be more fatal than such an eventuality, for it would
probably bring in its train a new harvest of antidumping exchange duties,
new quota regulations—in short, a revival of the spirit of exclusiveness—
which would prove fatal to the recovery for which all the nations of the
world are hoping.
(C) Apart, altogether, from the direct effect to be anticipated in the
sphere of foreign trade, the Chamber believes that it would be disastrous
to overlook the possible effect of the contingencies under discussion upon
the general state of public feeling. In many of the areas which now adhere
to gold are those whose populations have had in the past the bitterest
experiences resulting from the depreciation of currencies. Making all
allowances for the difference between to-day and the immediate post-war
situation, it would, in the opinion of the Chamber, be idle to deny that
opinion inside these gold standard countries would be seriously affected,
that the technical situation of the gold mining industry would be a difficult
one and that opinion, even in those countries which are at present not upon
gold, might not be entirely unaffected. On the contrary, it might very
well be the case that public opinion in these latter countries might demand
that the advantages, temporarily enjoyed at one stage and now presumably
threatened, be restored by means of a further depreciation.
The prospect of a general intensification of the feeling of hostility and
ill-will produced by such measures and counter measures is one which the
Chamber regards with profound dismay. It, therefore, earnestly submits
to the governments and press of the world the consequences which might
too easily ensue from an extension of the area of disorganization which
already has affected so large a part of the world to-day. . . .
The International Chamber of Commerce therefore expresses its firm
conviction that the time has come when the governments of the world
should take the problem of currency stabilization into serious consideration.
The mode of procedure, the initiation of positive action, the delicate
negotiations which must accompany a firm intention to return to sounder
conditions in the sphere of monetary institutions, must necessarily be left
to the judgment and good faith of the governments themselves. The
International Chamber of Commerce does not feel called upon to include in
this resolution positive suggestions upon any of these matters to the interested parties.
Nevertheless, the International Chamber of Commerce desires again
to reiterate its firm opinion that the primary condition for a successful
working of a stable international standard must be the recognition of
two fundamental principles; that certain parts of the world are not yet in a
condition to raise their standard of life without recourse to the capital
markets of the older and more advanced countries, and that, if international lending is not to result in disastrous losses to bankers and investors
alike and further in renewed uncertainty about the future, long-term lending
must be restored in place of the short-term loans which characterized the
boom and the first two years of the depression. The primary condition of
a whole-hearted recognition of these necessities is a general realization that
interest and sinking fund payments can only be effectively liquidated in
goods and services.
It does feel, in sum, that there should be no doubt left upon one fundamental matter; in the interest of the business world with which the Chamber
must necessarily concern itself in the first instance, the opportunity afforded
by the present situation should not be neglected. A position of temporary
equilibrium has been established, and it now remains with the governments
to see to it without further delay that through currency stabilization a
firm basis for world recovery shall be provided.
Besides Chairman Theunis, the members of the committee
signing the resolution are:
Professor T. E. Gregory of the London School of Economics.
F. H. Fentener van Vlissingen, Holland, industrialist.
Sir Alan G. Anderson, director, Bank of England.
Abr. Frowein, German textile manufacturer.
Emil Georg von Stauss, German banker.
Arthur Baldwin, Vice-President of the International General Electric Co,
Mar. 31 1934
Camille Gutt, Belgian industrialist.
Professor Charles Gist, honorary sub-Governor of the Bank of France.
Sir Kenneth Leo, British industrialist.
Giuseppe Bianchini, Italian banker.
K. Hirano, Yokohama Specie Bank. Paris.
H. Matsuyama, commercial counselor of Japanese Embassy, London.
Dr. E. Heldring. former President of the Amsterdam Chamber of Commerce.
Carl Trygger, Swedish banker.
Louis Dapples, Swedish industrialist.
French Government Rejects British Disarmament Proposals—Reply to January Memorandum Demands
Additional Guarantees Before Cutting Armaments
—Note Described as Unsatisfactory to London —
Text Made Public at French Embassy in Washington—United States Plans no Change in Arms
Attitude.
Hopes for a mutually satisfactory solution of the disarmament problem received a further setback Mar. 23, with the
publication of a reply by the French Government to the
British disarmament memorandum of Jan. 29. The French
note was delivered by the French Ambassador at London to
the British Foreign Secretary on Mar. 19. It rejected every
British disarmament proposal except the contention that
Germany's return to the League of Nations should be agreed
to before any disarmament convention was held. Advices
from London said that in general the French reply was unsatisfactory to the British Government, particularly in its
implication that the Locarno pact should be extended as part
of the new guarantees which France would desire from
Great Britain as a protection against the risks involved in
disarming.
The French note objected to the British proposal that
Germany receive permission to possess certain armaments,
while the larger nations already armed begin reduction in
armaments. In discussing the British suggestion that "consultations" be held in the event of a violation of a disarmament convention, the French Government asserted that much
more forcible action would have to be taken. The note also
Indicated the assumption that the British favored the "immediate" rearming of Germany, with an increase in the
German army to 300,000, while other nations were reducing
armaments. The British memorandum had not contained
any such suggestion.
The following is the text of the French reply to the
British disarmament memorandum, as made public Mar. 23
by the French Embassy in Washington:
After having deliberated with all the attentive care which the difficulties
of the problem of disarmament and the gravity of the international situation
demanded, the Government of the Republic submits to the British Government the reflections and considerations which occur to it on reading the
memorandum of the 29th of January, as elucidated by the results of the
most useful journey undertaken by Mr. Eden.
The French Government notes, first of all, that the governments and two
countries, whose confident friendship is the principal guaranty of a
general equilibrium, are in agreement on the objects to be achieved. Animated with the same European spirit, they both wish with equal good faith
to guarantee the peace of the world against adventures involving the use
of force. If divergences appear between the systems proposed, they have a
common starting point, and it is far from impossible that a mutual effort of
frankness, of understanding and of conciliation may permit the achievement of the result which is aimed at. France is ready for such an effort
In a spontaneous, methodical and continuous manner. She has given to her
military organization an essentially defensive character, in which reserves
cannot play an immediate role. Unilaterally between 1920 and 1932 she
reduced the term of military service by 66%, the number of her divisions by
50%, her effectives by 25%, and between June 1932 and June 1933 she
reduced her budgetary credits for national defense by two and a half
milliards of francs. Having labored in the cause of disarmament by acts
such as these, France will refuse no sacrifice, provided that the security,
that is to say the right to peace of all signatories, is assured at once by
their own means and by the effective assistance, the principle of which
has been laid down in treaties.
The British memorandum declares that a reconciliation of the points of
view of France and Germany is the essential condition of general agreement. The French Government does not think otherwise, but, once again,
it thinks that the desired reconciliation would be the worst of solutions if
it reposed on an ambiguity, and so it took up the clearest attitude in the
replies which it made on the 1st of January and the 14th of February to
the conversations initiated by Germany. These two notes gave the precise
attitude and fixed the limits upon which three governments had agreed in
Geneva, on the 14th of October 1933. The attitude of the French Government has not changed. It would find it difficult to accept that the withdrawal of Germany from the League of Nations, which has profoundly disturbed the work of the Geneva conference, should be able to create for
Germany new rights and impose on France new sacrifices, from which the
defense of her territory would risk suffering.
The French Government recognizes the sincere effort which the British
Government has made to evolve, in the interest of conciliation, the bases of
an acceptable compromise, but the form which this compromise takes calls
for a previous observation which indicates its diameter. The Government
of the Republic has not ceased to maintain the question of disarmament on
the ground of the principles laid down in Article VIII of the Covenant and
by the preamble of Part V of the treaties of peace. It has always contemplated a controlled reduction of armaments progressively scaled down to a
level allowing the realization of the equality of rights in a regime of
security. This system, the principle of which, however, has been accepted
by Germany, has come up against the continuous execution of the program
Volume 138
Financial Chronicle
which Germany has pursued for long years, for bringing its armaments up
to a level very much superior to that authorized by the treaties.
Cites "Serious Objections" to British Plan.
Being anxious to reconcile the principles respected by France and the
attitude taken up by Germany, the British Government associated immediate
reductions of armaments imposed on certain powers with immediate increases
In armaments granted to other Powers. It is the very conception of such a
plan of disarmament which calls forth the most serious objections. However great may be the desire of France to sign an equitable convention, she
can neither understand nor admit that exaggerated pretensions to rearmament formulated on one side should constitute an argument for asking of
other Powers reductions of armaments which harm the interests of their
security.
Indeed, the British Government themselves have discerned the injustice
and inconvenience. The memorandum of the 29th of January maintains
provisionally the prohibition to possess military aircraft imposed on the
States disarmed by the treaties. The French Government adheres without
reserve to this point of view ; on the other hand, it is its duty to make the
most explicit reserves regarding the immediate claim put forward by the
German Government for 300,000 men for its regular army (with corresponding material), without previous examination of the present state of
this army. Claims of this kind modify completely the problem of armaments as defined by the authors of the treaties of peace. The acceptance
of such claims would have as an object the dental and destruction of the
principles of the Covenant of the League of Nations and of the Disarmament
Conference which has derived from it.
Only the General Commission, with the participation of all the interested States, could say if these principles which have guided its work up
till now should be abandoned. It will escape no one that inevitably the
effects of such a decision would extend as far as the domain of naval
armaments, even if, for reasons of expediency and in spite of the undeniable
interdependence of armaments, it seemed preferable, before fixing new
naval limitations, to await the meeting of a Oonference.
Would Avoid Being Victims of Good Faith.
Meanwhile, the French Government calls the friendly attention of the
British Government to a general reflection, which is of real importance in
its eyes. If they were liberated from the juridical obligations to which
they have subscribed, Powers would only take into consideration their
direct interests in determining their actions. Made wise by the lessons
of the past, the Government would prefer, before binding themselves, to be
certain that the new Convention would not meet in the future with the
fate of the military clauses of the treaties of peace.
Put more briefly, they would not consent to be the victims of their good
faith. In particular, the experience of the latter years has taught the
French Government, whose sacrifices have extended to every province, that
every new concession leads to a new demand or to a new violation of the
treaties. It is aware more than any other Government that the very conditions in which certain countries are developing their armaments at the
present moment raise certain particularly delicate problems. It appreciates
keenly the effort made by the British Government in respect of the paramilitary formations against which the French memoranda of the lot of
January and the 14th of February had protested. The German Government
now admits the necessity for defining the activities which should be forbidden to these formations, to insure that they abandon the military
organization which they affect both in form and statutes at the present
moment, and confine themselves to political activity. It remains no less to
settle the important points concerning pre-military formations, methods
of control, transitory manufacture of war material on which the French
delegation some months ago submitted amendments to the British plan.
However great the practical importance of these questions may be, they
are all completely dominated by the essential problem of guarantees of
execution. As it has been clearly stated by the British Government, an
agreement can only be realized on a broad basis which combines regulation
of armaments with assurances in the political field. This declaration states
the very principle which the French Government made one of the conditions of application of the Treaty of Versailles and which, since then,
it has never ceased to affirm in international conferences. The validity of
such a principle depends entirely on the means which give it efficacy and
force. The Powers which will accept the limitation of armaments
have the
right to know and the duty of gauging the consequences of their
concessions. When vital interests of States are at stake, general
affirmations,
however great may be the honesty of those who express
them, cannot
suffice. It is not even enough that conventions should
permit a strict control of execution, for control does not so much constitute
a guaranty as a
method of applying guaranties. What would be the practical
significance
of control, if in the face of violations revealed by it, the
State which was
threatened by failures to observe the convention had no other
resource than
to free itself from its own obligations? When an engagement
has been
contracted toward the international community, its violation
ought to be
considered as a threat to that community itself. Such is
the spirit in which
the French Government, careful alike of European solidarity and
its own
defense, has examined the proposals for consultation
formulated in the
British memorandum.
Engagement to Consult an Insufficient Guarantee.
These proposals constitute a step forward which it would be unjust to
neglect; but is an engagement to consult, in the case of a violation of the
convention, sufficient to insure the rectification of an established
failure
to observe the convention? The French Government does not think so—
evidently, something more is needed. The French delegation, which never
confined itself to pure denials, informed the President of the Conference
that agreement should exist between the signatories on some
essential
points as well as on the principle itself. Those signatories should, in particular, recognize the imperative duty which is laid upon them, while
adapting the gravity of sanctions to that of the infraction revealed by
control,
to rectify without delay that infraction by all methods of pressure
which
would be recognized as necessary. In the same way, it should be
admitted
that if established violation endangers the security of another State,
common
action by the Powers should be used for the benefit of the threatened
State
to re-establish the disturbed equilibrium. This common action should
come
Into play more particularly if violation degenerated into aggression.
The French Government neither can forget nor overlook the
promise of
assistance to which the British Government bound themselves by the
Rhine
pact, and it appreciates its value. France preserves her confidence
in the
guaranties registered by the Treaty of Locarno, but the proposed convention
is of so wide an international character that the French Government
cannot
dissociate itself from the difficulties of other Powers, which
also have
legitimate preoccupations in regard to security. It is not
enough that there
2161
should be an intention, however clearly affirmed in principle, to guarantee
them against all risks of aggression .
Aggression Should Be Prohibited.
In the first place, aggression should be formally prohibited; secondly,
if it occurred it should be effectively checked by the methods which are
laid down in the covenant of the League of Nations. In the last resort
it is always necessary to come back to the League of Nations and to the
covenant on which it is founded. Whatever may have been said or attempted
against the League it remains the only organization capable of furnishing
a collective guaranty of peace. The French Government remains faithfully
attached to it. Furthermore, the French Government is glad to see that
the British Government makes the return to Germany to the League of
Nations an essential condition of the signature of disarmament convention.
Germany could give no better guaranty of world stability than her return,
free of all constraint, to the community of States to which she has been
admitted. Her return would bring about a detente which would pave the
way for and encourage agreements the utility of which France, wholeheartedly devoted to the cause of peace, asserts anew. In order to bring
about a convention she will evade no control, however strict it may be,
which is established on a reciprocal basis. She has nothing to hide.
The French Government considers that only a frank reply, which sets
aside impossible solutions, is worthy of the initiative taken by the British
Government. The French Government could accept no proposal which
would render more serious the disarmament of France, while granting, on
the other hand, to Germany an immediate legalization, which could only be
limited with difficulty, of a rearmament already realized in violation of the
treaties. This solution would be in contradiction with the more rational
and prudent principles which, for two years, have inspired the Disarmament
Conference. It is by returning to these principles that the common effort
of all countries will be able to produce the solution which will reconcile
recognized equality with the rights, no less inalienable, of security.
Mar. 17 1934.
President Roosevelt indicated at a press conference,
Mar. 23, that the French reply to the British memorandum
would not change the United States attitude toward disarmament, and said that this nation could not go farther than
Norman H. Davis had promised at Geneva on May 22 and
May 24 1933, when he had said that, in the event of a breach
of the peace or a threatened breach, this country would take
no action tending to endanger the course determined by
common consultation.
April 1 Coupons on French 20
-Year 53.4% Coupon Gold
Bonds Payable at Rate of French Francs 25.5171122
to the Dollar.
Holders of the Government of the French Republic 20..
year 534% coupon gold bonds, payable April 1 1937, are
being notified that the April 1 coupons, payable at J. P.
Morgan & Co., 23 Wall St., New York, are also payable at
the Caisse Centrale du Tresor Public, in Paris, at the rate of
Pros. 25.5171122 to the dollar. The coupons may, until
further notice, be paid, at the option of the holder, upon
presentation and surrender, at the office of J. P. Morgan &
Co., in United States of America currency at the dollar
equivalent of French Pros. 25.5171122 per dollar offace value
of coupon upon the basis of their buying rate for exchange on
Paris at the time of presentation.
Sale of Republic of Cuba Sugar Stabilization Sinking
Fund 53.4% Secured Gold Bonds.
National Sugar Exporting Corporation invited tenders for
sale of a sufficient amount of Republic of Cuba Sugar Stabilization Sinking Fund 53.4% secured gold bonds, due Dec.
1 1940, at a price not exceeding principal amount and accrued
interest from Dec. 1 1933 to March 1 1934, to exhaust the
sum of $400,000 which has been deposited with The Chase
National Bank of the City of New York. The tenders were
received up to 3 p.m., March 27 1934 at the New York
office of the bank, 11 Broad Street, and at its Havana office,
86 Aguiar Street.
Credit for France Arranged by Dutch Syndicate—
United States Treasury Rules Against Participation by American Banks—Action Reported Based
on Expectation of Passage of Johnson Bill Barring
Loans to Defaulting Nations.
The Treasury Department at Washington ruled,
on
Mardi 23, that American banks may not participate
in a
Dutch syndicate loan to the French Government
because, it
is reported, of the imminent passage of the
Johnson bill prohibiting loans to foreign governments in default of war
debts.
Associated Press advices from Washington, on March
13,
added:
The Treasury had been asked by New York banks to
rule on an invitation
received from Amsterdam to participate in 100,000,000
guilders of 90-day
French Treasury bills.
Mr. Morgenthau explained that the bill introduced
by Senator Johnson,
Republican of California, already has passed the
Senate . . . and is
expected to become a law.
The Washington correspondent of the New
York "Journal
of Commerce," on March 23, in referring to
the attitude of
the Treasury Department, said in part:
Secretary Morgenthau is understood to have discussed the
situation with
President Roosevelt while attending a meeting of the
Cabinet at the White
.
2162
Financial Chronicle
House to-day. It was after this meeting that he informed newspaper correspondents of the belief that "it is the spirit of Congress and the Administration that the United States should not participate in loans with foreign
governments in default—for the United States to approve loans at this
time would be contrary to public policy."
Dutch Syndicate Issue.
The issue in question is one of 100,000,000 guilders of 90-day French
Treasury hills, acquired by a syndicate of Dutch bankers. It attracted
particular interest in the money market and in Washington because of
creating a new type of gold clause which may be expected to appear in
future international flotations. . . .
While the Johnson bill has passed the Senate, it still has to go through
the House of Representatives, although there is no question about passage.
The Johnson bill provides that following its passage it shall be unlawful
within the United States for any person to purchase or sell the bonds, securities or other obligations of any foreign government while in default in the
payment of its obligations, or any part thereof, to the Government of the
United States. A fine of not more than $10,000 or imprisonment for not
more than five years, or both, are provided for violations.
Up in House April 2.
It is expected that the measure will come before the House on or about
April 2, under House rules that will safeguard it against amendment.
Regarding the loan to France a wireless message from
Amsterdam March 22 to the New York "Times" stated:
A Dutch syndicate consisting mostly of Amsterdhm banks awarded to-day
a credit up to 100.000.000 guilders to France for one year, with the sanction
of the Bank of the Netherlands.
In return, the French Government is issuing three-month treasury bills,
renewable thrice. The sums for this credit are already guaranteed for most
part by the participants' gold stocks and commercial bills. This means the
amount is already available in France and the transaction will not affect
the exchange rate on Paris.
Law Passed by German Cabinet Requires Companies
Declaring Dividends of 6% or Over to Invest
Surplus in Loans.
It was indicated in Berlin advices to the New York
"Times" that the German Cabinet enacted a law on March 23
providing that stock companies declaring a dividend of 6%
or more must invest the surplus over the preceding year's
profits in Reich, State or commercial loans. The advices to
the "Times" further reported:
The adoption of the law followed Chancellor Hitler's attack on excessive
earnings in his speech opening the spring unemployment drive, Wednesday
[March 21], when he declared that "from now on we shall know how to
meet with all the means at our disposal" employers' efforts at increasing
dividends to especially high figures.
The law was one of another batch that the Cabinet enacted in its last
session before the Easter recess. Most were merely of a local and formal
nature, but some seem to imply progress in economic planning or
"Socialism."
One is a law entitled "for raising purchasing power." Apart from
putting "legal persons" [corporations, &c.] under stricter Government control with respect to their financial operations, the law is mainly concerned
with establishing control over the contributions, "voluntary" and obligatory, exacted of the citizens of the new Germany.
"Gifts" to be collected by any organization will hereafter require the
joint approval of Rudolf Hess, Chancellor Hitler's deputy in the Nazi party,
and the Reich Finance Minister, and the object, scope and duration of such
"voluntary" levies must be particularized.
A new rate is also prescribed for the unemployment relief tax, which
every German citizen who is not destitute must pay in addition to his
income and other taxes. This new rate, it is declared, will ease the German
taxpayers collectively of a burden of 300,000,000 marks a year.
Under the new provisions an income of 100 to 250 marks for a single
man, which is not much above the subsistence level, is still assessed 1.5%
for unemployment relief, whereas incomes between 700 and 3,000 marks
monthly will pay 5.75%, and a maximum of 6.5% is reached with incomes
exceeding 3,000 marks a month.
One of the new laws decrees special assessments in auto taxes to foreigners
bringing their cars to Germany.
Balanced Budget Adopted in Reich—Cabinet Approves
Expenditure of 6,400,000,000 Marks, Increase of
600,000,000—New Laws Decreed.
The German Cobinet held a meeting on March 22 at which
it passed the budget for the fiscal year 1934-35, beginning
April 1. It also decreed a number of new laws of varying
scope, according to advices from Berlin, March 22, to the
New York "Times," in which it was also stated:
The budget is balanced at 6,400,000,000 marks, it is officially stated.
This amount is 600,000,000 marks more than the 1933-34 budget.
The increase in expenditure is mainly the result of items under the
Government's re-employment scheme, says a laconic official bulletin issued
late to-night. It gives no information on the distribution of expenditures,
however, and curiosity concerning what appropriations have been made for
the defense forces or aviation, for example, must remain suspended until
details are forthcoming.
The new budget follows the innovation established by the Hitler Government for the budget of 1933-34 by being restricted to Federal finances
proper, revenues redistributed to the exchequers of the States being excluded. If they were included, the budget would, of course, total a very
much larger figure. In the fiscal year 1932-33 this portion of the budgete]
expenditures totaled 8,200,000,000 marks.
Indicating that details of the laws were withraeld, the
advices went on to say:
The official communique issued to-night is no more detailed on the new
laws approved and from their mere cataloguing it is difficult to infer their
scope and importance. The most interesting seems to be one apparently
establishing governmental control of imports of raw materials and half.
finished goods needed by German industry.
Mar. 31 1934
"The supply of these necessities is to be secured to German industry on
the basis of the most equitable and advantageous allocation possible," says
the communique.
The law apparently is related to the pinched foreign exchange holdings
of the Reichsbank.
Another law aims at more consolidation and simplification of the Reich's
finances "better to meet the increased demands arising from the restoration
of the body economic." The communique merely mentions that the law
abolishes the hitherto separately carried funds for facilitating German.
exports and retiring the Reich revalorization loan, adding only that the
change is not to abrogate engagements already incurred.
Eight more laws are merely listed by name in the communique.
12% Dividend Declared by German Reichsbank—Bank
Reports Cut in Gross Profits.
A 12% dividend was announced on March 6 by the Reichsbank in its annual report covering activities in 1933, United
Press advices from Berlin, March 6, said.
The report said, however, that on account of the reduction in the interest
rate, the bank's profits would be only 106,700,000 marks ($41,053,200),
compared with 170,000,000 marks ($67,320,000 at current exchange)
in 1932.
The bank's staff has been increased to 13,903 workers, from 12,401,
owing to the complication of the bank's administration, due to "standstill"
debt payment agreements, transfer restrictions and similar measures.
The report emphasized that the Reichsbank had maintained the
stability
of the mark "amid international currency chaos," and said its
gold reserve
was chiefly due to repayment of foreign loans.
The Reichsbank's return for the year 1933 shows a gross
profit of 129,000,000 marks, against 186,000,000 marks in
1932. The drop is due to lower interest margins and to the
depreciation of the dollar and other currencies, said a wireless message, March 9,from Berlin to the New York "Times,"
which added:
The net profit of 40,000,000 marks was virtually
unchanged because from
the larger gross profit in 1932 there was allotted
58,000,000 marks to
budget reserve, whereas there was no such allotment in 1933.
At the end of 1933 the Reichsbank's liabilities in foreign
exchange were
only 3,764,000 marks against 373,302,000 marks at the end
of 1932. The
dividend was unchanged at 12%, costing 15,000,000 marks. The
Reich
also received 18,000,000 marks, and 4,000,000 marks were
added to legal
reserve.
United States Representatives at German Debt Discussions in Basle April 6—Laird Bell, Pierre Jay
and W. W. Cumberland to Attend Conference.
J. Reuben Clark, Acting President of the Foreign Bondholders' Protective Council, Inc., announced on March 28
that at the German debt discussions in Basle and Berlin
during April the Council would be represented by one of
its Vice-Presidents, Laird Bell, of Chicago, and by Pierre
Jay of New York, a member of its Executive Committee.
The announcement also said:
Mr. Bell represented the Council at the January Debt
Conference in
Berlin. He is a member of the law firm of Fisher, Boyden,
Bell, Boyd &
Marshall. Mr. Jay is Chairman of the Board of the
Fiduciary Trust
Company of New York. He was Federal Reserve Agent and Chairman
of
the Board of the Federal Reserve Bank of New York from
1914 to 1927.
From 1927 to 1930 he was in Berlin as the American member of
the Transfer
Committee and Deputy Agent General for reparation payments
under the
Dawes Plan.
An announcement on March 28 by Ralph T. Crane, of
Brown Bros. Harriman & Co., stated that incident to the
German debt discussions planned for April, the group of
banking institutions which issued German bonds announced
that they would be represented at these meetings by W. W.
Cumberland. Rogers S. Lamont of Sullivan & Cromwell
will also attend as legal counsel to Mr. Cumberland. Mr.
Crane's announcement continued:
"The creditor groups have thought it wise to confer among
themselves
advance of meeting with the German authorities. Accordingly,
the
British Committee, with American concurrence, has called a
meeting at
Basle for about April 6 to be attended by persons from the principal creditor
countries. This Basle meeting will presumably be followed
by a meeting
In Berlin.
"Since last July the service on German bonds has been on uni-lateral
a
and non-contractual basis. The Reichsbank has from time to time
asked
for meetings with persons who represented the point of view
of creditors
and, following such meetings, has itself determined and
announced the
basis upon which payments would be made on maturing coupons.
Three
debt conferences have been held. Following the first such conference held
In May-June 1933, interest payment on German bonds,
with certain exceptions, was placed on a basis of 50% in cash and 50% in scrip which
in turn
was yepurchased at 52% of par, giving a net yeld of about
76% of the
amount due. Following the December meeting tho basis was
reduced to a
net yield of about 65%, but following the January meeting this
decision
was reversed in favor of a basis giving a net yield of
about 76.9%. At
this latter conference, attended by representatives of the
Foreign Bondholders Protective Council, Inc. and issue houses, particular
consideration
was given to the disadvantage of German bonds being in
a condition of
chronic default which invited pressure from various quarters to
secure
preferential treatment, as in fact actually occurred in the case of certain
countries which negotiated with Germany trade agreements pursuant
to
which, in return for taking certain goods, couponholders of these countries
were paid in full. As the final outcome of the January conference
it was
announced by the American and British representatives and the Reichsbank
that 'It was undesirable that the problem of the service of the debt be
handled on a basis which leads to rediscussion at frequent intervals.' It
was accordingly proposed to convene a meeting in April 'in an endeavor to
arrive at a basis of dealing with the debt service which would eradicate
the weaknesses of the present system,' and the German Government gave its
undertaking that the April negotiations would be 'on the basis of no dis-
In
Volume 138
Financial Chronicle
crimination in favor of the creditors of any country and the cessation of
separate agreements.'"
Mr. Cumberland is a partner of Wellington & Co., New
York. He was attached to the American delegation at
the Paris Peace Conference as economic expert on reparation and financial matters; he acted as financial expert with
the United States High Commission to Turkey, 1919-1920,
and was foreign trade adviser of the Department of State,
1920-1921; he acted as financial commissioner to the Republic of Peru, 1921-1923; financial adviser to the Republic
of Haiti, 1924-1927, and financial expert for the Department of State in Nicaragua. 1927-1928.
Dr. Schacht of German Reichsbank Urges Wiping Out
or Writing Down of German Debts—Tells American
Chamber of Commerce of Berlin Germans Would
Otherwise Have to Stay Out of World Market—
Argued for 50% Cut in Debts at Annual Meeting
of Reichsbank.
Addressing the American Chamber of Commerce of Berlin
on March 16 at its annual dinner at the Hotel Adlon, Dr.
Hjalmar Schacht, President of the Reichsbank, said advices
from Berlin to the New York "Times," delivered a plea that
was also an ultimatum to Germany's creditors for the further
writing down, if not entire wiping out, of her commercial
debt on the ground that its inception was political.
Unless Germany's debts were written off, he said in effect,
to quote from the account to the "Times," Germany would
be compelled to remain out of the world's markets, and he
argued that this would spell disaster to any revival of world
prosperity. His alternative was that if the world expected
Germany to pay her debt it must buy her goods. Regarding
Dr. Schacht's remarks, the advices, March 16, to the
"Times" continued in part:
Pays Roosevelt Tribute.
As the guest of honor of the American Chamber of Commerce to-night
he was introduced by Henry Mann, its Vice-President, as "the master mind
of finance," and was warmly applauded. Quite early in his speech he
paid warm tribute to President Roosevelt as the one man in the world
with an adequate appreciation of the international problem and ready to
tackle it."
"Though infected by the British example, the President at first thought
to deal with this problem by the ineffectual means of devalorization of the
currency, he has never lost sight of the fact that the revival of the primary
producers' market must be the starting point of the world's economic
recovery," Dr. Schacht said.
"For Britain, France and South America and for Eastern Europe as
well as Germany this is one of many problems, but in the view of the President of the United States it has become consolidated as the world's problem
because the United States has become the world's chief creditor country.
"Between 1929 and 1933 world trade declined by two-thirds from 277,000,000,000 to 97.000.000,000 marks. In line with this, Germany in 1929
imported 7,200.000.000 marks' worth of raw material and in 1933 only
2,400,000.000 marks' worth.
"If President Roosevelt were to succeed in finding reliable buyers at
stable prices for the most important primary products of his own country
and of those in which the United States is interested as a creditor, that
would spell not only recovery for American farming but also for those South
American countries in the prosperity of which the United States, as well
as other industrial countries, especially Germany, has a direct interest."
Stresses Need of Price Rise.
However, Dr. Schacht went on to emphasize, any further retrenchment by Germany in the world raw materials market would necessarily
involve the slowing up, if not the complete check, of the rise in prices only
just begun.
Two processes, he said, were necessary for restoring the world's body
economic—first, maximum restimulation of each country's individual producing power, and, second, as the ulterior goal, the restimulation of world
trade. Then he passed to the real point of his speech.
"We in Germany have created the domestic foundation that is a prerequisite for the revival of world trade." he said. "But for the getting
that world trade going again a further prerequisite is the liquidation of
international indebtedness.
"I see a possibility of having the solution of this problem connected
with the amelioration of the raw materials market envisaged by President
Roosevelt. To date we have constantly blocked improvement in the latter
by everlastingly trying to liquidate debts accruing from the past. But
these debts can be paid off only through a business revival to come; they
cannot liquidate on the basis of the existing petrification.
Pledges Aid to President.
"The politicians have blockaded the world's economic recovery with
political debt agreements. The theoreticians have left it stuck in currency experiments, forgetting that money is only a veil put on the interchange of goods. It is the President of the United States who has redisclosed the kernel of the problem. I wish and hope that he may have the
power for solving it. In Germany he will find a willing co-worker."
Dr. Schacht attributed the failure of the many international economic
conferences to the fact that "the nightmare of political debts continued
and continues to weigh on the world's trade." He cited the Dawes Commission as contending 10 years ago that international debts could be paid
only in goods or services and that international loans could not alter that
fundamental fact. He added that the first of these points was gradually
gaining international recognation, but not the second.
"In the well-known Layton report on the 1931 Basle conference," he
went on, "you can read for yourselves that 10,300.000,000 marks of these
commercial loans never found their way into German business but were
used directly for effecting reparation payments. Yet these 10.300.000.000
marks of debts still live on in a commercial shape.
Sees Debts Used by Industry Paid.
"When you add the interest we have paid on that amount since 1924,
when you take into consideration further that our debt abroad now totals
2163
only 15,000,000.000 marks, you can see that Germany's total present
all inforeign debt corresponds exactly with its political origin, whereas
debtedness which has been used not for reparations but for German industry
has been paid back in full.
im"The fact that this state of affairs has sprung from politics seems
material to the business world. It does not care much who is responsible
for such a development. But what should not be indifferent to the business
world is the circumstance that this pile of debts blocks the way to the
future ill that it forces all governments and all economic organizations
everlastingly to occupy themselves with the concerns of the past. The
whole world is crying out for new economic activities, but is held back
by this deadweight of debts tied to its leg.
"We all know how such a situation is dealt with in ordinary business.
In individual business enterprise bad debts are written off as a preliminary
to new enterprise.
"Uncomfortable though it seems for the owners of bonds issued by the
distressed debtor countries that these debtors have got into difficulties,
there is a certain advantage to world economy when one can deal with
private instead of political creditors, for private individuals are fortunately
much more reasonable and amenable to business considerations than
politicians.
"And I therefore believe that an attempt must be made for reaching
an agreement between the debtor countries and their private creditors.
For Germany this is indeed an imperative necessity."
Stresses Repayment of Gold.
Reviewing the past tribulations of the Reichsbank with respect to the
foreign debts, Dr. Schacht asserted, first, that it had paid back all the
gold borrowed abroad "with an unprecedented profit for the banks of issue,"
and, second, that it had established foreign exchange control.
If the latter had failed to augment the gold holdings of the Reichsbank,
Dr. Schacht declared, that was because of the fact that "as honest debtors
eager to pay we tried to give our creditors as much as possible and therefore
fixed the transfer quota at 50%."
of our
"When last December we again met with the representatives
Reichscreditors." he continued, "they declared singularly enough that the
exchange situation
bank lacked proper judgment concerning the foreign
in Germany and that according to their better insight the continued payment of 5()% involved no hazard whatever for the Reichsbank.
Reichs"Yet since the time of that declaration, from Dec. 31 to date, the
bank has lost 112,000,000 marks in gold and coverage bills. This shrinkage
in gold and exchange, which on
amounts to 31% of the Bank's holdings
Dec. 31 stood at 396.000,000 marks and to-day amounted to only 247.gold and bills
000,000 marks. Last week alone we lost 45,000,000 marks in
of exchange and our currency coverage now—in both kinds—amounts
to only 8%.
only
"This course of developments forces us to take new measures not
The imin our own interest but in that of world business as a whole.
of exchange
mediate consequence will have to be restrictions in making bills
necessity
available for imports to Germany. But I can even envisage the
of taking measures for the restriction of imports."
Says World Needs Her Consumers.
"Now right here, gentlemen, the question of whether world trade is to
Germany
revive or not is reopened," Dr. Schacht concluded. "Whether
wholly
is regarded in the outside world with sympathy or antipathy is
abstention of 66.000,000
immaterial in comparison with the fact that the
first-class consumers from the world's markets would spell disaster to
world economy.
"The outside world everlastingly talks of Germany's having an autarchic
tendency. As a matter of fact, Germany is not doing this voluntarily
but has been forced into it by a senseless debt policy.
"We desire nothing more than to engage in international trade, which
longer
would profit the world as well as ourselves. But at this time we no
interest
can buy in the world's markets because we have been forced to pay
never received value."
beyond our means and pay debts for which we
for the
American bankers in Berlin interpret this speech as preparation
Schacht
April meeting of Germany's long-term creditors abroad, when Dr.
Geris expected to make an offer on the basis of the present value of the
man bonds abroad. For instance, he may offer to pay 4. 5 or 6% service
the face value of $100. People
on the $50 present market value, but not on
who bought the bonds at, say, $40 would be thus entitled to service on
$40 but not on $100.
Dr. Schacht's contention, the bankers say, is in substance: your debt
is a political debt. All that Germany owes privately was really for political account.
Dr. Schacht, at the annual shareholders' meeting of the
Reichsbank on March 9, asserted that world trade could not
be set going again until after Germany's foreign obligations
had been written off by more than 50%. Further advices
are taken as follows from a wireless message from Berlin
March 9 to the New York "Times":
"The load of foreign debts that Germany is carrying and to which the
Reichsbank owes the sad state of its foreign exchange holdings derives more
than half its aggregate from the Versailles dictatoship," he declared.
"These debts must therefore be reduced correspondingly if international
trade is to pick up again."
The only gain in the foreign exchange situation that the Reichsbank
could record, Dr. Schacht said, "is the fact that foreign countries are
beginning to have a better understanding of our condition."
'They have come to realize that Germany's dropping out as a buyer
would painfully influence the primary producers' market," he concluded.
In the United States particularly this interconnection is now receiving
attention in widening circles."
Dr. Schacht of German Reichsbank Heads Commission
Created by Chancellor Hitler for Control of Money
Market.
In Associated Press advices from Berlin March 9 it was
stated that Chancellor Hitler has created a Commission
for control of the capital money market with Dr. Hjalmar
Schacht as Chairman, the President of the Reichsbank
announced. It was added that Dr. Schacht, in addressing
the annual meeting of the bank, explained that the Commission would have discretionary powers. He said that despite
the transfer arrangement and Capital Flight Law the exchange situation had not improved.
2164
Financial Chronicle
Germany and Russia Agree On Exchange—Protocol
Signed After Soviet Fails to Get Reich to Take
More of Its Exports.
The trade relations between Germany and the Soviet have
just been subjected to a complete overhauling, and a protocol
signed here now definitely regulates the problem of exchange
between the countries, said a Berlin message, March. 27, to
the New York "Times," which further reported:
The Soviet will continue to meet German obligations with German and
foreign currency, in gold and reiahsmarks, the latter being made available
out of permits to German citizens for imports from Russia.
The present Soviet indebtedness to Germany amounts to 650,000,000
marks, despite the drop in German deliveries during 1933 and the past
three months. The Russians predict that this indebtedness will be wiped
out this year, after which they hope to be able to establish their commercial relations with Germany on a new basis. They still have a
credit
of about 85,000,000 marks at their disposal with German banks.
In the negotiations just concluded the Soviet was unable to
make any
headway in its demands for an increase in German imports from
Russia.
Poland and Germany Sign Trade Agreement, Ending
Nine-Year "Tariff War"—Pact Initialed at Warsaw
Is Outcome of Non-Agression Declaration—Removes Various Restrictions on Commerce Between
Two Nations.
A nine-year "tariff war" between Poland and Germany
was ended March 7 when a trade agreement between
the
two countries was signed at Warsaw by Foreign Minister
Joseph Beck of Poland and Hans Adolf von Moltke, the
German Ambassador. The pact is an outcome of the nonaggression declaration that was signed last January. It
is in the form of a protocol which removes restrictions and
import prohibitions imposed by both Nations since Germany
placed an embargo on Polish coal in June 1925. A wireless
message of March 7 to the New York "Times" from Warsaw
summarized the principal provisions of the new agreement
as follows:
First of all, the Germans will not apply their maximum
tariff to Polish
goods and the Poles will remove their prohibitive tariff
and embargoes on
German goods. Quotas for certain
Pollsh raw materials and German industrial products are granted. Polish oil products,
lumber and steel will
be readmitted to the German market, which is expected
to bring about an
increase of 25 to 30% in turnover. Coal and farm products
are not included
in the agreement.
The tendency will be to balance mutual exports slowly
so as not to damage trade relations with other nations. and gradually
Cancel Transit Curbs.
Moreover, the Germans have canceled the transit restrictions
on livestock sent by Poland to France and Belgium, to which
countries the Poles
have hitherto been obliged to ship by way of Switzerland.
Poland for her part cancels her embargo on imports and
goods in transit
coming by way of German ports.
.
As a preliminary to this accord. Polish and German
shipping interests
agreed upon revision of the proportions of the freight carried
between the
ports of Gdynia and Danzig and those of Hamburg and Bremen.
However,
the preference for overseas goods such as cotton shipped via
Gdynia will
remain in force.
Another convention was signed in Dusseldorf by representatives
of the
Polish and German iron industries for the exportation of Polish
steel to
Germany and German scrap iron to Poland.
The trade protocol is to last indefinitely, but negotiations will probably
continue for a regular trade convention on the lines of the abortive
treaty
of 930, which the Poles ratified but the Germans refused to ratify.
Mar. 31 1934
wealth, were taken over on March 12 by the Government's
Industrial Reconstruction Institute, the Government thus
taking out of the hands of the banks control of the financing
of the country's industrial enterprises. Associated Press
advices from Rome March 12 had the following to say:
Henceforth Italian banks will engage in commercial banking only and
industrial financing will be conducted by the Government Institute and
the industries themselves through stock issues approved by the Government.
Because Italian investors generally prefer State securities to industria
stock, it was considered likely that a large share of the financing will devolve upon the Government.
An official communique to-day announcing the change was said by bankers to be the first step in the further reorganization of banks whereby
short-term industrial loans, such as those for financing the purchase of
raw materials, will be concentrated in the hands of Italy's three largest
banks, the Banca Commerciale Italians, the Credito Itallano and the Banco
di Roma.
A reduction in the reserves of the three institutions, mentioned in today's announcement, was explained by the fact that the banks must turn
over this portion of their reserves to the Industrial Reconstruction Institute to compensate for a depreciation in the face value of industrial loans of
which the Institute has relieved them.
The communique said the Institute had taken over industrial loans of the
three banks, comprising 75% of the Kingdom's banking wealth.
The Institute corresponds to the United States Reconstruction Finance
Corporation and has assumed all risk in connection with these loans. It
will gradually liquidate them and return capital to the money market.
An item bearing on the Institute appeared in these columns Nov. 11, page 3407.
Loan to China by RFC for Cotton and Wheat Reduced
from $50,000,000 to $20,000,000.
A out of $30,000,000 in the loan to the Chinese Government by the Reconstruction Finance Corporation is announced. The loan, originally fixed at $50,000,000, is reduced to $20,000,000, a statement to this effect having
been issued as follows on March 26 by Jesse H. Jones, Chairman of the RFC:
Toe $50.000,000 loan to the Chinese Government authorized by the
RFC in May 1933, $40,000,000 of which was to be expended for cotton
and $10,000,000 for wheat from the Northwest, has been reduced, by
agreement between the Chinese Government and the RFC,to $20,000.000;
$10,000,000 for cotton, shipment of which will be completed by July of
this; $8,000,000 for Noithwestern wheat, shipment to be completed by
July, and $4,000,000 for Northwestern wheat, milled into flour in this
country, shipment to be completed at the option of RFC, by December
of this year.
$8,291,221.64 of the loan has been disbursed and $441,393.84 repaid.
All conditions of security for payment, as well as that the commodities
are to be consumed to China, are retained in the amended contract.
Koki Hirota, Japanese Foreign Minister, and Secretary
of State Cordell Hull Exchange Good-Will Messages—Communications Stress Mutual Desire for
Peace and Traditional Friendship of United States
and Japan—Latter Nation Pictured as Shunning
Trouble with Others—Text of Notes Made Public
by State Department.
Expressions of mutual good will and a desire to settle
any outstanding issues between the United States and
Japan were contained in communications on the general
subject of relations between the two countries exchanged
by Secretary of State Cordell Hull and Koki Hirota,Japanese
Reich-Danish Pact Signed—Reciprocal Exchange of Foreign Minister. The Department of State on March 21
made public an "informal and personal" message to Mr.
Goods Is Gain for Denmark.
After a critical year in Danish-German trade, chiefly dua Hull from Mr. Hirota, together with the former's reply.
to increasing German import restrictions, a commercial Both notes showed great friendliness and neither criticized
agreement was signed at Copenhagen, March 3, it was re- the policies or actions of the other nation. Mr. Hirota
ported in advices on that date from Copenhagen to the New said that from time to time he would communicate to
Mr. Hull his "thoughts as to the necessity of promoting
York "Times" which also had the following to say:
It gives Denmark an annual export quota of dairy products and eggs our traditional friendship." Mr. Hull, in his reply, said
about the same as the 1933 total, besides eight times more cattle at
that he would be glad to receive "any suggestions calguaranteed prices.
culated to maintain and to increase that friendliness and
The agreement is based upon reciprocal exchange of goods, and its final
Purpose is to combine all the previous commercial treaties. A representative
cordiality which have constantly marked, since the conof the German Ministry of Agriculture, Dr. Winther,says the agreement is a
clusion of our first treaty, the relations between our two
further step in the fulfillment of the German policy which has already been
countries." This was the first time in two years that an
expressed in the Dutch and Hungarian commercial agreements with Germany and in the pending Polish-German agreement.
American Secretary of State and a Japanese Foreign Minister
exchanged direct communications on this subject.
The text of the messages exchanged between Mr. Hirota
Danzig Enters into Trade Treaty with United States.
The Free City of Danzig has become a contracting party and Mr. Hull, as made public by the State Department
in the trade treaty between the United States and Poland, March 21, follows:
Text of informal and personal message from Mr. Hirota, Minister for
the State Department at Washington announced on March
12. It is pointed out that the treaty with Poland was signed Foreign Affairs of Japan, handed to the Secretary of State of the United
States by the Japanese Ambassador, Mr. Hirosi Salto, Feb. 21 1934.
on June 15 1931. Under the Treaty of Versailles, Poland is
JAPANESE EMBASSY.
charged with conducting the foreign affairs of the Free City
Washington.
of Danzig.
Informal and personal message from Mr. Hirota, Minister for Foreign
Affairs, as telegraphed to Mr. Saito, the Japanese Ambassador.
Industrial Loans of Three Largest Banks in Italy
Taken Over by Government's Industrial Recon- To the Honorable
The Secretary of State:
struction Institute—Banks Hereafter to Engage
It is a significant fact that ever since Japan and the United States opened
Only in Commercial Banking.
their doors to each other, exactly
All industrial loans of Italy's three largest banks, the always maintained a relationship of80 years ago, the two countries have
friendliness and cordiality.
It Is a matter for gratification to both our countries that they produce
Banca Commerciale Italiana, the Credito Italiano and the
very few commodities which represent conflicting interests in their foreign
Banco de Roma, comprising 75% of the Kingdom's banking trade, that each supplies what the other wants, that they are
good cue
tomers of each other's products, and that they are strengthening their
relation of inter-dependence year after year.
I firmly believe that viewed in the light of the broad aspect of the situation and studied from all possible angles, no question exists between our
two countries that is fundamentally incapable of amicable solution. I
do not doubt that all issues pending between the two nations will be
settled in a satisfactory manner when examined with a good understanding
on the part of each of the other's position, discussed with an open mind
and in all frankness, and approached with a spirit of co-operation and
conciliation.
I can state with all emphasis at my command that the Japanese Nation
makes it its basic principle to collaborate in peace and harmony with
all nations and has no intention whatever to provoke and make trouble
with any other Power.
It is the sincere desire of Japan that a most peaceful and friendly relation
will be firmly established between her and her great neighbor across the
Pacific, the United States. And to this end I have been exerting my best
efforts since I took the post of Foreign Minister.
I am happy, therefore, to avail myself of the occasion of the arrival
in your country of Mr. Saito, the new Ambassador, to lay before you
through him, Mr. Secretary, my thoughts as to the necessity of promoting
our traditional friendship as above.
I hope and believe that the desire of the Japanese Government in this
respect will be reciprocated by a full support and countenance on the
part of your Government.
Secretary Hull's Reply.
Secretary Hull's reply, handed to Ambassador Saito on
March 3, follows:
Mr. Saito, the new Ambassador of Japan to the United States, has
delivered to me the personal and informal message which you have been
so good as to send me.
The cordial sentiments which you express in this message I highly
appreciate and reciprocate.
I have not failed to note, with gratification, your Excellency's effort to
foster friendly relations with other Powers. In all such efforts I am sure
that you realize that you may rely upon me for the fullest possible measure
of co-operation.
You express the opinion that, viewed in the light of the broad aspects
of the situation and studied from all possible angles, no question exists
between our two countries that is fundamentally incapable of amicable
solution. I fully concur with you in that opinion.
Further, I believe that there are in fact no questions between our two
countries which, if they be viewed in proper perspective in both countries,
can with any warrant be regarded as not readily susceptible to adjustment
by pacific processes. It is the fixed intention of the American Government
to rely, in prosecution of its national policies, upon such processes.
If unhappily there should arise in the future any controversy between
our two countries, the American Government will be prepared, as I believe
It always has been in the past, to examine the position of Japan in a spirit
of amity and of desire for peaceful and just settlement, with the confident
expectation that the Japanese Government will be prepared to examine
the position of the United States in the same spirit.
You refer to the gratifying fact that in the field of trade the interests
of our two countries are not in conflict and commercial ti:s are being
constantly strengthened.
I perceive every reason to anticipate that the United States and Japan
will continue to develop their reciprocal trade with benefit to both countries
and, where there may be competition, with constant reciprocal good will.
You state emphatically that Japan has no intention whatever to provoke
and make trouble with any other Power. I receive this statement with
special gratification, and I am glad to take this opportunity to state
categorically that the United States on its part has no desire to create any
Issues and no intention to initiate any conflict in its relations with other
countries.
In the light of these facts I feel that I should also avail myself of this
opportunity to express my earnest hope that it may be possible for all
of the countries which have interests in the Far East to approach every
question existing or which may arise between or among them in such
spirit and manner that these questions may be regulated or resolved with
injury to none and with definite and lasting advantage to all.
I shall of course be glad to receive through the Ambassador of Japan
to the United States or the Ambassador of the United States to Japan,
any suggestions calculated to maintain and increase that friendliness and
cordiality which have constantly marked since the conclusion of our first
treaty the relations between our two countries.
You may count upon my earnest desire to favor any measure or steps
which may be practicable toward this end and toward fostering at the
same time relations of peace, good will and general benefit among all
members of the family of nations.
A Washington dispatch March 21 to the New York
"Times" added the following comment on the interchange
of notes:
In reply to questions to-day, Mr. Hull said no further developments
of any character had taken place in the relations between this country
and Japan since the notes were exchanged. He indicated that the Japanese
Government had made no official or unofficial approach to American
authorities on such questions as preliminary naval conversations to precede
the naval conference scheduled for 1935, the revision of Japanese immigration legislation, or recognition of Manchukuo.
Other officlas gave the impression that the initiative in such discussions
would have to come from Japan, if they were to materialize.
Commenting to-day on the exchange of notes, Secretary Swanson expressed the opinion that such preliminary talks would provide a better
chance for success for the 1935 naval treaty ratio conference. These
preliminary discussions, in his opinion, however, should be held with all
the signatory Powers concerned.
Asked whether he was still opposed to any increase in existing ratios,
he replied:
"Yes, but I think it wise to have a discussion before they meet. I
think there is a large chance of success with preliminary talks. The
proposition, as I took it, at Geneva, was to reduce our navy in all classes
provided the ratios were maintained. I still adhere to it that that was
the wise policy of the United States."
The London Naval Treaty of 1930 automatically expires at the end of
1936, and provides for the 1935 conference to be held. The Washington
Naval Treaty of 1922 requires denunciation by its signatories before the
end of 1934 for it to terminate at the end of 1936. It is presumed that
such denunciations will be forthcoming, so the naval ratio question can
be tackled afresh.
It was generally felt that the exchange of notes between the responsible
foreign service heads of the two countries had greatly facilitated the holding
2165
Financial Chronicle
Volume 138
of discussions on such subjects as were desired, and that further developments might be expected soon.
Decree Signed By President Mendieta of Cuba Authorizing Issuance of $10,000,000 in Silver—Minting of
Money in United States Through Arrangements
With Cuban Export-Import Bank of Washington.
Supplementing the item in our issue of March 24, page •
1994, regarding the plans for minting of silver for Cuba,
United Press advices from Havana March 23 to the New
York "Journal of Commerce" stated:
A 'evolving credit arrangement authorized to-day ended, temporarily
at least, hopes for a United States loan to liquidate indebtedness and
finance an immediate public works program.
President Carlos Mendieta signed a decree providing for the minting of
10.000.000 silver peso in the United States and the issuance of silver
certificates to be paid in instalments of 2,000,000 pesos by the Cuban
Treasury with American paper dollars. The decree provides for using the
-Import Bank of Washington "or other bank or agency of
Cuban Export
credit." The operation authorized to-day is not actually a loan, but a
revolving credit in which the bank 'bars no more than $800,000 at any
time. Another decree annulled an edict of former President Grau authorizing silver coinage and certificates totaling 20,000,000 pesos.
Colombia To Buy Gold—Fixes Premium Rate for
Resale By Bank to Government.
It was stated in Bogota advices, March 27, that a legislative decree for national defense adopted on March 6 requires
20% of the Bank of the Republic's purchases of gold and
foreign exchange on and after April 1 be made at a premium
of only 13% for resale to the national government at the
same rate. These advices, contained in a cablegram to the
New York "Times" added:
At present dollar exchange and gold are commanding premiums in the
open market of 60 and 156%,respectively. Silver coinage will be increased
five or six million pesos in face value,according to to-day's press.
Brazil Clarifies Gold Clause—Explains Obligations of
Some Contracts Are Unaffected.
From Rio de Janeiro, March 26, advices to the New York
"Times" stated:
A decree issued Nov. 27 and interpreted as voiding the gold clause in
Brazilian contracts, which brought protests from foreign public utilities
operating here and diplomatic pressure, was again a subject of discussion
to
-day as a result of a ruling that certain obligations entered into before
Nov. 29 called for gold liquidation.
Public utility officials declared this I uling sir engthened their argument
that the decree of Nov. 27 could not apply retroactively to existing contracts, but they feared it would be construed only to require gold payments
for bills rendered up to the date of the decree.
Renewal of Argentine Loan.
Associated Press advices from Buenos Aires March 28
said:
The Argentine Government to-day renewed with American bankers a
short-term loan of $16,458,750 for five years, with half-yearly maturities,
making a total of nine services of interest and amortization.
The Chatham Phoenix Corp., Brown Brothers and Harriman & Co.
were the banking firms. Originally the amount of the loan was $18.287,500.
but 10% of it has been redeemed. Agreed rates of interest are from 2 to
2%% up to 4%. The average interest amounts to 3.65.
Brazil Issues Decree Regulating Payment of Foreign
Commercial Drafts—Drawees Must Deposit Amount
in Milreis at Maturity Instead of Awaiting Coverage.
A decree regulating the payment of foreign commercial
drafts was issued on March 26, it was stated in a cablegram
from Rio de Janeiro on March 27 which also had the following
to say:
It requires that the drawees deposit the amount of the draft in milreis
with the holding bank at maturity, guaranteeing to pay the difference
when final coverage is given by the Bank of Brazil. If the draft is protestable and the drawee fails to make the deposit, automatically the draft
goes to protest. Heretofore the drawee has not been compelled to make
a deposit in advance, paying only when coverage was obtained. As a result
some took 60 to 90 days extra. Recently some foreign exporters have
drawn at 30 days, figuring on 60 to 90 days before coverage could be
obtained and thereby receiving their money on time. •
The new ruling, it is feared, may embarrass commerce, as it becomes
necessary to post the deposit virtually on sight.
Heretofore it has been doubtful in case of bankruptcy whether the
deposit belonged to the bank or to the creditors. The new ruling clears
up this issue in favor of the bank or drawer.
Rulings by New York Stock Exchange on6% External
Sinking Fund Bonds of Brazil.
The following announcement was issued on March 27 by
Ashbel Green, Secretary of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Committee on Securities
March 27, 1934.
Notice having been received that the interest due April 1 1934 on United
States of Brazil 6%% external sinking fund bonds of 1926, due 1957, will
not be paid in cash but that provision has been made for payment in 20 rear
funding bonds of 1931.
The Committee on Securities rules that the bonds be quoted ex the April 1
1934 coupon on Monday April 2 1934.
2166
Financial Chronicle
That the bonds shall continue to be dealt in "flat" and to be a delivery
in settlement of transactions made beginning April 2 1934 must carry the
Oct. 1 1934 and subsequent coupons; and
That funding bonds or fractional certificates therefor received in payment
of coupons shall not be deliverable with the bonds.
ASHBEL GREEN, Secretary.
Country's Foreign Trade in February-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on March 28 issued its statement on the
foreign trade of the United States for February and the two
months ended with February with comparisons by months
back to 1929. The report in full follows:
TOTAL VALUES OF EXPORTS, INCLUDING RE-EXPORTS AND
GENERAL IMPORTS.
(Preliminary figures for 1934 corrected to March 26 1934.)
MERCHANDISE.
February.
2 Months Ending Feb.
1934.
EXPORTS AND
1,000
Dollars
101,515
83,748
1,000
Dollars
335,029
268,489
1,000
Dollars
222.104
179.754
1,000
Dollars
+112.925
+88,735
29,867
Excess of exports
Excess of imports
1933.
1,000
Dollars
162,805
132,938
Exports
Imports
1933.
Increase(+)
Decrease(-)
17,767
66,540
42,350
1934.
MPORTS OF MERCHANDISE, BY MONTHS.
1934.
1933.
1,000
1,000
Dollars. Dollars.
Exports.Incl.11e-expts.January
172,224 120,589
February
162,805 101,515
March
108,015
April
105,217
May
114,203
June
119.790
July
144,109
August
131,473
September
160,119
October
193,069
November
184,256
December
192,638
1930.
1931.
1932.
249,598
224,346
235.899
215,077
203,970
187,077
180,772
164,808
180,228
204,905
193,540
184,070
410,849
348,852
369,549
331,732
320,035
294,701
266,762
297,765
312,207
326,896
288,978
274,856
488,023
441,751
489,851
425,264
385,013
393,186
402,861
380,564
437,163
528,514
442,254
426,551
2 monthsending Feb. 335,029 222,104 303,994 473,944 759,701 929,774
8 months ending Feb. 1,340,693 993,108 1 412,317 2,241,4,8 3.377,608 3,680.142
12 months ending Dec.
1,674,994 1,611.016 2,424,289 3.843,181 5.240,995
General Imports
January
February
March
April
May
lune
July
August
September
Dctober
November
December
135,551
132,938
96,006
83,748
94,860
88,412
106,869
122,197
142,980
188,918
146,643
150,867
128.541
133,518
135,520
130,999
131,189
128.522
112.276
110,280
79,421
91,102
98,411
105,499
104,468
97.087
183,148
174,946
210,202
185,706
179.694
173,455
174.460
166.679
170,384
188,708
149,480
153,773
310,968
281.707
300.460
307.824
284,683
250,343
220,558
218,417
226,352
247.367
203,593
208,636
368,897
369.442
383,818
410,666
400,149
353,403
352,980
369,358
351,304
391,063
338,472
309,809
2 months ending Feb. 268,489 179,754 266.519 358,094 592,675 738,339
8 months ending Feb. 1.125,956 755,742 1,250.003 1,683,017 2.705.881 2,743,851
12 monthsending Dec.
1,449,559 1,322.774 2,090.635 3.060.908 4.399.361
TOTAL VALUES OF DOMESTIC EXPORTS AND IMPORTS FOR •
CONSUMPTION OF THE UNITED STATES.
MERCHANDISE.
DOMESTIC EXPORTS AND IMPORTS FOR CONSUMPTION BY MONTHS.
1934.
Domestic ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
1931.
1930.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
169,581 118,559 146,906 245.727
99,423 151,048 220,660
159,671
106,293 151,403 231,081
103,265 132,268 210,061
111,845 128,553 199,225
117,517 109,478 182.797
141,573 104,276 177.025
129,315 106,270 161,494
157,490 129,538 177,382
190,842 151,035 201,390
181,291 136,402 190,339
189,808 128,975 180,801
1929.
1,000
Dollars.
404,321
342,901
363.079
326,536
312,460
289,869
262,071
293,903
307,932
322,676
285,396
270,029
1.000
Dollars.
480.382
434,535
481,682
418,050
377,076
386,804
393,794
374,533
431,801
522,378
435,380
420,578
2 months ending Feb. 329,252
8 months ending Feb_ 1,319,571
217,982 297,954 466.387 747,222 914,017
974,477 1,386.385 2,208,393 3.325.786 3,620.339
Importsfor Consunip lion
January
128,776
125,292
February
March
April
May
June
July
August
•
September
October
November
December
92,718
84,164
91,893
88,107
109.141
123,931
141,018
146,714
147,599
149,288
125,289
124,318
2 months ending Feb_
a Tranntho .n.400. r...t.
134,311 183,284 316,705
129,804 177,483 283,713
130,584 205,690 304,435
123,176 182,867 305,970
112.611 176.443 282,474
112,509 174,516 314.277
79,934 174,559 218,089
93,375 168.735 216,920
102,933 174,740 227,767
104,662 171,589 245,443
105,295 152,802 196,917
95,898 149,516 201,387
176.882 264,115 360,767
„
GOLD AND SILVER.
254,068
1 0042 070
600,418
368,872
384,188
371,215
396,825
381,114
350,347
347,133
372,757
356,512
396,227
332,635
302,692
723,060
704 070 I OCR IlSk I 0117 070 9 700 77A 9 700 000
•
•
February.
2 Months Ending Feb.
,
1934.
Increase(+)
Decrease(-)
1934.
ColdExports
Imports
l'-- ot
Excess of exports
Excess of imports
Silver
Exports
Imports
Excess of exports
nf Imnnrtv
FrPP.
1933.
1,000
Dollars.
51
452.622
1,000
Dollars.
21,521
30.397
1,000
Dollars.
4,765
454.570
1.000
1,000
Dollars. Dollars.
21,535
-16,770
158,876 +295,694
452.571
8,876
449,805
137,341
734
2,128
209
855
1,592
5,721
1,760
2,618
1 204
540
41.0
552
1933.
Gold.
1934.
Exports
January
February
March
April
May
June
July
August
September
October
November
December
1933.
1932.
Silver.
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
859 1,551 1,611 3,571
59
•
51 21,521 128.211
14
734
209
942 1,638
•
28,123 43,909
26
967 2,323
269
•
16,741 49,509
27
193 1,617 3,249
•
22.925 212,229
628
235 1,865 2.099
4.380 226,117
40
343 1,268 1,895
•
85,375 23,474 1,009
828 2,305
2,572
81.473 18,067
7,015
39
433 2,024
•
58.282
60 28.708
3,321
868 2,183
•
39.046
61 398,604
2,281 1,316 2,158
16 4.994
2.957
464
875
872
13 32,651
10,815
590 1,260 2,168
2 mos.end. Feb
4,766 21.535 236,074
68 1,593 1,760 2,553 5,209
8 mos.end. Feb 277.714 63.226 702,079 106.373 17.834 7,340 14,263 29,364
12 mos.end.Dec
366,652 809,528 466,794
19,041 13,850 26,485
Imports
January
February
March
April
jMuan
July
August
September
October
November
December
1,947 128,479 34,913
452,622 30,397 37,644
14.948 19,238
6,769 19,271
1,785 16,715
1,137 20,070
1,497 20,037
1.085 24,170
1,545 27,957
1,696 20,674
1,894 21.756
1,687 100,872
34.426
16.156
25,671
49,543
50.258
63.887
20.512
57,539
49.269
60,919
94,430
89,509
3,593
2,128
1,763
855
1,693
1.520
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
2 mos.end. Feb. 454,569 158,876 72.557 50,582 5.721 2,618 4,106 4.773
8 mos.end. Feb. 464,253 374,341 444,735 214,437 39,369 11,514 18,735 24,261
12 mos.end. Dec.
193.197 363.315 612.119
60.225 19.650 28.664
1929.
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars. Dollars.
150,022
153.972
154,878
135,095
131.899
114.148
106.830
108,599
132,037
153,090
138,834
131,814
Mar. 31 1934
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
-168
+3.103
Philippine Independence Bill Signed by President
Roosevelt-Legislature of Islands Plans to Accept
Measure May 1-Official Celebration Greets Announcement in Manila-Secretary Dern Warns
Against Premature Taxation of Philippine Imports.
President Roosevelt on March 24 signed the TydingsMcDuffie bill, providing complete independence for the
Philippine Islands in between 12 and 14 years, and members
of the Philippine independence mission who were in Washington announced that the provisions of the measure would be
accepted May 1 by their Legislature. Manuel L. Quezon,
President of the Philippine Senate who headed the mission,
said that his group would sail from the United States for
home April 7. News of the signing of the bill was greeted
with blowing of whistles and ringing of bells in Manila, but
press dispatches from that city said that aside from this
formal celebration, the announcement from Washington
awakened little general enthusiasm. Passage of the bill in
House and Senate was noted in our issue of March 24, page
1994. Associated Press advices from Washington, March 24
noted the final approval of the bill as follows:
Senator Tydings, co-sponsor of the measure, said May 1 had been designated as acceptance date for the bill to honor the memory of Admiral
Dewey, who steamed in, destroyed the Spanish armada and took Manila
Bay on that date in 1898.
Enactment of the measure came almost exactly 33 years after American
troops captured General Emile Aguinaldo to end the Filipino insurrection
on March 23 1901. General Aguinaldo now lives in comparative pensioned
retirement, but still is an important figure in island politics.
Signing of the bill, which is a re-enactment with a few modifications of
the Hawes
-Cutting Law which passed Congress 14 months ago, was
accompanied by a warning from Secretary Dern against taxation of Philippine imports prior to independence.
"We still have obligations to these people, and trade restrictions such as
proposed now in a bill before Congress would violate the spirit of this act,"
said the Secretary after he witnessed signing of the law.
He referred to the proposed application of a 3 cents a pound excise tax
on Philippine cocoanut oil, contained in the general revenue bill now before
the Senate.
Recalling he had already voiced Presidential objections to this taxation,
the Secretary said:
"We ought not to spoil our fine record in the Philippines through an
unjust taxation act at the last minute. An excise tax is equivalent to a
tariff and we have no right to apply the tariff to these islands until they
become free."
The law provides for Milted States withdrawal of all military bases in the
Islands after independence. Secretary Dern said this would mean native
soldiers of the Philippine Scouts, now used as the island's constabulary,
would be mustered out of American service at that time. The 5,000 white
troops stationed there would be transferred elsewhere.
The War Department already is studying problems entailed in the military
withdrawal, even though it does not become effective for more than 10 years.
Secretary Dern said he hoped to visit the Islands in September or October.
Senator Tydings. Chairman of the Senate Territories Committee, Is
planning a trip to Manila in May or June at the head of a joint Congressional
commission to study Philippine objections to economic provisions of the
new law.
Office of Special Adviser to the President on Foreign
Trade Created Under Executive Order of President
Roosevelt-George N. Peek Slated for Office.
Under an Executive Order signed by President Roosevelt
on March 23, the office of Special Adviser to the President
on Foreign Trade is created. The order discontinues a temporary committee formed last December to co-ordinate foreign trade activities.
The creation of the new post is in furtherance of the plans
for the promotion of foreign trade through proposed ExportImport banks-two of which have recently been formed,
Volume 138
Financial Chronicle
these having as their special object the development of trade
with Russia and Cuba. References to these banks have
already appeared in these columns, viz.: Feb. 10, page 965;
Feb. 17, page 1159; Feb. 24, page 1331; March 3, pages 14821483, and March 17, page 1833. According to a Washington
dispatch, March 23, to the New York "Herald Tribune,"
George N. Peek, already the informally selected adviser of
the President on foreign trade matters, is slated to be placed
in the new post. Under the Executive Order he will have
$100,000 allocated from the NRA to carry on his activities,
said the dispatch, from which we also quote:
The set-up now projected by the President represents a compromise
between the claims of Mr. Peek and Cordell Hull, Secretary of State, who
returned from the Pan-American Conference at Montevideo to find the
former chief of the AAA holding a prime position in the re-energized study
of commercial policy. Mr. Hull, whose principal interest always has been
the promotion of foreign trade, now gains, if anything, the upper hand in
the resulting conflict over prerogatives, since the President's order specifically maintains the old role of the State Department. . . .
The Special Adviser on Foreign Trade is given authority to gather information and data on foreign trade, negotiate with importers and exporters
wanting Federal assistance, make recommendations as a result of such
negotiations to the agencig, involved, and create committees to carry out
the purpose of the Executive Order.
President Roosevelt, in another Executive Order signed
before he left Washington this week, provided for the continuance of the Executive Committee on Commercial Policy
which was established last November. He directed that the
Chairman of this Committee must be a representative of
the Department of State, thus limiting to some extent the
powers of Mr. Peek as Special Adviser on Foreign Trade.
The President's order of March 23 follows:
Whereas, the guidance of public policy in relation to international commerce has tended, in recent years, to encounter increasingly complex problems, which can be solved only upon the basis of the comprehensive analysis
and co-ordinated utilization of those of our resources which relate to trade
with other• countries; and,
Whereas, this analysis and utilization require that the powers and duties
assigned to various executive establishments and agencies for the purpose
of promoting, reinforcing or protecting the foreign trade of the United
States be co-ordinated and the work of such establishments and agencies be
made as effective as possible ;
Now, therefore, by virtue of and pursuant to the authority vested in sue
under Title I of the National Industrial Recovery Act, approved June 16
1933 (Ch. 90, 48 Stat. 195), and otherwise, and in order to aid in effectuating the policy of said title and the fulfilment of the purposes hereinbefore
set forth:
(1) There is hereby established the office of Special Adviser to the
President on Foreign Trade, the head of which shall be the Special Adviser,
who shall be appointed by the President and shall receive a salary to be
fixed by me. The Special Adviser may appoint, without regard to the civil
service laws or the Classification Act of 1923, as amended, fix the compensation and prescribe the duties and authority of such officials and employees, and make such expenditures (including expenditures for personal
services, and rent at the seat of the Government and elsewhere, for law
books, books of reference, newspapers and periodicals, and for paper, printing and binding) as may be necessary to carry into effect the provisions
of this order.
(2) (a) The Special Adviser, so to effectuate the general purposes of
this order, and to keep me informed with respect to our foreign trade, is
authorized to obtain, review and co-ordinate the information, statistics,
and data with reference to the foreign trade of the United States collected
or prepared by any department or other establishment or agency of the
Federal Government (hereinafter referred to as "Department or other
agency"), or elsewhere.
•
(b) In connection with foreign trade activities, the Special Adviser is
authorized to carry on negotiations with respect to specific trade transactions with any individual, corporation, association, group or business agency
Interested in obtaining assistance from the Federal Government through
(1) financing transactions, (2) barter transactions, or (3) other forms of
governmental participation authorized by law.
(c) The Special Adviser shall bring such proposals with respect to these
transactions as seem meritorious to him before the departments or other
agencies affected by or having an interest therein for appropriate action
and shall keep me advised concerning the action taken or proposed by such
department or other agency.
(d) The authorization herein set forth shall not exclude and department
or other agency from carrying on such activities as are now authorized by
law. For example, the State Department shall function in its usual way
to the extent that any question of foreign policy is involved.
(3) (a) The departments and other agencies, including the ExportImport banks, are hereby required to make available to the Special Adviser
(and whenever practicable in the form requested by him) their information,
statistics and data concerning foreign trade, to furnish (with the consent of
the head of the department or other agency) their services and facilities
and to co-operate with him to as full an extent as may be practicable in
order to effectuate the purposes of this order. The Special Adviser is
authorized to reimburse any department or other agency for exceptional or
unusual assistance from such funds as may be allocated to the office of
the Special Adviser.
(b) The contact of the Special Adviser with each department or agency
shall be through the head of such department or agency or through such
channel as the head of such department or agency shall designate.
(4) For the purpose of this order the sum of $100,000 is hereby allocated
to the office of the Special Adviser to the President of Foreign Trade from
the appropriation of $3,300,000,000 authorized by Section 220 of the
National Industrial Recovery Act and made by the Fourth Deficiency Act,
fiscal year 1933, approved June 16 1933 (Ch. 100, 48 Stat. 274).
(5) (a) The temporary committee created by me as set forth in the
public statement of Dec. 11, "to recommend permanent machinery to
co-ordinate all Government relations to American foreign trade" is supplanted by the present arrangement. The Special Adviser, with the approval
of the President, is hereby authorized to create such committees as he may
2167
deem appropriate or necessary to assist and promote in carrying out the
purposes of this order.
(b) The formulation of commercial policies with respect to foreign trade
and the effecting of general Foreign Trade Departments will remain in the
department or other agency now charged by law with responsibility therefor.
FRANKLIN D. ROOSEVELT.
The White House, March 23 1934.
Hearing Before Senate Committee on Revised Bill for
Stock Exchange Control—Statement by Governor
Black of Federal Reserve Board Indicating Approval of Bill as Revised—Data on Marginal Requirements.
In his statement before the Senate Banking and Currency
Committee, on March 23, at the hearing on the revised bill
for Stock Exchange control, Eugene R. Black, Governor of
the Federal Reserve Board, presented extended data comparing the marginal requirement provisions of the original
Fletcher-Rayburn bill and the revised bill. We have already
made mention of a portion of Governor Black's testimony.
before the Committee, this having been given in our issue
of March 24, page 2014, wherein we quoted his remarks to
the effect that the Reserve Board is "prepared to approve
the bill as revised." Much of the questioning before the
Committee on March 23 had to do with the marginal requirements in the bill, and a part of the testimony with respect
thereto follows:
think it
Senator McAdoo: I want to ask you, Governor Black, if you
wiser to establish an inflexible margin like that in a statute [60%], or to
Reserve Board, to
leave it to an administrative board, like the Federal
regulate that matter from time to time to meet the conditions as they
may develop?
beginning
Mr. Black: Senator McAdoo, my own opinion about that in the
was that there should be perfect flexibility in the matter of margin requirements, and that it should be left to the regulatory body. Now, since that
whole purport
time, I have thought about it a great deal. I think the
speculation, to
of this bill is to restrict speculation, to prevent undue
the
guarantee fair practices in speculation, and to get undue credit out of
excesses of speculation. And so far as I am concerned as Governor of the
give
Federal Reserve Board, I am perfectly willing for Congress to
think the
expression, and that is what this is meant to be, to what they
provision
marginal requirements should be. Now, then, there is a further
In this bill, in some section, that the Federal Reserve Board under certain
circumstances can change the margin requirements. Personally, I would
rather that they were more flexible.
Senator Kean (interposing): In other words, do you mean to say that
absurd
you would prefer, because this margin business figures out into
figures in some cases, to have it left entirely to the Federal Reserve
Board?
Mr. Black: I would be perfectly willing for the Federal Reserve Board
to take the responsibility for that. . • •
Senator McAdoo: I should like to get you back, if I may, to the other
question, as to whether or not I am correct in my understanding that you
prefer to have minimum marginal requirements established in this bill
rather than to have a determination of those marginal requirements established through regulation from time to time by the Federal Reserve Board.
Mr. Black: Senator McAdoo, I think the wisest course would be for
Congress to express its opinion in the bill. And then widen the provision
as to flexibility, leaving variations from the expressed opinion of Congress
to the judgment of the Federal Reserve Board.
Senator McAdoo: Well, that would cover the point. That gives it
some flexibility. Are the provisions of the bill such that you do have
that flexibility?
Mr. Black: The provisions of the bill do not give us that degree of
flexibility.
Senator McAdoo: You think it would be wise to insert it after the
expression of opinion of the Congress in the bill?
Mr. Black: If the Congress is in accord with me, with my view about
that; yes. . . .
Senator Gore: It has been suggested that if the margin dropped down
to 59% a customer would be sold out arbitrarily. Is that your understanding?
Mr. Black: That is as to new loans. As to old loans, they are protected.
Senator Gore: That is, current accounts are exempted?
Mr. Black: Yes, sir.
Mr. Pecora: The revised bill modifies that section of the original bill.
Senator Gore: And that was in the original bill?
Mr. Pecora: Yes.
Senator Gore: That was too arbitrary, in my judgment.
Mr. Pecora: That has been considerably modified in the revised version
of the bill.
Senator Goldsborough: To what extent has it been modified?
Mr. Pecora: To the extent that the revision allows for a sag of 20% in
the market price before—
Senator Gore (interposing): Well, then, that covers that objection now?
Mr. Pecora: Yes.
The Chairman: Have you anything further, Governor Black?
Mr. Black: Mr. Chairman, these gentlemen seem to be especially interested in this matter of the marginal requirements. I have some intensive
data on that which is very interesting to me.
The Chairman: You may go ahead and give it to us.
Mr. Black: The principal differences between the margin provisions
of the revised bill and those of the first draft are as follows:
1. Loans are permitted up to 100% of the lowest value for the preceding three years (except as stated in the next paragraph) instead of 80%
of such value—but a maximum limitation of 75% of current market value
is established in the revised bill. In both bills loans may be in any case
at least as much as 40% of the current market price.
2. The new bill provides that until July 1 1936 the lowest price since
July 1 1933 is taken in lieu of the lowest price for the preceding three
years. The effect of this is to eliminate the extremely low prices of 1932
and early 1933 as limiting factors upon loan values.
3. Provision is made in the new bill for maintenance of credits up to
certain points after accounts have become undermargined. For instance,
2168
Financial Chronicle
an initial loan of 15% need not be closed out in an adverse market as
long as it does not exceed 85% of the current market price, and an initial
loan of 40% need not be closed out as long as it does not exceed 60% of
the current market price.
4. Under the new bill loans outstanding at the time of the enactment
of the Act are permitted to be continued, with certain restrictions as to
substitutions and withdrawals, until Jan. 1 1939.
5. All loans on "exempted securities" and loans by banks on securities
other than equity securities are specifically excepted from the margin provisions of the new bill.
6. Under the new bill, as contrasted with the old bill, banks are not
subject to prescribed-margin requirements, except that when a bank ;makes
a loan on an equity security any excess over the amount that a broker
could loan is subject to such rules and regulations as the Federal Reserve
Board may prescribe to prevent the use of such excess for the purchase or
carrying of securities.
7. Under the original bill administration of margin requirements was
vested in the Federal Trade Commission, which could increase but not
lower margin requirements. Under the new bill, control over margin
requirements is placed under the Federal Reserve Board, which may increase
margin requirements and, in certain extraordinary circumstances, may also
decrease such requirements.
8. The new bill directs the Federal Reserve Board in co-operation
with
the Federal Trade Commission to study the feasibility of fixing maximum
loan values on the basis of earnings, and on other bases, and to submit
its
recommendations to Congress on or before Jan. 3 1935.
Note.—Regulation of short selling is vested in the Federal Trade Commission in both bills. This appears to carry with it the control
of margin
requirements on short sales.
Mar. 31 1934
the New York Stock Exchange, is said to have suggested
the amendment of practically every controversial section in
the bill. It was noted in a Washington dispatch to the New
York "Times" these, if approved by the Committee, would
result in a practically new bill. It was added that all the
indications, however, are that the re-drafted bill will go to
the floors of Congress, with few, if any, important changes.
According to the Washington advices March 27 to the New
York "Herald Tribune" it developed during the hearing that
day that Senator Carter Glass of Virginia is far from satisfied with the measure. He expressed his opposition to the
placing in the hands of the Federal Reserve Board the duty
of administering the margin provisions, said the account
from which we quote, which went on to say:
"When the Federal Reserve Act was framed it was not intended that the
Board should control the stock market or that the stock market should
control the Board as it has for a long time," said Senator Glass.
Senator William W. McAdoo of California, like Senator Glass, a former
chairman ex-officio of the Federal Reserve Board, agreed with him that it
was the original intention that the Board should be kept entirely free from
any connection with the stock market.
Senator Glass asked Mr. Pecora if the framers of the bill had taken into
consideration the control of speculative credit provided in the banking act
of 1933. Mr. Pecora replied that they had and that the margin provisions
of the pending bill were intended to supplement that act. . . .
Witnesses before the Committee in the final public hearing were Richard
SUMMARY OF MARGIN PROVISIONS, ORIGINAL AND REVISED
STOCK
Whitney, President of the New York Stock Exchange, and Roland RedEXCHANGE BILLS,
mond, exchange counsel. Mr. Whitney presented a general statement,
while Mr. Redmond analyzed a long list of amendments to the revised bill.
Orteinal
Revised Bill.
The amendments included those presented a few days ago, supplemented
by others, chiefly of a technical nature.
"I am entirely in accord with the thought that great speculative excesses
I. Maximum loans, when based on lowest prices:
are an economic evil and that they can and should be prevented," said Mr.
(a) Initial loan (percentage of low)
80
100
But not more than (percentage of market)
Whitney.
80
75
(h) Maintened loan (percentage 0110w)
80
"I am not in accord with the thought that the speculative excesses of 1929
100
But not more than (percentage of market)
80
85
and preceding years were to a material extent caused by or due to our stock
2. Max.loans, when based on current mkt. prices:
exchanges or the way in which they were operated. I am not in accord
(a) Initial loan (percentage of market)
40
40
(b) Maintained loan (percentage of market)with the thought that the stock market panic of 1929 was the cause instead
40
60
3. Period from which lowest price Is to be selected:
of one of the earlier results of the industrial depression.
(a) Until July 11536
3 years
Since July 11933,
"I do not believe that the use of credit in connection with forward com(b) After July I 1936
3 years
3 years.
mitments, whether in the purchase of securities, of commodities, or of
4. Exemption for existing accounts
cone.
Exemption to
homes, or in the sowing of crops in the expectation of harvest, can be
1930.
Jan. $1
15. Power to exempt securities
Limited.
Tikeretionary.
otherwise than beneficial when wisely And reasonably employed.
"I am not In accord with the provisions of this bill which seem designed
Now, Mr. Chairman, here is a little memorandum of the operation of
to punish stock exchanges for imaginary offenses, nor am I in accord with
the margin provisions of the bill:
those provisions which would throttle industry, contract credit, diminish
Application of the margin requirements of the Stock Exchange bill to a
the liquidity of securities and postpone the return of prosperity.
selected list of leading stocks traded in on the New York Stock Exchange
"I believe that R. 8720. in its present form, would prevent excessive
Indicates that on the basis of current market prices the maximum of 75%
speculation, but only by seriously interfering with that great system of
could be borrowed on a large number of important securities; on many
Industry, commerce and finance without which there can be neither specuother securities between 60% and 70% could be borrowed; and the limit of
lation nor prosperity.
40% would apply to few stocks.
"I believe that the evils which this proposed legislation seeks to remedy
On a number of the securities on which 75% could now be borrowed,
can be cured without risking the dangers inherent in this bill of delaying
the loan could be further increased with a rise in price, that is, the
the return of prosperity.
maximum loan now permitted does not equal 100% of the lowest price
Exchange Offers Amendments.
reached since July 1 1933.
"From this standpoint I have caused to be prepared, within the frameIn general, it appears that the margin provisions would operate as
work of this bill, certain amendments which will eliminate its most dangerfollows:
ous features while increasing its effectiveness in the promotion of those
1. Securities with relatively stable prices would carry the higher-loan
objects which are vital in the public interest. I submit these amendments as
percentages.
a matter of practical expediency and solely because the stock exchanges of
2. Securities that have been declining in price would carry the higherthis country—and I am speaking on behalf of substantially all of them—feel
loan percentages.
that every possible effort should be made to preserve for the benefit of
3. Lower loan percentages would apply to securities that have risen
investors and the public our organized security markets."
more than 33% from their lowest prices.
Mr. Redmond said that in practical operation many of the provisions of
4. The lowest loan percentage—that is, 40%—would apply to securithe bill as revised would not have the effect intended by the authors. Some
ties that have risen more than 150% from their lowest prices.
of the amendments, he said, were designed to make the bill more workable.
Now, as compared with present margin prices as established by the
The chief amendments stressed by Mr. Redmond were those vesting comrules of the New York Stock Exchange, let me give you something on
plete authority over margins in the Federal Reserve Board without specithat:
fying any minimum percentages or policies as in the revised bill, relaxing
The rules of the New York Stock Exchange prescribe margins of at least
the stringent requirements with respect to segregation of-the functions of
30% of the debit balance for accounts as large as $5,000, and at least
brokers, dealers and specialists and making less objectionable the pro50% of the debit balance for smaller accounts. Translating these requirevisions giving the Federal Trade Commission control over corporations
ments into the terms used by the bill, they provide in effect for loan values
listing securities.
up to 76.9% for the larger accounts and 66.7% for the smaller accounts.
"A number of sections deal with subjects which do not directly affect
It should be noted, however, that these are the requirements below
the work of stock exchanges," said Mr. Redmond. "We have refrained
from making any comment on such sections, but this fact muss not be conwhich the broker must not permit the customer to go. In practice the broker
sidered as indicating approval by stock exchanges of the substance of these
would presumably be exacting. higher margins; that is, lower loan values.
sections. This is particularly true of Section 5 In so far as it deals with the
The 76.9 and the 66.7, therefore, are probably more comparable with the
liability of principal stockholders, of Section 19 which deals with the
60-85 range within which margins must be maintained under the revised
liability of controlling persons, and of Section 23 which deals with the public
bill than with the range 40-75 prescribed for the initial extension of credit
character of information. The first two of these sections will impose
to customers.
liability upon persons merely because they are the owners of property, and
However, it is not known exactly what margins are being maintained
will almost certainly interfere with the free flow of capital into industry.
by customers in practice.
The last will require corporations whose securities are dealt in on exchanges
The Chairman : One criticism, I think, has been urged that the Fedto disclose highly confidential information which will be of value only to
eral Reserve Board might not be able to act promptly and quickly in case
competitors, both foreign ad domestic.
of change of prices, and so forth ; that their authority to vary the margin
The amendments offered by Mr. Whitney and Mr. Redmond had the
might be covered in a general way, and that they might lay down general
approval not only of the New York Stock Exchange, but also of the New
regulations, but could they act quickly enough, for instance, during the
York Curb Exchange, the Chicago and Boston Stock Exchanges, the Assoday when prices are going up or down. What have you to say about that?
ciated Stock Exchanges, embracing 18 exchanges, and other scattering
Mr. Black: They could act only in compliance with this law, in which
exchanges.
you allow them to execute higher margins whenever they want to, but
In the Washington advices March 27 to the New York
lower margins only under very exigent circumstances. The Federal Reserve Board, in order to have credit control, if this Congress wants them to
"Journal of Commerce" it was stated that Mr. Whitney
have it, is perfectly willing to go ahead with this bill. My personal
urged that no margin limits be put in the bill itself, but that
opinion is that the margin requirements in order to be scientific should be
the Federal Reserve Board be given power to fix requiremore flexible.
Hearing on Revised Bill for Stock Exchange Control
Before Senate Committee--President Whitney of
New York Stock Exchange Opposed to Margin
Regulations in Bill—Favors Fixing of Limits by
Federal Reserve Board—Senator Glass Heard by
Committee.
A hearing on the revised bill for stock exchange control
was held by the Senate Committee on Banking and Currency,
on March 27, at which time Richard Whitney, President of
ments as well as all other control over credit. The bill, it
is pointed out,gives the Board only limited power to increase,
and under special conditions to decrease, the specified margin.
The following extract regarding the hearing is from the
Washington dispatch March 27 to the New York "Times:"
Senator Glass announced that he was opposed to any proposition which
would give to the Federal Reserve Board the decision In matters involving
marginal transactions. He also looks with disfavor on the proposal to vest
other administrative functions In the Federal Trade Commission. The
answer, in the opinion of Senator Glass, is a tax on transactions involving
stock sales covering a period of less than 60 days. Senator Glass indicated
Volume 138
Financial Chronicle
2169
that he will suggest such a proposition to the Committee before the vote
on reporting the bill is taken.
President Roosevelt Advocates Stock Exchange Legislation with "Teeth."
Doubts Board's Knowledge.
"What reason have you to think the Federal Reserve Board knows
anything at all about the stock market_" Senator Glass asked Roland
Redmond, counsel of the New York Exchange, who was explaining the
suggested amendments to the Committee.
"Senator." Mr. Redmond replied, "after reading the revised bill which
the Federal Reserve Board approves, I doubt if they know very much about
the Exchange."
"Well so far as I am concerned," said Senator Glass, "I do not think
the Federal Reserve Board should be mixed up in it at all.
"In my opinion not one of the eight Board members knows anything
about it. The Federal Reserve Board was set up to respond to the requirements of credit and not to control credit."
"Do you think the Federal Trade Commission should have control-"
Mr. Redmond asked.
"I do not think they know any more about it than the Federal Reserve
Board," Senator Wlass replied.
"For my part," interrupted Senator Gore, "I want the bill written so
that the responsibility that follows will be on the shoulders of the exchanges
and not those of Congress."
Senator Glass said that while he would probably suggest the substitution
of a stock transaction tax bill for the pending measure, he had no delusions
as to what will happen—it will not be approved by the Committee. The
Senator said he knew that because when he suggested it four years ago it
went to the Committee on Finance, where it died.
In declaring that he has been definitely committed to
definite regulation of exchanges, President Roosevelt makes
the additional statement that,"I am certain that the country
as a whole will not be satisfied unless such legislation has
teeth in it." The President thus indicated his views in an
identic letter, as follows, addressed on March 26 to Senator
Duncan U. Fletcher and Representative Sam Rayburn,Chairmen, respectively, of the Senate Banking and Currency Committee and the House Inter-State and Foreign Commerce
Committee:
The introduction of the revised bill in Congress was noted
in our issue of March 24, page 1994. In another item we
refer to President Roosevelt's letter to Senator Fletcher and
Representative Rayburn urging the enactment of stringent
regulation.
Senate Committee Amendment to Revised Bill for Stock
Exchange Regulation—State and Municipal Bonds
Exempt From Provisions.
Transactions in State and municipal bonds were specifically
exempted from the provisions of the Stock Exchange Control
Bill on March 29 by the Senate Banking Committee as its
first formal action on the measure. The foregoing is from a
Washington dispatch March 29 to the New York "Times,"
which further reported:
The question of leaving them outside the scope of the measure was discussed at length in the recent hearings on thirmeasure, with brokers who
customarily deal in such securities urging their elimination.
The argument was made that to leave them subject to the bill would
embarrass States and municipalities in floating loans for necessary purposes
and make the sale of sound bonds difficult.
The bill gave the Federal Trade Commission authority to exempt any
class or kind of security within its descretion, but municipal bond dealers
felt that this was not enough and that they should be exempted by specific
language.
The Committee discussed margin requirements, center of the dispute
that has surrounded the bill, but took no action.
There were indications nevertheless that the 60% minimum cash margin
requirement probably would be reduced to 50%.
Statement by T. K. Smith, Assistant to Secretary of
Treasury Before Senate Committee on Bill for Stock
Exchange Control—Regards Times Appropriate
for Legislation.
A statement to the effect that "the time is appropriate
for legislation to remedy stock exchange abuses and to place
stock market activities under reasonable and adequate regulation" was made on March 23 before the Senate Banking
and Currency Committee by Tom K. Smith, Assistant to
the Secretary of the Treasury. We quote herewith what
Mr. Smith had to say:
The nation has experienced undoubtedly the most severe depression in
its history. There seems to be no doubt that excessive speculation and
harmful practices that developed in the securities market—particularly
on the stock exchanges—were among the major causes of economic disaster.
We have started on our way to recovery. It is of supreme importance
that a repetition of old mistakes should not wreck our efforts to bring about
a broad and lasting economic improvement. The time is appropriate for
legislation to remedy stock exchange abuses and to place stock market activities under reasonable and adequate regulation in the public interest.*
Those who wish to invest their savings, and industries having legitimate
need for capital funds, must alike to protected from the evils of wild and
unchecked speculation.
The general purpose of the National Securities Exchange Act of 1934 is
to attain these ends. Its major objectives are:
(1) To establish Federal supervision over securities exchanges;
(2) To prevent manipulation of security prices and to protect the public
against unfair practices;
(3) To prevent excessive fluctuations in security prices due to speculative influences:
(4) To discourage the use of credit in the financing of excessive speculaon in securities.
With these general objectives the Treasury is in full accord.
The Treasury has been consulted on certain parts of the bill which are of
direct concern to it. Within the limited time available, these have been
studied to determine whether they would have an unduly adverse effect
on the marketing of government securities or on the national financial
structure. Changes which were regarded as necessary within the framework of a general regulatory measure were suggested to the counsel for the
Committees of the Senate and House and were, in all material respects,
incorporated in the bill.
The Treasury has -not considered those provisions of the bill which
relate to the strictly technical matters of stock exchange practice and
regulation. Failure to comment on those provisions does not mean that
the TreasurY is opposed to them, but only that they have not been the
objects of our study. The Treasury is, therefore, not in a position to express
an opinion on them.
My dear Mr. Chairman:
Before I leave Washington for a few days' holiday I want to write you
about a matter which gives me some concern.
On February 9 1934, I sent to the Congress a special message asking
for Federal supervision of national traffic in securities.
It has come to my attention that a more definite and more highly organized drive is being made against effective legislation to this end than
against any similar recommendation made by me during the last year.
Letters and telegrams bearing all the earmarks of origin at some common
source are pouring into the White House and Congress.
The people of this country are, in overwhelming majority, fully aware
of the fact that unregulated speculation in securities and commodities was
one of the most important contributing factors in the artificial and unwarranted "boom" which had so much to do with the terrible conditions
of the years following 1929.
I have been definitely committed to definite regulation of exchanges
which deal in securities and commodities. In my message I stated, "It
should be our national policy to restrict, as far as possible, the use of
these exchanges for purely speculative operations."
I am certain that the country as a whole will not be satisfied unless
such legislation has teeth in it. The two principal objectives are, as I
see it:
First, the requirement of what is known as margin so high that speculation, even as it exists to-day, will of necessity be drastically curtailed,
and,
Second, that the Government be given such definite powers of supervision over exchanges that the Government itself will be able to correct
abuses which may arise in the future.
We must, of course, prevent in so far as possible manipulation of prices
to the detriment of actual investore, but at the same time We must elimlhate unnecessary, unwise and destructive speculation.
The bill as shown to me this afternoon by you seems to meet the mini-,
mum requirements. I do not see how any of us could afford to have it
weakened in any shape, manner or form.
Very sincerely,
FRANKLIN D. ROOSEVELT.
Floor Traders on New York Stock Exchange in Petition
to Congressional Committee on Stock Exchange
Control Bill Request That Their Operations Be
Continued as at Present.
The pending bill for the regulation of the New York Stock
Exchange would practically eliminate the 321 specialists
operating there and would seriously impair the services of
the Exchange as a market for public securities, according to
a brief filed on March 26 by the Committee Representing
the Exchange Specialists, with the House Inter-State and
Foreign Commerce Committee. Pointing out that their
primary interest lay necessarily in the maintenance of a
continuous fair market for securities, the specialists extended
an invitation to the members of the House Committee to visit
the Exchange and observe the functions of the specialist
in actual operation. The brief filed by the specialists reads
as follows:
"The undersigned members of the New York Stock Exchange respectfully
invite your attention to the far-reaching effect which we believe certain
provisions of the pending Stock Exchange Regulation Bill would have on
the savings of twenty million investors in the United States.
"We refer to the provisions in Section 10 of the bill for the practical
elimination of the present market 'specialist,' who, as he now operates, is
an indispensable factor in assuring the liquidity of investments and, in
turn, the liquidity of commercial banks and other financial institutions
throughout the country.
"The specialist, as the members of the Committee are doubtless well
aware, is a member of the Exchange who deals exclusively in one or more
stocks and Is thus able to execute with the utmost diligence all orders
entrusted to him for the purchase or sale of such stocks. Any member of
the Exchange may become a specialist if he so desires.
"Because of the active and varied operations on the floor of the Exchange.
it is physically impossible for the broker who directly represents the commission house to execute all transactions committed to him. In line with
the intensive specialization which has taken place in every field of modern
activity, the vocation of the specialist was developed over a period of years
to fill the obvious need of a man of expert knowledge and financial and
moral responsibility who can give instant execution to orders entrusted to
him for the purchase or sale of specified stocks. The specialist is primarily
a broker's broker.
"The specialist, however, under the present practice, is more than a
broker's broker. He is also a dealer, and his activity as a dealer is indispensable to his effective functioning as a broker. It is our understanding
that your Committee, while recognizing the useful services performed by
the specialist, seeks to impose certain limitations upon his activities In
accordance with the Committee's general purpose of regulating the Exchange on behalf of the public interest.
"The members of the Exchange, as already reported to your Committee,
are heartily desirous of co-operating in any measure that would make the
Exchange a more effective market for public securities. We feel, however,
that the present draft of the bill before your Committee would essentially
alter the character of the specialist as he actually exists and, in so doing,
greatly diminish the facilities of the Exchange in its service to the public.
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Financial Chronicle
The specialist of to-day is the custodian or trustee of thousands of orders
originating in this country and many foreign countries. With a market
order in his possession a specialist is barred from trading for his own account
until that order is filled. He cannot give his personal interest precedence
over that of his customer. No business is more carefully supervised, and
there are no penalties in any other line of business more drastic than those
meted out to a specialist if he violates the law of the Exchange or if, as
stated in the Constitution of the New York Stock Exchange, he indulges
in any practice 'inconsistent with just and equitable principles of trade.'
"There seems to be a common belief that, because of the possibility of
his acting either as a broker or dealer, the specialist has an opportunity to
act contrary to the interests of the regular brokers and their customers and
that he actually does so. Nothing could be further from the truth.
"The greatest criticism directed against the specialist is that he works
in a dual capacity, either as a broker for his customers or as a dealer for
his own interests. As a matter offact, he can never serve these two interests
simultaneously. Were he to do so, he would be expelled from the Exchange.
Further, the minute a specialist steps into the capacity of a dealer, any
trades which he may effect for his own account are, by the rules of the New
York Stock Exchange, not binding except with the consent and approval of
a representative of the firm with whom he trades. In other words, a
specialist in trading for his own account buys from or sells to a broker who
represents the seller or purchaser as the case may be. It is the duty and
interest of this other broker to see to it that his customer makes the best
possible trade. If at any time such a trasaction is seen to be 'inconsistent
with just and equitable principles of trade,' that trade is cancelled.
"The new bill as now formulated provides two types of specialists, that
of the dealer-specialist (one who trades for his own account and cannot
accept commission orders) and broker-specialist (who executes orders for
others and cannot trade for his own account). This means a division of
the functions now performed by specialists. A situation will thus arise which
will have a broker-specialist working for the interest of his customers and a
dealer-specialist who has no responsibility except to himself.
"The present specialist lives because of the fact that if he does not at all
times make a just and ample market, the commission houses will speedily
introduce a competing specialist in his field, and his business will be cut
down. He. therefore, does everything in his power to make such a market.
Let us assume for the moment that the broker-specialist operating as provided in the bill cannot trade for his own account and a dealer-specialist
may. The dealer-specialist has no customers, is responsible to no one save
himself, and it is inconceivable that he would have the same interest as the
present specialist in the maintenance of a continuous fair market for
securities.
"The specialists' success depends upon the efficiency and intelligence with
which he serves his clientele, without that efficiency and intelligence he
would shortly find himself without orders.
"The fact that the business of the specialist has been developed over a
period of time and requires a high degree of alertness and specialized knowledge for its efficient functioning, and the fact that it involves the livelihood
of several thousand people, including the necessary staffs, cannot, of course,
be a primary concern of your Committee. But your Committee is rightly
concerned with the maintenance of a liquid, or immediately accessible
market to the investor, which in turn means an opportunity for the nation's
industry to finance its development. We believe that the specialist performs
an essential function in that branch of national economy.
"If the liquidity of the market is at any time impaired it will unquestionably mean that collateral would necessarily be more difficult of disposal.
Banks would accordingly be reluctant to accept stocks as collateral for loans
which might be needed for productive enterprise. The effect, in truth,
would be to impair a capital market on all exchanges in the United States
where securities may now be either obtained or sold, with the inevitable
consequence that other world markets would be utilized.
"The end and aim of commercial banks is, at all times, to have such a
degree of liquidity that they may accommodate the short term needs of
business. Destroy the liquidity of the market, and the ability of the banks
so to function would be proportionately curtailed. There are many examples
to-day of the inability to liquidate in other lines of business.
"We believe the intricate and complex functions of the specialist should
not be disturbed as they now exist, and we respectfully submit the suggestion that the members of your Committee visit the Exchange to observe
these functions in actual operation.
'The corporate structure of American business has resulted in the issuance of hundreds of millions of shares of stock held, it is said, by over twenty
million people. These are the people who, in the last analysis, 'make the
market.' If the prospective legislation is followed to its logical conclusion.
the functions now performed by the New York Stock Exchange would be
seriously curtailed. This would not only impair the savings of millions of
people but also throw many thousands into unemployment."
The above was signed by the following:
John H. Auerbach
Henry Picoll
Benhamin H. Winton
Sidney Rheinstein
Charles K. Cook
Ell B. Springs, 2d
Thomas R. Cox
Robert L. Scott
Peter J. Maloney
John W. Walters
Blair S. Williams
Wall Street Employees Organize to Oppose FletcherRayburn Bill for Stock Exchange Regulations.
Announcement was made on March 28 by R. N. Suydam
of Fenner & Beane, Chairman of the Steering Committee
of the Employees of Financial Districts that a movement
against passage of the Fletcher-Rayburn Bill in its present
form was organized and beginning to function. John Rutz
of Laidlaw & Co. is Vice-Chairman of the Steering Committee, Thomas Keeley of Green, Ellis dr Anderson, Secretary, and John Lavezzo of E. F. Hutton & Co., Treasurer.
The headquarters are on the 10th floor of 67 Broad Street.
It is stated that the present plans of the Committee are to
publicize the importance numerically of the financial workers
and draw attention to the effect on the Administration's
recovery plans if the purchasing power of so large a group
is vitally affected. It is pointed out that in New York City
alone there are 46,000 workers in brokerage houses. The
dependents of these workers is said to number approximately
175,000, and it is estimated that more than one million
individuals throughout the country will be adversely affected
by adoption of the bill in its present destructive form.
Mar. 31 1934
A special sub-committee has been appointed to arrange a
meeting of protest in New York.
Mr. Suydam said:
"The expansion of the brokerage and general financial field in the last,
ten years causes this destructive measure to affect the entire country instead
of Wall Street only, as so many people seem to think. It is for this reason
that we are so anxious to tell our story to the public so that an intelligent
public opinion may be expressed in Congress from the country at large."
Revised Stock Exchange Bill in Present Form Regarded
by Merchants' Association of New York as Harmful
to Business.
Acting on behalf of thousands of business enterprises,
most of which would be directly affected by the provision.;
of the revised Securities Exchange bill now pending in
Congress, the Merchants' Association of New York filed on
March 27, with the House and Senate committees and with
President Roosevelt a statement, in the nature of a brief,
contending that the enactment of the measure in its present
form would be harmful to general business.
Recognizing that the bill, as now drafted, represents an
improvement over the original bill to which the Association
made objection at the hearing before the Senate committee,
the statement transmitted by the Association's President,
Louis K. Comstock, objects to the "arbitrary bureaucratic
control" to which all business and industry would be subjected under the guise of regulating security exchanges and
also to the restrictions which would be placed upon the open
market for corporate securities.
Business would be injured, the Association maintains,
both by restricting the investment market for long-term
capital and by unwarranted restrictions upon credit facilities
for the securities of small companies. After reciting that the
measure must be considered in conjunction with the remainder of the sweeping program for business control which
has been established or is pending in Washington, the brief
makes this statement:
We believe it not unreasonable to draw the conclusion that the passage
of this Act would be another long step towards completely subjecting
the American people to bureaucratic control in a fashion quite foreign to our
history, our traditions and, in the light of past performances, our own best
interests, nor will calling such bureaucratic control "planned economy"
make it any more tolerable or efficient.
Specific grounds on which the measure is criticised and in
line with which amendments are asked for,are the following:
1. That it is a mistake to place the enforcementjof the bill in the hands
of the Federal Trade Commission which is already too overburdened with
duties to undertake the extremely delicate task that is involved and that, if
there is to be a Federal regulatory body, it should be one established for the
sole and specific purpose of regulating security exchanges and should have
its office in New York City,
2. That the blanket authority proposed in the revised bill to require
information concerning issues listed on exchanges would result in great waste
and extravagance for the compilation of information of little or no real
value and that the power of the regulatory body to demand such information should be sharply curtailed.
3. That to impose the restrictions of this bill upon the capital investment
market would be a long step toward making Federal Government assistance
permanently necessary to finance business and industry and would result in
stagnation and government competition with private business which would
be worse than the evils existing to-day.
4. That it is a mistake to impose rigid statutory limits upon margin
requirements and that this matter should be left in the hands of the Federal
Reserve Board.
5. That provision should be made so that the large number of small
and medium sized companies who are not listed on any exchange may have
credit facilities for their securities.
6. That there should be no penalty upon the buyers of shares in lots of
less than 100 other than the small premium which is now required by the
members of the Stock Exchange.
7. That the requirement for filing the names and addresses of those from
whom proxies are being solicited is an empty gesture illustrative of the type
of futile information which would be required under the terms of the bill.
8. Objection on behalf of many small companies not listed on any exchange to the provisions of Section 14 which would prohibit dealing in
unlisted securities without complying with all the rules and regulations
which the Commission might prescribe.
9. Objection to the broad inquisitorial power given the Federal Trade
Commission to require the preparation of any accounts and records which
It sees fit, and to assess the cost of examinations against the company
examined. This is declared to approach "deprivation of property without
due process of law" and might, it is stated, be carried to the extent which
would make a business unprofitable through a too great increase in overhead expense.
The statement concludes in the following language:
In conclusion we believe that unless this bill is still further modified in the
directions outlined above,its enactment will do more harm than good both
to the business community and the investing public by actually restricting
the investment market for long-term capital, by unwarranted restrictions
upon credit facilities for the securities of small companies and small investments, and in the laudable endeavor to protect the investing public against
fraud will so cramp that same public with regulations and investigations
and bureaucratic control as to destroy or reduce the value of sound securities far more than the sum which may be saved by reducing fraud.
Viewing this bill, not alone but in conjunction with the National Industrial Recovery Act, the Agricultural Adjustment Act, the Federal Securities Act, the powers given to the President to change the value of the dollar,
the proposed labor disputes bill, the proposed control over communications, and the proposed powers to vary tariff rates, and the manner in which
such parts of this legislative program as have already been enacted are being
administered, we believe it is not unreasonable to draw the conclusion that
the passage of this act would be another long step towards completely
subjecting the American people to bureaucratic control in a fashion quite
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Financial Chronicle
foreign to our history, our traditions and, in the light of past performances,
our own best interests, nor will calling such bureaucratic control "planned
economy" make it any more tolerable or efficient.
We. therefore, urge you most earnestly again to reconsider this bill and
to modify it in such ways that it will not be punitive in spirit, and that it
will not attempt to substitute detailed government regulation and control
for private initiative and the knowledge which can only come from long
and intimate acquaintance with the manifold forms of business organization and needs, but will rather vest in some public authority the power to
check any tendency to excess and to require action for the purpose of remedying defects in the system of operating security exchanges as they may arise.
The Association's statement was filed with the President,
with the members of the House Committee on Inter-State
and Foreign Commerce, with the members of the Senate
Committee on Banking and Currency, with the Secretaries of
the Treasury and of Commerce and with the Assistant
Secretary of the Treasury.
Menace of Spreading Labor Unrest and Effect on
Nation's Economic Welfare of Proposed Regulation of Stock Exchanges Regarded as Immediate
Concerns by C. T. Revere of Munds, Winslow
& Potter.
"Although labor disputes and the threat of their extension
have caused widespread anxiety, it is not improbable that
underlying uneasiness of a more fundamental character
has been aroused by doubt over the scope and purpose of
the Aministration program," says C. T. Revere, economist
for Munds, Winslow & Potter,commenting up3n current conditions. Mr. Revere points out that "originally designed, as
most people thought, as an emergency undertaking, temporary in duration, to bring about recovery from depression,
certain officials credited with being Administration mouthpieces have put forth suggestions that the objectives extend
much further and that they will resolve themselves into a
plan for permanent reorganization of national economic
activities and thus give a new orientation to American
culture and civilization." He adds:
quotations so wide that the public will be the unwitting victim of an apparently well-intentioned restriction.
In concluding our observations on the bill for security exchange regulation, we fear that this measure unfortunately is too redolent of the memories
of nauseating revelations, to permit the problem to be considered temperately. This has caused the statute to be framed in a spirit so punitive
as to prevent it from being workable and of practical service to the nation's
investors.
Opposition to Stock Exchange Control and Wagner
Labor Bills Voiced by Durable Goods Industries
Committee in Report to Code Authorities and
Code Committees.
Opposition to the bill for Stock Exchange regulation and
the Wagner labor disputes measure was expressed by the
Durable Goods Industries Committee in a report, on
March 26, to Code Authorities and Code Committees. The
report characterized the Stock Exchange bill as a menace
to recovery which would impede the flow of capital into
business. The Wagner bill, the Committee said, would
• "form a base from which trouble-makers of every mind
could interfere to stir up trouble and cause chaos in employer-employee relationships."
The Committee, elected by the Code Authorities and Code
Committees to keep them informed of developments, urged
that they take action to "insure that mature individual
opinion, not perfunctory group action, be expressed where
it will do the most good." As to the Committee's conclusions, Associated Press advices from Washington, March 26,
We do not pretend to say that the American people are not willing to
embark on a broad and permanent program for a reconstitution of the
country's economy. They might be willing to follow this course under
competent and inspiring leadership, for our national spirit is both courageous and exploratory. Primarily, however, they ought to be informed
regarding the road they are expected to travel and they should be permitted to decide, not only whether they are willing to undertake the adventure, but also whether they wish to give priority to their rescue from
depression.
"Our immediate concerns at this time," says Mr. Revere,
"relate to the menace of spreading labor unrest and the effect
of the proposed regulation of the security exchanges of the
country on the nation's economic welfare." He goes on
to say:
Probably no *statute in our legislative history had behind it a higher
motivation than the National Industrial Recovery Act. We have not
hesitated to give our hearty endorsement to NRA as an instrument for
eliminating cut-throat competition, reducing unfair trade practices and
fostering industrial co-operation. We, however, called attention to two
objectionable features, one, the extension of its scope to minor and local
undertakings as likely to be ineffective and troublesome; and the other the
fear that organized labor might assume that the statute had given it a
blank check upon which it might write its own ticket for unionizing industrial workers.
Apparently, Section 7A is the clause that has sown the dragon's teeth
In our industrial soil and brought forth the militant cohorts of unionism to
bid for mastery over American enterprise.
If the problem is to be considered purely from the standpoint of class
warfare, the tactics of the American Federation of Labor in the automobile
industry and other fields may be considered good strategy. These can
not, however, be justified if we consider the indicated fundamental purpose
of NRA. If NRA is to be a permanency there is no excuse for the existence
of the American Federaltion of Labor or similar organizations. NRA performs all the functions which the labor union professes to exercise. It
determines hours of labor, rates of pay, working conditions, and otherwise
fully protects the rights of the workers. Even those who strike, thereby
losing their earning power, it is indicated, will have their subsistence
provided from Government funds.
In this letter we find it possible to refer only briefly to a few of the objectionable provisions in the proposed bill for the regulation of the security
exchanges of the country. The sections relating to limitations on margins,
in our opinion, are unworkable and destructively deflationary. In the first
place, they should not be imposed in rigid statutory form. It may be pertinent to call attention to the fact that our National Administration in
its efforts to work out its recovery program, asked for wide latitude in
coping with conditions as they arose. Markets also require flexibility of
rules to meet changing conditions. Statutory regulations would impose
straight-jacket limitations that would prevent the exchanges from dealing
with altered requirements.
We therefore believe that the suggestion to permit the Federal Reserve
and the Treasury Department, ligically regarded as the best judges of
monetary and credit conditions, to pass upon margins, offers the beat
solution of this problem. These agencies should be given discretion to deal
with the situation as their judgment dictates. The fact that they have
their fingers on the financial and economic pulse of the country fully qualifies
them for this service.
From the standpoint of history it may be interesting to note that the
three wildest speculative orgies in modern annals—the Holland Tulip craze,
the South Sea Bubble and the Mississippi Bubble—were conducted on a
strictly cash basis.
We also believe that the provision preventing the specialist in securities
from operating as a dealer should be stricken out, in the interest of the
public. We feel that if the book of the specialist is entirely dependent
upon orders from outside sources, the result will be a market so thin with
2171
said:
The Committee believed that the Stock Exchange bill, if enacted into
law, "would further retard the flow of capital into private enterprise,
effectively continue, if not augment, the unemployment that exists in the
durable goods industries and add further to the enormous losses which these
industries already have sustained."
"The present situation in these industries requires that every effort be
made to restore the normal flow of capital into private enterprise," the
report continued.
"Employment cannot be increased until this is accomplished. Recovery
cannot come as long as this normal flow remains at the ridiculously low
figure of 4% of the average yearly investments during the decade ending
with 1930, as happened in 1933.
"Comparing this percentage with 56% of the same decade in the United
Kingdom shows how much harder we have been hit than they.
"The Committee has no objection to the bill in so far as it applies strictly
and reasonably to the regulation of securities exchanges. The bill goes
further, however, and includes detailed provisions for regulation of corporations through the Federal Trade Commission, which we believe are wrong in
principle and, if adopted, would adversely affect the flow of capital into
individual companies, regulate their financial policies, particularly as they
apply to the obtainment of new capital; place unwarranted liability upon
their directors, officers and stockholders, and intimidate those who under
normal conditions would be anxious to invest their private funds in
corporate issues.
"Altogether these restrictions would tend to destroy the one most important prop to recovery, namely, the restoration of confidence to those
who have funds to invest, and therefore would be inimical to the public
interest."
Views on Wagner Bill,
The Wagner bill deals with labor disputes.
"This bill is one of the most far-reaching in its ill effects on industry
ever proposed to any American Congress," the report said. "Not only does
It contradict and override Section 7a of the National Industrial Recovery
Act and subsequent interpretations of that Section, but it creates a base
from which trouble-makers of every mind could effectively operate to stir
up trouble and cause chaos in employer-employee relationships in the
already prostrate durable goods industries."
Such relationships, the report added, should not be subjected "to agitation and legislative changes, thus making it impossible for industry to plan
for the future or find investors to risk commitments in industrial enterprise."
The report was signed by the following:
George H. Houston, Chairman of the Committee and President of the
Baldwin Locomotive Works.
J. S. Tritle, Westinghouse Electric.
F. R. Hoadley, Farrel-Birmingham Co.
Stephen F. Voorhees, Voorhees, Gmelin & Walker.
C. R. Messinger, Oliver Farm Equipment Co.
James W. Hook, Geometric Tool Co.
Lewis H. Brown, Johns-Manville.
Harry S. Kimball, Fabricated Metal Products Industry.
Charles R. Hook, American Rolling Mill Co.
Robert W. Irwin, Robert W. Irwin Co.
H. Gerrish Smith, National Council of Shipbuilders.
C. C. Sheppard, Louisiana Central Lumber Co.
Walter J. Kohler, Kohler Co.
Amendment to New York Stock Transfer Tax Sought
by Merchants Association in Effort to Bring Back
to the State Stock Brokerage Business Which Has
Been Transferred to New Jersey.
In an effort to bring back to New York State stock brokerage business which within the last year or two has been
transferred to New Jersey, the Merchants' Association has
asked Governor Lehman to send a special message to the
Legislature requesting amendment of the present stock
transfer tax law at this session. This action was taken by
the Association after information had reached it to the
effect that the sales of shares of very low par value, par-
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Financial Chronicle
ticularly in mining companies, have been almost completely
transferred out of the State because of the excessive tax
burden of the present tax law. Practically all the exodus
has occurred within the last year since the increase in the
stock transfer tax at the last session of the Legislature.
In a statement made public Mar. 22, the Association said:
We believe that this is a clear indication of inequitable taxation and that
a modification of the tax by better graduation would result in the return
of much of this business to New York with a probable increase in the
yield of the tax. Even if this return of business were gradual it is probable
that the loss of revenue from a more equitable graduation of the tax would
be insignificant. An additional reason for prompt action, in our opinion,
is that the longer such business is kept out of the State the harder it will
be to induce it to return.
In accordance with this view we have presented the facts to Governor
Lehman and ask him to bring the matter to the attention of the Legislature
In a special message so that action may be taken at this session.
Not long ago testimony was offered at a public hearing held by our
Committee on Taxation and Public Revenue to the effect that other taxpayers, as well as dealers in securities, were transferring business out of
the State because of high taxation. This whole problem is one that deserves
serious consideration. When taxation becomes too high it almost always
has the effect of killing the goose that lays the golden egg.
Senate Passes Bill Guaranteeing Principal as Well as
Interest on Bonds of HOLC—Amendment to
Eliminate Political Appointments Supported by
President but Deleted by House Committee.
The Administration bill to guarantee the principal as well
as the interest of bonds of the Home Owners' Loan Corporation was passed by the Senate March 19 by a vote of 39 to
347a7fter the insertion of an amendment which provides that
"in the appointment of agents and in the selection of employees for said corporation, and in the promotion of agents
or employees, no partisan political test or qualification shall
be permitted or given consideration, but all agents and employees shall be appointed, employed or promoted solely
upon the basis of merit and efficiency." This clause, which
was proposed by Senator Norris, was reported as unconditionally approved by President Roosevelt at a press conference March 21, although the House Committee on Banking and Currency, which now has the bill under consideration, deleted the amendment. A Washington dispatch,
March 19 to the New York "Times" noted Senate approval
of the measure, as follows:
This clause was written and sponsored by Senator Norris, insurgent
Republican, who campaigned for Mr. Roosevelt in 1932. He said that
the Democrats were about to fall into the same iniquities as their Republican
predecessors by appointing only their kind to office. He aimed at preventing the IIOLC from becoming a political organization.
Administration leaders such as Senator Robinson of Arkansas and Senator
Barkley and others were openly opposed to such an amendment. The
amendment was adopted by a vote of 40 to 33, with every Republican insurgent and regular voting for it.
Senator Neely of West Virginia, in trying to get reconsideration, declared
that in his State "non-partisan" meant Republican in the present instance.
He said that a Republican from his State had been appointed to a position
with the Reconstruction Finance Corporation, carrying a salary of $6,000 a
year.
If the amendment was accepted he warned, there wouldn't be a Democrat
on the Home Loan payroll in West Virginia in forty days. He told the
Democrats and "insurgent" Republicans that they had better make the
best of their opportunities to clean out some of the Republican office holders
and fill them with Democrats, for a Republican President would be in the
White House again some day.
Senator Neely's motion was defeated 35 to 34.
President Roosevelt's message to Congress, recommending
passage of the bill now before Congress, was given in our
issue of March 3, page 1487.
Mar. 31 1934
• considered superior in some ways to many long-term Treasury bonds,
owing to the improved tax exemption feature. The quotations, accordingly,
were run up to par bid and 100% asked by the close of the day. These
figures compare with a closing price of 102 2-32s on Treasury 3%,s, due 1941.
which are exempt only from normal taxes.
Quotations of par value or thereabouts are expected to prove a powerful stimulus for conversion of farm mortgages now held by banks, insurance
companies and private investors into the new bonds. It was indicated
yesterday that the Federal Reserve banks have approximately $100.000.000
of the new 3%% bonds on hand. The securities, it is estimated, will be
issued at the rate of about $100,000.000 a month, and a large portion
probably will be retained by mortgagors as permanent investments.
Governor Myers's announcement of March 24 said:
"The interest and principal payments on these bonds are guaranteed by
the United States, and from the standpoint of the holder, they are the
equivalent of Government bonds. In addition, the bonds of the Corporation will have back of them the consolidated bonds of the Federal Land
banks exchanged for the Corporation's bonds, and the mortgages accepted
by the Land Bank Commissioner; and also, of course, the capital of the
Corporation.
"The bonds of the Corporation have other desirable features. They
are as readily marketable as United States Government bonds. They
bear the same tax exemption as United States Treasury bonds, for they
are exempt from all Federal, State, municipal and local taxation, except
surtaxes. Like all securities, of course, they are subject to estate, inheritance and gift taxes. They are also lawful investments for all trust, public
and fiduciary funds of which the deposit or investment Is under the authority
or control of the Government. Further, the bonds may be used as security
for 15-day borrowings by member banks of the Federal Reserve System.
"Inasmuch as the smallest bond is $100, the Land Banks and the Land
Bank Commissioner will use cash to retire farmers' debts of less than $100,
also, cash will be used to pay the fractional amounts and for paying taxes
which are not payable in bonds. In addition, certain other debts such as
loan fees, appraisal fees, title-insurance, recording fees and insurance on
farm property will require cash disbursements."
— Governor Myers stated that the use of. these bonds will
allow the banks to continue making farm mortgage loans
uninterruptedly. "The use of bonds instead of cash to
finance farm mortgage debts will not alter the favorable
terms under which loans have been made since last May,"
he continued. Since May 1, last, 242,700 loans for $607,574,800 have been made and 163,300 of these aggregating
$396,624,000 have been made since Jan. 1. At present,
the volume of loans ranges now between 86,000,000 and
,000,000 daily.
On March 26 Governor Myers announced that the Federal
Land Bank of Springfield closed the first farm mortgage
loan with the bonds of the new FFMC. This loan was
made through the Hartford National Farm Loan Association of Hartford, Conn., for $1,600, of which $1,300 was
paid in bonds and the balance disbursed in cash to take
care of such items as taxes, insurance and fees which must
be paid in cash. The FCA on March 26 reporting this,
added:
According to a telegram received from E. H. Thomson, President of
the Federal Land Bank of Springfield, the exchange was made with the
farmers' creditors who accepted the Federal Farm Mortgage Corporation
bonds at par. These bonds are guaranteed both as to principal and interest
by the United States Government. They are long-term bonds bearing
3%,% interest.
At the same time, Governor Myers announced that the loans closed by
the 12 Federal Land banks Saturday [March 241,the last day on which allcash loans will be made until some time in the future, broke all records.
The banks loaned on that day more than $18,000,000. This brought the
grand total of loans made by the Land banks on their own account and for
the Land Bank Commissioner, since the Farm Credit Administration was
organized last May, to over $617,000,000.
According to an announcement of Truman S. Mersereau,
Executive Secretary of the New York Real Estate Securities
Exchange, Inc., bonds of the FFMC, 31 % of March 15
A
1934, have been admitted to unlisted trading.
Counter Trading in Bonds of FFMC on "When Issued" Reduction by Reconstruction Finance Corporation in
Dividend and Interest Rates on Preferred Stock
Basis—Use of Bonds Instead of Cash for Farm
and Capital Notes of Banks and Insurance ComMortgages—Announcement by Governor Myers of
panies-4% Rate for Five Years—Rate After Five
FCA.
Years 5%.
Counter trading on a "when issued" basis in the bonds of
The Reconstruction Finance Corporation has reduced to
the Federal Farm Mortgage Corporation was begun on
March 26, it was noted in the New York "Herald Tribune." 4% for five years from April 1 1934 the dividend and interAnnouncement that the use of FFMC bonds instead of est rates on preferred stock and capital notes of banks and
cash in making farm mortgage loans would begin on March Insurance companies. After five years the rate will be 5%.
26 by the Federal Land Banks and the Land Bank Commis- The interest rate, in the case of preferred stock on notes to
sioner, was made on March 24 by Wm. I. Myers, Governor be retired within three years, was lowered last October from
of the Farm Credit Administration. The FCA in making 5% to 4%, as was noted in our issue of Oct. 7 1933, page
public Mr. Myer's announcement, stated that the FFMC 2563. The announcement made on Mar. 25 by Jesse H. Jones,
was expressly organized to provide for the continuance of Chairman of the RFC, regarding the 4% rate for five years,
the farm debt refinancing activities initiated by the FCA last follows:
as to lower
with the
spring, and the Corporation may issue $2,000,000,000 of its hisIn keeping the RFC President's viewsdividend and interest rates and with
will reduce the
approval,
interest rates on prebonds for that purpose.
ferred stock and capital notes in banks and insurance companies to 4%
The "Herald Tribune" of March 27 stated that the bonds for five years from April 1 1934. The rate after five years will be 5%.
At present a 4% rate applies for three years to such
were quoted tentatively early in the day (March 26) as low capital notes as may be retired within that period. preferred stock and
as 95 bid, but the price was quickly adjusted to levels
Believing that this added capital will serve a better purpose and be more
prevailing in ordinary United States Government securities, helpful in the recovery program if employed by the banks without too great
within
and the Government
to which they are considered equivalent by most dealers. an incentive to repay at such so short a period,dividend and interest being
now able to borrow
low rates, these
rates
From the same item we also take the following:
are definitely fixed at 4% for five years.
It was indicated officially that the first issue of the corporation will carry
interest at the rate of 3% %. From the investment point of view they are
Adjustments may be effected by the banks refunding their present capital
notes with notes drawing the new rate, or in interest settlements. In the
Volume 138
Financial Chronicle
case of preferred stock, banks and insurance companies may, if they prefer
to do so, amend their charters so as to conform to the new rates, or agreements may be entered into between the Corporation and the issuing bank
or insurance company, covering the reduction.
The Corporation will also give self-liquidating borrowers, the equivalent
of a 4% interest rate for five years from April 1 1934, upon conditions to
be approved by it, provided it owns the securities during that period.
While the securities carry a greater rate than 4%, adjustments will be
made on a basis of 4% net to the Corporation.
Minimum Rates of Commission on Transactions in
HOLC Bonds Adopted by New York Produce
Exchange.
At a meeting of the Board of Managers of the New York
Produce Exchange, held March 22, the following minimum
rates of commission on transactions in Home Owners'
Loan Corporation 18-year 4% bonds, due July 1 1951,
were adopted effective beginning with transactions made
on March 23 1934:
Non-member, $1.25 per $1,000 par value. Not less than $1 on any
transaction.
Registrant—Non-clearing, 85 cents per $1,000 par value. Not less than
$1 on any transaction.
Member—Non-clearing, 85 cents per $1.000 par value. Not less than
$1 on any transaction.
Qualified member—Clearance, 65 cents per $1,000 par value.
Clearing member—Registrant—Clearance 65 cents per $1,000 par value.
Qualified member—Give up, 40 cents per $1,000 par value.
Clearing member—Registrant—Give up, 40 cents per $1,000 par value.
Specialist. $1 per $10,000 par value.
Recommendation that Reserve Requirements of Federal
Reserve Member Banks be Based on Velocity of
Turnover Made by Governor Black of Federal
Reserve Board at Hearing Before Senate Committee.
A recommendation that the reserve requirements of Federal Reserve member banks to be based on the velocity of
turnover instead of being fixed by law was made to the
Senate Banking Committee on March 23 by Governor Black
of the Federal Reserve Board.
According to Associated Press advices from Washington
March 23 the Reserve Board recommendations said in part:
Member bank reserves are high power money.
On the basis of $1,000.000,000 of excess reserves, member banks can
extend credit amounting to between $10,000.000,000 and $15,000,000,000
without having to resort to borrowing at the Federal Reserve Banks.
The volume of excess reserves at the present time is $1,500,000,000, and
these excess reserves furthermore may increase greatly when a period of
credit expansion sets in.
If an expansion of credit should get under way, the member banks will
have a large volume of reserves without recourse to the Federal Reserve
Banks. These banks therefore would be out of touch with the market and
thus not in a fixed position to exert a restraining influence through discount
policy.
The recommendations were brought before the Committee
during the hearing on the bill for regulation of stock exchanges
and we give the following extract from the proceedings relative to the Board's proposals:
Mr. Black. We have made recommendations a number of times that
reserve requirements of member banks be changed, and be based upon
velocity of turnover rather than to be fixed. It has been studied very
exhaustively. During the consideration of the Glass Bill we sent up a
proposed bill to that end.
By basing reserves upon velocity of turnover we would automatically
correct a great many of these abuses. I would like very much to leave a
report of our committee on that with your committee and have
Your committee give study to that, either in connection with this bill or independent
of this bill.
Senator McAdoo. What is that, the velocity of what?
Mr. Black. The velocity of turnover of a bank, instead of having fixed
reserve requirements.
Senator Gore. Now,Governor, on that point, don't you think it would be
a good idea to allow the Federal Reserve Board to have the power to enforce
either requirement? I have understood that the velocity of circulation
might be prejudicial to the small banks of the country, whereas it would be
applicable to the big banks in the big cities.
Mr. Black. I think it would bo prejudicial to the big banks, if you want
to use the word "prejudicial."
Senator Gore. Yes.
Mr. Black. I think it would be more restrictive of the big banks and a
great deal less restrictive of the small banks.
Senator Gore. The point has been made that the velocity of circulation
taken as a basis of the bank would not be equally applicable, but if the Board
had the power to apply one standard in one particular set of banks and
another in another, it would meet the varying circumstances of the two
categories. Don't you think that would be better than tying our hands and
limiting it to either one and excluding it from the other.
Mr. Black. Senator, I think this is a scientific way to do it for all banks.
Senator Adams. Governor Black, what do you mean there by "velocity
of turnover"?
Mr. Black. Well,suppose,like times are now, banks are doing very little,
very little business going on, very little speculation going on. You will find
a small turnover for most banks. The drawing on accounts by customers
is very small.
Senator Adams. You mean the total amount of business in relation to the
total resources of the banks?
Mr. Black. To the total deposits of the banks.
Senator Adams. Total deposits.
Mr. Black. In times of excessive speculation that turnover is very rapid;
and, gaged by the turnover, if the reserve requirements automatically followed the turnover as it went up or went down, you would have a very
good check on the use of credit in speculation.
Senator Adams. Then you would increase the reserve requirements as
the turnover increased in velocity?
2173
Mr. Black. That is correct, sir. I would like very much to be allowed
to leave that memorandum with the committee and ask that they give study
to it, because the Board is very strongly committed to the view that it aids
very largely in the solution of the problem we have before us.
Mr. Black. I am not suggesting that so much in connection with this
bill, because I would hate very much to be put in the position of thinking
that I have thrown some other factor in this bill, but I would like very much
for the committee and counsel for the committee to study this problem,
because it can be done just as well independent of this bill as in connection
with the bill.
The Washington correspondent of the New York "Journal
of Commerce" stated on March 23 that the proposal is the
same as that proposed by the Board during the consideration
of the Glass Bank. reform Act, but rejected by the subcommittee in charge of the bill last year. From the same
account we also quote in part:
The effect of such plan, Governor Black asserted, would be to counteract
two abuses that have created serious obstacles to credit control; first, the
evasion of reserve requirements by classification as time deposits; and
second, reduction of actual reserves carried through diminishing the volume
of till money which under existing law does not count as reserves. . . .
The proposal would result in an automatic increase of reserve requirements
when boom conditions arise and an automatic decrease of reserve requirements in times of depression. The proposal furthermore has the advantage
of making the increase in reserves applicable not to all banks in all localities
alike, but rather to those banks in those communities only where excessive
speculative activity is manifesting itself.
If this proposal were adopted, its operation, together with the authority
existing under the Thomas amendment to raise reserve requirements with the
consent of the President when an emergency arises from excessive credit
expansion, would make It possible for Federal Reserve banks to combat the
recurrency of speculative excesses.
Emphasizes Power of Restraint.
In 1928 and 1929 the banks would have had to carry $300.000,000 or
$400,000,000 additional reserves had this plan been in effect, Governor Black
said, and therefore would have had to increase borrowings from Reserve
banks which would have greatly increased the power of the system to exercise
a restraining influence at an early date. On the other hand, he added. in
times of depression, when deposits are inactive, member reserve requirements would diminish and there would be a decrease in the volume of idle
funds that the banks would be required to carry as reserves.
In effect the plan would supplement open market operations by the
Reserve banks, by withdrawing funds from the market under certain conditions and furnishing additional funds in time of depression.
Call for Condition of National Banks—Letter of Comptroller of Currency Bearing on Information Called
for Regarding Banks and Affiliates—Elimination
of Schedule "Q".
With reference to the call for the condition of National
banks as of March 5, issued on March 23 by the Comptroller
of the Currency, attention was called by the New York
Federal Reserve Bank on March 26 to fact that the banks
were to disregard Schedule "Q", relative to the number of
depositors and amount of depositors. The following is the
circular issued by the Reserve Bank.
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 1367, March 26 1934.1
Schedule Q of Report of Condition as of March 5 1934.
To AU National Banks in the Second Federal Reserve District:
The Federal Reserve Board has requested me to advise all National
banks in this district that the Comptroller of the Currency has requested
Federal Reserve Agents to notify all National banks to disregard the third
paragraph in the Comptroller's call letter of March 23 1934, inasmuch as
Form 2131-B (Schedule Q), "Number of Depositors and Amount of Deposits," has been eliminated from the call for condition reports as of March 5
1934.
Accordingly, National banks need not submit Schedule Q either to the
Comptroller of the Currency or to Federal Reserve Agents, when sending
their reports of condition as of March 5 1934.
J. H. CASE, Federal Reserve Agent.
In Associated Press advices from Washington March 23 it
was noted:
The call to-day is the first of 1934. The Comptroller of the Currency Is
required by law to obtain reports on the condition of National banks at
least three times annually.
Last year, because of the bank holiday, the first call was delayed until
Juno 30 and the second came Oct. 25.
Since last year also the Government has advanced $1,039,000,000 in
capital note or preferred stock purchases in 6,300 banks to bolster their
position for re-opening. Of this number approximately 2,300 were National banks.
It is pointed out that more than 5,100 National banks
are now licensed and operating.
In advance of his call letter of March 23 the Comptroller
addressed to the National banks, under date of March 16,
the following communication enclosing the forms on which
the banks were to report, and explaining in detail the information to be supplied under the proposed call.
j
TREASURY DEPARTMENT.
Washington, March 16 1934.
President or Cashier:
Dear Sir:—Thero are enclosed six forms as indicated below for use in
submitting reports of your bank and its affiliates as of the next call date.
(Await announcement of date of call. This letter is not a request for a
report of condition.)
3 copies, Form 2130, Report of condition of national bank.
2 copies, Form 2139, Publisher's certificate form for report of condition
of national bank.
4 copies, Form 2130-E, Report of affiliate or holding company affiliate.
2 copies, Form 2130-E-1, Publisher's certificate form for report of affiliate or holding company affiliate.
2174
Financial Chronicle
Mar. 31 1934
Other instructions for the preparation of Form 2131 are contained on
3 copies, Form 2131 (Schedule "0"), Loans and advances to affiliates
back of this form.
and investments in and loans secured by obligations of affiliates.
and
Form 2131-B (Schedule "0").—You are further requested to prepare two
2 copies, Form 2131-B (Schedule "Q"), Number of depositors
copies of this schedule showing the number of depositors and amount of
amount of deposits. [This schedule subsequently eliminated from
deposits in the bank at the close of business as of the same date for which
call.—Ed.]
the condition report is rendered on Form 2130, with comparative figures
Form 2130.—It will be noted several amendments have been made in
for Dec. 15 1933. The schedule should likewise accompany the condition
this form, namely.
The inner schedule below item 19 on face calling for the amount of dereport. if practicable, otherwise forwarded at the earliest possible date
thereafter.
posits secured by pledge of loans and (or)investments of the bank as distinThree copies of the reports and schedules should be prepared, the original
guished from the amount of deposits not so secured.
to be forwarded to the Comptroller of the Currency, one copy to the Federal
Items 22 and 23. bills payable and rediscounts, are called for separately
with corresponding subtotals in Schedule "H."
Reserve agent of your district and the third copy,complete in all particulars, should be retained in the files of the bank for inspection by the ExamiItem 30 (g). Provision has been made to show the amount of preferred
ner. In addition, one copy of the form covering affiliates and holding
stock retirement fund as a subitem to capital account instead of with "Other
company affiliates, which should be prepared in quadruplicate for each
liabilities" as in the previous report.
or sold under
affiliate, should be retained by the affiliate or holding company affiliate.
Schedule AA. page 2, assets pledged. rediscounted, loaned
Proof of publication of the various reports and copy of Form 2131-B need
repurchase agreement, has been eliminated and provision also made for
not be sent to the Federal Reserve agent.
showing in lieu thereof, in a memorandum section below the balance sheet
on face of the statement, the amount of loans and investments pledged to
Officers responsible for the preparation of the accompanying reports
secure liabilities.
are requested to see that the title, location, Federal Reserve district and
You will note also that although the amount of rediscounts (as reported
charter number are properly shown in the heading, and that all other information called for is furnished.
against item 23 of liabilities) should not be included in the memorandum
Yours very truly,
section below liabilities, the amount of any marginal or additional collateral that may have been pledged to secure such rediscounts should be
J. F. T. O'CONNOR,
against borrowings," item 35-f, and included in item
reported as "pledged
Comptroller.
Enclosures:
34 and items 31, 32 or 33 depending on the character of the collateral.
Call 339
Schedule "G," page 3. The classification of other bonds, stocks and seIt is proper to state that the notice to disregard the third
curities owned has been completely revised. In the revised Schedule "G"
no provision has been made for reporting the amount of claims and Judgparagraph of the Comptroller's letter of March 23 was a
ments heretofore included in item 1-I. The amount of such assets should
verbal message issued through the Federal Reserve Banks.
be included with "Other assets" in item 14 and shown separately in Schedule
The following is the Comptroller's letter of March 23.
"M" of subsequent reports.
At the time of previous calls some banks having preferred stock showed in
OFFICE OF THE COMPTROLLER OF THE
capital account, item 28 or 29(now item 30). amounts in surplus, undivided
CURRENCY, WASHINGTON.
profits, and reserves for contingencies, notwithstanding the actual value
March 23 1934.
of capital stock according to the books was less than the total per value of
To the President or Cashier:
of
preferred stock plus the par value of common stock. If the actual value
You are requested to send to this office at once a report of condition of
all capital stock is less than the par value, then no amounts should be
your bank and reports of its affiliates, other than member banks, as of the
shown against surplus, undivided profits or reserves for contingencies, items
close of business on Monday. March 5 1934. Blank forms for use in sub30 (d). (e) or (f). In other words the capital stock should not be shown immitting the reports and instructions relative thereto were recently sent you.
paired with amounts also shown against surplus, profits or reserves. MoreSection 5211 of the Revised Statutes provides that the reports requested
over, a bank should not report among "Other assets" (as heretofore provided
shall be transmitted to the Comptroller within five days after the receipt
in instructions governing the preparation of condition reports, Form 2130-0)
of a request therefor from him.
any debit balance in undivided profits.
Referring to page 4 of office letter of March 16 carrying the call blanks,
The report of condition must be verified by the oath or affirmation of the
you were advised in paragraph 2 thereof that it would be unnecessary to
by at least three directors other than the
president or cashier, attested
send a copy of Form 2131-B (Schedule "Q"). Number of Depositors and
signing officer, and acknowledged before a notary public who is not an officer
Amount of Deposits, to the Federal Reserve Agent. However,since three
or director of the bank. Section 5211, as amended Feb. 25 1927, proinstead of two copies of the form were sent you with the other call blanks.
vides that a vice-president or an assistant cashier of the association desigit is now requested that a copy of Form 2131-B be sent to the Federal
verify reports in The Absence of the
nated by its board of directors may
Reserve Agent the same as in the case of other reports and schedules.
president and cashier. In such cases, however, the board of directors
Yours very truly,
should by proper resolution authorize the vice-president or assistant cashier
to sign, and a certified copy of the resolution should be forwarded to this
J. F. T. O'CONNOR,
\:
.
*
Comptro
office.
Call No. 339
Form 2139. The statement of assets and liabilities (Form 2130) of the
bank should be published in a newspaper in the place where the bank is
Membership of Temporary Insurance Fund Totals
established, in the same form in which rendered to the Comptroller, or if
13,632 Banks —1,016 Joined During First Two
there is no newspaper published in the place then in the one published nearest
Months of Fund's Operation.
thereto in the same county, and proof of such publication furnished op/
Form 2139.
During the first two months of its operation, the number
Form 2130-E. You are requested to obtain and transmit to this o ce
of banks holding membership in the Temporary Insurance
at the same time you forward the condition report of your bank in Form
Fund (whereby individual deposit accounts are insured, in
2130, and as of the same date as the condition report of your bank, a report
on Form 2130-E covering each of your affiliates and holding company
full, up to $2,500) increased by 1,015 to 13,632, according
affiliates, if any, as defined in Section 2 (b) and (c) of the Banking Act of
to Leo T. Crowley, Chairman of the Federal Deposit In1933. Instructions regarding the preparation of the form, together with
surance Corporation. This increase is based on corrected
extracts from the law, are printed on a separate sheet (Form 2130-E-2).
copies of which were sent you at the time of a previous call. If, however.
figures for Jan. 1 1934, the date the fund came into being,
additional copies of Form 2130-E-2 are desired they will be sent promptly
and Feb. 28, Mr. Crowley announced March 27, adding:
upon receipt of request therefor.
The number of insured accounts in banks which are members of the
If it is not practicable for you to obtain and transmit to this office the
Insurance Fund increased by 2,068,229 during the first two months to
reports of your affiliates and holding company affiliates, if any, at the
54,814,249 at the end of February; while the insured deposits rose'durins the
same time you transmit the condition report of your bank, prompt request
ame period $449.559,099 to $15,512,744,137.
should be made of the Comptroller for an extension of time within which to
transmit such reports. The request should set forth the additional time ;At the end of February,the number of State non-Federal-Reserve-member
banks in the Insurance Fund was 7.442, a gain of 688 in the two months:
required and specific reasons why additional time is necessary.
National banks totaled 5.275. an increase of 214. and State banks members
Form 2130-E-1.—This form is to be used in preparing reports of stillof the Federal Reserve System numbered 915, or 113 more than at the first
Hates and holding company affiliates for publication and in furnishing
of the year.
Proof of publication to this office as required by law.
The States showing the largest increases in the number of insured banks
report is granted
Unless an extension of time for transmission of any such
during the two months ended Feb. 28 1934. were: Wisconsin, 156: Texas,
by the Comptroller, the report ofeach affiliate and holding company affiliate
133; Pennsylvania, 66; Ohio, 62; New York, 55; Kansas, 53; Missouri, 49;
should be printed in the same paper and on the same date as the condition
Nebraska, 45; Iowa, 44; Illinois, 38; Indiana, 34. and Michigan, 30.
report of your bank. If this is not possible the report of each affiliate
The 10 leading States, in respect to deposit insurance, have 75.46% of
should be published as soon as practicable thereafter.
all the insured deposits in the United States and 65.52% of all insured
No affiliate forms,2130-E and 2130-E-1, are being sent to banks which at
accounts, as shown by the following table.
the previous call reported they had no affiliates or holding company affiliates within the meaning of the Banking Act of 1933. If, however, any of '
Ratio to Total
Ratio to Total
such banks have affiliates which are required by law to be reported under
Insured Dept.? Insured Insured Acets
Insured
State.
Section 5211 of the Revised Statutes, blanks for the purpose should be
in U.S.
Accounts.
in U. S.
Deposits.
obtained promptly from the Chief National Bank Examiner in order that
20.82%
11,417,348
reports thereof will be filed with this office within the five-day limit pro34.25%
55,313,823,965
New York
10.82%
5,936,182
10.22%
1,584,074,787
Pennsylvania
vided by the statute.
6.60%
3,622,247
1,156,009,695
7.45%
California
this communicaAffiliate forms in sufficient number are being sent with
5.72%
3,135,761
5.59%
867,546,038
New Jersey
tion to banks which did not report more than two affiliates at the previous
5.35%
2,936,350
694,830,241
4.48%
Illinois
5.17%
2,835,920
656,745,506
4.23%
Ohio
call. In the case of banks which reported more than two affiliates blanks
7
2.60°
1,426,080
466,057,566
3.00%
Massachusetts
for reporting a like number of affiliates are being sent under separate cover.
3.31%
1,819,576
350,448,375
2.26%
Texas
Four copies of Form 2130-E and 2 copies of Form 2130-E-1 are being mailed
2.75%
1,510,379
318,395,133
2.05%
Missouri
2.32%
1,276,475
for each affiliate. If the number of forms furnished is still insufficient to
298,181,938
1.92%
Minnesota
cover your requirements additional copies should be obtained promptly
65.52%
35.916.318
75.46%
511.706.113.244
Totals
from the Chief National Bank Examiner of your Federal Reserve district.
Form 2131 (Schedule "0").—This form covering loans and advances to
The 10 leading States, in the order of the number of insured banks,
affiliates and holding company affiliates of your bank as well as investfollow. Pennsylvania, 1.006: New York, 901; Illinois, 847; Texas, 823:
by your bank in, and loans made by your bank on the security of,
ments
Minnesota, 649; Ohio, 641; Wisconsin, 597; Missouri, 583; Iowa, 450, and
obligations of such affiliates and holding company affiliates should be preIndiana, 446.
pared in triplicate as of the same date for which conditions reports of the
bank and affiliates are required. Each affiliate and holding company
Committees of Deposit Liquidation Board Formed to
affiliate must be listed on this form,including all National and State memAppraise Collateral in Closed Banks to Be Consoliber bank affiliates, inactive affiliates and affiliates in formal liquidation
dated with Regular Agencies of RFC April 15.
or receivership even though reports are not required on Form 2130-E of
affiliates or
member bank and inactive affiliates. If your bank has no
The special committees set up in October 1033 by the Deholding company affiliates under the terms of the Banking Act of 1933. a
posit Liquidation Board to appraise collateral in closed
signed report showing the name of your bank should be rendered on Form
2131 with the following statement written across the schedule:
banks will be consolidated with the regular agencies of the
"This bank has no affiliate or holding company affiReconstruction Finance Corporation on April 15, said Jesse
the Banking Act of 1933."
liate within the meaning of
Volume 138
Financial Chronicle
H. Jones, Chairman of the RFC. In a statement issued
March 26 Mr. Jones added:
The Deposit Liquidation Board, of which C. B. Merriam is Chairman,
was appointed by President Roosevelt to speed up loans for the purpose
of paying depositors in closed banks, and the greater part of the work
has been accomplished. In a few cases banks' receivers have not co-operated
with these committees or with the RFC as heartily as they might have done,
and as a result depositors in these particular banks will be slower in getting
that part of their deposits that can be made available to them.
The Corporation is endeavoring to lend the greatest amounts for this purpose that can be loaned with a reasonable expectation of repayment within
a period of three to five years.
Because of the great amount of voluntary service rendered by some 600
members of these Deposit Liquidation Committees throughout the country,
the expense incident to making these loans has been held to the minimum.
Nevertheless there is a certain amount of overhead required, and in the
Interest of economy and the fact that most of the work has been accomplished, the committees are being consolidated.
The Corporation has authorized 2,257 bank loans aggregating $702,670,000
and will continue making these loans as speedily as possible, using the
formula for appraisements used by the Deposit Liquidation Board. To
accomplish this, the Corporation must have the co-operation of bank receivers
and State bank authorities.
On behalf of President Roosevelt and the directors of the Corporation, I
should like to express appreciation to the voluntary members of the Deposit
Liquidation Committees throughout the country for the unselfish and valuable services that they have rendered.
Death of Otto H. Kahn of Kuhn, Loeb & Co.
The sudden death on March 29 of Otto H. Kahn, senior
partner in the banking firm of Kuhn, Loeb & Co., came as a
shook to the banking community, a number of bankers in
the city taking occasion to voice their feelings as to their
sense of the loss suffered through his death. Mr. Kahn's
death occurred at the firm's banking quarters at 52 William
Street, this city. He was stricken in one of the firm's private
dining rooms, where he was lunching with several of his
partners. A call to Beekman Street Hospital brought one
of the latter's doctors, and Mr. Kahn's physician also responded. Mr. Kahn, however, died before the arrival of
either. Mr. Kahn died shortly after 1:45 p. m., but the
announcement of his death was not given out until the close
of the Stock Exchange at 3 p. m.
Benjamin J. Buttenweiser, a partner, who was in the
dining room when Mr. Kahn was stricken, issued a typewritten statement, saying:
Otto H. Kahn died suddenly of a heart attack while at lunch in his
office.
Mr. Kahn's personal physician, Dr. H. S. Hyman, had
the following to say, according to the New York "Times" as
to the cause of the banker's death:
Mr. Kahn had had general arterio-sclerosis for some years. With that,
he had high blood pressure and had suffered attacks of angina pectoris.
He was suddenly seized to-day with what was probably an acute occlusion
of the coronary artery and died instantly.
The same paper said:
J. P. Morgan and two of his partners, Thomas W. Lamont and
Russell
Leffingwell, called at the Kuhn, Loeb offices just before 4 p. m., and
remained for five minutes. Mr. Morgan left in silence. Mr. Lamont. in
response to a question, said that the call had been one of sympathy.
Mr. Lamont was one of numerous others who expressed
the sense of loss in Mr. Kahn's death; he said:
I am shocked and saddened by Mr. Kahn's death. He had a long and
honorable career in banking and in railway development. His mind and
methods were always constructive. His activities were extraordinarily
varied and his influence most helpful in music and the arts. His death is a
heavx loss to the community.
Comment of Winthrop W. Aldrich, Chairman of the
Board of Directors of The Chase National Bank,follows:
Otto H. Kahn will long be remembered as one of the ablest and most
influential bankers of his time. For more than a quarter of a century he
has occupied an important place in the field of international and domestic
finance. He was a man of genuine personal charm and an outstanding
patron of music and art. His death Is a real loss to the community.
A sketch of Mr. Kahn's career is quoted in part:
Otto Kahn was born in Mannheim, Grand Duchy of Baden. Germany,
on Feb. 21 1867. His father was Bernhard Kahn, his mother Emma
Eberstadt Kahn. He was born to the counting house, his father having
been a banker: but Otto Kahn inherited, beside a talent for finance, a deep. .
rooted attachment to the cause of humanity and liberty.
After he had completed his education at the Classical High School of his
native city. Otto Kahn entered a banking house in Karlsruhe (Baden),
where he started his business career as an office boy. Ile served for one
Year in a Hussar regiment in Mayence, and after a short stay in a banking
house in Berlin, took up his residence in England, where he remained for
five years with the London Branch of the Deutsche Bank. occupying for
the last two years of that term the position of Vice-Manager.
Accepting an offer made to him by Speyer & Co., he came to New York
in August 1893. On Jan. 1 1897 he entered the firm of Kuhn, Loeb & Co.
as a partner. He became acquainted with Edward H. Harriman, an acquaintance which ripened into intimate relationship. In the phenomenal
career of that great railroad builder and developer, which reached its climax
in the ensuing 12 years, Otto Kahn was his closest associate, and Mr.
Kahn's constructive mentality and financial skill counted for much in
the vast enterprises with which the names of Harriman and Kuhn, Loeb &
Co. came to be identified.
Apart from many other phases of financial activity on the largest scale,
Mr. Kahn is especially noted for his ability in the handling of railroad
properties needing rehabilitation. Thus, he took a leading part in the reorganization of the Union Pacific, Baltimore & Ohio, Missouri Pacific,
2175
Chicago & Eastern Illinois, Wabash. Texas Pacific, Denver and Rio Grande.
&c.
Mr. Kahn's sympathy for, and practical interest in, artistic affairs have
made him famous as the directing force in the progress of the Metropolitan
that
Opera House. . . .He was until October 1931. when he retired from
position. President and Chairman of the Board of Directors of the Metroposition of first Chairman
politan Opera Company, after having held the
than
of the Executive Committee and then Chairman and President for more
. . .
25 years. He continued as a member of the Executive Committee.
Garden,
He was for a time Honorary Director of the Royal Opera, Covent
London, and was one of the founders of the Chicago Grand Opera. He was
until November 1931, when he resigned, Vice-President of the New York
American
Philharmonic-Symphony Orchestra Society, and Director of the
Federation of Arts. He was a director of the National Economic League.
Relations, a member
the Research Corporation, and the Council on Foreign
of the Committee on National Affairs of the National Republican Club,
and of the American Executive Committee of the Union Interalliee and
Honorary Vice-President of the Stable Money Association. He was Chairman of the National Music Week Committee, Vice-President of toe EnglishSpeaking Union, Trustee of the Museum of French Art,Director and Chairman of the Committee on Arts and Letters of the Italy-America Society,
and Honorary Treasurer of American Shakespeare Foundation.
Besides being a member of the firm of Kuhn, Loeb & Co.,
Mr. Kahn was a director of the Los Angeles & Salt Lake
Railroad Co., having resigned some years ago from all other
directorships of a business nature.
Death of George Blagden, Special Partner in Firm
of Clark, Dodge & Co.
George Blagden of New York City, a retired broker, died
at the age of 67 in Augusta, Ga., on March 22. A dispatch
of that date from Augusta to the New York "Herald Tribune"
said in part as follows:
He was a special partner in the brokerage firm of Clark, Dodge & Co.;
of 61 Wall Street, for many years. but had been inactive, devoting much
of his time to his interests in charity, which were many.
He also was a director of the Atlantic Safe Deposit Co. and first VicePresident and trustee af the Greenwich Savings Bank.
Mr. Blagden was a son of the late George and Frances Meredith Blagden.
He was graduated from Harvard College in 1890.
Death of Joseph E. Sterrett, Accountant—Was Formerly
Member of Reparations Commission.
Joseph Edmund Sterrett, former member of the Reparations Commission and an authority on international finance,
died at his home in New York City on March 22 at the
age of 64. Mr. Sterrett was a senior member of Price,
Waterhouse & Co., public accountants, and was an expert
on taxation as well as a pioneer in the development of the
modern accounting profession in the United States. The
New York "Times" of March 23 outlined his career in part
as follows:
Born in Brockway, Pa., on June 17 1870, be became associated with
the late John W. Francis, an accountant, in Philadelphia and in 1896
entered into partnership with him. Mr. Sterrett was one of the organizers
of the Pennsylvania Association of Public Accountants,serving as Secretary
from 1897 to 1900 and as President from 1904 to 1906.
When the first International Congress of Public Accountants was held
In St. Louis in 1904 Mr. Sterrett served as its Chairman. In 1909 he
became President of the American Association of Public Accountants.
He took an active part in the reorganization of that body in 1916 into the
present American Institute of Accountants.
After the death of his partner, Mr. Francis, he continued to practice
accountancy in Philadelphia until in 1907 he was invited to join the firm
of Price, Waterhouse & Co. here. Although he afterward devoted much
time to outside work, he continued a member until his death.
Served on Federal Tax Board.
Beginning in 1917 Mr. Sterrett spent two years as a member of a number
of tax advisory bodies created by Congress and by the Treasury Department. After going to Paris as a member of the Reparations Commission,
he returned to Washington to serve on the Tax Simplification Board, which
was established by Congress in the Revenue Bill of 1921.
Returning to Europe in 1924, he remained in Berlin for three years as
the American member of the Transfer Committee set up under the Dawes
Plan and as Deputy for the Agent General. When he resigned he was
made a member of the Order of Leopold by the Belgian Government. a
commander of the French Legion of Honor and was also decorated by the
German Government.
Constitutionality of New York Emergency Bank Act
Upheld by State Court of Appeals—Decision
Reverses Findings of Appellate Division of State
Supreme Court.
The constitutionality of the Emergency Bank Act passed
by the New York Legislature during the period of the bank
moratorium a year ago, was upheld by the State Court of
Appeals on March 20. The findings of the Court reverse a
decision handed down on Jan. 12 last by the Appellate
Division of the New York Supreme Court, to which reference
was made in these columns Jan. 20, page 432. In the New
York "Times" of March 20 it was stated that the decision
of the highest court makes unnecessary legislation called
for recently by Governor Lehman to remedy defects in the
law which the Appellate Division had viewed as making the
Act invalid.
In the same paper it is stated that the Court of Appeals
wrote no opinion in reversing the Appellate Division, but
announced that its action was based on the holding in the
Schackno mortgage law ease, in which Judge Irving Lehman
2176
Financial Chronicle
said in his opinion that the emergency which the law was
meant to relieve was such that the assertions of unconstitutionality could not be sustained by the courts. From the
"Times" of March 22 we also quote:
The Banking Law Case.
The Emergency Banking Law was attacked in a suit by Frank Moses
and James T. Berney, as trustees of the estate of Benjamin Adriance
against the Guaranteed Mortgage Corp. to recover $72,500 on guaranteed
mortgages bought from the defendant, which were conceded to be due.
The mortgage company defended the suit by citing the Emergency Banking
Law.
An application by the plaintiffs in the Supreme Court to strike out the
answer and grant summary judgment on the ground that there was no
valid defense, was denied. This ruling was reversed by the Appellate
Division and summary judgment was granted. The Court of Appeals
ruling upholds the first court's decision and denies summary judgment.
Justice Edward J. Glermon, who wrote the Appellate Division opinion,
said the first defense to the suit asserted that the regulation suspending
the banking laws during the emergency was issued by the State banking
authorities pursuant to Presidential proclamations, executive orders and
Interpretations of the Treasury Department. The second defense was that
the Legislature had passed the Emergency Act on March 7 1933. under
which the State Banking Board could, by a two-thirds vote, suspend the
law in whole or In part during the emergency, which was to be until the
Legislature declared it terminated or until the Governor so determined if
the Legislature was not in session.
Appellate Court's Reasoning.
Justice Glennon's opinion said the law was "so indefinite as to time as to
impair the rights and obligations of existing contracts." He also said the
Legislature had granted to the State Banking Board "the power to make
such laws which in its judgment are necessary during the emergency to
carry out that policy" and that this was "a delegation of legislative authority" to the State Banking Board which he held unconstitutional.
The opinion of Judge Lehman on the mortgage law, upon which the
reversal of the Appellate Division decision was based, said that "general
principles must guide the court in the determination of whether, in a
particular case, an attempted exercise ofthe reserved power of the State
transcends the limitation placed by the Constitution upon that power."
Judge Lehman also said that "no unchanging yardstick can be fashioned
applicable at all times and under all circumstances by which the validity of
each statute may be measured."
Miss Lasater Appointed Director of Wichita Federal
Land Bank.
Appointment of Miss Corinne Lasater of Pauls Valley,
OkLs., as a director-at-large of the Federal Land Bank of
Wichita, Kan., the first woman ever to be appointed a
director of any Federal Land Bank, was announced March 21
by Governor Wm. I. Myers. The announcement of the
Farm Credit Administration says:
Miss Lasater, the daughter of the late Milos Lasater, a cattle man known
throughout the Southwest, received the greatest number of votes in the
recent nominating election held by the National Farm Loan associations of
the Ninth Federal Land Bank district for the selection of a director-at
large of the bank. Her appointment is for the unexpired portion of the
term ending Dec. 31 1934.
Her father was for several years President of the Federal Land Bank of
Wichita. His management of the bank's affairs won him recognition from
supervising officials and from the people in the territory served by the bank
In Colorado, Oklahoma, New Mexico and Kansas.
Since Jan. 1 1930, Miss Lasater has been SecretaryTreasurer of two National farm loan associations at Pauls
Valley, Okla. She has also served as Secretary of the Oklahoma State Federation of National Farm Loan Associations
Tenders Aggregating $333,010,000 Received to Two
Issues of Treasury Bills Offered to Total Amount of
$100,000,000 or Thereabouts—Bids of $50,091,000
Accepted for 91-Day Bills at Average Rate of 0.08%
and $50,025,000 for 182-Day Bills at Average Rate
of 0.19%—Rate of 0.08% Lowest at Which Treasury
Bills Ever Sold,
Henry Morgenthau Jr., Secretary of the Treasury, announced March 26 that the tenders for two series of Treasury
bills offered to the total amount of $100,000,000 or thereabouts aggregated $333,010,000, of which $100,116,000 were
accepted. The tenders for the bills, both issues of which
were dated March 28, were received at the Federal Reserve
Banks and the branches thereof, up to 2 p. m., Eastern
Standard Time, March 26. Announcement of the offering
was made on March 22 by Secretary Morgenthau, as noted
in our issue of March 24, page 2000.
Each series was offered to the amount of $50,000,000 or
thereabouts, one being 91-day bills maturing June 27 1934,
and the other 182-day bills maturing Sept. 26 1934.
The bids received to the 91-day bills amounted to $194,789,000 and to the 182-day bills $138,221,000. The accepted
bids in the case of the 91-day bills were $50,091,000, and
$50,025,000 in the case of the 182-day bills. For the 91-day
issue the average rate is about 0.08% per annum, on a discount basis, the lowest rate at which an issue of Treasury
bills ever sold. The 182-day bills sold at an average rate
of about 0.19%. A recent issue of bills (dated March 21)
brought a rate of about 0.09%, which rate equaled the
all-time low established Dec. 28 1932. The details of the
two series, as announced by;Secretary Morgenthau, are
as follows:
Mar. 31 1934
For the 91-day Treasury bills, maturing June 27 1934, which were for
$50,000,000, or thereabouts, the total amount applied for was $194,789,000.
of which $50,091,000 was accepted. The accepted bids ranged in price
from 99.987. equivalent to a rate of about 0.05% Per annum. to 99.977,
equivalent to a rate of about 0.09% Per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was accepted. The
average price of Treasury bills of this series to be issued is 99.980 and the
.14
average rate is about 0.08% per annum on a bank discount basis.
For the 182
-day Treasury bills, maturing Sept. 26 1934, which were for
$50,000,000, or thereabouts, the total amount applied for was $138,221,000,
of which $50,025,000 was accepted. The accepted bids ranged in price
from 99.929, equivalent to a rate of about 0.14% per annum, to 99.890,
equivalent to a rate of about 0.22% per annum, on a bank discount basis.
Only part of the amount bid for at the latter price was accepted. The
average price of Treasury bills of this series to be issued is 99.904 and the
average rate is about 0.19% per annum on a bank discount basis.
New Offering ofi$100,000,000 or Thereabouts of Treasury
Bills in Two Issues Maturing in 90 Days and 182
Days, Respectively—Each Series Dated April 4
1934 and Offered in Amount of $50,000,000 or
Thereabouts.
Announcement of an offering of two new series of Treasury
bills to the aggregate amount of $100,000,000 or thereabouts,
each to be dated April 4 1934, was made on March 29 by
Stephen B. Gibbons, Acting Secretary of the Treasury.
They are 90-day and 182-day bills, maturing July 3 and
Oct. 3 1934, respectively. Each series is offered in amount
of $50,000,000 or thereabouts and will be sold on a discount
basis to the highest bidders. The face amount of the bills
will be payable without interest on their respective maturity
dates.
Tenders to the offering will be received at the Federal
Reserve Banks, or the branches thereof, up to 2 p.
Eastern Standard Time, Monday, April 2. No tenders will
be received at the Treasury Department, Washington, the
Acting Secretary pointed out. Bidders will be required to
specify the particular series for which each tender is made.
The offering will be used to meet an issue of bills amounting
to $100,990,000 which matures on April 4. Acting Secretary
Gibbons' announcement further said in part:
The bills will be issued in bearer form only, and in amounts or denominations of $1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity
value.)
No tender for an amount less than $1,000 will be considered. Each
tender must be in multiples of $1,000. The price offered must be expressed
on the basis of 100, with not more than three decimal places, e. g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from Incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are accompanied by an express guaranty of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of tenders on April 2 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 for each series will follow as soon as possible thereafter, probably on
the following morning. The Secretary of the Treasury expressly reserves
the right to reject any or all tenders or parts of tenders, and to allot less
than the amount applied for, and his action in any such respect shall be
final. Any tender which does not specifically refer to a particular series will
be subject to rejection. 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 April 4 1934, provided, however, any
qualified depositary will be permitted to make payment by credit for
Treasury bills maturing Oct. 3 1934, allotted to it for itself and its customers
up to any amount for which it shall be qualified in excess of existing deposits
when so notified by the Federal Reserve Bank of its District.
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.
$37,744,000 of Government Securities Purchased by
Treasury During Week Ended March 24.
During the week of March 24 the Treasury Department
purchased $37,744,000 of Government securities in the
open market, Henry Morgenthau Jr., Secretary of the
Treasury, announced on March 26. Of this amount, the
Secretary said, $23,241,000 was purchased for the investment account of the Federal Deposit Insurance Corporation
and $14,503,000 for other investment accounts. Since the
inception of the Treasury's support to the Government bond
market last November, reference to which was made in our
columns of Nov. 25, page 3769, the weekly purchases have
been as follows:
$8,748,000 Jan. 27 1934
Nov. 25 1933
82,800,000
2,545,000 Feb. 5 1934
Dec. 2 1933
7,900,000
7,079,000 Feb. 13 1934
Dec. 9 1933
*22,528,000
16,600,000 Feb. 17 1934
7,089,000
Dec. 16 1933
16,510,000 Feb. 24 1934
Dec. 23 1933
1,861,000
11,950,000 Mar. 3 1934
10,208,100
Dec. 30 1933
44,713,000 Mar, 10 1934
6,900,000
Jan. 6 1934
33,868,000 Mar. 17 1934
Jan. 13 1934
7,909,000
17,032,000 Mar. 24 1934
37,744,00(1
Jan 20 1934
amount,$638,400 of bonds held by the Treasurer as collateral
* In addition to this
security for postal savings deposits purchased Feb. 9 by the FDIC.
Volume 138
Financial Chronicle
Treasury Purchases of Silver Totaled 369,844.24 Ounces
-Receipts by Mints Now
During Week of March 23
Total 2,746,966.89 Ounces.
In an announcement issued March 26, Henry Morgenthau
Jr., Secretary of the Treasury, said that 369,844.24 ounces
of silver had been received by the various United States
mints during the week ended March 23. This silver was
purchased by the Treasury Department in accordance with
the President's proclamation of Dec. 21 1933, which authorized the Department to buy at least 24,000,000 ounces
annually. The proclamation was referred to in our issue
of Dec. 23, page 4440. During the week ended March 16
the receipts by the mints amounted to 832,808 ounces.
The weekly receipts since the issuance of the proclamation,
which total 2,746,966.89 ounces, are as follows (we omit
the fractional part of the ounce):
Week EndedOunces.
Week EndedJan. 5
1,157 Feb. 23
Jan. 12
547 Mar. 2
Jan. 19
477 Mar. 9
94,921 Mar. 16
Jan. 26
Feb. 2
117,554 Mar. 23
Feb. 9
375,995
Feb. 16
232,630
Total
.Approxlmate total (0 Mal total, 2,746,966.89).
Ounces.
322,627
271,800
128,604
832,808
369,844
2.746,666
List of Companies Filing Registration Statements with
Federal Trade Commission Under Federal Securities Act.
More than $4,000,000 worth of commercial and industrill
securities are filed for registration under the Securities Act
in a group of 10 registration statements (720-729) announced
on March 16 by the Federal Trade Commission. The group
includes only one issue that is not for industrial Dr commercial capital and that is for reorganization of a real estate
company. The 10 issues total $4,367,200 in proceeds expected to be raised. The registration statements are listed
as follows:
Gas Generator Corp. of America (2-720), New York, a Delaware corpora
don proposing to manufacture and deal in machines and inventions for
making gas and vapor to furnish light, heat and motive power as well as
refrigeration. The company expects to issue $500.000 capital stock.
The underwriter, Harvey W. Slog, Inc., 32 Broadway, New York, is to
receive 25% commission. Officers are Lewis A. Ellis, East Orange,
N. J., President; K. D. Ellis, East Orange, N. J., Vice-President; and
H. 0. Heard, New York, Secretary-Treasurer.
Mammoth Oil Service Co. (2-721). Denver, a Delaware corporation
engaged in removing paraffin from oil wells to prevent retarding of the
flow. The company also expects to manufacture an irrigation water
pump and oil well cleaners. Capital stock amounting to $500,000 is
proposed to be issued. The underwriter, E. P. Gage of Jacksonville. Fla..
is expected to receive 20% commission. Among officers are: W. E.
Patton. President, and M. J. Steppe, Secretary-Treasurer, both of Denver.
Amrein Manufacturing Co. (2-722). St. Petersburg, Fla., a Florida corporation .manufacturing patented window blinds and proposing to issue
$125,000 common and preferred stock, the proceeds to be used for improvements and other corporation purposes. Among officers are: August
Anarein, President; George W. Glayberger, Secretary-Treasurer, both of
St. Petersburg.
Swayze-Huycke Gold Mines, Ltd. (2-723), Toronto, Canada, an Ontario
corporation organized July 20 1933 to mine gold at Allen Lake, Out. The
United States agent is Edward B. Waldron. 267 E. 32d St.. Brooklyn,
N. Y. The company proposes issuing 500,000 shares of common stock
at an aggregate price of $375.000. Stock is to be sold to the underwriter,
D. B. Howe & Co., 32 Broadway, New York. at 50 cents a share and to
be offered to the public at 75 cents a share. Among officers are: William
L. Doyle, President, and Albert B. Drake, Secretary, both of Toronto.
American Automotive Corp.(2-724), Indianapolis. a Delaware corporation
organized Feb. 13 1934 to manufacture and sell automobiles, racing cars,
armored cars, tanks, and aviation engines. The company proposes the
immediate issue of class A and B common stock at an aggregate price of
$10,200. Following subsequent amendment, authorization and registration, prior to effective date, the company expects also to issue $777.200
class A and class B stocks, bringing the total issue to $787,400. The
underwriter, A. D. Steiner, 1001 York St., Indianapolis, is to receive cash
commission not to exceed 20% of the par value of class A stock. Among
officers are: Harry A. Miller, President, and Burnett C. Street. SecretaryTreasurer, both of Indianapolis.
Wylie-Dominion Gold Mines. Ltd. (2-725), Winnipeg, Canada,a Manitoba
corporation incorporated Nov. 4 1933 to mine gold on seven claims of
51 acres each situated east of Canadian National Sheridon Line, north of
Cranberry Portage Station, Manitoba. The company expects to issue
$775,000 common stock, the proceeds to be used for organization purposes.
The United States agent Is Edward S. Itently, 20 Eachange Place, New
York City. Among officers are: Newton Wylie. Toronto, President;
E. Gus l'orter, Portage La Prairie, Manitoba, Treasurer, and Ralph
Maybank, Winnipeg, Manitoba, Secretary.
Golden West Quartz Milling Co. (2-726), Placer-Ville, Calif., a Delaware
corporation proposing to engage in mining and milling of ore, including
gold, silver and other metals; expects to issue $100,000 treasury stock,
to be sold to the public at $1 a share; the underwriter, the Bookworth Co.,
Inc., 110 E. 42d St., New York, purchasing it at 7734 cents a share.
Among officers are: George J. Polivka, La Grange, Ill., President; E. F.
Luthin, Congress Park. Ill., Secretary, and John A. Pollvka, La Grange,
Ill., Treasurer.
George II. Nusloch & Others (2-727), New Orleans, La., a bondholders'
protective committee calling for deposits of Canal-Villere Realty Co. first
mortgage 6% serial gold bonds in the amount of $200,000. The committee consists of George H. Nuscloh, I. Lowenburg, C. B. Meriwether,
N. 0. Pedrick, and J. A. Brignac. The committee expects to organize a
new corporation to acquire the realty company's property and the cash,
if any, from revenues applicable to the bonds participating in the reorganization plan. The new company will in turn issue its stock and pay off
the pro rata share of non-participating bondholders and the expenses of
foreclosure and reorganization.
2177
Southwest Oil Royalties Corp.(2-728), Dallas, Tex., a Delaware corporation
organized Feb. 1 1934 to buy and sell producing oil royalties, proposing
to issue common stock of $979.800, of which $881,820 will be used to
Purchase the royalties. An option of 250,000 shares of common stock is
to be granted to J. A. Woods and T. F. Morrow by payment to the company of $1 cash for each share of stock taken under option. Officers are:
J. A. Woods, Wichita, Kan., President: T. F. Morrow, Maxie, Tex.,
Vice-President and Treasurer,and L.E.Cushman. Wichita, Kan.. Secretary,
American Products Co. (2-729), Wausau, Wis., a Wisconsin corporation
proposing to brew and sell beer, issuing 1,000 shares of no par common stock
in an aggregate amount of $25,000, the proceeds to be applied to indebtedness. The company expects to receive a loan from the Reconstruction
Finance Corporation, which the proceeds from the sale of stock will be used
to retire. Among officers are: John Ringle Jr., President; Frank E.
Zastro, Secretary, and John Stark, Treasurer, all of Wausau, Wis.
Ten security issues (730-739) totaling approximately
$9,000,000, filed with the Federal Trade Commission for
registration under the Securities Act, were made public
by the Commission on March 19.
Almost
,000,000 out of the total issues cover reorganization or readjustment projects, among which are a
company printing church collection envelopes, a natural
gas company, two real estate companies, and a bridge and
terminal company. Industrial and commercial issues amount
ing to almost $1,000,000 include two gold mining companies,
a farm machine producer and an oil and gasoline operator.
The list of statements filed for registration follows:
Protective Committee of the Bondholders of the Duplex Envelope Co., Inc.
(2-730), Richmond, Va., calling for deposits for first mortgage 6% serial
gold bonds in the amount of $660,000 outstanding of an original $750,000
issue. The outstanding funded debt of the•company includes the $660,000
gold bonds mentioned above and a $4,000 first mortgage 6% real estate
note. The company is engaged in printing church collection envelopes and
other church and Sunday school accessories. Members of the protective
committee are Richard II. Smith, banker; Florence S. Peple, investor.
and Osborne 0. Ashworth, physician, all of Richmond.
Raritan Petroleum Corp.(2-731),Newark, N. J., a New Jersey corporation
organized Feb. 1 1934, to refine crude oil so as to produce gasolene, kerosene
and other petroleum products. The company expects to register $500,000
worth of three-year 6% and participating warrants. Of the proceeds obtained $300.000 is to be held by trustee as a revolving fund for purchase of
crude oil while $112,500 is for operating purposes. The underwriter.
L. L. Harr & Co., Inc., 70 Pine St., New York City, is to receive 1734%
of the face value of the issue sold. Among officers are: Louis H. Bean,
President; Rufus W. Peckham, Vice-President and Treasurer, and Henry
C. Lohden, Secretary, all of New York.
Protective Recovery Committee (2-732), Integrity Building Philadelphia,
calling for deposits of $1.000.000 common stock of Great Eastern Natural
Gas Co., Inc., Wilmington, Del., and New York. The amount of the
company's funded debt has not yet been furnished the Commission. The
company, at the time the securities to be called were issued, was engaged
in developing oil and gas properties in Cattaraugus County, New York.
Members of the committee are: Louis J. Burns and Irwin I. Pelffer of
Philadelphia, and William F. Mackin of Lancaster. Pa.
Rototiller, Inc. (2-733). Long Island City, New York, a Delaware corporation organized March 1 1932, to deal in farm machines known as "Rotetillers," and other farm equipment. The company expects to offer 15,000
shares of preferred and 15,000 sharse of common stock in an aggregate
amount of $225,000. The proceeds are to be used for manufacturing and
purchasing rototillers and for other corporation purposes. Salesmen are
expected to receive commissions totaling $30,000 or not to exceed $2 a
unit to be sold at $15 each consisting of one share of preferred and one
share of common stock. Among officers are: Cadwallader W. Kelsey.
President, Short Hills, N. J.; Arthur V. Anderson, Treasurer, Elmhurst.
L. I.; Edward B. Nisbet, Secretary, New York City.
Bondholders' Protective Committee Relating to First Mortgage Leasehold
7% Gold Bonds, Dated Feb. 1 1923. of the Commodore Improvemnet Co.
(2-734), Cleveland, calling for deposits of the above-named issue in the
amount of $930,000 outstanding of an original $1,000,000. Funded debt
of the Commodore Improvement Co., a Cleveland real estate company.
includes the $930,000 in first mortgage bonds now outstanding. Members
of the committee are: Ely Griswold, Erie, Pa., manufacturer; H. S. Johns.
Cleveland, real estate dealer, and Elbridge S. Warner, Cleveland, security
salesman.
Independent Bondholders' Committee for Vicksburg Bridge and Terminal Co.
First Mortgsge 6% Sinking Fund Gold Bonds (2-735). 40 Wall Street, New
York, calling for deposit of the above-named issue in the amount of $5,000,000 outstanding out of an original $5,500,000 for protection of the first
mortgage bondholders' interests. This bridge and terminal company
operates the combination railway and highway bridge over the
Mississippi
River at Vicksburg, Miss. Committee members are: Milton W. Harrison,
Robert M. Nelson and Lloyd S. Carter, all of New York,andC. L.
Warner.
G. NI. Sudduth and Frank H. Andrews, Vicksburg, Miss.
Prommel Mining Co. (2-736), Denver, a Colorado corporation organized
Aug. 15 1932, to carry on metal mining, confining its present
operations to
gold placer mining. The company expects to issue $44,399
worth of common capital stock, the proceeds to be used for
debts and for operation.
The company expects to sell the stock through its
officers, salesmen and
dealers at a commission not to exceed 20%. which
may be paid either in
cash, in stock at par, or both. Among officers are:
H. W. C. Prommel,
President, and Lola M. Merritt, Secretary-Treasurer,
both of Denver.
Comstock-Dexter dines, Inc. (2-737), Prescott, Ariz., an
Arizona corporaLion organized Jan. 26 1934. to develop mines and property
owned by the
company and to produce gold ores. issuing $125.000
worth of common
capital stock, and proceeds to be used for organization
and operating
purposes. Among officers are: T. F. M. Fitzgerald, President,
and A. L.
Fitzgerald, Secretary-Treasurer, both of Prescott.
Bondholders Committee Deal Development Co. (2-738). 37 Wall
Street,
New York City, calling for deposits of $375,500 first
mortgage 6% serial
gold bonds of Deal Development Co., Deal, N. J., a real
estate company.
The issue was originally $400.000 of which, at present.
$375,500 is outstanding. This latter is the only amount of funded debt
listed for the
original issuer. Members of the committee are: E. Kemp
Cathcart, New
York City; David S. Davis, Chicago; Russell N. Van Kirk
and Edward J. ,
Coolahan of New York City, and Richard E. Kohn, Newark, N.
J.
Michigan-Chestnet Building Bondholders Committee (2-739), 11
South
La Salle Street, Chicago, calling for deposit of an
original issue of $575,000
in first mortgage building and leasehold bonds. At
the time the securities
to be called were issued the building corporation owned
the MichiganChestnut Building at Michigan Ave. and Chestnut St., Chicago.
Funded
2178
Financial Chronicle
debt of the building company is listed as $518,000 now outstanding of the
first mortgage building and leasehold gold bonds. Members of the com&Mee are: R. G. Mueller, Percy Cowan, H. L. Brody, S. W. Seidenberg
and Herbert E. Hillebrecht, all of Chicago.
On March 23 approximately $20,000,000 of security issues
were filed for registration under the Securities Act. The
Federal Trade Commission stated that more than half the
aggregate amount of the ten issues is for investment companies. Reorganization projects account for more than
,000,000 and industrial and commercial issues amount to
$1,475,000. Among the reorganization projects is a $1,774,000 certificate of deposit issue of a stockholders' protective
committee for American Type Founders' Co., New York,
which was declared bankrupt last October. This committee
is empowered to prepare a financing reorganization plan if it
shall deem this advisable.
Other reorganization issues are for theatre realty and traction terminal properties. Industrial and commercial securities filed include liquor distilling, coal mining and gold
mining.
Statements filed for registration were listed as follows by
the Commission on March 23.:
Portland Paramount Property First Mortgage Bondholders' Committee
(2-740), Portland. Oregon, calling for deposit of $1,100.000 worth of first
mortgage leasehold bonds of Portland Paramount Corp., which, at the
time the securities to be called were issued, was planning to finance and
operate a theatre, hotel and office building. This corporation is reported
to have failed making payments of interest coupons pertaining to the above
issue. The bondholders' protective committee consists of the following.
Amedee M. Smith. Robert H. Strong and Earl C. Bronaugh Sr., all of
Portland, Ore.
C. P. Moorman & Co. (2-741), Louisville, Ky.. a Kentucky corporation
engaged in distilling of liquor and proposing to issue 180,000 shares of
capital stock at an aggregate price of $1,125.000. Among officers are.
W. C. Wheeler, Louisville, Ky., President; and Vincent Kell, New York.
Treasurer and general financial officer.
Stockholders' Protective Committee for American Type Founders Co. 7%
Cumulative Preferred Stock and Common Stock (2-742), 41 Broad Street,
New York, calling for deposit of the above-named Issue of a total market
value of $1,774,838.50.
Members of the stockholders' protective committtee are. Albert W. Finlay, Boston; A. Ames. New York; J. W. Meader, New York. and John
A. Remick, Boston.
The company was adjudicated a bankrupt Oct. 4 1933. The protective
committee reports it "understands that the voluntary petition in bankruptcy was filed by the company due to the large interest and retirement
requirements on indebtedness incurred during previous years. which because
of existing business conditions the company was unable to meet. The
committee thinks it quite probable that in connection with the bankruptcy
proceedings, a readjustment or reorganization of the indebtedness of the
Company may be necessary or desirable, and that the holders of the securities to be called for deposit should unite for the protection of their Interests."
Five years from date of the deposit agreement is the period for Continuance of the agreement and for the return of the stock or its avails if no
plan has become operative. This is subject to the committee's right to
terminate the agreement sooner. The committee is empowered to prepare
and adopt a plan for protection of the interests of stock depositors or for
reorganization or readjustment of finances when, in its judgment, it shall
become advisable to do so.
In addition to the protective committee for stockholders, a different protective committee for American Type Founders Co. 6% sinking fund
-year gold debentures, called for deposit of these issues
gold bonds and 15
in the amount of $3.761.400 out of total original issues aggregating $8,000,000. This was announced Feb. 12 in Release No. 118 (File 2655)•
Protective Committee for Kentucky Traction & Terminal Co. First and
Refunding Mortgage 5% Sinking Fund Bonds due Feb. 1 1951 (2-743),
Lexington, Ky., calling for deposit of first and refunding mortgage bonds
of the above company in the amount of $1,840,000. As of Jan. 14 1934
the traction and terminal company funded debt was reported, in addition
to the above amount, as $194.000 of Blue Grass Traction Co. first mortgage
bonds and $580,000 Lexington Railway Co. first mortgage bonds. A receiver for the company was appointed Jan. 15. The committee to protect
the interests of the first and refunding mortgage sinking fund bond holders
consists of. C. N. Manning and W. H. Courtney, Lexington, Ky.; William
LiHey, Philadelphia; Francis E. Smith, Boston; and W. K. Barkley Jr.,
Philadelphia.
Keystone Custodian Funds, Inc. (2-744). Philadelphia, an investment
company proposing to issue $10.000,000 in ten series of custodian funds.
The issue has not been underwritten, but, according to the company, will
be taken down as it is sold. A 4% commission will be paid dealers distributing Keystone Custodian Funds. Among officers of the company are.
S. L. Shelley, Boston, President; S. G. Carter, Philadelphia, Treasurer;
and F. D. Gallagher, Philadelphia, Secretary.
Capitol Theatre Co. Bondholders' Protective Committee (2-745). Cleveland,
calling for deposits of $480.000 first mortgage 63i% serial gold bonds of
Capitol Theatre Co., Wheeling. W. Va. The company's funded debt as
listed consists of the $480,000 first mortgage bonds and $78,300 three-year
7% gold notes. Members of the protective committee are. James A.
Farrell, M. W. Haber and Carlton Schultz, all of Cleveland, Ohio.
National Coal Distributing Corp. (2-746). Wilmington, Del., a Delaware
corporation owning property in West Virginia and proposing to operate
coal mines and market coal. The company expects to issue 3,060 shares
of preferred stock in an aggregate amount of 16300,000, paying a 15%
commission to brokers or others who sell the stock. The company announces that it will not sell at general public offering, but on personal
solicitation from time to time. Among officers are. George C. Roberts,
President; James E. Watson Jr., Vice-President, and Charles I. Gibe,
Secretary-Treasurer, all of Chicago.
Nevada Bell Gold Mining Co. (2-747), Reno, Nev., a Nevada corporation
The company
organized Dec. 12 1933 to engage in the mining business.
expects to issue $50,000 capital stock, paying a commission of not more
than 20% in connection with the sale thereof. Mel Armstrong, Graham,
Tex., President of the company, will sell stock of this issue. According
to the company's statement, he owns 125,000 shares or 50% of the company's total authorized capital stock. Wilbur Davis of Union. Ore., Is
Secretary-Treasurer.
Hy-Grade Management Co., Inc. (2-748), New York City, a New York
corporation organized Jan. 30 1934 to form a syndicate for purchase and
Mar. 31 1934
sale in the open market of investment bonds, stock and other securities of
Hy-Grade Food Products Corp. The company expects to issue $250.000
worth of investment contracts represented by subscription agreements.
Among officers are. Samuel Slotkin, President; Isidore Chorney, VicePresident, and Kenneth R. Woodruff. Secretary-Treasurer, all of New York.
Mengel Co. (2-749), Louisville, Ky., files for registration a proposed plan
for extension of its 1st mtge. 7% serial gold bonds. The issue amounts to
$2,958,600, maximum amount of bonds as extended, or as extended and
made convertible. The exact amount of bonds to be made convertible
is not determinable at present. The company previously filed a registration statement effective Jan. 5 1934 with respect to 240.000 shares of
its common stock which it offered to its common stockholders and a registration statement, also effective Jan. 5 1934. for certificates of deposit with
respect to the proposed extension plan. This company manufactures and
sells mahogany and domestic lumber and other lumbers. Among its officers
are. C. C. Mengel, of Louisville, Ky., President, and V. H. Bryan, Louisville, Treasurer. (See also release No. 98, file Nos. 533-534.)
Announcement was made on March 27 by the Federal
Trade Commission of the filing of statements for (750-759)
registration, covering security issues totaling approximately
$10,500,000, filed by ten companies. These issues are
almost evenly divided between industrial and reorganization
projects. Railroad, hotel and office building companies
comprise the reorganization issues, while a utility water
company, a gold mining company and aircraft and machinery projects, represent the industrial issues. Also, mining
investment company seeks to register more than a million
dollars worth of stock. The statements are listed as follows:
Committee for the Protection of the Holders of First Mortgage 63:f% Gold
Bonds of Bay State Road Co., Inc. (The Sheraton), Constituted Under Deposit
Agreement Dated March 7 1934 (2-750). 31 Milk St., Boston, calling for
deposits of the above issue of the above company in the principal amount
of $471,500 outstanding of an original issue of $625.000. Bay State Road
Co., Inc.. was organized to acquire land, construct buildings and conduct
a general hotel business. Funded debt of the company outstanding is
listed at $200,000 in 7% 2d mortgage bonds, due Nov. 1 1937, in addition
to the 1st mortgage bonds due May 1 1938 in the amount of $471,500 for
which the present statement is filed. Members of the protective committee are. Rodney W. Long, real estate broker; Paul T. Newton, investment security dealer; Myron P. Lewis, trustee, and Walter J. Sugden,
all of Boston.
Lloyd & Cosier, Inc., Industrial Building Bondholders' Committee (2-751).
Los Angeles, Calif., calling for deposit of $588.000 aggregate principal
amount of bonds secured by 1st mortgage or deed of trust on real and
personal property. Lloyd & Casler, Inc., the original issuer, at the time
these securities were issued, was in the contracting and building material
business, and operated office buildings. The bonds have been in default
for non-payment of interest since the coupons due June 1 1933, and for nonpayment of serial maturities since Dec. 1 1932. Taxes on mortgaged property have not been paid since the first instalment of 1932-33 taxes. The
original principal amount of the issue was $700.000. Bondholders' committee members are George W. Dryer. R. I'. Jennings and John E. Lasham,
all of Los Angeles.
Glen L. Marlin Co. (2-752), Baltimore, Md., a Maryland corporation
manufacturing and selling aircraft and marine equipment, and proposing
to issue 250.000 shares of common stock, of which 200,000 will be offered
at first. Aggregate proceeds are not to exceed $4,000,000. Upon completion of the registration, the company proposes to offer 200,000 shares
to underwriters not yet designated at $13.50 a share. It is expected the
underwriters will offer the stock to the public at $15 per share. The company proposes giving to Glen L. Martin of Washington, President of the
company, an option to purchase not more than 50,000 shares at prices
ranging from $15 to $25 each. Besides Mr. Martin, its officers are: Thomas
H. Jones, Cleveland. Secretary, and M. G. Shook, Baltimore, Treasurer.
Chestnut Hill Apartments First Mortgage Bondholders' Committee, Constituted under Deposit Agreement Dated Aug. 21 1931 (2-753,) Chicago, calling
for deposits of $30,100 6 % first mortgage gold bonds for Chestnut Hill
Apartments, San Francisco. formerly held by Willard L. Growall, San
Francisco, an individual. The property is subject to a trust deed and chattel
mortgage dated March 1 1923, executed and delivered by Growall and his
wife to Arthur W. Strauss. trustee, securing the bonds In the original aggregate amount of $330,000 which has been reduced to $276.000 of which
$245,900 was on deposit with the committee as of March 10 1934. Call
for deposit is to be made for only $30,100 at this time. The committee
reports that both principal and interest payments have been defaulted and
it is apparent the income from the property is Insufficient to meet these
charges. A reorganization is planned. Members of the committee are.
John C. Wright and Frederick W. Straus. Chicago; N.H. Oglesbee, Houston,
Tex., and Leigh M. Baltson, Los Angeles.
Frank E. Germon and Others (2-754). 25 Broad St., N. Y. City, calling for
deposits of $3.278.500 in first mortgage leasehold 7% sinking fund gold
bonds of the Grant Building, Inc., l'ittsburgh. The committee reports
that "continued severity of the depression has resulted in reduced rentals
. . . to such an extent that Grant Building, Inc., is unable, for the
present to pay interest coupons as they fall duo. . . ."
Funded debt of Grant Building, Inc., consists of first mortgage leasehold
7% sinking fund gold bonds, dated Aug. 1 1927, maturing Aug. 1 1947,
of which $3.278.500 in aggregate principal amount are outstanding, and of
second mortgage leasehold 6% serial gold bonds dated Aug. 1 1927, maturing serially at the rate of $25,000 each six months. the last maturity being
Aug. 11947, Of this latter group $1,400,000 in aggregate principal amount,
including 8792,000 of treasury bonds pledged as collateral to notes payable
of $744.360.81, are outstanding. Members of the Committee are. Frank
E. Gernon, Byrne E. Baldwin and John J. Nolan, investment bankers, all
of New York; Howard 13. Brown, attorney. Gerald P. Kynett, and Herbert
S. Welsh, investment bankers, all of Philadelphia.
Bol-Inca Mining Corporation (2-755), New York City, a New York corporation engaged in dredging gold placer deposits in Bolivia, and proposing
to issue 19.000 common stock shares aggregating $47,500 in price, the proceeds to be used for equipment. administration expenses, and reserve
working capital. Shares will be offered to the public at $2.50 each, and
commissions of not more than 20% will be paid. Among officers of the
company are R. A. O'Neill, New York, President; R. W. Krout, Paterson.
N. J., Vice-President and Treasurer, and J. E. Galbraith, Now York,
Secretary.
(achin Gold Syndicate (2-756), Toronto, Canada. an Ontario unincorporated association organized Aug. 4 1932 to explore and develop mining
properties and deal in mining investments. Stock in the form of 100.000
units is expected to be sold at $11 each, or an aggregate price of $1.100.000.
Proceeds will be devoted, among other things, to purchase of certain
Volume 138
mining stocks listed on the Toronto and New York Stock Exchange or
New York Curb. J. A. Carrick, Ltd., 330 Bay St., Toronto, the underwriter, has exclusive sale of the units. Robert M. Heffernan & Co.. will
receive $2 a unit for sales thereof while Carrick, Ltd. will receive $1.50
a unit. Carrick, out of this $1.50 a unit, is to pay the Syndicate's expenses
in connection with the sale of units so that Gachin Gold Syndicate will
receive a net price of $7.50 a unit. Among officers of the syndicate are.
J. J. Carrick, President and A. C. Carrick, Secretary, both of Toronto.
Gulf Coast Water Co.(2-757). Bay City, Tex., a Texas corporation supplying
water for irrigation to rice farmers and for industrial uses, proposing to
Issue $500,000 7% cumulative preferred stock, the proceeds to be applied
to indebtedness and other company purposes. B. E. Buckman and Co..
Madison, Wis., is selling agent for Continental Public Service Co. which
now owns all authorized preferred stock of Gulf Coast Water Co. Continental intends to resell its holdings and pay a commission of $1 a share,
according to its registration statement. Among Gulf Coast officers are.
• J. Crofoot, President, and R. G. Wertz, Secretary-Treasurer, both of
Bay City, Tex.
Palomar Hotel Corp. and Trustees of Palomar Hotel Corp. Voting Trust
(2-758), San Francisco, propose issuance of bonds and stock in a reorganization or readjustment plan. The Issue consists of $284,500 Palomar
Hotel Corp. mortgage income bonds. The corporation announces it will
not pay dividends on its stock unless and until interest at an annual rate of
• % has been paid on the outstanding mortgage income bonds from the
date of issuance to the last preceding interest date.
The plan is to issue to the bondholders' committee $284,500 in principal
amount of mortgage income bonds together with 569 shares of common
stock, in exchange for the property purchased by the bondholders' committee at foreclosure sale; to distribute the income bonds, par for par,
together with one share of common stock for each $500 in principal amount
of old bonds represented by certificates of deposit. To certificate holders
who have signified their willingness to place their stock in the voting trust,
it is proposed to issue voting trust certificates for the common stock, which
common stock will be issued to the trustees under the voting trust.
Holders of more than $190,000 in certificates of deposit have authorized
the committee to place their shares in the voting trust. Remaining holders of
certificates will again be invited to place their shares in the trust when they
are ready for distribution, according to the registration statement.
Officers and directors of Palomar Hotel Corp. are. Raymond F. Gill.
President and director; H. S. Boone, Vice-President and director; Frank E.
Cronise, Secretary-Treasurer and director. and D. B.Tripp, director, all of
San Francisco. The same officers are the trustees comprising the voting
trust.
Ball Lift Corp. (2-759). Akron, Ohio. a Michigan corporation proposing
to manufacture, assemble, and distribute mechanical lifting devices and
other machinery and intending to issue $125,000 class A common stock,
the proceeds to be used partly for organization expenses and working capital.
Class A shares will be offered through security dealers at $5 each, the issuer
paying them $1 for each share sold as a commission, and one share of the
stock for each 25 shares sold as a bonus. The bonus plan will operate only
until 12,500 shares have been sold. It is expected the sale of 24,500 shares
will net the issuer $98,000. The 20% commission or $1 a share is expected
to bring in $24,500. The 500 shares bonus stock, amounting to $2,500,
makes up the total issue of $125,000. Among officers are. George P. Ball,
President, and E. V. Hampton. Secretary-Treasurer, both of Akron.
The Commission in making public the lists of registration
statements says:
In no case does the act of filing with the Commission give to a security
the Commission's approval or indicate that the Commission has mussed on
the merits of the issue.
The last previous list of registration statements was given
in our issue of March 17, page 1842.
Bill Passed by United States Senate Authorizing
States/to Tax Inter-State Sales.
A bill passed by the U. S. Senate on March 15 authorizes
States to tax inter-State sales. During debate on the bill
in the Senate on March 15 Senator Lonergan had the following to say regarding the legislation:
This bill relates to the payment of the sales tax in connection with the
shipment of goods for sales purposes in original packages from one State
to another; that is, from a State that does not levy such a tax into a State
that imposes such a tax. In the case of gasoline there are instances where
stations are set up on the border lines of States, and people who reside in
a State where the sales tax prevails go over into the State where the tax
does not prevail in order to get gasoline and thus to save money.
Senator Long in his -comments on the bill said:
The only purpose of this bill is to prevent inter-State commerce from
being used as a cloak for depriving States of taxes. In other words, those
who ship goods in inter-State commerce cannot only avoid payment of
taxes in States where sales taxes are levied, but also in States to which they
are shipped. All the supervisors and revenue collectors of the 48 States
of America have asked for this bill. The bill makes provision for nothing
except shipment in inter-State commerce, and its purpose is to prevent
shipments in inter-State commerce to avoid the collection of a sales tax.
The National Publishers' Association, which is opposing
the legislation, points out that the bill modifies the Constitution of the United States in that it permits States to apply
taxes and excises on sales of tangible personal property that
moves in inter-State commerce in the same manner as upon
similar transactions wholly within such States. The Association also says:
At the present time there are 26 States that have sales tax laws and in
those States single copies or newsstand sales of magazines are subject to
State taxes, unless specifically exempted, but these tax laws have not been
applicable to subscription copies that move in inter-State commerce. It
is possible that the other remaining 22 States may levy sales taxes at any
time, and under this proposed legislation these sales taxes of the various
States would apply to subscription copies that move in inter-State commerce.
The taxes, it is observed, would be based upon gross revenues and not net revenues received by publishers. As
passed by the Senate, the bill reads as follows:
2179
Financial Chronicle
A BILL to regulate inter-State commerce by granting the consent of
Congress to taxation by the several States of certain inter-State sales.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled, That all taxes or excises levied by any
State upon sales of tangible personal property, or measured by sales of
tangible personal property, may be levied upon, or measured by, sales of
like property in Inter-State commerce, by the State into which the property
is moved for use or consumption therein, in the same manner, and to the
same extent, that said taxes or excises are levied upon or measured by sales
of like property not in inter-State commerce, and no such property shall be
exempt from such taxation by reason of being introduced into any State
or Territory in original packages, or containers, or otherwise; Provided, That
no State shall discriminate against sales of tangible personal property in
inter-State commerce, nor shall any State discriminate against the sale of
any
Products of any other State; Provided,further, That no State shall levy
tax or excise upon, or measured by, the sales in inter-State commerce of
tangible personal property transported for the purpose of resale by the
consignee; Provided, further, That no political subdivision of any State
shall levy a tax or excise upon, or measured by. sales of tangible personal
property in inter-State commerce. For the purposes of this Act a sale
transported, in inter
of tangible personal property transported, or to be
State commerce shall be considered as made within the State into which
whenever
such property is to be transported for use or consumption therein,
such sale is made, solicited or negotiated in whole or in part within that
State.
Receivers, liquidators. referees and other officers of any court of the
United States are required to pay all taxes and licenses levied by any State
or subdivision thereof, the same as corporations. partnerships, concerns,
Persons or association of persons are required to pay the same.
Message of President ,Roosevelt Vetoing Independent
Offices Appropriation Bill Providing for Increased
Compensation for Federal Employees and Additional Benefits for War Veterans.
Elsewhere we refer in detail to the veto by President
Roosevelt, on March 27, of the Independent Offices Appropriation Bill, and the passage of the bill by the House on the
same day over the Presidential veto. We are giving here
the message of the President indicating the reasons for his
disapproval of the legislation, based on the additional costs
to the Government involved in the proposals in the bill. The
message follows:
To the House of Representatives:
I return herewith without my approval H. It. 6663, entitled "An Act
making appropriations for the executive office and sundry independent
year
executive bureaus, boards, commissions and offices, for the fiscal
on a
ending June 30 1935, and for other purposes." I am impelled to do this
require disapproval
number of grounds, any one of them sufficient to
of the bill.
maintain
In March 1933 the Congress passed and I signed "An Act to
the
the credit of the United States Government." This law became one of
principal pillars of national recovery for the clear reason that for the
maintenance
first time in many years the recurring annual expenses for the
Governof the Government were brought within the current revenues of the
funds are being disment. It is true that very large but wholly distinct
to
pensed daily for emergency purposes, but these funds are going directly
employthe purpose of saving farms, saving homes and giving relief and
ment to millions of our fellow-citizens. They are non-recurring in nature,
perwhile the increases contemplated in this bill are continuous and
manent.
Furthermore, the budget submitted by me to the Congress on Jan. 4 1934
laid down a definite program of expenditures and a definite estimate of
receipts. Because of the emergency expenditures for relief and unemployment, the expected total deficits this year and in 1935 are necessarily
large; but at the same time a program for a completely balanced budget
by June 30 1936 was determined upon as a definite objective.
Bill Exceeds Estimates.
of $228,This bill exceeds the estimates submitted by me in the sum
this excess
000,000. I am compelled to take _note of the fact that in creating
similar sum by
the Congress has failed at the same time to provide a
money
additional taxation. Moreover, to the extent that the amount of
estimates, and in
appropriated by the Congress is in excess of my budget
decrease
the absence of provision for additional revenues, there must be a
in the funds available for essential relief work.
This bill increases the compensation for employees of the United States
Government $125,000,000 over my budget estimates for this purpose. I
have great sympathy for the employees, but I cannot forget that millions of
American citizens are to-day still without employment, and reduction in
the compensation of Federal employees has been and still is on the average
less than the reduction in compensation that has been patiently endured by
those citizens not in the employ of the United States Government.
Let me be specific. This bill makes a portion of the restored compensation retroactive to Feb. 1 1934. I believe it unwise to establish this
precedent, and I cannot overlook the serious administrative difficulties involved in paying back pay to individuals many of whom are no longer in
the employ of the Government.
The bill also contains several discriminatory provisions, such as paying
employees in some departments of the Government 48 hours' pay for 40
•
hours' work.
In submitting the budget estimates last December I recommended cotnpensation restoration of 5% for the next fiscal year. The cost of living
seems to be rising slowly. The present authority is not responsive enough
to changing conditions. I therefore shall be glad to confer with the
Congress on improving the methods of restoring Federal pay so that in
actual practice the pay will keep ahead of the cost of living increases
Instead of lagging behind. Adjustments can well be made immediately on
the passage of appropriate legislation followed by more frequent adjustments in the future.
Provisions Relating to World War Veterans.
I come now to the provisions in this Act relating to World War veterans.
First, let me speak of principles. Last October I said this to the American
Legion Convention:
Thefirst principle, following inevitably from the obligation of citizens to bear
arms,is that the Government has a responsibility for and toward those who suffered
Injury or contracted disease while serving In Its defense.
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Financial Chronicle
The second principle is that no person, because he wore a uniform, must thereafter
be placed in a special class of beneficiaries over and above all other citizens. The
fact of wearing a uniform does not mean that he can demand and receive from his
Government a benefit which no other citizen receives. It does not mean that
because a person served in the defense of his country, performed a basic obligation
of citizenship, he should receive a pension from his Government because of a disability incurred after his service had terminated, and not connected with that
service.
It does mean, however, that those who were injured in or as a result of their
service are entitled to receive adequate and generous compensation for their disabilities. It does mean that generous care shall be extended to the dependents of
those who died in or as a result of service to their country.
I am very confident that the American people, including the overwhelming majority of veterans themselves, approve these principles and in the
last analysis will support them.
Applying them to the provisions of this bill, I cannot give it my approval.
Last year it was determined—and I had hoped permanently—that a
service-connected disability is a question of fact rather than a question
of law. In other words, each individual case should and must be considered
on its merits, and there is no justification for legislative dicta which,
contrary to fact, provide that thousands of individual cases of sickness
which commenced four, five or six years after the termination of the war
are caused by war service. Therefore, local boards were established—
boards on which three out of the five members were in no way connected
with the Veterans' Administration and on which two-thirds of those serving
were ex-service men. These local boards approved disallowances in the case
of 29,000 veterans, and these decisions were unanimous in 94% of the
cases. Not content with that, I created a Board of Appeals, the majority
of which again are in no way connected with the Veterans' Administration
and a majority of which are ex-service men. This Board is now engaged in
hearing appeals of those cases disallowed by the local boards.
A few weeks ago I gave approval to an amendment the purpose of which
was, pending the determination of their appeals, to restore to the rolls at
75% of their compensation, those veterans in whose cases the presumption
of service connection was disallowed by the local boards. This, however,
was rejected in the Congress.
I intend now by regulation forthwith to direct an appeal by the Administrator of Veterans' Affairs in each and every one of these disallowed
29,000 cases with the further direction that in the final determination of
these cases every reasonable doubt be resolved in favor of the veteran, and
every assistance be rendered in the preparation and presentation of these
cases. While these cases are pending the veterans will be paid 75% of
the compensation they received prior to the time they were removed from
the rolls. If the appeal is allowed they will receive back compensation.
Only in cases disallowed by the Board of Appeals will the veteran thereafter
be permanently removed from the rolls. This regulation will be put into
effect at once.
By reason of the fact that many totally and permanently disabled veterans have been the recipients of benefits from their Government for a long
period of time, it is difficult in the event of a disallowance of service
connection by the final Board of Appeals to remove them completely from
the rolls. Existing regulations therefore provide that if their cases are
disallowed and if they are found to be totally and permanently disabled
they shall, notwithstanding fundamental principles enunciated, if in need,
receive $30 a month and domicilary care and hospitalization.
It is a simple and undeniable fact that the United States, in terms of
compensation and in terms of hospitalization, has done and is doing infinitely
more for our veterans and their dependents than any other government.
I come now to the provisions of the bill relating to Spanish-American
War veterans. To this group of ex-service men I have devoted much
thought. Because of their age, they command sympathy. Nevertheless, we
must recognize also that many abuses have crept into the laws granting
them benefits.
The Spanish-American War veterans' amendment to this Act provides
for service pensions. This violates the principles upon which benefits to
veterans should be paid and the principles to which I have referred in this
message. Moreover, if that principle should in the future be applied to the
World War veterans at the same rate as contemplated for Spanish-American
War veterans by this bill, the annual and continuing charge upon the
people of this country by 1949 will amount to more than $830,000,000 for
that item alone. This would be in addition to the large cost of all existing
veterans' benefits and future hospitalization. This I cannot approve.
Spanish-American War Veterans.
However, I sin to-day directing the restoration to the rolls of those
Spanish•American War veterans who in 1920 were receiving pensions as a
result of having sustained an injury or incurred a disease arising out of
their war service.
By regulation 12 a presumption of service origin was extended to SpanishAmerican War veterans on the rolls on March 19 1933. In order to take the
same action which I am taking in regard to World War veterans, I am
directing the restoration to the rolls, as of this date, at 75% of the amount
they were receiving on March 19 1933, all Spanish-American War veterans
pending a final determination of their cases before the Board of Appeals.
Without going further into all of the details relating to the treatment—
past, present and future—of Spanish-American War veterans, it seems
sufficient to repeat that I am wholly and irrevocably opposed to the principle of the general service pension, but I do seek to provide with liberality
for all those who suffered because of their service in that war. As in the
case of World War veterans, I shall not hesitate to further alter or modify
the regulations in order that substantial justice may be done in every
individual case.
What you and I are seeking is justice and fairness in the individual case.
I call your specific attention to the fact that since the original regulations
were established a year ago actual experience has shown many cases where
these regulations required modification.
I have not hesitated to take the necessary action and have issued regulations which have made many changes. These changes, based on principles
of justice to the individual veteran, involve additional expenditures of
approximately $117,000,000. It goes without saying that I shall not
hesitate to snake further changes if the principles of justice demand them.
On the basis of the original regulations following the Economy Act, the
annual cost to the United States of veterans' relief was $486,000,000.
Since that time by Executive Order the addition of $117,000,000
increases
to $603,000,000 the total cost for veterans' relief for the fiscal year 1935.
My disapproval of this bill is not based solely on the consideration of
dollars and cents. There is a deeper consideration. You and I are concerned with the principles herein enunciated. I trust that the Congress will
continue to co-operate with me in our common effort to restore general
prosperity and relieve distress.
FRANKLIN D. ROOSEVELT.
The White House, March 27 1934.
Mar. 31 1934
Congress Overrides President Roosevelt's Veto of Independent Offices Appropriation Bill—Eliminates
$228,000,000 Economies in Veterans' Benefits and
Federal Pay Cuts—Veto Message Pointed Out No
Taxes Were Provided to Meet Additional Budget
Expenditure--Veterans' Compensation Restored
to Within 25% of Pre-Economy Act Level.
President Roosevelt suffered his first major defeat in both
branches of Congress this week when, after he had vetoed
the Independent Offices Appropriation Bill calling for the
expenditure of $228,000,000 annually above budget estimates,
both the House and Senate overrode his veto by more than
the necessary two-thirds majority, and the measure, with
sharp increases in veterans' benefits, became a law despite
his refusal to approve it.
The controversial questions of Federal pay cuts and veterans' compensation restoration were submitted to the White
House March 26, after the House, without a record vote,
concurred in minor Senate amendments to the bill. Earlier
on the same day the Senate agreed, by 48 to 39, to accept
the Taber amendments to the bill which restored veterans'
compensation to within 25% of the amount paid before
passage of the Economy Act of 1933. The Senate also voted.
59 to 19, to restore 10% of the 15% pay cut provided for
Federal employees in the same Act.
President Roosevelt on March 27 returned the bill to
Congress with a veto message in which he said that he
disapproved the measure on a number of grounds, "any one
of them sufficient to require disapproval of the bill." He
pointed out that although appropriations in the bill exceeded
budget estimates by $228,000,000, Congress had failed to
provide the necessary funds by additional taxation. Disregarding the arguments of the President, however, the House
on March 27 overrode the veto by the overwhelming vote
of 310 to 72. On the following day (March 28) the Senate,
after debate of more than six hours, also overrode the veto
by the closer vote of 63 to 27.
The President's veto message is given elsewhere in this
Issue. In the message Mr. Roosevelt emphasized the importance of dealing with the veterans on the basis of individual justice rather than as a composite group. He said
that in the interest of justice he was prepared to issue
Executive Orders immediately returning to the pension rolls
the World War and Spanish-American War veterans who
would benefit by the bill, subject to appeals by the Government to adjudicate each individual case. He admitted that
"very large but wholly distinct funds are being dispensed
daily for emergency purposes," but pointed out that "these
funds are going directly to the purpose of saving farms.
saving homes and giving relief and employment to millions
of our fellow-citizens. They are non-recurring in nature,
while the increases contemplated in this bill are continuous
and permanent."
A Washington dispatch, March 27, to the New York
"Times" described the House debate on the veto message in
part as follows:
Only two Republicans voted to sustain the veto with the 70 Democrats,
many of them ranking members or heads of important committees, who
rallied to the support of the Administration. The vote was termed by
Representative Snell, Republican floor leader, as the worst defeat of a
President in recent years.
Of the overwhelming Democratic House majority, 209 Democrats ignored
the veto message and joined with 97 Republicans and 4 Farmer-Laborites
in voting to override.
Roosevelt Forces the Vote.
The vote came against the wishes of Representative Byrns of Tennessee,
majority leader, and Speaker Rainey, who earlier in the day had assured their
colleagues that the veto message would not be considered until to-morrow,
so as to give the members an opportunity to study the message and decide
whether they should submerge their views and uphold the President.
President Roosevelt, however, summoned Representative Woodrum of Virginia to the White House and asked him to force a vote at once and explain
the Administration's views.
Within less than an hour after the message had been read and Representative Woodrum had briefly explained why the Democrats should sustain
the President, the House had gone on record against the veto.
Before the President's message was read to the House Representative
Browning of Kentucky gained the floor and forced the reading of a letter
from E. A. Hayes, National Commander of the American Legion. Corn.
mander Hayes argued the justice of the allowances made to veterans. Some
Administration leaders asserted that the letter had been prepared here by
American Legion officials, and that Commander Hayes did not have a chance
to approve its language.
Rprns Favors Dates Delay.
Representative Byrne said that he had assured absent members that the
message would not be acted upon until to-morrow in order to give them
an opportunity to "calmly read and digest" it. He thought there should
be "a day's delay, in view of the importance of the proposition."
"Personally I am willing to vote to-day," he added, "but I wish to
explain my position and reasons for counseling for delay."
Later Mr. Byrne said he thought the Administration would have commanded a larger sustaining vote if the members had studied the message
and weighed the President's advice another day.
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Financial Chronicle
Representative Woodrum, elaborating on the points in the message in a
15-minute speech, was interrupted frequently by Republican and Democratic opposition questions and by shouts of "Vote I"
Mr. Woodrum said that approval of the bill would upset all of the President's economy calculations and in the end would retard recovery. The
Administration was doing everything possible for the veterans through
review boards, and the allowances given the World War veterans in the bill
exceeded the budget estimates by $117,000,000.
Action was taken by the President to-day to review 29,000 presumptive
cases, Mr. Woodrum said, which should satisfy the veterans and members
of Congress that such cases would receive kindly consideration and that
"all doubt would be resolved in favor of the veterans."
•"We have no confidence in the repeal boards," interjected Representative
Weideman of Michigan. "Do you know of any liberalization of the rules
of these boards?"
Representative Greenway of Arizona, who is a great friend of the Administration, asked:
"Does not the gentleman think Congress could help the Administration
through legislation to correct the mistakes for which Congress was particularly responsible?" she asked.
"Yes; but I do not think Congress would be helping the Administration
by overriding the President's veto in this case," Representative Woodrum
replied. . • •
"I want to say that thousands of cases of the presumptive class are more
deserving of compensation than those who were slightly wounded in battle,"
said Representative Connery of Massachusetts. "These men were fighters
and when they got something the matter with them they did not go to
hospitals. Many of the presumptive class were better soldiers than those
receiving big compensation for slight wounds."
The Republican side cheered as Representative Woodrum was embarrassed
by the series of interruptions from the Democratic side. Turning to the
Democrats, he said:
"You will be here again. You can discuss the problem in the next Congress. It is a serious proposition we are called upon to pass upon to-day.
No one can imagine the effect it is going to have on this nation. If the
time has come when 150 Democrats will not vote with the President we
have come to a terrible pass."
As he concluded there were few cheers from the Democratic side. The
vote was then taken.
"Lees than a one-third vote in support of the veto having been received,
the bill is passed, notwithstanding the objections of the President," Speaker
Rainey announced, as the House cheered lustily.
Regarding the Senate action, March 28, in overriding the
President's veto, the Washington account on that date to
the New York "Herald Tribune" said in part:
Johnson Joins President's Foes.
In the vote to override the President were all the Republicans, numbering 33 in the roll call, 29 Democrats, and the Farmer-Laborite Shipstead.
Twenty-seven Democrats, including most of the conservatives of his party,
gave him his only support. The solid Republican bloc included 16 candidates for re-election this year, among them Senator Hiram Johnson of
California, the only Republican candidate to receive President Roosevelt's
indorsement. Democratic members serving the last year of their terms
divided evenly, six and six.
The stampede which broke Mr. Roosevelt's spell over Congress for the
first time and made him the fourth President to fall before the veterans'
lobby since the World War, despite his initial triumph a year ago, added
$228,000,000 to the budget. . . .
Provisions of the Law.
The bill, as it becomes law, provides:
Full restoration of pensions and hospitalization to some 336,000 World
War veterans suffering from proved service-connected disabilities.
Hospitalization and permanent 75% restoration of pensions to some
29,000 veterans whose disabilities are "presumed" to have been incurred
In actual service.
Payment to Spanish-American War veterans or their widows and dependents 75% of the pension income they were getting prior to March 19
1933.
To Government offieials and employees the measure also provides:
Restoration of 5% of their 15% economy pay cut as of Feb. 1 last and
another 5% as of July 1 next; also restoration of the remaining 5%
Jan. 1 1935, if the President feels the cost of living has risen to the point
to justify such action. .
Democrats Deaf to Pleas.
Leaders of the anti-veto fight in the Senate were Democrats who turned
a deaf ear to every sort of plea, including one by Senator Pat Harrison,
Democrat of Mississippi, that public confidence in the President might be
destroyed in the midst of the recovery effort if members of his own party
deserted him on this issue.
Such Administration wheelhorses as Senator Kenneth D. McKellar, of
Tennessee, and Senator George McGill, of Kansas, bolted the President, while
Democratic conservatives like Senator Carter Glass, of Virginia, who has
fought the President's monetary and fiscal policies every inch of the way,
rallied to his support.
With the Senate under its heaviest pressure from conflicting lobbies,
every member voted or was accounted for, even though it involved a dramatic
race by Senator Pat McCarron, Democrat, from Bangor, Me., to get back
to the chamber in time to vote, and the bringing in of Senator Peter Norbeck, Republican insurgent, of South Dakota, whom illness had kept away
from all other sessions of the Senate this year. Both voted to override
the President.
The vote was reached just before 7 o'clock following a day of protracted
debate. The controversy was carried on under dramatic conditions. The
galleries were crowded and many waited outside in the halls unable to gain
admission. Nearly all Senators were present. Many House members were
gathered in the back part of the Senate chamber.
Senator Harrison darted in and out of cloak rooms, rallying wavering
Democrats. Senator Huey P. Long, Democratc of Louisiana, was equally
active in his search for votes to overthrow party leaders.
When Vice-President Garner, in the chair, at 7:10 o'clock announced that
the bill was passed, notwithstanding the veto, the throngs in the galleries
burst into unrestrained applause.
Move for Recess Fails.
Administration leaders for a time planned to force, if possible, a recess
until to-morrow. They found, however, this was impossible. They hoped by
delay to secure reinforcements, but as it now appears even delay of a day
would not have availed.
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in order to
Early in the afternoon the friends of the bill worked for delay
forces resorted
await return of Senator McCarron. Later the Administration
the close
to filibustering in the hope of making converts, and toward
including
there was a series of delaying speeches by Administration Senators,
MississippL
Tydings of Maryland; Bailey of North Carolina, and Stephens of
bill about
Of the $228,000,000 addition to the budget estimates in the
$125,000,000 is for Federal workers and $103,000,000 for veterans' benefits.
Prior to the House action on March 26, when it concurred
in minor Senate amendments to the bill, the House had three
times rejected Senate amendments which would have restored 90% of the pre-Economy Act veterans' benefits. On
March 14 the House inserted amendments into the measure
to authorize the restoration of approximately $243,000,000
in pay cuts of Federal employees as well as more liberal
benefits to veterans for the remainder of the current fiscal
year and for the entire 1934-35 fiscal year. In our issue
of March 3, pages 1483-84, there was described the Senate
action in adopting amendments which were estimated to cut
$354,000,000 from the Administration's economy program.
Despite a vigorous fight by Democratic leaders in the House,
March 14, the action of that body in approving $243,000,000
expenditures thus partially confirmed the previous inclination shown by Congress to rebel against the economy program outlined by President Roosevelt. On March 15 the
Senate refused to accept House modifications of Senate
amendments, and thus forced the bill to conference.
On March 16, the House, by a vote of 190 to 189, again
defeated a motion to accept Senate amendments and once
more the bill was returned to conference. On March 22 a
new attempt was made to break the deadlock on veterans'
benefits and Federal pay restoration, but this third trial
was rejected by the House. The vote against accepting the
Senate amendments, which would have restored 90% of
veterans' benefits which had been eliminated by the Economy
Act of 1933, was 220 to 174. Previously on the same day
(March 22) the House, by a vote of 288 to 164, refused to
yield its position on the Federal pay cut, defeating acceptance of the Senate amendment which would restore the
entire 15% reduction in salaries of Government employees.
We quote in part from a WaShington dispatch, March 14,
to the New York "Times," which describes the voting on
the Independent Offices Bill in the House on that date:
The House voted to-night to send the Independent Offices Supply Bill to
conference, after an eight-hour session in which many of the Sonata's antieconomy amendments were rejected or modified. The fight to save the
President's economy program is now transferred to a committee room,
where in secret session the House and Senate managers will seek a compromise acceptable to Mr. Roosevelt.
In voting to send the measure to conference late this evening, the House
virtually rescinded action taken earlier in the day when it rejected a conference motion. Violent debate ensued, culminating in the reversal, with
the opposition turning on the veterans' bloc which previously had been
in the saddle and which was opposed to the designation of uninstructed conferees on the theory that the pro-veteran amendments would be lost by
such procedure.
President Roosevelt has been reported ready to veto the measure if it
reaches him with the increased allowances for war veterans, and the House
to-day was informed that if members stood out against the Administration
there would be ample chance to attempt to override a veto.
First overwhelming the Administration leaders who proposed a rule to
send the measure to conference without instructing the conferees, the House
voted against the proposal, 247 to 169. There were 131 Democrats voting
against the rule, whereas only 67 of them "excused" themselves at the
caucus on Monday afternoon. The Republicans voted solidly with the
veterans' bloc.
Then the House turned against the insurgents, who stood out for retaining the Senate amendments to the bill and voted for an amendment offered
by Representative Vinson, Democrat of Georgia, to restore one-third of the
Federal pay cut as of Feb. 1 and another third on July 1. The Senate
amendment would have restored one-third as of Feb. 1 and the full 15%
on July 1. The vote on this amendment was 185 to 101.
The Vinson amendment was estimated to cost $28,000,000 to June 80
1934, and from $125,000,000 to $130,000,000 for the next fiscal year.
The Senate amendment provided for the restoration of $190,000,000.
Veteran Benefits Restored.
On a motion by Representative Taber, Republican of New York, the
House agreed, by a vote of 222 to 191, to restore to the pension rolls
many Spanish-American and World War veterans at an estimated total cost
of $91,700,000. . . .
Mr. Taber said he estimated that the amendments he offered would
cut down the total adopted by the Senate by about $28,000,000.
"It does not represent my own views, and I cannot speak for the Administration or whether the bill as it now stands will be vetoed," Mr. Taber
said. "I simply thought that it would save the situation that faced us
and I was glad when,it was supported by some of the Democrats."
One of those who pleaded with the House to vote for the Taber amendment was Representative Browning of Tennessee, one of the most ardent
supporters of war veterans.
Veterans' Bloc Insistent.
When the Committee of the Whole House, which considered the Senate
amendments, returned to the House, separate votes were demanded by the
veterans' bloc in the final hope that enough votes would be obtained to
retain the Senate amendments. But on the pay restoration section not
enough members stood to force a roll call, while on the Taber amendments
almost all members appeared to want to go on record.
Proponents of the legislation for veterans argued that unless the Senate
amendments were agreed to by the House, the conferees would be privileged
to change the controversial items.
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Financial Chronicle
"This is the only way we can benefit the veterans," the House was
warned. "Vote for the Senate amendments without a single change in
language."
Mar. 31 1934
the provisions of the Economy Act would be barred from participating in
the making of decisions on veterans' claims to retain their positions.
The estimated annual cost of these amendments is $21,092,205.
We take occasion to refer here to the promulgation of
four Executive orders on Jan. 19 by President Roosevelt in Vinson Treaty Navy Bill Signed By President Roosewhich he liberalized reductions in veterans' benefits under
velt, Who Says Administration Will Favor Continued Limitation of Naval Armaments—Measure
the Economy Act by specifying certain increases in payAuthorizes Construction Up to Treaty Strength
ments which will result in an additional expenditure of
but Appropriates No Funds—President Hopes 1935
$21,092,205 annually and will affect 228,000 veterans. The
Conference Will Accept Further Reductions.
part of the program
President described the increases as a
President Roosevelt on March 27 signed the Vinson bill,
of correcting inequalities that was initiated last spring. He
authorizing the building up of the navy by 1939 to the
said that the increases, which were based on studies made
strength authorized in the London naval treaty of 1930.
by Brigadier-General Frank T. Hines, Administrator of Vetaccompanied his action by asserting that it
erans' Affairs, are in accord with the policy he announced The President
American is the policy of this Administration "to favor continue! limiin his speech before the annual convention of the
naval armaments," and pointed out that the bill is
Legion last fall, and that the Administration will not go tation of
merely an authorization for additional construction, but
beyond that policy.
contain the enabling appropriation. He voiced the
The various pension changes were interpreted in Wash- does not
ington as the President's reply in agitation in Congress for hope that the next naval conference, to be held in 1935,
limitations and agree to further
widespread revision of the Economy Act in favor of the would "extend all existing
veterans. Under a program sponsored by Senator Reed of reductions."
Passage of the bill was interpreted in Washington as a
Pennsylvania, veterans' benefits would be increased by an
clarification of United States policy prior to the conference
estimated $80,000,000 annually.
determine limitations to be put into
The four Executive orders issued by the President do not next year which will
effect in 1936, after the expiration of the present treaty, to
require legislative approval, as they come under the authorGreat Britain and Japan are the
ity given in the Economy Act. They were issued following which the United States,
a conference with General Hines and Lewis W. Douglas, chief signatories.
The President's statement, issued as he signed the bill,
Director of the Budget. A statement issued at the same time
by the White House listed the increased benefits, but did follows:
Because there is some public misapprehension of fact in relation to the
not disclose the total of the estimated benefits. These were Vinson bill, it is only right that its main provision should be made wholly
made public by the President during his press conference. clear.
This is not a law for the construction of a single additional United States
As contained in a Washington dispatch of Jan. 19 to the
warship.
New York "Times," the categories of increased benefits,
The general purpose of the bill is solely a statement by the Congress
with the estimated cost of each, either definitely or in that it approves the building of our navy up to and not beyond the strength
In various types of ships authorized, first, by the Washington naval limitaround numbers, were as follows:
Increase in pension from $90 to $100 monthly for veterans suffering total
service-connected disability, and proportionate increases for the partially
disabled—$8,000,000.
Liberalization of hospitalization for veterans with non-service-connected
disabilities either of an emergency nature or requiring treatment that the
sufferers cannot afford—$8,362,492.
Pensions for Spanish-American War veterans—$2,000,000.
Increase in burial and funeral allowances—$1,227,700.
Change in requirements of proof of service in connection with disabilities
—$204,258.
Restoration of pension rates for widows of officers and men killed in
line of duty—$47,755.
Revision of pensions regulations affecting veterans employed by the Government—$1,250,000.
The total estimated cost of this program was figured at $21,092,205, a
slightly different sum than the total of the items listed due to the use of
some round numbers in giving the estimates of cost.
The White House statement of Jan. 19, explaining the
Executive orders, follows:
In accordance with the previous announcements of the President, the
Administrator of Veterans' Affairs has caused to be made continuous studies
of the effect of veterans' regulations. With the completion of the review
of cases under the Economy Act and the amendments contained in the
Independent Offices Appropriation Act of last year and in the light of these
studies, the Administrator presented to the President certain reconnnenda.
tions which are contained in Executive orders further amending veterans'
regulations which were signed to-day. These Executive orders will affect
228,000 veterans at an additional cost of approximately $21,092,205.
1. Increase in rates of pension for war veterans suffering with serviceconnected disabilities from $90 to $100 per month for total disability and
proportionate increases for such veterans suffering with less than total
2. Liberalization of eligibility rules for hospital treatment in nonservice-connected cases so as to provide such treatment to veterans suffering
with non-service diseases requiring emergency or extensive medical and
surgical care, who are unable to pay for same.
•
8. The granting of a pension of $15 a month to Spanish-American War
veterans who served 90 days or more and were honorably discharged or
who, having served less than 90 days, were discharged for disability
Incurred in line of duty in the service and who are 50% or more disabled,
without regard to the service origin of the condition or of the age of the
veteran.
4. Increase in burial and funeral allowance for deceased war veterans
from $75 to $100.
5. War veterans suffering with permanent and total disabilities not the
result of their misconduct, which are not shown to have been incurred
in any period of military or naval service are no longer required to
prove
a minimum of 90 days' service providing they were discharged on
account
of disability incurred in line of duty in order to draw pension of
$30 per
month.
8. Restoration of previous rates of pension payable to certain
widows
of deceased regular army officers and enlisted men who died of
disabilities
incurred in line of duty, the maximum payable in such cases to be the
$30
rate payable to widows of war veterans who died of
service-connected
disabilities.
7. Prohibition against payment of pension to Federal employees
receiving
salaries in excess of $50 a month was modified to permit the payment
of
pensions to such employees if single whose salary does not exceed
$1,000
per annum, or if married or supporting minor children, does
not exceed
$2,500 per annum.
8. Provision authorizing renouncement of pension which will
permit
trained employees of the Veterans' Administration who otherwise,
under
tion treaty of 1922, and, secondly, by the London naval limitation treaty
of 1930.
As has been done on several previous occasions in our history, the bill
authorizes certain future construction over a period of years. But the
bill appropriates no money for such construction and the word "authorization" Is. therefore, merely a statement of the policy of the present Congress.
Whether it will be carried out depends on the action of future Congresses.
It has been and will be the policy of the administration to favor continued limitation of naval armaments. It is my personal hope that the
naval conference to be held in 1935 will extend all existing limitations and
agree to further reductions.
A Washington dispatch March 27 to the New York
"Times" outlined the principal provisions of the Vinson
bill as follows:
The insistance by the President on the authorization aspect of the Vinson
bill aroused some speculation in naval circles to-day. While it was believed
to be a reassurance to the many pacifist organizations which have been
flooding the White House with protests, there was some concern expressed
that it might make Japan and Great Britain believe the whole move was
merely a gesture.
In the past, Congress has authorized building programs for the navy
and for the air corps, and has then failed to appropriate the necessary
funds to make them materialize. During the past twelve years Congress
has only appropriated money to build nineteen heavy cruisers, which Is
practically all the new construction which was undertaken until last Spring.
when the Public Works Administration allotted $238,000,000 to the navy
to build now ships.
These vessels, which are already under construction, are:
2 Aircraft carriers. 3 Light cruisers.
4 Submarines.
20 Destroyers.
2 Gunboats.
The regular Navy Department Appropriation Bill, signed by the President a fortnight ago, carried funds for the construction of one heavy cruiser
and three light cruisers.
Japanese at Treaty Strength.
Taking into consideration the six heavy cruisers now building and another
to be laid down next year (these are left over from the nineteen-vessel
authorization), construction made possible by the PWA allotment, and
the four cruisers authorized under the current appropriation bill, the blanket
authorization provided by the Vinson bill would cover the following tonnage, in order to bring the navy up to treaty strength.
One aircraft carrier
15,000 tons
Two light cruisers
17,000 tons
Sixty-five destroyers
99.200 tons
Thirty submarines
35,530 tons
Total
188,730 tons
Under the Vinson bill, all of these ships could be laid down before the
end of 1939. The total amount of tonnage for destroyers and submarines
would be in the nature of replacements for overage vessels.
The Japanese Government has built Its navy practically up to treaty
strength. The British Government needs only one year's construction
to be In the same position.
With the enactment of the Vinson bill, the United States can enter next
year's naval conference on at least a theoretical equal position with the
two other principal naval powers.
The Administration's "treaty navy" program, as embodied in the Vinson Replacement Bill, was passed by the
House without a record vote Jan. 31, and it was favorably
reported to the Senate by the Naval Affairs Committee
Feb. 2. The Senate approved the bill March 6 by a vote
of 65 to 18, but after the bill was passed Senator Dill moved
to reconsider because one of his amendments had not been
voted upon. Senator Dill withdrew his objections March 7
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Financial Chronicle
and the measure was sent to conference. The House approved the conference report on March 22.
Senator Trammell, Chairman of the Senate Naval Affairs
Committee, estimated the possible cost of the naval construction program at $750,000,000,while opponents of the
bill estimated the cost at $1,000,000,000. The measure is
merely an authorization, and could not be put into effect
unless accompanied by an appropriation from Congress.
Senate Passes Bankhead Cotton Control Bill—Many
Amendments Inserted in Senate—Penalty Tax on
Excess Ginnings Raised from 50% to 75%.
The United States Senate on March 29 passed the Bankhead cotton production control bill by a vote of 46 to 39,
after several Senators who voted in the affirmative said that
they did so "with misgivings" and doubts as to the constitutionality of the measure, which would impose a 75%
tax upon all cotton in excess of 10,000,000 bales, which
may be ginned from the current year's crop. The bill was
sent to the House, where it will probably be referred to a
conference committee to adjust differences in the measure
as approved by the House. The passage of the bill by the
latter March 19, was referred to in our issue of March 24,
page 2006. Many amendments were made in the bill while
it was before the Senate, including advancing the penalty
tax from 50% to 75%.
The principal changes made by the Senate in the House
bill, according to the Associated Press, were:
Limiting the life of the bill to one year.
Making the period on which the allotments to the States and counties
are to be based by the Secretary of Agriculture the 10 years ending Jan. 1
1934. instead of five years.
Providing that any person who raises only six bales is exemptfrom the tax.
Levying the tax at the gin instead of at the time the cotton is sold and
raising the ad valorem tax from 50 to 75%.
Riddling the penalty sections and making violations of the act punishable by only a $100 fine, with no imprisonment.
Supporters of the bill said efforts would be made in conference to make
the bill applicable for two years; to eliminate the six-bale exemption and
to restore the penal provisions.
Penal amendments offered by Senator Gore would authorize the Secretary of Agriculture to enact "penal statutes" to enforce the act. Proponents of the bill said that was authorizing a "ridiculous impossibility," but
they offered no objections to the changes, confident they would strike them
out in conference.
Tariff Bill Approved by House—Proposal to Limit
President's Authority to Change Rates Defeated—
Representative Snell Declares Bill Would Imperil
Jobs of 5,000,000 Americans.
The Administration's reciprocal tariff bill was approved
by the House of Representatives on March 29 by a vote of
272 to 111, and the measure was immediately transmitted to
the Senate. Before the final vote was taken in the House
an amendment, offered by Representative Treadway, which
would have restricted the President's trade bargaining
powers, was defeated. This proposal would have required
Tariff Commission approval of all rate changes made by the
President. The bill was amended, however, to limit the
new trade bargaining policy to three years.
When the House debate on the bill began March 23 the
measure was attacked by many Republican Representatives,
because of the broad powers proposed for the Chief Executive. Representative Beck, in the debate on March 24,
charged that the bill represented a "double violation of the
Constitution," while Representative Snell, minority leader,
charged on March 26 that the bill would "destroy industries in which 5,000,000 Americans are employed." A
Washington dispatch March 23 to the New York "Times"
described the opening debate in part as follows:
Defending the grant of tariff authority which the House is certain to
approve, Chairman Doughton of the Ways and Means Committee told
his colleagues that this was an emergency measure to meet unusual conditions. He blamed the Republican Party for present tariff laws. . . .
Mr. Doughton, who spoke for more than an hour, promised better trade
relations with foreign nations once the proposed measure was approved.
The Republican attack was led by Representative Treadway. ranking
minority member or the Ways and Means Committee... .
He held that in passing the tariff authority to the President, Congress
would be abdicating its authority and that a dictatorship would be created.
He could see the author of the bill "lecturing a class" and he referred to the
"conglomeration of pretty words in the bill that mean nothing whatever."
He referred to Francis B. Sayre, Assistant Secretary of State, who drafted
the tariff measure.
"We have absolute faith in the President," Mr. Treadway said, "and
now it is time he had some faith in us."
The task placed upon the President would be physically impossible to
fulfill, he said, adding that "he would be taking over the duties of the entire
Tariff Commission,"
"Surrender America to foreign markets" would be the new slogan of the
"New Deal," Mr. Treadway asserted, and the United States would be
another horse trader.
We quote from a Washington dispatch March 24 to the
"Times" regarding the debate on that day:
As the House began its second day of debate, Representative Shellenberger, a member of the Ways and Means Committee, said it was refreshing
2183
to note that President Roosevelt's message asking for the bill "met wit
.
Immediate and favorable response, both at home and abroad.". .
Representative Veck said the Administration's tariff bill created a
"double violation of the Constitution."
It turned over the taxing powers of Congress to the Chief Executive
and empowered him to negotiate reciprocal tariff treaties without the
sanction of the Senate, Mr. Beck said.
"In a time of hysteria," Mr. Beck said, "we are turning our backs on
500 years of struggle for a democratic form of government."
Assailing the measure, Representative Knutson said. "the purpose of
this bill is to build up foreign purchasing power through a lowering of tariff
rates."
Representative McClintic, a Ways and Means member,said the Smoot
Hawley Tariff Act of 1930 caused foreign nations to put on much higher
retaliatory tariffs against American products.
A Washington dispatch March 26 to the "Times" summarized Representative Snell's attack on the bill as follows:
He made ten points in all, as follows:
1. The measure attempts to "rob Congress of its power to impose and
collect taxes and duties."
2. It would "violate the Constitution by depriving this House of the
right to originate bills for raising revenues."
3. It attempts "to take away from Congress its power to regulate
commerce."
4. It would "transfer the treaty-making power to the Executive."
5. "We are denied information regarding all the ultimate objections of
this measure."
6. It would destroy "inefficient industries in which 5,000,000 Americans
are employed."
7. The proposal is "an onslaught upon our home producers."
8. It represents "a complete about-face of the President and the Democratic Party."
9. It is "unconstitutional" but could and would do irreparable harm to
American industry, workers and the farmer before it "would be kicked out
of court."
10. It would "demoralize the operations of government."
Looks on Bill with "Dismay."
"No one who respects the constitutional limitations which insure the
orderly operation of the government can look upon this bill with anything
but amazement and dismay," Mr. Snell said.
"During the period between enactment of this measure and the inevitable
judgment that will declare it null and void, the government, industry and
individual citizen will suffer incalculable injury.
"We are denied information regarding all of the ultimate objectives of
this measure—just another measure the people must not know about until
It is too late.
"Rumor has it we have agents in Europe making deals now. One is
cement from Belgium. How will the cement manufacturers from the
Atlantic seaboard like that?"
"Another is free lumber from Russia. How will be Northwest like that?
And there are many others, all of which mean destruction of American
industries.
"How many industries are to be destroyed is not disclosed, but apparently
any industry which does not produce goods as cheaply as-they can be obtained from foreign countries is marked for destruction."
Representative Fish led the Republican attack on the bill
in the debate March 28, when he said that the President's
request for tariff bargaining powers was another "brain
trust" proposal. Associated Press Washington advices of
that date outlined the debate as follows:
Mr. Fish said President Roosevelt "evidently is not concerned with either
the Constitution or our representative form of government,or he would not
have asked for unlimited powers to make reciprocal trade agreements with
foreign nations."
"The hardest blow ever dealt our democratic system of government is
the request he has made on the Congress to abdicate its constitutional
powers to enact tariff legislation which includes the taxing Power." he
asserted, adding that the bill was unconstitutional and an "outright betrayal
of our representative form of government."
Replying to Mr. Fish, Representative Lewis, Democrat, of Maryland,
said it was impossible for Congress to pass intelligently on the justice of
tariff rates on the thousands of articles involved in commerce.
Representative Merritt, Republican, of Connecticut asserted that the
"combined effect of NRA and the revaluation of the dollar reduced the
effectiveness" of existing tariffs by 50%•
"If the United States were a debtor nation," Representative West said.
"the argument of anti-reciprocal tariff spokesmen that its trade be confined
to domestic industry might, in a measure, have some soundness.
"But the only means of meeting trade balances is on an exchange of commodities. A self-sustainment policy in different nations would mean a
financial strain they could not stand."
Representative Cochran. Republican, of Pennsylvania, complained
that the bill "gives to one man the power to destroy every agricultural
and industrial enterprise which depends on the protective tariff for its
existence."
Revised Administration Sugar Bill Introduced in
Congress—Would Make Sugar Beets and Cane
Basic Commodities Under AAA—Concessions to
Beet Growers.
The Administration's revised bill which would include
sugar beets and sugar cane as basic commodities under the
Agricultural Adjustment Act was introduced in Congress
on March 28, with plans to seek House action on the measure
Monday (April 2) under a procedure that would limit debate
to less than an hour and prevent the offering of any amendments. The bill is a compromise, and contains certain
changes in the original sugar bill, presented Feb. 12, designed to make it more acceptable to the beet sugar interests, who had opposed the former measure, which was abandoned in favor of the revised bill. Senator Costigan, coauthor of the bill, said that the changes appeared the best
way to obtain favorable consideration in the Senate Finance
Committee and the House Agricultural Committee.
Financial Chronicle
2184
Previous references to the sugar legislation were contained
in our issues of Feb. 10 (pages 943-44) and March 10 (page
1641). A Washington dispatch, March 28, to the New York
"Journal of Commerce" summarized the principal provisions
of the revised measure in part as follows:
Sponsored in the House of Representatives by Chairman Marvin Jones, of
the House Agricultural Committee, and in the Senate by Senator Edward P.
Costigan of Colorado, the measure is a compromise that is acceptable to
the beet interests, but not altogether satisfactory to domestic refiners.
The latter group would like to have had the limit of entry of direct consumption sugar from Cuba fixed at 15% and a maximum fixed also for
other sugar producing areas. The refiners in Cuba wanted at least 26%
as the proportion. Refiners with plants in the United States have asserted
that failure to fix a low maximum of direct consumption sugars from other
areas will have the effect of maintaining refining outside of Continental
United States in competition with their own activities.
In former drafts of this bill provision was made for the purchase of
300,000 short tons from the carryover of last year's production to be made
by the Commodity Credit Corporation at market prices. This is not contained in the Costigan-Jones bill, however. There was a conflict between
beet sugar interests and the Secretary of Agriculture over this feature, the
latter demanding that if the purchases be made the 1,550,000 tons quota
should be lessened by that amount.
Negotiate With Hopkins.
Negotiations have been entered into with Relief Administrator Hopkins
with a view to having him acquire a considerable quantity of surplus
sugar. It is the contention of sugar beet interests that it was not their
production that brought about the condition of surplus, but heavy importations from the other areas. Under the "gag" rules of the House, it would
not be possible to write in a provision from the floor providing for the
purchase of the 300,000 tons of sugar.
The Costigan-Jones bill is the result of protracted conferences participated in by representatives of the various interests, with members of Congress and officials of the Government. The beet areas fared exceptionally
well, for their quota is 100,000 short tons higher than originally proposed
by President Roosevelt. The beet and cane areas are allotted 30% of any
excess of consumption over estimated requirements as they are arrived
at by the Secretary of Agriculture.
It is left to the Secretary of Agriculture to fix quotas for sugar producing areas other than Continental United States, to be based on average
importations or receipts during a three-year period between 1925 and 1933,
both years inclusive, as the Secretary of Agriculture may, from time to
time, determine to be the most representative period, adjusted to the
remainder of the total estimated consumption requirements of sugar for
Continental United States. The quota for any area producing less than
250,000 long tons would be based on the next preceding calendar year,
without reference to the three-year period.
Separate quotas for edible molasses and syrup or cane juice produced in
Continental United States, in addition to the beet and cane quotas, would
be fixed under the bill.
Child Labor Banned.
It had originally been proposed that in the event that the production in
any area exceeded the allotment the excess should be prorated against all
areas the following year. The bill in its present form would charge the
excess against the producing area to be taken into consideration the following year.
The banning of child labor in the beet fields is provided for and the
Secretary of Agriculture is made arbiter of disputes between producers
and refiners in the United States.
Precautions are taken in the bill to prevent the charging back to the
farmers any portion of the processing or floor taxes.
If during any calendar year any producing area is unable to produce
and deliver its full quota of sugar the Secretary of Agriculture would be
empowered to pro rate the deficiency among the other areas on the basis of
their respective quotas and ability to supply the deficiency.
Since it has heretofore been asserted that no measure would be sponsored
by Representative Jones or Senator Costigan that had not the approval of
all interested groups, it is generally believed that this bill will speedily be
enacted by both Senate and House and perhaps be ready for the President's
signature upon his return to Wathington.
Costigan Explains Bill.
"The Administration's revised sugar bill, introduced to-day simultaneously
in the Senate and House of Representatives, amends in some relatively
minor respects the original sugar bill presented on Feb. 12," explained
Senator Costigan.
"It was thought well by Administration leaders, following recent friendly
conferences in Washington, to introduce the measure to-day with its generally approved additions, as the best way to hasten faiorable consideration
and action by the Senate Finance Committee and the House Agricultural
Committee.
"The change in which the domestic sugar beet industry will be most interested is the gratifying increase in the quota, which all domestic representatives have urged from the beginning, of 100,000 tons of the Continental
United States. Other new clauses look toward the better administration
of the law and clearer statements of the provisions of the bill, including
more specific safeguarding of sugar growing farmers under contracts
between growers and sugar companies. The Administration's plan from the
beginning of promoting the welfare of domestic beet and cane growers thus
continues to be, as it has been, the central and dominating purpose of the
proposed legislation.
"It is good to be able to say that assurances have been received in
Washington from beet growers and officers of their organizations in Colorado, the foremost sugar producing State, as well as from other beet
and cane regions, of strong support of President Roosevelt's sugar plan and
its prompt enactment into law."
Cane Growers Indignant.
Farm administrators and Louisiana cane growers were indignant to-night
over the sugar legislation.
The AAA was vexed, it was learned, because the bills provide production quotas for continental growers outside the jurisdiction of Secretary
of Agriculture Henry A. Wallace. Original drafts prepared by the sugar
aection and introduced in Congress on Feb. 12 authorized Secretary Wallace
to name the figures. The new bill leaves import quotas to the Secretary's
discretion.
Mar. 31 1934
Senate Finance Committee Reports Tax Revision
Bill—Adds $72,000,000 in Estimated Revenues—
Major Changes in House Bill Include Addition of
Capital Stock and Excess Profits Tax—Cocoanut
Oil Tax Reduced.
The Senate Finance Committee on March 28 reported
favorably a $330,000,000 revenue bill, containing several
important revisions of the tax bill which passed the House of
Representatives, but continuing the principle of imposing
the heaviest taxes upon persons with largest income from
investments. The bill as reported by the Senate Committee
increases by $72,000,000 the estimated $258,000,000 revenues
which would be raised by the House measure, and includes
taxes which Senator Harrison, Committee Chairman, said
would enable the Administration to balance the budget by
1936. Debate on the bill began in the Senate March 29.
The latest previous reference to the tax revision bill was
contained in our issue of March 10, page 1666. Among the
additional taxes inserted by the Senate Finance Committee
was a capital stock and excess profits tax. The Committee
also made some concessions to Philippine producers of cocoanut oil who had protested against the proposed House levy
of 5 cents a pound, and reduced the processing tax to 3 cents
a pound.
Associated Press Washington advices of March 28 described the principal provisions of the bill now before the
Senate as follows:
In his report Senator Harrison said the Committee was in "complete
agreement" on the policy of preventing tax avoidance, but felt obliged to
revise some of the House loophole-closing provisions. The Committee
believed, he said, that these would have "an unfavorable effect on business
and would prevent only an inconsequential amount of tax avoidance."
To offset many of the eliminations and reductions it wrote in the House
bill the Committee would impose a capital stock and excess profits tax
patterned after those levied by the National Industrial Recovery Act.
effective July 1 1935, and proposes raising the estate tax rates in the case
of net estates valued at more than $1,000,000.
"These measures are believed necessary," the report said, "first, because
of the heavy emergency expenditures of the Government, and second,
because of the fact that many excise taxes under existing law will be automatically repealed on July 1 1935.
"The capital stock and excess profits taxes, if imposed on a permanent
basis, will add stability to our tax system and will produce sufficient additional revenue to give assurance of a balanced budget by 1936."
The detailed estimates of revenue in the Senate bill follow:
Estimated Yield.
Item.
$95.000.000
Capital stock and excess profits taxes
7,000,000
Increase in es
estate tax rates
20,000,000
Changes in income tax rate structure
85,000.000
Administration of depreciation allowances
30,000.000
Capital gains and losses
20,000,000
Personal holding companies
10,000,000
Exchanges and reorganizations
20,000.000
Consolidated returns
Partnerships
5,000,000
18,000.000
Administrative changes in gas and oil tax
Miscellaneous rn °visions
000,000
is
"It is apparent from the message of the President transmitting tre,budget,
from the budget statements, and from the annual report of the Secretary
of the Treasury," said the report, "that the Government is vitally in need
of the additional revenue sought to be provided by this bill."
In addition to scores of Administrative changes and several new taxes,
the bill contains the same income tax schedule as approved by the House with
the exception that it would extend the proposed 10% credit for earned income to such Incomes up to $20,000 instead of only $8,000 in the House bill.
In debating and voting on the measure the Senate will be enabled for the
first time to apply the lessons it learned in the investigation of private
bankers.
Administration leaders predict and minority chieftains concede passage
within a few days. Some amendments will be offered, but none expects
the measure will be materially changed.
The Banking Committee's inquiry made headlines for weeks, producing
among other things the information that neither J. P. Morgan nor any of
his partners in the famous banking house that bears his name paid any
Income tax for the year 1932.
The bill seeks to abolish such practices by making them legally impossible
!
Bill Drafted By Senator Glass Providing for Loans to
Industry—Proposed to Replace Measure Submitted
to Congress By President Roosevelt for Creation
of Credit Banks for Industry.
A bill under which the Federal Reserve System would be
permitted to make five-year loans to industry has been
drafted by Senator Carter Glass (Democrat) of Virginia.
The newly drafted measure is proposed as a substitute for
the bill embodying the proposals of the Federal Reserve
Board for the creation of 12 Credit Banks for Industry.
This latter bill (the text of which was given in our issue of
March 24, page 1997) was sent to Congress on March 19 by
President Roosevelt, along with a message to the Senate
and House Banking and Currency Committee's recommending the enactment of legislation to provide for the establishment of the Credit Banks. In our last week's issue also
(page 2011) we referred to the legislation proposed by the
Reconstruction Finance Corporation authorizing the Corporation to make direct loans to industry. In indicating
that the Senate Banking and Currency Committee had tentatively accepted the Glass bill on March 28 in place of the
Volume 138
Financial Chronicle
Federal Reserve plan, Associated Press advices from Washington on that date said:
The Committee did not finally approve the Glass bill, however, but will
consider it at a meeting Saturday [March 31] along with the alternate proposal submitted by the RFC.
Earlier Associated Press accounts' from Washington
(March 24) had the following to say regarding the Glass bill:
Senator Glass started drafting the bill after a long conference with Mr.
Roosevelt last Thursday [March 22]. At the White House the Virginian
expressed strong opposition to the plan submitted by the Chief Executive
for creation of a new system of twelve Credit Banks under the Federal
Reserve system.
The new plan was understood to have strong backing within the Senate
Banking Committee as a substitute for the private loan proposals of the
Federal Reserve Board and the RFC. Members of the Committee believed
also that the substitution of the Glass plan would be thoroughly satisfactory to the President.
The Glass bill would permit Federal Reserve Banks to make loans to
industry under the same terms it was proposed should be extended through
the twelve Credit Banks. They would be made direct by the Reserve
Banks, however,and would come out of funds of the reserve system,rather
than the Treasury.
Under the Reserve Board plan, submitted early this week, the credit
banks would be capitalized out of purchase by the Treasury from the
Reserve Banks of $140,000,000 of stock in the Federal Deposit Insurance
Corporation.
Senators said to-day that even after the Reserve Board has paid its full
assessment to the Bank Deposit Insurance Corporation next month, however, it will still have a surplus of $140,000,000 in addition to its huge reserves.
Some of those friendly to the Glass plan said they believed this surplus
would more than care for the loans to industry.
Reserve Banks would be able to loan through private banks for five years
for industrial purposes, if the private institutions took 20% of the risk or,
In extraordinary circumstances, where other credit facilities were not
available, to lend direct to business concerns.
With respect to the provisions of the Glass bill the Washington c rrespondent of the New York "Journal of Commerce" had the following to say in part on March 28:
The Glass substitute contemplates the creation in each Federal Reserve
District of a committee of three to five industrialists whose duty it would
be to pass upon each application for a loan, advance, purchase of obligations, discount or commitment, and to make appropriate recommendations
to the Federal Reserve Bank with which the committee is associated.
To finance these operations, the unobligated surpluses of Reserve banks
would be available, in addition to which the banks would be permitted
to issue bonds, debentures and other paper in an equal amount to five
•
times such surpluses. . . .
Furthermore, Reserve banks would be required to come to the aid of
each other, under orders of the Federal Reserve Board. The draft provides that each bank may purchase and sell the obligations of another.
and to pay off and retire on or before maturity such obligations issued by
it—"and the Federal Reserve Board shall have power to require such
action by any such bank."
Exempt from Normal Tax.
Although not guaranteed as to payment either of interest or principal
by the United States, such obligations would be exempt from normal
taxes. All rates of interest or discount on the basis of which any obligations may be acquired or issued by any Reserve bank, and all rates of interest borne by any such obligations, would be within such limitations
as the Reserve Board may prescribe.
The membership of the sub-committee which to-day passed on this
measure consists of Senators Glass, Gore of Oklahoma. McAdoo of California. Bulkley of Ohio, Democrats; Townsend of Delaware, and Walcott
of Connecticut, Republicans. . .
Heretofore the committee appeared more in favor of the plan of Governor
Black, which was more favored by President Roosevelt as compared with
the Reconstruction Finance Corporation program of lending direct. A
contrary viewpoint has been attributed to the House Committee on Banking
and Currency, where some antipathy is noted toward Reserve Board
activities in general.
The text of the Glass substitute follows:
AMENDMENT.
Relating to direct loans for industrial purposes by Federal Reserve banks,
and for other purposes.
Belt enacted, etc., That Section 13 ofthe Federal Reserve Act,as amended,
a amended by adding after the third paragraph thereof the following
new paragraphs:
"In exceptional circumstances, when it appears to the satisfaction of a
Federal Reserve bank that an established industrial 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 may
make loans to, or purchase obligations of, such business, or may make
commitments with respect thereto,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.
"Each Federal Reserve bank shall also have power to discount for, or
purchase from, any bank, trust company, mortgage company, credit
corporation for industry, or other financing institution operating 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 per centum 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.
"The aggregate amount of the loans, advances, purchases, discounts,
and commitments made by any Federal Reserve bank under the two
preceding paragraphs shall not exceed six times the surplus of such bank
on the date this paragraph takes effect after deducting the total amount of
the required subscription of such bank to the stock of the Federal Deposit
Insurance Corporation under Section 122 of this Act. For the purpose of
aiding the Federal Reserve banks in carrying out the provisions of such
paragraphs, there is hereby established in each Federal Reserve district
2185
an Industrial Advisory Committee 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 Committee, 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 commitment 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 recommendations of the Committee.
"The surplus fund of each Federal Reserve bank shall be available for
carrying out the provisions of the three preceding paragraphs, and in order
to provide additional funds for such purposes, each Federal Reserve bank,
with the approval of the Federal Reserve Board, shall have power to issue,
severally or jointly with other Federal Reserve banks, notes, debentures,
bonds,or other such obligations,for the repayment of which all the Federal
Reserve banks shall be jointly liable. Such obligations may be secured in
such manner, and shall contain such terms and conditions, as shall be
approved by the Federal Reserve Board. The aggregate amount of such
obligations which may be issued by any Federal Reserve bank and be
outstanding at any one time shall not exceed five times the surplus of such
bank on the date this paragraph takes effect after deducting the total
amount of the required subscription of such bank to the stock of the Federal
Deposit Insurance Corporation under Section 12B of this Act. The United
States Government shall assume no liability, direct or indirect, for any
such obligations of the Federal Reserve banks, and such obligations shall
contain conspicuous and appropriate language,to be prescribed in form and
substance by the Federal Reserve Board, clearly indicating that no such
liability is assumed. Upon the application of the Federal Reserve banks,
with the approval of the Federal Reserve Board, in order that they may
be supplied with such forms of notes, debentures, bonds, and other such
obligations as they may need for issuance under this paragraph, the Secretary of the Treasury is authorized to prepare such forms as shall be suitable
and approved by the Federal Reserve Board, to be held in the Treasury
subject to delivery upon order of the Federal Reserve Board. The engraved
plates, dies, bed pieces, and other material executed in connection therewith shall remain in the custody of the Secretary of the Treasury. The
Federal Reserve banks shall reimburse the Secretary of the Treasury for
any expenses incurred in the preparation, custody, and delivery of such
notes, debentures, bonds, and other such obligations.
"Subject to the approval of the Federal Reserve Board, each Federal
Reserve bank shall have power to purchase and sell any obligations issued
under the preceding paragraph by any such bank, and to pay off and
retire before maturity any such obligations issued by it; and the Federal
Reserve Board shall have power to require such action by any such bank.
All rates of interest or discount on the basis of which any obligations may be
acquired or issued by any such bank, and all rates of interest borne by any
such obligations, shall be within such limitations as the Federal Reserve
Board may prescribe. All notes, debentures, bonds,and other such obligations issued by any Federal Reserve bank under the preceding paragraph,
and the income therefrom, shall be exempt from all taxation (except surtaxes, and estate, inheritance and gift taxes) now or hereafter imposed by
the United States, by any Territory, dependency, or possession thereof,
or by any State, county, municipality, or local taxing authority; and such
obligations shall not be subject to the provisions of the Securities Act
of 1933."
As we indicated above, President Roosevelt in identical
letters transmitted March 19 to Senator Fletcher
l_t_I•esentative Steagall, respectively Chairman of the
gel— —-7M House Committees on Banking and arrency,
late a
recommendede enactment of legislation for the creation,
-"w
Of 12
—Credailliriks for Industry. Belo we give President
Roosevelt's letter.
May I suggest to your Committee legislation to create 12 Credit Banks
for Industry?
I have been deeply concerned with the situation in our small industries.
In numberless cases their working capital has been lost or seriously depleted.
This condition should be remedied.
We have afforded much aid in the recovery of agriculture, commerce,our
larger industries and our financial institutions, and our improved condition
nationally furnishes full justification for these efforts. We must continue
in behalf of the medium-size man in industry and commerce.
With this purpose in mind I have discussed with the Treasury, the
Federal Reserve Board and the Reconstruction Finance Corporation a
comprehensive study of the situation in the smaller industries and the
presentation of a plan which would show their condition and furnish relief
for it.
A nation-wide survey has been made by them. Information has been
obtained from 4,958 banks and 1.066 chambers of commerce covering three
Points: First, the probable amount of working capital required now by
smaller industries; second, the number of employees who would be retained
by these industries if working capital is afforded them, and, third, the
number of new employees that can be taken on by them through such
supply of working capital.
Estimates based on this survey indicate that approximately $700.000,000
of such working capital is required; that such working capital may continue
in employment some 346,000 employees and may furnish new employment
to some 378,000 men and women.
While these estimates in their nature cannot be definite and must be
considered as estimates only, they indicate the urgent need of these small
industries for working capital.
The administration will be glad to furnish you such information and
assistance as you may desire in order to set up the machinery to supply
this need.
The details will be presented to you, but I desire to call attention to two
prominent features: First, the matter of caring for the small or medium
size industrialist; second, the control of the proposed banks by directorates,
a majority of which will themselves be industrialists.
I will appreciate early consideration by your Committee and by the
Congress, as I feel that the situation disrlosed calls for immediate relief,
and that such situations as can be relieved through the medium of working
capital should have our earnest support.
Very sincerely yours.
FRANKLIN D. ROOSEVELT.
The proposals for the creation of Credit Banks for Industry
were referred to in these columns Feb. 24, page 1332 and
March 10, page 1668.
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Financial Chronicle
President Roosevelt Spending Week's Vacation Fishing
in Florida Waters—Congress Recesses for WeekEnd Holiday.
President Roosevelt left Washington March 27 for a week's
vacation which he planned to spend in game fishing off the
Florida coast in Vincent Astor's yacht, the "Nourmahal."
This was the first trip taken by the President out of Washington since he spent the Thanksgiving holidays at Warm
Springs, Ga. He boarded the yacht March 28 at Jacksonville, Fla., and Marvin H. McIntyre, Assistant White
House Secretary, went the same day to Miami to establish
temporary offices there. The President planned to keep in
constant communication with Mr. McIntyre by wireless.
He expects to return to Washington on April 7. Congress
is also enjoying a holiday this week-end; both House and
Senate recessed March 29 and will not meet again until
April 2.
New York State Emergency Income Tax Subject to
Same Personal Exemptions Permitted in Computation of State's Normal Income Tax—Announcement
by State Tax Commission.
The New York State Tax Commission acted on Mar. 13
to facilitate payment of the emergency income tax, following Governor Lehman's approval of the bill allowing the
same personal exemptions now permitted in the computation
of the normal income tax.
Calling attention to the fact that "the tax is due on or
before April 15 for the taxable year 1933," Mark Graves,
Commissioner of Taxation and Finance, in a statement
issued Mar. 13, said:
The bill which the Governor has signed amends Section 351-d of the
tax law, allowing personal exemptions to $1,000 for a single person or a
married person not living with husband or wife, and $2,500 to a husband
and wife living together, plus an allowance of $400 each for dependents,
against their aggregate net income.
New return forms have been ordered and will be available within a few
days. These revised blanks will provide proper spaces on page 1 for the
credit of the exemptions against net income in the computation of the
emergency tax. Every taxpayer who filed a return last year will receive
through the mails in the early future, copies of the revised forms. The
mailing of these blanks has been delayed awaiting the action of the Legislature on the amendment, but it is hoped the distribution will be completed
before April 1.
Those taxpayers who may have obtained copies of the blanks heretofore
issued and who have already prepared their returns may use these blanks
by inserting the personal exemption claimed in the space on the right side
of the line at Item 13, page 1 of the blank, and after deducting it from
Item 12, carry the result to the extreme right of Item 13 in the column
headed "Amount of Tax." Returns made in this form on the old blanks
will be accepted by the Income Tax Bureau.
Claims for refund need not be filed in cases of persons who have already
paid the emergency tax without benefit of the personal exemption. Every
effort will be made by the Commission to refund such over-payments as
promptly as possible.
It is anticipated that there will be a large number of new taxpayers for
1933. Because they did not file returns last year they will not be on our
lists and consequently will not receive blanks through the mail. These
persons should make application to the Commission or to any district office
for the proper forms in ample time to have their returns prepared, verified
and filed on or before April 15. The failure on the part of a taxpayer to
obtain a blank form will not excuse him from making a return or for
delay in filing.
Notices have been forwarded to withholding agents by the Income Tax
Bureau pointing out the allowance of personal exemptions. Returns of the
tax withheld at the source from non-resident employees will be materially
affected. A revised form is being prepared and a supply will be forwarded
on request. The use of the new form will mean a re-execution of the claim
for personal exemption by each non-resident employee even though such
claim may have been executed on the original form.
However, if any withholding agent desires to use the original form which
may already have been executed, it may do so by changing Item 6 of
Form 102 to read "Emergency tax withheld-1% from Item 4." A corresponding change must also be read into the instruction at the bottom of
Form 102 so that the reference in the second line will be to Item 4 instead
of Item 2. These changes will make Form 102 conform with the present
provisions of the law under which emergency tax to be withheld is to be
computed on exactly the same amount as that upon which the normal tax is
computed.
Withholding agents who have already withheld the emergency tax from
payments to their non-resident employees and have not made returns to
the department may now refund all amounts withheld in excess of the
tax as now computed with benefit of the personal exemption. The amounts
shown to be due under the revised computation should be noted on a return
to this department on Forms 102 and 103.
The law requires that all employees file individual returns in which the
correct amount of tax due for both the normal tax and the emergency tax
must be computed even though the withholding agent has made return of
tax withheld on Forms 102 and 103. On the returns thus to be filed by
the individuals, the amount of tax witheld at the source may be claimed
as a credit against the tax shown to be due. If the credit so claimed is in
excess of the tax due, proper refund will be authorized during the period
In which the non-resident returns are audited and refund check will be
mailed direct to each employee when found to be due.
The requirement for filing information returns disclosing payments to
residents of New York State is unchanged and Forms 105 and 106 should
be filed in all cases in which compensation and other fixed or determinable,
annual or periodical income is paid to New York residents in the amount
of $1,000 or over to a single person or $2,500 or over to a married
person.
Mar. 31 1934
The enactment of the bill allowing personal exemptions in
the emergency income tax, and the signing of the bill by
Governor Lehman was noted in an item in our "State and
City Department," Mar. 17, page 1950.
Alfred E. Smith Resigns as Editor of "New Outlook."
Alfred E. Smith, former Governor of New York, has
resigned as Editor of "New Outlook," a monthly magazine
published by Frank A. Tichenor, according to an announcement March 22, when copies of correspondence between
Mr. Smith and Mr. Tichenor were made public. Mr. Smith
explained that the pressure of his business and personal
interests necessitated the resignation. Unconfirmed newspaper reports, however, said that Mr. Smith had resigned
after a dispute over editorial policies. It was said that
Mr. Smith could not concur in certain proposed editorial
attacks on the Administration. Mr. Smith's letter to Mr.
Tichenor read as follows:
March 13 1934.
Mr. Frank A. Tichenor, President Outlook Publishing Co.,
515 Madison Ave., New York, N. Y.
Dear Frank:
It is with great regret that I tender you my resignation as editor-in-chief
of the New Outlook. I have not arrived at this decision in haste. I have
been thinking it over since the first of January.
My business interests and those of my boys take all of my time to a
point where I have not been away from office work of some kind, with the
exception of Sundays and holidays, since last Thanksgiving.
I enjoyed working with you and the force at New Outlook, and it is only
the great necessity of giving up some activity that prompts my action.
With best wishes, I am.
Sincerely yours,
ALFRED E. SMITH.
Mr. Tichenor replied as follows:
March 16 1934.
Hon. Alfred E. Smith,
City.
Empire State Building, New York
My dear Governor:
It is with deepest and sincerest regret that I acknowledge your note of
March 13.
The argument of the pressure of the multitude of your business activities
and those of your boys is too well known to me for me to presume to offer
an answering argument, or to attempt to dissuade you from your decision
to withdraw from the active editorial direction of New Outlook. My
extreme reluctance in the matter of conforming to your unselfish wish is
Inspired by my personal appreciation of your co-operation and devoted
editorial assistance in launching New Outlook.
In the first issue of the publication, nearly two years ago. I stated.
"The problems of the new time which we are now facing are not difficulties
which will be solved over night. Because we do not anticipate the discovery
of the answers to our present difficulties in the next dawn, we have not
undertaken the creation of a new magazine for service in one dark night
alone."
I am more than ever convinced of the correctness of that editorial objective and regret that our continuing efforts to that end must be made without your guidance and assistance, which have been an inspiration to every
one connected with New Outlook.
With best wishes, I am,
Sincerely yours,
FRANE4A.ILTICHENOR.
Name of "New York Evening Post" Changed to "New
York Post"—Charles Shipman Appointed Financial
Editor.
The appointment is announced of Charles Shipman as
financial editor of the New York "Evening Post," effective
March 29. Mr. Shipman has resigned from his position as
Investment editor of the "Wall Street Journal" to assume
this new post. He was formerly engaged on the "New York
News BureaU" and the Chicago "Economist." Mr. Shipman
will'work in connection with Dr. Luther Harr, who resigned
his professorship at the University of Pennsylvania to become Treasurer and financial adviser to the J. David Stern
newspapers, which comprise the New York "Evening Post,"
the Philadelphia "Record," the Camden (New Jersey)
"Courier" and the Camden (New Jersey) "Post."
On March 29 the New York paper was published as the
"New York Post," in accordance with an announcement that
the word "Evening" would henceforth be omitted from the
name as being too cumbersome.
Governor Langer of North Dakota Proclaims Debt Moratorium in Behalf of Business Men and Farmers.
North Dakota business men unable to meet obligations
"due to the financial ruin which has befallen farmers," and
farmers facing ouster from lands they once owned, were
accorded protection of moratoriums on March 20 under
moratoriums:declared by Gov. Langer.
In Associated Press advices from Bismarck, N. D. it was
stated that the new moratoriums, which were added to an
already large list, previously proclaimed by the Governor,
declared it illegal to levy upon or attach the stock or equipment of debtor business men. They made it unlawful to
force farmers to leave lands they have forfeited under fore-
Volume 138
Financial Chronicle
closure until they have had opportunity to refinance. The
Associated Press accounts also said:
The holiday on business debts expires automatically July 15, while that
on farm ousters will continue indefinitely.
Business men's creditors and those who hold forfeited lands are permitted
recourse to the courts under certain conditions. The exception permits
court attachments where it can be shown payments on debts can be effected
without material loss to the merchants' business. Actions are also permitted
in case it can be shown a tenant is not treating the holder of the land's title
fairly.
The Governor asserted in his proclamation that to permit free action
against business debtors would "destroy necessary and needful business
enterprises." Ile said hundreds of business men could not pay their bills
because of the distressed condition of agricultural areas of the State.
Other moratoriums proclaimed by Governor Langer last year and still in
effect include those ordering county officials to desist from issuing foreclosure
or tax deeds in proceedings affecting farm homes and commanding the same
officials to prevent seizure of homes and personal property of those financially unable to pay their debts.
Nation-wide Production Credit System Completed658 Associations Formed Covering Every County
in the United States.
The charter of the Rifle Production Credit Association, in
northwestern Colorado, was signed on March 22 by Governor
Wm. I. Myers of the Farm Credit Administration, thus
bringing to completion the organization of a nation-wide
system of 658 production credit associations covering every
county in the 48 States. Completion of the final unit of the
system designed to provide permanent facilities for shortterm agricultural financing takes place just six months after
the first of these farmer-managed credit co-operatives was
organized in Illinois last September. An announcement
issued by the FCA in the matter, also said:
Most of the associations, organized to be ready in time for the 1934
season, are already handling spring seasonal demands for credit in their
respective territories, doing business in all but one or two States. During
the past few weeks several million dollars in production loans have been
paid out to farmers and stockmen through the new system.
The 658 associations are provided with a total authorized capital aggregating $73.000.000, about 75% of which has been subscribed and is being
paid in as needed by the 12 Production Credit Corporations, one of which
Is organized in each of the 12 FCA districts, to supervise and provide initial
capital for associations in the district. The deposited capital of each association enables it to obtain discount privileges with the Federal Intermediate Credit Bank of the district. Acceptable notes of farmers and stockmen endorsed by an association may be discounted by the FICB up to
about five times the association's capital.
The interest rate on production loans was recently lowered from 6 to
%, following a corresponding reduction in the discount rate of the
Intermediate Credit banks, and is available to borrowers in all parts of the
country through the system now completed. The lower interest rate is
applicable until further notice.
Organized to be within reach of farmers in every agricultural community
in the country, the production credit associations cover on an average about
four or 5 counties; but the areas vary widely depending on the need for
credit and the number of farmers in the territory of a particular association.
Where an association serves a wide area it has correspondents or representatives in several places in the area so farmers may be served without
loss of time.
The associations are authorized to make loans to farmers and stockmen
for general purposes of agricultural production, including the production of
crops, livestock, dairy and poultry products. Loans may be made to
purchase such items as feed, seed, fertilizers and equipment, or for the
purpose of purchasing, raising, feeding or marketing of livestock.
From 3 to 12 months will be the usual maturity period on such loans,
depending on the production season and marketing period of the crops or
livestock financed. Loans such as those on dairy and breeding cattle may
In certain cases be extended, but not beyond three years.
Eligible farmers and stockmen who otter acceptable security may obtain
loans by becoming members of an association serving their county, purchasing voting stock in the association equal to 5% of the amount of their
loans. The stock may be purchased with a part of the loan proceeds.
In signing the charter of the Rifle Production Credit Association which completes the set up of associations throughout
the United States, Governor Myers said that the territory of
some of the associations might be changed or additional
associations organized if credit needs required it. According
to the announcement issued by the FCA Mr. Myers added:
It is very fortunate that the production credit system organized under
the FCA with the co-operation of farmers in all parts of the United States
for the spring season.
is completed and ready to make loans in time
Almost without exception the officers and directors of each of the 658
associations have been chosen locally; and I think they appreciate the
advantages of co-operative credit. The business of getting farmers'security
properly inspected and notes endorsed by the association and forwarded to
the Intermediate Credit banks for discount is proceeding satisfactorily.
A majority of the associations have shown themselves capable judges of
agricultural security and I believe farmers who are participating in this
co-operative enterprise have confidence in the soundness and effectiveness
of the credit service which they have assisted in building
Reference to the reduction in the interest rate on production loans from 6 to 53 % by Production Credit Associations
was made in our issue of March 17, page 1840.
Guaranty Trust Co. on "New Deal"—Finds Misgivings
Arise Incident to Relief Activities, Cost of Which
-War
Has Brought Public Debt Almost up to Post
Peak—Doubts Permanency of Stimulation of
Business—Heavy Tax Burden and Temptation to
Inflation Incident to Relief.
The most disquieting possibility in the outlook for the
Government's price-raising efforts is not that they will fail
2187
but that they will succeed too well, states the Guaranty
Trust Co. of New York in discussing what the New Deal has
accomplished, in the issue of "The Guaranty Survey," its
review of business and financial conditions in the United
States and abroad, published on March 26. According to
"The Survey", "the time may not be far distant when the
most serious problem of the Administration will not be to
produce an advance in prices but to hold the advance within
bounds." The "Survey" continues:
Disappointment has been expressed in some quarters that the Government's recovery program has not brought about a greater degree of business
revival. Such an attitude should not be taken too hastily. Perhaps too
much in the way of immediate results was expected in the beginning by a
depression-weary nation, over-eager to accept any vague promise of swift
recovery. The remarkable improvement that has taken place during the
last year is a matter of record. The banking crisis has been surmounted;
business activity has increased; prices have risen, and much-needed relief
has been given to millions of citizens.
Chief Objectives of the New Deal.
Fundamentally. the New Deal is an attempt to reorganize the economic
and political system in such a way as to permit the Government to take an
active part in bringing about co-operative action among all branches of
business activity. It is based on the principle that a proper co-ordination
of economic functions under governmental direction can bring about and
maintain equilibrium ; in other words, that man-made regulations can and
should supplant the operation of natural economic laws in an individualistic
system..
Unfortunately, it is in connection with these relief activities that some of
the gravest misgivings arise concerning the future; for the cost of relief is
tremendous, and in the present instance it is being met entirely by Public
borrowing. The public debt is already nearly equal to the post-war peak,
and the borrowing program contemplated by the Administration has hardly
begun. The President estimates that by June 30 1935, the debt will reach
a total of nearly $32,000,000,000. The plan is to stop the borrowing at
that point, and it is earnestly to be hoped that this will prove possible.
Even if it does, however, the task of repaying such a sum will be enormous;
huge refunding operations will be necessary, and the Government will be
continuously dependent on conditions in the money market over a long
period. Aside from the possibility of financial conditions that will make
refunding difficult, there will exist a constant temptation to reduce the
burden by the temporarily easy method of cheapening the currency. If
this temptation is avoided, the debt will have to be paid by means of
taxes that will inevitably place a heavy load on industry.
Advance in Prices.
The outstanding recovery measure of the Administration is the priceraising program. Of the major monetary powers given the President by
Congress last spring, two have already been used: Dollar devaluation and
purchase of Government securities by the Federal Reserve banks. Thus
far, neither has had any visible effect on the broader aspects of the credit
situation. The funds placed in the market by the Federal Reserve banks
have been used principally to swell the excess reserves of member banks,
which now stand at an unprecedented total; but member banks have not
made use of the additional funds to increase their loans. Such expansion
as has taken place in earnings assets has been in holdings of Government
securities.
"It does not follow," however, that these monetary measures have had
no effect on prices in general. That the price level has risen is beyond
question, and there is reason to believe that the advance is due largely to
the Government's policy. The fact that the greater part of the advance
took place before, rather than after, the act of devaluation is immaterial.
Devaluation was accepted by the business community as virtually an accomplished fact long before it actually took place. As the certainty of
ultimate devaluation increased, prices rose. And it is by no means unreasonable to suppose that the expansion in business activity during the
past year is due in a very considerable measure to the effects of rising
prices. It is true that the advance has been much smaller. In percentage
terms, than the reduction in the gold content of the dollar, and also that it
has fallen far short of restoring the 1926 price level, which has often been
mentioned as representing the goal of the Government's price-raising
measures. But it has been sufficient to alter the price structure very
materially.
In fact, the most disquieting possibility in the outlook for the Government's price-raising efforts is not that they will fail, but that they will
succeed too well. The security purchases by the Reserve banks and the
additions to both real and nominal gold holdings resulting from devaluation have combined to produce a reserve base capable of supporting an
enourmously expanded superstructure of credit. And the borrowing program of the Federal Government has provided, and will continue to provide, an outlet for surplus funds that may make the creation of such a superstructure a relatively quick development. The situation is similar in
many respects to that which arose during the World War, when bank reserves increased rapidly as a result of gold imports and of the growth of the
Federal Reserve system, and when the use of the additional reserves was
accelerated by the borrowing and spending of the Federal Government.
The time may not be far distant when the most serious problem of the Administration will not be to produce an advance in prices but to hold the
advance within bounds.
Among the other leading "reform" measures of the New Deal, almost all
show constructive elements together with some features that will necessitate further revision. A beginning has been made toward a co-ordination
of the country's transportation facilities, although a final solution of the
problem is not yet in sight. The most urgent need for amendment is
found in the Securities Act, which contains some provisions that threaten
to paralyze the markets for new capital issues and to defer normal recovery
for an indefinite period. The Banking Act has furnished safeguards against
some abuses, but it contains a very dangerous plan for a permanent
guaranty of bank deposits and fails to provide adequate remedies for the
fundamental weaknesses of the banking system. The Administration
has wisely asked Congress for legislation postponing for one year the effective date of the permanent deposit guaranty, but no step has yet been taken
to unify and reorganize the banking system along the lines that recent
experience has shown to be necessary in the public interest.
The New Deal has, then, provided a huge amount of much-needed emergency relief; but in so doing it has placed the Government in a financial
position that will necessitate a heavy tax burden and will offer a constant
temptation to inflation. It has probably stimulated business activity to
some extent, although the stimulation is of doubtful permanency and has
involved broadening the monetary base to such a degree as to give rise to
some misgivings for the future. And it has instituted a number of supposedly lasting economic reforms that are commendable in purpose but are
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Financial Chronicle
still in such an experimental stage that judgment as to their permanent
value had best be suspended for the present.
Thus far, the New Deal as a whole can hardly be said to have succeeded
or failed. Its ultimate net value is yet to be settled, and the settlement will
be determined largely by the success with which the program avoids the
dangers and pitfalls to which it is subject. The crucial point will arrive
when the Government ceases to pump huge quantities of public funds into
the economic system and business is left to sustain itself by means of its
own internal stimulating Influences. And this crucial teat will continue
during the long period of public debt retirement. Heavy taxation and an
enormous public debt do not offer an ideal background for an enduring
and sound business recovery. It may, therefore, be concluded that the
value of the New Deal in the long run will depend on its success in withdrawing its financial support to business without creating disastrous repercussions, on its capacity to meet maturing obligations without resorting to
ruinous taxation or to paper money issues, and on its ability to regulate.
in the public interest, the vast and complex economic forces that it has undertaken to bring under centralized control.
Political Expediency Holding Back Business, Says
Edward B. Smith & Co.
Growing criticism of the NRA and other recovery expedients, together with Congress's tendency to break away from
White House leadership has convinced Edward B. Smith &
Co. that it is now unwise to count upon a continuation of
the accord which has previously characterized the Executive-Legislative relationship. In making this statement, in
the March issue of its "Outlook for Equities," the firm expresses the fear that political developments between now
and the adjournment of Congress may well prove disturbing
to business. The firm says:
The rising tide of economic recovery is clearly perceptible in most parts
of the world, and the momentum of the current seasonal domestic uptrend
In most basic lines still appears unimpaired. An impressive and encouraging feature of the present financial situation is the breadth and vigor of the
demand for bonds. Further improvement could be anticipated if confidence
were to be restored now by a clarification of the political situation and
the adoption by the Administration of an encouraging and conciliatory
attitude toward private business. But as things now stand, private business
cannot make forward commitments in any sizable volume when there is
the danger that the Federal Government may at any time step in and
raise wages, reduce working hours, impose taxes, or exert unexpected control
of one sort or another as recently in the case of the companies holding air
mail contracts.
"Moratorium" on New Governmental Interference Now
Needed, According to Moody's Investors Survey.
"The irregular, saw-toothed course which our recovery is
pursuing is due partly, though perhaps not altogether, to
the fact that ours is a planned recovery," declares Moody's
Investors Survey in its current Monthly Review and Outlook, issued March 15. "Probably most unfavorable to a
smooth recovery has been the fact that business has not as
yet had a period of several months in succession in which
it could see clearly ahead, at least so far as the Government's
policies were concerned. What is needed at the present time
is a 'moratorium' on new Governmental interference."
Moody notes that the history of both our monetary and
other policies in 1933 plainly shows that the planning for
recovery is by nature experimental and it could not have
been otherwise.
The analysis points out that the main factors tending to
discourage businessmen include monetary uncertainty (for
the present removed); growing demands of labor, supported
and encouraged by the Government; strict regulation of new
investments and the impression that the Government is
against profits; the unfriendly attitude toward public utilities and the growing control of Government over various
phases of economic activity. Moody's continues:
On the other hand businessmen have been encouraged by the rising
business cycle throughout the world; by the upward trend of commodity
prices, sponsored by the Government; greater buying power of agriculture
and Increased consumer spending through relief and Government
-sponsored
public works; suspension of anti-trust laws and curbing of unfair trade
practices as well as the Government's interest in a revival of the capital
goods industries: and finally, support of bonds and mortgages by Government lending agencies.
The apparent inconsistencies on the part of the Government which have
tended to confuse the business community are the result of experimentation
and are unavoidable, for no plan is possible without experimentation. But
this "feeling the way" on the part of the Government as the planning is being
evolved necessarily interrupts the course of recovery from time to time.•
However, since planning results, in the course of the process of experimentation, in violent pushes and pulls upon the business structure and
since it involves the injection of huge doses of credit expansion via the
budget deficit, it necessarily involves a serious risk of uncontrolled inflation
in the longer run.
At the present time the net gain in manufacturing employment has
been relatively small, in spite of National Recovery Administration codes,
because of the upsetting effect of the July-December business reaction.
Another such reaction, which might be furthered by the current higher
wages-shorter hours policy of the Government, would retard the progress
of recovery still more. At the same time, credit is being poured into banks
and purchasing power is being distributed lavishly through the emergency
budget. The result may be an inflationary rise of prices of industrial
goods, with its familiar vicious circle of rising prices, lagging wages, labor
disputes, lagging production more credit or currency to revive it, still
higher prices and so on.
It is to be hoped that this will not be allowed to happen. But it is not
too early to begin thinking seriously. The Government should consider
Mar. 31 1934
its responsibility toward the people, and toward the budget, lest real
recovery be unnecessarily retarded. It might also consider whether it
would not be wise to soften somewhat the emphasis on the reform phase
of its program (now that the most essential safeguards against capitalistie
abuses have been taken) and to concentrate instead on r,covery measures.
House Committee Approves Resolution to Investigate
Alleged Activities of "Brain Trust"—Dr. William A.
Wirt Charges Group Plans Overthrow of American
Social Order—President Roosevelt Pictured as
"Kerensky of Revolution"—Statement Read Before
House Committee by James H. Rand Jr., Incident
to Hearing on Stock Exchange Control Bill.
The House Rules Committee voted March 28 to report
favorably a resolution introduced in the House March 26
by Representative Bulwinkle, to investigate alleged activities
of the so-called "brain trust" and charges that members
of this group were planning a communistic revolution in the
United States. This assertion, as well as the charge that
members of the' brain trust" in private conversation had
pictured President Roosevelt as the "Kerensky of the revolution" who would eventually be succeeded by a Stalin, was
contained in a statement written by Dr. William A. Wirt,
head of the school system of Gary, Ind., and read before
the House Committee on Inter-State and Foreign Commerce
March 23 by James H. Rand Jr., Chiarman of the Committee for the Nation. Mr. Rand was testifying in opposition to the proposed stock market regulation bill. The contents of the letter led to immediate Congressional demands
that Dr. Wirt make public the names of the persons who
had confided to him regrading their alleged plans to overthrow the established social order in this country. Newspaper dispatches from Gary quoted Dr. Rand as refusing
to publish names at this time,,although he added that when
the welfare of the Nation demands that the names be made
public he will do so.
The text of the statement by Dr. Wirt,read into the records
of the House Inter-State and Foreign Commerce Committee
by Mr. Rand, is given below:
This manuscript has not been written for publication. I merely want
to make the material herein presented available to a few friends In the
hope that It may be of help to them in their own writing. You are welcome
to use any or all of it in any way that you see fit.
The fundamental trouble with the Brain Trusters is that they start
with a false assumption. They insist that the America of Washington.
Jefferson and Lincoln must first be destroyed and then on the ruins they
will reconstruct an America after their own pattern. They do not
know that the America of Washington. Jefferson and Lincoln has been the
"new deal" and that during the 18th and 19th centuries we have been
making great social progress. The common man is getting his place in the
sun. Why try to put him back in to the dark ages?
Last summer I asked some of the individuals in this group what their
concrete plan was for bringing on the proposed overthrow of the established
American social order.
I was told that they believed that by thwarting our then evident recovery
they would be able to prolong the country's destitution until they had
demonstrated to the American people that the Government must operate
Industry and commerce. I was told that of course commercial banks could
not make long-time capital loans and that they would be able to destroy,
by propaganda, the other institutions that had been making our capital
loans. Then we can push Uncle Sam into the position where he must
make these capital loans. And of course when Uncle Sam becomes our
financier he must also follow his money with control and management.
Roosevelt the "Kerensky of the Revolution."
The most surprising statement made to me was the following:
"We believe that we have Mr. Roosevelt in the middle of a swift stream
and that the current Is so strong that he cannot turn back or escape from it.
We believe that we can keep Mr. Roosevelt there until we are ready to
supplant•him with a Stalin. We all think that Mr. Roosevelt is the only
Kerensky of this revolution.
When I asked why the President would not see through this scheme,
they replied.
We are on the inside. We can control the avenues of influence. We
can make the President believe that he is making decisions for himself.
They said, a leader must appear to be a strong man of action. He
must make decisions and many times make them quickly, whether good
or bad. Soon he will feel a superhuman flow of power from the flow of
the decisions themselves—good or bad. Eventually he can easily be displaced because of his bad decisions.
With Mr. Roosevelt's background we do not expect him to see this
revolution through.
They said that such individuals can be induced to kindle the fires of
revolution. But strong men must take their place when the country is
once engulfed in flames.
I asked how they would explain to the American people why their plans
for retarding the recovery were not restoring recovery.
"Oh, they said, that would be easy.
All that they would need to
do would be to point the finger of scorn at the traitorous opposition.
These traitors in the imaginary war against the depression would be
made the goats, and the American people would agree that they—the
Brain Trusters—should be more firm in dealing with the Opposition.
Thus they, the Brain Trusters, would soon be able to use the police power
of the Government and "crack down" on the Opposition with a big stick.
In the meantime they would extend the gloved hand and keep the "big
stick" in the background.
I was frankly told that I under-estimated the power of propaganda. That,
since the World War, propaganda had been developed into a science.
That they could make the newspapers and magazines beg for mercy by
threatening to take away much of their advertising by a measure to compel
only the unvarnished truth in advertising.
That they could make the financiers be good by showing up at public
investigations the crooks in the game. And that the power of public investigation in their own hands alone would make the cold chills run up and
Volume 138
men
down the spines of the other business leaders and politicians—honest
as well as crooks.
Propaganda Designed to Inflame Masses.
They were sure that they could depend upon the psychology of empty
stomachs and they would keep them empty. The masses would soon
agree that anything should be done rather than nothing. Any escape from
present miseries would be welcome, even though it should turn out to be
another misery.
They were sure that the leaders of industry and labor could be kept quiet
by the hope of getting their own share of the government doles in the form
of loans, and contracts for material and labor—provided they were subservient.
They were sure that the colleges and schools could be kept in line by the
hope of Federal aid until the many New Dealers in the schools and colleges
had control of them.
They were sure that their propaganda could inflame the masses against
the old social order and the honest man as well as the crooks that represent
that order.
I asked what they would do when the Government could no longer dole
oft
out relief in the grand manner. By that time, it was answered, the
conrepeated exhortation to industry and commerce to make jobs out of
wages out of psychology, together
fidence and to produce goods and pay
that
with their other propaganda, would have won the people to the idea
the only way out was for Government itself to operate industry and commerce.
for a
They were certain that they did not want to operate agriculture
long time. But the farmers could be won by doles to support Government
operation of industry and commerce.
for
Farmers would be delighted to get their hands in the public trough
with the
once in the history of the country. The farmers would be one
All
masses—united for a redistribution of the wealth of the other fellow.
"Well,,
that they would need to do with the opposition would be to ask,
what is your plan?"
A dispatch from Gary March 25 to the New York "Times"
added the following comments by Dr. Wirt:
citizens
In a statement attacking "New Deal" legislation as "depriving
declared
of their fundamental liberty," Dr. William A. Wirt, educator,
he will reveal
to-night that "when the welfare of the country demands"
"underthe names of the "Brain Trust" whom he accuses of plotting to
mine the Government."
Washington
He characterized as a "smoke-screen" the demand voiced in
the allegedly
by both Republican and Democratic leaders that he identify
traitorous "Brain Trust" members.
over the ac"I cannot willingly permit a smoke-screen to be drawn
on the
tivities of the radical group while people are led to concentrate
estimation,
crucifixion of two or three culprits," he said. "When, in my
made public, I
the welfare of the country demands that the names be
shall declare them."
first intimation as
His reference to "two or three culprits" was the
involved in the
to how many of President Roosevelt's advisers might be
Commerce
Gary school head's charges, which were laid before the House
Committee on Thursday by James H. Rand, Jr.
Warns of a Helpless Congress.
Tugwell
In his statement attacking New Deal measures, in particular the
and Wagner bills. Dr. Wirt said:
"I believe that the country ought to be made aware that if present
legislation in Congress is enacted, if measures we have been led to believe
were temporary become permanent, we will have lost much of American
liberty.
"Recently at tho code hearings in Washington, the Administration
unmistakably indicated that it is not a theoretical danger.
"During the next two months legislation will probably be passed which
will make all elections to Congress unimportant. It will not matter whom
the people elect. Our next Congress will not be able to do much.
"Beginning with the Tugwell bill nearly every piece of New Deal reform
legislation provides that an Executive Department or Commission. or
Administrator, shall have full power to say with finality what the facts
are and that no court of review can go into the evidence.
"I believe the Wagner bill, which purports to be a gift to labor, is a
noose for labor.
"Last December about 100 intellectual radicals publicly threatened
President Roosevelt with their group resignation unless he accepted as
his their viewpoint.
"Practically everything indicated in my communication to Rand as
planned by the intellectual radicals has already been realized, has either
been enacted into law or is in the process of being enacted.
"In my opinion it is most important that Congress investigate this
very critical situation."
Representative Bulwinkle of North Carolina on March 26
introduced in the House a resolution providing for the
investigation of the truth or falsity of the statements by
Dr. Wirt. On the same day Speaker Rainey said that any
person who told Dr. Wirt that President Roosevelt was the
Kerensky of America was a traitor, and he demanded a
Department of Justice investigation. Later he said that the
charges were "too silly" to submit to the Justice Department.
Representative Bulwinkle's resolution to Investigate
Dr. Wirt's statement read in part:
a thorough investiThe committee is authorized and directed to conduct
gation,
made by
(1) Of the truth or falsity of the statements alleged to have beenJames H.
read by
Dr. William A. Wirt of Gary, Ind., In a written document
and Foreign
Inter-State
Rand, Jr., into the record of the Committee on
23, 1934, in which stateCommerce of the House at a meeting on March
among other things, that certain employees of the
meats It was alleged,
to
United States or other individuals were attempting or would attempt
people of the United
prolong suffering, destitution and misery among the
to thwart the program
States; that they were attempting or would attempt
they were attempting or
of national recovery in the United States; that
a revolution
would attempt to overthrow the social order in order that
such employees or
might be brought about in the United States, and that
of the United
other individuals were attempting to influence a President
his constitutional
States to take action contrary to the general welfare and
duties; and
Committee
(2) For the purpose of determining whether in the case of the
case of any other committee
on Inter-State and Foreign Commerce, or in the
guise of disinterested purposes,
of the House. any individuals under the
of the administration or
or in purporting to express the legislative policies
, or with the prestige of close
of the executive agencies of the Government
agencies and
personal, official or unofficial relations with the executive
advised or influenced,
officials of the Government, have in any manner
2189
Financial Chronicle
of any
or attempted to advise or influence, the preparation and enactment
thwarting
legislation with the object of prolonging economic depression,
order of the
the program of national recovery, or overthrowing the soical
Government of the United States.
House during the present session
The committee shall report to the
with such recommenof Congress the results of its investigation, together
it deems addations, including such recommendations for legislation, as
visable.
Distribution of Rental and Benefit Payments Under
AAA Program Totaled $173,570,549 Up to March 1—
Disbursements During February Increased $14,576,037.
Rental and benefit payments distributed under Agricultural Adjustment Administration programs up to March 1
totaled $173,570,549, it is shown by summaries announced
by the Administration March 19. The distribution was
made among 1,774,431 farmers in 46 States. The Administration's announcement added:
In addition to these payments, the Administration had expended 58.979.for removal of
933 on that date for administrative expenses and $49,841,684
surplus products.
March 1 were
The $173.570,549 rental and benefit payments made up to
growers; $59,distributed as follows: $112,349,176 to 1,030.536 cotton
and $1,586,156 to 31.541 tobacco
635.216 to 712,354 wheat farmers;
growers.
inDistribution of rental and benefits during the month of February
were
creased by $14,576.037. The number of farmers to whom payments
made during the month increased by 183,732.
A tabulation of the benefit and rental payments, exclusive of cotton
option and cotton pool payments up to March 1. follow:
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Oklahoma
Ohio
Oregon
Pennsylvania
South Carolina
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Tntalq
Cotton.
Wheat.
Tobacco.
Total.
s
State.
$
$
$
9,600,501.55
267,535.96
10,810,161.12
163,201.67
13,121.00
1,729.20
665,997.91
1,320,676.12
73,621.95
261,537.09
7,963,566.69
4,010.40
2.091,707.59
1,593,894.78
1,279,186.86
283,892.73
3,052.00 15,988,479.34
186,930.64
41,865.00
5,002,300.61
548,220.78
561,431.71
1,191.277.85
10,081,580.27
1,843,242.18 1.019,525.13
3,209,505.95
3,720.361.14
20,600.90
7.608.34
334,396.12
28,654.52
35,564.95
2,824,569.50
6,376,209.35
4,416,968.21
11,680,487.71
1,170,073.51
1.684,709.03
173,562.09
4.717,265.30
3,268,323.31
85,729.50
3,323,470.51
43,271.582.12 3,528,425.31
436,936.32
363,307.90
129,948.93
377,466.34
3,616,484.33
50,231.42
25,574.95
264,126.85
9.600,501.55
280.656.98
10,811,890.32
829,199.58
1,320,676.12
196,446.09
196,446.09
73,621.95
325,090.74
63,553.65
22,035.60 7.989,612.69
2,091.707.59
267.95 1,594,162.73
1,529.95 1,280,716.81
283,892.73
15,991,531.34
208,795.64
5,002,300.61
548,220.78
95,762.30
95,762.30
581,431.71
22,218.33 1.213,496.18
10,081.580.27
2,862.767.31
8,209,505.95
3.720,361.14
20,600.90
2,288.60
2,288.60
7,608.34
697.704,02
52,663.15
• 24,008.63
2.860,134.45
6,376,209.35
16,097,455.92
285,593.43 1,455,666.94
1,684,709.03
615.348.37
441,786.28
4,717,265.30
3,268.323.31
3,409,200.01
46,800,007.43
436,936.32
2,724.95
2,724.95
507,415.27
3,616,484.33
50,231.42
453,515.75
427,940.80
264,126.85
112 540 17(1.11 59.635.218.43 1.586.1513.56 173.570.549.10
of
Survey of Farm Loan Bonds Outstanding—Of Total
$1,241,610,480 on Dec. 31 1934, Gertler & Co. State
Amount Held by Public Was $1,099,492,480.
A total of $1,241,610,480 of Federal farm loan bonds was
outstanding on Dec. 31 1933, according to Gertier & Co., in
a discussion of the various Federal Land Bank issues and
the functions of the 12 banks. Of this amount $1,099,492,480
of original bonds issued by the individual banks and carrying an interest rate of from 4% to 5% was outstanding in
the hands of the public and the Reconstruction Finance
Corporation held $43,618,009 of these original bonds and
$98,500,000 of the Consolidated Federal Farm Loan bonds
carrying an interest rate of 4% and which are guaranteed
as to interest. This compares with $1,148,473,860 of bonds
outstanding on Sept. 30 1933 and $1,141,897.000 on June 30
1933, according to the survey, in which it is also stated:
Total net mortgage loans of the 12 banks at Dec. 31 1933 aggregated
$1,213,110,467 against $1,109,950,061 on Sept. 30 and $1,101,664,472 on
June 30 1933. Cash of $30,124,835.63 compared with $10,117,891 on
Sept. 30 and $17,111,675 on June 30 1933. Holdings of Government and
other securities were $75,617,606 on June 30 against $76,251,697 on
Sept. 30 and $67,077,354.99 at the end of the year.
The combined capital stock of all of the Federal Land Banks as of
Dec. 31 1933 was $194,267,616.75, of which the United States Government held $124,648,398, the study shows.
Loans of $3,925,820 to Farmers' Co-operative Associations Approved by Central Bank for Co-operatives
During February.
Six loans to farmers' co-operative associations aggregating
3,925,820 were approved by the Central Bank for Co-
2190
Financial Chronicle
operatives, Farm Credit Administration, during the month
of February, according to a statement released March 26
giving the condition of the bank at the close of business
Feb. 28. All the loans were to provide working capital to
aid the associations in marketing the products of their
members. An announcement issued by the FCA in noting
the foregoing said:
The February commitments bring the total of loans approved by the
bank since its organization Sept. 13 1933. up to $41,348,865. Of this
amount, $40,947,625 was for aid in effective merchandising and 8401,240
was for financing physical facilities necessary for the co-operatives to carry
on their business.
According to the statement, slightly more than half of the total credit
set up by these loans has been for cotton co-operatives-820,878,200.
Grain co-operatives were the next largest borrowers with a total of 810,182,500. Supply purchasing organizations obtained credit to the amount
of $4,526,600. Other associations obtaining loans, according to the commodities handled, were:
Wool
82.500,000 Dairy
$321,120
Tobacco
1,459,500 Fruits and vegetables_ ___
127,145
Nuts
918.000 Poultry products
15,800
Livestock
420,000
The credit set up by the bank for these loans has not been drawn upon
to the full amount by the borrowing co-operatives. On Feb. 28, the actual
amount of loans outstanding totaled 312,415,944, of which 812.075,294
was for merchandising and $340,650 was for financing physical facilities.
Some of the early loans made by the Central Bank represents business that
now normally would be handled by the regional banks for co-operatives,
which had not been established at that time. All of the regional banks now
are in operation, one in each of the 12 Land Bank districts. Loans under
$300,000 are made by the regional banks. Only loans over that amount
are handled by the Central Bank for Co-operatives located at Washington,
D. C.
Increase in Livestock Sales During 1933 Reported by
Farmers' Co-operative Sales Agencies as Compared
with 1932.
A million more animals were handled by farmers'co-operative sales agencies operating on terminal livestock markets
in 1933 than in 1932, according to estimates made by the
Co-operative Division, Farm Credit Administration and
announced March 19. Some of these agencies received
animals in the country in addition to those handled at the
terminal markets. The March 19 announcement said:
The value of this 1933 increase in business is placed at 87,000,000. In
all, about 13,700,000 head of all classes of livestock, with a total value of
$135,000,000. were handled by these associations for their farmer members.
Increases in the number of hogs and calves sold in 1933 over the preceding
Year were noted. Fewer sheep, however, were handled than in 1932, and
a smaller number of animals were purchased on order. More than half
of the total animals were hogs, nearly a quarter were sheep, and almost
as many cattle and calves.
This gain was made largely by the 38 co-operative sales agencies that were
active in both years. A part, however, is due to an additional farmer
co-operative that began functioning in 1933.
Harry L. Hopkins Outlines Program for State Relief
Projects After Final Demobilization of CWA
March 31—Employment Must Be Found for at
Least 1,500,000 Persons—$600,000,000 Fund Available to Finance Plans.
Harry L. Hopkins, Relief and Civil Works Administrator,
made public on March 19 instructions which have been given
to various State relief organizations for taking over the burden
of public relief after March 31, the date fixed for the completion of the demobilization of the Civil Works Administration. Mr. Hopkins stressed plans to replace CWA activities
in urban communities with work projects, and estimated
that the number of persons to be employed under the new
program would be between 1,500,000 and 2,000,000. Further details of his announcement were given as follows, in
a Washington dispatch March 19 to the New York" Times":
Mr. Hopkins said that he would have 3600.000,000 left of the $950,000,000
given by Congress, and that he would not ask further funds at this
session.
In demobilizing the CWA, employees in whose families more than one
person is employed and those who may have other resources will be laid off
first.
The new work projects will be carried on by day labor only, contracts
being excluded, and no separate grants will be made for materials.
The wages will be at the prevailing rate for the "occupation and the
locality" where the work is done, but in no case "less than will yield 30
cents per hour," provided that weekly earnings shall not exceed the budget.
Employment is limited to 24 hours a week, with provision for making up
the hours lost through bad weather or other conditions. Mr. Hopkins
estimated the wage on work projects in large cities at "about $12 per week."
The program for rural communities, which will be closely followed by that
for "stranded communities" where the collapse of an industry has left a
population destitute, will closely resemble a subsistencce homestead, with
the exception that it will be on an "individual and not a community"
basis.
Mar. 31 1934
920,000 persons were dropped from the ro Us of the Civil
Works Administration in February, and contrasted this
number unfavorably with the gain of only 350,000 in industrial jobs. The Federation said that 11,688,000 were
unemployed in January, as compared with 11,374,000 in
February. The Federation further said:
These figures are significant in two ways. First, they show that industrial employment has not increased rapidly enough to absorb those laid
off from OWA. During February 920,000 were dropped from OWA and
industrial employment increased by 350,000.
Secondly, the employment figures show the first gain in the month of
February since depression began. Each previous February since 1929
unemployment has increased. This year the gain was almost entirely in
manufacturing industries, where 360,000 went back to work. There were
slight gains also in wholesale trade (10.000) and hotels (10.000) and in
some other industries, but 50,000 were laid off in building.
In manufacturing the heavy or producers-goods industries showed considerable employment gains. The fact that men are going back to work
in these industries, where unemployment has been particularly serious.
Is significant—iron and steel, machinery, lumber, building materials, automobiles, railroad car shops. Consumer goods industries also reported
substantial employment gains—cotton goods, clothing, shoes, rubber
tires, cigars and cigarettes.
Trade union unemployment figures show that these gains are continuing
in March, both in "heavy" and consumer industries. Employment of
union members increased in the heavy industries—building and metal
trades, on the railroads and in building material industries, and also in the
consumer industries, clothing and textiles.
These gains indicate that accumulated buying power is taking effect.
The record of workers' income gains for February, however, is not so bright.
Payrolls in industry as a whole increased by about 3100,000,000, but this
gain was almost entirely offset by a decline of $88,000,000 in CWA payrolls during the month. The total gain in workers' buying power in dollars
was only 1%, and since cost of living increased 3% during the month.
workers' total effective buying power actually declined.
Workers' individual wage increased slightly, due probably to an increase
in full time work, but here, too, the gain was offset by the rise in living
costs. Weekly income gained 2%,living costs 3%.
According to our estimates, workers' total buying power in February
was $2,520,000,000. of which 8186.000,000 was from government work
and 82.834.000,000 from industry. This compares with $2,495,500,000
in January and $1,855,000.000 in February last year. Those without
work in industry numbered 11,374,000 in February. At the end of the
month 3,516,000 still had work in CWA, PWA and COO, and 7.858,000
were entirely without jobs.
The Federation issued the following table showing its
estimates of unemployment since the peak in March, 1933:
Estimate of Total Per Cent of Trade Union
Membership Unemployed Part
Number
Time.
(Weighted).
Unemployed.
Month1933—March
April
May
June
July
August
September
October
November
December
1934—January
February
Po
March
•Preliminary.
13,689,000
13,256,000
12,896,000
12,204,000
11,793,000
10.960,000
10,108,000
10,122.000
10,851,000
10,769,000
*11,688,000
11,374,000
26.6
26.1
25.8
24.5
24.1
23.7
22.4
21.7
22.0
22.6
22.6
*22.0
21.4
22
21
20
21
21
20
21
22
22
22
23
22
22
Steel Industry Raises Wages 10%—Affects 400,000
Workers—General Electric Company Also Announces 10% Pay Increase.
Most of the largest steel manufacturers in the United
States, including the United States Steel Corporation and
the Bethlehem Steel Corporation, will institute a 10% wage
increase, effective April 1, according to announcements
issued by the various companies this week. It is estimated
that the wage increase will affect approximately 400,000
workers and that it will add between $35,000,000 and $50,000,000 to the industry's annual payroll. Because of this
increase in operating costs, trade circles predicted that steel
prices will be marked up in the near future. This was the
first increase in steel workers' wages since the advance of
15% last July.
The United States Steel Corporation made the formal announcement of the 10% wage increases in its plants yesterday (March 30). This increase will affect approximately
140,000 wage earners in the company's subsidiaries, as well
as all lesser salaried employees. General Electric Company
also announced yesterday (March 30) that it will increase
wages 10% April 1 for all full-time salaried employees receiving $2,600 a year or less, and for all employees paid on
an hourly basis. This announcement was made by Gerard
Swope, President of the company.
American Federation of Labor Estimates February De- Differences Between NRA and Anaconda Copper Mining
crease of 350,000 in Industrial Unemployment—
Co. Denied by C. F. Kelley, President—Company
Survey Sees Job Increase Extending into March—
Willing to Abide by Code Upon a Voluntary Basis.
Asserts Rise More Than Offset by 920,000 Workers
Incident to published reports as to differences between the
Dropped by CWA.
Copper Mining Co. and the National Recovery
Industrial unemployment decreased by 350,000 in Feb- Anaconda
Administration as to certain provisions of the proposed
ruary,according to an estimate made public March 27 by the
of
American Federation of Labo?, which said that during the code for the copper industry, C. F. Kelley, President
Anaconda, issued the following statement on March 29:
first half of March employment continued to rise at about
It is my understanding to.day from the highest authorities in Washington
the February rate. The survey pointed out however, that that the matters in controversy have now been brought to a point where
Volume 138
Financial Chronicle
there is a practical agreement between the Recovery Administration and
the copper industry and that the members of the industry have indicated
their willingness to comply upon a voluntary basis with the requirements
of the Administration. The provisions of the code proposed by NRA,
which, if adopted, would have amounted to an absolute governmental
control of private property in putting the fabricating plants owned by
subsidiaries of Anaconda at the disposal of units in the industry having no
outlets for their copper, have been met. Anaconda has reaffirmed its
willingness upon a voluntary basis to purchase copper from others and
assist in the rehabilitation and stabilization of the industry.
Threatened Strike in Automobile Industry Averted
by President Roosevelt, Acting as Mediator Between Employers and Workers—Compromise Settlement Permits Collective Bargaining with A. F.
of L. Representation, but Also Recognizes Company Union—Manufacturers and Labor Leaders
Hail Solution—Leo Wolman Named by NRA
Chairman of Board of Three Members to Settle
Cases of Alleged Discrimination.
President Roosevelt averted a threatened strike of automobile workers in Michigan and Ohio when, after several
days' conferences with employers and representatives of
employees, on March 25 he succeeded in negotiating a settlement which, he said, provided "a framework for a new
struqture of industrial relations." Preliminary Washington
conferences on the pending walkout were described in our
issue of March 24, pages 2019-20. The settlement concluded
through the personal intervention of the President represented a compromise in which both workers and manufacturers yielded certain of the issues for which they had
previously contended. Both sides to the dispute expressed
their satisfaction at the outcome.
The terms of settlement guarantee the right of collective
bargaining, the right of employees to organize into a group
or groups, and provide for an impartial board named by
the National Recovery Administration to pass on all cases
of representation, discharge and discrimination. The NRA
on March 27 announced that the following three members
would constitute this board: Nicholas Kelly of Chrysler
Motors Co, as the employers' representative, Richard E.
Byrd as the labor member and Leo Wolman of the National
Labor Board of the NRA as the neutral member. Mr.
Wolman will act as Chairman.
In the comproinise agreed to by workers and manufacturers, the most important gain achieved by labor was the
acceptance by the employers of the principle that certain
employee groups might be represented in collective bargaining by the American Federation of Labor if they so elected.
At the same time, the labor leaders conceded a point when
they relinquished their battle to oust the "company union"
and to force a "closed shop" upon the automobile industry.
Perhaps the most significant section of President Roosevelt's announcement of terms of settlement was that in
which he said that "the Government makes it clear that it
favors no particular union or particular form of employee
organization or representation. The Government's only
duty is to secure absolute and uninfluenced freedom of
choice without coercion, restraint or intimidation from any
source." This was interpreted by some leaders in the
industry as indicating that the Government fully recognized
the authority of the company union, provided it was actually
representative and provided that coercion was not employed
in order to induce workers to join such a union.
The President praised both employers and employees for
their co-operation in negotiations preceding settlement of
the threatened strike. "In all the hectic experience of
NRA," he said, "I have not seen more earnest and patriotic
devotion than has been shown by both employers and
employees in the automotive industry. They sat night and
day for nearly two weeks without a single faltering or impatience. The result is one of the most encouraging incidents of the recovery program. It is a complete answer
to those critics who have asserted that managers and employees cannot co-operate for the public good without
domination by selfish interest." The President added that
in reaching the agreement, "we have charted a new course
in social engineering in the United States."
President Roosevelt's statement regarding the settlement
of the automobile controversy, as made public at the White
House March 25, follows:
After many days of conferring in regard to the principles of employment
in the automobile industry the following statement covers the fundamentals:
1. Reduced to plain language, Section 7a of National Industrial Recovery
Act means:
(a) Employees have the right to organize into a group or groups;
(b) When such group or groups are organized they can choose representatives by free choice, and such representatives must be received collectively and thereby seek to straighten out disputes and improve conditions
of employment;
(c) Discrimination against employees because of their labor affiliations
or for any other unfair or unjust reason Is barred.
2191
A settlement and statement of procedure and principles is appended
hereto.
It has been offered by me to, and has been accepted by. the representatives of the employees and the employers. It lives up to the principles of
collective bargaining. I hope and believe that it opens up a chance for a
square deal and fair treatment. It gives promise of sound industrial relations. It provides further for a board of three of which the Chairman will.
as a neutral, represent the Government.
In actual practice, details and machinery will of course have to be worked
out on the basis of common sense and justice, but the big point is that this
broad purpose can develop with a tribunal which can handle practically
every problem in an equitable way.
Settlement of the threatened automobile strike is based on the following
principles:
1. The employers agree to bargain collectively with the freely chosen
representatives of groups and not to discriminate in any way against any
employee on the ground of his union labor affiliations.
2. If there be more than one group each bargaining committee shall
have total membership pro rata to the number of men each member represents.
3. NRA to set up within 24 hours a board, responsible to the President
of the United States, to sit in Detroit to pass on all questions of representation. discharge and discrimination. Decision of the board shall be final
and binding on employer and employees. Such a board to have access to
all payrolls and to all lists of claimed employee representation and such
board will be composed of:
(a) A labor representative; (b) an industry representative; (c) a neutral.
In cases where no lists of employees claiming to be represented have been
disclosed to the employer, there shall be no basis for a claim of discrimination. No such disclosure in a particular case shall be made without specific direction of the President.
4. The Government makes it clear that it favors no particular union or
particular form of employee organization or representation. The Government's only duty is to secure absolute and uninfluenced freedom of
choice without coercion, restraint or intimidation from any source.
5. The industry understands that in reduction or increases of force, such
human relationships as married men with families shall come first and then
seniority, individual skill and efficient service. After these factors have
been considered no greater proportion of outside union employees similarly
situated shall be laid off than of other employees. By outside union
employees is understood a paid-up member in good standing, or any one
legally obligated to pay up. An appeal shall lie in case of dispute on principles of Paragraph 5 to the board of three.
In all the hectic experience of NRA I have not seen more earnest and
patriotic devotion than has been shown by both employers and employees
in the automotive industry. They sat night and day for nearly two weeks
without a single faltering or impatience. The result is one of the most
encouraging incidents of the recovery program. It is a complete answer to
those critics who have asserted that managers and employees cannot
co-operate for the public good without domination by selfish interest.
In the settlement there is a framework for a new structure of industrial
relations, a new basis of understanding between employers and employees.
I would like you to know that in the settlement just reached in the
automobile industry, we have charted a new course in social engineering
in the United States.
It is my hope that out of this will come a new realization of the opportunities of capital and labor not only to compose their differences at the
conference table and to recognize their respective rights and responsibilities,
but also to establish a foundation on which they can co-operate in bettering
the human relationships involved in any large industrial enterprise.
It is peculiarly fitting that this great step forward should be taken in an
industry whose employers and employees have contributed so consistently
and so substantially to the industrial and economic development of this
country in the last quarter century.
Having pioneered in mechanical invention to a point where the whole
world marvels at the perfection and economy of American motor cars and
their wide-spread ownership by our citizens in every walk of life, this
Industry has indicated now its willingness to undertake a pioneer effort in
human engineering on a basis never before attempted.
In the settlement just accomplished, two outstanding advances have been
achieved.
In the first place we have set forth a basis on which, for the first time
In any large industry, a more comprehensive, a more adequate and a more
equitable system of industrial relations may be built than ever before.
It is my hope that this system may develop into a kind of works council
In industry in which all groups of employees, whatever may be their choice of
organization or form of representation. may participate in joint conferences
with their employers and I am assured by the industry that such is also
their goal and wish.
In the second place, we have for the first time written into an industrial
settlement a definite rule for the equitable handling of reductions and
increases of forces.
It would be ideal if employment in all occupations could be more generally stabilized, but in the absence of that much desired situation, if we
can establish a formula which gives weight to the human factors as well as
the economic,social and organizational factors in relieving the hardship of
seasonal layoff, we shall have accomplished a great deal. My view, and
that of both employees and employers, is that we have measurably done
so in this settlement.
This is not a one-sided statute, and organizations of employees seeking
to exercise their representative rights cannot at the same time be unmindful
of their responsibilities.
Industry's obligations are clearly set forth and its responsibilities are
established. It is not too much to expect organizations of employees to
observe the same ethical and moral responsibilities even though they are
not specifically prescribed by the statute.
Only in this way can industry and its workers go forward with a united
front in their assault on depression and gain for both the desired benefits
of continually better times.
Alvin Macauley, Chairman of the Board of the National
Automobile Chamber of Commerce, in a statement issued
March 25 said:,
We are very grateful to the President and to General Johnson that they
have been able to find a settlement in accord with the principles in which
we believe.
William Green, President of the American Federation of
Labor, issued the following statement March 25, commenting on the outcome of the automobile controversy:
The terms of the settlement of the threatened automobile strike, recommended by the President and accepted by the automobile manufacturers
and the workers, guarantees the workers the right to organize, to bargin
collectively and to be represented by men of their own choosing.
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Financial Chronicle
This means that while the workers gained the principal point for which
they were contending, strict observance of Section 7-a of the NRA, the
automobile manufacturers have simply given assurance of their full compliance with the labor section of their own industrial code of fair practice,
their willingness to obey the law.
Under the stipulations provided for in the settlement the automobile
manufacturers and their workers may proceed to adjust and settle their
differences in an orderly and business-like way. The scene of the conflict
has been transferred from the strike field to the council room.
If fair and just dealing is practiced by both sides and good faith is shown
by the representatives of the automobile manufacturers and their workers,
a fair and Just settlement of all grievances which have arisen between the
two contending forces will be brought about.
The machinery for collective bargaining has now been set up. It depends
upon those who will operate this machinery as to whether it will operate
successfully or fail utterly.
The public interest calls for the utilization of this machinery to the fullest
extent, for the settlement of disputes which threaten the peace of the industry and the well-being of those associated with it, and for the settlement
of just grievances presented by the employees in a prompt and equitable
way.
There is no basis for a claim on the part of either side of the controversy,
employers or employees, that either has gained a victory over the other.
The settlement represents the application of common sense principles
which sould apply in human relations in industry. All decent, fair-minded
citizens who are interested in seeing justice done to all connected with industry will join.in an expression of approval and of appreciation of the
service rendered by the President, General Johnson and those associated
with them In working out the formula to be applied in the settlement of
disputes which arose in the automobile industry, and in the establishment
of co-operative industrial relationship.
• The terms of the settlement of the dispute which arose between automobile manufacturers and their employees proposed by the President
means that instead of strike, there will be peace in the automobile industry.
Let us hope that this means continued peace, the establishment of a
better relationship between employers and employees and the recognition
on the part of the automobile manufacturers that the old order is passing
and a New Deal which provides for the proper recognition of the rights of
labor is here and fully recognized.
We quote, in part, from a Washington dispatch March 25
to the New York "Times," describing the negotiations prior
to the final settlement:
The day had begun with a conference at NRA headquarters between
General Johnson and a sub-committee of the manufacturers, comprising
Mr. Macauley, Arthur Nash and Nicholas Kelley.
In the mid-afternoon the labor group, headed by Mr. Green and Mr.
Collins, appeared at General Johnson's office. After a short conference
with the Recovery Administrator, word came from the White House that
the President would see the union spokesmen.
The committee walked to the Executive Mansion and was ushered into
the Oval Room about 4.15. Their demeanor was solemn and it was clear
that they were under a great strain.
"This is the last conference," said Mr. Green. "This meeting is going
to end the negotiations. They cannot last forever."
General Johnson drove to the White House, saying just before he entered:
"This is the worst situation I ever encountered. The trouble is that
the people don't seem to accept any responsibility for the negotiations.
They always say. 'I have to consult my principals'."
The first intimation that came out of the long White House meeting
was at 6.45 this evening when General Johnson and the labor leaders emerged:
"They are together in every respect except one little word that long,"
said General Johnson. He held two finers about an inch apart.
The dispute between the auto workers and their employers was based
on Section 7-a of the NIRA,which guarantees to employees the right to
organize and to be represented in collective bargaining by spokesmen of
their own choosing.
Genesis of the Trouble.
Shortly after the Recovery Act was passed employees in the plants began
to form unions and to obtain affiliation with the A. F. of L. It was at
this time that company unions began to spring up in the industry.
Immediately the issue was joined between the indepeendent unions and
the company unions. The officers of the independent organizations charged
that the manufacturers were dropping men who joined the unions and
compelling employees to enroll in the company unions.
These charges, in many instances, were taken up by the labor unions
with the Detroit and other Regional Labor Boards. Several weeks ago the
unions in the Detroit area and Flint, Pontiac, Cleveland and St. Louis
filed charges with the National Labor Board accusing General Motors,
some of its subsidiaries and accessories plants with violating Section 7-a.
Ten days ago the Board heard the charges. Union witnesses asserted
that there had been hundreds of cases of discrimination in the plants. They
charged that company unions had been formed to evade the letter and
spirit of the law.
In reply the spokesmen for the company unions maintained that these
were truly representative organizations. They admitted in response to
questions that they had no idea how the company unions were formed
except that copies of the by-laws and constitutions were found on a bench.
Then a vote was taken by the employees, most of whom, they declared,
enrolled in the organizations.
Annual Spring Meeting of Executive Council of American Bankers Association to be Held at Hot Springs,
Ark, April 16-18—Leo T. Crowley of FDIC to be
Speaker.
Leo T. Crowley, Chairman of the Federal Deposit Insurance Corp. will be the speaker at the family dinner of the
Executive Council, American Bankers Association, which will
hold its annual spring meeting at the New Arlington Hotel,
Hot Springs, Ark., April 16 to 18,it was announced March 20
by Francis M. Law, President of the Association. , The
dinner will be held the evening of April 18. Mr. Crowley,
who is from Madison, Wis., recently served as Chairman of
the Wisconsin Banking Review Board.
Bankers NRA Committee for Kings County
(New York) Appointed.
George A. Barnewall, President of the Kings County
Bankers Association, announced March 27 that a Bankers
Mar. 31 1934
NRA Committee for Kings County, New York representing
banks doing business in the county through either main or
branch offices, had been appointed, consisting of the following members:
John W. Roeder, Vice-President, Peoples National Bank (Chairman).
William S. Irish, Executive Vice-President, Bank of the Manhattan Co.
(Brooklyn Division).
Harold W. Osterhout, Assistant Vice-President, National City Bank of
New York.
Stanley T. Wratten, Vice-President, Irving Trust Co.
John E. Biggins, President. Flatbush National Bank.
Casper V. Gunther. President, Fort Greene National Bank.
Henry M. Feist, Vice-President, Citizens Bank of Brooklyn.
The function of the Committee will be to draft and submit
rules of fair banking practices pursuant to the Bankers Code
of Fair Competition, the announcement said. Such rules will
become effective when approved by the National Recovery
Administration.
Thomas Jefferson Coolidge Appointed Special Assistant
to Secretary of Treasury Morgenthau,
Thomas Jefferson Coolidge, of Boston, was on March 23
appointed special Assistant to Secretary of the Treasury
Morgenthau. Mr. Coolidge, who is a Vice-President of the
First National Bank of Boston, will assume his new duties
April 2. He will be in charge of fiscal affairs, and is said to
be in line for the Under Secretaryship.
Reopening of Closed Banks for Business and Lifting
of Restrictions.
Since the publication in our issue of March 24 (page 2023),
with regard to the banking situation in the various States,
the following further action is recorded.
ALABAMA.
The following regarding the affairs of the closed Southern
Bank & Trust Co. of Birmingham, Ala., was contained in
Associated Press advices from Washington, D. C., on
March 21:
Representative Huddleston of Alabama said to-day (March 21) that he
had been informed by the Reconstruction Finance Corporation that a loan
of $230.000 had been approved for the closed Southern Bank & Trust Co.
of Birmingham. The funds, Huddleston said, will be used to pay off
depositors.
CONNECTICUT.
Regarding the affairs of the closed Commercial Trust Co.of
New Britain, Conn., a dispatch from New Britain on March
25 to the Hartford "Courant" contained the following:
Within the near future Receiver F. A. Searle of the closed Commercial
Trust Co. will be able either to announce plans looking toward a reorganization of the bank, or the dropping of such plans and a dividend on the
savings department accounts of the bank, Mr. Searle said Sunday when
questioned on the progress of the receivership.
The receiver revealed Sunday for the first time when questioned on the
matter that he has a hope for reorganization of the institution, that such a
hope has been entertained by him for some time and that the near future
may bring some definite developments toward reorganizing the bank with
its remaining assets. If such definite developments do not materialize
very soon the receiver will ask Superior Court to allow payment of much of
the cash now on hand in the form of a savings dividend, he said.
Asked to comment on letters published Saturday by Mrs. Carolyn Trichel
of East Berlin, depositor in the bank who has corresponded with Washington
and State Banking Department regarding Reconstruction Finance Corporation aid for the institution, Mr. Searle said that some time ago he made a
personal visit to the RFC offices in Boston to confer on the advisability of
securing Federal aid for the depositors. He said that he has not applied
for RFC loans, but has been in touch with Federal officials on the matter,
and discussed the entire situation on Boston.
The decision not to apply for RFC aid after having conferred with the
Boston office was based on several reasons, Mr. Searle said. One reason
was the hope of a reorganization of the bank soon, another was the inadvisability of seeking a loan on the strength of a decision given by the Supreme
Court of Errors last year in the case of Bassett vs. the Merchants Trust Co.,
In which the court points out some of the disadvantages which may come to
the depositors through pledging the bank assets for an RFC loan.
Mr. Searle said that he did not wish at this time to remark further on the
prospects for a reorganization soon, other than to say one is being considered.
He said that he could not now estimate the possible percentage savings
dividend which might be paid soon if the reorganization plan does not
succeed soon: In the meantime the liquidation of tho assets of the bank is
proceeding steadily, he said.
DISTRICT OF COLUMBIA.
Announcement was made on March 17 by the reorganization committee of the Industrial Savings Bank of Washington, D. C., that 90% of the capital stock of the new Industrial Bank had been sold. The Washington "Evening Star"
of March 18, authority for the above, furthermore said:
The committee hopes to complete the campaign of selling stock and reopen the bank as soon as possible. Some of the committee expect the institution may be reopened by the end of this month, but no definite date has
been set.
The new bank will be capitalized at $65.000.
FLORIDA.
J. M. Lee, State Comptroller of Florida, announced on
March 24 that he had authorized payment of a 15% dividend
to the depositors of the closed Highlands County Bank of
Sebring, Fla., according to a dispatch from Tallahassee on
that date, which added:
He said this dividend will bring to 50% the amount paid to depositors.
A dispatch by the Associated Press from Miami, Fla.,
.on March 22 stated that a loan of $100,000 had been granted
by the Reconstruction Finance Corporation for the purpose
of paying a dividend to depositors of the closed Southern
Bank & Trust Co. of Miami. We quote further from the
advices as follows:
This was revealed to-day (March 22) when Paul H. Marks, attorney for
M. A. Smith, Liquidator, obtained an order from Circuit Judge Worth W.
Trammell which removed all obstacles from the negotiations.
The loan was granted several weeks ago. The order, signed by Judge
Trammell, authorizes the Liquidator to borrow the fund and pledge the
assets of the closed bank as collateral.
Negotiations were completed by A. G. Veach, Fort Lauderdale banker,
who is agent for the Liquidator in Dade and Broward counties. The
•dividend, it was indicated will be payable within 60 or 90 days and depositors will be notified when the checks ate ready.
ILLINOIS.
Chicago advices on March 24 to the "Wall Street Journal,"
Edward J. Barrett, State Auditor of Illinois, has announced
that authority to reopen on an unrestricted basis has been
given to the Port Byron State Bank at Port Byron, Ill.
The Farmers' Bank of Kings, Ill., closed a year ago, was
to pay a 25% dividend,amounting to approximately $20,000,
from funds obtained through a Reconstruction Finance Corporation loan, according to a dispatch from Rochelle, Ill., on
March 2;2 to the Chicago "Tribune", which added:
Depositors will receive dividend checks within the next 15 days. according
to Receiver William L. O'Connoll of Chicago, who is in charge of all Ogle
County closed banks.
Receiver F. P. Ryan of the Edinburg State Bank, Edinburg, Ill., on March 25 announced he had obtained a loan
of $30,000 from the RFC with which to make a payment to
depositors of the bank, closed by the State Auditor of
Illinois a year ago, of 30%,and that checks were in preparation to be mailed to depositors. A dispatch from Pana,
Ill., on March 26, appearing in the St. Louis "GlobeDemocrat," in noting this added:
Also, Ryan stated, the depositors will be paid an additional 4% from the
funds paid in by stockholders. The depositors' checks will total $55.808.38,
Ryan stated.
IOWA.
We learn from the "Commercial West" of March 24 that
plans for the re-organization of the First National of Le
Mars, Iowa, have been approved by the Comptroller of the
Currency.
Advices from Rock Rapids, Iowa, on March 22, printed in
the Des Moines "Register", reported that the First National
Bank of Rock Valley, Iowa, which closed Nov. 1 1933, would
make a 48% payment to depositors within the next few
days, according to M. C. Ennor, receiver in charge. The
payment would amount to $55,861, the dispatch said.
MAINE.
AuthOrity to borrow approximately $1,600,000 from the
Reconstruction Finance Corporation for the purpose of
paying additional dividends to depositors of the Casco
Mercantile Trust Co. of Portland, Me., was granted on
March 20 by Guy H. Sturgis, Supreme Judicial Court
Justice, according to a Portland dispatch on March 20 to the
Boston "Herald," which furthermore said:
The Court approved the request of Harry M. Verrill, conservator, for
permission to seek a loan of $1,007,000 on segregated assets and $592,000
on unsegregated assets. Of the former amount $375,000 would be obtained
on collateral which has been pledged heretofore on loans, and the remainder
would constitute a now loan and require additional collateral. Of the loan
sought on unsegregated assets $202,000 would be obtained on collateral
hitherto pledged and $390,000 on new collateral.
MARYLAND.
From the Baltimore "Sun" of March 23 1934 it is learnt
that five new banks are in process of formation as successors
to the Central Trust Co. of Maryland, of Frederick, Md.,
and its branches. These new banks, it was stated, will be
known as the Western Maryland Trust Co., Frederick, the
Middletown State Bank, the Sykesville State Bank, the
Poolesville State Bank and the Walkersville State Bank.
Incorportation of three new banks, which are being formed
in connection with the reorganization of the Baltimore
County Bank, at Towson, Md., has been approved by John
J. Ghinger, State Bank Commissioner of Maryland, according to Baltimore advices on March 26 to the "Wall Street
Journal," which went on to say:
The new banking institutions will be known as the White Hall Bank, the
Randallstown Bank and the Bank of Baltimore County, Towson. Incorporation papers were filed with the State tax commission.
John J. Ghingher, State Bank Commissioner of Maryland, announced on March 26 that the Allegany Savings
Bank at Lonaconing, Md., had been licensed to open for
business on March 27. The institution is the outgrowth of
a reorganization plan in connection with the Lonaconing
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Financial Chronicle
Volume 138
Savings Bank. The Baltimore"Sun"of March 27,authority
for the above, continued:
The new bank will have a capital of $50,000. a surplus of $25,000 and
deposits of approximately $200,000.
Officers will be Benjamin H. Evans, President; Joseph Harris, VicePresident; John R. Hamilton, Chairman of the Board and Cashier, and
John L. O'Rourke, Secretary.
Liquidation of the old Lonaconing Savings Bank will be conducted for
the present at the old First National Bank Building, Lonaconing, Md..
under J. It. MacSorley, as conservator.
MASSACHUSETTS.
From the Boston "Herald" of March 28, it is learned that
the depositors of the closed Belmont Trust Co. of Belmont,
Mass., at a meeting held the previous night, were urged by
their depositors' committee to accept the liquidation plan
submitted by Arthur W.Guy, State Commissioner of Banks
for Massachusetts, but were warned to continue a careful
watch of the bank's affairs should the plan be adopted. We
quote further from the paper mentioned, as follows:
George P. Drury, former member of the Legislature and City Solicitor of
Waltham,said that the committee of which he is Chairman is not favorably
Impressed by the attitude of the Commissioner of Banks, and declared that
"we do not propose to be muzzled or silenced by him. If he does not administer the affairs of the bank in a proper manner we shall, if necessary.
take the matter further."
Drury announced that 74% of savings depositors and 40% of commercial
depositors have agreed to the plan which would return the full amount of
all deposits under $25 and 50% of savings, 25% of commercial deposits over
that amount. A full 75% of all depositors must agree to the plan to make
effective.
MICHIGAN.
According to the "Michigan Investor" of March 24, work
is continuing in the re-organization of the following Michigan
banks: First State Bank of East Detroit; First State & Savings Bank of Howell; Ecorse Savings Bank of Ecorse; Farmington Bank; Commercial & Savings Bank of Albion and the
State Savings Bank of Elsie.
NEBRASKA.
The State Bank of Jansen, Jansen, Neb., has re-opened on
an unrestricted basis, according to a dispatch from that place
on March 24, printed in the Omaha "Bee", which also said:
The concern is capitalized for $20,000. J. M. Nider Is President and
H. T. Fast, Cashier.
NEW JERSEY.
Stockholders of the First National Bank of East Orange,
N. J., now in process of liquidation, have been notified by
J. R. Wilson Jr., receiver, that the Comptroller of the Currency has levied an assessment of 100% against the amount
of stock held. Stock in the bank totals $200,000. The
assessment is payable April 23. The Newark "News" of
March 22, authority for the above, went on to say:
The bank has operated on a restricted basis since the banking holiday
a year ago, and recent reorganization plans were turned down by federal
banking authorities.
With respect to liquidation Mr. Wilson said. "It would be distinctly to
the advantage of all having claims against the bank to present their proofs
of claim promptly. Failure to do so may result in a delay in receiving dividend checks, as no dividend checks will be issued to those claimants who have
not presented their claims in proper form and had them accepted by the
receiver."
He said that despite daily published notices since Feb. 24 only a small
portion of claims have been received.
NORTH CAROLINA.
The defunct North Carolina Bank & Trust Co., Greensboro, N.C.,will pay depositors in the early future,probably
within the next two or three weeks, an 8% dividend on their
deposits, Paul W. Schenck, Chairman of the board of
liquidation of the bank, announced on March 26. These
dividend checks will total about $600,000 and will be
will be distributed among approximately 45,000 depositors.
Associated Press advices from Greensboro, N. C., on March
26, from which the foregoing is taken, continuing said:
Mr. Schenck made the announcement at the conclusion of a meeting
of the Executive Committee of the Board of Liquidation of the bank. At
that session Ernest C. McLean, Agent and Conservator of the bank,
presented a report showing that cash on hand, together with a loan of
$140,000 which the RFC has agreed to make, will permit the payment of
an 8% dividend.
This will be the second dividend to depositors of the North Carolina
Bank & Trust Co.,the initial dividend-1%—having been paid last October.
That dividend aggregated $999.996 or just a little less than one million
dollars.
OHIO.
Three former officers of the defunct Guardian Trust Co. of
Cleveland, Ohio, were indicted by the Federal Grand Jury
in that city on March 26 on 27 counts of false entry and misappropriation of funds. Those named in the indictments are:
J. Arthur House, former President of the bank and official of several
concerns indebted to it.
Harry C. Robinson, Executive Vice-President.
William R. Green, Vice-President.
Cleveland advices to the New York "Times" on March 26,
in reporting the above, furthermore said:
They are accused of participating in manipulation of the bank's $2,000,000
pension fund for employees. It is charged that they borrowed from the
fund, posting their personal notes as security, and that just before the bank
Financial Chronicle
2194
was closed, withdrew these notes and for them substituted bank stocks now
subject to double liability assessments.
It is also charged that false entries were made to cover the misapplication
of $76,122 in the bank's trust department, once the largest in the State with
assets of $300,000,000.
Penalties in event of conviction would be five years in prison, a fine of
$5,000, or both, on each count.
The indictment is the first to result from the year of Federal investigation
of bank closings here. Witnesses are said to have disclosed that Mr. House
was the virtual dictator of the Guardian Trust and that his salary grew
from $50,000 in 1926 to $90,000 in 1928. plus bonuses which brought him
an aggregate of $109,000 in one year.
When the bank was closed in the Spring of 1933, he was charged with
double liability on 907 shares of its stock, whereas fifteen months earlier
he had been registered as the owner of 3,735 shares. The reduction of his
holding was a major point in the inquiry.
Plans for opening the new National Bank in Paulding,
Ohio are being made following announcement that all the
stock has been subscribed. The new bank will liquidate the
assets of the former institution and release 50% of the
deposits at once.
Sandusky, Ohio, eAlvices on March 21, printed in the
Toledo "Blade",contained the following with reference to the
affairs of the closed Commercial Banking & Trust Co. of
Sandusky:
Application of the State Banking Department for permission to pledge
certain assets of the closed Commercial Banking & Trust Co. as security
for an RFC loan of $900,000 was denied March 20 by Judge E. S. Savord.
The money would have been used for a 15% payoff to depositors.
Judge Savord said he believed the liquidation by the Banking Department
had been impeded by well-meaning but misunderstanding persons, and that
evidence given the Court was to the effect political pressure had been brought
to bear for the removal of a liquidating agent. He called upon the Banking
Department to take immediate action to aid depositors in the institution.
WASHINGTON.
In its issue of March 25, the Washington "Evening Star"
stated that the Franklin National Bank of Washington might
re-open about May 1, according to latest indications on that
date. We quote further from the paper mentioned as follows:
This institution, which has been in the hands of a conservator since the
President's bank holiday in March 1933. is being absorbed by the Washington Mechanics' savings Bank, and will operate as a branch of that institution. It will make available to depositors 65% of their funds, on
opening.
The name of the Washington Mechanics, which will have six banking
houses, when the Franklin re-opens, is to be changed to the City Bank of
Washington on April 10, by a vote of the stockholders.
Additional List of Banks Licensed to Resume Operations in Second (New York) Federal Reserve
District.
Supplementing its list of March 7, the Federal Reserve
Bank of New York issued the following list on March 28,
showing banking institutions in the Second (New York) District which have been licensed to resume full banking operations:
FEDERAL RESERVE BANK OF NEW YORK.
(Circular No. 1368, March 28 1934.1
MEMBER BANK.
NEW YORK STATE.
Cherry Creek—bCherry Creek National Bank (newly chartered to succeed
The Cherry Creek National Bank and The Conewango Valley National
Bank, Conewango Valley).
NEW MEMBER BANKS.
The following State banks, previously licensed to resume full operationby the Superintendent of Banks of the State of New York, have been ads
mitted to membership in the Federal Reserve System.
NEW YORK STATE.
Elmira Heights—The Bank of Elmira Heights.
Watkins Glen—Watkins State Bank.
GEORGE L. HARRISON, Governor.
b Bank in Buffalo branch territory.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were made March 29 for the sale of a membership in the New York Stock Exchange at $100,000, the
same price at which the last sale had been made earlier this
week. The proposed transfers, with names and prices, in
the sequence in which they were arranged, follow:
Henry Judson, March 26, to Alexander It. Piper Jr.; $112,000.
Austin L. Smithers, March 27, to John A. Wright Jr. ; $85,000.
Richard Rosenbaum, March 27, to George W. Shaw; $83,000.
Edward Friendly, March 27, to Zalmon G. Simmons Jr.; $100,000.
Edward Van V. Sands, March 27, to Paul Sperling; $100,000.
The New York Coffee and Sugar Exchange membership
of the estate of Arthur S. Jackson was sold March 27 to
C. J. Walter for $6,500, unchanged from the last sale, and
the membership of J. W. Wooten Jr. was sold on the same
day to F. R. Horne for $6,500.
J. W. Wooten Jr. sold his New York Cocoa Exchange membership March 24 to J. R. Sullivan, for another, for $3,150, a
decrease of $150 from the last sale.
Mar. 31 1934
A Board of Trade memberdhip was sold March 28 for
$5,000, a decrease of $2,200 from the preceding sale.
All the leading security and commodity exchanges in the
United States were closed yesterday, Good Friday, with
most of the commodity exchanges remaining closed until
Monday. The New York Stock Exchange, New York Curb
Exchange, and other security markets in the country reopened to-day, as did the Chicago Board of Trade and other
western grain exchanges. The Chicago Cotton Exchange
also reopened to-day. The New York Coffee & Sugar,
Cocoa, Cotton, Wool Top and the Commodity Exchange,
Inc., as well as the cottonseed oil market department of the
Produce Exchange, are among the New York markets remaining closed from yesterday until Monday (April 2).
In Europe, practically all security and commodity exchanges observe Easter holidays until Tuesday morning.
The London Stock Exchange and commodity markets will
be closed for the entire period, as will the Liverpool Cotton
Exchange. The Winnipeg Grain Exchange was only closed
yesterday, but the Toronto Stock, the Montreal Stock,
and the Montreal Curb exchanges will remain closed until
Tuesday.
The statement of The Chase National Bank, New York
City, for March 5 1934, was made public on March 26 in
response to the call of the Comptroller of the Currency for
figures of that date. Inasmuch as the revision of capitalization authorized by the shareholders on Feb. 27 did not go
into effect until March 15, the changes incident thereto are
not reflected in the statement for March 5. The report to
the Comptroller of the Currency shows:
Total resources on March 5 1934. $1.761.056,000. as compared with
$1,715.188,000 on Dec. 30 1933: cash in the bank's vaults and on dwelt
with the Federal Reserve Bank and other banks. $338.366.000 as compared
with $304,790,000; investments in United States Government securities
5314.304,000 as against $207,064,000 securities maturing within two
years 399,061.000 as compared with 91.945,000; other bonds and securities, including stock in the Federal Reserve Bank, 5137.929,000, as compared with $155.563,000; loans and discounts $738,321,000 as compared
with $795,192,000.
The capital of the Bank on March 5 1934, amounted to 5148,000,000.
unchanged;surplus. 550.000.000, unchanged; undivided profits, $9,968.000
as compared with 59.188.000 on Dec. 30 1933: reserve for contingencies
53,234,000 and reserve for taxes; interest, etc., 51,838,000. the sum of
which. $5,072,000, compares with $4,115,000; deposits $1.389,931,000 and
certified and cashier's checks, $45,663,000. the sum of which, $1,435.594.000, compares with $1.364.339.000 on Dec. 30. 1933?
A new high record in both deposits and total resources
is shown in the statement of condition of Sterling National
Bank & Trust Co. of New York as of March 5 1934. Deposits are shown as $19,498,127 and resources as $24,096,703.
On Dec. 30 1933 the bank reported deposits of $15,508,102
and resources of $19,851,825. On March 31 1933 deposits
were $10,218,511, while resources aggregated $13,651,090.
Cash on hand and due from banks was $4,021,375 on March 5,
compared with $3,077,101 on Dec. 30 and with $2,114,586 on
March 31 1933. Capital, surplus, undivided profits and
reserves amounted to $2,820,106 compared with $2,716,385
on Dec. 30, and with $2,665,965 on March 31 a year ago.
While there was little change since the end of 1933 in the
bank's holdings of Government, State, municipal and corporate bonds, there was a substantial increase in its holdings
of United States Government bonds and certificates over
March 31 1933. Holdings of United States Government bonds
and certificates now amount to $10,598,054, compared with
$4,659,030 a year ago, while State, municipal and corporate
bonds amount to $2,315,061 as compared with $3,411,132 a
year ago, which figure then included $815,853 of such bonds
maturing within one year.
The Grace National Bank of New York, in its statement
of condition as of March 5 1934, shows total resources of
$29,374,389, compared with $23,959,630 at Dec. 30 1933. Deposits amount to $22,407,478 against $18,699,760. Capital
stock and surplus remain unchanged at $1,500,000 and
$1,000,000, respectively, and undivided profits were $236,456
against $203,918. Cash is shown as $3,975,502 and holdings
of United States Government securities as $13,177,596.
.._4_
The liquidating committee of the National Exchange
/Tank & Trust Co., Brooklyn, N. Y., has made available
irthe stockholders of the institution an initial liquidating
payment of $35 a share. This was made known in a letter
sent to the stockholders by the committee on March 10.
The decision to liquidate the bank was taken by the stockholders on Dec. 27 last, reference to which was made in
78
Volume 1.
Financial Chronicle
our issue of Dec. 30, page 4642. As given in the Brooklyn
"Eagle" of March 10, the letter to the stockholders said:
of the assets
The liquidators have reduced to cash the major portion
of the bank and the Financial corporation.
of a few, have been
All the depositors of the bank, with the exception
adepaid, and where depositors have failed to withdraw their balances,
quate sums have been set aside to the credit of such depositors.corporation
All of the known liabilities of the bank and the Financial
financial
have been discharged, except those set forth in the accompanying
which the
statement and the liquidating of expenses and the obligation
bank holds on the unexpired lease in the bank premises.
had
In its issue of March 16 the Cleveland" Plain Dealer"
followindto say regarding the affairs of the defunct
the
Standard Trust Colof Cleveland:
Trust Co., said yesterday
W. A. Sumler, liquidator of the Standard Home Owners' Loan Corp.
the
(March 15) that the Federal guarantee of
his bank to some extent.
bonds, now expected to be made, would assist
worth—are pledged to
but that most of its mortgages—about $3,000,000 are in the bank.
worth
secure public fund deposits. Another $700,000
of the bank as far as the larger
The guarantee may not help the position
may be sold by the depositor
block of mortgages is concerned, since they
Governments in order to liquidate their deposits.
We further quote the "Eagle" as follows:
fact that
Statement of the bank's financial condition makes note of the
of the bank's
there Is an unliquidated contingent liability on the lease
possible liability, it is
quarters, which expires Dec. 31 1942. [The total
stated. is $213.750.
nc
The Financial corporation mentioned in the letter is the Exchangeba
Financial Corp., which is the bank's security affiliate.
Dammann, ChairThe liquidating committee, which consists of Milton
man of the bank; William R. Miller. Executive Vice-President. and Henry
distribute
R. Lathrop. President, states that it is "not in a position to
until certain formal,
any Part of the assets of the Financial corporation
technical and legal requirements are completed."
corStockholders of the bank, who are subscribers to the Financial
poration's capital stock, are asked to give formal consent to liquidation
of the affiliate.
Effective March 20 1934, the Pine Bush National Bank,
Pine Bush, N. Y., with capital of $50,000, went into voluntary
liquidation. This bank was succeeded by the National Bank
of Pine Bush.
The Cherry Creek National Bank, Cherry Creek, N. Y.,
was granted a charter on March 23 by the Comptroller of the
Currency. It replaces the Cherry Creek National Bank and
the Conewango Valley National Bank at Conewango Valley,
N. Y. The institution is capitalized at $50,000, consisting
of $25,000 preferred and $25,000 common stock. Wesley J.
Young is President of the new bank and R. D. Rider, Cashier.
Stockholders of the Middletown National Bank, Middletown, Conn., on April 24 will vote on recommendations of
the directors to revise the capital structure of the institution
so that there will be $400,000 capital outstanding, made up
as follows: $150,000 class A 5% preferred, owned by the
Reconstruction Finance Corporation; $129,600 class B
preferred, and the remainder common stock. Hartford advices on March 26, appearing in the "Wall Street Journal,"
in reporting the matter, added:
Present capital is $369,300 in common stock of $75 par value. Par
value of the latter would be reduced to $25, the difference being used to
write down, or charge off, certain assets.
An inventory and appraisement of the Media-69th Street
Trust Co. of Philadelphia, Pa., which was filed in the Prothonotary's office at Media (P. 0. Philadelphia) on March 21
by Dr. William D. Gordon, Secretary of Banking for Pennsylvania, is said to show appraised value of unpledged assets
of $372,904 with which to meet net deposit liability of
$2,656,537 and all expenses of liquidation, according to the
Philadelphia "Financial Journal" of March 21, which further
said:
Of the $372,904 of unpledged assets, $4,208 consists of cash and $244,052
in mortgages. In conformity with this policy, it is understood that Dr.
Oordon in time will make an application for a loan from the Federal
Deposit Liquidation Corporation.
At the date of closing total assets had a book value of $6,990,953 and
the appraised value is $3,989,869. Net deposit liability—deposits which
were restricted in March 1933—reported at $2,656,537. At the date of
closing, the bank owed other institutions, represented by bills payable,
$1,394,241, and had deposits secured by pledged assets amounting to
$802,376. Various offsets allowed totaled $144,123.
The appraisers were Evan Randolph, Vice-President, Philadelphia National
Bank, and Frank M. Felton, J. 'I'. Jackson Co., real estate.
Under date of March 23, the National Bank of Olyphant,
Olyphant, Pa., was chartered by the Comptroller of the
Currency. The new institution is capitalized at $100,000
and is headed by Harvey B. Bugh as President and Herbert
S. Hummler as Cashier.
Announcement was made on March 26 by the Maryland
Trust Co. of Baltimore, Md., that the company has added
to its capital funds $2,000,000 of new cash through the
issuance and sale of a like amount of capital debentures to
the Reconstruction Finance Corporation. This action, it
was stated, is part of a general plan to readjust the capital
structure of the company and, through the capital thus
released, provide funds for writing down certain assets of
the company, charging off determined losses, and setting
up a substantial reserve as a further measure of conservatism
under present business conditions. The foregoing informa,
tion is from the Baltimore "Sun" of March 27.
2195
tion Finance
The Board of Directors of the Reconstruc
$3,000,000 of
Corporation has authorized the purchase of
Society for Savings of Cleveland, Ohio.
capital notes in the
capitalized
The Bradford National Bank, Bradford, Ohio,
was chartered by the Comptroller of the Currency
at $50,000,
National
on March 22. The new bank succeeds the First
Hoover as
Bank of the same place and is headed by David I.
President with J. H. Beard as Caghier.
er of
A charter was issued on March 22 by the Comptroll
to the Johnson County National Bank of
the Currency
capitalized
Franklin, Franklin, Ind. The new institution is
stock.
$50,000, half of which is preferred and half common
at
the Citizens' National Bank of
The new bank replaces
at Whiteland,
Franklin and the Whiteland National Bank
Middleton is President and R. L. Ott, Cashier,
Ind. J. T.
of the new bank.
Trust Co. of
Directors of the American National Bank &
cumuIll., have approved the sale of $750,000 5%
Chicago,
to the Reconstruction Finance Corpolative preferred stock
upon the
ration and will ask present shareholders to vote
meeting on April 19. Chicago advices
proposal at a special
reporting the above,
to the "Wall Street Journal," on Mar. 24,
say:
went on to
RFC has agreed
stated that the
M. L. Straus, Executive Vice-President,
any part of it not purchased by present
to take the entire preferred issue or
shareholders.
has deposits of approximately
Mr. Straus stated that the bank now
$1,750,000 from $1,000,000 will
$17,000,000, and the increase in capital to
provide a margin for future growth.
the
The election of Laurence H. Armour as President of
National Bank & Trust Co. of Chicago, Ill., was
American
Mar. 24,
announced by directors after a special meeting on
printed in
according to advices from Chicago, on Mar. 25,
the New York "Herald Tribune," which added:
was born in 1888 and
Mr. Armour is a director of Armour & Co. He
industry since 1909. In the
has been actively identified with the packing
with financial activities
last six years Mr. Armour has been occupied chiefly
Stock Exchange, but is the
in Chicago. He is a Governor of the Chicago
securities business, having
only member of the Board not now engaged in the
been chosen for his industrial experience.
William C. Griswold of Cleveland, Ohio, became a Viceon
President of the United Savings Bank of Detroit, Mich.,
March 26. The Detroit "Free Press" of March 25, in
reporting Mr. Griswold's election, had the following to say:
p Mr.Griswold,a former Detroiter, has had a wide and varied experience
of Michigan in
in the banking field. After graduating frcm the University
associating himself
1916. he accepted a position with a Detroit bank,later
of years
with the Michigan State Banking Department. For a number
thereafter he was a national bank examiner in the Cleveland and Pittsburgh
districts.
one of
For the past six years Mr.Griswold has been a Vice-President and
Clevethe five senior officers of the National City Bank of Cleveland,
land's oldest bank.
The Security National Bank of Amboy, Amboy, Mimi.,
was granted a charter by the Comptroller of the Currency on
March 27. The institution, which succeeds the First National Bank in Amboy, is capitalized at $50,000, made up of
$20,000 of preferred stock and $30,000 of common stock.
0. K. Olson and E. C. Wingen are President and Cashier,
respectively, of the new bank.
The proposed consolidation of the Marquette National
Bank of Minneapolis, Minn., and its affiliated institution,
the Marquette Trust Co., both capitalized at $200,000, was
consummated on March 21 under the title of the Marquette
National Bank of Minneapolis, with capital stock of $300,000
and surplus of $100,000.
According to the "Commercial West" of March 17, the
closed First National Bank of Belle Fourche, S. D., is paying
a 10% dividend, amounting to $50,000. This makes a total
of $200,000 paid out by the bank.
2196
Financial Chronicle
Effective March 9 1934, the Nebraska National Bank of
Hastings, Hastings, Neb., capitalized at $100,000, went into
voluntary liquidation. The City National Bank is the name
of the successor institution.
The "Oklahoman" of March 20 stated that the depositors
in the closed Capitol State Bank of Capitol Hill (Oklahoma
City), Okla., were to receive a 10% dividend, totaling
$36,276, according to W. J. Barnett, Acting State Bank Commissioner of Oklahoma. A 60% dividend was paid some
time ago, it was said. The voluntary liquidation of this
bank was noted in the "Chronicle" of Jan. 20 last, page 455.
A first dividend of 10% totaling $32,677, was ordered paid
to depositors of the closed Hamilton State Bank of St. Louis,
Mo., on March 16 by Circuit Judge Green on petition of
Meredith C. Jones, the liquidating agent for the institution.
The St. Louis "Globe-Democrat" of March 17, in reporting
_
this, also said:
The dividend was made possible through an $80,000 Reconstructio
n
Finance Corporation loan. According to a statement on file
with the
court, approved common claims amount to $315,778. with
$10.700 In
approved preferred claims. The bank was closed Jan. 7 1933.on
order of
the State Finance Commissioner.
The Comptroller of the Currency on March 22 granted a
charter to the National Bank & Trust Co. of Paris, Paris.
Ky., with capital of $100,000, consisting of half preferred
and half common stock. The new institution replaces the
First National Bank of Paris. Tom J. Kiser is President
and C. C. Dawes, Cashier, of the institution.
Effective Feb. 26 last, the First National Bank of Jordan,
Jordan, Mont., went into voluntary liquidation. The institution, which was capitalized at $25,000, was absorbed by
the
First National Bank in Miles City, Mont.
Conforming with the provisions of the Banking Act of
1933, the Security-First Co., affiliate of the Security-First
National Bank of Los Angeles, Calif., will discontinue on
May 15, next, trading and dealing in securities, according
to an announcement on March 15 by George M. Wallace,
President of the bank. The Los Angeles"Times" of March 16
authority for the above, went on to say:
Mr. Wallace also announced that the bank, on the day the security
affiliate is discontinued, will inaugurate a bond department at its head
office. The activities of this department will be confined to dealing in
United States Government securities and municipal bonds, and to such
other functions permitted by the Banking Act of 1933. The department will
not operate branches and will not employ outside representatives.
The Banking Act passed last year provided that banks shall not operate
after May 15 1934, affiliates engaged principally in the issue, notation,
underwriting and public sale of bonds, debentures,stocks or other securities.
The announcement from the bank did not indicate what disposition
will be made or what the future activities will be of the Security-First Co.
The affiliate is owned share for share by stockholders of the bank.
The Board ofiDirectors of the Sierra'Madre Savings Bank,
Sierra Madre, Calif. on March 13 elected Jack Paschall as
President of the institution to succeed H. E. Allen, who
died recently, according to advices from that place on
March 14, appearing in the Los Angeles "Times," which
further said in part:
Mr. Paschall, while a resident of Sierra Madre for seven years, and a
bank director for several years, has been in the insurance brokerage business
at Los Angeles for 25 years, and agent for the Pacific Mutual Insurance Co.
In Los Angeles. Paschall was a partner in the Paschall-Gist agency,
founded by his mother. Mrs. June Paschall, in 1909.
The Bank of America (head office, San Francisco, Calif.)
has received a permit to open a branch at Indio, Calif.,
from Edward Rainey, State Superintendent of Banks for
California, it was announced on March 15, according to the
Los Angeles "Times" of March 16, which added:
The new branch will be opened within 30 days under present plans
Indio at present has no banking facilities.
The directors of two Los Angeles banks, the SecurityFirst National Bank and the Union Bank & Trust Co., have
approved plans for changes in their capital structures which
will be submitted to their stockholders at special meetings
to be held April 25 and April 3, respectively. Los Angeles
advices on Mar. 21 to the San Francisco "Chronicle," from
which the foregoing is learnt, added:
Both banks propose the writing down of their present capital through a
reduction in the par value of their stocks and Security-First National also
proposes to issue and sell preferred stock to the Reconstruction Finance
Corporation in conformance with the Government's banking program.
Citizens' National Trust & Savings Bank, in conformity with the Government's program, is proposing to issue $1,000,000 of preferred stock, the
directors yesterday having approved this recommendation which will be
submitted to stockholders at a special meeting to be held May 15 next.
Mar. 31 1934
This bank, however, is not proposing any other change in its present
capitalization.
Security-First National proposes to decrease its common capital from
$30,000,000 to $24,000,000 by reducing the par value of its 1,200,000.
shares of common stock from $25 to $20 per share without any change in
the number of shares and to issue and sell to the RFC 400,000 shares of 5%
cumulative retirable preferred stock of $80 par value with the agreement
on the part of the Corporation that, on any stock held by it and retired
within three years, the dividend rate will be 4%.
As the RFC has agreed to purchase the entire $12,000,000 of preferred
stock from Security-First National Bank its shareholders are advised that
they are not obligated in any way or asked to subscribe.
After the proposed changes are effected, the capital structure of Security'
First National Bank will be: Preferred capital, 400,000 shares of $30 par
value, $12,000,000; common capital, 1,200,000 shares of $20 par value,
$24,000,000; surplus, $10,000,000, and undivided profits, $2,000,000, a
total of $48,000,000, and reserve for contingencies of $17,000,000. This
compares with total capital funds of $45,000,000 and reserve for contingencies of about $8,000,000 at the last published statement.
Union Bank & Trust Co., stating that its present capital of $5,000,000
and surplus of $1,700,000 is greatly in excess of the minimum capital
required by law, proposes to reduce its capital to $2,500,000 and its surplus
to $1,250,000, which, with undivided profits of approximately $250,000,
will give Union Bank a total of $4,000,000 capital funds.
Directors of the Citizens' National Trust & Savings Bank,
Los Angeles, Calif., at a meeting held Mar. 20, authorized
the calling of a meeting of shareholders to vote on the proposal to issue $1,000,000 of preferred stock. The action,
said Herbert D. Ivey, President, complies with the expressed
desire of the National Administration that all banks, irrespective of their requirements, issue some preferred stock,
and is in line with the policy of many of the leading banks
of the nation.
We learn from the Portland "Oregonian" of March 20 1934
that a second dividend was being paid at that time of
16 2/3%, amounting to $270,242, to creditors of the Boise
City National Bank of Boise, Idaho. The paper mentioned
continued:
This payment makes a total of 33 1/3% which has been paid. The bank
closed Aug. 1 1932, with deposits of $2,500,000. Secured 'accounts, includ6
ing Federal and municipal funds, have been paid totaling more than
$705,000, making a total disbursement of more than $1,245,000.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show an increase 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,Mar.31)bank exchanges for all cities of the United
States from which it is possible to obtain-weekly returns, will
be 11.7% above those for the corresponding week last year.
Our preliminary total stands at $4,649,361,351, against
$4,164,089,454 for the same week in 1933. At this center
there is a gain for the five days ended Friday of 9.1%. Our
comparative summary for the week follows:
Clearings—Returns Si Telegraph.
,
Week Ending March 31.
1934.
1933.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
Ban Francisco
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
32.446,812,119
173.116.720
176,000,000
136.000,000
48.693,380
46.200,000
79,221,000
51,701,659
59,428,754
42,700,355
28,428,347
23,997,000
$2,242,376,361
+9.1
129.975,344 +33.2
189,000,000
—6.9
121.000,000 +12.4
35,418,217 +37.5
38,600,000 +19.7
65,816,000 +20.4
55,788.942
—7.8
6,552.720 +806.9
28,393,034 +50.4
33,593,078 —15.4
•
Twelve cities, five days
Other cities, five days
$3,312,299,334
453,835,125
32,946.513,696
403.493.625
+12.4
+12.5
Total all cities, five days
All cities, one day
33.766,134,459
833,226,892
44.649.361 351
$3,350,007,321
814.062,133
14t54 ono ALI
+12.4
+2.4
Total all cities for week
• No clearings available.
4- 11 7
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous, the week ended March 24. For
that week there is an increase of 17.9%, the aggregate of
clearings for the whole country being $5,053,194,856, against
$4,285,516,458 in the same week in 1933. A part of this
increase is due to the fact that many of the banks in the
country in this week last year were operating on a restricted
basis.
Outside of this city there is an increase of 28.8%, the bank
clearings at this center having recorded a gain of 12.6%.
We group the cities according to the Federal Resrrve-
tricts in which they are located and from this it appears
that in the New York Reserve District, including this city,
the totals record a gain of 12.2.%, in the Boston Reserve
District of 18.2%, and in the Philadelphia Reserve District
of 37.6%. In the Cleveland Reserve District the totals
are larger by 17.2%, in the Richmond Reserve District by
33.6% and in the Atlanta Reserve District by 127.4%.
The Chicago Reserve District enjoys an expansion of 52.6%,
the St. Louis Reserve District of 28.4%, and the Minneapolis Reserve District of 11.4%. In the Kansas City
Reserve District the increase is 24.1%, in the Dallas Reserve District 3.7%, and in the San Francisco Reserve
District 12.9%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Eruled Mar.24 1934
1933.
1934.
Inc.or
Dec.
1932.
1931.
Federal Reserve fists.
let BO9tOrk - - - -12 cities
2nd NewYork__12 "
3rd Philadelpla 9 "
9th Cleveland__ 5 "
5th Richmond _ 6 "
6th Atianta____10 "
7th Chicago _ _ _10 8th St. Louis. __ 4 "
9th Minneapolis 7 "
10th Kansas City 10 "
5 Iltb Dallas
12th San Fran_13 "
$
$
%
$
$
394,913,597
227,467,493
219,919,873
186,130,991 +18.2
3,326,516,848 2,965,511,758 +12.2 2,791,571.435 5,611.425,123
355,242.475
274,221,682
222.150,644 +37.6
305,786,736
293.261,449
174,132,769
155,956.402 +17.2
184,001.552
126.774,425
78,524,697
68,939,410 +33.6
92,072,023
110,267,644
79,656,835
45,750,546 +127.4
101,052,052
600.675,124
325,277.153
311.764,089
204,323.816 +52.6
118,504,568
80,448,968
103,368,316
80,497.157 +28.4
86,632,081
72,052.470
61,710,739 +11.4
57,784,772
81,327,913 +24.1
90,225,908
129,433,415
101,681,226
35,496,344
50,058.348
43,083,726
41,559.599 +3.7
185,186.945
164.627,523 +129
159,111.687
219,022,671
Total
112 cities
Outside N. Y. City
5,053,191,855
1,809,186,235
4,285,516.458 +17.9
1,401,666,886 +28.8
4,373,919,743
1,666,590,250
8,096.210,930
2,609,417,861
0
3 eines
971 SRI Ill
015 155 504 -4.0[11
nan Ago noa
goo RI, IR,
Canada.
Week Ended March 24.
Clearings at
1934.
Week Ended 3farch 24.
Clearings at
1934.
1933,
inc. Or
Dec.
,
'
S
$
..,)
Reserve Dist net-Boston397,365
302,141 +31.5
429,349 +228.7
1,411,383
193,869,895 161,789,891 +19.8
618,402
597,178
+3.6
258,843
190,105 +36.2
456,744
388,716 +17.5
2,546,339
2,340,513
+8.8
1,052,281
692.577 + 51.9
8.680.183
9,384,735 -8.6
3.356,993
2,995,153 +12.1
7,018,000
6,767,700 +3.7
352,445
252,933 +39.3
1932.
1931.
$
$
235.178
1,840.686
199,430.123
694.489
348,944
509,067
2,708,592
1,837,985
7,909,032
4,797,609
6.771.900
333,888
507,124
2.541,405
35 1
6,388,763
1,099,585
379,071
658,881
3.804.693
2.406 453
10.003,033
6.307.809
10,093.300
423,480
Total(19 cities)
219.918,873
186.130,991
Second Fede at Reserve D istrict-New
N. Y.
-Albany_ _
5,650,989
11,943,893
Binghamton__ _
623,567
633,063
Buffalo
24,241,656
23,007,953
Elmira
437,651
531,012
Jamestown__ _
410,985
278,811
New York_ __ 3,244,008,621 2,880,849.572
Rochester
6,836,191
5.064,218
Syracuse
2,790,825
2,799.505
Conn.-Stamtord
2,331.709
2,757,037
N. J.-Montclal
254.987
342.621
Newark
13,980,061
12.881,551
Northern N. J.
24,049,606
24%452,442
+18.2
227.467,493
York-52.7
3,708.358
9,115.566
-1.5
717,836
878,771
22,913,057
35.631.683
+5.4
636,412
961,279
-17.6
4115,079
833,226
+47.4
+12.6 2,707.339.493 5,486,793,069
7.018,682
7,317,537
+35.0
3,051,620
4,329.701
-0.3
-15.4
2.285,935
3,465.437
284,314
449,028
-25.6
17,888.231
26,897.988
+8.5
+2.0
24,662,412
34,751,838
Third Federal Reserve Dis trict-Phila delphi aPa.
-Altoona_ _ _
308,101
387,818
248,196 +24.1
Bethlehem _
b
is
b
h
Chester
231,331
238,262
222,559
+3.9
Lancaster
750,1314
475,226 +57.9
786,325
Philadelphia__
297,000.000 215,000,000 +38.1 265,000,000
Reading
904,013
594.408 +52.1
1,652,034
Scranton
1,994,215
1,716,698
2,077.363 -4.0
Wilkes-Barre.
1,203,773
1,126,590
1,229,064 -2.1
York
789,689
851,955
659,929 +19.7
N.J.
-Trenton_
2,605,000
2,459,000
1,643.900 +58.5
305,786.736
222,150.644 +37.6
Fourth Fede al Reserve D Istrict-Clev eland c
c
Ohio--Arkon___
c
c
C
Canton
C
+2.4
Cincinnati__ _
39,410,093
38,484,559
38,281,052 +43.3
Cleveland
54,845,613
6,578,300 +14.8
Columbus__ _
7,552.200
+9.4
1,073,989
Mansfield
1,175,322
b
b
b
Youngstown
81,018,324
72,538,502 +11.7
-Pittsburgh
Pa.
274,221,682
c
794,085
h
760,735
2,341,848
337,000.000
2,388.375
3,805,572
2.514,218
1,556,642
4,081,000
355,242.475
C
c
36,766,233
58,586,132
5,950,300
990,986
b
71,839,118
c
55,167,917
94,700,825
10,332,000
1,802,892
b
131,257.815
156.956,402 +17.2
174,132.769
293.261,449
Fifth Federal Reserve Dist rict-Mehra ond215,212 -37.4
134,681
W.Va.-1hint'g' i
1,968,000 -3.0
1,908,000
Va.-Norfolk.. __ .
21,938,127 +23.9
27,183,738
Richmond. .
539,141 +42.4
767,761
S.C.-Charlesto i
35.474.094 +33.5
49,117,287
Md.-Baltimore.
8,804,836 +47.2
12,960.556
D.C.-Washing' i
389,900
2,313,573
24,636,020
727,284
32,356.949
18,100,971
593,274
2,998,879
32,821.709
1,579.110
65,634,490
23,146.963
Total (5 cities).
184,001,552
311,764,089
204,323,846 +52.6
1931.
1932.
325,277.153
114,213
495,507
153.236,855
4.974.062
2.218.610
2,001,715
13.977,000
1,699,122
3,892.543
21,160,677
2,436.261
6,141.194
3,547.406
1,285.314
375,305,035
1.007.140
2,994,602
2,115.487
2,072.381
600,675,124
uls-
is
84.900.000
20,761.509
12.134.023
+29.8
+15.1
+45.7
55.200.000
15.798,944
8,917,522
is
532,502
80,497,157 +28.4
80.448,968
118,504.508
apolls
+3.0
+5.5
+35.3
-5.1
-29.7
+29.5
-8.2
2.181.505
38,412.744
12,954,680
1,478.043
589,186
294.404
1,874.210
3.712.273
54.817.389
23.143.288
1,596,946
837.884
405,232
2,119,069
64,710,739 +11.4
57,784,772
86.632,081
Tenth Federal Reserve DIs trict-Kens as City
42,124 +67.9
70,742
Neb.-Fremont _
68,346
Hastings
5Ki
1,472,040 +2,284.408
Lincoln
19,944,187 +45.2
28,061,067
Omaha
2,216,341 -40.9
1,309,026
Kan.
-Topeka
1,423.181 +33.1
1,893.822
Wichita
55,453.627 +19.9
66,513,169
Mo.-Kans. City
+1.2
2,798.467
2.831,860
St. Joseph_ _ _
465,327 -28.7
331,917
Colo.
-Col. Spgs.
512,549 -18.7
416,869
Pueblo
143,186
123.837
1,721,534
20,809,354
1.653,317
3,239,598
58,510,668
2.739.320
586,498
698,596
203.650
263.884
2.440.826
32.798.003
2,703,528
4.394.600
80,393,853
4,437.829
873.946
923,361
84,327,843 +24.1
90,225,908
129.433.485
-Da Has-Eleventh Fede ml Reserve District
673.012 +3.6
697,327.
Texas-Austin
+6.6
31,503.353
33,568,625
Dallas
5,385,372 --4.4
5,149,226
Ft. Worth... _
1,631,000
+8.0
1,762,000
Galveston
2,366,862 -19.4
1,906,548
La -Shreveport _
942,232
25,371,018
5,689,465
1,658,000
1.835,629
1,488,770
35,773.156
7,425,680
2,003,000
3,367,742
+3.7
35,496,344
50,058,348
Twelfth Feder at Reserve D Istrict-San Franci sco-25,085,316
+3.0
22.054,705
22,714,617
Wash.-Seattle
5.714,000
3,022,000 +142.6
7,330.000
Spokane
414,477
257,806 +66.9
430,181
Yakima
15,939,197
16.447,981 +91.5
31,494,028
Ore -Portland. _
7.897,817
-6.4
9,891.936
9,261,020
Utah-S. L. City
3.051,659
3.014,652 -7.3
2,794,185
Cal.
-Long Beach
2.868,970
2,846,264 -9.5
2,575,827
Pasadena
5,138,474
3,648,022 +12.8
4,113,257
Sacramento..
88,707,444
+1.6
99,387.766
100,989,768
San Francisco_
1,197,555
1,130,122 +27.4
1,439.454
San Jose
1,001,921
882.035 +2.5
903,796
Santa Barbara_
942,718
920.522 -16.0
773,004
Santa Monica.
1,152,139
1,123,712 -5.0
1,067.808
Stockton
29.167,610
7,797.000
811,526
22.815,359
12,940,192
5,318.528
4,245.645
5,778,616
123,663,919
2,182,873
1.430.943
1,485.560
1,354,900
Total (4 cities)
103,368,316
Ninth Federal Reserve Dist rict-Minne
1,834,564
1,889,671
-Duluth_
Minn.
43,836,665
46,237.189
Minneapolis_ _ _
14,775,586
19,994.272
St. Paul
1,513,332
1,436,234
492.632
346,528
-Aberdeen.
S.D.
228,806
296,297
Mont.-13111ings _
2.029,154
1,862,279
Helena
72,062,470
708.976
394,913,597
Total(12 cities) 3,326,516,848 2,965,541,758 +12.2 2,791,571,435 5,611,425,123
Total(9 cities)
Inc. 01
Dec.
Eighth Federa I Reserve Dis trict-St.Lo
-Evansville.
Ind.
51,600,000
67,000.000
Mo.-St. Louis
19,544,491
22.492.834
Ky.-Louisville
9,352,666
13,622,482
Tenn.- Memphis
III.-Jacksonville
253,000
Quincy
Total(10 cities)
Total(5 cities).
Total(12 cities)
1933.
$
Seventh Feder at Reserve D istrict-Chi lean°
97,900
53,321
-Adrian -Mich.
338,156
521,790
232,505
Ann Arbor_ _ _ _
6.302,237 +1,058 .3 64.303,285
72.998,300
Detroit
2,423,242
589.321 +141.6
1,423,882
Grand Rapids1,052,600
112,600 +696.1
896,457
Lansing
992.821
332,308 +39.5
463.466
-Ft. Wayne
Ind.
10,536.000
7,430,000 +31.5
9,773,000
Indianapolls
1,292.318
175,689 +290.1
685.339
South Bend _ _ _
2,923,748
3,892,832 -17.9
3.194,633
Terre Haute_
14.630.505
10,587,280 +20.2
12,722,707
Wis.-Milwaukee
716.518
262,492
Ia.-Ced. Rapids
4.251,915
2,995,812 +14:5
4.624,031
Des Moines_ _ _
2,233.368
+58.3
1,535,16
2,430,682
Sioux City- - is
Waterloo
857.933
244.957
111.-Bloomington
213.623,470
197,729,312 168,897,51
Chicago
605,308
308,59 +66.2
512.727
Decatur
2.010.742
1,683,93 +33.9
2,254,992
Peoria
910,813
592,79 -12.1
520,985
Rockford
1,476.511
365,98 +102.3
740,401
Springfield_
Total(7 cities)_
We now add our detailed statement, showing last week's
figures for each city separately for the four years:
First Federal
Me.-bangor_ _ _Portland
Mass.-lioston _ _
Fall River__ _
Lowell
New Bedford
Springfield _
Worcester
Conn.-Ilartford_
New haven._ _
R.I.-1 rovidence
N.11.-Manches'
2197
Financial Chronicle
Volume 138
68,939,410 +33.0
78,524,697
126.774.425
Sixth Federal Reserve Dist act-Atlant a
3,876.423 -42.6
2.226,400
-K noxville
Tenn.
9.620.212 +13.5
Nashville_ _ _ _
10,023.448
18,500.000 +111.4
39,100,000
Ga.-A tlanta__ _ _
+7.3
090,862
1,063.485
Augusta
357,159 +59.6
570.023
_
Macon_ _
1,562,734 +744.6
13,198,000
Fla.-Jack'nvill .
9,998,780 +24.4
12,436,064
Ala.-BirmIng'm.
767,798 +21.6
933,877
_
Mobile
b
b
is
-Jackson_
Miss.
101,930
76,578 +33.1
Vicksburgb
23,498,825
-New Mica s
La.
1,949,900
7,784,391
28,100,000
728,326
493,404
8,473,866
8,717.171
803,769
b
84,356
22,521,652
1,500,000
11,530.535
34,238.067
1,314,129
692.490
13.000,304
13,908,862
1,341.708
45,750,546 +127.4
79,656,835
104,681,226
43,083.726
41,559,599
Total(13 cities) 185,886.945 164,627,523 +12.9 159,111,687 219,022.671
Grand total (112
5053.194,856 4,285,516.458 +17.9 4,373,919.743 8,096,210.930
cities)
Outside New York 1,809.186,235 1,404,666,886 +28.8 1,666.580.2502,609,417,861
Week Ended March 22.
Clearings at
1934.
Canada-
$
81,061,760
Montreal
108,475,900
Toronto
29,271,362
Winnipeg
15,1383,514
Vancouver
4.614.186
Ottawa
3,472,409
Quebec
1,949,343
Halifax
3,623,473
Hamilton
Calgary
4,092,503
St. John
1,454,501
Victoria
1,391,717
2,411,760
London
3,173,851
Edmonton
3,383,945
Regina
246,260
Brandon
380,296
Lethbridge
1,049,266
Saskatoon
511,796
Moose Jaw
707.710
Brantford
Fort William....
604,974
New Westminster
458,021
195,413
Medicine Hat__ _
595,473
Peterborough__
489,407
Sherbrooke
953,400
Kitchener
2,066,949
Windsor
234,543
Prince Albert....
603,227
Moncton
467,170
Kingston
432,565
Chatham
440,240
Sarina
567,996
Sudbury
1933,
$
55,613,818
63,075,007
51,751,069
10,136,415
3,247,314
2.644.850
1,615,301
2,833.270
4,638,568
1,070,812
1,031,589
1,989,640
2.769,482
2,918,063
235,262
250,453
1,063,740
407,550
671,750
418.164
332,579
148,595
409,343
426,033
632,873
1,693,428
250,510
547,252
396.167
326.604
301,321
338,676
Inc. or
Dec.
%
+45.8
+72.0
-43.4
+48.8
+42.1
+31.3
+20.7
+27.9
-11.8
+35.8
+34.9
+21.2
+14.6
+16.0
+4.7
+8.5
-1.4
+25.6
+5.4
+44.7
+37.7
+31.5
+45.5
+14.9
+50.6
+22.1
-6.4
+10.2
+17.9
+32.4
+46.1
+67.7
1932.
1931.
$
$
69.694.491 100.602,652
70,590.434 103,267.173
26,731,502
40,548,871
15.014.905
12,549,602
4,999,793
4,464,316
4.555,277
3,652,503
3,255,781
2,086,300
4,266,305
3,229,040
5,063,305
5,297.737
2.222,278
1,649.877
1,550.094
1,524,904
2,197,820
2,333,111
3.736.040
3,185.118
2,707.428
2,852.931
312,760
369.878
331,673
303.748
1,425,408
1,356,024
591,389
474.642
846,517
664,894
512,703
583,796
546,954
401,590
186,535
155,156
595,879
563,086
661,135
518.564
711,113
922,547
2,752.732
2,384,325
281.405
323,715
592,124
587,721
471,594
483.601
442,142
361,697
327.274
460.692
681,801
459,183
110,267,644
Total(6 cities)
.
92,072,023
) 104,052,052
Total(10 cities
h
100,674
32.640,875
Total (32 cities)
274,464,933
214,185,498 +28.1
234,439,298
292,837,157
13 No clearings available. c Clearing House not functioning at present.
2198
Financial Chronicle
Mar. 31 1934
THE WEEK ON THE NEW YORKSTOCK EXCHANGE. prof., 3 points to 58; American Commercial Alcohol, 334
Except for the sharp break in prices on Tuesday due to points to 4834; American Woolen pref., 3 points to 70;
President Roosevelt's appeal to Congress for regulatory Austin Nichols pref. A, 4 points to 52; Barker Bros pref.,
3 points to
legislation that will insure Government supervision over the Corp., 23 31; J. I. Case•Co. 2% points to 6834; Chrysler
4 points to 5134; aclede Gas, 334 points to 40;
stock exchanges, the stock market has shown gradual im- New Maven pref., 3 points to 29; Pittsburgh Steel
3
provement during the present week. The gains, however, points to 34%; Union Bag & Paper, 3% points to 48M;
pref.,
have at no time been especially noteworthy, except in the United States Industrial Alcohol, 334 points to 5034, and
metal group which has been unusually active due to renewed Union Pacific, 2 points to 123.
inflation talk. Trading has been quiet and there have been onModerate improvement was apparent during the trading
Wednesday, the gains ranging from fractions to 2 or more
spasmodic periods of decline, usually followed by moderate points, though these advances were most pronounced in the
rallies that kept prices within a comparatively narrow chan- low-priced railroad shares and gold mining issues. Market
nel. Some liquidation has been apparent from time to time, favorites were quiet or moved sluggishly, while the rest of
but this was readily absorbed and with the exception of the the list was practically at a standstill. The movements for
slump on Tuesday, the market movements were generally the day were small and included both declines and advances,
though the bulk of the changes for the day were inclined
,
toward higher levels. Low-priced rails and specialties were toward higher levels. The gains included Air Reduction,
%
in demand and there was some interest shown in the motor 134 points to 943 ex-div.; American Smelting & Refining
group following the settlement of the automoblie labor dif- 6% pref. 234 pots to 80; Barker Bros. pref., 2 points to
in
Brooklyn Manhattan Transit 6% pref., 2 points to
ficulties. Call money renewed at 1% on Monday and con- 33; Brook
87 ex-div.; National Lead, 234 points to 140; Vulcan Detintinued unchanged at that rate throughout the week.
ning, 234 points to 6934, and Wilson & Co. pref., 234 points
Following an initial flurry of buying, the stock market to 7234.
turned dull during the abbreviated session on Saturday and
The strong tone that developed during the late trading
continued to drift around without definite trend during the on Thursday carried practically every active group to higher
balance of the session. Traders were somewhat hesitant levels. Pivotal stocks among the rails and industrials led
about making commitments until some definite announce- the upward swing, though there Were some special issues
ment of the motor strike settlement was made. Aircraft among the metal stocks that recorded gains up to 5 or more
points. The outstanding strong stocks of the group included
stocks were fairly strong during the first hour, but ran into ['rifted States Smelting and Cerro de Pasco. The general
profit-taking which checked the advance. In the motor list was fairly firm at the opening, though most of the regular
section, Chrysler sold up to 5334 at its high for the day and market leaders were comparatively quiet. The gains at
General Motors forged ahead to 38%,the top for the current the close included among others, Allied Chemical & Dye,
to 150; American
movement. Steel shares and specialties also participated in 2 pointsAmerican Woollen Smelting & Refining, 234 points
to 44;
pref., 2 points to 72; Baldwin
the rise, the gains ranging from fractions to 2 or more points. Locomotive pref. 2 points to 51; J. I. Case Co., 334 points
Some short covering was apparent, particularly in issues like to 71%; Cerro de Pasco 334 points to 36; Columbian Carbon,
'
United States Steel, New York Central and du Pont and a 3 points to 6734; Homestake Mining,8 points to 388; Phillipsnumber of other strong stocks, and this had a tendency to Jones pref. (7), 7 points to 70; Western Union Telegraph, 2
points to 3
hold prices to higher levels. The changes were not especially to 43%. 55%,and United States Rubber 1st pref., 2 points
noteworthy in any group, though there were few issues that
The New York Stock Exchange, the Curb Exchange and
closed on the side of the advance. These included among commodity markets were closed on Friday in observance of
others, Allegheny, 2 points to 23; Detroit Edison, 2% points Good Friday.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
to 82; Federal Mining & Smelting pref., 2 points to 90;
DAILY. WEEKLY AND YEARLY.
Wilson pref., 2 points to 73; Underwood, 2 points to 43;
Stocks,
Railroad
State,
United
Total
American Tel. & Tel., 134 points to 1193 ; Atchison pref.,
4
Week Ended
Number of and MOM:. Municipal &
Bond
Slates
134 points to 8034, and Eastman Kodak, 1 point to 89.
Mar. 30 1934.
Shares.
Bonds.
Porn Bonds.
Bonds.
Sales.
Motor stocks displayed considerable improvement during Saturday
681.510 84,172,000 81,300,000
8530,000 $6,002.000
Monday
1,275,170
7.511,000
2,481,000
898,800 10,890,800
the early trading on Monday as a result of the settlement Tuesday
1,587,010
7,253.000
2,522,500
1,125,000 10.900,500
843.475
7,287,000
1,791,000
of the labor troubles, and while some modest gains were Wednesday
1,472,100 10,550,100
1,021.330
Thursday
1,753,000
7,226,000
1.247,700 10,228,700
recorded during the forenoon, interest simmered down as the Friday
HOLIDAY
day progressed. Short covering continued an outstanding
.i......1
a Inc ACM ass no nnn an at, xnn ex 072 Ann RACI WW1 IAA
factor in the advance during the morning dealings, though
Sales at
Week Ended Mar. 30.
Jan. 1 to Mar. 30.
most of the gains were registered in the first hour. Toward
New York Stock
Exchange.
1934.
1933.
1934.
1933.
the end of the day the market moved upward and downward without definite trend, about the only exception being Stocks—No. of shares. 5,408,495 3,822,344
58,129,049
140,490,695
Bonds.
the metal stocks which moved briskly forward. Some selling Government bonds_-__ 35.273,600 $12,780,000 $141,979,700 11137,819,600
State 4c foreign bonds.
9,847,500 17,192,000
187,195,000
dribbled into the list, but the amount was small and made Railroad& misc. bonds 33,449,000 28,990.000 224,935,000 381,811,900
772,230,000
little impression on the market. The final prices for the day
Total
$48,570,100 $56,982,000 81,139,144.700
$686,626.500
were irregular, and while there were some gains, there were
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
a goodly number of stocks that were close to the minimum
BALTIMQ,RE EXCHANGES.
for the day. Among the changes on the side of the advance
Boston.
Philadelphia.
Baltimore.
were Allied Chemical & Dye, 23/2 points to 15034; American
Week Ended
Mar. 30 1934.
Shares. Bond Sales. Shares. BondSales Shares. BondSales
.
.
Tobacco (5), 13.4, points to 6734; Barker Brothers pref.,
11,321
$1,000
5,654
602
$500
4 points to 34; Brooklyn Manhattan Transit pref., 3 points Saturday
Monday
22.615
50
18.049
HOLI DAY
85,000
28,071
3,300
17,052
10,000
to 863/2; Homestake Mining, 2034 points to 38034; Kendall Tuesday
1,263
15,400
Wednesday
13.770
7,300
2,000
1.368
14,000
Co. pref., 5 points to 85; Lehman Corp., 2 points to 73; Thursday
18,417
9,248
2,000
1.600
8,100
1.183
HOLI DAY
HOLI DAY
HOLI DAY
New York Steam pref. (6), 3 points to 99; Pere Marquette Friday
Total
94,194
88,350
55,303
$16,600
4.416
833.000
prior pref., 2 points to 33; Sloss-Sheffield pref., 234 points
/
to 321s; Standard Gas & Electric pref. (1.80), 23/i points to PrAv wk revlaecl_ 117 144 125 Inn 117045 110 200 11751 11111100
27, and Union Bag & Paper Co., 1 point to 52.
Fresh liquidation was apparent during the opening hour
THE CURB EXCHANGE.
on Tuesday, and while the losses ranged from fractions to
Metal and mining shares were the strong features of the
4 or more points during the early transactions, there was trading on the Curb Exchange, particularly during the latter
a moderate rally toward the close of the session that can- part of the present week, when a number of substantial gains
celed a part of the early losses. Trading was particularly were recorded. Price movements in other sections of the
heavy as the session got under way and the tickers were list were somewhat irregular, though there were occasional
several minutes behind the transactions on the floor. United upward spurts that gave the market the appearance
of
States Steel was particularly weak and opened on a block of' strength. Public utilities were slightly higher on Thursday
2,500 shares at 48% with an overnight loss of 3 points. and there was a moderate amount of interest displayed
in
United States Smelting & Refining yielded 434 points and the miscellaneous industrials and specialties. Oil shares, on
there were sizable recessions among most of the popular the other hand, were comparatively dull and there was
only
trading favorites such as American Can, du Pont, New York a small amount of trading in evidence in the liquor group.
Central and Celanese. As the session progressed, rallying
On Saturday the Curb market was moderately higher,
tendencies broadened out, and while there were no note- though there were some wide swings in both directions.
worthy recoveries, the general list showed sharp improvement Small advances were recorded by Standard
Oil of Indiana
during the final hour. Among the recessions registered at and Humble Oil, but the rest of the group was
without notethe close were Allied Chemical & Dye, 234 points to 14834; worthy movement. Public utilities were fairly steady but
Amerada Corp. (2), 2 points to 4734; American Beet Sugar the gains were largely fractional. Liquor shares were
quiet
.
but firm, and there was little movement in the miscellaneous
industrials.
The early buying flurry that developed on Monday
carried several prominent issues to higher levels, though the
activity slackened later in the day and a part of the morning
gains were canceled. The report that the dispute in the
automobile industry had been adjusted brought a moderate
amount of short covering during the first hour, though the
demand simmered down as the day advanced and some of
the more active issues slipped off from their early tops.
Industrial shares displayed the best tone, though the utilities
were quietly firm, as were the oils and liquor stocks. In the
industrial specialties, Pittsburgh Plate Glass, Parker Rust
Proof and Reliance Manufacturing Co. moved up 1 to 3 or
more points and J.J. Newberry continued its advance of the
previous week. Mining stocks, especially Aluminum Co. of
America, were stronger, while liquor issues moved within a
comparatively narrow range with little or no change from
the previous close.
Renewed selling pressed most of the active Curb stocks to
lower levels on Tuesday. In the early dealings prices were
off from 1 to 3 points for the principal issues, though many
of these firmed up before the market closed. Oil shares led
the downward swing and both Standard of Indiana and
Humble Oil yielded about 2 points. In the mining group,
Aluminum Co. of America was off about 3 points and Newmont and Lake Shore also sold down. Distillers Seagram
slipped back a point or more and so did Hiram Walker.
The declines in the public utilities included among others
such prominent stocks as American Gas & Electric, Electric
Bond & Share, Niagara Hudson and United States Light &
Power A.
Buying in the mining group was the outstanding feature
of the trading on Wednesday and substantial gains were
registered by such active stocks as Lake Shore Mines,Pioneer
Gold and Wright & Hargreaves. In the specialties section,
the strong stocks included Great Atlantic & Pacific Tea Co.,
Waco Aircraft and Sherwin-Williams, though the changes at
the close were slightly below the tops for the day. Newmont
Mining firmed up following the declaration of a 50 cent
dividend on the stock out of the earned surplus. Public•
utilities moved within a narrow channel and this was true
also of the oil shares. Specialties were irregular, J. J. Newberry picking up the loss of the previous day, followed by
General Tire & Rubber and Swift International which
climbed to higher levels.
Higher prices were again registered by the mining shares
on Thursday, Newmont Mining scoring advances of 2 points,
followed by Lake Shore with a similar gain. Oil stocks moved
within a small compass and liquor shares were without noteworthy feature. Limited gains were registered by the public
utilities and parts of the specialties group were higher. As
compared with Friday of last week, prices for the most part
were generally lower. American Beverage closed Thursday
%
at 23/2 against 25 on Friday of last week. Cities Service at
23/i against 3; Cord Corp. at 6% against 63/g; Electric Bond
& Share at 173. against 17%; Cull Oil of Pennsylvania at
65% against 66; Niagara Hudson Power at 63/i against 63 ;
%
%
Standard Oil of Indiana at 263/i against 263 ; United Gas
Corp. at 23/8 against 3; United Light & Power A at 3% against
A
33 ; United Shoe Machinery at 5932 against 60, and Utility
%
Power at 1% against 15 .
The Curb Exchange was closed on Friday in observance of
Good Friday.
A complete record of Curb Exchange transactions for the
week will be found on page 2229.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Mar. 30 1934.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
2199
Financial Chronicle
Volume 138
Stocks
(Number
of
Shares).
Bonds (Par Value).
Foreign
Foreign
Domestic, Government Corporate.
165,177 $2,051,000
246,345 3,531,000
305,065 3,569,000
208,340 3,153,000
289,402 3.248,000
377.000 32.193,000
171.000 3,857,000
104,000 3,764,000
114,000 3,349.000
61,000 3.500.000
$584,000
3527,000 $16,663,000
1,214,329 315.552,000
Week Ended Mar. 30.
1934.
Total.
$65,000
155,000
91,000
82.000
191,000
HOLIDAY
1933.
1,214,329
520,317
-No, of shares_
Stocks
Bonds.
$15,552,000 $12,712,000
Domestic
715,000
584,000
Foreign government
1,135,000
527,000
Foreign corporate
$16,663,000 $14,562,000
Total
Jan 1 to Mar. 30.
1934.
23.630,361
1933.
8,046,592
$287,994,000
12,112,000
11,190,000
$201,346,000
9,058,000
11,555,000
$311,296.000
46g
-PER CABLE.
ENGLISH FINANCIAL MARKET
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Frt.
Thurs.,
Wed.,
Tues.,
Mon.,
Sat.,
Mar. 24. Mar, 26. Mar. 27. Mar. 28. Mar. 29. Mar.30.
19 15-I6d.
1934d.
20d,
206.
Silver, p. oz_d_ 20d.
Gold,p.fineoz.136s. 3d, 1368. 5d. 136s. 3d. 1368. 3d. 135s. 514d.
8014
8014
803
COMION,2%% _ 80%
807-16
British 314%
104
104
War Loan_ _ _103K
10334
1033
HOLTBritish 4%,
DAY
11234
11254
114
.
11254
1960-90
114
French Routes
(in Paris)
66.00
66.30
65.80
3% _ _.fr. 67.40
67.00
French War L'n
(in Paris)5%
103.10 103.25
103.10
104.10
1920amort _ _104.60
The price of silver in New York on the same days has been:
+4
Silver in New
York, per oz. 4554 eta. 4554 Os. 4514 eta. 4514 as. 4536 cts. Holiday
PRICES ON PARIS BOURSE.
THE BERLIN STOCK EXCHANGE.
For tables usually appearing under these headt, see
page 2234.
8221.959.000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
March 14 1934:
GOLD.
The Bank of England gold reserve against notes amounted to £190,979,339 on the 7th instant, showing no change as compared with the
previous Wednesday.
The amounts of gold available in the open market were on rather a smaller
scale, about £2,700,000 being disposed of during the past week. The
demand was again general, but a proportion of the offerings was taken for
New York although the margin continued to be small.
Quotations during the week:
IN LONDON.
Equivalent Value of
Per Fine
E Sterling.
Ounce.
12s. 5.106.
136s. 8d.
March 8
12s. 5.01d.
1368. Hid.
March 9
12s. 4.96d.
136s. 10Sid.
March 10
12s. 5.01d.
126s. 106.
March 12
12s. 5.606.
136s. 3Sid.
March 13
125. 5.74G.
136s. 2d.
March 14
12s. 5.25d.
1368. 7.33d.
Average
The following were the United Kingdom imports and exports of gold
registered from mid-day on the 5th instant to mid-day on the 12th Instant.
Exports.
Imports.
£41.500
£3,581,142 Netherlands
Germany
23,068
226.655 France
Netherlands
3,348
27.653 Switzerland
Belgium
33.100
4,122,057 Austria
France
353,259 United States of America 3,448.908
Switzerland
208
300.961 Other countries
China
1,588,574
British India
• 44.597
British Malaya
1,859,929
British South Africa
73,790
British West Africa
101,474
Australia
New Zealand
37,545
6,606
Canada
659,000
Colombia
Peru
55,788
360.000
Bolivia
Iraq
10.036
44.946
Other countries
£3,550,132
£13,454,012
Gold shipments from Bombay last week amounted to about £1,166.000.
£701,000, of which £691,000 is consigned
The S.S. Rawalpindi carries
to London, 37,000 to New York and £3,000 to Amsterdam: the S. S.
President Hayes carries £465,000 consigned to New York. 826.363 fine
The Transvaal gold output for February 1934 amounted to
ounces as compared with 907,641 fine ounces for January 1934 and 883,145
fine ounces for February 1933.
SILVER.
Although fluctuations in prices were rather wide during the past week.
the tendency became firmer following reports that legislation providing for
shortly
further purchases of silver by the United States Government wasdemand
to be introduced. The news occasioned a good deal of speculative
whilst sellers in
and the Indian Bazaars were also supporting the market,the higher levels
the circumstances were disposed to hold back. However,
taking, but a good
attracted China selling and there was also some profit New York being a
porportion of the offerings was on American account,
seller at the current prices on most afternoons.
The market appears fairly steady at the moment, but future movements
would seem to depend on the action taken by the United States Government.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 5th instant to mid-day on the 12th Instant
Exports.
Imports.
£1,000
£24,737 Norway
Germany
4,293
23,235 Syria
Soviet Union (Russia)
9,553
2,030 Persia
Belgium
1,460
2,093 Colombia
Netherlands
2,657
31,303 Other countries
Japan
39,085
Australia
5,285
Canada
1,827
Peru
2.646
Other countries
418,964'
£132,241
Quotations during the week:
NEW YORK.
IN
IN LONDON.
(Cents per Ounce, .999 Fine)
Bar Silver per Oz., Standard.
Cash Deliv. 2 Mos. Delis.
46 5-16
March 8
20 7-16d. 20 9-16d. I March 7
4
46t
20(d.March 8
20
March 9
20 9-16d. March 9
March 10
20)4d.
46M
20 13-16d. March 10
March 12
%
205 d.
47%
March 12
20Kd.
20 d.
March 13
47
March 13
March 14
20.531d. 20.635d.
Average
The highest rate of exchange on New York recorded during the period
from the 8th instant to the 14th instant was $5.1034 and the lowest $5.07 X•
Feb. 28. Feb. 22.
Mar. 7.
(In Lacs of Rupees)
17,715
17.729
17.658
Notes in circulation
9.924
9,894
9,823
Silver coin and bullion in India
3,748
3,756
3.765
Gold coin and bullion in India
4.043
4.079
4.070
Securities (Indian Government)
The stocks in Shanghai on the 10th instant consisted of about 149.300.000
ounces in sycee, 350,000,000 dollars and 18,700 silver bars as compared
with about 150,800,000 ounces in sycee, 350,000,000 dollars and 18.100
silver bars on the 3rd instant.
(Commercialand.W.iscellaneonsBays
National Banka.-The following information regarding
National banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED.
-The Security National Bank of Amboy,Amboy,Minn_
Mar. 17
Capital stock consists of $20.000 common stock and 130,000
preferred stock. President,_ 0. R. Olson; Cashier, E. C.
Wingen. Will succeed the First National Bank in Amboy.
-The Citizens National Bank at Belle Plaine, Belle
Mar,17
Plaine, Iowa
Capital stock consists of $25,000 common stock and $25.000
preferred stock. President, Otto G. Olson; Cashier, Wm.
0. Brand. Will sr.cceed the Citizens National Bank of
Belle I mire.
50,000
2200
Financial Chronicle
Capital.
$50,000
Mar.17
-First National Bank at Koppel. Koppel, Pa
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Henry P. Hoffstot. Cashier,
F. A. Hawthorne. Will succeed the First National Bank
of Koppel.
Mar,19-Codorus National Bank in Jefferson (Codorus P. 0.),
Jefferson, Pa
5,4000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, E. C. Snyder; Cashier, Elmer
Sterner. Will succeed the Codorus Nat. Bank of Jefferson.
Mar. 21-The First National Bank in Falfurrias, Falfurrias, Tex50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, J. R. Scott Jr.; Cashier, T. R.
Bennett. Will succeed the First Nat. Bank of Falfurrias.
Mar.21-First National Bank in Exeter, Exeter. Neb
50,000
Capital stock consists of $20,000 common stock and $30,000
preferred stock. President,
M. Link; Cashier, Leslie T.
Blouch. Will succeed the Wallace Nat. Bank of Exeter.
Mar.22
-First National Bank in Newton. Newton, Ill
50,000
Capital stock consists of $25,000 common stook and $25,000
preferred stock. President, V.0. Connor; Cashier, Wm.E.
Schackmann. Will succeed the First Nat.Bank of Newton.
Mar. 22
-The Johnson County National Bank of Franklin,
Franklin, Ind
50,000
Cat:dud stock consists of $25,000 common stock and $25,000
preferred stock. President, J. T. Middleton; Cashier, R.L.
Ott. Will succeed the Citizens National Bank of Franklin,
Franklin, Ind., and the Whiteland National Bank, Whiteland, Ind.
Mar.22
-The National Bank Sc Trust Co.of Paris,Paris, Ky.Capital stock consists of $50,000 common stock and $50,000 100,000
preferred stock. President, Tom J. Riser; Cashier, C. C.
Dawes. Will succeed the First National Bank of Paris.
Mar. 22
-The Bradford National Bank, Brandford, Ohio
50,000
President, David I. Hoover; Cashier, J. H. Beard. Will succeed the First National Bank of Bradford.
Mar. 23
-Cherry Creek National Bank, Cherry Creek, N.Y.- 50,000
Capital stock consists of $25,000 common stock and $25,000
preferred stock. President, Wesley J. Young; Cashier, R.D.
Rider. Will succeed the Cherry Creek National Bank,
Cherry Creek, N. Y., and the Conewango Valley National
Bank, Conewango Valley, N. Y.
Mar.23
-The National Bank of Olyphant, 013Phant, Pa
,
President, Harvey B. Bush; Cashier, Herbert S. Hummler. 100,000
Primary organization.
VOLUNTARY LIQUIDATIONS.
Mar. 19
-The First National Bank of Conneaut Lake, Pa
50,000
Effective Mar. 13 1934. Liq. Agent, Mary F. Albright, Conneaut Lake, Pa. Succeeded by First National Bank at
Conneaut Lake, Pa.
Mar. 20
-The First National Bank of Jordan, Jordan, Mont
25,000
Effective Feb.26 1934. Liq. Agent, H. H.Bright, Miles City,
Mont.""
-Absorbed by First Nat. Bank in Miles City, Mont.
Mar. 21-The First National Bank of Hegins, Pa
50,000
Effective Mar. 19 1934. Liq. Committee, John Schrope,
A. U. Maurer and Francis Coleman, care of the liquidating
bank. Succeeded by "First National Bank of Hegins."
Mar.22
-The Nebraska National Bank of Hastings, Hastings,
Neb
Effective Mar.91934. Liq. Agent, L. J. Siekmann, Hastings, 100,000
Neb. Succeeded by City Nat. Bank of Hastings, Neb.
Mar. 22
-The Pine Bush National Bank,Pine Bush, N.Y
50,000
Effective Mar. 20 1934. Liq. Agent, John C. Howell, Pine
Bush, N. Y. Succeeded by the National Bank of Pine
Bush, N. Y.
CONSOLIDATION.
Mar. 21
-The Marquette National Bank of Minneapolis, Minn_
200,000
Marquette Trust Co.. Minneapolis, Minn
Consolidated to-day under the provisions of the Act of Nov. 7 200.000
1918, as amended Feb. 25 1927 and June 16 1933, under
charter and title of "The Marquette National Bankthe
of
Minneapolis," with capital stock of $300,000 and surplus
of $100,000.
BRANCHES AUTHORIZED.
Mar.23
-American National Bank of Idaho Falls, Idaho Falls, Idaho.
Location of branch, City of Rigby, Jefferson County, Idaho.
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:
Shares.
Stocks.
$ per Share.
34 Princeton Bank dr Trust Co.(N. J.), par $100
140
170 Princeton Water Co. (N. .1.). Dar $50
55
482 Altoona Properties, Inc. (Pa.), voting trust Ws., par $1
8200 lot
202 Orthopedic Shoes, Inc. (Del.) preferred no par
8205 lot
Option warrant to purchase 101 shares Orthopedic Shoes,Inc.(Del.) common,
no par
511
209 Indianapolis Bloomington & Western Hy.. par 5100: 10 L. S. & N. Corp. lot
(N. v.), par $100; 10 The Masonic Newspaper Assn. (N. Y.),
par $10;
100 Penn-Allen Portland Cement Co. Allentown, Pa. (Pa.), par $100:
2 The Southern States Oil Corp.& Western States Oil Corp.(Del.) common
(ad Interim certificate). par $10: 100 The Tr -Bullion Smelting dr Dev. Co.
(Ariz.), par $5: $200 demand note signed by John S. Branch, dated Nov. 7
1924
$12
400 National Short Term Securities Corp.(Del.) class A common, par $1___$170 lot
lot
1,526 James It Hawkins Inc. (N. Y.) stock trust ctf. (on deposit with
voting trustees)
$27 lot
10 Herbert M. Mendel, Inc. (Ill.), preferred, par $100
816 lot
BondsPer
$292,500 gen. mtge. Is, 1933, of Carbondale Ry. Co. (Pa.); $325,000 Cent.
1st mtge. gold tis, due 1932, of Scranton Traction Co. (Pa.): 1257,000 1st
consol. be, due 1932, of Scranton RY. (Pa.)
$100.000
68.000 Public Service Coal Co.of Pa.6% bonds,due Feb. 11942. Feb. 1 1929 lot
and subsequent coupons attached
830 lot
By Adrian H. Muller & Son, Jersey City, N. J.:
Shares.
Stocks.
52,332 400-300 Lloyd's Insurance Co. of America, par 55
7,750 Insuranshares Corp. of Delaware, common, par $1
100 Federal Adding Machine Co.(N. J.). Par $10
5 Rich Oil Co., no Dar
50 Reliable Loan az Mtge. Security Co.(N. J.) common, par $100
Bonds$500 International Sporting Club 1st mtge. 5% bonds
5 per Share.
5100 lot
$100 lot
$2 lot
51 lot
1
Per Cent.
$13 lot
By R. L. Day & Co., Boston:
Shares.
Stocks.
10 Webster ds Atlas National Bank, Boston. par 550
53 Grinnell Manufacturing Co.. par $100
20 Berkshire Fine Spinning Associates common
55 W. 11. Elliott & Sons Co.. par $100
50 Northern Texas Electric Co. common, par $100
5 Savannah Electric & Power Co. Os, preferred, par $100
2 New Bedford Gas & Edison Light Co., par $25
2 Beverly Gas & Electric Co., par $25
per Share.
25)
4
636
4
10c.
20
42
63
By Weilepp-Bruton & Co., Baltimore:
Shares.
Stocks.
1,044 H. B. Davis Co
10 Hearst Consolidated Publications Inc. 7% preferred A
per Share.
3
21
Mar. 31 1934
By Barnes & Lotland, Philadelphia:
Shares.
Stocks.
10 First National Bank of Philadelphia. par $100
200 Philadelphia National Bank, par $20
40 Real Estate-Land Title & Trust Co., par $10
25 Minehill & Schuylkill Haven RR. & Coal Co.. par $50
40 Chester Cambridge Bank & Trust Co., Chester County
Bonds
31,000 Lehigh Valley RR. Co. 6% perpetual annuity
8 per Share.
2443.(
5274
10II
49%
18
Per Cent.
109
By A. J. Wright & Co., Buffalo:
Shares.
Stock.
10 The Como Mines
$ per Share.
$0.45
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Railroads
Albany & Vermont
Elmira & Williamsport (s.
-a.)
Lehigh & Hudson River
Montgomery & Erie (semi-annual)
Norfolk & Western, adjustment pref.(quar.)
Philadelphia & Trenton (guar.)
Pittsburgh Bessemer & Lake Erie (s.
-a.)
Per
When Holders
Share. Payable. ofRecord.
SI%
$1.15
$1
17%c
31
32%
75c
May 15 May 1
May 1 Apr. 20
Mar,31 Mar. 15
May 10 Apr. 10
May 19 Apr. 30
Apr. 10 Mar.31
Oct. 1 Sept.15
Public Utilities
American Light & Traction Co., corn. (quar.)
40c May 1 Apr. 13a
Preferred (quarterly)
37%c May 1 Apr. 130
Amer. Water Works & El. Co.,Inc.,corn.(qu.)_
25c May 1 Apr. 10
Androscoggin Electric,6% pref.(quar.)
$1% May 1 Apr. 28
California Oregon Power Co.,7% pref.(quar.). 87)4c Apr. 16 Mar.31
67. preferred (quarterly)
Apr. 16 Mar.31
6% preferred capital stock ((quarterly)
75c Apr. 16 Mar.31
Canadian Public Service, 634% part. pf. (qu.)_ _
3154 Apr. 2 Mar. 15
6)4% participating preferred 2%. (quar.)
$154 Apr. 2 Mar. 15
Carolina Telephone & Telegraph (quar.)
tp:. 2 Mar. 24
i
Central Hudson Gas & Electric, corn. (guar.)._
May 1 Mar.31
Voting trust certificates (quar.)
20c May 1 Mar. 31
6% preferred (quar.)
*134 10 . 2 mar 2
pr.
Mar 10
. 3
Central Maine Power.7% pref.(quar.)
6% preferred (quarterly)
Apr. 2 Mar. 10
$6 preferred (quarterly)
Apr. 2 Mar. 10
1111
Chesapeake & Potomac Telephone Co. of Baltimore City, pref.(guar.)
$1 1i Apry :31
3
.
1
ma. 16 s'', 2
1 ar 6
Citizens Passenger Railway (Philadelphia, Pa.).
City Sty. (Dayton, Ohio), 6% pref. (quar.)__ _
y.
v.30 Mar.20
Mar 1 A pr. 20
$Al
3
Cleveland Railway Co. (quarterly)
Dayton Power & Light, 6% pref. (quar.)
Oc
El Paso Electric.7% pref. A (quar.)
Apr. 15 Mar.30
1
$6 preferred B (guar.)
Apr. 15 Mar.30
1
6% preferred (quar.)
Apr. 15 Mar.30
l
Franklin Telegraph, 234% guar. stock (s.
May 1 Apr. 14
-a.)...
Gas Securities Co., common (monthly)
04 ofi Apr. 2 Mar. 15
Preferred (monthly)
50c Apr. 2 Mar. 15
Harrisburg Gas Co., pref.(quar.)
$1.5 Apr. 16 Mar. 31
Hartford Electric Light(quar.)
0 c Ma. 1 mar
a
681 Apry 2 Apr.. lit
Haverhill Gas Light (quar.)
Hawaii Consolidated Sty. Ltd., 7% pref. A_ _
,
20c June 30
Holyoke Water Power (quar.)
Apr. 2 Mar. 23
Home Telephone & Telegraph and.)(quar.)_-Apr. 2 Mar.
Illinois Northern Utilities, 7% pref. (quar.)_ --- 6234c May I Apr. 27
14
6% preferred (quarterly)
May 1 Apr. 14
Illuminating Shares, A (quar.)
50c Apr. 2 Mar. 20
Kansas Power Co.,$8 pref. (quar.)
1g Apr. 2 Mar.23
$7 preferred (quarterly)
1
Apr. 2 Mar.23
Lawrence Gas& Electric(guar.)
9
Apr. 13 Apr. 7
Louisiana Power & Light,$6 pref.(quar.)
El% .slay 1 Apr. 14
Lowell Electric Light Co.(quar.)
90c Apr. 13 Mar. 31
Lowell Gas Light (quarterly)
75c Apr. 2 Mar.26
Malone Light & Power, $6 pref. (quar.)
3134 May 1 Apr. 10
Marconi International Marine Communications
Co. (final)
zw5%
Maritime Telephone & Telegraph (guar.)
15c Apr. 2 Mar.20
7% preferred (quarterly)
17340 Apr. 2 Mar.20
Milwaukee Electric Railway & Light Co.
6% preferred (quarterly)
$134 Apr. 30 Apr. 20
New Bedford Gas dr Edison Light (quar.)
76c Apr. 14 Mar. 23
New York Tlephone Co.(quar.)
2 Mar. 31 Mar.31
North American Edison Co., pref. (quar.)
$1
June I May 15
Northern New York Utilities. pref. (quar.)- r-Apry 2 Apr..
Ma. 1 mar
1
Ohio Electric Power,7%_preferred (quarterly)...
6% preferred (quarterly)
1
Apr. 2 Mar. 15
Ottawa Electric Railway
d80c Apr. 2
Ottawa Traction Co., Ltd
50c Apr. 2 Mar. 15
Pacific Lighting Corp., corn. (quar.)
7
154 May 15 Apr. 20
Peninsula Telephone Co.. 7% pref. (quar.).. - $154 May 15 May 5
7% preferred (quar.)
Aug.$
Philadelphia Electric Co., $5 pref. (quar.)
may 1Ar. 16
Aug.15 p
0
Philadelphia Traction Co
50c Apr. 2
Certificates of deposit
c Apr. 2
Potomac Edison Co.,7% pref.(quar.)
54 May 1 Apr. 20
6% preferred (quar.)
May 1 Apr. 20
Power Corp. of Canada, Ltd. 6% 1st pref.(qu.) 134
Apr. 16 Mar. 31
67. 2d preferred (quarterli)
75c Apr. 16 Mar.31
San Antonio Public Swvice Co.,7% pref. (qtr.). $154 NW.31 Mar.21
8' preferred (quar.)
D
$2 Mar. 31 Mar. 21
San Diego Consolidated Gas & Electric Co.
Preferred (quarter(y)
kr. 14 Mar. 31
Southern Calif. Gas Corp.,36)4 cum.pf.(qu.)-May 31 Apr. 30
Southern Canada Power Co., Ltd., corn.(quar.
Mar. i
20c May 15 Apr. Rfl
Southern Counties Gas Co.of Callf.,67. pf.(qu.
Apr. 14
81
Springfield City Water Co., pref. A. B &0(qu.
1 3 Apr. 1 Mar.20
Stamford Gas & Electric (Conn.) (quar.)
Apr. 16 Mar. 31
2
Texas Electric Service, $6 pref. (quar.)
Apr. 2 Mar.20
1
Toledo Light & Power Co.(quarterly)
Apr. 2 Mar 2
1
. 5
5 Apr. 10
United Gas Public Service Co.(Del.). $6 pf.(qt..) I111
M
MayA r ! ar.: 2
Apr.p . 1 IIt7Iaarr 130
2
4
Vermont Lighting Corp., pref. (quar.)
Virginia Public Service, 7% pref. (quar.)
I
Apr. 2 Mar. 10
6% preferred (quarterly
Apr.
West Penn Electric Co., 6 pref. (guar.)
7% preferred (quar.)
May 15 Apr. 20
$1
Wisconsin Gas & Elec.6% pref. C(quar.)
l
tp.:. 12 Nlar
iar
;
a:
Wisconsin Telephone Co., common (quar.)--- Preferred (guar.)
1
Apr. 30 Apr. 20
$0
I
11
1
1
19
$1134
ir
ltil
I
I
i1
Fire Insurance Companies
Agricultural Insurance Co
American General Ins. Co.(Texas),(quar.)_ _
Hartford Steam Boiler Inspec.& Ins. Co.(quar.)
Reliable Fire Insurance (Ohio), (quar.)
.55c
15c
40c
90c
Miscellaneous
Allied Chemical & Dye Corp.,common (quar.)-Allis & Fisher (quar.)
Amerada Corp.,capital stock (quar.)
American Can Co. corn. (guar.)
American Factors, monthly
American Home Products Corp. (monthly). _ American Ice Co.. preferred (guar.)
$134
lOc
SOc
$1
10c
200
$134
II,
Apr. 2 Mar. 26
Mar. 31 Mar. 20
Apr. 2 Mar. 28
Apr. 2 Mar. 28
May 1 Apr. 11
I tn: 38 Mar. 26
t r
•
Apr. 16
May 15 Apr. 24e
Apr. 10 Mar.31
May 1 Apr. 14a
Apr. 25 Apr. 6
Name of Company.
When Holders
Per
Share. Payable. ofRecord.
Miscellaneous (Continued)—
May 1 Apr. 14
American Ship Building,common (quar.)
May 10 Apr. 30
Amparo Mining
Apr. 2
Associated Electrical Industries,ordinary register
°3%
%ig
Amer. depository receipts for ordinary register Tt035° Apr. 16 Apr.2
25c .kg. 2
Atlantic City Sewerage (guar.)
$1%
Y 1 Apr. 20
Atlas Powder Co., preferred (quay.)
20c Apr. 2 Mar.27
Antenna Oil Co.. pref. (quar.)
25c Apr. 2 Mar. 15
Avondale Mills, common (quar.)
84 Aim 16 Apr. 14
-a.)
8% preferred (s.
123c Apr. 16 Mar.31
Braborne Mines (quarterly)
r7 4c Apr. 16 Mar.31
Canadian General Investors, registered
r2 c Apr. 16 Mar.31
Registered, extra
r7 4c Apr. 2
Coupon (quarterly)
r2 c Apr. 16
Coupon,extra
Apr. 2 Mar.21
$
Lockwood & Brainard (quar.)
Case.
May 1 Apr. 20
1
Central Illinois Securities, cum. pref. (quar.)
10c Apr. 2 Mar.24
Chalmers Oil Ac Gas.8% pref
pref.(qu.) $1% Apr. 15 Apr. 5
Cincinnati Postal Terminal & Realty,
$I Apr. 2 Mar.27
Columbia Mills (quar.)
40c Apr. 2 Mar. 28
Commonwealth Life Ins.(Ky.)(quar.)
15c June 1 May 21
Consolidated Paper
7
$184 Apr .16 Apr. 2
.2
0
Corn Products Regining Co., common (quar.)
Apr. 2
Preferred (quarterly)
30c May 1 Apr. 20
Ouneo Press, inc., corn. (quar.)
$1% June 15 June 1
Preferred (quar.)
$3 Apr. 2 Mar.31
Discount Corp. of N. Y.(guar-)
lbc Apr. 20 Mar. 31
Divonian Oil (guar.)
10c Apr. 20 Mar.31
Extra
12%c Apr. 2 Mar.22
Duquesne Brewing, pref. A (quar.)
50c Apr. 2 Mar. 23
Eagle Lock (guar.)
25c May 15 May 1
Eaton Manufacturing (guar.)
$1 May 1 Apr. 16a
Eureka Pipe Line Co.capital stock
50c Apr. 2 Mar. 21
Fairmont Creamery (guar.)
$1% Apr. 2 Mar. 21
Preferred (quar.)
Farmers & Traders Life Insurance Co.(quar.)-- $2% July 1 June 10
$2% Oct. 1 Sept. 10
Quarterly
$4 Apr. 16 Apr. 2
F. E. D. Corp. (liquidating)
$1 Apr. 2Mar. 23
Fiberlold Corp., common (quar.)
Apr.
1
2
$ g Apr. 1 Mar. 23
7% preferred (quay.)
Mar.26
First National Corp. A (Portland)(quar.)
$1% Mar.31 Mar. 21
(quar.)
First State Pawners Society
Apr. 14
75c May
General Mills. Inc., common (quar.)
$ig Apr. Mar.24
G. L. T. Corp.. 7% preferred (guar.)
Apr. 10
30c I‘Uy
Gold Dust Corp., com.(quar.)
75c Apr. 16 Apr. 2
Gorham Manufacturing Co., common
$3 June 30 June 28
---,
Grace(N.R.)6% first pref. (semi-annual).$3 Dec. 29 Dec. 27
6% first preferred (semi-annual)
$2 Mar.31 Mar.29
Preferred A (quar.)
Apr. 2 Mar.24
$1
Great Lakes Transit. 7% preferred (quar.)
Apr. 16 Mar.31
Guarantee Co.of North America,(Mont.),(qu.)
Apr. 16 Mar.31
Extra
Apr. 1 Mar.26
Hatfield-Cambell Creek Coal, pref. (initial)---$1% Apr. 1 Mar.26
Participating preferred (initial)
20c Mar. 31 Mar.24
Hawaiian Agricultural (monthly)
$1% May 15 May 4
Heroines Powder Co., preferred (quar.)
75c May 15 Apr. 25
Hershey Chocolate Corp.. coin. (quar.)
$1 May 15 Apr. 25
Convertible preferred (guar.)
Sc Apr. 23 Apr. 6
Gold MIMS (monthly)-Hollinger Consolidated
Sc Apr. 23 Apr. 6
Extra
25c May 15 Apr. 28
Hormel(Geo. A.)& Co.,common (guar.)
May
Apr. 28
(quar.)
Class A preferred
1
15 Apr. 11
Horn & Hardart Co.(N. Y.),common (quar.)_ $4141
10c Apr. 5 Mar.31
Hutchinson Sugar Plantation (monthly)
July 3
Imperial Life Assurance (quar.)
Oct 1
Quarterly
Jan.1'35
Quarterly
Apr. 2 Mar. 26
Industrial Cold Storage & Warehouse (s.
-an•)--May 1 Apr. 14
International Printing Ink Corp., pref.(guar.)._ $1
Apr. 14 Mar.31
Irving Investors Fund C inv. shares (quar.)__ -$3.46 Mar.26 Feb. 28
Jones (J. Edward) Royalty Trust, series A
$3.45 Mar. 26 Feb. 28
Series B, participating trust certificates
$8.18 Mar. 26 Feb. 28
Series C, participating trust certificates
Mar. 31 Mar. 26
$1
Kroeiner Mfg. Co., 7% preferred (quar.)
Mar.31 Mar.26
$1
Preferred A (quarterly)
Mar. 31 Mar.24
1
Laclede Steel Co., common (quay.)
$1% Apr. 10 Mar.28
Lamont Corliss & Co.(quar.)
50c Apr. 10 Mar.28
Extra
Ivb.y 1 Apr. 16
Lane Bryant, Inc.. 7% pref. (quar.)
Apr. 1 Mar.31
11
Lane Company
7% preferred (guar.)
$1.% Apr. 1 Mar.31
$1% May 1 Apr. 20
Lawbeck Corp.6% preferred (guar.)
$1 Apr. 2 Mar.23
Leaders Filling Station, 8% pref. (quar.)
10c June 1 May 15
Link Belt Co., common (guar.)
$1% July 2 June 15
Preferred (quar.)
$14 Apr. 11 Apr. 7
Ludlum Steel Co.,6%% preferred (quar.)
62%c Mar.30 Mar.23
Macbeth-Evans Glass (quar.
$1 Apr. 2 Mar.28
Metal
Metal Package Corp. (quar.
75c May 1 Apr. 16
Metropolitan Storage Warehouse (quar.)
e100% Apr. 30 Apr. 20
Co
Monsanto Chemical
$1 Apr. 2 Mar.23
Naumkeag Steam Cotton (quar.)
40c Apr. 2 Mar.24
New England Equity Corp
$1% Apr. 2 Mar. 10
6% preferred quar.
$2 Apr. 2 Mar.24
8%_preferred guar.
50c IvUy 10 Apr. 20
New Jersey Zinc Co. quar.)
50c Apr. 30 Apr. 16
Newmont Mining Corp
$1 Mar.28 Mar.20
New Orleans Cold Storage & Warehouse (quar.
Mar.20
Northland Greyhound Lines, cony. pref.(guar.
Apr. 1
Ap .
$14 Apr 2 Mar.22
Pacific Southwest Realty Co., 5%% pref. (qu.
Apr. 2 Mar.24
6
Penna. Warehousing & Safe Deposit Co.(guar.
25c Apr. 2 Mar.23
Peter Paul. Inc. (quar.)
25c Apr. 2 Mar.23
Extra
e 1-24 Apr 13 Apr. 6
. 3
Pirelli Co.of Italy, American shares
Apr. 6
American shares
June 15
Pollock Paper & Box Co., pref. (quar.)
/11%4 Sept.15
Preferred (quarterly)
$1% Dec. 15
Preferred (quarterly)
25e Apr. 7 Mar.31
Polygraphic Co.of America, pref. (quar.)
Apr. 2 Mar.28
Publication Corp., original preferred (quar.)_
May 1 Apr. 14
Quarterly Income Shares, Inc. (quar.)
25c Mar.31 Mar.21
Reed Roller Bit (quarterly)
$1 Apr. 2 Mar.22
Reversible Collar
1 c Apr. 2 Mar. 27
Rice Ranch Oil (quar.)
Apr. 2 Mar. 16
Robinson Consolidated Cone
10%
Rolls-Royce, Ltd. (final)
871e Apr. 2
Rubel Corp.,7% preferred (8.-a.)
Apr. 16 Apr. 5
St. Croix Paper Co.,common (guar.)
75c Mar.31 Mar.20
St. Joseph Stockyards (quar.)
50c Apr. 2 Mar.21
St. Paul Union Stockyards (quarterly)
20c Apr. 14 Apr. 2
San Carlos Milling, Ltd. (monthly)
80c Apr. 14 Apr. 2
Extra
$2 Apr. 2 Mar.22
Securities Investment (St. Louis). (guar.)
87% May 1 Apr. 17
Sharp & Dohme cum.cony. pref. A (quar.)
May 1 Apr. 16
-a.)
Simpson (Robert) Co., preferred (s.
40c Apr. 2 Mar.27
Smyth Mfg. Co.(guar.)
10c May 29 May 18
South American Gold & Platinum Co. __
Apr. 2
Southern Bleachery Sr Print Wks.,7% pref.(qu.) $1
Apr. 2 Mar.20
State & City Building Corp.,6% pref. (quar.)_., $1
May I Apr. 7
3
Steel Co. of Canada, common (quar.)
43(c May 1 Apr. 7
Preferred (quar.)
12 c Apr. 16 Apr. 5
Superheater Co.(quarterly)
May 1 Apr. 20
Sutherland Paper Co
50c Apr. 1 Mar.26
d Tide Water Oil Co., common (guar.)
$1% May 1 Apr. 14
Trite Printing Ink, pref. (quar.)
3.925c Apr. 20
Trust Fund Shares, bearer
3.925c Apr. 2 Mar.31
Registered
$1% Apr. 14 Mar.31
.
'Puckett Tobacco Co • Ltd. pref. (quar.)
75c May I Apr. 19
Tung-Sol Lamp Works $3 mint. Pref.(quar.)_ _ _ _
h25c May 1 Apr. 19
$3 cumulative preferred
Corp.(Des Moines. Ia.),(qu.) 2%c Apr. 1 Mar.20
United Investors
Van de Kamps Holland Dutch Baking
$1% Apr. 2 Mar. 10
6% preferred (quar.)
2201
Financial Chronicle
Volume 138
$1g
When Holders
Per
Share. Payable. ofRecord.
Name of Company.
Miscellaneous (Concluded)—
Walker Mfg preferred (quar.)
Waterbury-Farrel Foundry & Machine(quar.)
Westinghouse Electric Mfg. Co., pref. (quar.)
West Point Manufacturing Co
Extra dividend
Worthington Ball Co.,$2 class A
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Monthly
Monthly
Monthly
Monthly'
Wrigley (A. B.) Co.7% pref.(quar.)
75c
75c
87%c
1%
1%
h50c
25c
25c
25c
25e
25c
25c
$1%
May 1 Apr. 20
Apr. 2 Mar.26
Apr.
Apr. 30 Mar.
Apr. 2
Apr. 2 Mar. 23
Apr. 14 Mar.31
May 1 Apr. 20
June 1 May 19
July 2 June 20
Aug. 1 July 20
Sept. 1 Aug. 20
Oct. 1 Sept.20
Apr. 2 Mar.22
ia
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.
Nano of ComParal
Wien
Per
Mars. Payabls.
Beets Closed
Days fachistee.
Railroads (Steam).
$3 Apr. 1 Holders of rec. Mar. 8
-a.)
Alabama & Vicksburg (s.
63o Apr. 2 Holders ot roe. Feb. 28
Bangor & Aroostook. common
% Apr. 2 Holders of rec. Feb. 28
Preferred
60c Apr. 2 Holders of rec. May. 15
Beech Creek
$2 Mar. 31 Holders of rec. Feb. 28
Boston & Albany
32.125 Apr. 2 Holders or rec. Mar. 20
Boston & Providence (guar.)
S2.125 July 2 Holders of rec. June 20
Quarterly
S2.125 Oct. 1 Holders of rec. Sept.20
Quarterly
70e Apr. 2 Holders of roe. Mar. 8
Chesapeake & Ohio common (guar.).
$2.80 Apr. 2 Holders of rec. Mar. 8
8100 par common (quar.)
Ii3l4 July 1 Holders of rec. JIM, 8
Preferred (semi-ann.)
of rec. Apr. 16
Cincinnati Sandusky & Cleve.. pf.(s-a)- $114 May 1 Holders of roe. Mar.20
Cincinnati Union Terminal.4% pf.(qu.) $114 Apr. 1 Holders of rec. June 20
5134 July 1 Holders
4% preferred (qua?.)
ill( Oct. 1 Holders of roe. Sept.20
4% preferred (quar.)
Janl'35 Holders of rec. Doe. 20
4% preferred (quar.)
Cincinnati & St. Louis
Cleveland
$111 Apr. 30 Holders of rec. Apr. 20
5% preferred (quar.)
of rec. May 10
Cleveland & Pittsburgh. reg. gtd.(quar.) 8740 June 1 Holders ol rec. Aug. 10
87140 Sept. 1 Holders
Registered guaranteed (mar.)
Holders of rec. Nov. 10
87140 Dec. 1
Registered guaranteed (guar.)
500 June 1 Holders of rec. May 10
Special guaranteed (quar.)
500 Sept. 1 Holders of rec. Aug. 10
Special guaranteed (quar.)
50o Doe. 1 Holders of rec. Nov. 10
Special guaranteed (guar.)
8734e Apr. 2 Holders of rec. Mar. 15
Dayton & Michigan (s-a)
31 Apr. 2 Holders of rec. Mar. 15
8% preterred (quar.)
$2 July 7 Holders of rec. June 20
Detroit Hillsdale & S'western (s-a)
$3 Apr. 2 Holders of rec. Mar. 31
Dover & Rockaway (s-a)
$1 Apr. 2 Holders of tee. Mar.20
Elisabeth & Trenton (8.-a.)
$144 Apr. 2 Holders of rec. Mar.20
Preferred (5.-a.)
$114 Apr. 2 Holders of rec. Mar.21
Joliet dr Chicago
SI Apr. 2 Holders of rec. Mar. 8
Lackawanna RR.of N.J.,4% pref.(qu.)
$ilt May I Holders of rec. Apr. 11
Mahoning Coal,con.(quar.)
51 Apr. 2 Holders of rec. Mar. 15
Meadville,Conn. Lake & Linesville(s.-a.)
$244 Apr. 1 Holders of rec. Mar. 15
New London Northern (quar.)
$114 Apr. 2 Holders of rec. Mar. 5
N Y.Lackawanna,5% gtd.(quer.).
it% Apr. 2 Holders of rec. Mar. 14
New York Lackawanna & Western (qu.)
SI June 1 Holders of rec. May 21
Northern RR of NJ.4% gtd (quar.)._
$1 Sept. 1 Holders of rec. Aug. 22
4% guaranteed (quar.)
81 Dee. 1 Holders of rec. Mar. 21
(qua?.)
4% guaranteed
$2 Apr. 2 Holders of rec. Mar. 10
Norvrick & Worcester,8% pref.(qu.)—
$144 Apr. 2 Holders of rec. Mar. 17
Old Colony
$134 Apr. 1 Holders of rec. Mar. 24
Peterborough (Nashua, N.H.)(8.5-.).
750 Apr. 10 Holders of rec. Mar.31
Piedmont& Northern (quar.)
750 Apr. 2 Holders of rec. Mar. 15
-a.)
& Lake Erie(a.
Pittsburgh Bessemer
ill( Apr. 3 Holders of rec. Mar. 10
Pitts Ft Wayne & Chicago (guar.)
al% July 3 Holders of rec. June II
Quarterly
ill( Oct. 2 Holders of rec. Sept. 10
Quarterly
$141 1-1-35 Holders of rec. Dec. 10
Quarterly
El% Apr. 3 Holders of rec. Mar. 10
7% preferred (qua?.)
SI% July 3 Holders of rec. June 11
7% preferred (guar.)
8144 Oct. 2 Holders of rec. Sept. 10
7% preferred (guar.)
Sl% 1-1-'35 Holders of rec. Dec. 10
7% preferred (qua?.)
Pittsburgh Youngstown & Ashtabula
8144 June 1 Holders of rec. May 21
(Qua?.)
7% preferred
$134 Sept. 1 Holders of rec. Aug. 20
7% preferred (guar.)
$144 Dee. I Holders of roe. Nov.20
7% preferred (quar.)
$254 Apr. 2 Holders of rec. Mar. 14
Providence & Worcester(quar.)
500. Apr. 12 Holders of rec. Mar.22
Reading, 2d preferred (quar.)
25e May 10 Holders of rec. Apr. 2
Common (guar.)
$2 Apr. 2 Holdree of rec. Mar. 15
Southern By.(Mob.& Ohio stk.tr.ctts.)
44 Apr. 2 Holders of rec. Mar. 1
Union Pacific, common
$2 Apr. 2 Holders of rec. Mar. 1
Preferred
United New Jersey RR.& Canal(qmar.). $214 Apr. 10 Holders of rec. Mar.20
$3 May 1 Holders of rec. Apr. 14
Utica. Chenango & Susquehanna Valley.
$3 Apr. 7 Holders of rec. Mar. 13
Vermont & Massachusetts (8.-a.)
$244 Apr. 1 Holders of rec. Mar.
-a.).
Vicksburg Shrev. & Pac. coin. (s.
5214 Apr. 1 Holders of rec. Mar. 8
Preferred (semi-annual)
ill( Apr. 16 Holders of rec. Apr. 4
Warren (s-a)
Public Utilities.
Alabama Power Co.$7 pref.((Mar.).— ill(
$134
$6 preferred (quar.)
$134
$5 preferred (guar.)
American District Teleg. Co. of N.J.—
$1
Common (quar.)
$134
Preferred (quar.)
25e
American Gas& Elec.(quar.)
$115
Preferred (quar.)
3714o
Amer. Pow.& Lt. Co. $6 pref. (qua?.)
31140
8.5 preferred
American Superpower Corp. 1st pf.(qu.) 81 34
$234
American Tel. & Tel. Co.(guar.)
American Water Works & Elec. Co.—
$134
$6 first prefelred (qua?.)
Appalachian El. Pow. Co.$7 pf.(qu.)._ $134
14
86 preferred (quar.)
h60c
Arkansas Pow.& Lt.,$8 pref
h59c
87 preferred
$ot
Atlantic & Ohio Tel.(quar.)
33
Attleboro Gas Light (guar.)
3710
Bangor 11 y dro-Elec.,corn.(guar.)
7% preferred (quar.)
$144
6% preferred (quar.)
$134
$114
Battle Creek Gas,6% pie!.(quar.)
Bell Telephone Co.of Canada ((marl...- ril%
Bell Telep.Co.of Pa.614% pref.(qu.)
$134
8144
Binghamton Gas works. 7% pref.(qu.)
Boston Elevated liy. (quar.)
14
$114
Brazilian Trac., Lt. & Pow. prof.(qu.).
600
Bridgeport Gas Light (guar.)
400
Bridgeport Hydraulic (quer.)
r380
British Columbia Power A (quar.)
Brit.Columbia Pow.& GSM,6% pt.(qu) 5134
$1 34
British Columbia Tel.,6% 1st pf.(qu.)
75e
Brooklyn Borough Gas,6% pref. (qu.)
5634e
Extra
$114
Common (guar.)
Brooklyn-Manhattn Transit, pref. (qu.) $134
$114
Brooklyn & Queens Transit pref.(qu.).
ill(
Brooklyn Union Gas Co.(quar.)
40c
Buffalo Niagara & Eastern Power (qu.)
$114
$5 1st preferred
$114
Power Co.,corn.(quar.)
Calgary
25e
Canada Northern Power,Ltd.,com.(qu.)
134%
7% preferred (quar.)
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar.15
May 1 Holders of rec. Apr. 16
Apr. 16 Holders of rec. Mar.15
Apr. 16 Holders of rec. Mar.16
Apr. 2 Holders of rec. Mar. 13
May 1 Holders of rec. Apr. 7
Apr. 2 Holders of rec. Mar. 7
Apr. 2 Holders of roe. Mar. 7
Apr. 2 Holders of rec. Mar. 15
Apr. 16 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 9
Apr. 2 Holders of rec. Mar. 9
Apr. 2HoldersofreC. Mar. 9
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 17
Apr. 2 Holders of rec. Mar. 15
May 1 Holders of rec. Apr. 10
Apr. 2 Holders of rec. Mar. 10
Apr. 2 Holders of rec. Mar. 10
Apr. 1 Holders of rec. Mar. 20
Apr. 16 Holders of reo. Mar.23
Ap . 14 Holders of rec. Mar.20
Apr. 2 Holders of re . Mar.21
Apr. 2 Holders of rec. Mar. 10
Apr. 3 Holders of rec. Mar.15
Mar.31 Holders of rec. Mar.16
Apr. 16 Holders of rec. Mar. 31
Apt. 16 Holders of rec. Mar.31
Apr. 3 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar.21
Apr. 2 Holders of rec. Mar.21
Apr. 10 Holders of rec. Mar.31
Apr. 16 Holders of rec. Mar.31
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 1
Apr. 2 Holders of rec. Mar. 15
May 1 Holders of rec. Apr. 14
Apr. 2 Holders of rec. Mar. 15
Apr. 25 Holders oi roe. Mar.31
Apr. 16 Holders of roe. Mar.31
2202
Financial Chronicle
Mar. 31 1934
Per
When
Books Closed
Per
When
Books Cloud
Nano of Company
Share. Payable.
Name of Company.
Datis
Share. Payable.
Days Inclusive.
Public Utilities (Contlineed).Public Utilities (Continued).
Canadian Fairbanks Morse Co.,pf.(qu.). $14 Apr. 16 Holders of reo. Mar.31
Memphis Natural Gas,$7 pref.(guar.)-- $14 Apr. 2 Holders of rec. Mar. 20
Carolina Pow.& Light,$8 pref
5750 Apr. 2 Holders of rec. Mar. 16
Metropolitan Edison Co.$6 pref.(qu.)._ $14 Apt. 1 Holders of rec. Feb. 28
$7 preferred
5880 Apr. 2 Holders of rec. Mar. 16
$7 preferred (qua?.)
31% Apr. 2 Holders of reo. Feb. 28
Central Illinois Light Co.6% pret.(qu.). 14% Apr. 2 Holders of reo. Mar. 15
$5 preferred (gust.)
314 Apr. 2 Holders of rec. Feb. 28
7% preferred (qua?.)
Minn. Gas Light,5% Ptc. units (qu.)
14% Apr. 2 Holders of reo. Mar. 15
$14 Apr. 2 Holders of rec Mar. 20
Cincinnati Gas & Elec., pref. A (quar.)
314 Apr. 2 Holders of rec. Mar. 15
Minnesota Pow.& Light,6% pref
575o Apr, 2 Holders of rec. Mar. 12
Cincinnati Newport & Covington Light
7% preferred
587c Apr. 2 Holders of rec. Mar. 12
& Traction (guar.)
$14 Apr. 16 Holders of rec. Mar.30
e6 preferred
h75o Apr. 2 Holders of rec. Mar. 12
Preferred (quar.)
$1.125 Apr. 16 Holders of rec. Mar. 30
Mississippi River Power6% pre/.(qu.)
$14 Apr. 2 Holders of rec. Mar. 15
Cincinnati dr Suburban Telep. (quar.)
$1.13 Apr. 12 Holders of rec. Mar. 20
Missouri Edison Co.. $7 pref
568 1-30 Apr. 1 Holders of reo. Mar.20
Citizens Water(Wash.. Pa.)(guar.).-- 314 Apr. 2 Holders of rec. Mar. 20
Monongahela Valley Water pref.(qu.)_ $15/ Apr. 16 Holders of rec. Apr. 2
Cleveland Elec. Ilium. Co.. com.(qu.)50o Apr. 1 Holders of rec. Mar. 20
Monongahela West Penn Pub. Service
Clinton Water Works,7% pref.(guar.)_ $14 Apr. 16 Holders of rec. Apr. 2
7% cum. preferred (quar.)
14% Apr. 2 Holders of rec. Mar. 15
Columbus Ry. Pow. & Lt.6% pf. (qu.)- $1
Apr. 2 Holders of rec. Mar. 15
Montana Power Co..$6 pref. (quar.)--- 51% May 1 Holders of rec. Apr. 1
64% preferred B (guar.)
$1.63 May 1 Holders of rec. Apr. 14
Montreal Light, Heat & Pow.(quar.)...
370 Apr. 30 Holders of rec. Mar.31
Commonwealth & Southern Corp.
Montreal Teleg. Co.(guar.)
80o Apr. 16 Holders of rec. Mar. 31
$6 preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 9
Montreal Tramways Co.. COM (qua?.).. $24 Apr. 14 Holders of reo. Apr. 5
Commonwealth Water & Light pf.(qui- 314 Apr. 2 Holders of rec. Mar. 20
MountainStates Tel.& Tel.(qua?.)---32 Apr. 16 Holders of rec. Mar. 31
$6 preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 20
Mutual Telep. (Hawaii), mo.)
86 Apr. 20 Holders of rec. Apr. 5
Connecticut Elec. Service, corn.(quar.)750. Apr. 1 Holders of rec. Mar. 15
Nassau ek Suffolk Ltg., pref.(gust.).... $14 Apr. 1 Holders of reo. Mar. 15
Connecticut G.& C.&cur.,coca.(qu.)
50 Apr. 2 Holders of rec. Mar. 15
National Fuel Gas(quar.)
25o Apr. 16 Holders of rec. Mar. 31
$3 preferred (qua?.)
750 Apr. 2 Holders of rec. Mar. 15
National Power & Light,$6 pref.(qu.)
$14 May 1 Holders of rec. Apr. 6
Consol. Gas of N. Y..5% pref.(quar.)
$14 May 1 Holders of reo. Mar. 20
Newark & Bloomfield RR (s.-a.)
31% Apr. 2 Holders of reo. Mar 24
Consol. Gas El. Lt. & Pow. Co.of Bait..
New Brunswick Telep. (qua?.)
12He Apr. 15 Holders of rec. Mar. 31
Common (quar.)
90c Apr. 2 Holders of reo. Mar. 15
New England Gas & Electric Assn.
Series A,5% preferred (qua?.)
31% Apr. 2 Holders of rec. Mar. 15
$14 Apr. 1 Holders of rec. Feb. 28
e54 preferred (quar.)
Series D6% preferred (quar.)
31% Apr. 2 Holders of rec. Mar. 15
New England Power Assoc.6% pr.(qu.) $14 Apr. 2 Holders of reo. Mar. 10
Series E
% preferred (qua?.)
$14 Apr. 2 Holders of rec. Mar.15
e2 preferred (guar.)
50o. Apr. 2 Holders of rec. Mar. 10
Consumers Gas of Toronto(quar.)
$24 Apr. 2 Holders of rec. Mar. 15
Quarterly
500. Apr. 16 Holders of rec, Mar. 31
Consumers Power Co.. $5 prof. (quar-)- $14 Apr. 2 Holders of rec. Mar. 15
New England Tel. & Tel. Co
$14 Mar.31 Holders of rec. Mar. 9
$5 preferred (quar.)
$14 July 2 Holders of rec. June 15
New Jersey Pr. & Lt.. $6 prof.(qua?.).. $14 Apr. 2 Holders of reo. Feb. 28
6% preferred (qua?.)
$14 Apr. 2 Holders of rec. Mar. 15
$5 preferred (qua?.)
51% Apr. 2 Holders of reo. Feb. 28
6.6% preferred (quar.)
$1.65 Apr. 2 Holders of reo. Mar. 15
New Jersey Water,7% pref.(qua?.).... $14 Apr. 2 holders of rec. Mar.20
6.6% preferred (qua?.)
$1.65 July 2 Holders of rec. June 15
Newport Elec. Corp.,6% pref.(guar.).- $14 Apr. 1 Holders of rec. Mar. 15
7% preferred (qua?.)
31% Apr. 2 Holders of reo. Mar. 15
N.Y.Pow.& Light Corp.,7% pt.(qu.). 51% Apr. 2 Holders of rec. Mar. 15
7% preferred (qua?.)
$14 July 2 Holders of rec. June 15
$6 preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
500 Apr. 2 Holders of reo. Mar. 15
N.Y.& Richmond Gas Co.,6% Pref.- 531% Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
50c May 1 Holders of rec. Apr. 14
New York Steam Corp.. $7 pref.(qu.).. 8151 Apr. 2 Holders of reo. Mar. 15
6% preferred (monthly)
50c June 1 Holders of rec. May 15
36 preferred (quar.)
31% Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
500 July 1 Holders of rec. June 15
New York Telephone,64% pref.(qua- $14 Apr. 16 Holders of rec. Mar.20
6.6% preferred (monthly)
55e Apr. 2 Holders of roe. Mar. 15
North Ontario Pow.Co.,Ltd..com.(qu.)
506 Apr. 25 Holders of rec. Mar.31
6.6% preferred (monthly)
550 May 1 Holders of rec. Apr. 14
6% preferred (qua?.)
14% Apr. 25 Holders of rec. Mar.31
6.6% preferred (monthly)
550 June 1 Holders of rec. May 15
North Shore Gas,7% pref
50o Apr. 2 Holders of rec. Mar. 10
6.6% preferred (monthly)
550 July 1 Holders of rec. June 15
Northern Indiana Public Service
Continental Gas & Elec.7% pref.(qu.). $14 Apr. 2 Holders of rec. Mar. 12
54% preferred (guar-)
6840 Apr. 14 Holders of rec. Mar. 31
Dakota Central Tel..64% pref.(qu.)
$14 Apr. 2 Holders of rec. Mar. 27
6% Preferred (guar.)
75c Apr. 14 Holders of rec. Mar. 31
Dayton Power & Light Co.pref.(toady.)
50c Apr. 1 Holders of rec. Mar.20
7% preferred (qua?.)
87%c Apr. 14 Holders of rec. Mar. 31
Detroit Edison Co.(qua?.)
$1 Apr. 16 Holders of rec. Mar.31
Northern States Pow.Co.corn.(qua?.)..
250 May 1 Holders of reo. Mar.31
Diamond State Telep.64% pref.(qu.). 31% Apr. 14 Holders of rec. Mar 20
7% preferred (guar.)
lg% Apr. 20 Holders of rec. Mar. 31
Duke Power Co.common (quar.)
31 Apr. 2 Holders of reo. Mar. 15
6% preferred (qua?.)
14% Apr. 20 Holders of rec. Mar. 31
Preferred (guar.)
$14 Apt. 2 Holders of reo. Mar.15
Northwestern Bell Tel.(quar.)
$I Mar.31 Holders of rec. Mar.29
Duquesne Light Co..5% 1st pref. (au.
). $14 Apr. 16 Holders of rec. Mar. 15
64% preferred (quar.)
$14 Apr. 14 Holders of rec. Mar. 20
East Missouri Power Co..7% pref.(s.
-a) 33% Apr. 2 Holders of rec. Mar.20
Nova Scotia Light St Power (quar.)
75c Apr. 2 holders of rec. Mar. 17
Eastern New Jersey Power 6% pl.(qu.)
$14 Apr. 1 Holders of rec. Mar. 10
Ohio Edison Co., $5 pref. (guar.)
3131 Apr. 2 Holders of rec. Mar. 15
Eastern Township Telephone
180 Apr. 15 Holders of reo. Dee 31
$6 preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 15
Electrical Securities Corp.. $5 pref.(qu.) $14 Mar.31 Holders of rec. Mar. 15
$6.60 preferred (quar.)
$1.65 Apr. 2 Holders of rec. Mar. 15
Elizabethtown Consol. Gas.
$1 Apr. 2 Holders of rec. Mar.26
$7 preferred (Quar.)
$14 Apr. 2 Holders ot rec. Mar .16
Elizabeth & Trenton (5.-a.)
el Apr. 2 Holders of reo. Mar.20
$7.20 preferred (quar.)
31.80 Apr. 2 Holders of rec. Mar. 15
Semi-annual
el Oct. 1 Holders of rec. Sept.20
Ohio Public Service Co.,7% pref.(mo.). 681-30 Apr. 2 Holders of reo. Mar. 15
5% preferred (s.
-a.)
$14 Apr. 2 Holders of reo. Mar.20
6% preferred (monthly)
500 Apr. 2 Holders of reo. Mar. 15
5% preferred(c-a.)
$14 Oct. 1 Holders of reo. Sept.20
5% preferred (monthly)
412-30 Apr. 2 Holders of rec. Mar. 15
Empire & Bay State Teleg.,4% gu.(qu.)
$1 June 1 Holders of roe. May 22
Ohio Telep. Service.7% pref.(qu.)
$14 Apr. 1 Holders of rec. Mar. 24
4% guaranteed (quar.)
$1 Sept. 1 Holders of reo. Aug. 22
Old Colony Lt. & Pow., 6% pref. (qu.) 3134 Apr. 6 Holders of rec. Mar. 15
4% guaranteed (quar.)
31 Dec. 1 Holders of red. Nov.21
Orange& Rockland Elec.7% pref.(qu.)
$14 Apr. 2 Holders of rec. Mar. 24
Empire Power Corp.$6 pref.((Mar.).- $14 Apr. 1 Holders of reo. Mar. 15
6% preferred (quar.)
81% Apr. 2 Holders °Wee. Mar.24
Eacanaw ba Pow.& Traction
Ottawa Light. Heat& Power(guar.)
$14 Apr. 2 Holders of rec. Mar. 15
6% preferred (guar.)
$14 May 1 Holders of tee. Apr. 26
% preferred (guar.)
514 Apr. 2 Holders of rec. Mar. 15
6% preferred (qua?.)
$14 Aug. 1 Holders of reo. July 27
Ottawa Elec. Ky.(qua?.)
480 Apr. 1
6% preferred (quar.)
$14 Nov. 1 Holders of rec. Oct. 26
Otter Tall Pow.(Minn.)$6 pref.(qu.)
$14 Apr. 2 Holders of rec. Mar. 15
Fall River Electric Light
75e Apr. 2 Holders of rec. Mar. 15
35% pref. red. (quar.)
$14 Apr. 2 Holders of reo. Mar. 15
-Foreign Lt.& Pow.Co..$6 pref.(quar.)- $14 Apr. 1 Holders of rec. Mar. 20
Pacific Gas& Elec.,corn.(qua?.)
3740 Apr. 16 Holders of reo. Mar.31
General Water Gas & Elec.. $3 Pt.(qu.). e7ter Apr. 2 Holders of reo. Mar. 17
Pacific Lighting Corp..$6 pref.(gust.).. 514 Apr. 16 Holders of reo. Mar. 31
Georgia Power, $6 pref.(qua?.)
$14 Apr. 2 Holders of rec. Mar. 15
Pacific Tel. & Tel.(quar.)
$1% Mar. 31 Holders of rec. Mar. 20
$5 preferred (qua?.)
31% Apr. 2 Holders of rec. Mar. 15
6% preferred (guar.)
5114 Apr. 16 Holders of rec. Mar. 31
Gold & Stock Teleg. Co.(quar.)
31% Apr. 2 Holders of reo. Mar. 31
Panama Pow.& Lt.,7% prof.(quer.).-- 31% Apr. 2 Holders of reo. Mar. 15
Great Lakes Pow.Co.,37 pref.(qua?,)
314 Apr. 16 Holders of rec. Mar.31
Penn. Central Lt. & Pr., pref. (gust.).. 314 Apr. 2 Holders of rec. Mar. 10
Greenwich Water & Gas6% pref.(qu.)
$14 Apr. 2 Holders of reo. Mar.20
$2.80 preferred (quar.)
700. Apr. 2 Holders of reo. Mar.10
Guardian Pub. UHL Inv. Tr., nor. I(s-a)
40e Apr.2 Holders of reo. Mar. 15
Pennsylvania Gas & Elec. Corp..
Gulf Power Co.. e6 pref. (guar.)
$14 Apr. 2 Holders of rec. Mar.20
$7 & 7% preferred (guar.)
$14 Apr. 2 Holders of rec. Mar.20
Hackensack Water, pref. (quar.)
435/0. Mar. 31 Holders of reo. Mar. 16
Pennsylvania Pow Co.,$6.60 Prof.(mo.)
55c Apr. 2 Holders of rec. Mar.20
Hartford Gas (qua?.)
50o Mar. 31 Holders of rec. Mar. 16
$6.60 Preferred (monthly)
550 May 1 Holders of rec. Apr. 20
8% preferred (quar.)
500 Mar. 31 Holders of reo. Mar. 16
$6.60 preferred (monthly)
550 June 1 Holders of rec. May 21
Honolulu Gas (monthly)
150. Apr. 20 Holders of rec. Apr. 12
$6 preferred (quar.)
$14 Juno 1 Holders of rec. May
Monthly
150. May 20 Holders of rec. May 12
Penna. Pow.& Light. 35 pref. (qua?.).. $134 Apr. 2 Holders of Ivo, Mar. 21
16
Monthly
15c. June 20 Holders of reo. June 12
$8 preferred (qua?.)
sit si Apr. 2 Holders of rec. Mar. 16
Houston Nat. Gas Corp., pref.(quar.).. 87Hc Mar. 31 Holders of rec. Mar.21
$7 preferred (qua?.)
$14 Apr. 2 Holders of rec. Mar. 16
Illinois Bell Telephone (quar.)
$2 Mar. 31 Holders of reo. Mar.21
Penna. Telep., 6% pref. (quar.)
$1% Apr. 2 Holders of rec. Mar. 15
Indiana Public Service,54% Pt.(quar.) 684c Apr. 14 Holders of rec. Mar.30
Pennsylvania Water & Power Co.
6% preferred (quar.)
The Apr. 14 Holders of rec. Mar.30
Common (guar.)
750 Apr. 2 Holders of reo. Mar. 15
7% Preferred (qua?.)
8735c Apr. 14 Holders of rec. Mar.30
Preferred (guar.)
$14 Apr. 2 Holders of reo.
Indiana & Mich. Elec. 7% pref.(qu.)__
$14 Apr. 2 Holders of rec. Mar. 9
Peoples Nat. Gas. 5% pref. (quar.).... 62140 Apr. 2 Holders of reo. Mar. 15
6% preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 9
Peoria Water Works, 7% pref. (qu.).-- s14 Apr. 2 Holders of reo. Mar. 15
Mar.
Indianapolis Power & Light Co.
Philadelphia Co., $5 cum. pref. (qua?.). $14 Apr. 2 Holders of rec. Mar.20
1
6% preferred (quar.)
3134 Apr. 1 Holders of rec. Mar. 1
Corn n on (mar.)
200 Apr. 25 Holders of rec. Apr. 2
% pzeterred (quar.)
$14 Apr. 1 Holders of reo. Mar. 1
$8 cum. preferred (guar.)
$14 Apr. 2 Holders of rec Mar. 1
Indianapolis Water Co.. 5% pref.(au.). $14 Mar.31 Holders of rec. Mar. 10
6% preferred (s.
-a.)
$14 May 1 Holders of rec. Apr. 1
Internat. Hydro-Elec.$34 pref.(qu.).. 87%c Apr. 16 Holders of rec. Mar. 26
Philadelphia Elec. Pow.8% pref. (q11.)
50c Apr. 1 Holders of rec. Mar. 10
Interooean Telep. Co. (quar.)
214 Apr. 2 Holders of reo. Mar. 31
Plainfield Union Water (guar.)
$14 Apr. 2 Holders of roc Apr. 2
Iowa Public Service. $7 1st pref. (qu.).. $ot Mar.31 Holders of reo. Mar. 20
Porto Rico Power, pref.(guar.)
$14 Apr. 2 Holders of reo. Mar. 15
36% let preferred (qua?.)
$14 Mar.31 Holders of rec. Mar.20
Providence Gas Co.(guar.)
25e Apr. 2 Holders of
$7 26 preferred (quar.)
$14 Mar. 31 Holders of res. Mar. 20
Pub.Serv. Co.of Colorado,7% pt.(mo.) 581-3c. Apr. 2 Holders of reo. Mar. 15
rec. Mar. 15
$6 2d preferred (quar.)
$14 Mar. 31 Holders of reo. Mar.20
6% preferred (trio.)
50c Apr. 2 Holders of rec. Mar. 15
Jamaica Pub.Serv.Co..7% pref.(qua?.) $14 Apr. 3 Holders of rec. Mar. 21
5% preferred (mo.)
41 2-3c. Apr. 2 Holders of reo. Mar. 15
Common (quer.)
250 Apr. 3 Holders of rec. Mar. 21
Public Service Corp. of N.J. corn.(qu.)_
7011 Mar.31 Holders of roc Mar. 1
Jamestown Telep., 7% 1st pref.(qua?.). s14 Apr. 1 Holders of rec. Mar. 15
8% cumulative preferred (qua?.)
$2 Mar.31 Holders of reo. Mar. I
Jersey Central Pr.& Lt..7% pref.(an.). 31% Apr. 2 Holders of rec. Mar. 10
7% cumulative preferred (guar.)
$14 Mar.31 Holders of reo. Mar. 1
6% preferred (quar.)
$14 Apr. 2 Holders of rec. Mar. 10
$s cumulative preferred (quar.)
$14 Mar.31 Holders of reo. Mar. 1
54% preferred (quar.)
$14 Apr. 2 Holders of reo. Mar. 10
6% preferred (monthly)
50e Mar.31 Holden of rec. Mar. 1
Joplin Water Works6% pref.(quar.)-- - $14 Apr. 16 Holders of rec. Apr. 2
Public Service Co.of Okla.. 7% pref.
(qu) $14 Apr. 2 Holders of reo. mar.20
Kansas City Pow.& Lt. 1st pref. (qu.)... 214 Apr. 1 Holders of rec. Mar. 14
6% preferred (guar.)
$14 Apr. 2 Holders of reo. Mar.20
Kansas El. Pow. Co.7% prof.(qua?.).. $14 Apr. 2 FIolders cd rec. Mar.15
Public Service Electric de Gas Co.
6% preferred (qua?.)
$14 Apr. 2 Holders of rec. Mar.15
7% preferred (qua?.)
EN Mar. 31 Holders of roe. Mar. I
Kansas Gas& Elec.,7% pref.(qu.)
$14 Apr. 1 Holders of rec. Mar. 19
$5 Preferred (guar.)
$14 Mar.31 Holders of reo. Mar. 1
$6 preferred (guar.)
31% Apr. 1 Holders of rec. Mar. 19
Queensborough Gas & Elec.6% Pf.(qe.) $14 Apr. 2 Holders of reo. Mar. 15.
Kansas Utilities.7% pref.(quar.)
$14 Apr. 2 Holdall of rec. Mar.81
Rhode Island El. Protective Co
$14 Apr. 2 Holders of rec. Apr. 2
Kelley laid. Lt.& Trao.(quar.)
15e Apr. 1 Holders of reo. Mar.24
Richmond Water Works6% pref. (qu.)- $14 Apr. 2 Holders of rec. Mar. 20
Kentucky Utilities Co..6% prof.(guar-) $14 Apr. 14 Holders of mu Mar.28
Ridge Ave. Passenger Ky. (Phila.)(qua
33 Apr. 2 Holders of reo. Mar. 15
Keystone Pub. Serie., $2.80 pref.(qu.)..
70o. Apr. 1 Holders of reo. Mar. 15
Rochester Telep. Corp.6 H % pref.(qu.) 514 Apr. 2 Holders of rec. Mar. 20
Kings County Lighting (guar.)
$14 Apr. 2 Holders of rec. Mar. 19
5% second preferred (quar.)
s14 Apr. 2 Holders of rec. Mar. 20
7% preferred (qua?.)
314 Apr. 2 Holders of reo. Mar. 19
Quarterly
51% Apr. 2 Holders of roe. Mar. 20
8% preferred (guar.)
$14 Apr. 2 Holders of roe. Mar. 19
Rockville-Willimantic Lt.,7% pf.(qu.)
$14 Apr. 2 Holders of rec. Mar. 15
6% preferred (gust.)
$14 Apr. 2 Holders of reo. Mar. 19
6% preferred (quar.)
514 Apr. 2 Holders of rec. Mar. 15
Lockhart Power,7% pref. (s.-a.)
$34 Mar.31 Holders of rec. Mar. 31
St. Joseph Ky., Lt.. Ht.& Pr.. pf.(qu.). $14 Apr. 2 Holders of rec. Mar. 15
Lone Star Gsa Corp. common (guar.)...
160 Mar.31 Holders of roe. Mar. 12
Savannah El.& Pow. Co.8% pf. A (qu.)
$2 Apr. 2 Holders of reo Mar. 13
6% cony. preference (quar.)
$14 Mar.31 Holders of roe. Mar. 12
74% preferred B (guar.)
$14 Apr. 2 Holders of rec. Mar. 13
Long Island Lighting Co. 7% pref.(qu.). $14 Apr. 1 Holders of roe. Mar. 15
7% preferred C (qua?.)
$lyi Apr. 2 Holders of reo. Mar. 13
6% preferred (qua?.)
$14 Apr. 1 Holders of reo. Mar.15
6% preferred B (guar.)
$14 Apr. 2 Holders of rec. Mar. 13
Louisville Gas & Elec. Co.(Ky.)Scranton Electric $6 pref. (quar.)
Apr. 2 Holders of rec. Mar. 9
$1
7% preferred (quar.)
14% Apr. 14 Holders of rose. Mar.31
Sedalia Water Co. pre/ (guar.)
EN Apr. 15 Holders of rec. Apr. 1
6% Preferred (quar.)
14% Apr. 14 Holders of rec. Mar.31
Sharon KY.(semi-annual)
$14 Apr. 2 Holders of rec. Mar.21
5% preferred (guar.)
14% Apr. 14 Holders of reo. Mar. 31
Shasta Water Co. (guar.)
40e Apr. 2 Holders of rec. Mar.
Lynn Gas & Elec. Co. (guar.)
31% Mar. 31 Holders of rec. Mar. 19
South Carolina Power Co.. $6 pret.(qu.) $14 Apr. 2 Holders of rec. Mar.26
15
Manchester Gas Co.. 7% prof.(quar.).. 314 Apr. 2 Holders of rec. Mar.30
South Colorado Power, e6 1st pref.(au.) 5134 Apr. 2 Holders of reo. Mar. 15
Marion Water.7% pref.(quar.)
314 Apr. 2 Holders of roe. Mar.20
South Pittsburgh Water 7% pref. (qu.). 514 Apr. 16 Holders of reo. Apr. 2
Massachusetts Lighting (guar.)
75e Mar. 31 Holders of rec. Mar. 15
6% preferred (guar.)
814 Apr. 16 Holders of rec. Apr. 2
8% preferred (quar-)
$2 Apr. 16 Holders of reo. Mar.31
Southern & Atlantic Telegraph
6240 Apr. 2 Holders of rec. Mar. 16
6% preferred (gust.)
$14 Apr. 16 Holders of rec. Mar.31
So. Berkshire Power & Light
75o Mar. 31 Holders of rec. Mar. 15
Massachusetts Utilities Assoc.
Southern Calif. Edison Co.. Ltd.
Preferred (guar.)
62%c Apr. 16 Holders of rec. Mar. 31
54% preferred series C (quar.)
3440 Apr. 15 Holders of rec. Mar.20
Memphis Pow.& Lt. Co.37 prof.(a11.)-- $14 Apr. 2 Holders of rec. Mar. 17
Orig. preferred (guar.)
500 Apr. 15 Holders of reo. Mar.20
$6 preferred (guar.)
31% Apr. 2 Holders of rec. Mar. 17
Sou.Canada Pow. Co..6% pref.(guar.) 14% Apr. 16 Holders of rec. Mar.20
Name of Company.
•
2203
Financial Chronicle
Volume 138
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Name of Company.
When
Per
Share Payable.
Books closed
Days Inclusive.
Miscellaneous (Continued).
Mar. 9
Allied Chemical & Dye Corp.. pref.(qu.) 114% Apr. 2 Holders of rec. Mar.26
100 Apr. 2 Holders of rec.
Allied Laboratories
Apr. 2 Holders of rec. Mar.26
87)40
Preferred (guar.)
8734o July 1 Holders of rec. June 26
Preferred (guar.)
$13/ Apr. 2 Holders of rec. Mar. 20
Aloe(A. s.),7% pref
15
Aluminum Co. of Amer., prof.(guar.).. 37340 Apr. 1 Holders of rec. Mar 21
100 Apr. 1 Holders of rec. Mar.
Aluminum Goods Mfg.Co.(guar.)
500 Mar. 31 Holders of rec. Mar. 15
Aluminum Mfg.(guar.)
50o June 30 Holders of rec. June 15
Quarterly
500 Sept. 30 Holders of reo. Sept. 15
Quarterly
500 Dec. 31 Holders of ma. Dee. 15
Quarterly
$114 Mar. 31 Holders of rec. Mar. 15
7% preferred (guar.)
$114 June 30 Holders of rec. June 15
7% preferred (guar.)
5114 Sept. 30 Holders of reo. Sept. 15
7% preferred (guar.)
$114 Dee. 30 Holders of reo. Dee. 15
7% preferred (guar.)
500 Apr. 1 Holders of rec. Mar.23
Amalgamated Leather Cos., pref
$134 Apr. 2 Holders of rec. Mar. 16
American Bakeries Corp..7% pf.(gu.)
750 Apr. 2 Holders of rec. Mar.12
.
American Bank Note Co.. prof (guar.)
American Brake Shoe & Foundry Co.—
200 Mar.31 Holders of rec. Mar.23
Common
5134 Mar.31 Holders of rec. Mar.23
Preferred(guar.)
5134 Apr. 2 Holders of rec. Mar. 16
American Can Co pre/.(guar.)
750 Apr. 1 Holders of rec. Mar. 12
American Chicle CO.(guar.)
15
$134 Apr. 2 Holders of tee. Mar.20
American Cigar Co prof.(guar.)
10c Apr. 2 Holders of rec. Mar.
American Discount Co.of Ga.(guar.)Apr. 2 Holders of reo. Mar. 21
250
American Enka Corp
$114 June 1 Holders of roe. May 25
American Envelope,7% pref.(guar.)-$13/ Sept. I Holders of reo. Aug. 25
7% preferred(guar.)
3114 Dee. 1 Holders of ree. Nov.25
7% preferred (qua?.)
$1 34 Apr. 2 Holders of rec. Mar.23
American Express Co.(guar.)
5114 Apr. 2 Holders of rec. Mar. 19
American Felt 6% prof.(guar.)
750 Apr. 1 Holders of rec. Mar.23
American Glansstott Corp., pref. (gu.,
$1)( Apr. 1 Holders of rec. Mar.23
7% preferred (quaz.)
h$14 Apr. 1 Holders of reo. mar.23
7% preferred
$2 Apr. 2 Holders of rec. Mar. 17
American Hard Rubber.8% pref.(gu.)
250. Apr. 1
American Hardware Corp.(guar.)
250. July 1
Quarterly
250. Oct. 1
Quarterly
Jan 1'35
Quarterly
250 Apr. 2 Holders of rec. Mar.15
Steamship Co.(gu.)
American Hawaiian
20e Apr. 2 Holders of reo. Mar.14a
American Home Products Corp.(mo.)_.
50c May 1 Holders of reo. Apr. 21
American Investors of Ill., A (guar.).4334c Apr. 2 Holders of rec. Mar.20
Preferred(quer.)
250 mar. 31 Holders of reo. Mar.27
American Maize Prod. Co.. corn.(go.)..
,
/
$1) Mar.31 Holders of reo. Mar.27
Preferred (qua?,)
$114 Mar.31 Holders of rec. Mar. 15
American Mfg. Co. prof. (guar.)
60o Apr. 1 Holders of rec. Mar.25
American Motorists Ins. Co.(guar.)
5134 Apr. 2 Holders of rec. Mar. 17
American Optical,7% pref.(guar.)
$1 Mar.31 Holders of tea. Mar. 8
American Safety Razor Corp.(quar.)--200 Apr. 2 Holders of rec. Mar.20
American Screw (guar.)
3% Apr. 2 Holders of roc. Mar. 14
American Snuff Co. common
1)4% Apr. 2 Holders of rec. Mar. 14
Preferred
$1 Apr. 2 Holders of rec. Mar.21
American Steamship (quiz.)
50o Mar.31 Holders of rec. Mar. 15
American Steel Foundries, pref
500 Apr. 2 Holders of rec. Mar.18
American Stores Co. (guar.)
Mar. 5
American Sugar Refining Co.,corn.(qu) 500 Apr. 2 Holders of rec. Mar. 5
$114 Apr. 2 Holders of rec
Preferred (guar.)
Co. pt. (qu.) 87340 Apr. 2 Holders of rec. Mar.26
American Thermos Bottle
134% Apr. 2 Holders ot rec. Mar. 10
American Tobacco Co. prof. (oust.)
$lx Apr. 15 Holders of rec. Mar. 15
'
American Woolen Co.. Inc., pref.(gu.)
6234e Apr. 2 Holders of rec. Mar. 15
American Wringer(guar.)
5114 Mar.31 Holders of rec. Mar. 15
Preferred(guar.)
15e Apr. 2 Holders of tee. Mar.20
Anchor Cap Corp.. common (guar.)-5114 Apr. 2 Holders of re*. Mar.20
$614 preferred (guar.)
5o Apr. 2 Holders of reo. Mar. 20
Angostura-Wupperman Corp.(guar.)--50 Apr. 2 Holders of rec. Mar.20
Extra
50c Apr. 2 Holders of rec. Mar. 15
Apponaug Co. common (guar.)
$114 Apr. 1 Holders of tee. Mar.20
Apex Elec. Mfg. Co., pref. (qua?.)
10
Armour & Co.of Del.. 7% pref.(qua?.)- 5134 Apr. 2 Holders of reo. Mar.23
.250 Apr. 2 Holders of reo. Mar.
Arundel Corp.(guar.)
100 Apr. 2 Holders of tee. Mar. 24
Arrow-Hart & Hegeman El. Co.(gnat.).
5114 Apr. 2 Holders of roe. Mar.24
Preferred (guar.)
Banks and Trust Companies.
(gu) 513/ Apr. 1 Holders of rec. Mar. 15
Associated Breweries of Can..7% pt.
3%
Associated Electrical Industries
Bankers Trust Co. (guar.)
734% Apr. 2 Holders of rec. Mar. 12
$1 Mar.31 Holders of reo. Mar. 21
Associates Investment, corn.(guar.)
500 Apr. 2 Holders of rec. Mar. 16a
Bank of the Manhattan Co.(guar.)
$114 Mar. 31 Holders of reo. Mar. 21
57 preferred (guar.)
Bank of N. Y.& Trust Co.,corn.(guar.) $334 Apr. 2 Holders of reo. Mar.23
750 June 1 Holders of reo. May 19
Alias Corp.,$3 pref. A (guar.)
Central Hanover Bank & Trust (quiet.). 8134 Apr. 2 Holders of rec. Mar. 20
750 Sept. 1 Holders of ma. Aug. 20
$3 preferred (guar.)
350 Apr. 1 Holders of tee. Mar. 10
Chase National Bank of the City of N. Y.
760 Dee. 1 Holders of reo. Nov.20
$3 preferred (guar.)
Chemical Ilk & Trust Co., corn.(quar.)45o Apr. 2 Holders of rec. Mar. 20
50c Apr. 2 Holders of tee. Mar.22
Auburn Automobile Co
Clinton Trust Co
50a Apr. 2 Holders of rec. Mar. 10
$1 May 1 Holders of rec. Apr. 13
rior A (qu.)
Austin Nicho,s & Co..
Commercial Nat. Bk.& Trust(gust.).
$2 Apr. 2 Holders of rec. Mar. 21
250 Apr. 2 Holders of reo. Mar. 16
Co.
Automobile Insurance Inc..loner.)
Continental Bank & Trust Co.(quar.)
200 Apr. 1 Holders of rec. Mar. 16
5134 Apr. 2 Holders of rec. Mar. 15
Axton-Fisher Tobacco,6% prof.(guar.).
250 Apr. 2 Holders of reo. May 23
Empire Trust Co. (guar.)
80e Apr. 2 Holders of rec. Mar. 15
Fifth Ave. Bank (guar.)
Common A (guar.)
$6 Apr. 1
400 Apr. 2 Holders of rec. Mar. 15
Common B (guar.)
First National Bank (guar.)
$25 Apr. 2 Holders of reo. Mar.20
250 Apr. 2i/folders of rec. Mar.20
Babcock & Wilcox Co.(guar.)
Fulton Trust Co.(guar.)
3% Apr. 2 Holders of rec. Mar.26
25c Apr. 2 Holders of rec. Mar. 17
Backstay Welt Co
Guaranty Trust Co.of N.Y.(guar.)
5% Mar.31 Holders of rec. Mar. 9
250 Apr. 2 Holders of rec. Mar.24
Badger Paint & Hardware Stores.(qUar.)
Harlem Savings Bank
750
81)4 Apr. 14 Holders of rec. Max 31
Baldwin Co.,6% pref.(guar.)
Irving Trust Co.(guar.)
250 Apr. 2 Holders of rec. Mar. 12
180. Apr. 2 Holders of rec. Mar.21
BancOhlo Corp (guar.)
Lawyers County Trust Co.(guar.)
600 Apr. 2 Holders of reo. Mar.23
30.96c Apr. 1 Holders of rec. Mar. 1
Bank Stock Trust Shares, 0-1 ref
Manufacturers Trust Co.
25o Apr. 2 Holders of rec. Mar. 16
(guar)
30.300 Apr. 1 Holders of rec. Mar. 1
C-2,registered
Merchants Bank (guar.)
500 Apr. 2 Holders of rec. Mar. 20
5114 Apr. 1 Holders of rec. Mar.20
pref.(guar.)._
Barber(W. H.)& Co.,
National City Bank of N. Y.corn.(qu.)
250 Apr. 2 Holders of reo. Mar. 24
5114 July 1 Holders of rec. June 20
Preferred (guar.)
National Exchange Bk.& Tr.(Bklyn)._
$35
5114 Oct. 1 Holders of rec. Sept.20
New Rochelle Trust (guar.)
Preferred (guar.)
500 Apr. 1 Holders of rec. Mar. 15
$114 Jan 1'35 Holders of rec. Dec. 20
New York Savings Bank
Preferred (guar.)
750
5114 Apr. 15 Holders of rec. Mar. 31
Bayuk Cigar, Inc., pref.(guar.)
New York Trust Co., corn.(guar.)
$114 Mar. 31 Holders of rec. Mar.24
Holders of rec. Feb. 15
Public Nat. Bank de Trust Co.(guar.).- 37 lie Apr. 2 Holders of rec. Mar. 20
Bearium Metals Corp.. pref.(guar.).--- 5134
Holders of rec. Feb. 15
55134
United States Trust Co.(guar.)
Preferred (extra)
$15 Apr. 2 Holders of rec. Mar. 21
5134 Apr. 2 Holders of rec. Mar. 4
Beatrice Creamery Co.,pref.(guar.)
750 Apr. 2 Holders of rec. Mar. 12
Fire Insurance Companies.
Beech-Nut packing Co.. Com. (gust.)..
10%
Belgian Ford,Interim
Aetna Fire Insurance Co.(guar.)
400 Apr. 2 Holders of rec. Mar.16
750 Apr. 2 Holders of reo. Mar.20
Belt RR. & Stockyards (guar.)
Allemanla Fire Ins. (Pitts., Pa.) (qu.).
250 Apr. 2 Holders of rec. Mar. 24
75c Apr. 2 Holders of reo. Mar.20
6% preferred (guar.)
Extra
100 Apr. 2 Holders of rec. Mar.24
$2
Berkshire Woolen (s-a.)
American Ins.(Newark, N.J.)
25c Apr. 2 Holders of rec. Mar. 10
150. Apr, 2 Holders of rec. Mar.24
Birmingham Fire Ins. Co.(Ala.)(guar.)_
Bickford's. Inc., corn.(guar-)
25c Mar.31 Holdesr of tee. Mar. 15
62140. Apr. 2 Holders of rec. Mar.24
Boston Insurance Co
Preferred (guar.)
$4.21 Apr. 2 Holders of rec. Mar.20
12340 Apr. 2 Holders of rec. Mar. 26
Bird & Son (guar.)
Buffalo Ins. Co.(N.Y.)(guar.)
$3 Mar. 31 Holders of rec. Mar.30
373.40 May 15 Holders of rec. May 11
Continental Assurance Co.(guar.)
Block Bros. Tobacco (guar.)
50c Mar.31 Holders of rec. Mar. 15
37340 Aug. 15 Holders of me. Aug. 11
Quarterly
400 Apr. 2 Holders of reo. Mar. 16
Glen Falls Ins. (guar.)
373.4o Nov. 15 Holders of rec. Nov. 11
Quarterly
40e Apr. 2 Holders of reo. Mar. 19
Hanover Fire Ins. Co. (guar.)
5114 Mar. 311Holders of rec. Mar. 25
Preferred (guar.)
50c Apr. 2 Holders of rec. Mar. 15
Hartford Fire Ins. Co.(guar.)
$114 June 30 Holders of reo. June 25
Preferred (guar.)
500 Apr. 1 Holders of rec. Mar. 22
National Fire Insurance Co.
$134 Sept. 30 Holders of rec. Sept. 25
(guar.)New
Hampshire Fire Ins.(guar.)
400 Apr. 2 Holders of rec. Mar. 17
Preferred (guar.)
$134 Doe. 31 Holders of rec. Dec. 24
Ml Apr. 20 Holders of reo. Mar. 31
Preferred (guar.)
North American Ins., 7% prat
100 Mar.31 Holders of rec. Mar. 21
Bloomingdale Bros
012-30 Apr. 20 Holders of rec. Mar.31
% preferred
5134 May 1 Holders of rec. Apr. 20
Preferred (guar.)
$1)4 Mar.31 Holders of rec. Mar. 19
Northwestern Nat.Ins.Co.(guar.)
760 Apr. 2 Holders of reo. Mar. 15
Bohn Aluminum & Brass, common
500 Apr. 2 Holders of rec. Mar. 15
Ins. Co.(guar.)
Phoenix Fire
$1 Apr. 30 Holders of rec. Mar. 15
Bon Ami Co., class A (guar.)
200 May 10 Holders of rec. Apr. 30
Republic Insurance, Texas (ouar.)
500. Apr, 1 Holders of rec. Mar. 24
Class B (guar.)
200 Aug. 10 Holders of reo. July 31
Quarterly
250 Apr. 1 Holders of rec. Mar. 15
Corp., corn. (guar.)
Borg-Warner
200 Nov. 10 Holders of rec. Oct. 31
Quarterly
5114 Apr. I Holders of rec. Mar. 15
Preferred (guar.)
200 Apr. 1 Holders of reo. Mar.26
Mosta Insurance Co.(qM%)
Boston Storage & Warehouse (guar.)--- $114 Mar.31
Springfield Fire & Marine Ins. Co.(qu) $1.13 Apr. 2 Holders of reo. Mar.19
51 Apr. 2 Holders of rec. Mar. 31
Bourbon Stock yards (guar.)
Brandtjen & Kuge,7% pre/ (guar.)--- - 87 A tr Aprl 2 Holders of rec. Mar.23
Miscellaneous.
500 Apr. 15 Holders of tee. Mar.20
Brantford Cordage Co.(guar.)
25o Mar.31 Holders of reo. Mar.20
Briggs & Stratton Corp
BOO Apr. 1 Holders of reo. Mar. 15
Abbott Labmtorlee(guar.)
15c Apr. 2 Holders of rec. Mar 15
Brill° Mfg. Co., Inc., oom.(guar.)
10e Apr. 1 Holders of reo. Mar. 15
Extra
500 Apr. 2 Holders of reo Mar. 15
Class A (guar.)
30c Mar.81 Holders of reo. Mar. 21
Abraham & Straus, corn,(guar.)
$114 Apr. 2 Holders of reo. Mar. 15
Bristol Brass. preferred (guar.)
150 Mar. 31 Holders of rec. Mar. 21
Extra
The Apr. 3 Holders of rec. Mar. 24
British Amer Assurance (s.-a.)
$114 May 1 Holders of rec. Apr. 14
7% pref.(guar.)
r20o Apr. 2 Holders of reo. Mar. 15
British American Oil Co.(guar.)
,
37150 Apr. 2 Holders of rec. Mar.20
Acme Steel Co.(oust.)
10d Mar. 31 Holders of rec. Mar. 1
British-Amer.Tobacco Co..Interim (gu.)
400 Apr. 1 Holders of rec. Mar. 16
Aetna Casualty & Surety Co.(guar.)
234% Mar. 31 Holders of reo. Mar. 1
5% preferred (semi-ann.)
51A Mar.31 Holders of reel. Mar. 15
Adams Express Co.. prof. (guar.)
200 Apr. 1 Holders of rec. Mar. 19
Broad Street Investing (guar.)
543 Apr. 1 Holders of rec. Mar. 18
Affiliated Products, Inc. Ono.)
250 Apr. 16 Holders of rec. Mar. 15
Bruck Silk Mills (guar.)
May 1 Holders of rec. Apr. 16
50
Mont..ly
50c Apr. 2 Holders of rec. Mar. 15
Bucyrus Erie Co., pre!.(guar.)
Agnew -Arrows Shoe Stores. pref. (qu.)._. 51% Apr. 2 Holders of rec. Mar 15
45c Apr. 2 Holders of rec. Mar. 20
Bucyrus-Monighan Co.. cl. A (qua?.)...
75c. Apr. 18 Holders of reo. :Aar.31
Air Reduction Co.(guar.)
250 Apr. 2 Holders of rec. ar. 15 M
Building Products. A & B (guar.)
150 May 1 Holders Of rec. Apr. 10
Alaska Juneau Gold Mines(guar.)
750. Apr. 2 Holders of rec. Mar.22
Burco, Inc.,$3 cony. pref.(guar.)
15c May 1 Holders of rec. Apr. 10
Extra
$1 Apr. 2 Holders of rec. Mar. 15
Burger Bros..8% pref.(guar.)
20 Apr. 16 Holders of reo. Mar.31
A ax Oil & Gas(guar.)
Public Utilities (Concluded).
Southern California Gas
8% preferred and preferred A (guar.). 37%0 Apr. 14 Holders of reo. Mar.31
Southern Indiana Gas & Electric
7% preferred (guar.)
151% Apr. 1 Holders of rec. Mar. 14
1Si% Apr. 1 Holders of rec. Mar.24
6% preferred (guar.)
6.6% preferred ((Plan)
1.65% Apr. 1 Holders of rec. Mar.24
Southern New England Telep.(guar.)_. 313h Apr. 16 Holders of rec. Mar.31
,
S151 Apr. 1 Holders of rec. Mar. 20
Southwestern Bell Tel., pref.(guar.)$ 2 Apr. 2 Holders of rec. Mar.15
Southwestern Gas & El.Co.,8% pf.(gu.)
SI3i Apr. 2 Holders of reo. Mar.15
7% preferred (guar.)
Southwestern Light & Power Co.—
50c Apr. 2 Holders of rec. Mar. 15
$6 cony. preferred
Springfield Gas & Elec..$7 Pref.(qua.)_ $1j Apr. 2 Holders of rec. Mar. 15
Standard Gas & Electric
450 Apr. 25 Holders of rec. Mar.31
56 prior preferred (guar.),
52Sic Apr. 25 Holders of rec. Mar. 31
$7 prior preference (guar.)
Standard Power & Light Corp., pref.....- 52140 May 1 Holders of rec. Apr. 14
Suburban Elec. Sec. Co.,6% pref.(gu.) 5114 May 1 Holders of rec. Apr. 16
Superior Water, Lt. di Pr.. pref. (quar.)- 51H Apr. 2 Holders of rec. Mar. 15
$114 Apr. 2 Holders of reo. Mar. 15
Taunton Gas Light
200 Apr. 2 Holders of rec. Mar.20
Telephone Investment Corp. (mo.)
200 May 1 Holders of reo. Apr. 20
Monthly
200 June 1 Holders of rec. May 20
Monthly
200 July 1 Holders of rec. June 20
Monthly
Tennessee Electric Power Co.
51H Apr. 2 Holders of reo. Mar. 15
5% let preferred (guar.)
51H Apr. 2 Holders of reo Mar. 15
6% lot preferred (guar.)
$1,i Apr. 2 Holders of reo. Mar. 15
7% lot preferred (guar.)
$1.80 Apr. 2 Holders of rec. Mar. 15
7.2% let preferred (guar.)
500 Apr. 2 Holders of rec. Mar. 15
6% 1st preferred (monthly)
600 Apr. 2 Holders of reo. Mar.15
7.2% let preferred (monthly)
Toledo Edison Co.,7% pref.(monthly)- 58 1-3c Apr. 2 Holders of rec. Mar. 15
500 Apr. 2 Holders of rec. Mar. 15
6% preferred (monthly)
41 2-30 Apr. 2 Holders of reo. Mar. 15
5% preferred (monthly)
Twin State Gas & Elec Co..7% pref(qu) $114 Apr. 2 Holders of rec. Mar. 15
Union El. Lt. & Pow.(I11.)6% Pf. (0111.). $114 Apr. 2 Holders of rec. Mar. 15
Union El. Lt.& Pow.(Mo.)7% Pf.(qtr.) 5114 Apr. 2 Holders of rec. Mar. 15
5114 Apr. 2 Holders of rec. Mar.15
a% preferred (guar.)
Union Public Service (Minn.)
5114 Apr. 2 Holders of rec. Mar.20
7% preferred A & B (guar.)
$114 Apr. 2 Holders of rec. Mar.20
8% preferred C ,k D (guar)
United Cos of New Jersey (guar.)
$214 Apr. 29 Holders or roe. Mar.20
United Gas de Elec. Corp.. pref. (guar.) 114% Apr. 1 Holders of rec. Mar. 15
30c Mar.31 Holders of reo. Feb. 28
United Gas Impt Co.. common (qua?.).
$5 preferred (guar.)
5114 Mar.31 Holders of rec. Feb. 28
United Light & Rye. Co.(Del.)
58 1-3 Apr. 2 Holders of reo. Mar. 15
7% preferred (monthly)
530 Apr. 2 Holders of rec. Mrs.15
0.36% preferred (monthly)
6% preferred (monthly)
500 Apr. 2 Holders of reo. Mar. 15
United States Elec. Lt.& Pr., $6 pt.(gu) $1A Apr. 2 Holders of reo. Mar. 15
lo. Apr. 2 Holders of rec. Mar. 15
U.S. Electric Light & Power Shares
5114 May 1
Upper Michigan Pow.& Lt. pref.(gu.)
6% preferred (guar.)
$1 14 Aug. 15
6% preferred (guar.)
5134 Nov.15
2-1-35
$I
. 6% preferred (guar.)
500 Mar.31 Holders of reo. Mar. 19
Western Mass. Cos. (guar.)
$U( Apr. 2 Holders of reo. Mar.23
Western N. Y. Water, $5 pref.(guar.)
Western Power Corp.. 7% pref.(quar.)- $1( Apr. 2 Holders of rec. Mar.26
100 Apr. 4 Holders of rec. Mar.22
Western Public Service
Western United Gas & Electric
$134 Apr. 2 Holders of rec. Mar. 17
614% preferred (guar-)
6% preferred (guar.)
5114 Apr. 2 Holders of rec. Mar. 17
West Kootenay Pow. & Lt. pref.(gu.).- 5114 Apr. 2 Holders of rec. Mar. 22
Holders of rec. Apr. 5
West Penn Power,6% pref. (guar.).— $Iyi May
7% preferred (guar.)
5114 May 1 Holders of reo. Apr. 5
750. Apr. 2 Holders of rec. Mar. 15
West Texas Utilities Co.,6% pref.(qu.).
Wichita Water Co. 7% pref.(guar.).— - $114 Apr. 18 Holders of lee. Apr. 2
Wisconsin Elec Pow.,6% prof.(guar.). $134 Apr. 2 Holders of rec. Mar.15
6 Si% preferred (guar.)
5114 Apr. 2 Holders of reo. Mar. 15
$1 Mar.31 Holders of reo. Mar.15
Worcester Suburban Elec.(guar.)
2204
Name of Company.
Financial Chronicle
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Mar. 31 1934
Per
When
Share. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Conlinued).
Burma Corp., Ltd.. Am.dep. rec.(inter ) n24 an Apr. 26 Holders of rec. Mar. 12
Deposited Insurance Shares A (s.
% May 1 Holders of rec. Mar. 15
-a.)-- -Burt(F. N.)& Co.. coin.(guar.)
Devoe & Reynolds Co.—
50c Apr. 2 Holders of rec. Mar. 15
California Group 6% pref
h37.4c Apr. 2 Holders of rec. Mar. 31
Common A & hi Mar.)
25e Apr. 2 Holders of rec. Mar. 21
Calamba Sugar Estates common (extra)$I Apr. 1 Holders of rec. Mar. 15
Common A & B extra
250 Apr. 2 Holders of rec. NIar. 21
California Ink Co. (guar.)
50c Apr. 2 Holders of rec. Mar. 22
7% first and second pref.(quar.)
Sl% Apr. 2 Holders of rec. Afar 21
Calamba Sugar Estates. corn. (quar.)._
40c Apr. 2 Holders of rec. Mar. 15
Diamond Shoe Corp.. corn.(guar.)
15c Apr, 2 Holders of rec. Mar. 20
7% preferred (guar-)
6%% preferred (quar.)
350 Apr. 2 Holders or rec. Mar. 15
$1.4 Apr. 2 Holders of rec. Mar. 20Cambria Iron (s-a)
Diversified Trustee Shares, B
$1 Apr. 2,11o.ders of rec. Mar. 15
15.89c Apr. 2
Cambridge Investors. A & B (5.-a.)
250 Apr. 2 Holders of rec. Mar. 19
Doctor Pepper Co.,
150 June I Holders of rite. May 15.
(guar.)
Cameron Machine 8% pref. (guar.)---$2 Mar. 31 Holders of rec. Mar. 21
Quarterly
15e Sept. 1 Holders of rec. Aug. 15
Canada Dry Ginger Ale. Inc. (quar.)25e Apr. 16 Holders of rec. Apr. 2
Quarterly
15e Dec. 1 Holders of rec. Nov. 15Canada Iron Foundries,6% pref.(s-a)
SI 4 Apr. 30 Holders ot rec. Apr. 15
Dome Mines (guar.)
250 Apr. 20 Holders of rec. Mar. 31
Canada Packers. 7% preferred
Extra
8354 Apr. 2 Holders of rec. Mar. 16
25e Apr. 20 Holders of rec. Mar. 31
Canada permanent Mtge.(guar.)
Dominguez 011Field Co.(mo.)
$2 Apr. 3'Holders of roe. Mar. 15
15e Apr. 2 Holders of rec. Mar. 24
Canadian Canners. cony. 2d pref
r74e Apr. 2 Holders of rec. Mar. 15
Dominion Bridge Co.. Ltd.. corn. (q.). r500. May 15 Holders of roe. Apr. 30
1st preferred (guar.)
Apr. 2 Holders of rec. Mar. 15
Dominion Glass Co. common (guar.)-- - 51
r$1
Apr. 3 Holders of rec. Mar. 15
Canadian Celanese Ltd., 7% pref
8750 Mar. 31 Holders of rec. Mar. 16
Preferred (guar.)
51% Apr. 3(folders of roe. Mar. 15
7% preferred (guar.)
Dominion Rubber Co., pref.(quar.)_ _ _
314 Mar. 31 Holders of rec. Mar. 16
51% Mar. 31 'folders of rec. Mar. 22
Canadian Cottons. Ltd., com. (quar.)
$1 Apr. 4 Holders of rec. Mar. 16
Dominion Stores. Ltd., corn.(q uar.)30e Apr. 2 Holders of rec. Mar. 15
Preferred (gear.)
$14 Apr. 4 Holders of rec. Mar. 16
Dominion Textile Co., corn. (guar.) rS1 Apr. 2 Holders of rec. Mar. 15.
Canadian Foreign Investment Corp.—
Preferred (quar.)
/114 Apr. le Holders of rec. Mar. 31
Common (guar.)
250 Apr. 1 Holders of rec. Mar. 15
Dow Drug, 7% preferred
881n Apr. 2
Preferred (guar.)
$2 Apr. 1 Holders of rec. Mar. 15
Driver Harris Co., coin.(quar.)
25c Apr. 2 !folders of rec. Mar. 22
Canadian General El. Co.corn.(quar.).... 775c Apr. 2 Holders of rec. Mar. 15
Preferred
SI% Apr. 2 Holders of rec. Mar. 22
Preferred (guar.)
Draper Corp
r874e Apr. 2 Holders of rec. Mar. 15
60c Apr. 2 'folders of rec. Mar. 3
Canadian Industries. pref.(guar-)
81.4 Apr. 16 Holders of rec. Mar. 31
Dunean Mills preferred (guar.)
314 Apr. 2 Holders of rec. Mar. 20
A & B (quar)
Duplan Silk Corp.. pref. (guar.)
874c Apr. 30 Holders of rec. NIar. 31
32 Apr. 2
Canadian Oil, pref.(guar.)
$2 Apr. 1 Holders ot rec. Mar. 20
E. I. du Pont de Nemours & Co.—
Canadian Westinghouse (guar.)
50c Apr. 2 Holders of rec. Mar. 20
Debenture stock (guar.)
514 Apr. 25 Holders of roe. Apr. 10
Canadian Witebound Boxes. A
Eagle Warehouse & Storage (quar.)__
374c Apr. 1 Holders of rec. Mar. 15
SI Apr. 2 Holders of rec. Mar. 28
Canfield Oil Co., preferred (guar.)
Mar.31 Holders of rec. Mar.20
Early & Daniel Co., corn. (guar.)
El
25e Mar.31 Holders of rec. Mar.20
Cannon Mills Co. (guar.)
.50c Apr. 2 Holders of rec. Mar. 17
Preferred (quar.)
314 Mar.31 Holders of roe. Mar.20
Capital Administration of Amer.(guar.)750 Apr. 1 Holders of rec. Mar. 19
Eastern Gas & Fuel44% pref.(guar.)- - $1.12 Si Apr, I Holders of rec. Nlar. 15
Quarterly
6% preferred (guar.)
h75c Apr. 1 Holders of rec. Mar. 19
31% Apr. 1 Holders of rec. Mar. 15
Carnation Co., pref. (guar.)
Eastern Magnesia-Talcum (guar.)
31% Apr. 2 Holders of rec. Mar. 20
75e Apr. 2 Holders of rec. Mar. 21
Preferred (guar
Eastern Steamship Lines, pref.(guar.).- 87 Sic Apr. 2 Holders of rec. Mar. 18
314 July 2
Preferred lunar.)
First preferred (quar.)
314 Apr. 2 Holders of rec. Mar. 16
$1% Oct. 2
Preferred (guar-)
Eastern Steel Prods.. 7% pref. (quar.)_ _
31% Jan. 1
313.1 Apr. 3 Holders of rec. Mar. 15.
Case (J. I.), 7% pref.(guar.)
Eastman Kodak Co., corn. (guar.)
$1 Apr. 1 Holders or rec. Mar. 12
75c Apr. 2 II olders of rec. Mar. 5
Celanese Cm p. of Amer., 7% pref.(qu.)
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 16
514 Apr. 2 Holders of rec. Mar. 5
Central Aguirre AssOC
Economic Investment Trust
374e Apr. 2 Holders of rec. Mar. 19
314c Apr. 2 !folders of rec. Mar.20
Central Franklin Process.7% pt.(qu.). _
Ecuadoria Corp., Ltd., corn
314 Apr, 1 Holders of rec. Mar. 31
1% Apr. 1 Holders of rec. Mar. 10
7% 2d preferred (guar.)
Edmonton City Dairy.
$14 Apr. 1 Holders of rec. Mar. 31
31% Apr. 2 Holders of rec. Mar. 15
% pref.(qu.) _
Centrifugal Pipe Corp. (guar.)
Elder Mfg., 8% 1st pref. (guar.)
10e May 15 Holders of roe. May 5
$2 Apr. 2 Holders of rec. Mar.22
Quarterly
5% cumul. part. A (quar.)
10c Aug. 15 Holders of rec. Aug. 5
514 Apr. 2 Holders of rec. Mar. 22
Quarterly
5% cumul. part. A
10e Nov.15 Holders of rec. Nov. 5
/45 Apr. 2 Holders of rec. Mar.22
Century Ribbon Mill, Inc., pref. (qu.)_ _
Electric-Auto-Lite Co., pref. (quar.)__ _ _
$1% Apr. 2 Holders of rec. Mar. 15
June 1 Holders of rec May 19
81
Chain Stores Prod., pref.(guar.)
Elec. Controller A. Mfg. (guar.)
374c Apr. 2 Holders of rec. Mar. 20
25e Apr. 2 Holders of rec. Mar. 20
Champion Coated Paper Co.
Electric Storage Battery, corn. (guar.)._
h500 Apr. 2 Holders of rec. Mar. 10
1st preferred (quar.)
31% Apr. 2 Holders of rec. Mar. 20
/150c Apr. 2 Holders of rec. Mar. 10.
Preferred (guar.)
Special preferred (guar.)
Electrical Securities. pref. (guar.)
814 Apr. 2 Holders of rec. NIar. 20
81% Mar.31 Holders of rec. Mar. IS
Champion Fiber, 7% pref. (guar.)
Emerson's Bromo-Seltzer, pref.(quar.)
814 Apr. 2 Holders of rec. Mar. 20
50e Aprl 2 Holders of rec. Mar. 15
Champion International 7% pref. (qu.)_
Apr. 1 Holders of rec. Mar. 16
750 Apr. 1 Holders of rec. Mar.22'
Endlcott-Johnson Corp., corn. (guar.) _ _
Common (guar.)
aim Apr. 1 Holders of rec. Mar. 16
Preferred(quar.)
St 3I Apr. 1 Holders of rec. Mar.22
Chase Brass & Copper.6% pf. A (guar.) _
.
Eppens. Smith (13.-a.)
stsi Mar.31 Holders of rec. Mar. 20
32 Aug. I Holders of rec. July 26
Chatham Mfg., 7% pref.(quar.)
Equitable Office Bldg. Corp. corn.(qu.).
25o Apr. 2 Holders of rec. Mar. 1551% Apr. 2 Holders of rec. Mar.20
6% preferred (guar.)
Eureka Standard Consol. Mining (qu.)...
3c Mar.31 'folders of rec. Mar. 17'
514 Apr. 2 Holders of rec. Mar. 20
Chesapeake Corp.. corn. (guar.)
Eureka Vacuum Cleaner (quar.)
620 Apr. 2 Holders of rec. Mar. 8
124c Apr. I Holders of rec. Mar. 15
Chicago Daily News. $7 pref.(nuar.) _ _ _
Falconbridge Nickel Mines
31% Apr. 2 Holders of rec. Mar. 20
5e Mar. 30 Holders of rec. Mar. 15
Chicago Junction & Union Stockyards
Family Loan Society (qua?.)
25c Apr. 2 Holders of rec. Mar. 12
6% preferred (guar.)
Partic preferred (guar.)
$14 Apr. 2 Holders of rec. Mar. 15
874c Apr. 2 'folders of rec. Mar. 12
Quarterly
32% Apr. 2 Holders of roe. Mar. 15
Extra
373-ic Apr. 2 Holders of rec. Mar. 12
Chicago Towel Co., prof.(quar.)
31..1 Apr. 2 Holders of rec. Mar. 20
Fanny Farmers Candy Shops(guar.)_ _ _ _
25c Apr. 2 Holders of rec. Mar. 15
Chickasha Cotton Oil Co.(special)
Extra
50e Apr. 16 Holders of roe. Mar. 30,
25c Apr. 2 Holders of rec. Mar. 15
Christiana Securities, 7% pref.(guar.)- Farmers A. Traders Life Ins. Co.(Byre31% Apr. 2 Holders of rec. Mar. 20
Chrysler Corp., common (guar.)
25c Mar.31 Holders of rec. Mar. I
.
0100 !`!• V I (quar.r_
524 Apr. I Holders of rec. Mar. 11
Cincinnati Advertising Products (qu.)_ _
Faultless Rubber Co (guar.)
250 Apr. 2 Holders of rec. Mar. 20
50c Apr. 2 Holders of rec. Mar. 15
Cincinnati Union Stockyards(guar.)_ _ _
F. E. D.Corp. (liquidation)
40c Mar. 31 Holders of rec. Mar.,'24
54 Apr. 16 Holders of rec. Apr. 2
Cincinnati Wholesale Grocery
Federated Department Stores (guar.)--150 Apr. 2 Holders of rec. NIar. 21
1% preferred (guar.)
Extra
314 Apr. 2 Holders of rec. Mar. 15
10c Apr. 2 Holders of rec. Mar.21
Citizens Wholesale Sup.,7% pt.(gu.)._ _ 8740 Apr. 2 Holders of rec. Mar. 30
Filene's(Wm.)Sons Co., common (qu.)_
20c Mar.31 Holders of rec. Mar.20
6% preferred (guar-)
Extra
750 Apr. 2 Holders of rec. N1ar. 30
100 Mar.31 Holders of rec. Mar.20
City Ice & Fuel Co., corn.(guar.)
500 Mar.31 Holders of rec. Mar. lo
Preferred (guar.)
31% Apr. 2 Holders of rec. Mar. 25
City Investing Co., pref. (guar.)
Finance Co. of America (Baltimore)—
81% Apr. 2 Holders of rec. Mar. 28
Claude Neon Elec. Prod., corn. (quar.).._
25c Apr. 1 'folders of rec. Mar. 20
Common A and B (guar.)
10e Apr, 16 Holders of rec. Apr. 5
Cleveland Union Stockyards(quar.) _ _ _
25c Apr. 2 Holders of rec. Mar. 27
7% preferred (guar.)
1%% Apr. 16 Holders of rec. Apr. 5
Clorox Chemical(quar.)
500 Apr. 1 Holders of roe. Mar. 20
7% Preferred class A (quar.)
1%% Apr. 16 Holders of rec. Apr. 5
Cluett Peabody dr Co., Inc., pref.(quar.) 51% Apr. 2 Holders of rec. Mar. 21
Finance Co. of Penna. (guar.)
324 Apr. 2 Holders of rec. Mar. 17
Coca-Cola Co., common (quar.)
Firestone Tire & Rubber,corn.(guar.)-.
8131 Apr. 2 Holders of rec. Mar. 12
100 Apr. 20 Holders of rec. Apr.
Coca-Cola Internat. Corp., corn. (guar.)
First Bank Stock (s.-a.)
$3 Apr. 2 Holders of roc. Mar. 15
10c Apr. 2 Holders of rec. Mar. 15
Cohen(Dan.)
First National Stores common (quar.)_ 624c Apr. 2 holders of rec. Mar. 10
40c Apr. 1 Holders of rec. Mar. 15
Colgate-Palmolive-Peet Co., pref. (qu.) SI 4 Apr. 1 Holders of rec. Mar. 10
7% 1st preferred guar.)
$14 Apr, 2 Holders of rec. Mar. 10
Collateral Loan (guar.)
Fisher Flouring Mills, 7% pref. (guar./- $14 Apr. 2 Holders of roe. Star. 16
$2 Apr. 2 Holders of rec. Mar. 13
Colt Patent Fire Arms Mtg.(guar.)
25e Mar. 31 Holders of roe. Mar. 10
Fishman (NI. II.) A A. B, pref.(guar.)- _ _
81% Apr. 15 'folders of rec. Mar. 31
Columbian Vise & Mfg.(guar.)
Fisk Rubber, pref. (initial)
374c Apr. 2 Holders of rec. Mar. 20
314 Apr. 2 Holders of roe. Mar. 12
Extra
Flour Mills of Amer., pref. A (quar.)124c Apr. 2 Holders of rec. Mar. 20
$2 Apr. 2 Holders of rec. Mar. 25.
Commercial Credit Co.. COM.(quar.)Fortnum & Mason. 7% pref. (s.-a.). _ _ _ 17110 Apr. 2 haulers of rec. Mar. 28
25c Mar. 31 Holders of rec. Mar. 10
64% preferred (guar.)
Fostoria Pressed Steel (guar.)
81% Mar. 31 Holders of rec. Mar. 10
150 Mar. 31 holders of rec. Mar.
7% preferred (guar-)
Franklin Process (quar.)
434,0 Mar. 31 Holders of roe. Mar. 10
500 Apr. 2 Holders of rec. Mar. 20.
8% preferred (guar.)
Freeport Texas, 6% preferred (quar.)- - 314 May 1 Holders of roe. Apr. 13
.50e Mar. 31 Holders of rec. Mar. 10
Freiman (A. J.) 6% pref. (guar.)
750 Mar. 31 Holders of rec. Mar. 10
$3 class A cony. pref. (guar.)
314 Apr. 2 ltolders of rec. Mar. 15.
Comm'l Credit Trust ,8% pt. (qu.)
Frick Co.,6% pref.(guar.)
500 Mar. 31 Holders of rec. Mar. 21
750 Apr, 2 Holders of rec. Mar.20
Commercial Discount Co.series A (qu.)_
Fruehauf Trailer, pref. (quar.)
20c Apr. 10 Holders of rec. Apr. I
874c Apr. 1 Holden; of rec. Mar. 21r
Series B (guar.)
Fuller Brush. 7% pref. (guar.)
174c Apr. 10 Holders of rec. Apr. 1
31% Apr. 2 Itolders of rec. Mar. 26.
Fundamental Investors, Inc
Commercial Investors Trust Corp.—
3e Apr. 2 llolders of rec. Mar. 15
Common (guar.)
(Mond Mercantile Laundry (quar.)_ _
50e Apr. I Holders of roe. Mar. 50
874e Apr. 1 Holders of rec. Mar. lb
Preference stock (guar.)
Gannett,$6 pref. (quar.)
014 Apr. I Holders of rec. Mar. 5a
$14 Apr. 2 Ifolders of roe. Mar. 15.
Confederation Life Assoc:(guar.)
Garlock Packing Co., corn. (guar.)
$1 Mar. 31 Holders of rec. Mar. 25
100 Apr. 2 Itolders of rec. Mar. 15.
Quarterly
Extra
$1 June 34) Holders of rec. June 25
15c Apr. 2 Holders of rec. Mar. 15
Quarterly
General Amer. Investors, pref. (guar.) _ _
$1 Sept. 30 Holders of rec. Sept. 25
Apr. 2 Holders of rec. Mar. 20
Quarterly
General Capital Corp., corn
$1 Dec. 31 Holders of rec. Dee. 25
$14 Apr. 2 holders of rec. Mar. 23
Connecticut Gen. Life Ins. (guar.)
General Cigar Co., Inc.. pref. (quar.)
20c Apr. 2 Holders of rec. Mar. 24
31% June 1 Holders of rec. May 23
Consolidated Amusement(quar.)
Preferred (guar.)
30n May I Holders of rec. Apr. 20
81% Sept. I Holders of rec. Aug. 23
Consolidated Bakeries of Can
Preferred (guar.)
25c Apr. 3 Holders of rec. Mar. 15
81% Dec. 1 Holders of rec. Nov. 22
Consolidated Chem. Indus., A.(qu.). - - 374c May 1 Holders of rec. Apr. 15
General Electric Co.. corn
15c. Apr. 25 Holders of rec. Mar. 16
Consolidated Dry Goods,7% pref
Special preferred (guar.)
8524 Apr. 2 Holders of rec. NIar. 26
15c. Apr. 25 Holders of rec. Mar. 16
Consolidated Film Indus.. pref. (guar.)General Machine Corp. 7% pref. (guar.) 31% Apr. 2 Holders of rec. Mar. 20
500 Apr. 2 Holders of rec. Mar. 9
Consol. Invest. Trust (initial) (semi-an.)
General Mills,6% pref.(guar.)
50c Apr. 16 Holders of rec. Apr. 2
314 Apr. 2 Holders of roe. Mar. 14a
Special
General Motors Corp., $5 prof. (guar.)
25c Aur. 16 Holders of rec. Apr. 2
May 1 Holders of rec. Apr. 9
SI
Consolidated 011 Corp., corn. (inl tial) _ _ _
General Printing Ink Corp., corn.(guar.)
28e Apr. 7 Holders of rec. NIlir. 10
15e Apr. 2 Holders of tee. Mar. 19
Consolidated Paper, 7% pref (auar.) -- 174c Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
314 Apr. 2 Holders of rec. Mar. 19
Consolidated Royalty 011 (quar.)
General Ry. Signal Co.. corn.(guru%) _ _
5e Apr. 25 Holders of rec. Apr. 14
.
25e. Apr. 2 llolders of rec. Mar. 9
Continental Baking Co., pref.(guar.) _ _ Prefer red (guar.)
$1 Apr. 1 Holders of rec. Mar. 19a
51% Apr. 2holders of roe. Mar. 9
Continental Gin. 8% pref. (guar.)
General Shoe, A. initial (guar.)
be Apr. 15 Holders of rec. Apr. 15
$1 1I Apr. 2 Holders of rec. Mar. 15
Continental 011 of Dela. (Initial)
General Stockyards Corp., corn
25c Apr. 30 Holders of rec. Apr.
250. May 1 Holders of rec. Apr. 16
Coon(W. B.)7% pref (guar.)
Convertible preferred (quar.)
*I% May I Holders of rec. Apr. 14
514 May I Holders of rec. Apr. 16
Corcoran-Brown Lamp, pref. (quar.) _ _ _
General'Fire & Rubber Co., pref.(qu.) _ _
81% Apr. 2 Holders of rec. Mar.20
SI 4 Mar. 31 Holders of rec. Mar. 20
Cottrell(C.B.) dr Sons. pref.(quar-)-Gibson Art Co. (guar.)
Apr. 2 Holders of •-eo. Mar. 31
50c Apr. 2 Holders of rec. Mar. 20
,
Courier l'ost, pref.(guar.)
Gilbert (A. C.) Co., preferred
81.4.4 Apr. 1 holders of rec. Mar. IS
/1874c Apr. 2 Holders of rec. Mar. 27
Cream of Wheat (guar.)
Gilmore Gas Plant N. I. (monthly)
50c. Apr. 2 Holders of rec. Mar. 26
20o Apr. 25 Holders of rec. Apr. 20
Creamery Package Mfg. Co. corn. (qu.)25e Apr. 10 Holders of rec. Apr. 1
Gillette Safety Razor Co. preferred (qtr.) 31% May 1 Holders of rec. Apr. 2
Preferred (guar.)
314 Apr. 10 Holders of rec. Apr. 1
25e Apr. 2 Holders of ree. Mar. 11
Glidden Co.(guar.)
Credit Utility Banking,01.11 (guar.) _
Preferred (guar.)
_184c Apr. 10 Holders of rec. Mar. 24
514 Apr. 2 Holders of rec. Mar. 14
Crescent Creamery.
/41. Apr. 16 Holders of rec. Mar. 31
prof
Godrnan (II. C.), lot pref.(guar.)
511-4 June 1
Crown Willamette Paper,$7 pref.(Mr.) Goldblatt Bros.. Ina.. new COM. (rm.)._
$1 Apr. 1 Holders of roe. Mar. 13
25e Apr. 2 Holders of rec. Mar. 10
Crum & Forster (guar.)
124c Apr. 14 Holders of rec. Apr. 5
Gold Dust Corp $6 pref. (guar.)
314 Mar. 31 Holders of rec. Mar. 17
8% preferred (quar.)
32 Mar. 31 Holders of rec. Mar. 21
Goodman Mfg. Co
500 Mar. 31 Holders of rec. Mar. 31
8% preferred ((mar.)
$2 June 30 Holders of rec. June 20
Goodyear Textile Mills, pref. (quar.)_ _ _
314 Apr. 2 Holders of rec. Mar. 20Cudahy Packing Co. common (quar.)624c Apr. 16 Holders of rec. Apr. 5
Goodyear Tire & Ruboer, $7 cum pf.(qu)
Si Apr. I Holders of rec. Mar. 1
6% preferred (semi-annual)
Goodyear Tire & Rubber of Can.(guar.)
3% May 1 Holders of rec. Apr. 20
Apr. 2 Holders of rec. Mar. 15
7% preferred (semi-annual)
Preferred(mew )
34% May 1 Holders of rec. Apr. 20
rat lj Apr. 2 Holders of rec. Mar. 15
Curtis Publishing Co., $7 pre:
8750 Apr. 2 Holders of rec. Mar. 20
Gotham Silk Hosiery Co. pref. (quar.)_ _
31% May 1 'folders of rec. Apr. 12'
Davenport Hosiery Mills, corn.(guar.) _ 500 Apr. 2 Holders of rec. Mar.21
Gottfried Baking Co., Inc., pref. (qu.)
% Apr. 2 Holders of rec. Mar. 20
Be Long Hook A. Eye Co.(guar.)
75e Apr. 1 Holders of rec. Mar. 20
Preferred (qua?.)
1 % July 2 !folders of rec. June 20
Denver Union Stockyards (guar.)
500 Apr. 1
Preferred (guar.)
1%% Oct. 1 Holders of rec. Sept '20
Quarterly
500 July 1
Preferred (guar.)
1%% Jan. 2 Holders of ree Dee an
Quarterly
500 Oct. 1
Grand Rapids Varnish Corp.(quar.) _ _
5c. Mar. 31 Holders of rec. Mar. 20
Quarterly
50e Jan, 1
Grant (W.T.) Co.. corn- (qua?.)
250 Apr. 2 Holders of roe. Mar. 14
7% preferred (guar-)
31% June 1 Holders of roe. May 20
Great Lakes Engineering Works,(qu.)...
10c May I Holders of rec. Apr. 24
7% preferred (guar.)
31% Sept. 1 Holders of rec. Aug. 20
Great Lakes Steamsh ip(guar.)
250 Apr. 2
7% preferred (guar.)
31% Dee, I Holders of roe. Nov. 20
Greet west Electra Chemical. of.(qui _
51% Apr. 1 Holders of ree. Nfar. 21-
•
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
$1 May 15 Holders of rec. May 5
Great Western Electro-Chemical (qu.)_
Great Western Lite Assurance (quar.)__
$5 Apr. 3 Holders of rec. Mar. 20
Great Western Sugar, corn.(quar.)
60c. Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
$131 Apr. 2 Holders ot rec. Mar. 15
Green (Dan.).6% pref.(guar.)
$134 Apr. 2 Holders of rec. Mar. 15
Grief Bros. Cooperage Corp.—
class A com.(qu.)
25c Apr. 5 Holders of rec. Mar. 30a
Class A (guar.)
87340 Apr. 2 Holders of rec. NIar. 21
7% preferred (guar.)
$13.1 Apr. 2 Holders of rec. Mar. 21
Griggs Cooper. 7% pref. (guar.)
$1,1, Apr. 1 Holders of rec. Apr. 1
Gross (L. M.). 7% pref. (guar.)
$131 Apr. 1 Holders of rec. Mar.20
Group No. I 011 Corp. (guar.)
$100 Mar.31 Holders of rec. Mar. 10
Guardian Bk.Shs. Inv. Tr., pref.(s.
-a.)- 37Mc. Apr. 2 Holders of rec. Mar. 15
Guardian Investors Trust. pref.(s.
-a.)._
35c. Apr. 2 Holders of rec. Mar. 15
Convertible preferred (8.-a.)
35c. Apr. 2 Iloiders of rec. Mar. 15
Guard'n Rail Shs. Inv. Tr.,ser.I pt. -a)
(s.
400. Apr. 2 Holders of rec. Mar. 15
Gurd (Chas.). 7% pref. (guar.)
$134 Apr. 1 Holders of rec. Mar. 15
Hale Bros. Stores. Inc. (guar.)
150 June 1 Holders of rec. may 15
Quarterly
150 Sept. 1 Holders of rec. Aug. 15
Quarterly
150 Dee. 1 Holders of rec. Nov. 15
Halold Co.(quar.)
25c Mar.31 Holders of rec. Mar. 15
Extra
225e Mar. 31 Holders of rec. Mar. 15
Preferred (guar.)
$131 Mar.31 Holders of rec. Mar. 15
Hamilton United Theatres. pref. (guar.) $15( Mar. 31 Holders of rec. Feb. 28
Hammermill Paver.6% Pref. (guar.).-- $134 Apr. 2 Holders of roe. Mar. 15
Hannibal Bridge (guar.)
$2 Apr. 20 Holders of rec. Apr. 10
Harbauer Co., common (guar.)
250 Apr. 1 Holders of rec. Mar. 23
31H Apr. 1 Holders of roe. Mar.21
7% Preferred (guar.)
7% preferred (quar.)
$154 Aug 1 Holders of roe. July 21
7% preferred (quar.)
Oct. 1 Holders of rec. Sept.21
7% preferred (guar.)
$131 Jan 135 Holders of roe. Dec. 21
HarLison-Walker Refractories—
Preferred (guar.)
131% Apr. 20 Holders of roe. Apr. 10
Hardesty (R.) Mfg., 7% prof. (quar.)_
$13.1 June 1 Holders of rec. May 15
• 7% preferred (guar.)
$1% Sept. 1 Holders of rec. Aug. 15
7% preferred (guar.)
$131 Dec. 1 Holders of rec. Nov. 15
Hawaiian Sugar Co.(mo.)
60e Apr. 15 Holders of too. Apr. 5
Quartesly
60c Apr. 15 Holders of rec. Apr. 5
Hazel-Atlas Glass Co
$131 Apr. 2 Holders of roe. Mar. 17
Heath (D. C.) Co. pref.(guar.)
$131 Mar.31 Holders of rec. Mar. 29
Heinle(Geo. W.)common (quar.)
$111 Apr. 2 Holders of rec. Mar.10
Preferred (guar.)
$131 Apr. 2 Holders of rec. Mar. 10
Heyden Chemical Corp.. Pref. (guar.).- $131 Apr. 2 Holders of rec. Mar. 20
Hibbard, Spencer, Bartlett & Co. (qu.).
100 Apr. 27 Holders of rec. Apr. 20
Quarter*
,
10c May 25 Holders of rec. May 18
Quarterly
100 June 29 Holders of rec. June 22
!Ebben (J. H.)Dry Goods,631% pf.(qu) $1% Apr. 10 Holders of rec. Apr. 5
Highland Dairy, Ltd., pref.(guar.)
$131 Apr. 2 Holders of rec. Mar.23
Hickok Oil,7% pref.(quar.)
$13(r Apr. 2 Holders of rec. Mar. 24
Holaphone Co.. Inc.. pref. (s:a.)
$1.05 Apr. 2 Holders of rec. Mar. 15
Holland Land liquidating
50c Mar. 31 Holders of rec. Mar. 22
Holly Development(guar.)
lc Apr. 15 Holders of rec. Mar. 31
Honolulu Plantation (mo.)
25c Apr. 10 Holders of rec. Mar.31
Extra
$1 Apr. 10 Holders of rec. Mar.31
Horn & Hardart Baking (guar.)
$131 Apr. 1 Holders of rec. Mar.21
Horn & Hardart Baking Co.(Phila.)(qu) $131 Apr. 1 Holders of rec. Mar. 31
Household Finance Corp.—
Common A & B (guar.)
75c Apr. 14 Holders of rec. Mar.31
Preferred (quar.)
$1.05 Apr. 14 Holders of rec. Mar.31
Howes Bros.,7% 1st pref.(guar.)
$131 Mar.31 Holders of rec. Mar. 21
7% preferred (quar.)
El% Mar.31 Holders of rec. Mar. 21
6% preferred (guar.)
$134 Mar. 31 Holders of rec. Mar. 21
Humble Oil & Refining, new (guar.)-25o Apr. 1 Holders of rec. Mar. 2
Humboldt Malt & Brew., pref. A (quar.)
20c Apr. 1 Holders of rec. Mar. 20
Hunts, Ltd.. A & B (guar.)
1231c Apr. 3 Holders of rec. Mar. 17
Huron & Lake Erie Mtge. Corp.(guar.)_
$IM Apr. 3 Holders of rec. Mar. 15
Huylers of Del..7%pf.etd.45, unstd.(qu.)
$1 Apr. 2 Holders of rec. Mar. 17
Hygrade Sylvania Corp. common
50c Apr. 2 Holders of rec. Mar. 10
$631 preferred (guar.)
$PA Apr. 2 Holders of rec. Mar. 10
Ideal Cement (guar.)
250 Apr. 2 Holders of rec. Mar. 15
Ideal Financing Assoc.. $8 pref.(qu.)._
$2 Apr. 1 Holders of rec. Mar. 15
$2 convertible preferred (quar.)
50c. Apr. 1 Holders of rec. Mar. 15
Series A (guar.)
1231o. Apr. 1 Holders of rec. Mar.15
Imperial Chemical Ind., corn. (final)
5%
Common
51%
Amer. dep. rec. for ord. shares
5% June 8
Deferred shares
1% June 1
Imperial Life Assurance of Can.(guar.). $34 Apr. 2 Holders of rec. Apr. 2
IrnperialTobacco of Can.ord.(quar.)___ r131% Mar.31 Holders ot rec. Mar. 7
Ordinary (final)
r334% Mar.31 Holders of rec. Mar. 7
Preferred (8.-a.)
r3%
Mar.31 Holders of rec. Mar. 7
Incorporated Investors
1231% Apr. 20 Holders of rec. Mar. 22
Independent Pneumatic Tool Co.(guar.)
50e Apr. 2 Holders of rec. Mar.24
Independence Trust Shares
Sc Apr. 2 Holders of rec. Mar. 1
Indiana General Service 6% pref.(au)
$134 Apr. 2 Holders of rec. Mar. 9
Indiana Pipe Line
150 May 15 Holders of rec. Apr. 27
Industrial Cotton Mills, pref.(guar.)._ _ $131 May 1
Preferred (guar.)
$lq Aug. 1
Industrial Credit Corp. of N.E.(qu.)_ _320 Apr. 2 Holders of rec. Mar. 15
Extra
631e Apr. 2 Holders of rec. Mar. 15
7% preferred (guar.)
8731e Apr. 2 Holders of rec. Mar. 15
Industrial Rayon Corp.(guar.)
3131 Apr. 1 Holders of roe. Mar. 15
Inland Investors
15e Apr. 1 Holders of rec. Mar. 20
Inland Investors,Inc
150 Apr. 1 Holders of rec. Mar. 20
Inter lake Steamship(guar.)
250 Apr. 1 Holders of rec. Mar.20
Internat ]Business Mach. Corp
.
$IM Apr. 10 Holders of rec. Mar. 22a
International Button Hole Mach.(qu.).
20c Apr. 2 Holders of rec. Mar. 15
Extra
20c Apr. 2 Holders of rec. Mar. 15
International Carriers, Ltd
Sc Apr. 1 Holders of rec. Mar. 16
International Harvester (guar.)
15o Apr. 16 Holders of roe. Mar.20
International Nickel
10o Mar. 31 Holders of rec. Mar. 1
International Nickel of Canada
10o Mar.31 Holders of roe. Mar. 1
Preferred (guar.)
$131 May I IIolders of me. Apr. 3
International Salt Co.
3731e Apr. 2 Holders of rec. Mar. 15a
International Shoe Co. common (guar.)50o Apr. I Holders of rec. Mar. 15
International Silver Co. prof. (guar.) - 1% Apr. 1 Holders of rec. Mar. 14
International Steel (quar.)
50c Apr. I Holders of rec. Mar. 15
Inter-Ocean Re-Insurance (s.
$1 Mar.31 Holders of roe. Mar. 15
-a.)
Interstate Hosiery Mills (quar.)
50c May 15 Holders of rec. May 1
Quarterly
50o Aug. 15 Holders of rec. Aug. 1
Quarterly
500 Nov.15 Holders of roe. Nov. 1
Investment Foundation, pref.(guar.)
37e Apr. 16 Holders of rec. Mar. 31
Preferred
5130 Apr. 16 Holders of rec. Mar. 31
(Bydgep't, Conn.) 3734c Mar.31 Holders of rec. Mar. 20
Invest. Mtge.& Guar.
7% preferred (quar.)
$131 Mar.31 Holders of rec. Mar.20
200 June 1 Holders of reo. May 10
Iron Fireman Mfg. Co.. corn.(quar.)..
Common Omar./
200 Sept. 1 Holders of rec. Aug. 10
Common (quar.)
20o Dec. I Holders of roe. Nov.10
Island Creek Coal Co. (guar.)
50c Apr. 2 Holders of rec. Mar.26
Preferred (guar.)
$1.34 Apr. 2 Holders of rec. Mar. 26
Janes Investment (Los Angeles)
$134 Apr. 2 Holders of rec. Mar. 21
36 class A preferred (guar.)
Jefferson Lake Oil
250 May 1 Holders of rec. Apr. 15
Jewel Tea Co.,Inc., corn.(quar.)
750 Apr. 16 Holders of rec. Apr. 2
Johns-Manville Corp. pref.(guar.)
8154 Apr. 2 Holders of rec. Mar. 16
Kahn's (E.) Sons, pref. (quar.)
3131 Apr. 2 Holders of rec. Mar. 20
Katz Drug Co., pref. (quar.)
$131 Apr. 2 Holders of rec. Mar. 15
Kaufman Dept. Stores. peer.(quar.).._ _
3131 Apr. 2 Holders of rec. Mar. 10
Kaynee Co., pref.(guar.)
$134 Apr. 1 Holders of rec Mar.26
Kelvinator Corp
12340 Apr. 15 Ilolders of rec. Mar. 27
Kelley Island Lime & Transport (quar.).
15e Apr. 1 Holders of rec. Mar. 24
Kendall Co., panic. pf. sec. A (quar.)_ _
$1.31 June 1 Holders of rec. May 100
Pantie. preferred series A (panic div.)
920 June 1 Holders of rec. May 10a
Kimberly-Clark Corp., 6% pref. (guar.) $131 Apr. 2 Holders of rec. Mar. 12
250 May I Holders of rec. Apr. 14
King Royalty Co.,coin
8% preferred (guar.)
12 Mar.31 Holders of rec. Mar. lb
25c Apr. 1 Holders ol rec. Mar. 20
Klein (D. Emil) Co.. corn.(guar.)
Koloa Sugar, (monthly)
50e Mar.31 Holders of rec. Mar.24
Koppers Gas & Coke 6% prof. (guar.)._
$134 Apr. 2 Holders of rec. Mar. 12
Kresge (S. S.) Co., common
be Mar.31 Holders of rec. Mar. 10
Preferred (guar.)
$131 Mar.31 Holders of rec. Mar. 10
2205
Financial Chronicle
Volume 138
Name of Company.
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Connaued).
750 Apr. 2 Holders of rec. Mar. 23
Lambert Co., com.(quar.)
Landers, Frary & Clark, torn.(guar.)- - _ 37 M c Mar. 31
3734 June 30
Common (guar.)
Sept.30
37
Common (quar.)
3734c Dec. 31
Common (guar.)
June 15 Holders of rec. June 5
$1
Landis Machine, pref. (guar.)
$131 Sept. 15 Holders of rec. Sept. 5
Preferred (guar.)
$154 Dec. 15 Holders of rec. Dec. 5
Preferred (quar.)
250 Apr. 15 Holders of rec. Mar. 31
Langendorf United Bakeries. oh. A
$3 Apr. 16 Holders of rec. Apr. 10
Title Ins.(Va.), prof.(. (qu.)Lawyers
5 -a.)--100 Mar. 31 Holders of rec. Mar. 20
Lazarus (F. & R.) & Co. corn. (quar.)._
50 Mar. 31 Holders of rec. Mar. 20
Extra
Lehigh Portland Cement Co.. pref.(qu.) 87560 Apr. 2 Holders of rec. Mar. 14
60c Apr. 5 Holders of rec. Mar.23
Lehman Corp.(quar.)
750 Apr. 2 Holders of rec. Mar.23
Life Ins. Co. of Va.(guar.)
Liggett & Myers Tobacco, pref.
$131 Apr. 2 Holders of rec. Mar. 12
300 May 1 Holders of rec. Apr. 26
(quar.)Lincol
Nat. Life Ins.(Ft. Wayne)(qu.)
300 Aug. 1 Holders of rec. July 26
Quarterly
300 Nov. 1 Holders of rec. Oct. 26
Quarterly
$135 Apr. 2 Holders of rec. Mar.20
Linder Air Prod., prof.(guar.)
$1% Apr. 2 Holders of rec. Mar. 15
Link Belt Co.. preferred (guar.)
250 May 1 Holders of rec. Apr. 16
Liquid Carbonic
Lisk Mfg. Co
$1 Apr. 2 Holders of rec. Mar.20
34e. Mar. 31 Holders of rec. Mar. 31
Lock Joint Pipe (monthly)
8% preferred (guar.)
$2 Apr. 1 Holders of rec. Apr. 1
250 Mar. 31 Holders of rec. Mar. 15
Loew's. Inc., corn.(guar.)
50c Apr. 2 Holders of rec. Mar. 15
Loomis-Sayles Mutual Fund (guar.)Loose-Wiles Biscuit, preferred (quar.).. $13' Apr. I Holders of rec. Mar. 19
Holders of rec. Mar.15
Lorillard (P.) Co.. torn.(guar.)
30c. Apr.
Holders of rec. Mar.15
$131 Apr.
Preferred (quar.)
Lord & Taylor Co., corn. (guar.)
$234 Apr. 2 Holders of rec. Mar. 17
May 1 Holders of rec. Apr. 17
2nd preferred (quar.)
$2
3734c Apr. 2 Holders of rec. Mar. 15
Loudon Packing Co.(quar.)
Extra
1234e Apr. 2 Holders of rec. Mar.15
61% Apr. I Holders or rec. Mar. 22
Lunkenheimer6M% pref.(guar-)
$155 July 1 Holders of rec. June 22
631% preferred (quar.)
$1% Oct. I Holders of roe. Sept.21
631% preferred (guar.)
$131 Jan. 2 Holders of roe. Dee. 22
634 preferred (guar.)
32 Apr. 2 Holders of rec. Mar. 27
Lycoming Mfg.,8% pref.(guar.) 50c Apr. 14 Holders of rec. Mar. 31
MacAndrews-Forbes,Inc.,corn.(guar.)$134 Apr. 14 Holders of rec. Mar. 31
Preferred (guar.)
25e Mar.31 Holders of rec. Mar. 16
Mack Trucks, Inc.,common (quar.)....
50c May 15 Holders of rec. Apr. 20
Macy (R. H.)& Co.(guar.)
50c Apr. 16 Holders of rec. Mar.29
Magna Copper Co
$1.34 May 15 Holders of rec. May 5
Magnin (1.) & Co., preferred (quar.)...
$134 Aug. 15 Holders of rec. Aug. 5
Preferred (guar.)
$154 Nov. 15 Holders of rec. Nov. 5
Preferred (guar.)
15 June I Holders of rec. May 15
Manhattan Shirt Co.. corn. (quar.)__
Apr. 2 Holders of rec. Mar.20
31
Manischewitz (B.) Co., prof. (guar.). _
21I4c Mar. 31 Holders of rec. Mar. 17
Manufacturers Finance,7% pref
750 Apr. 2 Holders of rec. Mar. 15
Mapes Consol.Mfg.
(guar.)
750 July 2 Holders of roe. June 15
Quarterly
10c Apr. 2 Holders of rec. Mar. 16
Marine Midland Corp.(quar.)
50c Apr. 2 Holders of rec. Mar. 22
Marlin-Rockwell Corp., corn
210 Mar. 31 Holders of rec. Mar. 15
Massachusetts Investors Trust (guar.).3734c Apr. 2 Holders of rec. Mar. 8
Mathieson Alkali Works, corn.(guar.)
$154 Apr. 2 Holders of rec. Mar. 8
Proferred (guar.)
150 Apr. 2 Holders of rec. Mar.25
Maui Agricultural (guar.)
% Apr. 1 Holders of rec. Mar.20
McClan 011
ril 35 Apr. 14 Holders of rec. Mar. 31
,
McColl Frontenac Oil, pref.(guar.)
El Apr. 2 Holders of rec. Mar. 15
McKeesport Tin Plate (quar.)75o Apr. 2 Holders of rec. Mar.22
McQuay-Norris Mfg. Co., coin.(quar.)
75c. Apr. 2 Holders of rec. Mar.15
Mead. Johnson (quar.)
25e. Apr. 2 Holders of rec. Mar. 15
Extra
$134 Apr. 15 Holders of rec. Apr. 15
Mercantile Amer. Realty 6% pref.(Qui400 Mar. 31 Holders of rec. Mar. 12
Merch. & Miners Transp. (quar.)
Merchants Nat. Realty Corp.—
3134 Apr. 1 Holders of rec. Mar. 24
Preferred A and B (quar.)
32 Apr. 2 Holders of rec. Mar.17
Merck Corp.. pref
250 Apr. 2 Holders of rec. Mar. 16
Mesta Machine Co.common (quar.)- —
$134 Apr. 2 Holders of rec. Mar. 16
Preferred (guar.)
$134 Mar.31 Holders of rec. hiar. 24
Metropolitan Coal,7% pref.(quar.) _ Sc Apr. 1 Holders of rec. Mar.28
Metropolitan Ind. Bankers(quar.)
17 54 c Apr. 1 Holders of rec. Mar.28
Preferred(quar.)
53134 Apr. 2 Holders of rec. Mar.20
Meyer Blanke,7% pref
25e. Mar.31 Holders of rec. Mar.15
Meyers(F. E.)& Bros
SIM Mar.31 Holders of rec. Mar.15
6% preferred (guar.)
Mid.& Pacific Grain Corp.,7% pf.(qu.) $154 Apr. 1 Holders of rec. Mar.24
32 Apr. 1 Holders of rec. Mar.24
Midland Steel Products,8% Pref. (qu.)_
500 Apr. 1 Holders of rec. Mar. 20
Mill Factors, A & H (guar.)
tnn.-Honeywell Regulator. pf.(guar.)- $134 Apr. 2 Holders of rec. Mar.20
12 Mc Apr. 2 Holders of roe. Mar.22
Minnesota Mining .0 Mfg. Co
Missouri River-Sioux City Bridge—
3131 Apr, 16 Holders of rec. Mar. 31
Cumul. preferred (guar.)
Mitchell(J S.) & Co.,7% prof.(guar.)_ $134 Apr. 3 Holders of rec. NIar. 16
Mock Judson & Voehringer 7% pt. (qu.) $154 Apr. 2 Holders of rec. Mar. 15
531 Apr. 2 Holders of roe. Mar. 15
Monarch Knitting 7% preferred
Monroe Chemical,$334 pref.(quar.)....._ 8734c Apr. 2 Holders of rec. Mar. 15
5313-4 Apr. 2 Holders of rec. Mar. 17
Montgomery Ward & Co.class A
Apr. 2 Holders of rec. Mar. 15
Moore Corp., 7% class A & B prof.(gm)
$134 Apr. 1 Holders of roe. Apr. 1
Moore Dry Goods Co. (guar-)
$1 34 July 1 Holders of rec. July I
Quarterly
$14 Oct. 1 Holders of rec. Oct. 1
Quarterly
$134 Jan. 1 folders of rec. Jan. 1
Quarterly
El% Apr. 2 Holders of rec. Mar. 27
M & P Stores, 7% pref.(guar.)
250 Apr, 16 Holders of rec. Apr. 3
Morris (Philip) Jr Co., Ltd.(guar.)
Morrie (Philip) Consol. class A (quar.)... 1M% Apr. 2 Holders o rec. Mar. 19
$154 Apr. 2 Holders or roe. Mar.20
Morris 5.0 10c. Stores,7% pf.(quar.)..._
$IM July 1 Holders of rec. June 20
7% preferred (guar.)
Oct. 1 Holders of roe. Sept.20
7% preferred (guar-)
$134 Mar. 31 Holders of rec. Mar. 21
Morris Finance close A (guar.)
300 Mar. 31 Holders of rec. Mar. 21
Series B (guar.)
SI June 1 Holders of roe. May 26
Morris Plan Ins.Soo.(guar.)
$1 Sept. 1 Holders of rec. Aug. 25
Quarterly
$I Dec. 1 Holders of reo. Nov. 26
Quarterly
El% Apr. 2 Holders of rec. Mar. 24
Morrison Cafeterias,7% pref.(quar.)-Motor Finance Corp.,8% pref.(quar.)22 Mar. 31 Holders of rec. Mar. 24
Mountain Producers Corp.(guar.)
15c Apr. 2 Holders of rec. Mar. 150
82 Apr. 2 Holders of rec. Mar. 22
Murphy (G. C.) Co., pref. (guar.)
Murray(W.J.) B.,8% pref.(guar.) --$2 Apr. 1 holders of rec. Mar. 20
Mutual Chem.of Amer., pref.(guar.).-- $134 June 28 Holders of rec. June 21
Preferred (guar-)
$134 Sept.28 Holders of rec. Sept. 20
Preferred (guar.)
$134 Dec. 28 Holders of rec. Dec. 20
Nashua Gummed & Coated Paper
7% first pret.(quay.)
3131 Apr, 2 Holders of rec. Mar. 26
National Battery Co. pref. (guar.)
55c Apr. 2 Holders of rec. Mar. 16
National Biscuit Co.. corn.(guar.)
70c Apr. 14 Holders of rec. Mar. 23
National Breweries, Ltd., corn.(guar.)-r400 Apr. 2 Holders of rec. Mar. 15
Preferred (guar.)
r44c Apr. 2 Holders of rec. Mar. 15
National Candy (guar.)
25e Apr. 1 Holders of not. Mar. 12
7% 1st dr 2d pref. (guar.)
SIN Apr. 1 Holders of rec. Mar. 12
National Casket Co., COM. (s.
$I May 15 Holders of rec. Apr. 28
-a.)
Preferred (quarterly)
$134 Mar. 31 Holders of rec. Mar. 15
50o June 1 Holders of rec. May 15
National Container, pref.(quar.)
/150c June 1 Holders of rec. May 15
Preferred
50c Sept. 1 Holders of roe. Aug. 15
Preferred (guar.)
h50c Sept. 1 Holders of rec. Aug. 15
Preferred
500 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
5500 Dee. 1 Holders of rec. Nov. 15
Preferred
National Dairy Prods.,tom._-300 Apr. 2 Holders of rec. Mar. 16
Preferred A & B (quar.)..
$154 Apr. 2 Holders of rec. Mar. 16
20c Apr. 2 Holders of rec. Mar. 24
National Finance Corp.. A & ui (quar.)_ _
20c Apr. 2 Holders of rec. Mar. 24
8% preferred (guar.)
15e Apr. 2 Holders of rec. Mar. 10
National Finance Corp. of An...r. (guar.)
150 Apr. 2 Holders of rec. Mar. 10
6% preferred (guar.)
150 Apr. 2 Holders of rec. Mar. 10
Extra
25c Apr. 16 Holders of rec. Mar. 31
National Fuel Gas(guar.) _
53134 Apr. 2 Holders of rec. Mar. 20
National Grocers,7% pref
National Lead Co., common (qu.,.).-- 3131 Mar. 31 Holders of rec. Mar. 16
Class B preferred (quar.)
$131 May 1 Holders of rec. Apr. 20
8131 Mar. 31 Holders of rec. Mar. 21
National Licorice,6% pref. (guar.)
2206
Name of Company.
Financial Chronicle
When
Per
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
National 011Prod., Inc., $7 pref. (quay)_
un Apr. 2 [folders of rec. Mar. 211
National Standards Co.(guar.)
50c Apr. 2 Holders of rec. Mar. 20
National Sugar Refining
50c Apr. 2 [folders of rec. Mar. 1
National Tea Co. common (guar.)
15, Apr. 2 Holders of rec. Mar. 14
National Weaving,7% 2d pref
$IM Mar.31
Nation-Wide Securities(Md.)
2.1c Apr. 2 Holders of rec. Mar. 15
Natomis Co. (guar.)
$114 Apr. 1 Holders of rec. Mar. 15
Extra
$IM Apr. 1 Holders of rec. Mar. 15
Nelsner Bros., cum. pref. (guar.)
El% May 1 Holders of rec. Apr. 16
Cumulative preferred
/4315 May 1 Holders of rec. Apr. 16
Newark & Bloomfield (s-a)
$114 Apr. 2 Holders of rec. Mar. 24
/Newberry (J. J.) Co., corn.(guar.)
15e Apr. 1 Holders of reo. Mar. 16
Newberry (J. J.) Realty,634% pf.(qu.)_
$134 May 1 Holders of rec. Apr. 16
6% preferred B (guar.)
$14 May 1 Holders of rec. Apr. 16
New York Ship Building Corp.—
Founders & participating stock (qtr.)100 Apr. 2 Holders of rec. Mar. 20
Preferred (guar.)
$1 34 Apr. 2 Holders of rec. Mar. 20
New York Sun, Inc. 1st pref.(s-a)
54 Apr. 2 Holders of rec. Mar.31
New York Transit Co
15c Apr. 14 Holders of rec. Mar. 23
Niagara Alkali Corp.. pref. (guar.)
E13( Apr. 1 Holders of rec. Mar. 20
Niagara Share Corp.. el A. ore!.(qu.)
5114 Apr. 2 Holders of ree Mar. 15
Niagara Wire Weaving.$3 pref
53115 Apr. 2 Holders of rec. Mar. 19
Noblitt-Sparks Industries (guar.)
She Apr. 1 Holders of rec. Mar. 20
North American Co. pref. (guar.)
750 Apr. 2 Holders of ree. Mar. 5
Commod (quar.)
12150 Apr. 2 Holders of roe. Mar. 5
Common (guar.)
1% Apr. 2 Holders of roe. Mar. 5
North Amer. Invest. Corp.,6%
__
31 Apr. 20 Holders of rec. Mar.21
91 2-30 Apr. 20 Holders of rec. Mar. 31
534% preferred
North Central Texas 011 pref.(quar.)_
SIM Apr. 2 Holders of rec. Mar. 10
Judd Mfg. (guar.)
North&
250 Mar. 31 Holders of rec. Mar. 19
Norwalk Tire de Rubber Co., p1.(gu.)--- 8740 Apr. 2 Holders of rec. Mar. 22
Norwich Pharmacal Co.(guar.)
$114 Apr. 2 Holders o. rec. Mar. 20
Quarterly
$134 July 2 Holders of rec. June 20
Quarterly
3134 Oct. 1 Fielders of rec. Sept. 20
Quarterly
$114 Jo 1 '35 Holders of rec. Deo. 20
Novadel-Agene Corp., com. (guar.)- - -- 514 Apr. 2 Holders of rec. Mar. 21
Nunn-Bush & Weldon Shoe, 1st pref - - - 5534 Mar.31
Oahu fly.& Land (mo.)
15c Apr. 16 Holders of roe. Apr. 11
Monthly
15c June 15[folders of rec. June 11
Oahu Sugar (monthly)
100 Apr. 14 Holders of rec. Apr. 5
Occidental Petroleum Corp. (quar.)___ 20 Mar. 31 Holders of rec. Mar.20
Ogilvie Hour Oiilo,corn.(guar.)
$2 Apr. 3 Holders of rec. Mar. 23
Ohio Brass Co.. 6% Pref. (guar.)
533 Apr. 14 Holders of rec. Mar. 31
Ohio Finance, A (guar.)
51 Apr. 1 Holders of rec. Mar. 10
8% preferred (guar.)
52 Apr. 1 Holders of rec. Mar. 10
Ohio Leather Co. common (guar.)
25e Apr. 2 Holders of rec. Mar. 21
First preferred (guar.)
$2 Apr. 2 Holders of roe. Mar. 21
Second preferred (quar.)
3134 Apr. 2 Holders of reo. Mar. 21
Ohio Loan Co.,8% pref.(guar.)
$2 Apr. 2 Holders of rec. Mar.31
Omnibus Corp.. pref (guar.)
$2 Apr. 2[folders of rec. Mar. 15
Onomen Sugar (monthly)
200 Apr. 20 Holders of rec. Apr. 10
Ontario Loan & Debenture(guar.)
$115 Apr. 3 Holders of rec. Mar. 15
Ontario Mfg. Co., cow.(guar.)
250 Mar. 31 Holders of roe Mar. 20
Preferred (guar.)
$134 Mar 31 Holders of me Mar. 20
O'Sullivan Rubber
100 June 30 [folders of rec May 31
Otis Elevator Co.. common (guar.)
150 Apr. 16 Holders of rec. Mar. 30
Preferred (quar.)
$1.15 Apr. 16 Holders of rec. Mar.30
Pacific Finance Corp. of Calle.com.(gu.)
50 Apr. 2 Holders of rec. Mar. 15
Pacific Guano. & Pert. Co. (guar.)
El Mar. 31 Holders of rec. Mar. 28
Pacific Mutual Life ins. (guar.)
400 Apr. 2 Holders of rec. Mar. 20
Pacific Southern Inv., $3 pref
750 Apr. 2
Page-Hersey Tubes common (guar.)
75e Apr. 2 Holders of roe. Mar. 20
Preferred (guar.)
$134 Apr. 2 Holders of roe. Mar. 20
Parke Davis & co (guar.)
25c Mar.31 Holders of reit Mar 20
Paul Knitting Mills, 7% pref. (guar.)-- 5134 Apr. 2 Holders of rec. Mar. 20
Peaslee-Gaulbert 7% Prof
53134 Apr. 1 Holders of rec. Mar. 24
Penberthy Injector (guar.)
$24 Mar. 31 Holders of rec. Mar. 26
Extra
$134 Mar, 31 Holders of rec. Mar. 26
Pentnan's Ltd. (guar.)
75e May 1 Holders of rec. Apr. 21
6% preferred (guar.)
$1 4 May 15 Holders of rec May 5
Penney (J. C.) Co. common (guar.)---30c Mar. 31 Holders of rec. Mar. 20
Preferred (quar.)
$115 Mar. 31 [folders of rec. Mar. 20
Penna. Co. for Ins. on Lives & Grtg.Ann.
40c Apr. 2 Holders of rec. Mar. 19
Penna. Conley Tank Car,8% pref. (qu.)
$2 Mar. 31 [folders of rec. Mar. 20
Penna. Glass Sand Corp..7% pref
55134 Apr, 1 Holders of rec. Mar. 15
Pennsylvania Salt Mfg. (guar.)
75c Apr. 14 Holders of roe. Mar. 31
Perfect Circle (guar.)
500 Apr. I [folders of rec. Mar 20
Perfection Petroleum,6% pref.(qual.)... 37340 Apr. 2 Holders of rec. Mar. 30
Pet Milk Co. common (guar.)
250 Mar. 31 Holders of roe. Mar. 12
7% preferred (guar.)
$13.4 Mar. 31 Holders of reo. Mar. 12
Petroleu Corp. of America
500 Apr. 30 Holders of rec. Mar. 29
Phillips Petroleum Co
250 May 14 Holders of rec. Apr. 12
Phoenix Finance, Pref. (quan)
5043 Apr. 10 Holders of roe. Apr. 1
Preferred (guar.)
50c July 10 Holders of reo. July 1
Preferred (qual.)
50o Oct. 10 Holders of rec. Oct. 1
Preferred (guar.)
500 Jan. 10 Holders of rent 1 1 '35
Pie Bakeries, inc.. 1st pref. (quar.)--- $lki Apr. 2 Holders of rec. Mar. 15
Second preferred (guar.)
75c Apr. 2 Holders of rec. Mar 15
Second preferred
5$415 Apr. 2 Holders of rec. Mar. 15
Pilgrim Mills(quar.)
$1 Mar. 31 Holders of reel. Mar. 20
Pinchin Johnson, Ltd—
Amer. den. rec. for ord.rag
zw9% Apr. 10 Holders of ree. Mar. 16
Pioneer Gold Mines of Brit. Col. (guar.) r150 Apr. 2 Holders of rec. Mar. 3
Pioneer Mill Co. (monthly)
10c Apr. 2 Holders of rec. Mar.21
Pittsburgh, Erie Saw Corp. (quar.)____
250 Apr. 2 Holders of rec. Mar. 20
Pittsburgh Plate Glans(quar.)
25c Apr. 2 Holders of rec. Mar. 10
Extra
100 Apr. 2 Holders of roe. Mar. 10
Planters Nut & Chocolate (guar.)
$115 Apr. 2 I folders of rec. Mar.1
IS
Plu ee & Atwood Mfg.(guar.)
50c Apr. 2 Holders of rec. Mar. 24
Plymouth Oil (guar.)
250 Mar.31 Holders of roe. Mar. 10
Pneumatic Scale Corp.(guar.)
1740 Apr. 2 Holders of rec. Mar.22
Ponce Electric, 7% pref. (guar.)
31 34 Apr. 2 Holders of rec. Mar. 15
Powdrell & Alexander. Inc., pref.(qu.)
51 34 Apr. 2 Holders of rec. Mar. 20
Powell River. 7% pref
$114 June 1
7% preferred
$134 Sept. 1
7% preferred
$114 Dee. 1
Pratt & Lambert. Inc.. corn.(guar.).- -250 Apr. 2 Holders of rec. Mar. 15
Premier Gold Mining Co.(guar.)
r3c Apr. 16 Holders of roe. Mar. 113
Procter & Gamble Co.,8% pref. (guar.)
$2 Apr. 14 Holders of rec. Mar. 22
Prov. Adj. & Inv. Co., Ltd.
preferred (quar.)
6.4%
$154 Apr. 1 Holders of rec. Mar.23
Providence Paper, Ltd., pref.(quar.)... $IM Apr. 2[folders of rec. Mar. 15
Prudential Investors.6% Pref.(guar.)-. $114 Apr. le Holders of rec. Mar. 31
Pullman Co. (guar.)
750 May 15 Holders of rec. Apr. 24
Puritan lee, 8% pref. (6.-a.)
$4 Apr. I Holders of reo. Deo. 31
Quaker Oats Co., corn. (guar.)
$1 Apr. 16 Holders of rec. Apr. 2
Extra
51 Apr. 16 Holders of ree. Apr. 2
6% preferred (guar.)
$115 May 31 Holders of rec. May 1
Railroad Credit Corp., panic. carriers
1% Mar.31
Rath Packing Co.(guar.)
500 Apr. 1 Holders of rec. Mar. 20
Reece Button Hole Mach.(gnat)
20c Apr. 2 [folders of rec. Mar. 15
Reece Folding Mach.(guar.)
5c Apr, 2 Holders of rec. Mar. 15
Reliance Mfg. Co. of III.. corn.(guar.)._
lac May 1 Holders of rec. Apr. 20
Preferred (guar.)
$1 hi Apr. 1 Holders of rec. Mar. 21
RepublicStamping& Enamelin g Co.(qu.)
25e Apr. 10 Holders of rec. Mar. 31
Republic milady Co (qual.)
She Apr 5 Holders or reo Apr 2
Quarterly
25e July 5 Holders of reo. July 2
Quarterly
250 Oct. 5 Holders of rec. Oct. 2
Reynolds(R.J.) Tob. Co., A dr B (gu.)
750 Apr. 2 Holders of roe. Mar. 17
Richman Bros. Co. (guar.)
75e Apr. 2[folders of rec. Mar. 24
Rike-Kumler, 1', pref.(guar.)
$IM Apr. 2 Holders of reo. Mar. 24
Riverside Silk Mills, pref. A
5250 Apr. 2 Holders of reo. Mar. 15
Ross Gear & Tool Co.. corn.(quar.)...
30c Apr. 1 [folders of rec. Mar. 20
Royal Baking Powder (guar.)
250 Apr. 2[folders of rec. Mar. 8
6% preferred (guar
51 1
4 Apr. 2[folders of rec. Mar. 8
Sabin Robbins Paper Co.. pref. (quar.
). 5114 Apr. 2 Holders of rec. Mar. 26
Safety Car Heating Ltg. Co.(qual.)..
$1 Apr. 2 Holders of ree. Mar. 16
Safeway Stores, Inc.. corn. (quar.)
75e Apr. 2[folders of rec. Mar. 13
r 7% preferred (guar.)
$114 Apr. 2 Holders of rec. Mar. 13
L 6% preferred (quat)
3134 Apr. 2[folders of rec. Mar. 13
Name of Company.
Mar. 31 1934
Per
When
Share. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
St. Louis Natl. Stockyds.(guar.)
5115 Apr. 2 Holders of rec. Mar. 25
San Francisco, Rem. Loan Assoc.(guar.)
75o Mar. 31 Holders of rec. Mar. 15
Santa Cruz Portland Cement (quar.)- -$1 Apr. 1 Holders of rec. Mar. 22
Sayers& seovill,(quar.).
$1 Apr. 2 Holders of ree. Mar. 20
6% preferred (guar.)
5134 Apr 2 [folders of rec. Mar. 20
Scottish Type Investors A & B (qual.)..
5s Mar. 31 Holders of rec. Feb. 28
Scott Paper Co., corn. (guar.)
374e Mar. 31 Holders of rec. Mar. 17
Class A preferred (guar.)
5134 May 1 Holders of roe. Apr. 17
Class B preferred (guar.)
514 May 1 Holders of rec. Apr. 17
Scovill Mfg.(guar.)
25o Apr. 2 Holders of reo. Mar. 15
Seagrove,$7 pref.(guar.)
511.5 Apr. 2 Holders of rec. Mar. 20
Second Internat. Secur. 1st prof. (guar.)
500 Apr. 2 Holders of coo. Mar. 15
Second Twin Bell OliSyndicate(mo.)_ 20e Apr. 5 [folders of rec. Mar.30
Seeman Bros., Inc. (guar.)
62140 May 1 Holders of rec. Apr. 16
Extra
$1 May 1 Holders of rec. Apr. 16
Selected Industries, Inc.
5134 Apr. 1 Holders of rec. Mar. 17
5515 dividend prior stock (guar.)
Shaffer Stores,7% pref.(guar.)
5134 Apr. 2 [folders of rec. Mar. 31
Shattuck (Frank G.),(guar.)
6e Apr. 10 Holders of rec. Mar. 19
Shawmut Assoc.(Boston)(guar.)
10e Apr. 2 Holders of rec. Mar. 16
Short Term Trust Shares. bearer
2.898c Apr. 2
Silver King Coalition Mines Co.(quar.).
150 Apr. 2 Holders of rec. Mar. 20
Silverwood's Dairies, 7% prof
551 Apr, 2 Holders of rec. Mar. 20
Singer Mfg. Co.(guar.)
$115 Mar. 31 Holders of rec. Mar. 10
Extra
51 Mar. 31 Holders of rec. Mar. 10
Sioux City Stockyards Co.. pref.(qu.).. $114 May 15 [folders of rec. May 14
Preferred (guar.)
$114 Aug. 15 [folders or roe. Aug. 14
Preferred (guar.)
5134 Nov. 15 Holders of rec. Nov. 14
Siscoe Gold Mines(guar.)
30 Mar. 31 Holders of roe. Mar. 8
Extra
2o Mar. 31 Holders of rec. Mar. 8
Slattery (E1. T.),7% pref.(guar.)
5134 Apr. 2 Holders of rec. Mar. 17
Sloan & Zooke Prod., 7% pref. (quay.)... 31.14 Mar. 31 Holders of rec. Mar. 26
S. M. A. Corp. (guar.)
12140 Apr. 2 Holders of rec. Mar. 20
Smith (S Morgan) Co.(quar.)
El May 1
Quarterly
$I Aug. 1
Quarterly
Apr.ov
11 Nov..
Southern Acid & Sulphur,7% pref.(qu.) 31olders of rec. Mar. 10
2
1
So. Franklin Process,7% pf.(guar.) _ _ _
5114 Apr. 10 Holders of roe. Mar. 31
Southland Royalty Co.common (guar.).
5e Apr. 14 Holders of rec. Mar. 31
South Penn 011 Co
300 Mar.31 [folders of roe. Mar. 15
South Porto Rico Sugar Co.,corn.(qu.).
600 Apr. 2 Molders of rec. Mar. 10
Preferred(guar.)
2% Apr. 2 Holders of rec. Mar. 10
South West Penna. Pipe Linea
31 Apr. 2 Holders of rec. Mar. 15a
Sparta Foundry (guar.)
250 Mar. 3 Holders of rec. Mar. 15
Extra
250 Mar.3 Holders of rec. Mar. 15
Spencer Kellogg & Sons, corn. (guar.)._
25e Mar.3 Holders of ree. Mar. 15
Spiegel, May,Stern,634% prof. (qual.).. 55144 May
Holders of ree. Apr. 16
Squibb (E. R.)& Sons(guar.)
25c May
Holders of rec. Apr. 14
lot preferred (guar.)
5114 May
Holders of rec. Apr. 14
Sutherland Paper Co
100 May
Holders of reo. Apr. 20
Stahl Meyer.$6 pref.(guar.)
$115 Apr. 2 Holders of rec. Mar. 22
Standard Brands, Inc., corn. (quar.).-She Apr. 2 [folders of rec. Mar. 8
Preferred (guar.)
$134 Apr. 2 Holders ol rec. Mar. 8
Standard Cap & Seal Corp. ,com. (qu.)_
600 May I Holders of rec. Apr. 3
Standard Coosa-Thatcher (quar.)
12150 Apr. 2
7% preferred (guar.)
$134 Apr. 16 Holders of rec. Apr 16
Standard Fuel Co.,834% pref. (quar.)__ $134 Apr. 2 Holders of rec. Mar. 15
Standard National(N. Y.), pref.(guar.) $134 Apr. 2 [folders of rec. Mar.26
Standard 011 Co. of Kansas (quar )....
500 Apr. 30 Holders of rec. Apr. 2
Standard 011 Co. of Ohio, pref. (guar.). $114 Apr. 16 [folders of rec. Mar. 31
Standard Screw (guar.)
500 Apr. 2 Holders of rec. Mar. 20
Stanley Works (guar.)
250 Apr. 2 Holders of roe. Mar. 17
6% Preferred (guar.)
3734e May 15 Holders of reo. May 5
State Theatre of Boston, pref.(guar.)--.
$2 Apr. 2 Holders of rec. Mar. 24
Stearns(Fred.),7% pref
55114 Mar. 31 Holders of rec. Mar. 20
Stein (A.)& Co.. Inc.. pref.(guar.)
$134 Apr. 2 Holders of roe. Mar. 15
Stlx Baer & Fuller Co., 7% pref. (gu.).... 43340 Mar, 31 Holders of reo. Mar. 15
Supertest Petroleum (guar.)
25s Apr, 2 Holders of tee Mar. 15
Class A preferred (guar.)
$114 Apr. 2 [folders of roe. Mar. 16
Class B preferred (guar.)
37150 Apr. 2 Holders of rec. Mar. 15
Swift de Co.(guar.)
1234o Apr. 1 [folders of rec. Mar. 10
Sylvanite Gold Mines. bonus
23.4% M ar.31 Holders of rec. Mar. 1
Tacony-Palmyra Bridge. corn. (guar.)._
25e Mar.31 Holders of reo. Mar 10
Class A (quar.)
250 Mar.31 Holders of ree. Mar. 10
734% preferred (guar.)
5134 May 1 Holders of rec. Apr. 10
T. T. Tail, Ltd.. pref. (guar.)
$134 Apr. 1 Holders of rec. Mar. 16
Tamblyn (G.), Ltd., pref. (guar.)
$114 Apr. 2 Holders of reo. Mar. 24
Taylor Milling Corp. (guar.)
25c Apr. 2 Holders of rec. Mar. 30
Telautograph Corp. (guar.)
250 May 1 [folders of rec. Apr. 16
Texas Corp. (guar.)
250 Apr. 1 Holders of rest Mar. 2a
Texas Gulf Producing
234% Mar. 31 Holders of roe. Mar. 2
Texan Oil & Land Co.(quar.)
150 Mar, 31 Holders of roe. Mar. 10
Textile Banking Co
500 Mar, 31 Holders of rec. Mar. 27
Thrift Store, Ltd., common (quar.)____
100 Apr. 2 Holders of roe. Mar. 23
134% Apr. 2 Holders of rec. Mar. 23
634% 1st preferred (guar.)
7% 2nd preference (guar.)
134% Apr. 2 Holders of rec. Mar. 23
Tide Water Assoc. 011 Co., 6% pref.— 55214 Apr. 1 Holders of rec. Mar. 26
Time,Inc.(guar.)
3715c Apr. 2 [folders of rec. Mar.22
Extra
25e Apr, 2 Holders of rec. Mar. 22
5
$14 Apr. 2 Holders of rec. Mar. 22
$615 preferred (guar.)
Tintle Standard Mining Co.(guar.)._
714c Mar. 31 Holders of rec. Mar. 17
Toronto Elev., Ltd.,7% pref.(guar.) ___ $1 34 Apr. 16 folders of rec. Mar.31
Toronto Mtge. Co.(Ont.)(qual.)
$115 Apr. 2 Holders of rec. Mar. 15
Torrington Co. (guar.)
750 Apr. 2 folders of rec. Mar. 16
Towel Mfg. Co. (guar.)
$114 Apr. 2 holders of rec. Mar. 24
Towle Mfg. Co.(guar.)
5115 Apr. 2 Ibolders of roe. Mar. 24
Travelers Insurance Co. (guar.)
$4
Apr. 2 folders of rec. Mar. 17
TM-Continental Corp.,$6 pref.(guar.)-- $114 Apr. 1 lfolders of rec. Mar. 17
Trice) Products Corp.(guar.)
62150 Apr. 2 lloldero of rec. Mar. 16
Trumbull Cliffs-Furnace, pref.(guar.). _
5115 Apr. 2 folders of rec. Mar. 15
Twin Bell Oil Syndicate (mo.)
52 Apr. 5 ifoldcrs of reo. Mar. 30
Underwood Elliott Fisher, corn.(quar.).
250 Mar.31 holders of rec. Mar. 12
Preferred (guar.)
$IM Mar.31 holders of rec. Mar. 12
Union Carbide & Carbon Corp
250 Apr. 2 Ifolders of rec. Mar. 9
Union Twist Drill Co.. pref.(qual.)... $m Mar.31 folders of roe. Mar. 20
United Biscuit Co.of Amer., pref.(gu.). $1 34 May 1 folders of roe. Apr. 16
United Carbon Co.. corn
43e Apr. 2 Itolders of rec. Mar. 17
Preferred (s-a)
$314 July 2 folders of reo. June 16
United Corp., preference (guar.;
75o Apr. 2 Holders of roe. Mar. 7
United Dyewood Corp.,7% pref.(guar.) $134 Apr. 2 lfoldecs of roe. Mar. 20
United Fruit Co.(guar.)
50e Apr. 14 folders of reo. Mar. 22
Extra
50c Apr. 14 folders of rec. Mar. 22
United Loan Corp.(guar.)
$114 Apr. 1 holders of rec. Mar. 20
Extra
500 Apr. 1 lholders of rec. Mar. 20
United Milk Products Co
75o Apr. 2 holders of roe. Mar. 15
United Profit Sharing Corp., pref.(5.-a.)
5% Apr. 30 holders of rec. Mar.31
United Securities(guar.)
500 Apr. 2 Ifolders of roe. Mar. 27
United Shoe Mach. Corp., corn. (guar.) 6215c Apr. 5 hlolders of roe. Mar. 20
Preferred guar.)
3734e Apr. 5 folders of rec. Mar. 20
United States Banking Corp.(monthly).
70 Apr. 1 folders of rec. Mar. 17
United States Foil Co. common A de B... 1214e Apr. 2 holders of roe. Mar. 154
Preferred (guar.)
$154 Apr. 2 Holders of roe. Mar. 16a
United States Gypsum Co.,corn.(aIL)._
She Apr. 2 Ifoldors of rec. Mar. 17
Preferred (quay.)
5154 Apr. 2 folders of roe. Mar. 17
U. S. Petroleum Co. (quar.)
le June 10 holders of ref/. June 5
Quarterly
10 Sept. 10 folders of roe. Sept. 5
10 Dee. 10 holders of rec. Dee. 5
Quarterly
U.S. Pipe de Foundry CO., corn.(guar.) 12340 Apr. 20 Itoldors of rec. Mar. 31
12150 July 20 folders of reo. June 30
Common (guar.)
1240 Oct 20 folders of rec. Sept. 29
Common (guar.)
Common (guar.)
12150 1-20-35 folders of reo. Dec. 31
Preferred (guar.)
30e Apr. 20 folders of rec. Mar. 31
Preferred (guar.)
30e July 20 folders of rec. June 30
Preferred (guar.)
300 Oct. 20 Holders of reit Sept. 29
Preferred (quar.)
300 1-20-35 lfnlrbers of rect. Dec 31
United States Playing Card (guar.)
25e Apr. 2 [folders of rec. Mar.22
United States Smelting Ref. & Mining—
250 Apr. 14 Holders of reo. Apr. 2
Common (guar.)
El Apr. 14 Holders of roe. Apr. 2
Extra
87150 Apr. 14 Holders of roe. Apr. 2
Preferred (guar.)
2207
Financial Chronicle
Volume 138
When
Per
Share. Payable
Name of Company.
Miscellaneous (concluded).
$1.10
United States Tobacco Co., corn
Preferred
$1%
United Verde Extension Mining
25c
Universal Leaf Tobacco Co., corn. (qu.)
50c
$2
Preferred (quar.)
200
Universal Products Co
Upreasit Metal Corp.,8% pref.(quar..)
$2
Valve Bag. 6% pref
5814
4%
Vickers. Ltd
Victor-Monoghan, pref. (quar.)
SIM
$3
Virginia Coal & Iron (extra)
250
Vortex pup Co.,corn.(guar.)
Class A (guar.)
8240
Class A (quar.)
6240
3%
Vulcan DetInning Co., corn. (special)_...
Preferred (guar.)
14%
Preferred (quar.)
14%
Preferred (guar.)
%
Wagner Electric, pref.(quay.)
Wa'green Co.. pref. (guar.)
$1%
Ward flaking Co., pref. (quar.)
500
Waukesha Motor Co.. corn. (quar.)
20c
Weeden & Co. (quar.)
500
Weinberger Drug Stores(guar.)
250
Wesson Oil & Snowdrift Co., Inc.—
Common (guar.)
1235c
West Coast 011 Co.. pref
$1
West Virginia Pulp & Paper,corn.(qu.)100
Western Assurance Co.,corn.(s-a)
3%
Western Grocers. Ltd.. pref.(quar.)
Western Maryland Dairy Corp.—
Preferred (guar.)
$135
Western Tablet & Stationery.7% pf.(qu) $133
25c
Westinghouse Air Brake Co. (quar.)
300
Westmoreland, Inc. (guar.)
250
Weston Biscuit Co.(guar.)
Weston Elec. Instrument, class A
50e
25c
Weston (0.), Ltd. (gust.)
Weatvaen Chlorine Prod.. pref.(quar.)
$13'
$I
Whitaker Paper. 7% pref. (quar.)
White] Can,64% pref
h$14
50e
White Rock Mini Spring Co. corn. (qu.)
1st preferred (quer.)
Si)'
$24
2nd preferred (quit.)
Wilcox-Rich Corn., cl. A (guar.)
624c
Will & Baumer Candle Co., pref. (qu.)_
$2
Wilson & Co.. Ina., pref.(quar.)
5153%
Wilson-Jones Co
50e
Wilson-Jones Corp.(N Y.)
50e
Winn & Lovett Grocer) Co. A (quar.)
50e
Preferred (guar.)
14%
Winstead Hosiery (guar.)
$135
$14
Quarterly
$14
Quarterly
250
Wiser Oil Co.(quir.).
/10%
Woodley Petroleum Co
100
Common
10c
Wright-Hargreaves Mines (guar.)
50
Bonus
250
Wrigley(Wm.)Jr., Co (monthly)
15e
Yale & Towne Mfg. Co.(guar.)
$14
Young (J. S.) & Co., common.
$133
Preferred (guar.)
Books Closed
Days Inclusive.
Apr. 2 Holders of Teo. Mar. 19
Apr. 2 Holders of rec. Mar. 19
May 1 Holders of rec. Apr. 3
May 1 Holders of rec. Apr. 17
Apr. 2 Holders of rec. Mar. 21
Mar.31 Holders of roe. Mar.20
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 15
Apr. 4
Apr. 1 Holders of rec. Mar. 20
Apr. 20 Holders of rec. Apr. 10
Apr. 2 Holders of rec. Mar. 15
Apt. 2 Holders ot rec. Mar. 15
July 2 Holders of rec. June 15
Apr. 20 Holders of rec. Apr. 10
Apr. 20 Holders of rec. Apr. 10
July 20 Holders of rec. July 10
Oct. 20 Holders of tee. Oct. 10
Apr. 1 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 15
Mar.31 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 24
Apr.
Apr.
Apr.
Apr.
Apr.
2 Holders of rec. Mar. if;
5 Holders of rec. Mar. 24
2 Holders of rec. Mar. 23
3 Holders of rec. Mar. 24
15 Holders of rec. Mar.20
Apr. 2 Holders of rec. Mar. 23
Apr. 2 Holders of rec. Mar.20
Apr. 30 Holders of rec. Mar. 31
Apr. 2 Holders of rec. Mar. 15
Apr. 2 Holders of rec. Mar. 20
Apr. 2 Holders of rec. Mar. 16
Apr. 1 Holders of reo. Mar.22
Apr. 2 Holders of ree. Mar. 15
Apr. 1 Holders of rec. Mar.20
Apr. 2 Holders 01 rec. Mar. 15
Apr. 2 Holders of rec. Mar. 23
Apr. 2 Holders of rec. Mar.23
Apr. 2 Holders of rec. Mar.23
Mar.31 Holders of rec. Mar. 20
Apr. 2 Holders of res. Mar. 21
Apr. 2 Holders of rec. Mat. 17
Apr. 2 Holders of tee. Mar.24
Apr. 2 Holders of rec. Mar. 25
Apr. 1 Holders of rec. Mar. 20
Apr. 1 Holders of rec. Mar.20
May 1 Holders of rec. Apr. 15
Aug. 1 Holders of rec. July 15
Nov. 1 fielders of rec. Oct. 15
Apr. 2 Holders of rec. Mar. 12
Mar. 31 Holders of tee. Mar. 12
Sept.30 Holders of rec. Sept. 15
Apr. 2 Holders of rec. Mar. 14
Apr. 2 Holders of rec. Mar. 14
'.pr. 1 Holders or rec. Mar. 20
Apr. 2 Holders of rec. Mar. 16
Apr. 2 Holders of rec. Mar.23
Apr. 2 Holders of rec. Mar. 23
t The New York Stock Exchange has ruled that stock will not be quoted exdividend on this date and not until further notice.
t The New York Curb Exchange Association has ruled that stock will not be
quoted ex-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
Correction. e Payable in stock.
Payable in common stock. o Payable in strip. 11 On account of accumulated
dividends. .1 Payable in preferred stock.
Subject to the 5% NIRA tax.
o Commercial Investors Trust declared a dividend at the rate 0( 1-52 ot 1 eh. of
seem, stock on the cony. pref. stock, opt. series of 1929. or in cash at the holders'
option at the rate of $14 per share.
p Blue Ridge Corp pays 1-32 of one share of common stock or 750. In cash at
the option of the holders of $3 convertible preferred stock.
r Payable In Canadian funds, and In the ease of non-residents of Canada, a deduction of a tax of 5% of the amount of such dividend will be made.
s Extra div. on Perfection Stove should have been announced in the Dec. 2
1933 issue.
u Payable in U. S. funds. o A unit. w Less depositary expenses.
Less tax. y A deduction has been made for expenses.
Weekly Return of 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, MAR,. 24 1934.
•Capital.
Clearing House
Members.
• Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
$
6,000,000
Bank of NY & Trust Co
Bank of Manhattan Co_
20,000,000
National City Bank____ e127,500,000
20.000,000
Cnem Bank & Trust Co90.000,000
Guaranty Trust Co
32.935,000
Manufacturers Trust C.
Cent Hanover Bk &Tr Co
21,000,000
Corn Exch Bank Tr Co_
15,000,000
First National Bank
10,000,000
Irving Trust Co
50,000,000
$
9,745,800
31.931,700
e35,847,200
47,490,300
177.985,600
10,297,500
61,264,400
16.011,300
72,278.400
57,564,200
$
$85,261,000
284,600,000
a893,530,000
295,781.000
6928,308,000
220,615,000
495.377,000
181,509.000
350,635,000
346,058,000
$
$8,440.000
32,696.000
157,403.000
26,635,000
54,139.000
100,216.000
44,105,000
21.451,000
12.732.000
13,874,000
Continental Bk & Tr Co4,000,000
Chase National Bank_ 0150.270,000
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 Co_
8,250,000
26.787,000
4,627.400
(759,526,800 c1,175,343,000
42,893,000
3,056,600
60.030,60C d507,358.000
19,059,000
10,669,300
48.183,000
/7,339,300
205,652,000
21,047,600
46.779.000
7,447.800
42,042,000
4,682,000
1,970.000
88,258,000
861,000
35,469.000
289.000
4.586,000
15.282.000
1,8443300
32,608,000
Totals
614.955.000 698.843.800 6,195,770,000 653.348.000
Includes deposits in foreign branches as follows: a $213,895,000; b $61,877,000
c $66,460.000; d $17,397,000.
• As per official reports: National. Dec. 30 1933; State. Dec. 30 1933; trust
companies, Dec. 30 1933; e As of Jan. 13 1934;!As of Jan.22 1934:0 As of March 15
1934.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended Mar. 23:
INSTITUTIONS NOT IN THE CLEARING HOUSE WITH THE CLOSING
OF BUSINESS FOR THE WEEK ENDED FRIDAY, MAR. 23 1934.
NATIONAL AND STATE BANKS—AVERAGE FIGURES.
Loans
Disc. and
Investments.
Manhattan—
Grace National
Trade Bank of N Y
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Cash.
$
24,740,400
2,893,225
$
106,500
99,518
one non
070110
$
$
1,930.800 23,760.800
310,508 3,496,427
$
1,766,800
845,725
311.000
Brooklyn—
.5
Gross
Deports:,
243.000
4.840.000
TRUST COMPANIES—AVERAGE FIGURES.
Loans,
Disc. and
Invest.
Res. Dep., Dep. Other
N. F. and Banks and
Elsewhere. Trust Cos.
Cash.
Gross
Deposits.
Empire
Federation
Fiduciary
Fulton
Lawyers County_.
United States
$
5
$
57,350,000 *3,004,500 6,491.500
430,109
89.501
6.363,558
294,524
*622,637
9,668,627
482,900
17,125.400 *2,441.500
418.400
29,051,100 *4,415,100
62.284,227 5.921,683 14,894,610
$
$
1,209,300 55,308.800
639,993 5,897,845
64.368 8.759.499
395,000 15.349.800
31.298.500
54,769,952
Brooklyn—
Brooklyn
94.411,000
2,171,000 17,093,000
1 Ran 1R5 5 445 013
228,000 97.666.000
25.425.110
Manhattan—
0.5 412A MO
•Includes amount with Federal Reserve as follows: Empire, $1,943,700; Fiduciary, $397,137; Fulton, $2,282,300; Lawyers CountY, 83,763,600.
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Mar. 28 1934, in
comparison with the previous week and the corresponding date last year:
Assets—
Gold certificates en hand and
•reasury
• •
(a)
Gold
Redemption fund—F. R. notes
Other cash
Mar.28 1934. Mar.211934. Mar. 29 1933.
due
1,375,280,000 1,352,839,000
2.971,000
53,629.000
3,118.000
52,109,000
246,698,000
600.055,000
18,564,000
99,947,000
1,431,883,000 1,408.066,000 965,264,000
Total reserves
2,503,000
Redemption fund—F.It. bank notes....
2,744,000
550,000
Bills discounted:
6.571.000
6,797,000 135.136,000
Secured by 13. S. Govt. obligations_
16,560,000
17,260.000
45,069,000
Other bills discounted
23,131,000
2,402,000
24,057,000
2.400,000
164.758,000
393,931.000
238.066,000
182,085,000
175,512,000
342,814,000
Total U.S.Government securities-Other securities (see note)
Deduct: Bills rediscounted with other
Federal Reserve banks
786,755,000
53.000
796,755.000
53.000
700,411,000
4,881,000
-Total bills and securities (see no
Gold held abroad
Due from foreign banks (see note)
F. R. notes of other banks
Uncollected Items
Bank premises
Federal Deposit Insurance Corp.stock__
All other assets
812,341,000
823.265,000
1,196,000
3.274.000
117,433,000
11,424,000
21,265,000
30.366,000
1,397,000
15,344,000
90,983,000
12,818,000
Total deposits
1,494,523,000 1,471,844,000
941,039.000
98,261,000
59,106,000
45.217,000
125,168.000
59,123,000
45,217,000
100,695,000
58,374.000
85,058,000
21,265.000
21,265,000
16,515,000
21.265.000
21,265.000
15,999,000
6,998,000
937,452,000
1,195.000
4,882,000
100,025,000
11,424,000
21,235,000
31,816,000
$
180,205,000
51,955,000
163,251,000
385,644,000
237,860,000
Mar.28 1934. Mar.21 1934. Mar. 291933.
mammies—
613,476,000 609,647,000 848,349,000
F. R. notes in actual circulation
10,338,000
49,505,000
47,710,000
F. R. bank notes in actual circulation_
Deposits—Member bank reserve seal— 1,427,327,000 1,416.621,000 890,440,000
23.055,000
2.570,000
13,875,000
Government
6,698.000
3.825,000
2,535,000
Foreign bank (see note)
5,100.000
1,352.000
1,317,000
Special deposits—Member bank
2,201,000
1,056.000
993,000
Non-member bank
13,545,000
46,420,000
48.421.000
Other deposits
Total bills discounted
13111/3 bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Total assets
Deferred availability items
Capital paid in
Surplus
Subscrip.for Fed. Dep.Ins. Corp.stock:
Paid
Called for payment on April 15
All other liabilities
Total liabilities
2,417.338,000 2,419.033,000 2,050,751,000
Ratio of total reserves to deposit and
F. R. note liabilities combined
67.9%
67.6%
53.9%
Contingent liability on bills purchased
for foreign correspondents
1,773,000
1,773,000
14,897,000
26,943,000
2,417,338,0002,419.033,000 2,050,751,000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes.
NOTE.—Beginning with the statement of Oct. 17 1925, two new Items were added in order to show separately the amount of balances held abroad and amounts due
debentures, was changed to
to foreign correspondents. In addition, the caption "All other earning assets." Previously made up of Federal Intermediate Credit bank
Other securities," and the caption. "Total earning assets" to "Total bills and securities." The latter term was adopted as a more accurate description of the total of the
discount acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act, which It was stated are the only items included therein
a These are certificates given by the U. S. Treasury for the gold taken Over fro m the Reserve Banks when the dollar was on Jan. 111934 devalued from 100 cents to
59.06 cents, these certificates being worth less to the extent of the differeace. the difference itself having been appropriated as profit by the Treasury under the provisions
St the Gold Reserve Act 01 1934.
2208
Financial Chronicle
Mar. 31 1934
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon,
of the twelve Reserve banks at the close of business on Wednesday. In the first table Mar.29,and showing the condition
we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and
those
The second table shows the resources and liabilities separately for each of withtwelve of the corresponding week last year.
the
banks. The Federal
statement (third table following) gives details regarding transactions in Federal Reserve notes between the Reserve note
Reserve Agents
and the Federal Reserve banks. The fourth table (Federal Reserve Bank Note Statement)
bank notes issued and the amount held by the Federal Reserve banks along with the collateral shows the amount of these
bank notes. The Reserve Board's comment upon the returns for the latest week appears in our pledged against outstanding
department of "Current Events
and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS
AT THE CLOSE OF BUSINESS MAR. 28 1934.
Mar.21 1934. Mar.21 1934.IMar.141934. Mar. 7 1934. Feb. 28 1934. Feb. 21 1034.
Feb. 14 1934. Feb. 7 1934. Mar. 29 1933.
ASSETS.
Gold ctfs. on hand & due fr. U. S.(x)
Gold
Redemption fund (F. R. notes)
Other cash •
Total reserves_
$
4,281,197,000 4,270,695.000 4,252,321,000 4,152,948.000 3.895.811,000 3,712,311,000
32,911,000
220,886,000
33,568,000
34,044,000 34.163,000
220,181,000 217,411,000 210,841,000
35,138,000
208,727,000
41,503,000
213,904,000
4,534,994,000 4,524,444,000 4,503,776,000 4,397,952.000 4.139,676,000 3.967,718,000
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
Special Treasury certificates
Certificates and bills
8
911,543,000
2,240,150,000
42,478,000
85,073,000
220,899,000 336,626,000
3,582,092,000 3.513,171,000
42,234,000
222,460,000
3,846,786,000 3.776.548,000 3,573,392,000
9,033,000
10,868.000
11,495,000
11,111,000
12.590,000
12,159,000
12,387,000
12,020.000
1,100,000
13,592,000
:38,937,000
11,605,000
39,807,000
12,607,000
42,280.000
b15.117,000
b13,460,000
18,362,000
46,028,000
618,927.000
b47,540,000
19,264,600
49,141,000
21,020.000
52,307.000
238,469,000
320,533,000
68,405,000
73,327,000
86,086,000
96,899,000
443.015,000 442.785.000
1,026,142,000 1,028,137,000
559,002,000
310,235,000
422,776,000
457,872,000
52,579,000
51,412,000
54,887,000
58,577,000
64,390,000
66,467,000
29,359,000
33.250.000
37,459,000
46.366,000
62,345,000
75,111,000
442,923,000 442.865,000 442,975,000 442.843.000 442,830,000 442,775,000
1 214.246,000 1,224.043,000 1,092,053,000 1,038.318.000 1,055,420.000
1,031,256,000
774,712,000 764,987,000 898,902,000 920,702,000 933.701,000
957,704,000 962,837,000 960,821,000 957,722.000
Total U. S. Government securities 2.431,888.000 2,431,895,000 2.431,840,000 2,431,863,000
2,431,951,000 2,431.735,000 2,432,024,000 2,431,743.000 1,838,370,000
Other securities
563,000
533,000
653,000
653,000
653,000
1.293,000
1,293,000
1,293,000
5,414,000
Total bills and securities
2,514,387,000 2.517,120,000 2,524,839,000 2.537.459,000 2,559.339,000
2,574,606,000 2,587,808,000 2,603,262,000 2,713,021,000
Gold held abroad
Due from foreign banks
3,132,000
3,131,000
3,132,000
3,128,000
3,485,000
3,400.000
3,400,000
3,392,000
3,618,000
Federal Reserve notes of other banks
14,831,000
15,876,000
15,907,000
13,145,000
13,293,000
15,027,000
16,222,000
15,377,000
37,143,000
Uncollected Items
395.844,000 449.449,000 442,659,000 392,474.000 410,791,000 396.209,000
499,174,000 364,079.000 316,458,000
Bank premises
52,431.000
52.432.000
52,431,000
52.431,600
52,382,000
52,383,000
u2,382,000
52.365,000
54,037,000
Federal Deposit Insurance Corp. stock
69,650.000
69,650.000
69,650,000
69,650,000
69,650,000
69.650.000
69,650,000
69,650,000
All other resources
48,984,000
49,910,000
50,985,000
48.636.000
47,791,00
46,969,000
46,483,000
45,914,000
51,056,000
Total assets
7,645,282.000 7.690,908,000 7,714.853.000 7.525.986,000 7.309,002,000 7,138,121,000 7.134,292,000
6.943,107,000 6,749,825,000
LIABILITIES.
F. R. notes in actual circulation
2,997,031,000 2.984,943,000 2,939,052,000 3.002.345,000 2,979.637,000 2.970,309,000 2,952,541,000
2,946,226,7000 3,747,626,000
F. R. bank notes in actual circulation.._
122,741,05(3
159,371,000 184,543,000 195,376,000
14,228,000
Deposits-Member banks'reser ve account 3,433,943,000 3,449,269,000 3.454,492,000 3,312,787,000 3,093,119,000 197,750,000 199,358,000 201,984,000
2.830,118,000 2.850,888,000 2.735,701,000 1,987,311,000
Government
53,443.000
24,009,000
16,124,000
34,926,000
45,261.000 165,546,000
45,654,000
84,912.000
72,294,000
Foreign banks
6.1.8.000
7,378.000
4,024,000
8,994.000
3,433,000
4,871,000
3,610.000
7,989,000
17,409,000
Special deposits-Member bank
22,347,000
24,106,000
27,934,000
25,316,000
29,244,000
30,405,000
36,883,000
38,711,000
63,445,000
Non-member bank
10,952,000
11.036,000
12,114,000
11,405,000
11,094.000
11,416,000
11,419,000
10.438,000
15,254,000
Other deposits
121,924,000 111,838,000
97.747,000
89,111,000
82.326,000
85,528,000
78,115.000
84.790.000
47,441,000
Total deposits
3,656,752,000 3,627,636,000 3.614,042,000 3.430.000.0003,265,3311,000 3,127,884,000 3,026.569,000 2,9112,541.000
2,203,154,000
Deferred availability Items
314,463,000 462.158,000 478.730 000 394,161,000 406,909,000 392 533.000 497,108,000 365,119.000 331,188,000
Capital paid in
145,588,000145,731,000 145,820,000 146,118,000 145,310,000 148,309.000 145.081,000 145,222,000 149,645,000
Surplus
138,384,000 138,383,000 138,333,000 138,383,000 138.383,000 138,383,000 138.383,000 138,383,000 278,599,000
Subscrip. for Fed. Dep. ins. Corp. stock:
Paid
63,650,000
69,650,000
69,650,000
69,650,000
69,650.000
69,650,000
69,650.000
69.650,000
Called for payment April 15
61,650,000
69.650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650,000
69,650.000
All other liabilities
50,993,000
48,880,000
50,115,000
40,236,000
38.706,000
36,653,000
35.902,000
44,332,000
25,185,000
Total liabilities
7,645,262,000 7,690,908,000 7,714,853.000 7.525,988,000 7,309,002,000 7,138,121,000 7,134,292,000 6.943.107,000
6,749,825,000
Ratio of total reserves to deposits and
F. R. note liabilities combined
68.2%
68.4%
67.8%
68.2%
66.3%
65.1%
64.3%
63.9%
60.0%
Ratio of total gold reserve & oth. cash to
deposit & F. R. note liabliltes combined
Rediscounts between F. R. banks
Contingent liability on bills purchased
for foreign correspondents
4,935,000
4,935,000
4,931,000
4,939.000
4.835.000
4,635.000
4,234,000
4,478,000
46,549.000
Maturity Distribution of Bills and
$
Short-term Securities
1-15 days bills discounted
37,515,000
38,605,000
46,328,000
40.825,000
51,491,000
52,196,000
52,872,000
54,155.000 396,353,000
16-30 days bills discounted
2.854,000
2.984,000
2,332,000
3,428.000
2,700.000
5,415,000
5,218,000
6,456,000
33,408,000
31-60 days bills discounted
5.031,000
4,757.000
.5,358,000
4,408,000
5.519.000
4,736,000
4.098.000
42,898.000
7,660.000
61-93 days bills discounted
6,782,000
6,774,000
6.015.000
4,094,000
4.285,000
3,671,000
4.833,000
4,469,000
62,495,000
Over 90 days bills discounted
297,000
312,000
327,000
321,000
395,000
449,000
484,000
537.000
9.956,000
lel '
4
Total bills discounted
52,579,000
51,412,000
54,887,000
58.577,000
64.390.000
66.467.000
68.405.000
73,327,000 545,110.000
1-15 days bills bought in open market
13,712,000
9,374,000
9,966,000
14,376,000
26.462.1300
31,957,000
30,832,000
27,1:38,000
72,471,000
16-30 days bills bought in open market
6,634,000
12,346,000
13,973,000
9,662.000
9.399,000
15,542.000
24,922,000
33,331,000
60,165,000
31-60 days bills bought In open market_ _ _
7,341,000
7,677.000
16,156.000
8,992,000
19,623,000
19.103.000
21.740,000
21,412,000 la 5,905,000
61-90 days bills bought in open market_
1.632,000
3,853,000
4,528,000
6.172.000
6.861,000
8,460.000
8,591.000
14,962,000
31,481.000
Over 90 days bills bought In open market
49.000
213,000
1.000
6,000
Total bills bought in open market
29,359,000
33,250,000
46.366,000
37,459,000
62,345.000
75.111,000
86.036.000
98.899,000 310,235,000
1-15 days U. S. certificates and bills
61,100.000
90,095,000 205,729.000 207,760,000 201.999.000
87.693.000
72.170,000
54,401,000
31.000,000
16-30 days U. S. certificates and bills
76,578,000
65,338.000
61,190,000
90.095,000
91,090,000 209,610,000 201.999.000
87.693,000
60.100,000
31-60 days U. S. certificates and bills.129,5/5,000 137,039,000 147,928,000 143,318,000 130,569,000 155.433,000 153,170,000 301,930,000 183.347,000
days U. S. certificates and bills_.. 112,881,000 101,816,000
61-90
29,325,000
49.875,000 107.875,000 111,830,000 144.928.000 138.643,000 210.875,000
Over 90 days U. S. certificates and bills.. 394,503.000 394.803,000 452,730,000 429,651,000 401,279,000
393.938.000 390,570.000 371,154,000 472.400,000
TotalU. S. certificates and bills
774,712.000 764,937,000 806,902,000 920.702,600 933,701,000 957.704.000 962.837,000 960,821,000 957,722,000
1-15 days municipal warrants
510,000
510,000
590,000
590,000
636,000
1,230.000
1,276,000
1.276.000
5,288,000
16-30 days municipal warrants
10,000
10,000
46,000
31-60 days municipal warrants
61-90 days municipal warrants
84,000
Over 90 days municipal warrants
53,000
53,000
53,000
53,000
17.000
17,000
30,000
17.000
17,000
Total municipal warrants
583,000
563,000
653.000
653,000
1.293,000
653,000
1,293,000
1,293.000
5,402,000
Federal Reserve Notes
Issued to F. R. Bank by F. It. Agent
3,250.394,000 3,249,829,000 3,244,230,000 3,250.040,000 3,224,644,000 3,223.491.000 3.204.150,000 3.200,844,000 4,092,652,000
Held by Federal Reserve Bank
253,362,000 284,886,000 255,228,000 247,695,000 245,007,000 253.182.000 251,609,000 254,618.000 315,026,000
In actual circulation
2,997,038,000 2.934,943,000 2,989,052,000 3.002,345,000 2,979,637.000 2,970.309,000 2,952,541,000 2,946,226.000 3,747,626.000
Collateral Held by Agent as Security for
Notes Issued to Bank
Gold Mts.on hand & due from U.S.Tress
By gold and gold certificates
2,875,218,000 2,884,152,000 2,897,118,000 2.840.618.0002.765.318,000 2,663,318.000 2,573.318,000 2541818 0001 1,244,105,000
Gold fund-Federal Reserve Board
1 1,282,833,000
By eligible paper
54,149,000
56,471,000
63,030,000
75.426.000
95.149,000 110,000,000 122,353,000 137.329,0011 715,594.000
U. S. Government securities
351,700,000 346,700,000 326,400,000 376,000,000 412,800,000 496,100.000 548,100,000 561.100,000 868,700,000
Total rollateral
3,231.013,030 3.297,323.000 3.246.549.090 3.292.044.000 3.273.267.enn 3,269.418.000 3.243.771,000 3.210.24(1.000 4,115.234.000
•"Other cash" does not Include Federal Reserve notes or a bank's own Federal Reserve bank notes. to Revised.
These are certificates given by the 47. 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 1930.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF TIIE 12 FEDERAL RESERVE BANKS AT CLOSE OF
BUSINESS MAR. 28 1934
Two Ciphers kUU, umulea.
Federal Reserve Bank ofBoston. New York. Phila. Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. fian.City.
Total.
Dallas. San Fran.
ASSETS.
$
$
$
$
3
$
$
Gold certificates on hand and due
from U. S. Treasury
4,281,197,0 311,710,0 1,375,280,0 281,169,0 340.199,0 152,609,0 121,065,0
Redemption fund-F. R. notes
31,911,0 2,768,0
2,974,0 3,435.0
3,491,0 1.737,0 3,051,0
Other cash
220.886,0 16,757,0
53,629,0 34,496,0 14.169,0 9.038,0 11,400,0
Total reserves
4.534.994.0 331.235.0 1.431.883.0 319.100.0 357.859,0 163.382.0 135.516,0
$
$
$
$
$
$
900,142,0 171,797,0 101,569,0 165,439,0 97,759,0 262,459.0
6.393,0
1,232,1
1,280,0
605,0 5,072,0
783,0
29,407.0 10.815,0 10,207,0 10,411,0 7,301,0 13,258,0
935,942.0 183.844,0 113,056,0 176,633,0 105,755,0 280,789.0
2209
Financial Chronicle
Volume 138
Weekly Return of the Federal Reserve Board (Concluded).
Total bills discounted
Ms bought In open market
D. S. Government securities:
Bonds
Treasury notes
Certificates and bills
Boston. New York.
Total.
Two Ciphers (00) Omitted.
$
269,0
13,592,0
38.987,0
1,604,0
1,199,0
6,571,0 3,096,0
16,560,0 13,610,0
352,0
1,480,0
134,0
828,0
52,579,0
29,359,0
2,803,0
4,724,0
23.131,0 16,706,0
2,402,0 1,981,0
2,898,0
2,341,0
962,0
1,037,0
S
474.0
$
764,0
164,0
146,0
1,0
797,0
321,0
123,0
143,0
418,0
310,0
1,065,0
2,134,0
2,630,0
$
250,0
798,0
815,0
321,0
1,009,0
123,0
7.825,0
561,0
2,530,0
882,0
1,252,0
1,832,0
1,000,0
645.0
2,253,0
$
$
247,0
734,0
$
471,0
$
$
1,215,0
5
858,0
$
1,250,0
St. Louis. Minneap. Kan.City. Dallas. San Frail.
Chicago.
Cleveland. Richmond Atlanta.
Phila.
$
2,506,0
$
9,038,0
RESOURCES (Concluded)ledem. fund-F. R. bank notes.
31118 discounted:
Sec. by U.S. Govt. obligations
Other bills discounted
442,928,0 24,400,0
1,214,246,0 81,130,0
774,712,0 52,151,0
163,251,0 28,069,0 32,159,0 14,127,0 13,057,0
385,644,0 84.656,0 110,097,0 48,354,0 44,553,0
237,860,0 54,395,0 70,769,0 31,082,0 28,639,0
76,949,0 14,494,0 16,411,0 15,620,0 19,281,0 25,110,0
216,792,0 47,909,0 30,003,0 47,373,0 31.771,0 85,964,0
143,602.0 30,797,0 19,286,0 30,451,0 20,423,0 55,257.0
Total U. S. Govt. securities_ 2,431,886,0 157,681,0
563,0
Dther securities
786,755,0 167,120,0 213,025,0 93,563,0 86,249,0
510,0
53,0
.
437,343,0 93.200,0 65,700,0 93.444,0 71,475,0 166,331,0
2,514,387,0 165,208,0
Total bills and securities
237,0
3,131,0
Due from forelgn banks
314,0
Fed. Res. notes of other banks_15,876,0
395,844,0 44,931,0
Uncollected items
52,432,0 3,224,0
Bank premises
69,650,0 5,115,0
Federal Deposit Ins. Corp.stock_
49,910,0
950,0
All other resources
812,341,0 186,317,0 218,264,0 96,395,0 88,248,0
342,0
300,0
119,0
109,0
1,195,0
878,0
860,0 1,113,0
372,0
4,882,0
100,026,0 33,135,0 36,955,0 36,194,0 12,636,0
11.424,0 4,016,0 6,788,0 3,128,0 2,372,0
7,073,0 2,901,0 2,636,0
21,265,0 7,310,0
31.816,0 5,332,0 1,498,0 2,078,0 3,027,0
442,107,0 94,575,0 67,313,0 94,774,0 79,423,0 169,422,0
222,0
88,0
88,0
7,0
10,0
414,0
353,0 1,162,0
846,0 1,193,0
2,769,0 1,134,0
50,392,0 17,587,0 9,732,0 21,289,0 13,371,0 19,596,0
7,382,0 3,111,0 1,657,0 3,485,0 1,755,0 4,090,0
9.874,0 2,547.0 1,755,0 2,066,0 2,180,0 4,925,0
733.0
779,0
589,0
342,0 1,271,0
1,495,0
481,703,0
7,645,262,0 552,464,0 2,417,338,0 556,782,0 630,830,0 305,060,0 245,926,0 1,450,846,0 303,884,0 195,884,0 300,367,0 204,178,0
Total resources
LIABILITIES.
196,583,0
F. R. notes in actual circulation_ 2,997,036,0 231,819,0 613,476,0 241.761,0 295,902,0 146.239,0 126,349,0 766,770,0 134,553,0 95,912,0 107,811,0 39.861,0 7,786.0
3,757,0 7,490,0 4,037.0 4,186,0 3,503,0
47,710,0 14,077,0 13,689,0
1,883,0
F. R.frank notes In act'l circurn
122,743,0 14,625,0
Deposits:
205.862,0
Member bank reserve account- 3,438,948,0 222,642,0 1,427,327,0 203,888,0 229,491,0 97,652,0 74,522,0 542,095,0 109,707.0 68,106,0 137,266,0 120,390.0
656,0
247,0 6,235,0 1,644,0
13,875,0 3,442,0 5,281,0 1,678,0 3,501,0
15,969.0 2,398,0
56,443,0 1,517,0
Government
386.0
152,0
152.0
125,0
179.0
685.0
206,0
190,0
2,585,0
565,0
522,0
391.0
Foreign bank
6,138,0
321,0 1,314.0
1,150,0
693,0
5,698,0 1.363,0
1,317,0 4,365.0 3,378.0 1,041,0
1,583,0
124,0
Special-Member bank
22,347,0
573,0
363,0
6,041,0
998,0 1,902,0
92,0
723.0
260,0
10,952,0
Non-member bank
4,126,0 8,831,0 5,532,0 9,363,0 2.014,0 15.145,0
48,421,0 8,815,0 3,915,0 4,394,0 7,264.0
121,924,0 4,104,0
Other deposits
Total deposits
3,656,752,0 228,778,0 1.494,523,0 222,977,0 242,679,0 105,694,0 87,320,0 568,573.0 128.519,0 75,066,0 154,166,0 124,521,0 223.936,0
51,087,0 17,336,0 9,849,0 21,542,0 15,310,0 21,303.0
394,468,0 45,015,0
98,261,0 31,383,0 34,731,0 35,912,0 12,739,0
Deferred availability Items
12,678,0 3,947,0 2,843,0 4,058,0 3,883.0 10.657,0
Capital paid In
145,586,0 10,688,0
59,106,0 15,621.0 12.706,0 4,978,0 4,421.0
20,681,0 4,756,0 3,420,0 3,613,0 3,683.0 9,645,0
Surplus
45,217,0 13,353,0 14.090,0 5,171,0 5.145.0
138,384,0 9,610,0
Subscription for FDIC stock:
9,874.0 2,547,0 1,755,0 2,066,0 2,180,0 4,925.0
Paid
69,650,0 5,115,0
21,265,0 7,310,0
7,073,0 2,904,0 2.636.0
9,874,0 2,547,0 1,755,0 2.066,0 2,180,0 4,925,0
Called for payment April 15
69,650,0 5,115,0
21,265,0 7,310.0 7,073,0 2,904,0 2,636,0
859,0 9,057,0 1,943.0
7,552,0 2,189,0 1,247,0
16,515,0 2,990,0 2,887,0 1,258.0 2,797.0
All other liabilities
50,993,0
1,699,0
204,178.0 481,703,0
Total liabilities
7,645,262.0 552,464,0 2,417,338.0 556,782.0 630,830,0 305,060.0 245,926,0 1,450,846,0 303,884,0 195,884,0 300,367,0
Memoranda
Ratio of total res, to dep.& F. R.
note liabilities combined
Contingent liability on bills purchased for torn correspondents
68.2
71.9
67.9
68.7
66.4
64.9
63.4
70.1
69.9
66.1
67.4
64.3
66.3
4,035,0
348,0
1,773,0
503.0
464,0
184,0
169,0
609,0
160.0
111,0
135,0
135,0
344,1
*"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-
Total.
Boston. New York.
Phila.
Chicago.
Cleveland. Richmond Atlanta.
St. L01443. Minneap. Kan.etty. Dallas. San Fran.
$
Federal Reserve notes:
3
Issued to F.R.Bk. by F.R.Agt. 3,250,398.0 248.087.0
Held by Fed'I Reserve Bank_._ 253,362,0 16,268,0
5
$
$
3
$
688,462,0 253,564,0 310,484,0 154,484,0 146,082,0
74,986,0 11,803,0 14,582,0 8,245.0 19,733,0
$
s
s
$
3
$
801,590,0 140,629,0 101,923,0 115,671,0 45,554,0243,868,0
34,820,0 6,076,0 6,011,0 7,860,0 5,693.0 47,285,0
In actual circulation
2,997,036,0 231,819.0
Collateral held by Agent as security for notes issued to bks:
Gold certificates on hand and
due from U.S. Treasury____ 2,875,218,0 242,672,0
Eligible paper
54,148,0 7,048,0
U. S. Government securities
351,700,0
613,476.0 241,761,0 295,902,0 146,239,0 126,349,0
766,770,0 134,553,0 95.912,0 107,811,0 39,861,0 196.583,0
683,706,0 221,000,0 252.886,0 120,863,0 95,385.0
15,197,0 8,024,0 3,770,0 1,935,0 1.385,0
25,000,0 55,000,0 32,000,0 52.000,0
722,713,0 125,936,0 81,444,0 109,290,0 38,560,0 180.763,0
1,119,0 7,801,0 2.519,0
1,109,0
3,001,0 1,240,0
64,000,0
80,000,0 15,000,0 20,700,0 8,000,0
n MI 010 0 1.54.798.0 143_770_0
805.714.0 142.176.0 103.253,0 118,409,0 46,361,0 247,282.0
_ 3 211 WM 0 249 720 0
Total collateral
MN 903 0 254 024
FEDERAL RESERVE BANK NOTE STATEMENT.
Two Ciphers (00) Omitted.
Federal Reserve Agent at-
Total.
Boston. New York.
Phila.
Chicago. St. Louis Minneap. Kan.CUy. Dallas. San Fran.
Cleveland. Richmond Atlanta.
$
2,609,0
726.0
$
4,606,0
849,0
$
7,734,0
244,0
$
4,372,0
335,0
3
4,402,0
216,0
$
4,154,0
651,0
$
8,954.0
1,168,0
47,710,0 14,077,0 13,689.0
1.883,0
3,757,0
7,490,0
4,037,0
4,186,0
3,503.0
7,786,0
973,0
172,774,0 20,000,0
962,0
54,274,0 26,500,0 15,000,0
11,0
3,000,0
6,000,0 11,000,0 10,000,0
5,000,0
7,000,0 15,000.0
Total Collateral----------17 t 747 0 90 000 0
A4 2740 95 knn 0 ik 009 0
3 011 0
a nnn n 11.000.0 10.000,0
5.000,0
7,000.0 15,000,0
Federal Reserve banknotes:
Issued to F. It. Bk. (outstdg.):
Held by Fedi Reserve Bank__
$
3
140,167,0 15,431,0
17,424,0
806,0
$
$
$
52,540,0 21,035,0 14,330,0
641.0
4.830,0 6,958,0
In actual circulation-net..
Collat. Pledged agst, outat. notes:
Discounted dr purchased bills__
U. 8. Government securities_
122.743,0 14,625,0
$
• Does not Include $41.335.000 of Federal Reserve basic notes for the retirement of which Federal Reserve banks have deposited lawful money with the Treasurer of
the United States.
11
Weekly Return for the Member Banks of the Federal Reserve System.
the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
andliabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," immediately preceding which
we also give the figures of New York and Chicago reporting member banks for a week later.
the loan
...Beginning with Ohs statement of Jan. 9 1929,by the figures exclude "Acceptances of other banks and bills of exchange of drafts sold with endorsement" and include
mortgage leans held
Mans, and
4
."'""' Following:is
bank. Previously acceptances of other banks and bills sold with endorsement were Included with
some
all real estate mortgages and
of the banks Included mortgages in investments. Loans secured by U. S. Government obligations are no longer shown separately. only the total of loans on securities being
given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U.S. obligations and those secured by commercial paper.
only a lump total being given. The number of reporting banks formerly Covered 101 leading cities, but was reduced to 90 cities after the declaration of bank holidays or
moratoria early in March 1933. Publication of the weekly returns for the reduced number of clticas was omitted in the weeks from March 1 to May 10. but a summary of
them is to be found In the Federal Reserve Bulletin. The figures below are stated in round millions.
PRINCIPAL RESOURCES AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS MAR. 21 1934 (In Millions of Dollars).
Federal Reserve District-
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Minneap. Kan.City
s
tlanir
679
3,844
505
264
415
1,910
1.934
242
263
531
4,293
533
711
513
198
125
18
570
444
76
95
165
36
11
201
134
14
74
82
6,265
3,058
366
165
2,905
1,388
2,576
228
11,723
4,420
1,502
1,544
3,491
178
38
791
342
129
113
173
1,269
48
6,146
1,103
846
135
1,571
0
7
1•2!..
.
.®
NW
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
S
1,142
WM
U.S. Government securities
Other securities
3
1,033
.W..0M.M
Investments-total
$
8,137
9,323
On securities
All other
3
1,210
3,553
4,643
Loans-total
$
17,519
8,196
Loans and investments-total
........mrinera 14nrn L' R
Boston. New York
Total.
$
s
Dallas. San Fran.
$
$
$
$
$
1,780
349
336
1.726
519
328
549
405
431
172
183
739
218
161
196
187
881
211
220
59
113
62
121
336
403
84
134
43
118
62
134
62
125
218
663
177
153
987
301
167
353
218
899
128
49
105
48
658
329
205
96
112
55
245
108
170
48
570
329
31
6
162
130
36
82
77
413
49
1,389
482
87
250
448
66
8
330
162
38
92
142
35
4
192
125
7
92
97
82
11
398
166
30
170
227
84
9
281
121
61
• 134
135
109
14
605
901
104
172
171
1
2210
Financial Chronicle
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15.00
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• Business Manager, William 13. Riggs; Treas..
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Wall Street, Friday Night, Match 30 1934.
Railroad and Miscellaneous Stocks.
-The Review of the
Stock Market is given this week on page 2198.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ending Mar. 30.
Sales
for
Week.
Range for Week.
Lowest.
RailroadsPar. Shares. S per share.
Beech Creek
50
10 36 Mar 29
Hudson & Nfanh p1.100
200 2034 Mar 28
lot Itys of Cent Am....
2
4 Mar 28
Certificates
•
80 13% Mar 29
Preferred
100
20 1334 Mar 26
Market St Ry
100
510 134 Mar 27
Preferred
100
30 634 Mar 24
New Orl Tex&NIex _100
20 1634 Mar 24
New York Central rts._ 95,700 234 Mar 27
Norfolk & West pfd.100
100 90 Mar 27
Pacific Coast 1st pf___•
220 6% Mar 27
2d preferred
•
420; 434 Mar 28
Phila Rapid Transit_50
420 3 Mar 27
I referred
220 7% Mar 29
50
Texas & Pacific_ ___100
900 30 Mar 26
Wheel & Lake Erle..100
30 25 Mar 28
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ Per share.1S per share.
36 Mar 29
Jan 2634 Jan
2034 Mar 271 18
534 Mar 29 3
Jan! 534 Mar
13% Mar 29 1334 Mar 1334 Mar
1334 Mar 26 734 Jan( 16
Feb
1% Mar 26
% Jan 234 Mar
634 Mar 24 5
Mar: 7
Mar
1634 Mar 24 1134 Jan1 25
Feb
2% Mar 24 14 Mar 24 Mar
90 Mar 271 82
Jan 90
Mar
834 Mar 28 334 Jan 1034 Mar
Jan 64 Mar
534 Mar 29 2
334 Mar 28 3
Feb434 Jan
8% Mar 24 5
Jan 9% Mar
31% Mar 28 1834 Jan, 4334 Feb
25 Mar 28 25
-Tani 25
Jan
Indus. &
& Straus pf100
10 10634 Mar 26 10634 Mar 26 89
Jan 10634 Mar
Art Metal Construct_10
10 64 Mar 28 634 Mar 28 5
Jan! 9
Feb
Austin Nichols prior A.
50 52 Mar 271 52 Mar 27 3934 Jan' 59
Mar
Beneficial Ind Loan_ __* 6,800 16 Mar 27 17 Mar 24 1234 Jan' 18
Mar
Bloomingdale 7% P1100
50 99 Mar 27100 Mar 24 88
Jan 100
Mar
Blumenthal & Co p1100
100 504 Mar 27 5134 Mar 27 4834 Feb' 5634 Feb
Briggs & Stratton_ __.•
400 19 Mar 261 20 Mar 29 15
Jan' 204 Feb
Burns Bros pref____100
710, 1034 Mar 27 1234 Mar 26 4
Jan' 1534 Feb
City Stores class
100; 434 Mar 26 434 Mar 26 34 Jai 5% Feb
Class A Ws
•
100: 4 Mar 26 4 Mar 26 3
Jan 5% Feb
Certificates'
4,1001
34 Mar 24
4 Jan 1% Feb
34 Mar 24
Col Gas & Elec pf B 100
20 65 Mar 28 65 Mar 28 41
Jan 664 Feb
Comm Cred pref (7)_25
50 26 Mar 29 2734 Mar 26 2334 Jan 29
Mar
Consol Cigar p1(7) 100
40 46 Mar 29 4634 Mar 28 31
Jan 5334 Feb
Prior pref w-warr 100
101 49 Mar 27 49 Mar 27 49
Feb 5234 Feb
Cushm Sons pref(8%)
20 7034 Mar 27 7034 Mar 27 7034 Mar 71
•
Mar
1
Fairbanks Co pf ctfs.25
130 434 Mar 24 634 Mar 26 3
Feb
Jan
Certificates
200 14 Mar 26 134 Mar 26 1
100
Mar 14 Mar
Fed Min & Smelt p1100
200 89 Mar 24 90 Mar 24 70
Jan 90
Mar
Fifth Ave Bus Sec_
110 7 Mar 27 734 Mar 27i 7
Feb 11
Jan
Filene's (Wm) Sons Co
1
634% preferred_ _100
10 99 Mar 27 99 Mar 27 87
Jan 100
Mar
Gen Baking Co pref...•
50102 Mar 26 10334 Mar 29 10034 Mar 10834 Feb
Gen Refractories ctfs_• 1,800 1334 Mar 29 16
Mar 26 1234 Jan 1934 Feb
Hazel Atlas Co
600 864 Mar 28 8934 Mar 26 864 Mar 964 Jan
25
Kresge Dept Stores_ _
100, 6 Mar 28 6 Mar 28 234 Jan 7% Feb
Preferred
10 36 Mar 29 36 Mar 29 19
100
Jan 40
Jan
Laceide Gas
50 40 Mar 27 4234 Mar 27 40
100
Feb 6334 Feb
Life Savers
400, 1834 Mar 28 19 Mar 26 1734 Jan 20
Jan
Marancha Corp
2,200 4% Mar 26 5 Mar 26 4% Jan 534 Feb
Martin-Parry Corp.._
600i 934 Mar 27 1034 Mar 26 635 Jan 12% Mar
Nat Aviation
700 834 Mar 28 934 Mar 26 754 Feb 13% Jan
•
Norwalk T & R pref_50
20 3434 Mar 24 344 Mar 24 3434 Mar 37
Jan
Pac Tel & Tel pref..100
Jan 1114 Mar
1011034 Mar 2911034 Mar 29 103
Pacific Western OIL.*
2001 634 Mar 271 7 Mar 24 6% Mar 834, Feb
Panhandle P & R p1100
1801 13 Mar 2 1534 Mar 26 12
Jan 17
Mar
Peoples Drug Stores..• 2.100 31
Mar 24 3434 Mar 26 21
Jan 344 Mar
Penn Coal & Coke.... 50
100 334 Mar 271 334 Mar 27, 24 Jan 4% Jan
Phillips Jones pref__100
5067 Mar 29 714 Mar 29 58
Feb 71% Mar
Revere Cop dz Br pf_100
Roan Antelope Cop M.
Shell Transp & Traci_ £2
Sou Dairies class A
*
Sterling Froducts__ __I
Underw-Ell-Fish 01.100
United Amer Bosch
•
United Drug
5
United Dyewood p1_100
Union Pipe& Rad p1100
Vick Chemical
5
Virginia Jr Cl & C-100
Walgreen Co
Preferred
100
• No par value.
a Companies reported
501 65 Mar 27 65 Mar 27 46
2,100 2334 Mar 271 284 Mar 24 2634
314026 Mar 28 a26 Mar 28 2
534
20 834 Mar 271 834 Mar 27 7%
2,600' 52 Mar 271 54 Mar 24 47%
10119% Ntar 2811s% Mar 28 102
1,600 1234 Mar 27 154 Mar 26 10
13,600 1334 Mar 27 1434 Mar 26 9%
90 63 Mar 29 65 Mar 26 594
10 16 Mar 26 16 Mar 26 43'4
1,100, 304 Mar 27 3134 Mar 26 2434
20 6% Mar 27 634 Mar 27 434
5,500 2334 Mar 27 2534 Mar 26 224,
200 100 Mar 24 100 Mar 24 8434
Jan 65
Jan 3134
Mar 26%
Mar 9%
Jan 58
Jan 119%
Jan. 17
Jan 15%
Mar 65
Jan 17
Jan 31%
Jan 9
Feb 2534
Jan 10234
Feb
Feb
Mar
Mar
Jan
Mar
Feb
Feb
Mar
Feb
Mar
Feb
Feb
Feb
n receivership.
The Curb Exchange.
the
-The Review of_ Curb Exchange is
_
---;given this week on page 2198.
•
71 &)mplete record of Curb Exchange transactionsfor the
--week will be found on page 22297
-
Mar. 31 1934
Quotations for United States Treasury Certificates of
Indebtedness, &c.
-Thursday, March 29.
June 15 1934._
Sept. 15 1934 _
Aug. 1 1935._
Aug. 1 1934
Dec 15 1934...
Mar. 15 1935...
Dec. 15 1935._
Feb. 1 1938._
Deo IS 1936 __
Int.
Rate.
Btd.
Asked.
100°,,
10021n
101.1n
10022,2
1019,1
101 2h,
10214,,
234 % 101 141,
234% 1029n
4%
14%
14%
234%
234%
234 %
Maturity.
1001h,
1002h,
1011h,
1002h,
101 1h,
1021n
1021h,
101 1h,
1022h,
tpr. 15 1936._
June 15 1938._
May 2 1934._
June 15 1935._
Feb. 15 1937._
Apr. 15 1937._
%tar. 15 1933...
Aug. 1 1936...
Sent. IS 1937
Int.
Rate.
13W.
234%
24%
3%
3%
3%
103
10120,,
1001°,1
10221,,
102121,
10211,1
3%
1020,,
34% 1032h,
334% 1032n
Asked.
1032,1
102
10022,,
1031n
10220a,
10221,,
102",,
104
1032,,
U. S. Treasury Bills-Thursday, March 29.
Rates quoted are for discount at purchase.
Bid.
Apr. 4 1934
Apr. 11 1934
Apr. 18 1934
Apr. 25 1934
May 2 1934
May 9 1934
May 16 1934
Asked.
0.15%
0.15%
0.15%
0.15%
0.15%
0 15%
0.15%
Bid.
May 23 1934
Aug. 8 1934
Aug. 15 1934
Aug. 29 1934
Sept. 5 1934
Sept. 26 1934
Asked.
0.15%
0.20%
020%
020%
0.20%
0.20%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in
Liberty Loan and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Mar.24 Liar.26 Afar.27 Mar,28 Afar.20 Mar.30
First Liberty LoanHigh
334% bonds of 1032-47_11,0w
Clos.
(First 340
Total sales in $1,000 units._
Converted 4% bonds 11111;h
1932-47 (First 4s)
Low
CIOM
Total sales in $1,000 units..
Converted 434%bondsrigh
of 1932-37 (First 440 Low
Chum
Total sales in $1,000 units...
Second converted 434%inigli
bonds 01 11)32-47 (First( 1.0w
Second 44s)
,
I Clos
Total sales in $1,000 units__
Fourth Liberty Loan
IllIgh
434% bonds 011033 38
Low
(Fourth 44s)
Clam
Total sales in $1,000 units..
Fourth 1.1herty 1 oan
{Hie
434% bonds (culled)
Low
Clos,
Total sales in $1,000 unit,.
Treasury
{High
434s 1947-52
Low
Clos.
Total sales in $1,000 un . t,
fillig
.
4s. 1944-54
11 ow.
[Close
Total sales in $1.000 units__
{High
434e-34s, 1943 45
Low
Clog,
Total sales in $1,000 units._
i High
331s, 1946-56
Low
Close
Total sales in $1,000 units...
Illigh
334s, 1943-47
Low
Close
Total sales in 51.000 units...
illigh
Low.
3s, 1951-55
Close
Total sales in $1,000 units....
Ili h
34s, 1940-43
if ow
MOM
Total sales in 51.000 units...
{11 ig h
334s. 1941-43
low
CM*
Total sales In $1,000 units_ _.
{High
334's 1946-49
Low
Cis,
Total sales in $1,000 units...
(lug!,
34s,1941
Low
Close
Total sales in $1,000 units...
102211,1 10220n 10221,, 103
103
10222:, 1022h, 102",, 10222,, 1022h,
1022h,
102",, 1022h, 10221,, 103
I
10
11
102
10
103",,
1039
,,
10311,2 1031 h, 1039n 103",, 103°,,
10311,, 10312,, 10312,, 10312,, 1031°,
30
20
10
25
7
3
103",, 10312,, 10-1;4;
1039,1 103",, 1031°,, 1032,,
, 10311,2 1031h,
1031h, 10312
117
58
23
28
10012,2 1002h, 10021,1 1002°,,
1001h, 100",, 10021,, 100",,
1001h, 1002°,1 10021n 100",,
is
7
146
59
1102,, 1109
,, 1102,, 110
1102,, 110°,, 1102,1 I0321.12
1102n 1102,1 1102n 109",,
34
132
20
85
,
103°,1 lot' ,, 103°,, 1032,,
101.,, 103h, 103'11 1032,, 10522 1IOLT,,
,2 1062n 1013131, 1031,1 103'n
1052
DAT
33
54
70
135
81
101"n 1012h, 1021,, 10131,, 10122,2
10122,2 101 2h, 101",, 1012°,: 101211,2
1019,2 1012h, 1011
'31 1012h, 1019
,2
55
350
376
155
233
1012hz 1012h, 1052,2 10120,, 10122,1
1019,2 10I2h, 10121,2 10Inn 10inu
1012°,2 10I2h 10121,2 101",, 10122,2
16
52
48
78
178
1022,2 10212,2 10212,2 102",, 1029
,2
,
102°,2 1022 / 1022,2 1022n 1029,2
1022,, 102.4, 102°,2 1022n 10210,2
2
51
76
8
26
992n
999
9923,
99h,
,2 992n
992,2
93",, 992n
991 n
9322,,
992,,
99"
992,2
992n
992,,
155
301
155
136
181
10212,, 1021 h, 10212,, 1021h,
10212,2 102.2,2 102.4,, 1021 h,
10212,2 1021h, 1029n 1021h,
2
9
10
28
10212,2 1021 h, 10212
, 1022n 102
7c
1022n 1021h, 1021%, 102.
1n 1022,,
1021h, 102",, 10212,1 I022n 1022,,
8
8
26
6
15
100.2:, 100.2,1 100",, 1001h, 1009
,,
1009n 10012,1 10012,2 1001h, 1001,,
10012,, 10012,2 1009a, 1001h, 10011,2
12
206
34
71
64
102
102
1022n
101 2h,
101'.55 102
102,
,, 1019
,2 101 21,2
102
1022,1 1022n 1012h, 101.21,,
95
174
10
31
436
1032,/
1031°,2
4
1009,1
100",,
1009
,,
3
1102::
110
1102,,
1094,
3
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
10
2
2
20
7
4
First 334s
First 434s
Fourth 4%s (uncalled)
Fourth 414s (called)
Treasury 414s
Treasury 3s
102n,, to 10222,1
1032,, to 1032:1
1032,, to 103°,3
10012,1 to 100",,
(0 110',,
110
992,1 to 992,a
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 5.12 54(03
5.1234 for checks and 5.124
(5.13 for cables. Commercial on banks:
Sight, 5.12; 60 days. 5.1134: 90 days. 5.11; and documents for payment.
60 days, 5.12. Cotton for payment 5.12%.
To-day's (Friday's) actual rates for Paris bankers' francs were 6.57@
6.58 for short. Amsterdam bankers' guilders were 67.29 1
(467.32.
Exchange for Paris on London, 78.08; week's range, 78.08 francs high
and 77.40 francs low.
Sterling. ActualChecks,
Cables.
High for the week
5.12%
5.13%
Low foi the week
5.09%
5.0994
Paris Bankers' Francs
High for the week
6.5934
6.59%
Low for the week
6.56
6.5634
German Bankers' Marks
High for the week
39.73
39.74
Low for the week
39.52
39.54
Amsterdam Bankers'Guilders
High for the week
67.42
67.46
Low for the week
67.21
67.25
I
2211
1
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
Cr FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE PAGE PRECEDING.
-Sales for deferred delivery (s. 10, s. 15 days) are disregarded In the week's range, unless they are the only sales of the week, and whether Included or no
NOTICE.
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.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 24.
Monday
Mar.26.
Tuesday
Mar. 27.
IVednesday
Mar. 28.
Thursday
Mar. 29.
Friday
Mar.30.
Sales
for
the
IVeek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933
Highest.
Lowest.
$ per share $ per share S per share
Par $ per share
$ per share S per share S per share Shares.
Railroads
345 Feb 80,8 July
8
4
6414 6512 65
657
8
10,000 Atch Topeka & Santa Fe_ 100 54 Jan 6 733 Feb .5
793 June
4
50
Apr
100 7018 Jan 5 8512 Feb 17
Preferred
*774 80
*774 80
300
1612 Feb 59 July
44
45
4412 45
3,200 Atlantic Coast Line RR_ 100 30 Jan 6 5414 Feb 16
8
814 Feb 377 July
28
100 2214 Jan 4 3412 Feb .5
2814 2818 2818
20.600 Baltimore & Ohio
394 July
912 Apr
8
Preferred
100 241 2 Jan 9 373 Feb 6
8
304 304 3078 307
1,300
4
Jan 413 Dec
20
4618 Feb 1
4134 4134 413 413
50 3912 Jan
4
500 Bangor & Aroostook
4
685 Jan 110 Aug
8
102 102
100 9518 Jan 5 109 Feb 6
10214 10214
Preferred
50
30 July
6
Apr
1912 Feb 5
*13
11 Jan 11
15
IOC
*12
14
100 Boston & Maine
94 July
312 Mar
85, Feb 7
47 Jan 8
8
*518 634 *6,
Brooklyn & Queens Tr_No par
2 63
4
4
353 Am 6018 July
*4312 4712 *4312 4712
Preferred
No par 41 Jan 18 49 Feb 7
213 Feb 41 14 July
4
04
2914 293
No pa' 2' Mar 27 3614 Feb 7
4
4 2912 293
6,000 Bklyn Manly Translt
64 Mar 8312 June
x86
87
$6 preferred series A_No par 824 Jan 4 87 Jan 19
500
855, 857
8
414 July
12 Jan
-- ---- -- - •
Brunswick Ter & Ry SecNo pa
- _
204 Jul)
712 Apr
163 1718 164 16 8 164 16,
8
167 174
8
___- Jan 2 1314 Mar 12
4
8 164 17,4
,
123
2
31,600 Canadian Pacific
5014 Apr
7912 July
Jan 6 88 Mar 14
*85 100
*85 100
*83 100
*83 100 .83 100
Caro Clinch & Ohio stpd__1(10 70
Apr 122 July
38
*68
78
*65
75
*68
78
75
*65
75 .65
Central RR of New Jersey. 100 70 Jan 15 92 Feb 3
243 Feb 494 Aug
8
8
4414 443
8 4414. 443
4 434 44
8
433 443
4
8 437 4414
25 3912 Jan 5 465 Feb 5
10.600 Chesapeake & Ohio
8 Jul)
12 AM
7 Feb 17
*4
514 *4
612 *4
412
412 412 *44 514
23, Jan 15
101; :Chic & East III Ry Co____100
12 Apr
812 July
8 Feb 16
.514 514
*514 53
8
5
47
8 514
17 Jan 9
8
53
4 54
57
8
6% preferred
100
1,000
73 July
8
138 Apr
512 Feb 1
412 412
*412 47
8
412 44
24 Jan 3
412 47
8
47
ICO
8 47
8
1,900 Chicago Great Western
147 July
8
212 Apr
8
•10
103
.1 104 1018 101 1 104 104 1112 11
64 Jan 4 117 Feb 19
11
100
3.400
Preferred
113 July
4
1
Apr
812 Feb 5
63
8 634
63
4 7
64 63
414 Jan 2
4
6,200 Chic Milw St P & Pac.._No pa,
618 7
64 634
1814 July
14 Feb
103 107
4
8 1034 114 10
103
8 10, 1114 1012 104
64 Jan 8 1314 Feb 5
8
12,200
Preferred
100
16 July
14 Apr
13
1318 127 133
1212 1314 13
8
4 1218 1218
6 8 Jan 3 15 Feb 5
,
24.600 Chicago & North Western_100
1314
343 July
4
2
Apr
243 *2134 23
8
24
2418 24
24
Preferred
100 1314 Jan 3 23 Fell 16
1,100
24
237 237
8
8
104 July
2 Apr
614 Feb 7
412 412
234 Jan 3
44 43
412 4
4
1,400 :Chicago Rock Isl & Pacifle100
44 5
*43
4 5
'2
1912 July
312 Apr
958 Feb 6
•7
73
4 77
73i
44 Jan 3
612 7
8
712 812
7% preferred
100
2,100
8
8
15 July
27 Apr
8
8 Feb 6
*6
7
6
*6
618
37 Jan 2
8
6% preferred
1,000
6
714
6
100
612 612
1514 Feb 51 July
8
334 3112 303 327
34
34
34
3112 34 8 35
390 Colorado & Southern
,
4
100 27 Jan 4 403 Feb 1
4
1212 Apr 423 July
.25
26
26
25
25
*2312 25
26
100
26
4% 1st preferred
100 20 Jan 4 3314 Feb 9
2618
10 Mar 30 July
*22
30
*2312 30
*22
30
•22
30
*22
30
4% 2d preferred
100 20 Jan 12 30 Feb 3
105 June
8
1 14 Feb
4
63 Feb 5
2,8 Jan 5
300 Consol RR of Cuba pref.100
*5
5
5
8
54
,
51
8 54 *54 53
54 514
16 June
212 Jan
*7
87
8 •812 87
314 Jan 15 1012 Jan 23
30 Cuba RR 6% pref
8
8
8
33
4
8
8
. 100
8'2
4
02
375 Feb 933 July
8
6212 62
61
63
4.700 Delaware & Hudson
6312 6212 6412 6018 61
100 53 Jan 5 7312 Feb 1
174 Feb 46 July
4
2734 233
2212 Jan 6 333 Feb 5
273
4
4 27
8 273 285, 2614 27
7,000 Delaware Lack & Western.51
4
263, 273
1934 July
2 Feb
12,200 Deny & RIO Or West pref 100
103, 1018 1314 12
*9
1014
9
53 Jan 19 1314 Mar 23
4
1212
93
4 93
4
3 4 Apr 2534 July
3
8
4
*21
203 21
4
21
4 193 21
2114 214 213
8
100 137 Jan 8 247 Feb 5
5,400 Erie
21 14
2912 July
412 Apr
Stock
4
251 1 263
8 2414 2412 24, 2414 *2412 25
23
26
First preferred
100 16 Jan 3 2318 Mar 14
1,400
19
1914 •1812 1912 *18
212 Apr 2314 July
*18
19
*18
1912
19
200
Second preferred
100 12 Jan 3 22 Feb 5
333 July
4
45 Apr
8
263 277
8
8 27
273 Exchange 17,700 Great Northern pref
4
275 2818 2718 234 2618 27
8
,
100 18 8 Jan 4 3212 Feb 5
1112 July
13 Mat
4
1318 1318 1214 1214
*113 1278
8
Jan 10 1614 Feb 20
12
12
*1112 13
54
700 Gulf Mobile & Northern 100
212 Mar 2312 July
4
28
*27
28
28
Closed28
•26
2912 27
29
29
Preferred
100 15 Jan 11 353 Feb 21
800
234 June
8,2 Dec
112 Jan 23
•118
114 *14 14 *Ds
114 *14
14 *lls
7 Feb 13
8
Havana Electric Ry Co No par
114
19 Jun
612 July
Good
918 91s
812 87
83
4 9
915 95,
712 Jan 2 1218 Feb 7
1,600 Hudson & Manhattan
812 812
8
100
,
4
812 Apt 503 July
7
4
3114 303 3112 31
4
8 30
8 313 327
317 323
8
32
9,300 Illinois Central
100 2812 Jan 6 33s Feb 5
8
16 Mar 60, Ju r
*40
45
*41
45
*41
45
*41
45
Friday
*41
45
6% pref series A
100 35 Jan 13 4912 Jan 30
31 Mat 60 Joy
Mar 21
64
61
61
*61
64
*8112 6312 *61
4
.6114 643
483 Jan 5 62
Leased lines
101
50
4
44 Apr 34 Jo y
*1818 22
*1914 22
*184 20
•19
20
1712 Jan 8 2414 Feb 6
RR Sec ctfs series A__1001
•1812 20
133 Dee
4
418 Feb
4
8
83
4
8
84 87
8 *87 10
812 812
8 Mar 27 133 Jan 2
814
83
8
2,700 SInterts ro RapiciTran v t e 100
8
612 Feb 247 July
15
15
14
14
134 137
8 1412 15 .14
11 Jan 8 1914 Jan 16
15
100
800 Kansas City Southern
.21
213
4 21
21
*19
2012 21
21
*20
4
Preb rred
100 153 Jan 5 26 Feb 10 s12 Mar 3414 July
400
213
4
4
85 Feb 273 July
8
18
1718 18
18
1812 17
183
s
1778 177
8
13
2,900 Lehigh Valley
50 13 Jan 4 214 Feb 5
2114 Jan 6712 July
55
*5412 55
5512 533 5412 54
1.500 Louis'II ,' & Nasbville__100 484 Jan 4 6118 Feb 5
4
545, 9912 5
6
Oct
12 Mar 28
2712 2712 *264 30
30
2812 2812 2812 30
3212
180 :Manhattan Ryy. 7% guar_100 20 Jan 3 324Mar 29
Oct
Jan 20
6
8
1612 1714 *1612 17
17
164 16
Mod 5% guar
100 15 Jan 3 195 Jan 12
5,700
153 1612 16
4
8 June
17 Mar
8
8
*918 1012 *9
104 •74 93
47 Jan 16 107 Mar 16
8
Market St Ry prior pref ___100
4 *712 101* • 4 84
73
214 July
.3
4
1
138 Mar 28
4 Jan
11, 114
Jan 11
12
9,700 :Minneapolis & St Louls__100
13
8
*3
4
1
7
8
3
4
3
4
12 Mar
54 July
8
*212 3
33 Feb 6
*212 3
*212 3
14 Jan 2
212 23
4 *211
1,400 Minn St Paul & SS Marle_100
234
812 July
3 Apr
4,
4
43 Feb 14
•33
4 412 *33
13 Jan 8
4
4 4 2 *33
7% preferred
100
200
4 4
,
4 43
4
4
4 12 *33
(2
212 Dee 1412 July
712 Mar 10
*63
8 7
53
*63
8 7
312 Jan 2
64 63
8
6
6 14
4 63
8
4% leased line errs
100
390
1718 July
5 4 Jan
3
8
8
Ills 114 113 1112 1012 111 1
11
113
8 Jan 2 147 Feb 5
4 1114 11,
3,200 Mo-Kan-Texas RR____No pa'
2
1112 Jan 3714 July
263 271 1 267 28
8
243 263
8
8
2714 264 2618
8 26
4
Preferred series A
2.400
100 173 Jan 5 3438 Feb 6
1014 July
118 Apr
6 Feb 5
43
4 434
412 434
5
53
8
43
4 514
3 Jan 2
5
5
100
2,400 :Missouri Pacific
1514 July
15 Apr
8
93 Feb 7
4
74 712
714
73
8
412 Jan 3
64 714
Cony preferred
100
9,800
8
7
9
84
57 July
13
Jan
*3712 39
*36
39
*3712 39
3712 3712 3714 3714
40 Nashville Chatt & St Louis 100 32 Jan 2 46 Jan 24
312 June
18 Mar
214 Feb 23
*112 2,
8 *112 24 *14 2
*112 2
1 18 Jan 22
Nat Rye of Mex 1st 4% pf_100
*112 218
8
13 June
Is Jan
1 Mar 7
3
4
3
4
4 Jan 5
2d preferred
"8
3
4
7
8
100
1,100
3
4
3
4
3
4
*5
8
7
8
Feb 5812 July
14
353 363
4
8 36 8 373
,
4 34
3514 3412 3512 343 3512
100 3112 Jan 6 454 Feb 5
39,900 New York Central
4
218 Jan 275 Aug
8
*2112 22
3
2112 2112 2014 2118 20
21
100 15 Jan 3 25 4 Feb 23
2,100 N Y Chic Ar St Louts Co
*2012 21,
4
258 Apr 3414 July
293 293
4
4
4 3012 3114 29
293
4 2912 3014 30
Preferred series A
100 1712 Jan 3 343 Feb 21
2,200
30 2
,
4
12318 12414 *126 130 *126 130
•12414 12812 *12414 129
40 N Y & Harlem
50 108 Jan 2 139 Feb 1 100 Mar 1583 June
1118 Feb 344 July
8
183 187
4
8 183 1938 1714 1812 174 1812 1814 183
100 1414 Jan 3 2418 Feb 5
8,600 N Y N 1.1 & Hartford
8
Apr 56 July
18
8
29
30
32
33
314 32
29
Cony preferred
100 2312 Jan 6 375 Feb 5
2,400
*2912 303
30
8
712 Dec 15 July
8
103 1018 1012 1012
8
95 104 *95 1018
8
912 93
4
8 Jan 5 113 Feb 5
100
800 N Y Ontario & Western
8
312 Julyy.
I, Mar
134 Jan 16
114 *1
*1
13
4 *1
114 *1
1 Mar 21
NY Railways pref
114 *1
No par
114
44 Julyy.
*2
2
2
*2
214
24
12 Apr
3 Jan 30
2
27
8 .218 212
14 Jan 3
100
1.600 INorfolk Southern
175 175
172 174 *173 175
173 173
*172 175
900 Norfolk 34 Western
100 161 Jan 5 131 Feb 16 11112 Mar 177 July
95 Apr 344 Julyy.
8
,
8 30
8 3114 31sy
307
8 303 315
314 3212 317 327
100 2118 Jan 6 3518 Fen 5
12,900 Northern Pacific
8
7 Julyy.
1
Jan
63 Mar 14
8
*44 5
•43
8 412
5
.5
2 Jan 4
700 Pacific Coast
414 514
10
5
5
133 Jan 4214 Julyy.
4
4 324 3312 33
4 3412 353
3418 343
18,400 Pennsylvania
34
50 2914 Jan 4 374 Feb 19
3312 3418
*612 814 *512 814 *5,
9 July
7 Feb
8
8 Feb 17
Peoria 32 Eastern
4 Jan 16
100
2 814 *512 84 *512 81s
37 Mar 37 July
8
254 257
8 2412 2412 25
400 Pere Marquette
26
•25
27
100 1612 Jan 10 33 Feb 6
*26
27
Jan 4412 Julyy.
*3218 35
33
33
6
200
3312 3312 *33
35
Prior preferred
100 18 Jan 13 38 Feb 19
*31
35
26
412 Feb 3812 July
200
25
25
26
29
Preferred
*2612 29
*2618 29
*25
100 1612 Jan 10 30 Feb 5
612 Apr 3534 Julyy.
*1812 25
Pittsburgh & West Virginia 100 15 Jan 3 27 Feb 21
*20
25
*20
8
3812 *185 25
*2014 25
2312 Apr 6212 Julyy.
514 5114 *5018 51
200 Reading
*4914 51
51
51
8
50 43 Jan 2 563 Feb 5
53
*51
Apr 38 Julyy.
3714
25
1st preferred
3512 3512 *35
*3512 3714 *3512 37
8
50 337 Feb 7 38 Mar 19
100
•3512 37
2312 Mar 37 July
2d preferred
8
8
8
50 2918 Jan 11 35 Mar 7
8
8
8
*3238 343 *323 343 .3312 343 .334 343 *3312 343
Jan
Rutland RR 7% prat
16
*1014 16
1812 Julyy.
6
8 Jan 4 15 Feb 7
*10
*10
16
*1014 16
100
.101 1 16
2,600 :St Louis-San Francisco 100
93 Julyy.
8
45 Feb 6
8
24 Jan 2
7 Jan
s
33
8 37
8 318
3118 33
4
8
33
33
8 312
34 312
914 July
Apr
1
214 Jan 4
1st preferred
100
2,400
5 Feb 6
418 414
34 47
s
4
33
4 33
4
37
8 3
*33
4 418
400 St Louis Southwestern
18
18
18
204 18
514 Mar 22 Julyy.
100 1212 Jan 19 20 Mar 8
*18
2314
2018 *18
*18
8
12 June 263 July
Preferred
100 2012Mar 5 26 Mar 16
*21
25
*21
25
*21
25
26
*21
26
.21
11, 08
3 Julyy.
2 Feb 6
1 Jan 2
4,900 :Seaboard Air Line____No par
13
4
184
112 112
14 Jan
8
112 15
112 112
44 July
3 Mar
8
Preferred
100
1,400
212 3
212
212
318 Feb 21
13 Jan 11
4
274
274
4
*212 234 .24 23
4
100 1812 Jan 5 333 Feb 5
33,200 Southern Paelfto Co
1118 Feb 383 Julyy.
4
8
263
4 2618 267
4
2718 2774 2718 2812 243 254 26
418 Mar 36 Julyy.
4
100 233 Jan 6 3612 Feb 5
19,000 Southern Railway
317
8
8 3014 304 3012 3112 31
314 323
4 3114 327
57 Jan 49 July
8
Preferred
8
4
100 273 Jan 6 407 Feb 5
4,900
353
4
35
353
4 35
3614 3418 35
357 3612 36
8
8
Jan 404 Julyy.
Mobile & Ohio elk tr etfs 100 39 Jan 19 464 Feb 6
700
*40
46
40 40
4114 .4014 46
41
*4014 46
1218 June
418 Feb
300 Third Avenue
8 4 Jan 12
,
6 Mar 1
100
618 618
6 8 64
,
*618 612 "618 612 *618 61.2
44 June
44 Feb 6
138 Jan 10
100 Twin Cityy. Rapid Trans No par
3 Dec
4
14 314
33
4
37
8 *3
37
8 *3
358 *3
3
3
412 Dec 15 June
Preferred
6 Jan 12 19 Mar 16
100
100
15
*1412 1638 15
15
4
4 15
1612 163 163
•15
614 Apr 132 July
100 11012 Jan 4 133 Feb 23
2,500 Union Pacific
126 12614 124 12612 123 1234 12212 12434 125 125
Apr
7512 July
56
100 7134 Jan 18 8312 Feb 17
600 Preferred
80 4 8012
,
80
8014 8014 8014 *8014 801
8
*797 80
112 Jan
4
47 Jan 30
712 July
2 4 Jan 5
,
10
700 :Wabash
4 4
*33
4
4
*33
8 4
33
4 4
312 312
14 Apr
63 Feb 5
4
97 Julyy.
8
318 Jan 2
Preferred A
10
3,400
53
4 57
8
54 64
514
511
*514 6
*512 6
4 Feb
83 Jan 2 1714 Feb 20
4
100
16 July
7,500 Western Maryland
,
1518
4 1412 1512 1418 1412 1414 15 8 15
153 153
8
5 8 Jan
5
100 12 Jan 9 23 Feb 20
1912 July
2d preferred
900
20
*18
19
20
19
•17
19
*18
.18
20
812Mar 29
1
Apr
23 Jan 2
4
100
912 Julyy.
15,500 Western Pacific
612 83
8
74 85,
6 4 61
,
8
54 63
6
6 18
14 Mar 16 July
8
45 Jan 5 1712Mar 28
100
Preferred
63,200
8
8
8 145 1712 153 17 4
4
,
124 1318 1212 1314 123 143
$ per share $ per share $ per share
8 6312 643
653 664 6512 667
4
4
804 808 80
80,4 *775 80
8
4612 4714 4612 47
44
45
29
2912 2912 304 273 2812
8
317 3212 3012 3012
8
31
31
4212 421. 424 4214 4138 42
•102 107 - •104 106 *102 105
14
14
*1312 17
.1212 14
*5
634 *53
63
4 63
4 *5
4
04312 4712 *4312 4712 *435 4712
8
293 304 297 297
4
8
8 2814 29
86
*834 86
8
8612 *843 86
Industrial & Miscellaneou
35 Jan 17 4218
'40 pa
Abraham & Straus
4
4
__ *353 - . *353 - - *3534 - 4
*353 _*38
63 Jan 6 1178
8
No par
6,600 Adams Express
914 - 17
6
914 - -1 1
9
0
94 - -1..
018
94 1
94
912 - -3100 7014 Jan 25 7412
Preferred
*754 ____ •7514 ____ *7514 ___. •7511 ---•73
days.
*Bid and asked prices, no sales on this day. :Companies reported In receivership. a Optional sale. c Cash sale. s Sold 15
Feb 15
Feb 5
Feu 23
1318 Feb
3 Feb
39
Apr
z Ex-dividend.
4012 July
1314 July
71 June
y Ex-rights.
New York Stock Record-Continued-Page 2
2212
Mar. 31 1934
ar 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
Mar.24.
Monday
Mar.26.
Tuesday
Mar. .
.27
Wednesday I Thursday
Mar.
.28.
Mar.29.
Friday
Mar.30.
$ per share 5 Per share $ Per share 5 per share $ per share $ per share
3212 32
324 30
32
303
4 3012 3112 313 324
8
8
8 10
10
103
8 103 105
104
93 10
4
93
4 93
4
*6
63
8 *618 63
8
6
63
8
6
64
618 618
8
712 712
8
8
3
74 8
712 7 4 *712 75
96
933 94
4
2943 943
8
9412 9458 95
8 9412 9412
24 24 *25
8 23
4
212 25
8
25
8 25
8 *238 23
4
207 21
8
203 2114 20 205
4
8 2018 207
8 204 2214
6
*5
53
4
*5
6
*5
5
5
*43
4 5
318 314
31 4
34
3
3 18
3
34
318 314
912 934
912 9 8
5
93 10
4
9,
8 93
8
Ws 10
*8
8,
4
812 84
7 8 812
3
712 812
8
8
812
8
87
8 *73
8 8
*8
814 *8
*75
8 8
23
23
*22
25
22
22
*213 25
8
*22
25
148 148
*149 150
150 15012 147 149
148 150
126 128*12578
12512 1254 *12514 12512 *1251 1 126
-183 1914 1918 193
4 18, 183
4
4
4 18, 183
4
4 1814 -19
16
1518 1518 *15, 153
8
*15
17
16
4 15
15
*53
4 63
8 *54 614
54 53
4
43
4 54
53
8 53
8
*405 4112 *4058 417
8
8 40, 405 *39
8
8
40
40
40
491 4 4914 4914 4912 4714 4712 4712 4712 4712 4814
*28
284 265 2714 2612 27
8
*2712 28
27
27
17
18
17
17
1814 183
8 1812 19
1714 1712
4
4
*4434 467 *443 4612 *443 4512 443 4431 443 4512
8
4
4
,
1034 103
4 11 18 1112 1018 10 4 101 i 10,
2 1014 105
8
58
58
58
, .58
603
4 6014 61
5812 56
57,2
.3114 32
32
3112 3112 *3118 323
32
3314 32
4
' 10518 10518 *10412 10512 10412 10412 10412 105
105 106
99 100
954 97
97 18 98
985 99
8
975 983
8
4
4
1393 1393 *140 141
*13914 1403 1403 1403 *1393 141
4
4
4
4
4
28
283
4 28 4 283
,
4 26
2712 27
2712 27
27
47
447 4518 *4218 4712 •42
8
46
46
a47
4712
*912 1018
912 912 073
4 9,
2 *75 10,
8
8
9
9
*21
2514 *21
2514 *21
25
*21
251 1 *21
251 1
*51
543 *5112 543 *53
4
53
4
*5212 5 4 53
4
.543
4
*412 5
*412 5
8 5
414 414
43
4 43
4 *43
52
5112 5212 47
507
8 4812 483
51
4
4 483 4912
314 314
311 34
3
3 18
3
34
,
3
3
7 4 *714 814 *71 1 814 *73
3
8 838 *714 84
*7
*1014 1012 103 103
97 10
s
8
4
9, 1015
2
9 8 103
7
8
*22
23
21, 2112 21
4
21
2012 203
4 213 213
4
4
•13
1414 13
13
12
1214 1212 1212 *1238 13
*1712 18
173 18
4
17
1712 17
17
*163 18 2
4
,
1814 18
*1914 1912 1912 1912 18
19
177 18,
8
*9
1014 *83
4 93
4
9
9
9
9
87
8 9
4
*37
40
375 375
8
8 3612 363 *3714 397 *3712 394
8
3
32
3212 *32
3312 32
32
32
32
3218 3238
878 87
8
9
93
8
85
8 87
8
83
4 83
4
83
4 9
4412
4414 *425 44
8
*42
44
44
4514 44
45
812 812
9
93
8
814 812
83
8 82
,
812 84
14
1
1
118
*1
1 18
1 18 *1
1
1
*512 6
*514 6
*514 6
*54 6
•53
8 6
32 4 334 333 3412 321 1 33
3
8
3112 32'j 3134 32
*63
66
*65
6912 *65
69
•64
6912 *6512 69
8
165 17
8
17
1718 157 1612 16
16
157g 16
*74 7 8
5
7
7
*64 7
63
4 63
4
7
7
2412
2212 2318 23
8
2312 2312 2314 2378 215 23
87
87
*85
87
87
883 *86
4
Stock
*87
89
883
4
8 2912 30
30
3014 *3012 31
31.
311* 315
31
912 97
914 Exchange
9
918
87
8
83
4 914
s
94 9,
2
8
2318 231s 2312 2312 2218 2218 223 2238 .2238 237
8
4 1812 1918 1812 1812 19
1914 Closed19, 1912 1914 193
4
4
8 14
143
8 1418 1412
143 147
8
2 143 1518 133 143
4
225 2314 227 237
8
8
8
Good
224 243
8 235 245
8
8 2218 23
*46
49
*48
49
48
48
48
48
48
48
Friday
5
5
5 14 512
5
5
5
5
5
5
112
15
8 *112
*112 13
8
15
8
1158
112
15
8
15
8
24
24
24
25
25
*23
2412 23
24
24
4278 4312 43
433
4 4014 4112 411. 4213 427 443
8
8
1105 1105 111 111 0109 113 *112 - 114 - *11312 115
8
8
7714 7712 80 80
*7912 82
80
80
•7714 80
4
55
55 12 *5414 5518 54
55
543 55
*54
55
*110__ •110
_ •110
*110
__
-- *110
20
19;)8 - 2
0
203 2114 203 - -1
8
4 2 -12 19 -193 - 4 2
63;
70
6912 70
69
69
*69
70
70
70
71
.3012 41
8
4
4012 4012 *40
4014 *397 403 *3912 41
5112
51
504 503
4 51
5112 5112 51
51
51
8
1077 1077 108 108
8
8
10814 10814
*1077 10812 *1077 108
8
17
18
*173 18
4
*173 19
4
*1814 193
4 1812 19
8
4
11912 1193 11912 12018 11712 11812 1173 11814 11818 119
,
664 66, 66 4 6614 664
4
,
66
66
67 4 67 4 66
,
,
8
4
68
6812 683 694 67 4 6812 677 6812 6814 683
4
*11814 1194 *11814 119
11812 11812 *11812 11914 *11814 11914
97
97
10
10
10
10
93
4 93
4 *93
8 912
*20
24
20
21
2012 21
2312 24
2014 21
21
211 1
21
215
8 2014 203
4 203 21
4
204 21,
4
073
74
*7312 - - -12
74
1414 1412 14
143
8
7412
74
1314 133
8
73
74
6914 70
*71
74
3 8 33
3
4
358
33
8
312 35*
*1012 113
4 12
12
.10
1211
•7
738 *7
73
8
7
7
*40
45 .40
4018 40
40
8
143
8
141 1 144 147 1512 14
934 93
912 9 2
,
4
*93 11
4
*2012 204 207 204 195 195
8
8
8
89
90
90
90
*90
92
*6
8
8
712 *6
*6
2918
4
8 29
303
4 303 307
*30
•11012 112 *11012 112 011012 112
86
4
4 86
8718 863 863
87
61 t
55
s 54
6
57
8 618
3
8 3
27
27
8 3
2-58 2 4
4
61 12 573 591 1
60
5912 61
614 635
7
7
*63
4 7
74 84
71, 712
84 83
8
212 258
212 212
*212 23
4
15
15
1512 1512 155 16
8
75
*65
*65
75
75
*65
8
*60, 634 .5512 637
8
*8018 634
3712 3712
*3712 40
*3712 40
16
*14
16
*14
16
014
21
*19
21
*20
21
*18
8 2918 3018
303
8 303 307
s
30
4914
5114 5114 48
483 50
4
95
95
*95 100
*9612 100
1312
*13
14
*1413 144 *13
5312 55,
8 5012 52
5212 54
1212 13
1412 1412 13 8 14
5
712 77
s
8
83
8
814 84
8
135 137
8
s 1312 1414 127 131 4
8
494 497
4
5012 51
513 52
97
*98
*96
99
99
*96
54 51 4
53
8 512
0514 512
31
31
34
34
34
*31
74 8
8
8 18
84 814
*2912 33
33
33
033
35
*921. 98
*9212 98
*9212 98
14
14
15
15
*14
15
*81
8518 8312 8312 8212 8212
*60
61
60
60
*5912 61
8
134 123 124
13
1314 13
*11012 ____ *11033 -___ Ill 111
73
73
133 133
4
4
73
74,
2
1411 1412
7213
*70
71
72
318 34
314 314
.11
1112 .10
12
64 65
8
73
8 74
*39
45
*40
50
141s 143
8 1412 1518
*9's 958 *9
912
21
193 193 *20
4
4
90
90
90
90
*5
8
*5
8
30
*29, 30
4
30
112 112 *11012 112
*85
86
*85
85 2
,
57
s 614
4 6
53
25
8 27
8
23
4 27
8
5812 593
8 583 603
4
8
*64 64
6 2 63
,
4
4
73
4 73
74 812
24 218
*2
24
1412 143
4 15
151 1
*5612 59
69
*55
7
-- *5612 63 8
*5612
*3712 10
3712 3712
16
16
*13
*13
*18
21
*18
21
2914 2912 2914 30
52
50
*51
50
9612 9612
*9612 100
13
14
13
*13
52
525
8
51, 52
4
13
13
1314 134
7 4 84
3
74 84
1318 1312 133 133
8
4
4912 51
49
49
98
97
98
97
5
5
518 518
33
*32
33
31
77
8 8
73
4 8
34
*32
*31
34
*9212 98
*9212 98
8
1334 133
4 137 1418
8518
8412 *70
*83
61
60 .59
60
8
123 123
4
4 123 127
4
11118 11114 11114 11114
*Bid and asked prices, no sales on this day
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Stnee Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Shares
9,300
1,500
600
2,600
1,800
500
53,100
100
15,800
5,800
2,200
500
200
2,500
400
6,100
300
1,000
300
3,000
900
3,300
130
2,600
290
2,400
320
7,000
200
3,800
1,000
200
Indus. & Miscell.(Con.) Par $ Per share
$ Per share
16 Jan 6 343 Mar 12
8
Adams Millis
No par
10
8
73 Jan 5 113 Feb 6
4
Address Multlgr Corp
758 Feb 5
518 Feb 10
Advance Rumely
No par
958 Feb 6
64 Jan 13
Affiliated Products Ino_No par
4
Air Reduction loo
No par 933 Mar 27 10614 Jan 24
17 Jan 3 3 14 Feb 16
8
Air Way Elec Appliance No par
8
Alaska Juneau Gold Min_10 1914 Mar 1 237 Jan 15
714 Feb 2
No par
5 Jan 13
A P W Paper Co
54 Feb 1
23 Mar 16
4
Allegheny Corp
No par
Pref A with $30 warr___100
54 Jan 4 1458 Feb 5
Pref A with $40 warr___100
55 Jan 3 1312 Feb 5
8
Pref A without ware_ _100
514 Jan 6 1212 Feb 5
1712 Jan 2 2318 Feb 23
Allegheny Steel Co
Nro par
4
Allied Chemical & Dye_No par 144 Jan 8 1603 Feb 17
Preferred
100 12218 Jan 16 12614 Mar 7
8
1612 Jan 8 233 Feb 5
Allis-Chalmers Mfg____No par
123 Jan 2 2018 Feb 5
4
Alpha Portland Cement No par
73 Mar 12
4
1
4 Jan 15
Amalgam Leather Co
50 25 Jan 6 45 Mar 13
preferred
7%
8
Amerada Corp
No par 4112 Jan 4 503 Feb 2
Amer Agile Chem (Del) No par 2514 Jan 4 36 Jan 24
10 1412 Jan 4 23 Fen 5
American Bank Note
4
Preferred
50 40 Jan 4 493 Mar 2
712 Jan 4 1234 Feb 3
American Beet Sugar__No par
100 4612 Jan 4 64 Feb 3
7% preferred
Am Brake Shoe & Fdy_No par 28 Jan 5 33 Feo 6
100 98 Jan 10 107 Feb 7
Preferred
4
American Can
25 9418 Jan 5 1073 Feb 15
100 12612 Jan 6 142 Mar 12
Preferred
American Car & Fdy___No par 2314 Jan 6 3378 Feb 5
100 3814 Jan 8 5612 Feb 5
Preferred
1214 Feb 27
812 Jan 11
No pa7
American Chain
100 2012 Jan 10 3112 Feb 27
7% preferred
No par 4614 Jan 8 55 Mar 7
200 American Chicle
612 Feb 5
10
33 Jan 29
8
200 Amer Colony pe Co
7,000 Am Consral Alcohol Corp 20 47 :Mar 27 6212 Jan 31
5 Feb 16
8
23 Jan 6
3,000 Amer Encaustic Tlling_No par
6 Jan 3 1012 Feb 3
Amer European Sec's_No par
4
7 4 Jan 3 133 Feb 6
3
11,100 Amer & Forn Power___No par
No par
17 Jan 4 30 Feb 7
Preferred
800
93 Jan 4 1712 Feb 6
4
No par
2nd preferred
700
12 Jan 4 25 Feb 6
No par
600
56 preferred
1.1,
400 Amer Hawaiian S S Co___10 1714 Jan 5 2258 Feb 16
714 Jan 12 1012 Feb 5
Hide & Leattier_No par
800 Amer
8
100 307 Jan 8 4214 Mar 15
Preferred
300
2618 Jan 5 354 Feb 5
1
700 Amer Home Products
64 Jan 4 10 Feb 5
No par
4,200 American Ice
100 3514 Jan 8 4514 Mar 26
800
6% non-cum prof
612 Jan 8 11 Feb 6
2,200 Amer Internal Corp....No par
13 Jan 20
8
4
3 Jan 5
400 Am L France dr Foamite No par
67 Feb 1
8
4 Jan 18
100
Preferred
4
4,600 American Locomotive_No par 2614 Jan 4 383 Feb 6
8
100 50 Jan 8 745 Mar 13
Preferred
2,200 Amer Mach & Fdry Co_No par 13 Jan 4 1934 Feb 5
93 Feb 1
8
314 Jan 3
700 Amer Mach de MetalsNo par
8
18 Jan 4 275 Feb 15
6,900 Amer Metal Co Ltd....No par
100 73 Jan 2 91 Feb 15
400
8% cone preferred
4
310 Amer News Co Ino____No pa, 21 Jan 3 343 Mar 13
57 Jan 4 1214 Feb 6
8
8,500 Amer Power & Light_No par
No par
133 Jan 6 294 Feb 6
4
36 preferred
500
No par
127 Jan 5 264 Feb 7
8
2,100
55 preferred
1334 Mar 20 175 Feb 1
8
20,300 Am Rod dr Stand San'y No par
28,200 American Rolling Mill
25 1712 Jan 6 2
814 Feb 19
500 American Safety Razor No par 36 Jan 13 50 Mar 7
73 Feb 19
8
314 Jan 10
1,100 American Seating v t e_No par
1 Jan 4
23 Jan 30
8
500 Amer Ship & Comm___No par
1014 Jan 4 30 Jan 30
150 Amer Shipbuilding Co_No par
26,300 Amer Smelting dc Refg_No par 4014 Mar 27 5114 Feb 15
Preferred
100 100 Jan 2 114 Mar 10
200
2nd preferred 8% cum
100 7114 Jan 2 8412 Feb 23
400
1,100 American Snuff
25 483 Jan 5 56 Mar 22
4
Preferred
100 106 Feb 2 1 I 1 Mar 17
19 Mar 27 2612 Feb 5
5,100 Amer Steel Foundries_No par
Preferred
100 68 Jan 4 81 Jan 30
240
No par 37 Jan 3 4414 Feb 7
100 American Stores
100 46 Jan 3 61 Fen 6
800 Amer Sugar Refining
Preferred
100 10312 Jan 3 11014 Feb 13
300
1512 Jan 5 203 Mar 13
8
1,300 Am Sumatra Tobacco__No par
100 1073 Jan 4 12514 Feb 6
9,100 Amer Telep & Teleg
4
8
25 654 Jan 6 823 Feb 6
1,300 American Tobacco
Common class li
25 67 Jan 8 8412 Feb 5
6,600
Preferred
100 1074 Jan 3 121 Feb 7
100
47 Jan 3 13 Feb 21
8
600 :Am Type FoundersNo par
4
Preferred
100
73 Jan 6 283 Feb 21
4
450
8
4
15,400 Am Water Wks & Elee_No par x163 Jan 4 275 Feb 7
Common vol Or ctfs_No par
lot preferred
No par 54 Jan 3 80 Feb 5
300
No par
113 Jan 8 1718 Feb 5
8
2,700 American Woolen
100 615 Jan 4 834 Feb 7
8
Preferred
2,500
414 Mar 14
1
114 Jan 10
5,500 Am Writing Paper ctfs
8
514 Jan 6 147 Jan 26
Preferred certificates No par
100
9 Feb 16
I
5 8 Jan 4
3
1,000 Amer Zinc Lead & Smelt
25 3712 Jan 4 5018 Feb 16
Preferred
100
28,300 Anaconda Copper Mlning50 1312 Jan 8 1758 Feb 5
914 Jan 12 12 Feb 5
200 Anaconda Wire & CableNo par
18 Jan 8 244 Jan 31
No par
300 Anchor Cap
36.50 cone preferred_No par 81 Feb 5 92 Mar 20
140
912 Feb 16
63 Jan 30
4
Andes Copper Mining_No par
2614 Jan 9 33 Mar 14
800 Archer Daniels Midl'cl_No par
100 110 Jan 24 112 Jan 11
7% preferred
10
_100 764 Jan 2 88 Mar 7
500 Armour dr Co (Del) pref.
64 Feb 19
414 Jan 3
24,000 Armour of Illinois class A_.25
33 Feb 16
8
25
214 Jan 6
Class 11
5,100
100 55 Jan 3 6414 Feb 16
Preferred
18,700
83 Fen 9
8
35 Jan 10
8
5
800 Arnold Constable Corp
9 Feb 21
414 Jan 5
No par
390 Artloorn Corp
1 Jan 9
312 Feb 15
900 Associated Apparel Ind No par
1118 Jan 3 1814 Feb 6
1
1,600 Associated Dry Goods
100 50 Jan 1 75 Mar 14
8% 1st preferred
100 50 Jan 4 60 Feb 7
7% 2d preferred
25 2912 Jan 5 3712Mar 6
70 Associated 011
1214 Jan 2 1512 Jan 26
At 0 dr WI SS Lines_No par
100 20 Jan 13 22 Feb 7
Preferred
25 2814 Jan 3 3514 Feb 5
15,400 Atlantic Refining
No par 3514 Jan 8 5512 Mar 13
900 Atlas Powder
100 83 Jan 9 9914 Mar 15
Preferred
40
712 Jan 15 1614 Mar 14
No par
200 Atlas Tack Corp
_No par 473 Jan 9 573 Mar 13
4
8
9,300 Auburn Automobile
8
7 Jan 4 165 Mar 5
No par
1,800 Austin Nichols
3
54 Feb 10 10 4 Jan 31
16,400 Aviation Corp of Del (The)_5
11 Jan 8 16 Feb 5
22,400 Baldwin Loco Works No par
Preferred
100 35 Jan 8 55 Mar 14
1,100
110 Barriberger (L) dr Co pref_100 8612 Jan 9 99 Feb 23
3 Jan 2
612 Feb 5
No par
2,100 Barker Brothers
8I4 % cone preferred____100 1618 Jan 9 36 Mar 14
130
5
75 .Mar 27 10 Jan 22
8
8,800 Barnsdall Corp
100 Bayuk Cigars Inc
No par 27 Jan 3 39 Feb 5
100 89 Jan 15 98 Mar 16
100
1st preferred
8
25 103 Jan 6 18 Feb 6
700 Beatrice Creamery
200
Preferred
100 55 Jan 13 8:1'2 Mar 26
200 Beech-Nut Packing Co
20 58 Mar 2 6212 Jan 17
8
87 Jan 3 1414 Feb 20
4,500 Belding Hemlnway Co_No par
9512 Jan 9 11114 Mar 28
500 Belgian Nat Rye part pref.._
I Companies reported In receivership. a Optional sale. c Cash sale. 7 Ex-dividend.
y
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
$ per share 5 per share
8 Apr 215 July
8
51s Apr 1212 June
13 Feb
4
93 July
8
55 July
8
113 May
4
4712 Feb 112 Sept
12 Feb
4 May
1118 Jun 33 Aug
1
Jan
94 July
78 Apr
814 July
1
Apr 217 July
8
118 Apr 21 July
114 Mar 20 July
5 Mar 26 July
703 Feb 152 Des
4
115 Apr 125
Oct
6 Feb 26:4 July
53 Jan 24 July
4
52 Feb
914 July
5 Feb 40 July
1812 Mar 4758 Nov
714 Mar 35 July
8 Mar
2812 July
34 Apr 497 June
8
1
Jan
183 July
4
23 Jan 64 Sept
4
108 Mar 4212 July
60 Mar 108 Aug
4912 Feb 10012 Dec
112 Feb 134 July ,
618 Jan 393 July '
4
15 Feb 593 July
4
13 Mar
8
14 July
312 Mar
31 12 July
34 Mar 5114 July
2 Feb
618 June
13 Feb 897 July
8
1
Jan
6 June
37 Apr
8
13 July
37 Feb
8
1958 June
714 Apr
447 June
8
44 Apr
2714 June
618 Apr
353 July
8
418 Jan
2112 July
212 Mar
16 June
1312 Feb
5712 June
243 Dee 4212 May
4
3114 Feb
1712 June
25 Feb 577 June
8
414 Feb
1518 July
312 June
14 Apr
114 Jan
12 June
57 Jan
8
3918 July
1734 Jan 63 July
83 Feb 223 July
4
8
1
Jan
6 June
318 Feb 235 July
8
1512 Jan
757 Nov
8
17
Jan 3012 July
4 Feb
197 July
8
9 7 Apr 41 18 July
8
9 Apr
35 July
19 July
45 Feb
8
54 Mar 317 July
8
2018 Apr 473 July
4
718 July
7 Mar
8
44 Jane
I8 Apr
1112 Mar 363 June
4
ent
5312 s
104 Feb
31
Jan 9912 Dee
2012 Jan
73 July
3212 Jan 514 Sent
10218 Jan 112 July
458 Feb 27 July
375 Mar 85 July
8
30 Feb 477 July
8
2112 Jan
74 July
80
Jan 11214 July
6
Jan 26 July
8612 Apr 13434 July
8
49 Feb 907 July
4
503 Feb 943 July
4
1023 Mar 120 July
4
218 Dee 25 July
7
Oct 377 July
11
107 Apr 4314 July
8
912 Apr 357 June
8
35 Mar 80 June
17 July
312 Mar
225 Feb 6712 Dee
8
418 June
3 Feb
8
143 July
4
3 Feb
4
24 Feb 107 July
8
20 Feb 66 July
Feb 227 July
5
8
44 Jan
1512 June
8
Jan 3914 July
6212 Jan 90 June
25 Feb
8
1412 June
914 Mar 2914 July
05 Feb 115 July
41
Jan
90 July
4
73 June
l's Feb
5 July
34 Feb
7 Feb 93 July
7 July
118 Jan
2 Mar
912 June
514 June
3 Apr
4
312 Feb 20 July
Feb 6112 July
18
4
Jan 513 July
15
63 Mar 3512 July
4
412 Mar 26 July
412 Apr 337 July
8
123 Feb 3212 Nov
8
9 Feb 3918 July
80
Apr 8318 Sept
14 Feb 343 Dec
4
31
Oct 8414 July
7 Feb 04 July
8
512 Feb
164 July
312 Apr
175 July
8
912 Apr 60 July
6814 Feb 997 Aug
8
714 June
4 Jan
518 Arr 2414 July
3 Mar 11 July
5213 July
34 Jan
Jan 100 July
27
7 Mar 27 June
45 Feb 85 May
Jan
7012 June
45
1212 July
312 Feb
6214 Apr 1014 Nov
2213
New York Stock Record-Continued-Page 3
1
Far 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
Mar.24.
Monday
Mar.26.
Tuesday
Mar.27.
Wednesday
Mar.28.
Thursday
Mar.29.
Friday
Mar.30.
8 per share $ per share $ per share $ per share
4 185* 187
177 185
8 1812 183
i
4
315* 318 3134 313 *3134 3212
39% 4014 3934 40%
384 397
7212 7212 71% 72
7114 7112
34
3412 3334 333
4 3334 333
4
1338 1312 1314 13% *1314 13%
25 *24
*24
25
2514 *24
58
58 •57% 5212
5612 59
79
*79 8018 *79 8018 79
2214 2238 2214 227
223 223
8
4
2412 2518
2434 25
24 25
*178 211 *2
214
214 214
14 1538 1434 153
8 15
14
1514
31 *30 3212
30
30 *30
70
*69
70 *6912 70 *69
57 57
60
*56
57 •56
814 812 *812 912
812 87
8
*7
7
7'8
7%
718 71s
1078 107
8 1012 107
8 103 107
1012 1038
8
8
*6412 70 *65
70 *6412 70
*6412 70 *644' 70
578 6
6
6%
538 538
512 53
4
512 538
28
28
2918 30
28 *2814 30
28
29
29
37
37
37
4
4
4
414
4
38 378
5
5
*43
512 512
*514 512
4 512
5% *43
1338 1114 1214 *1138 1212 1134 12
1278 1278 13
1612 15
1818 1614 16
1538 1434 1518 15% 153
4
234
234 *258 3
*234 3
3
3
*2% 3
6
•5
.
5
5
6
*5
53
4 *5
538 *5
1284
123 *12
1234 *12
1212 14 •12
*1212 14
*112 17
1% 158 •112 18 *112 17
s
8 *112 17
2
2 14
- 214 214 *214 23/
218 214
2
2's
•3% 4
338 338
312 313
388 33, *318 4
2414 2514 25
2538 2578 258
2612 2612 2614 27
5418 54'8
5418 55 *54% 58
581
5418 54% *55
25 2512 2412 2412 2334 233
2412 247
4 2334 233g
*1
118
118 11
1
11
1
11
118 118
412 43
4% 43
5
5
434 5'o
4
5
5
1412 1478 1414 151 *1334 141 *137 1412 1412 141
8
2512 2614 26
2812 27
2678 267
2614 z2614 2612
3314 333
4 3312 3412
3388 3312 3312 3334 3212 33
718 738
*78
8
8
8
*73
4 8
7% 714
301 *2812 301
*2812 3012 *30
3012 3012 29% 29%
7112 711 7278 6712 69
6812 8914 6914 713
71
4
737
74 *72
73 *72
8 73
72
72 *7214 747
29
2938 2978 3038 2812 2914 29
2934 2914 30
3812 39% 3812 3938 3614 37
3512 3612 3534 3634
312 312
312 312 *318 3%
8
"312 37
8 "312 37
•2
25* •218 23,
218 218 *2
238
232 *2
*13
1312 13
13
127 127
8 1212 1278 123 1312
4
2414, 2438 2412 2412 2412 2412 2412 2412 2414 25
8
11
1114 105 1034 1034 1034 1034 1084
lOtz 103
8
90
90 *82
80 *82
90 *82
*82 90 *82
3312 mpg
8 3238 34
33% 3312 337 345* 3114 327
57
512 57
512 52
6
55* 534
*53
4 6
241
231 *20
*20
26 *20
26
2612 *23
*24
2114 2114
21
2112 21
2112 2112 21
207 21
7912 79'2 79
Stock
7912 791
79
*79
7912 79 80
•1318 1612 *13% 1612 *131/ 1612 131/ 161 *nig 1612
40
40 Exchange
391
3934 39
40% 4038 40% 414 39
8
8 14
8
8
738 8
714 71
713 71
20% 2014 *181s 207 *18
1914 191 *181 1014 Closed20
8
121
en
1..1
9
In
1212 *1012 121 *....
*912 1212 *9
283/ 2832 *27
Good
2834 2612 281
2618 261 *2612 28'2
84 934
10
8'4
*912 95* 10
83
4
84 9
3
*14
14
14
15
*14
15 •12
15
15 *12
Friday
8 5114 5214 515* 527
8
5213 5314 537 55
5038 513
1% 1% . 112
112 15,
138 112
112
114 112
•15
161 *1512 161 *15
161 *15
1638 *15% 1638
3612 3534 365* 3612 37
36
36 •36
3714 375*
•111 11184 11134 1113 *11134 1143 *11134 1143 1143 1142
4
4
1044 1043 *105 106
105 105 *105 1053 105 10514
4
62
52 52
52 52
52
5212 52% 523/ 523/
16% 165* 1614 167
18
1638
1512 16
1538 157
*80 86 •847 86 •8312 85
85 85
*8338 87
24
2414 243/ 247
2234 23
2212 23
2314 23 4
3
*73
8 85* *73
8 85* •614 8% *64 83
*614 858
8
65* 6% *612 7
6
6
6% 612
6
614
6812 6812 6634 68
6512 6612 6412 653
8512 6712
4 2534 257
2634 2834 275* 278
8 2614 2614 *28
2612
1614 157 1634 1518 158
16
8
3
1514 1534 1512 15
74
•71
74
74
7378 737
74
74 *73% 74
3015 3014 31
30
28% 2912 283 2912 29 30
4
4714
4734 47 47
*45
5
473 477 *4612 4778
4
8
•2754 28
28
2938 •273 287
8
27% 2718
8 273 273
100 100
*98 100
*98
9934 *9812 9984 9812 99 4
3
5512 561
55
56
533
s 5314 54
5212 548 53
•104 106
4
105 105 *1044 1053 '10454106
106 106
2914 297
2812 2818 28%
6
8 293 303, 2718 2838 28
215* 28
4
23
238 234
8 234
4
212 23
4
238 23
38
39
3934 3734 383
38
38
39
39
4 38
9
*812 912
•85
8 912 *8% 912
9
9
914
267 2712 2712 2838 2618 267, 26
2634 27
s
2714
*1112 14
*1158 13 *11% 13
*12
13 *1112 13
•1142 12
12
12% 101g 1114 11
11% 11% 1112
49
52
49
5012 *4812 51
*4912 51
51
51
414 41 1 •4% 45*
418 412
4
412 43
8
45* 43
4
4 155 15%
16
1612 1612 1612 1434 1512 153 153
3834 39%
3818 3878 3814 39
388 3988 3914 40
874 8712
89
88
89% z87 87
8914 8914 89
3
3
31s
*3
3% *3
3
3
*234 3
1178 1218
1218 1212 1213 125* 1132 117, 1134 12
*109 111 *109 111 *109 111 *109 111 *109 111
138 112
138 112
13
8
118
112 15
112 1%
53 9 4
93 10
4
914 95,
85* 9
93 10
9
3
43
43
43
4
412
4
418
412
438 412
11
4 11
1012 103
1012 11
115/ 1158 114 12
112
112
138
15
1% 18
15* 15/
*158 13
4
60 60
6112 6112 6114 6114 *60 61
*59 62
78
7812 7578 7638 7614 7712
7712 78
7812 77
.94 982 *92
9
9
8 912
10
10
10
.9
305* 3012 3012
3118 2912 3012 30
3118 3118 31
17
2
175 17
178 178
17/ 2
17/ 2
193g
8
19
1938 193 1934 1814 1918 1834 1914 x19
x7014 71
6914 705* 7014 71
7118 7158 7012 717
14312 143'l 14412 14412 *143 145 *142 143 143 143
714
7
4 7'e
63
634 714
/ 712
73
7l4 714
3'212 3213 3238 3238
32% 3234 3238 321
323/ 327
1312 131
131
1414 13
135* 13
14
14
14
2912 2934 293g
3012 2812 2914 29
30
30
30
,
3818 381 *37% 39 *3718 39
*3818 39
39
39
638
58
3
53
2 53
8
51
5
58
3
512
514 514
3012 3012
291
29% 29
3012 3112 29
3012 31
58 5818 *56 65 *58 65
597 60
*59 60
218
2
2
2
214
*218 214 *2
2% 21
712 712
8
714 73
7% 78,
712 77
788 73
40
40
40 *37
*355s 39
42
*39
40 40
46
46
4512 463
4514 46
4
4658 465
/ 47 47
2334 2014 2112 2138 2158 2158 22
2212 2212 23
68 6814
67 8714 6712 88
69
69's 693, 89
414 45,
418 414
414
418 414
4
412 45*
107 1114 11
1012 11
11%
8
113 1115* 1118 117
16 *1634 18
1612 1612 1614 1612 16
18
*16
*612
718
7%
718 *61
68 7
718 718 *7
8 per share
1834 1914
3212 3312
4114 42
7212 7212
*34% 36
1314 1312
*2214 2514
59
58
*79 8018
225/ 231
2588 26
*218 214
1512 1534
3112 3112
*6912 71
*57 60
10
10
7
7
$ per share
193 20
33
33
4114 43
7314 74
3412 3412
135, 1334
.24
2514
598 60%
*89 8018
2234 233
26
263
4
*17
8 214
1538 1612
3114 3112
*70
71
*57 60
93 10
4
714 8
1114
11
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARI?
Range Since Jan. 1.
On Oasts of 100-share lots.
Highest.
Lowest.
$ Per share 8
Indus.& Miscall.(Con.) Par Spar share
5 1618 Jan 3 238 Feb 1
liendix Aviation
4
No par 2812 Jan 8 333 Feb 19
Best & Co
Bethlehem Steel Corp No par 3434 Jan 4 4912 Feb 19
100 6514 Jan 4 82 Feb 19
7% preferred
Blgelow-Sant Carpet Inc No par 27 Jan 4 40 Feb 5
8
No par 10 * Jan 4 1614 Jan 30
Biaw-Knox Co
Bloomingdale Brothers_No par 18 Jan 12 26 Feb 7
5 55 Jan 6 68% Jan 24
3,700 Bohn Aluminum & Br
No par 79 Jan 9 81 Jan 25
100 Bon Arai class A
25 197 Jan 6 2712 Feb 5
8,500 Borden Co (The)
10 203 Jan 3 2813 Feb 5
4
13,500 Borg-Warner Corp
3 Feb 9
1 Jan 2
100 :Botany Cons Mills class A_50
12 Jan 6 1818 Jan 30
18,900 Briggs Manufacturing_No gu
5 26 Jan 4 3514 Feb 5
600 Brictol-Myers Co
Brooklyn Union Gas.....No par 61 Jan 4 8012 Feb 6
No par 5014 Jan 5 61 Feb 16
200 Brown Shoe Co
/
1,600 Bruns-Balke-Collender_No par
7 Jan 5 107 Mar 17
93/ Feb 5
61 Jan 9
10
800 Bucyrus-Erie Co
Preferred
5 10 Jan 2 1414 Jan 30
1,500
7% preferred
100 6312 Jan 9 75 Jan 15
758 Jan 30
538 Jan 3
No par
4,300 Budd (E GI Mfg
7% preferred
100 25 Jan 2 373 Feb 23
110
53/ Jan 30
338 Jan 5
No par
2,800 Budd Wheel
6 Mar 6
No par
27 Jan 9
*
400 Bulova Watch
7 4 Jan 4 1512 Feb 16
3
No par
2,000 Bullard Co
7,600 Burroughs Add Mach No par 1434Mar 28 z1938 Feb 1
37 Feb 9
No par
218 Jan 2
200 tBush Term
6 Mar 8
312 Jan 20
Debenture
100
100
4
30 Bush Term BI gu pref ctfs-100
5% Jan 3 153 Feb 23
218 Feb 16
112 Jan 13
100 Butte & Superior Mining_10
3 Feb 16
2 Jan 2
5
1,200 Butte Copper & Zino
4 4 Feb 1
3
No par
200 Butterick Co
218 Jan 2
No par 2178 Jan 6 3284 Feb 7
3,500 Byers Co(A M)
100 4714 Jan 15 63 Feb 16
60 Preferred
_.No pa
1,100 California
185 Jan 4 2714 Feb 1
4
4
13 Jan 23
78 Jan 9
10
Packing_800 Callahan Zino-Lead
85 Feb 5
8
4 Jan 3
5,600 Calumet & Hecla Cons Cop.25
912 Jan 4 157 Feb 23
3,100 Campbell W & 0 Fdy __No par
2,400 Canada Dry Ginger Ale--.5 2414 Jan 4 291/ Feb 1
No par 2812 Jan 4 341/ Mar 29
3,400 Cannon Mills
53 Jan 21
938 Feb 7
1
1,100 Capital AdmilnIs el A
Preferred A
10 26% Jan 241 32 Feb 7
60
100 6518 Jan 8 8634 Feb 6
6.900 Case (J I) Co
Preferred certificatea
100 68 Jan 6 8412 Feb 6
20
8,600 Caterpillar Tractor__No pm 2312 Jan 4 323/ Feb 15
7
16,900 Celanese Corp of Am__No pat 33 Jan 2 447/ Feb 5
43/ Mar 5
214 Jan 9
No par
200 /Celotez Corp
314 Mar 5
114 Jan 9
No par
Certificates
100
612 Jan 18 1418 Mar 5
100
Preferred
480
4,000 Central Aguirre Asso_No pa? 24 Mar 22 321 Feb 5
3
7 4 Jan 16 123/ Feb 19
2,700 Century Ribbon MiUs_No pa?
_100 8314 Mar 19 95 Jan 2
Preferred
I
31,100 Cerro de Pasco Copper_No pa, 3114 Mar 27 4014 Feb 15
712 Feb 1
3 Jan 2
14
1,400 Certain-Teed Products_No par
100 17% Jan 19 31 Feb 1
7% preferred
1714 Jan 5 2438 Jan 30
No par
1,200 City Ice & Fuel
100 87 Jan 3 80 Mar 26
Preferred
220
5 11 Jan 27 1612 Mar 16
Checker Cab Mfg Corp
No pat 34 Jan 4 46 Feb 5
3,100 Chesapeake Corp
97 Feb 5
614 Jan 6
1,900 Chicago Pneumat Tool-No pal
1612 Jan 12 2214 Jan 29
No pa
Cony preferred
200
Chicago Yellow Cab___No pat 118 Jan 15 1312 Feb 3
10 1914 Jan 8 304 Feb 5
900 Chickasha Cotton 011
8
6 Jan 6 115 Feb 19
No pat
1,300 Cbilds Co
25 13 Jan 13 16% Feb 16
20 Chile Copper Co
8
5 491/ Mar 20 803 Feb 23
132,700 Chrysler Corp
218 Feb 6
78 Jan 5
No par
5,200 City Stores
4
83 Jan 5 2134 Mar 5
No par
Clark Equipment
4
800 Cluett Peabody dc Co_ No par 28 Jan 3 393 M ar 14
100 95 Jan 17 11434Mar 29
Preferred
20
400 Coca-Cola Co (The).....No par 9514 Jan 2 10912 Feb 23
No par 5018 Jan 11 5212Mar 28
Class A
700
93 Jan 3 1818 Mar 13
9,200 Colgate-Palmolive-Peet No par
100 8812 Jan 8 87 Mar 13
100 8% preferred
No par 18 Jan 8 2812 Feb 19
7,000 Collins & Aikman
9 Feb 5
8 Jan 22
Colonial Beacon Oil Co_No par
834 Feb 6
3% Jan 2
1,400 :Colorado Fuel & Iron_No par
6,000 Columbian Carbon v t o No par 58 Jan 8 71 Feb 19
900 Columb Pict Corp v t o-No par 23 Jan 6 2818 Mar 17
24,400 Columbia Gas & Elea-No par 1118 Jan 4 1914 Feb 6
100 52 Jan 5 7818 Feb 27
Preferred series A
500
10 185* Jan 4 32 Mar 14
9,500 Commercial Credit
50 38 Jan 3 50 Mar 9
Class A
500
Preferred B
25 24 Jan 3 30 Mar 3
210
101 Mar 5
40 654% first preferred... -100 9112 Jan
3
7,800 Comm Invest Trust......N; par 35 4 Jan 4 573/ Mar 9
No par 91 Jan 3 106 Mar 26
Cony preferred
200
4
52,000 Commercial Solvents-No par 26 Mar 8 368 Jan 30
134 Jan 2
28,000 CommonwIth & Sou_._No par
334 Feb 6
36 preferred series__-No par 2112 Jan 2 447/ Feb 7
1,200
734 Jan 27 1012 Jan 16
400 Conde Nast Publie'ns_No par
7,500 Congoleum-Nairn Ina-No par 23 Jan 9 3114 Feb 16
98 Jan 12 1412Mar 5
Congress Cigar
No pat
514 Jan 2 1338 Mar 17
3,300 Consolidated Cigar____No par
Prlor preferred
260
100 4514 Jan 2 55 Jan 31
534 Feb 15
2,100 Consol Film Indus
212 Jan 2
1
2,200
Preferred
No par 105* Jan 2 1712 Feb 15
20,200 Consolidated Gas Co_ _No par 355 Jan 4 478 Feb 6
1,100
Preferred
No par 82 Jan 4 9214 Feb 6
43 Feb 7
300 Consol Laundries Corp_No par
218 Jan 8
28,200 Consol Oil Corp
No par
934 Jan 8 1414 Feb 13
8% preferred
100 108 Feb 9 110 Mar 17
218 Feb 7
16,500 Consolidated TextUe___No par
78 Jan 4
3,800 Container core class A
618 Jan 5 10 Mar 24
20
23 Jan 2
11,500
4% Mar 23
Class B
No par
1,900 Continental Bak class A No par
7 Jan 8 145* Jan 24
2,400
Class B
2% Feb 7
1 Jan 1
No pa
900
Preferred
100 4614 Jan 6 64 Feb 9
4,400 Continental Can Inc
20 75 Jan 8 8112 Feb 15
200 Cont'l Diamond Fibre
718 Jan 5 1134 Feb 6
5
2,700 Continental Insuranee____2.50 233* Jan 6 347 Feb 5
4,500 Continental Motors___No par
23 Feb 21
118 Jan 2
36,100 Continental 011 of Del
5 1612 Jan 13 2034 Feb 5
6,200 Corn Products Refining_ __25 6914 Mar 27 8412 Jan 26
30
Preferred
100 135 Jan 4 14412Mar 26
3,500 Coty Inc
No par
938 Feb 5
334 Jan 2
2,200 Cream of Wheat attn. No par 28 Jan 3 35 Jan 31
1,400 Crosley Radio Corp___No par
8 Jan 2 15 Mar 7
2,200 Crown Cork dc Seal__ No par 2817 Mar 27 3814 Feb 1
200
82.70 preferred
No par 3512 Jan 2 40 Feb 16
37 Jan 8
1,600 Crown Zellerbaek v t o.No par
814 Feb 6
2,200 Crucible Steel of Amerloa_100 218s Jan 4 383 Feb 19
/
400
Preferred
100 48 Jan 12 6914 Feb 17
500 Cuba Co(The)
31g Feb 9
1 Jan 2
No par
5,800 Cuban-American Sugar..-10
978 Feb 8
312 Jan 10
30
Preferred
100 20% Jan 9 4734 Feb 8
2,500 Cudahy Packing
50 37 Jan 2 5034 Feb 16
1,900 Curtis Pub Co (The)...No par 1312 Jan 8 2514 Mar 15
3,000
Preferred
No par 431k Jan 3 71 Mar 15
45,100 CurtIss-Wright
514 Jan 31
1
212 Jan 2
8
39,900
1
514 Jan 3 117 Mar 26
Class A
700 Cutler-Hammer Ine___No par 11 Jan 4 2112 Feb 21
8% Feb 5
400 Davega Stores Corp
6 Jan 10
5
Shares.
23,700
1,100
32,800
1,200
230
700
PER SHARE
Range for Prentiss
Year 1933.
Lowest.
Highest.
per Share $ per share
818 Feb 21% July
9 Max 33% Aug
1018 Max 4914 July
2514 Feb 82 July
61s Apr 2912 June,
31 Feb 1914 July"
65s Feb 21 July
912 Max 5812 Dec
62 Feb 78 Dec
18 Feb 3712 July
512 Feb 2214 Dec
412 July
3 May
2
258 Feb 1438 July
25 Dec 3814 Sept
60 Dec 8812 June
7
2812 Mar 53 8 July
138 Max 1812 June
7
2 Feb12 8 JIM/
23 Feb195a Jun 2
4
3012 Max 72 Jun
97 July
s
34 Apr
3 Max 35 July
58 July
1 Feb
6 June
78 Max
212 Feb 1314 July
fils Feb207 July
a
8 June
1 Apr
91/ June
1 Apr
8 Dec ,
418 Dec
7
1 Feb2 June
414 June
Is Mar
712 June
114 Apr
8% Feb4314 July
3018 Mar 80 July
738 Mar 3438 July
214 June
14 Jan
938 June
2 Feb
2 Feb 1614 July
7% Feb 4113 July
14 Feb 351 July
414 Oct 1212 July
251a Jan 3512 July
3012 Feb 10312 July
41 Feb 8614 July
612 Mar 2934 July
412 Feb 585* July
Is Mar
578 July
43 July
% Feb
11 Jan 1238 July
14 Jan 41 July
2 Apr 1138 July
52 Feb100 Dec
57 Jan 44 4 Sept
3
1 Jan
7 * July
3
4 Mar 30% July
7% Mar 25 June
45 Apr 72 July
712 Mar 2312 Oct
14% Jan 5212 July
8
2% Mar 123 July
513 Feb 2514 June
61 Jan 2238 May
5 Mar 34 July
2 Feb 10% July
6 Apr 211k Jab
,
%
754 Max 571 Dec
35 July
14 Feb
4
5 Mar 141 June
10 Jan 4112 July
90 Jan 100 June
7312 Jan 105 July
44 Apr 51 Dec
7 Mar 2238 July
49 Apr 88 Aug
3 Apr 26 Sept
514 May 12 Jan
2% Dec 175* July
2318 Feb 7112 July
6% Mar 28 Nov
9 Mar 28% July
50 Deo 83 June
4 Feb 1914 Dec
16 Feb 3912 Aug
1818 Mar 25% Sept
70 Mar 957 Sent
18 Max 4313 July
7
84 Jan 97 k Jan
9 Feb 57 July
14
114 Dec
61s June
175a Dec 6012 June
3 Apr 11 June
8
78* Jan 27 s July
a% Feb18 June
4
312 Apr 193 June
31 Apr 65 June
534 May
134 Jan
57 Mar 1438 May
2
34 Dec84% June
81% Dec99 Jan
512 Jan
1% Dec
5
5 Max 15 4 July
9512 Max 108 Oct
3 July
14
14 Mat
1014 July
l's Jan
412 June
% Feb
3 Mar 1814 July
313 July
12 Jan
36 Jan 64 July
785s Dec
35% Feb
312 Feb 171a JulY
,
1012 mar 8612 .03,3
4 June
1 Mar
47/ Mar 19 8 Sent
5
453* Feb 9058 Aug
1171, Mar 145$4 Jan
712 June
23* Mar
23 Feb 3912 July
4
214 Mar 143 JUDO
14% Feb 85 J017
2412 Feb 3812 July
8% July
1 Apr
9 Mar 37% July
16 Feb 605* July
438 June
12 Feb
Ifs Jan 1112 May
10 Jan 68 June
20 4 Feb 59% June
3
8% Mar 3214 June
30 Feb 66 June
1% Feb
43 July
8
2 Mar
8 July
414 Jan 21 July
8% July
15* Feb
*Bid and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. e Cash sale. z Ex-dividend. VEX-rights.
2214
iar
New York Stock Record-Continued-Page 4
Mar. 31 1934
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
Mar.24.
Monday
Mar. 26.
Tuesday
Mar.27.
Wednesday
Mar. 28.
Thursday
Mar. 29.
Friday
Mar. 30..
Sales
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan .1.
On lasts of 100-share lots.
PER SHARE
Range for Prertous
rear 1933.
Lowest.
highest.
Lowest.
Highest.
Pershare
per share $ Per share
Per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par $ Per share
$ per share $ per share $ Per share
29
2933 29
273 285
30
8
8 281s 2812 2812 29
8,500 Deere & Co
No par 26,2 Jan 5 34 18 Feb 1
243 July 49 July
8
143 143 •14
8
8
1412 14
1414
14
14 .14
14 4
,
200
Preferred
20 11 14 Jan 2 1512 Jan 30
183 June
8
614 Feb
81
8212 78
82 .80
80, x7912 80 .79
4
80
800 Detroit Edison
100 6312 Jan 5 84 Feb 23
48
Apr 9112 July
4612 46
•43
*42
46
43
43
43
*4312 4412
300 Devoe & Raynolds ANo par 29 Jan 6 4912 Feb 5
10 Mar 337 Aug
8
24
2418 24
24
2314 233
8 2314 233
8 2312 231
s
2,500 Diamond Match
No pa, 2314 Mar 27 2812 Jan 16
1712 Feb 2912 July
2912 293
4 2914 2914 2814 29 .28
281, 2814 2838
1,400
Participating preferred_ __25 2814 Mar 27 3112 Jan 24
2618 Feb 31 July
3814 383
4 383 3914 373 383 x3812 393
4
4
8 393 403
8
4
4
51.000 Dome Mine, Ltd
No par 32 Jan 25 403 Mar 29
4
12
Feb 3912 Bent
20
20
2012 2012 .201s 2012 2012 21
2118 22
2.500 Dominion Store, Ltd No par
19 Feb 10 23 Mar 10
1012 Feb 263 July
8
2612 27
2438 2738 2318 243
4 2438 25
2412 253
8
78,700 Douglas Aircraft Co Inc No par
1414 Jan 2 2812 Jan 31
1014 Feb
1814 July
*15
1718 15
1512 •15
1614 1512 1512 •153 16
4
500 Dresser(SR) Mfg cony A No par
914 Jan 10 19 Feb 17
63 Feb
4
18 June
1012 1012 1012 1012 *93 10
*914 103
1
s 103 103
8
8
300
Convertible class 13 No par
115 Mar 14
8
712 Jan 16
218 Mar 1034 June
Drug Inc
10
29 Mar 63,2 June
1114
11
11'i 113
4
-lois 11 "loi III;
1038
s
8.600 Dunhill International
612 Jan 13 113 Mar 26
1
4
143 July
7 Apr
8
4
20
20
'1913 21
*1914 21
*1914 21
01914 21
100 Duplan Silk
No pa, 1614 Jan 3 23 Feb 10
8
212 Apr 283 June
101 101 .100 10112 •100 10112 100 10112 •100 10112
20 Duquesne Light 1s1 pref....100 90 Jan 16 101 Mar 21
85 Nov 10218 June
83
4 97
8
8
97 1012 1012 11
104
93 10
4
3,200 Eastern Rolling Mills No par
97
s
518 Jan 3 1234 Feb 19
1 18 Mar
10 July
8812 89
88
89,
4 8514 8612 853 86
4
8512 8612
3,300 Eastman Kodak (N J)_No par 74) Jan 4 933 Feb 17
4
46
Apr 8934 July
•131 136
13312 13312 132 132 •132 135 *132 135
20
6% rum preferred
100 120 Jan 16 13312 Mar 26 110 May 130 Mar
193 2014 20
21
4
1812 19
187 1912 1918 193
8
4
10,100 Eaton Site Co
No par
1314 Jan 3 223 Feb 16
8
318 Mar
16 July
9512 97
8 933 943
9518 977
8
8 933 9518
8 931 4 945
4
22,800 E I du Pont de Nemours____20 905 Jan 4 1037 Feb lb
8
8
3218 Mar 963 Dec
8
.11914 120, 1197 12014 *1193 1201 1201 4 12014 12012 12012
8
8
4
:
6% non-voting deb
700
100 115 Jan 2 12012 Mar 29
9712 Apr 117 July
8 17
167 167
17
8
1612 1612 1612 1612
1612 163
4
600 Eitingon Schild new_..Vo par
115 Jan 30 1914 Mar 6
8
636% cone 1st prof
100 2514 Jan 17 3412 Jan 26
4 Mar WI; Dec
291-2812 - - - 2 -2812 16- -2612 2713 -27Ts 2778 2712 283,
40,100 Elec Auto Lite (The)
5 1818 Jan 9 3138 Feb 21
10
Apr 2712 July
99 .96
99
*96
98 •97
96
97 •96
99
50
Preferred
100 80 Jan 5 99 Mar 6
75
Oct 8812 July
618 63
8
512 53
5 8 618
7
8
518 558
512 53
3
11,000 Electric Boat
3
33 Jan 8
8
712 Jilt] 29
1
Jan
814 July
612 612
612 612
614 63s
614 61 4
614 612
3,600 Elec & Mum Ind Am shares__
414 Jan 3
714 Mar 5
1
412 Dec
Feb
•73
8 712
7
714
7 8 77
3
714
s
7
718 714
8,100 Electric Power ds Light No par
412 Jan 3
958 Feb 7
318 Feb 153 June
,
15
143 1458 1412 1412 1512 155s
8
1512 1514 16
2,300
Preferred
par
No
814 Jan 3 2014 Feb 6
712 Apr
36,2 June
8
•133 145 •1312 14
4
1318 13 4 .1314 1314 1314 1314
,
700
$6 preferred
No par
8 Jan 2 1934 Feb 7
612 Apr 3234 June
473 473
8
4414 4414 44
8
,
8 4714 47 4 443 46
45
1,600 Elee Storage Battery
No par 44 Jan 3 52 Jan 24
21
Feb 64 July
•1
1 18
118 .1
1
118
1
Pa
11s
118
1,300 :Elk Horn Coal Corp No par
17 Feb 21
8
7 Jan 2
a
4 June
Is Jan
218 218
*218 214 •213 214
2
2
•13
4 28
,
400
6% Dart preferred
50
1, Jan 10
4
5 Apr
8
4
33 Feb 23
6 June
.58
60
57
57
5518 551s •55
58 .56
58
20C Endicott-Johnson Corp_
50 513 Jan 4 63 Feb 16
8
26 Feb 627 July
8
,•1233 12412 "1233 12412 *1233 12412 "1233 12412 12412 12412
4
4
4
4
30
Preferred
100 120 Jan 3 126 Mar 20 107 Eel, 123
Oct
6
6
53
4 57
8
512 512 •51, 5 1
1,000 Engineers Public Serv__No par
58 534
3
412 Jan 10
80 FeU 7
4
3 4 Dec
3
143 June
4
.1612 171 4
15
15 "15
*15
17
1714 15
15
200
cone preferred____No par
$5
115 Jan 3 2312 Feb 6
8
11 Dec
47 June
173 173 "17
4
18
1514 1614 *1512 1612 *1512 18
4
500
$536 preferred
No par
11 Jan 8 2412 Feb 5
11
Deo 497 June
8
18
•18
1914
18
15
*163 183
8
15
, 1131s
4 161
300
$6 preferred
No par
1412 Jan 2 2512 Feb 5
12 Dee 55 June
9
83
9 18
4 83
8
4
834 87
83
4 83
4 .85
8
8 87
1,000 Equitable Office Bidg No par
85 Mar 22 103 Jan 22
8
8
612 Mar
133 July
8
113 117
4
8 12
1114
12 4 1114 12
,
11
1114 1112
3,300 Eureka Vacuum Clean
5
718 Jan 8 143 Feb 19
8
3 Apr
18, July
4
20
2012 2013 21
1912 1914 193
187 1912 19
8
8.000 Evans Products Co
4
5
9 Jan 3 2338 Feb 21
10 Nov
7 Mi.r
a
912
9
912 1014
,
912 9 2 - 8,
4
4 Jan 9 1014 Mar 29
913 912
1,360 Exchange Buffet Corp_No par
2 83
312 No,
1112 July
•112 2
.138 2
•1
•1
2
2
2
*I
Fairbanks Co
25
158 Mar 9
2 Mar 12
7 May
8
23 June
8
53
4 7
63
4 73
8
61 i
74
,
440
Preferred
4,4 Feb 14
6,
2 6
100
,2 "63
4 714
73 Mar 9
4
Fel.
8, June
4
16
16
16
147 1512 •1478 15
16
8
1.04 1514
1,200 Fairbanks Morse & Co_No par
7 Jan 6 18 Feb 19
2l
Mar
1114 June
51
52
513
52
52
4 51
52
*50
*51
52
Preferred
17G
100 30 Jan 10 5514 Mar 6
10
Feb 4212 Nov
Fashion Park Asso
No par
---3 June
5 Jan
8
7% preferred
100
---- -3 Feb
10 June
93 9 8
934 934
9 -- 2 -.rs
91o
2,000 Federal Light & Tree
15
714 Mar 9 1118 Mar 14
4
914 93
43 Al" 14, June
4
2
"55
58
58
•56
55
56 •____ 63 "50
Preferred
63
40
No par 3418 Jan 12 62 Mar 13
33 Dec 5912 July
.91 100 .9118 100
*85 100
•85 100 •90 100
Federal Min & Smelt Co.
.100 88 Jan 25 107 Feb 14
15 Mar 103 Sept
*63
8 7
7
7
614 614
614 614
$4 Mar
612 612
700 Federal Motor Truck__No par
6 Mar 1
83 Jan 30
4
113 July
4
43
8 412
5
45
5
5
5 18
8 43
4 *414 43
1,200 Federal Screw Woras__No par
2 Jan 13
4
53 Feb 23
8
47 July
8
54 Feb
23
4 23
*23
4 3
23
4 28, •23
4
25
8 25
4 31s
8
500 Federal Water Sesv A__No par
4 Feb 6
13 Jan 5
4
13 Dee
8
634 June
2812 •26
•25
28 "24
2812 *2418 2812 .2512 2812
Federated Dept Stores_No par
2234 Jan 8 31 Mar 6
712 Feb
30 July
31
3114 3112 2912 30 4 3012 3012 2912 2912
31
,
Stock
1,300 Fidel Phen Fire Ins 14 Y__2.50 233 Jan 5 3412 Feb 5
4
1014 Mar
36 July
21
215
8 2158 2218 2018 2118 20
2012 2018 2033
9.800 Firestone Tire ds Rubber...10 18 Jan 6 2514 Feb 19
918 Al,' 3112 July
8014 8014 8014 80 4 80
,
80 .7818 81 .78
81
Exchange
Preferred series A
300
100 71 Jan 9 81 12 Feb 20
42 Mar
75 June
58
583
8 58
,
5814 5812 59 4 57
58 4 5712 5812
,
3,000 First National Stores.
.No par 5414 Jan 5 6112 Feb 5
43 Mar
7034 July
•21
•211
22
•2(118 23 .2018 23
213 •21
8
22
ClosedFlorsheirn Shoe C1228 A.No par
15 Jan 4 2412 Feb 9
712 Fel. 18 July
6% preferred
100
80
Apr 101 Sept
1113 12 4 -12 4 - 12
13
1318 -1112 1214
1312 13
1
Good
1 12
2,400 Follansbee Bros
No par
93 Jan 12 173 Feb 21
8
8
19 June
212 Feb
*1512 16
15
16
15 .15
•1514 16
•1538 1612
100 Food Machinery Corp_No par
1012 Jan 9 163 Feb 5
4
612 Apr
16 July
19
191s 1914 193
4
4 1712 1812 1814 1812 183 19
Friday
3,000 Foster-Wheeler
No par
13 Jan 9 22 Feb le
432 Eel
23 July
1312 13 8 1212 1314 125 127
•135 15
8
,
8
8 133 1334
4
900 Foundation Co
1212 Mar 27 1714 Jan 30
No 1101
2 Feb 2338 July
2212 225
23
2234 23
8 2212 2212 2212 2212
23
1,200 Fourth Nat Invest w w
1
193 Jan 5 2712 Feb 5
8
133 Mar 2614 June
8
8 14/4 1513 145 14 8 1434 1514
,
8
1518 1512 1518 157
3,300 Fox Film class A new_ _No par
1214 Jan 5 173 Feb 3
8
12
Oct 19 Sept
52 .50
*50
57
4612 4712 48
50
50
48
FkIn Simon & Co Inc 7% pf100 3618 Jan 12 63 Feb 7
130
12
Jan 50 Aug
4
4214 43 4 4218 4312 403 4112 415 4214 423 4234
8
4
,
3,800 Freeport Texas Co
10 4034 Mar 27 5038 Feb 19
1618 Feb 493 Nov
8
•132 158 •130 158 .10712 158 *112 158 .10712 158
6% cony preferred
100 149 Mar 8 16018 Jan 31
97
Apr 16018 Nov
8
8
*2518 287 •2518 297 *2518 2914 *2518 2918 25
25
10 Fuller (G A) prior pref_No par
1612 Jan 19 31 Feb 23
9
Jan 31 June
13
13
1312 14
13
13
•1312 14
1212 1212
$6 2d pref
60
No par
9 Jan 4 17 Feb 21
4
Jan 23 June
33
4 414
4
4
33
8 3 3 *33a 37
,
8 38
7
s *35
1,000 Gabriel Co (The) Cl A No par
218 Jan 12
45 Mar 12
8
1
Feb
514 Aug
1612 16
•16
1612 •16
16
16, 1614 *16
4
1612
60 Gamewell Co (The)
No par
1112 Jan 18 20 Feb 19
612 Jan
2078 Aug
9 8 10
7
9 s 93
,
4
2,500 Gen Amer Investors_..No par
911 93
8
93
4 93
4 *9 4 97
7 8 Jan 4 11 12 Feb 6
3
3
8
25 Feb
8
12 June
85
83 83
*70
85 .83
83 •70
85
83
Preferred
200
No par 79 Jan 29 87 Mar 13
42 Feb 85 July
3914 4018 3978 4018 3712 3812 38
3812 38
6,700 Gen Amer Trans Corp
3812
5 3318 Jan 4 435 Feb 19
8
133 Feb 4314 July
4
,
1812 18 2 18 8 19
17
4
173
4 173 173
1814
,
3,900 General Asphalt
4 18
10 1518 Jan 4 213 Feb (
4
45 Mar 27 July
8
1218 1218 1238 117 12
12
8
12
113 115
12
8
3,100 General Baking
8
5 11 Jan 3 143 Feb 5
8
1012 Dec 207 July
8
812 9
818 83
814 814
9
9 14
3,700 General Bronze
8
712 8
5 4 Jan 9 1018 Mar 9
3
5
218 Feb
1012 July
,
5
45
8 43
5
*43
4 5
43
3
418 47
4 43
600 General Cable
4
No par
338 Jan 4
114 Mar
618 Feb 1
11,2 June
•93, 10
*93 10
8
9,4 914 *918 914
Class A
600
No par
6 Jan 4 12 Feb 1
9 2 1014
,
214 Feb 23 June
215 217
22
8
20, 2018 .2018 21
8 22
8
2012 2112
7% cum preferred
600
100 1412 Jan 9 25 Feb I
612 Mar 46 June
313 313
4
8
8
8
4 317 321s .313 321s •313 317
3
900 General Cigar Inc
No par 27 Jan 2 36 Jan 27
8 313 317s
2414 Dec 485 June
8
•10214 1033 •10218 1033 *10218 1033 10218 10334 1033 1033
4
4
7% preferred
4
100
4
4
100 97 Jan 8 105 Mar 2
Jan
90 July 112
2112 22
21 11 2238 2038 2118 2034 2114 21 18 21 8
,
,
50,500 General Electric
1812 Jan 4 2514 Feb 5
No par
1012 Feb 3014 July
1214 123
8 123 1238 123 123
8
8
s 1214 1238 1212 12 2
Special
2,000
10 113 Jan 2 123 Feb 26
8
,
4
,
107 Apr 12 4 July
s
3312 337
58 34 4 327 3312 327 3314 3314 3312
,
8
8 33
8
No par 32 8 Jan 2 367 Jan 30
10,900 General Foods
,
21
8
Feb 397 Sept
8
114
114
114
138
114
12 Dec
'
7,900 Gen. Gas & Elea A____No par
3
114
13
278 June
114
1,
4
114
34 Jan 2 134 Feb 6
•175 20
•1712 20
8
Cone prof series A__No par
1712 1712 •15
20
•1614 1834
100
614 Jan 2 19 Mar 13
318 Apr 1612 June
•193 24
.19
8
24
18
18
18
18
18
$7 pref class A
No par
18
30
1812 June
12 Jan 29 21 Mar 13
63 Dec
4
21 18 21, *20
•1912 25
21 .18
$8 pref class A
8
25 •19
25
No par
10
14 Jan 19 22 Mar 12
5 Apr 20 June
8
Gen Ital Edison Else Corp__
*6014 64 .6012 6218
3
.60 s 62, *60 4 6218 .6012 75
,
4
2414 Jan 553 Nov
52 Jan 13 6114 Feb 16
54 8 55
,
55
55
5514 5512 54
55
5512
55
No par 537 Mar 20 6412 Jan 15
2,800 General Mills
8
3512 Mar 71 June
106 106 "105 1077
107 107
.1063 107% 107 107
Preferred
4
8
100 103 Feb 27 107 Mar 20
300
9212 Mar 10612 Sept
8 365s 3714 3718 373
39,
4 3618 367
4
373 38,
8
26,800 General Motors Corp
8 38
10 3312 Jan 4 42 Feb 5
4
10 Feb 353 Sept
99
4 9812 983
*9812 983
983 983
4
No par 893 Jan 6 997 Feb 23
4 99
1,200
4 9812 99
4
8
$5 preferred
6512 Mar 95 July
.15
15
16
15
151 1 1.514 1412 16
1518 1518
No par
300 Gen Outdoor Adv A
83 Jan 5 16 Mar 14
4
518 Jan 24 June
4 5 8 *45
Common
•45
8 5
8
8 5
*43
43
4 512 •43
4 47
,
No par
200
512 Mar 14
3 8 Jan 2
5
212 Mar
101* June
•147 161s 1618 1618
4
,Vo par
3
8
40 General Printing Ink
•141 16
8
1012 Jan 3 173 Feb 19
4
17 June
16 2 163 •147 16
314 Jan
,
$6 preferred
78
No par 7312 Mar 10 78 Mar 24
•77
78
*77
40
78
•77
78
78
78
78
31 Mar 82 Aug
*37
33
No par
, 38
37
8 4
,
212 Jan 8
3 11 3 8
,
418 *4
,
700 Gen Public Service
55 Feb 7
8
2 Apr
814 JUDO
41,8 413
43
No par 33 Jan 5 453 Mar 3
8
1.900 Gen Railway Signal_
43
42
4 413 4112 4114 4134
42
4
1314 Jan 4912 July
214 212
214 23
1
8
238 212
45 June
3,800 Gen Realty & Utilities
8
23
s 23
238 2 8
15 Jan 3
8
4
,
,
3 8 Jan 30
8
3 Feb
No par
4
16 Jan 8 263 Jan 30
2114 2114
24
$6 preferred
203 203 *203 22
4
300
4
24 .21
•20
s
4
,
5 2 Jan 223 June
No par
1018 Jan 3 233 Feb 23
8
4
1,200 General Refractories
1714 •173 183
173
18
4 17
4 17
193 July
4
212 Feb
4
8
1814 183 183
10 Gen Steel Ca.stIngs pref No par 3012 Jan 13 4812 Mar 15
45
45 •40
4712 •40
4712 •40
4712 4712 .41
93 Feb 3812 June
(4
812 Jan 6 1212 Feb 6
5,400 Gillette Safety Razor No par
1012 1012 1012 103
3
4
7 8 Dec 2014 Jan
5
4
107 11 18 10 8 103
s
103 11
4
Cone preferred
'lo par 47 Jan 11 55 4 Feb 19
400
Jan
55
55
55
•55
55
5518
55
3
.55
4512 Dec 75
*5412 55
3
No par
2,900 Glmble Brothers
412 Jan 4
47
8 5i
51215
34 Feb
512 512
75 Jun.
8
63 Feb 5
2
53
8
5
5
5
Preferred
100 1614 Jan 8 30 Feb 5
500
25 .24
2512
514 Mar 33 July
*2412 2512 2512 253
4 2414 2414 *24
No par
10.300 Glidden Co (The)
8 237 2412
24
155 Jan 4 25 Mar 21;
8
2314 235
23
s
354 Mar 20 July
2418 2458 2412 25
Prior preferred
100 83 Jan 19 9912 Feb 21
100
Apr 9112 Aug
9812 9812 9814 9812
48
97% 987 *9812 99
8
99
*98
12 7 8
5,000 Cobol (Adolf)
5
512 Jan 2
811
8
3 Feb
77
s 8
10 July
912 Feb 27
7
818 8 4
,
7
77
8 818
Corp v t o___No par
163 Jan 1
4
6,900 Gold Dust
2258 Feb 5
12 Feb 273 July
4 1933 2018
4 1912 193
8
20
1934 20
20,
4 1918 193
100
$6 cone preferred___No par 9612 Jan
9612 Dec 105 July
109 Mar 23
•106 109 •106 109 •106 109 "106 109 •106 109
No par
1253 Jan
14,300 Goodrich Co (13 F)
3 Mar 2112 July
18 Feb 19
4 1518 153
8
153
4 1512 157
153 16,
4
4 15
1512 16
Preferred
1,200
100 40 Jan
543 5438
9 Feb 63 July
597 Feb 20
8
8
53
53
533
8 63
56
5512 56
•54
19,400 Goodyear Tire & Rubb_No par 335 Jan
8
413 Feb 19
8
4
34
914 Feb 4712 July
3514 333 35
3414 35
353 3614 3514 37
8
1s1 preferred
No par 75 Jan
700
77
77
2734 Mar 80, July
8014 Feb 19
77
4
77
76
7714 7612 7612 77
76
83
4 87
8
9
1,400 Gotham Silk Hose_No par
918
7 Jan
91s 912
113 Feb 5
*ols 63
4
3
612 Oct 1712 June
9 4 91.2
,
Preferred
63
100 4912 Jan 2
63 •56
41
60 Jan 30
63 .59
Apr 73 July
83
"56
•56
63 .56
412 Feb 1
4
10,000 Graham-Paige Motors
1
23 Jan
1
Apr
4
33
1 37
3 4 33
3
55s July
8
33
3 33
37
3 48
4
37
8 37
,
8
3,500 Granby Cons M Sm dr Pr..100
133 Feb 16
8
8 Jan
4
37 Mar
8
1558 June
4
4 103 113
93 1014 1018 103
4
107 107
8
4
8 1034 103
1
4 Jan
65
8 7
1,800 Grand Union Co tr ctfa
4
4
83 Jan 31
8 63
35 Mar
8
65
105 June
8
4
718 718
.7
714
612 63
Cony pref series
*3012 34
34
No par 23 Jan
700
3714 Feb 23
•33
20 Sept 363 July
8
343 343
*33
35
4
4 3012 33
Granite City Steel
No par 23 Jan 1
30 Mar 15
2912
2912 .27
2918 •27
8
11 18 Mar 305 July
•27
2912 .27
2912 •27
No par 34 Jan 2
1,200 Grant (W T)
405 Feb 19
8
373
4
153 Feb 3613 DCO
2 37
4
*3512 3612 3612 36,
3612 3612 3612 37
11 Jan
3,100 Gt Nor Iron Ore Prop No par
1518 Feb 19
8
4
163 July
1318 1318 1312 133 1312
5,8 Feb
1312 1312 131. 133
4 13
5,000 Great Western Sugar No par
347 Jan 20
257 Mar 21
8
2714 273
8
,
27
4 27
67 Jan 41 8 Sept
8
271. 28
4
2712 28 4 2614 263
,
Preferred
140
100 102 Jan 2 108 Feb 19
7212 Jan 110 Sept
104 10418 104 104 •105 106 '105 106
104 104
Grigsby-Grunow
No par
43 J1113
8
3 Dec
8
,
• Bid and asked prices, no sales on this day. 5 Companies reported in receivership. a Optional sale. c Cash sale. z Ex-dividend.
p Ex rights.
or FOR SALES DURING THE
New York Stock Record-Continued-Page 5
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar. 24.
$ per share
212
212
*37
39
74
74
8
•233 243
4
*273 2814
4
718 714
*39
4314
8
8
6
6
*30
3412
*93
95
218 22
Monday
Mar 26.
Tuesday
Mar. 27.
2215
WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE FIFTH PAGE PRECEDING.
Wednesday
Mar. 28.
5 per share $ per share $ per share
2,
8 2%
218 212
214 214
*36
3912 35
40
*33
40
074
78
*74
78
*74
77
*2434 243
8 233 233 •227 247
4
4
3
028
2814 28
28
28 .28
64 64
8
67
8 74
,
6158 67
41
41, 4114 39
4
*387 41
8
712 818
6% 712
7
73
8
57
55
6
518 *418 5
*30
343
8 30
30
*29
34
*93
95
95
95
*93
9512
22
22
21
2112 2114 2114
Thursday
Mar. 29.
Friday
Mar. 30.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On basis of 100-share tots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
Shares. Indus. & Mlscell.(Con.) Par $ per share
$ per share $ per share $ per share
34 Jan 2
312 Feb 8
14 Jan
412 May
700 Guantanamo Sugar____No par
No par 24
Jan 2 42 Mar 13
654 Feb 38 July
Gulf States Steel
100 47
8
1614 Jan 69 June
10
Preferred
Jan 8 817 Mar 7
15 Mar 2512 July
100 Hackensack Water
25 2013 Jan 9 2114 Mar 6
Jan 4 28% Jan 12
25 Apr
25 27
287
8 Jan
50
7% preferred class A
118 Feb
9,800 Hahn Dept Stores____No par
5 Jan 5
814 Feb 15
913 July
9
Apr 3812 July
300
Preferred
10(5 2514 Jan 9 4514 Mar 2
3% Feb
5,400 Hall Printing
10
93 Feb 14
4
1013 July
312 Jan 8
359 Jan25
212 Apr
638 Mar 23
9 July
140 Hamilton Watch Co__No par
20
Preferred
JanI5 3312 Mar 22
15
Feb 35 July
100 25
4512 Jan 85 Aug
30 Hanna(M A) Co 57 pf_No par 84
Jan 8 95 Mar 22
1,300 Harbison-Walk Refrac.No par
4
818 Feb 2513 July
1412 Jan 2 243 Feb 21
Hartman Corp class Lt.No par
ls Apr
IN June
14 Mar
Class A
No par
214 June
---- ---- ---- ---- ---- ---_ ____ ---- ____ ---57
513 512
512
78 Mar
*5
512 *5
200 Hat Corp of America el A__I
713 June
*5
27 Jan 2
6s Feb 14
614
614
*43
4512 *43
4512 4212 4212 *43
4512 4234 43
120
518 Apr 30 June
8)4% preferred
10(1
193 Jan 4 4512 Feb 21
4
7
57
8 512
4,400 Hayes Body Corp
3 Feb
4
312 July
514 5
5
No par
514
5 8 514
,
114 Jan 2
64 Feb IS
53
512
*10313 _ _ *103 . _ 103 103 *1023 _ __ •1023
4
100 Helme (0 W)
8913 Jan 105 Dee
4
_
2 101
Jan 9 107 Feb 4
*10
12
- . *10
1i *10
117
8 1013 1012 *10
3 Mar 17 July
11%
100 Hercules Motors
No par
9
Jan 4 121s Mar 15
*6659 68
67 6712 6513 68
15 Feb 883 Dec
3
*66
88
1,000 Hercules Powder
68
68
No par 59 Jan 4 7112 Feb 19
85 Apr 11018 Dec
*118 11912 *118 11912 11714 118
11714 11714 •11714 1173
4
4
30
$7 cum preferred
100 111 Jan 4 1193 Feb 19
55
*533 5612 55
4
543 543 *5214 55
4
3518 Mar 72 July
*53
55
200 Hershey Chocolate____No par 4812 Jan 15 5712 Feb 9
8913 *87
8812 8812 *87
8912 *88
8912 *8812 891 2
643 Apr 90 July
4
Cony preferred
Na par 83 Feb 16 8812 Mar 24
200
64 64
1012 June
7
7
612
63
4
612
61*
85 Feb 5
8
312 Jan
1,300 Holland Furnace
No pa
513 Jan 3
6'2
6%
1014 1014
*97 103.
8 1018 10 8
214 Mar
1013 June
1018 10% *97 10
8
8
1,200 Hollander & Sons (A)
5
53 Jan 2 107 Feb 6
4
,
Jan 373
Oct
*353 370 370 380'8 *370 37918 379 380
388 388
800 Uomestake Mining
100 310 Jan 4 388 Mar 29 145
2014 2014 2012 2012 1959 193
15 JIM
8 1912 1931 20 20
418 Apr
800 BOudallle-Hershey CIA No par
11 Jan 8 2314 Jan 30
1 Mar
6
6
6
6 14
Ws
58
,
51
511
63 June
4
55
8
6.800
Class B
No pa?
33 Jan 2
4
6% Jan 26
57
8
*50 3 52
,
51
51
•50
52
*501 52
4
52 52
43 Nov
5114 Jan
200 Household Finance part p1.50 43 Feb 5 54 Mar 12
2414 2414 2412 25
23
23
23 13 2313 233 2459
1,300 Houston 011 01 Tex tom etf3100 21 Jan 2 294 Feb 5
814 Mar 38 July
4
*Vs 4%
43
8 412
414 410
414
412
412
1% Feb
73* July
512 Feb 5
459
1,700
Voting trust ctfs new____25
312 Jan 8
3
463 4712 4613 48
4
443 46 - 4612 4712 4712 4914
4
512 Jan 383 1/er
14.600 Howe Sound v t e
5 3512 Jan 3 50% Feb 18
20% 207
1912 2014 2018 20% 20% 203
163 July
8
8 211s 23
3 Feb
42,000 Hudson Motor Car____No par 137 Jan 5 2414 Feb 5
8
4
75 July
138 Mar
714 Jan 30
512 53
4
8
614
518 53
4
13,000 Hupp Motor Car Corp
10
4 Jan 4
512 53
4
512 57
8
14 Mar
2318 June
Indian Motocycle
No par
*3
314 *3
3% *3
314 *3
1 18 Apr
412 June
318
359 Feb 3
359 314
300 Indian Reftntng
10
27 Jan 9
8012 8012 80
8214 7612 7912 *77
24
Apr 85 Dee
78
77% 79
3,900 industrial Rayon
No par 743 Jan 8 9638 Jan 24
4
64
65
64
65
191,3 Feb 78 July
65
6612 65
65
66
86
1,100 Ingersoll Rand
No Par 5912 Jan 4 7334 Feb 3
*4313 44
433 433
4
4 43
4312 *4212 43
12
Feb 45% July
42
43
900 Inland Steel
No par 4012 Jan 3 495 Feb 21
5
5
5 18 51 1
6% Feb 5
2 Fell
912 June
43
4 5%
1,900 Inspiration Cons Copper___20
43
4 5
412 Jan 4
518 518
37
*312 37
4 Feb 6
114 Mar
37 June
8
3% 3% *312 37
200 insuranshares Ctts Inc
218 Jan 2
8 *359 37
1
37
8
314 Feb 6
3 Dee
4
412 Jan
118 Jan 3
---- ---- ---- ---- ---- ---- ---- --__ ____ ____
Insuranshares Corp of Del___1
3 Mar
8
37 Feb 20
3
413 July
100 intercont'l Rubber____No par
214 Jan 15
*314 3 8 *314 312
/
3
3
*3
314 *3
314
218 Mar
12 July
400 Interlake Iron
8 Jan 3 1114 Feb 19
No par
•
914 10
9,
2 93
4 *83
4 912 *83
4 0
912 912
53 July
% Feb
*412 43
4
412 4%
413 414
4
2 Jan 8 8 18 Feb 5
459 41 2
1,900 Internet Agricul
44
,
No par
*29
31
5
Jai
2712 July
*29
3113 29
29
*2914 31
30
31
1.000
Prior preferred
100 15 Jan 8 3714 Feb 3
75; Feb 15314 July
13212 13212 •133 140
132 132
13212 13212 133 133
1,000 int Business Machines_No pan 132 Mar 27 14914 Jan 30
107 July
8
934 1014
2% Jan
1018 1012
1
3,800 Internal Carriers Ltd
912 10
4
559 Jan 11 1218 Feb 21
9% 97
93 10
40 July
618 Ma
30
3014 297 31
2912 303
8 29
2912 29
2912
4,100 International Cerrient__No par 2418 Mar 21 373 Feb 5
41% 414 413 427
13 8 Feb 46 July
5
8
11,900 Internet Harvester____No pa
3753' Jan 4 467 Feb 5
4
8 4018 4073 401 41 18 403 4114
8
Jan 119% Aug
80
4
*121 . _ *1203 12312 *1203 12313 *123 12313 *123 12312
4
4
Preferred
100 11512 Jan 13 1223 Mar 20
137 July
3
9% Feb 7
2 12 Apr
7
714
2,600 int Hydro El Sys el A
4
63
4 714
7
7
23
43 Jan 6
7,2 . .12
7
712 77
6 Jan 24
114 Jan
87 June
043
4 512 *5
43
4 5
57
8
5
500 Int Mercantile Marine_No par
318 Jan 2
5
*47g 5
4
/33 Feb 2314 Nov
8
2659 27
267 273
8 263 2718 27
126,000 Int Nickel of Canada__No par 21 Jan 4 2814 Mar 29
277
8 273 2814
4
Jan 115 Dec
121 121 *120 122
72
4
12034 12014 *121 123 *121 122
300
100 1153 Jan 13 12112Mar 19
Preferred
212 Jan 21% July
*14
15
15
1612 *14
•14
Internet Paper 7% pref___100 1012 Jan 5 1938 Feb 5
*1312 1612 *14
15 4
,
41,
6 Feb 2
c1,18
43
8 43
8
418 413 *4
414 *4
438
Stock
12 Apr 10 July
200 Inter Pap & Pow el A__No par
4 Jan 4
14 Apr
53 July
4
333 Feb 6
*21 4
3
*214 3
*2% 212 *2,8 214 0218 23*
14 Jan 4
Class B
No par
4 July
17
17
13
4
13
2% Feb 19
14 Jan
13
4 2
4
13
4
s
13
4
1,600
Class C
No par
13
4 14 Exchange
13* Jan 4
8
2
Apr 2213 July
1312 1312 1314 1312 1312 14
4 143 14%
1413 143
2,300
Preferred
100 1014 Jan 8 187 Feb 5
14% 14
312 Feb14
Oct
*14
1414 14
1414 1414 1414 1412 1514 Closed1,800 Int Printing Ink Corp_No par
9 Jan 13 1514 Mar 29
35 Apr71 Aug
.701
4_ *7014 -__ *7018 ___ *7013
Preferred
-_
70
20
100 66 Jan 2 72 Mar 9
70%
26% - 2812 2612 27
*2512 27
2612 1612 *26
13N Mar 273 July
4
27
Good
1,100 International Salt
No par 21 Jan 3 27 Mar 13
4312 4312 44 44
4315 43/ *4312 4412 *4312 44
8
243 Jan 563 July
3
8
400 International Shoe
No par 43 Mar 19 5038 Jan 26
93 Feb5912 July
03314 39
*3312 38
*30
3659 *33
36
4
Friday
38
3814
100 International Silver
100 34 Jan 12 453 Feb 15
75
2412 Mar 717 July
•74
783 *76
8
*733 7859 7414 75
4
7859 74
7% preferred
100 59 Jan 4 80 Feb 19
130
143 145
3
8 1412 15
135 14
8
133 1418 14
4
518 Feb215 July
145
8
27,500 Inter Telep & Teleg___No par 1312 Feb 26 174 Feb 8
112 Mar
13
1213 1312 12
1238
87 July
13
1218 1212 1212 123
312 Jan 4 1418 Mar 17
3,700 Interstate Dept Stores_No par
Apr 40% July
57
*5214 59
12
*53
*51
557 *51
8
3
57
8
*53
57
Preferred
100 213 Jan 4 553 Feb 19
*759 93 • 3 93
1114 July
17 Jan
8
4
Intertype Corp
No par
73
3 *73
4 93
4 *73
4 959 *73
4 93
559 Jan 3 10 Feb 8
4
2614 2614 *2514 27
11
Feb 32 July
25
25
257 257 •25
4
3
1 243 Jan 29 28 Feb 21
400 Island Creek Coal
253
4
45
45 45
4414 4414 45
23 Feb 45 July
*44
3
46
246
46
1,500 Jewel Tea Inc
No par 33 Jan 9 477 Feb 5
5112 5712 5218 5414 54
553
4
1214 Mar 6312 Dec
5514 58
5112 54
8
9,400 Johna-Manville
No par 5218 Mar 27 1363 Jan 30
42 Apr 10818 July
•108 112 *108 112 *108 112 *108 112 *108 112
Preferred
100 101 Jan 4 110 Feb 7
35 Feb 91 July
69
687 69
8
067
*66
68
66
6612 66
67
120 Jones & Laugh Steel pref _100 82 Jan 2 77 Jan 23
238 Mar
9% June
812 812 *814 812
93 Feb 6
4
8
8
*814 812 *814 812
613 Jan 3
300 Kaufmann Dept Stores $12.50
1912 July
1612 1612 16% 165
87 Feb
8
8 1814 1612 1612 1612 1612 1659
5 137 Jan 4 1814 Feb 5
1,600 Kayser (J) & Co
73 Mar
818 July
312 37
359 359
8
314 312
412Mar 12
3
312
5
214 Jan 5
318 314
20.000 Kelly-Springfield Tire
14
1412 15
8 Feb 3118 June
15
14
1412 13
11 Jan 2 20 Jan 30
No par
8% preferred
14,2 1212 135
5,300
8
*6
2 Feb
8 May
9
.6
83
4
6
4 Jan 13 10 Feb 16
6
*6
7
*6
7
100 Kelsey Hayes Wheel conv.clA 1
*5
57
112 Dec
83 June
4
8 *5
57
8 *5
57
8 *5
258 Jan 2
1
759 Feb 16
Class II
53
4 *5
53
4
193 20
8
2193 203
8
318 Feb
155 Sent 1
8
8 177 187
8 183 1918 1914 1978
117 Jan 4 2114 Mar 14
8
No par
35,800 Kelvinator Corp
Jan 73 July
*8013 85
84
85
30
*80
85
85
85 *8014 95
40 Kendall Co pt pf set A_No par 8518 Jan 18 85 Mar 26
73 Feb 28 Sept
183 1914 1918 193
4
4 I74 183
8 1818 18 8 1812 193
,
8
34,200 Kennecott Copper..._No par 1734Mar27 23 Feb 5
57 Apr 253 July
*1518 16
•1518 17
*1518 183 *1518 18
12 Jan 2 18 Feb 8
4
Kimberley-Clark
No par
*1518 17 2
,
478 47
8
518 518
47
8 4% *4
1
Apr614 June
6 Jan 31
5
*4
3 Jan 16
518
300 Kinney Co
No pat
•221 4 343 •23
4
2912 *23
4% Feb 30 July
2712 *23
3412 *23
3
No par
1313 Jan 6 29 4 Feb 5
Preferred
3412
512 Mar 187 July
8
193 193
8
8 193 2014 1814 1918 19
4
193
8 1918 193
8
4
8
11,200 Kresge (SS) Co
10 133 Jan 2 223 Feb 5
88 Apr 105 June
*10512 11112 *10514 11012 *10512 11012 10514 1051 •104 110
20
7% preferred
100 101 Jan 4 111 Mar 18
Jan 4414 July
27
•5814 5812 *5614 5812 5812 5812 58
8812 Mar27
58 .57
200 Kress (Sit) & Co
No par 36 Jan 3
5812
31
3112 293 304 293 30
1412 Feb355 July
8
305 31
8
4
4
30
5,600 Kroger Groc & I3ak
No par 2314 Jan 8 2327 Feb 19
3014
2812 27
27
2714 263 27
4
27
1959 Dec 4118 July
27
27
27
1,600 Lambert Co (The)
No par 2214 Jan 4 3138 Feb 5
*934 1012 1012 10% .93 103
4
*912 1059 *912 103
3 Feb1012 June
8
5 Jan 6 107 Feb 15
200 Lane Bryant
No par
8
1259 July
123
8 1112 1112 1112 1112 117 117
3' Mar
1134 117
8 12
8
800 Lee Rubber & Tire
5
8 Jan 3 1418 Feb 19
8
17
15
57 Jan 27 June
8
1612 1612 17
36'2 1612 1612 16
16
800 Lehigh Portland Cement_ _ 50 1312 Jan 3 20 Feb 23
34 Feb78 Sept
*7412 76
*7412 76 .7412 76
*7412 75
*7412 75
7% preferred
100 737 Feb 23 7712 Mar 3
3
314
313
312 312
Jan
63 July
8
312 31
1
31. 312 *359 33
4
5 Feb 21
1,100 Lehigh Valley Coal____No par
212 Jan 8
*1014 11
912 10
912 912 .918 1012
212 Apr 12 June
•101.1 11
400
Preferred
50
5 Jan 3 1414 Feb 21
3
73
73
6914 70
70
70
3712 Feb793 July
723
1,300 Lehman Corp (Tlae)___No par 6518 Jan 4 78 Feb 6
*71
7059 705
8
•ini2 20
19118 20
*1912 197
14 Feb2314 June
*193 20
4
193 193
600 Lehi/ & Fink Prod Co
4
4
4
5 163 Jan 23 2012 Feb 6
36
353 358 3559 3612
38
35
8
43 Mar 37% July
4
37
3712 37
43 8 Jan 19
7
9,400 Libby Owens Ford Glass No par 3414 Mar 21
89
49 Feb98 Sept
8712 8712 8712 *8514 8712 8712 8712 *88
*8(1
300 Liggett dr Myers Tobacco..25 73 Jan 6 9312 Feb 5
4 883 8918 89% 9011
3
8 8712 873
4
Series B
4914 Feb 993 Sept
4,100
4
25 7412 Jan 8 943 Feb 5
8818 8812 8812 887
4
4
Preferred
4
100 129 Jan 13 14012 Mar 7 121 Mar 14018 Sept
•139 1415 *139 1413 *139 1413 *139 1413 *139 1413
2114 2018 203
4 2018 2018 203 21
8
214 21
3,100 Lily Tulip Cup Corp__No par
13 Apr 2112 May
21
18 Jan 15 2114 Feb 16
2712
8 27
4 277 277
8
8 2712 277
4 2912 293
2,400 Llma Locomot Works__No par 2512 Jan 4 3614 Feb 5
10
Jan 3134 July
2912 293
17
1712 17
17
*1712 18
1713 17,
700 Link Belt Co
193 July
4
8
64 Apr
•____ 18
No par 1214 Jan 3 193 Feb 6
2612 2714 27
2,000 Liquid Carbonic
2712 2812 2612 27
3338 Feb 5
28
No par 2613 Mar 1
1014 Feb 50 July
2714
28
33,200 Low' Incorpotated
4 3014 3118 303 313n 31% 32
4
812 Mar 3812 Sept
No par 253 Jan 6 3438 Feb 16
4
8 3112 323
323
32
92 .88
90
*89
92
90
*90
300
Preferred
35 Apr 7813 July
90
No par
72 Jan 2 9112 Feb 16
90
90
214 259
214 214
23
8 23
8
,
1.900 Loft Incorporated
41 June
4 24
3 Jan 31
112 Dec
2,
No par
15 Jan 2
8
23
8 259
178 2
12 Feb
2
178
2
17
8
1,100 Long Bell Lumber A_No par
512 June
2
2
114 Jan 12
23 Feb 20
4
2
Ir 2
4214
4
2,000 Loose-Wiles Biscuit
397 4012 403 404 42
8
4
41
42
4
1914 Fob 443 Dec
25 3812 Feb 26 5443 Jan 17
*4012 42
_ *12112
Jan
_ •12112
100 11934 Jan 1 12214 Feb 15 11312 M ty 120
__ *12112
7% 1st preferred
*12114___ *12114
8 738 1718
7,100 Lorillard (P) Co
718 167 110 153 Jan 8 1912 Feb 5
4
10 8 Feb 2514 July
3
1712 1612 1163 17
4
-13 17 - •1067 _ _ *1057
8
7% preferred
8
*10512
_... *1057 - _-.. •10618 - _-.8
100 102 Jan 26 107 Feb 13
8712 Feb 108 Nov
114 Jan 10
17
8 2
38 Jan
4 July
*17
8 2
.500 Louisiana 011
No par
23 Feb 1
*17 _8 2
2
2
2
i
312 Feb 29 July
16
*14
16
Preferred
*13
30
13
7% Jan 2 18 Jan 23
13
100
•13
16
•13
16
0
4
700 LouLsvIlle Gas & El A_No par
15 Jan 9 21 Feb 7
137 Apr 253 June
8 1713 1713 1759 1759
177 177
18
18
18
18
163
4 16
1714
3,500 Ludlum Steel
4 Feb 2013 July
1
15 Jan 8 1912 Feb 20
154 1614 *18
1614 17
1614 17
Cony preferred
3
94
200
No par 8712 Jan 8 97 Feb 20
143 Mar 9513 Dec
89
*88
9018 *88
89
92
*8814 9112 *90
4
600 MacAndrews & Forbes
913 Feb 313 Dec
3212
10 30 Jan 5 3312 Jan 18
*3012 33 .31
3212 31
32
3212 *32
*32
5,100 Mack Trucks Inc
No par 303 Mar 20 413 Feb 6
4
4
1312 Feb 46% July
8 313* 31%
3112 3114 317
3312 341 4 31
3212 33
2,500 Macy (It H) Co Ine_ No par 5112 Mar 2
524 .52
6218 Jan 30
2414 Feb 85 4 July
1
52
5212
5414 5413 543 5518 5112 523
43 Feb 5
259 Jan 2
13 Mar
8
200 Madison SQ Gard v I o_No par
7 June
*312 4
33
4 33
4
312 312
*312 4
*354 4
53 Mar
1959 July
1,100 Magma Copper
10 1512 Jan 17 19 Feb 15
4
17
17
.17
17% 1718 173
17
17
18
•113
17 Jan 2
4 Feb 7
7 Feb
3
300 Mallinson (II R) & Co_No par
514 June
23
4 23
4 23
4 *213 3
4 *23
4 3
4
23
23
4 23
100
3
3 Feb 2133 July
40
7% preferred
4
75s Jan 9 19 4 Feb 6
8
178 173 173* *1513 1712 *1312 1712
1814 17
•18
:Manati Sugar
100
1 Jan 8
14 Jan
4
53 July
33 Jan 23
4
*2
3
02
3
*2
3
3
*2
3
*2
97 July
8114 Jan 22
Preferred
100
13 Jan 3
4
% Jan
3 714
*5% 714 *514 714 *4% 714 *418 714 *63
No par
414 Jan 2'
812 Jan 26
112 Jan
200 Mandel Bros
97 June
3
75
8
7
63
4 134 *618 70 *6
818
7
*7
512 Apr
25 1214 Jan 4 203 Feb 1
23 July
100 Manhattan Shirt
4
4
4
4
*163 171 *163 1712 *163 1712 163 163 .167 1712
4
Maracaibo Oil Explor_No par
13 Jan bO
4
3 8 Feb 17
3
II Jan
4 June
23
4
25
8 •2
8 *214 259 *2
23
8 *214 25
*2
..5
53 Jan 5
4
9 Feb 6
5 Dec1112 Jan
5.200 Marine Midland Corp
712
759 712
714
73* 712
759
759
8
759 77
• Ind smi ssked °rim,. 1155 ssles on this dsv. I Comosnles reported in receivership. a Optional sale. c Cash sale. s Sold 15 days. 2 Ex-dividend. y Ex-rights.
S per share S per share
.2
25
8
'33 - 40
•74
77
•2334 245
8
2734 274
63
8 7
*38
4114
714
77
8
57
*4
*31
338
*93
9512
2112 21%
Safes
for
Inc
Week.
Ifis
2216
carFOR
New York Stock Record-Continued-Page 6
Mar. 31 1934
SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST, SEE SIXTH PAGE PRECEDING.
- PER SHARE
PER SHARE
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Sales
STOCKS
Range Since Jan. 1.
Range for Previous
for
NEW YORK STOCK
On Oasis of 100-share lots.
Year 1933.
Saturday t Monday
Tuesday
Wednesday' Thursday
Friday I the
EXCHANGE.
Afar. 24. I Mar.26.
Afar. 27.
Mar.28.
Mar.29.
Mar.30.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share I per share $ per share $ per share Shares. Indus.& MIscell.(Con.) Par $ per share
I Per share I per share $ per share
273 273
4
4 28
283
4 26
26
*26
2812 26
26
600 Marlin-Rockwell
No par 2112 Jan 8 32 Jan 25
6 Feb 2314 Dec
Marmon Motor Car_ No par
14 May
21 June
/
4
-iLF -1i- -ii- -1812 -iti- 177 -l'iT - ---- -ii- - 7
- -1- -'8 - 18
- 12
-- 8
- 4 1714 -.14 -.13
11,500 Marshall Field & Co_ __No par
1212 Jan 4 187 Feb 15
8
414 Jan
183 June
8
343 3.538 35
4
353
4 323 34
4
3318 3312 333 34,
4
5,900 Mathieson Alkali WorkeNo par 321 Jan 8 4034 Jan 24
/
4
4
14 Feb 4631 Nov
4113 3914 3914 383 40
41
403 41
4
4
3914 3912
3,500 May Department Stores___10 30 Jan 2 4214 Mar 6
93 Feb 33 Sept
4
7 4 73
3
14
4
73
4 71
;
7 2 7 2 *73
,
,
s 731 *712 8
000 Maytag Co
43 Jan 2
8
No par
834 Feb 21
1 18 Apr
812 July
23
23
2378 2378 2218 224 .23
/
1
233
4 23
23
900
Preferred
10 Jan 2 27 Feb 21
No par
318 Apr 1514 Aug
*79
80
79
82
80
78
78
.78
78
78
60
Prior preferred
No par 49 Jan 3 83 Mar 15
15
Apr 58
Oct
.2914 30
2918 283 2 4 29 4 294
297 297
8
8 2918
8 83
3
600 McCall Corp
8
No par 24 Jan II 315 Mar 3
13 Mar 303 Sept
4
318 3
/
1
4
212 3
/
1
4
212 2
/
1
4
27
8 318
23
4 2
14,900 :McCrory Stores classANo par
113 Jan 8
412 Feb 6
/
1
4
47 June
8
/ Apr
1
4
.33
8 33
4
27
8 318
8 314
212 23
4
3
31 4 .27
2,800
Class 13
414 Feb 6
No par
13 Jan 4
8
11 Dec
/
4
6
Jan
*1811 22
1478 2038
1612 1712 1812 22
20
20
6,000
Cony preferred
100
514 Jan 2 2534 Mar 17
21 Mar 21
/
4
Jan
•71 9
/
4
*712 9
.714 9
.714 9
.714 9
734 Mar 19
McGraw-Hill Pub Co _No par
4 Jan 4
3 Apr
818 June
451 453
/
4
4 454 46 4 4412 4612 4612 4814 481 50
,
/
4
56,100 McIntyre Porcupine Mines...6 3812 Jan 25 50 Slat 29
18 Mar 483 Oct
8
87 87
87 87
8318 85
8312 84 .84
85121
700 McKeesport Tin Plate_No par 8318 Mar 27 9414 Feb 21
441 Jan 953 Aug
/
4
4
7
/ 7
1
4
/
1
4
712 8
71s 73
8
7 4 712
,
7 8 7lt
3
9,400 McKesson & Robbins
812 Jan 26
6
412 Jan 2
13 Mar 131 July
4
/
4
22
231 1 231 234 24
/
4
/
1
2231 2112 22 8 2212 23
5
2,100
Cony prof series A
8
8
50 117 Jan 2 243 Mar 16
35 Mar 25 July
8
312 43
8
2
33
4
238 23i
23
4 338
3
318
133,300 :McLellan Stores
5 Mar 17
/
1
4
1 Jan 6
No par
33 July
8
'4 Feb
• 40
44
33
401 3514 39
/
4
40
44
42
12.200
43 2
8% cony pref ser A
100
,
912 Jan 2 52 Mar 17
218 Jan 221 July ,
/
4
303 303 .30
4
301 1 3112 313 32
8
8
31
31
31
900 Melville Shoe
No par 28 Jan 2 33 Feb 23
83 Feb 2834 Oct
4
8
83
.1 918
83
4 914
83
8
8
8
812 9
4,700 Mengel Co (The)
1
6 Jan 13 11 Jan 22
/
1
4
2 Mar 20 July
•33
36
36i2 3612 33
*3118 3612 4:34
36
36
40 Jan 22
60
7% preferred
22
100 30 Mar 21
Jan
57 July
2412 25 .241 1 2512 2518 2932
2512 26
253 26
4
1,300 Mesta Machine Co
7 Feb 21 Sept
5 1612 Jan 4 30 Feb 19
.24
2412 *24
2412 241 2414 *241 1 2412 2414 2414
/
4
400 Metro-Goldwyn Pict pref27 21 Jan 5 25 Feb 15
1312 Mar 22 Sept
.434 5
5
5
412 43
4
412 43
4
43
4 5
6
41 Jan 9
/
4
612 Feb 16
/
1
4
13 Mar
8
1,900 Miami Copper
93 June
4
1212 1212 123 123
4
4 12
121 1218 121 1 .12
/
4
/ 12t2
1
4
4
4,300 Mid-Continent PetrolNo par
113 Jan 9 143 Feb 5
33 Mar 16 July
8
4
18
18
18
1812 17
1714 1714 1712 1712 17
8
3 Mar 173 July
2,600 Midland Steel Prod____No par
1214 Jan 8 217 Feb 19
4
/
1
4
87 .81
85
.81
*81
85
*81
85
*82
85
8% cum 1st pref
26 Mar 72 Sept
100 7012 Jan 12 85 Feb 17
.4112 43 .4212 44
43
43
43
43 .4212 43
200 Minn-Honeywell Regu_No par 36 Jan 4 52 Feb 1
13
Apr 363 Dec
8
418 414
41 4
/
4
/
1
4
4
44
/
1
4
418
4
4
6,500 Minn Moline Pow Imp! No par
5 Jan 30
/
1
4
218 Jan 4
7 Feb
8
53 July
4
29
30 30
293 *26
4
32
30
30 *26
30
400
Preferred
6 Feb
No pa, 1718 Jan 11 3534 Feb 1
30 July
16
16
16
1618 1514 1512 1512 1512 *153 1612
1,000 Mohawk Carpet Mills
/
4
8
7
Jan 22 July
20 1212 Jan 4 191 Feb 6
8514 8512 85
86
844 843
/
1
4 8331 85
85
86
4,700 Monsanto Chem Wks
/
1
25 Mar 83 Dec
10 75 Feb 26 864 Jan 19
32
323
4 32
333
8 3018 307
8 3012 3112 303 3112
152,500 Mont Ward & Co Ine__No par 2114 Jan 4 355 Feb 15
8
4
85 Feb 284 July
8
/
1
.447 46
8
441 45
/
4
*44
45
45
45
45
45
25
600 Morrel (J) & Co
Jan 56 July
No par 37 Jan 4 4812 Feb 21
*7
8
1
1
1
7
s
/
1
4
/
1
4
7
8
500 Mother Lode Coalltion_No par
1
1
5 Jan 8
8
11 Feb 8
/
4
Is Jan
218 June
1012 107
8 103 11
8
97 1014
8
14
97 1018 10
8
10,500 Moto Meter Gauge & Eci____1
714 Jan 6 12 Feb 21
87 Dec
8
10
14 Jan
36
3612 3612 381 34
/
4
3512 3412 341,2 3518 3512
5,300 Motor Products Corp No par 30 Jan 4 443 Feb 15
4
73 Mar 3634 Sept
4
147 1518 1518 157
8
8 133 143
4 14
143
4
8 1412 1412
10,400 Motor Wheel
112 Mar 111 July
5
9 Jan 5 1612 Feb 16
/
4
.125 13
8
1314 1414
12
121 1212 1212 *123 1312
/
4
4
1,200 Mullins Mfg Co
No par
4
514 Jan 12 143 Feb 15
112 Mar
103 July
4
.2912 31
31
313
8 284 30
29
29
Cony preferred
490
29
No par
1218 Jan 12 347 Feb 14
8
5 Mar 25 June
29 2
,
23
2412 24
24
2218 233 *223 2412 *223 2412
4
8
600 Munsingwear Inc
133 Jan 6 2412 Feb 16
4
No par
8
5 Mar 184 June
/
1
912 10
97 1014
8
2
8
93
8 01.
91 4 93
878 912
10
618 Jan 9 115 Feb 16
10,700 Murray Corp of Amer
8
15 Feb
8
1112 July
*16
20 .16
20
•16
20 .15
20 .15
No par
1518 Jan 2 213 Feb 21
Myers F & E Bros
4
8
Jan 2012 July
1814
26
27
263 2814 2414 254 2518 253
4
/
1
4 2512 26
No par 23 Jan 4 321 Jan 31)
32,400 Nash Motors Co
/
4
11 18 Apr 27 July
77
8 77
8
8
83
8
712 73
4
3
733 7 4
878 Feb 23
7 8 73
1
414 Jan 9
3,100 National Acme
3
1 18 Feb
4
73 July
4
11
1118 11
113
8 1012 lolz
loi, 1038 103 103
1,800 :National Hellas Hess pre!_100
4
314 Jan 6 1234 Mar 19
114 Jan
9 July
/
1
4
4
' 4214 431 4212 43
/
4
/ 41
1
4
42
413 4218 417s 43
4
8
10,300 National Biscuit
10 397 Mar 1(1 4912 Jan 16
3112 Feb 60 June
/
1
4
143 143 *14212 150 *14318 150
14318 150 .14314 150
100
100 131 Jan 3 143 Mar 21 118 Mar 145 Aug
7% cum pref
1914 193
4 193 1912 173 187
8
8
8
1731 18
8
14,800 Nat Cash Register A___No par
1714 183
1612 Jan 8 233 Feb 6
518 Mar 235 July
8
8
153 15
8
/ 1512 157
1
4
8 15
1514
15
151.1 15
19,500 Nat Dairy Prod
No par
153
8
13 Jan 4 1712 Feb 6
1012 Feb 2534 July
212
23
8 238
2
2
21
/
4
218 2 8
3
214
214
18 Mar
4,700 :Nat DepartmentStoresNo par
3 Mar 16
1 Jan 9
212 June
•1518 1638
14
151; 1312 1412 1412 163
11 Feb
/
4
8 153 16
960
8
8
100
Preferred
5 Jan 17 193 Mar 17
10 June
2834 2912 283 293
4
8 2718 277
8 2718 2818 273 2814
44,000 Nati Distil Prod new___No par 2314 Jan 3 311 Feb 1
/
4
8
20 Dec 3314 Nov
/
1
4
40
24
Feb 115 June
$2.50 preferred
*23
23
23
28 .2318 27
.22
29
.2218 28
100 Nat En= & Stamping_No par
1612 Jan 5 2814 Mar 5
5 Feb
193 Dec
8
*13634 13818 *13712 145 513712 145
Stock
13912 140 .139 145
400 National Lead
100 135 Feb 10 14112 Jan 16
4314 Feb 140 Nov
•137 14012 .137 14012 *137 139 .137 139 .137 139
Preferred A
100 122 Jan 16 140 Mar 21 101 Mar 12814 Nov
*1077 11812 *10718 11812 .1071 11812 *1077 115 *1077 11812 Exchange
/
4
8
8
8
Preferred 13
100 10012 Jan 9 103 Star 16
75 Feb 10918 July
12
12
1218 1212 113 1112 11 12 11.3
8
4 1112 113
5,800 National Pow & Lt____No par
812 Jan 4 1512 Feb 6
61 Apr 2012 July
/
4
4
465 4712 48
8
46
4812 4512 46
4612 47
47
Closed5,800 National Steel Corp
25 45 Mar 22 581 Feb 5
/
4
15 Feb 6518 July
153.
1412 1412 1418 1418 *1412 1512
•14
16
.14
200 National Supply of Del
25 1112 Jan 10 183 Feb 5
Apr
281 June
4
4
/
4
042
*42
46
42
42
.42
46
*42
46
46
Good
10
Preferred
100 3312 Jan 4 48 Jan 30
17
Feb 6014 June
National Surety
10
2 Jan 5
11 May
/
4
1312 Jan
23 Jan 2
8
-1634 -16 4 - i4T. -163- -15
fif 15"1533 -i W. -1154 Friday
f6-- -3-4
2,100 National Tea Co
1 .
No par 15 Star 27 183 Feb 1
4
812 Jan 27 July
•19
19 .183 1912 19
197
8 1912 20
4
18
19
1,000 Neisner Bros
No par
812 Jan 4 223 Mar 6
4
112 Jan
1218 June
Nevada Consol Copper_No par
111 June
/
4
4 Feb
10
103
i
10
103 11
8
118 10
4,200 Newport Industries
10
10
103*
1
6 Jan 10 13 Mar 6
13 Mar 113 July
8
4
19
183 19 .1838 19
8
19
•18
19
*1812 19
/
1
4
600 N Y Air Brake
15 Jan 5 243 Feb 7
4
No par
81 Apr 2312 July
/
4
5
.612 7 8 •612 712
.7
8
7
*7
7
8
100 New York Dock
814 Mar 19
100
3 Jan II
/
1
4
2114 Dee 111 June
/
4
.1618 18
19
•16
17
18
17 .18
*16
19
100
Preferred
100
8 Jan 8 20 Mar 13
6
Oct 22 June
1
1
3,700 IN Y Investors Inc__ __No par
7
8
7
8
7
8
3
4
34
3
4
3
4
12 Jan 2
/ Dec
1
4
7
8
114 Feb 7
23 June
4
19
/
1
20'4 177 1812 1818 184 1812 19
3
1911 2018
8
111 Jan 3 22 Feb 1
/
4
8,700 N Y ShIpbldg Corp part elk_ _I
/
1
4
/ Jan 2212 Aug
1
4
1
85
89
/ 85
1
4
*85
/
1
*85
.8114 8314 834 85
88
70
7% preferred
100 7312 Jan 2 89 Mar 16
31
Jan 90 June
96
1196
99
*96
96
99
987 99
8
.96
99
No par 82 Jan 5 99 Star 26
30 NY Steam $6 pref
73 Nov 1011 Aug
/
4
*10114 104 *1011 1 104 *102 104 *102 104 *102 104
No par 90 Jan 15 107 Jan 27
Jan
$7 1st preferred
83 Nov 110
8
387 3914 3712 3818 383 3938 3018 40
8
3812 39
18,200 Noranda Mines Ltd
No par 3314 Jan 4 40 Mar 29
173 Jan 387 Sept
8
8
8
4 183 1914
183 187
8
8
8
183 183
1914 194 1914 20
/
1
15,000 North American C,o_No par
133 Jan 9 2514 Feb 6
8
1214 Dec 3612 July
41 1 1 4112 "41
411. 4112 4112
42
91
*41
42
...
Preferred
500
50 34 Jan 9 43 Jan 10
31 Dec 46
Jan
5
/ 6
1
4
618 63
5
/ 618
1
4
8
53
4 618
8
61 63
/
4
14,400 North Amer Aviation
1
41 Feb 10
/
4
83 Feb 1
4
4 Feb
9 July
93614 661 •661 667
/
4
/
4
8 6512 8614 .654 6614 .65
700 No Amer Edison pref __No par 4712 Jan 4 73 Feb 7
8614
79 July
39 Nov
*13
19
*13
•13
19
19
_ .13
19 .13
North German Lloyd new__
1114 Jan 3 16 Feb 27
33 Oct 10 June
8
*4012 41
41
41
41
41
42
*401 if
42
/
4
70 Northwestern Telegraph___50 34 Jan 9 42 Mar 29
264 Apr 43 June
/
1
4
33
4 4
4
312 3
/
1
4
33
4 33
4
1,500 Norwalk Tire & Rubber No par
3
54 33
1
412 Feb 19
23 Jan 8
118 Feb
8
57 July
8
13
1314 1314 1312 123 13
123 13
4
127 1318
*
8
17,200 Ohlo 011 Co
123 Jan 9 154 Feb 5
8
/
1
8
No par
43 Feb 175 July
4
518 514
41 47
/
4
4
/ 5
1
4
518 5 4
8
,
2,200 Oliver Farm Equip
No par
4
/ 5,
1
4
8
358 Jan 4
7 Feb 5
1 18 Feb
84 July
/
1
*2012 211 2014 201 1 20
no
21
21
211
/
4
20
/
4
Preferred A
800
12 Jan 8 27 Feb 5
/
1
4
No par
3 4 Feb 303 June
,
4
54 51 *54 5
/
4
/ .518 51:
1
4
400 Omnibus Corp(The)vte No par
/
1
4
512 512 .54 5
13 Mar
4
83 July
64 Jan 2
4
518 Jan 27
4
1312 1312 133 13
1214 123 13
/ 12
1
4
1314 1314
8
1,600 Oppenheim Coll & Co No par
212 Feb
15 June
/
4
714 Jan 4 141 Mar 5
Orpheuna Circuit Inc pref_ 100
11 Jan
/
4
7 June
1512 21512 1512 153 153
4
1512 16
157* 1618 15
5,600 Otis Elevator
143 Jan 6 194 Feb 16
1018 Feb 2514 July
4
/
1
No par
/
4
/ 99 8
4
*93 1001 .98 1001 1 .98 1001 *9612 1001 . 3 100,
Preferred
/
4
4
100 92 Jan 18 101 Feb 27
9312 Apr 106 July
613
61
/
4
618 63
8
8
6
63
8
6,000 Otis Steel
612
914 June
8 Feb 19
No par
418 Jan 4
114 Mar
- 6o
19 .18
19
1812 1812 19
201 .1714 191 1
/
4
Prior preferred
800
100
2012
9 Jan 2 25 Feb 20
214 Feb
213 June
4
83 83
83
83 83
.85
83
86
85
85
1,300 Owens-Illinois Glass Co__25 7814 Jan 3 94 Jan 30
3112 Mar 961 July ,
/
4
19
/ 192
1
4
4 1912 19
/ 19
1
4
1914
1912 x1831 1918 19
5,400 Pacific Gas & Electric,
25 1512 Jan 6 2312 Feb 7
15 Dec 32 July '
341 1 343
4 343 35
4
8
2,600 Pacific, Ltg Corp
34
/ 343
1
4
4 3412 3412 337 34
No par 2312 Jan 2 37 Feb 7
22 Dec 433 Jan
8
28
283 *261 1 2812 2812 28 2
8
29
274 2712 28
700 Pacific Mills
6
Feb 29 July
100 263 Jan 2 34 Feb 5
,
4
/ 84
1
4
.81
8312 *8012 8312 8212 8312 8312 8312 83
4
200 Pacific Telep & Teleg
100 72 Jan 11 8512 Mar 13
65 Mar 943 July
59,900 Packard Motor Car___No par
/
4
3 Jan 4
/
1
4
51*
61 July
6 Feb 23
/
1
4
514 512
518 512
/
1
4
13 Mar
4
51 a
53* 6
512 5
4
4
1
•10.4 11 12 *103 11,8 *103 1114 *103 11 ; *1034 114
4
3
Wan-Amer Petr & Trans_..„6 1034 Jan 9 1112 Jan 30
8 June
14 July
*287 29
8
*28
29l.3 301, *29
29
31
30
200 Park-Tilford Inc
3638 Oct
3012
1
24 Jan 4 3512 Feb 6
6
Jan
111
1 14
114
ill
11 •14
/
4
*1 18
1 Jan 11
13
8
3 July
2 Feb 5
800 Parmelee Transporta'n _No par
118 1,
4
/ Mar
1
4
1 13 1,2
13
4
131
2 3 Jan 22
1,900 Panhandle Prod & Ret_No par
8
1 12 112
11
/ 11
4
114 Jan 2
/
4
414 June
1 12 11
/
4
38 Apr
41; 434
412 472
/
1
4
212 June
412 4
43
4 5
11 Jan 2
/
4
43
4 5
20,700 :Paramount Publix ctfs____10
57 Feb 16
8
18 Apr
43
8 47
478 5
8
47
8 518
47
8 51 4
5
53
8
44,500 Park Utah C NI
414 July
81 Feb 15
/
4
1
314 Jan 11
84 Jan
8 3
3
3 1:
27
8 3
8
27
318 33
13,700 Pathe Exchange
212 July
No par
112 Jan 4
414 Mar 2
14 Jan
27
8 314
104 1831
/
1
/ 17
1
4
187
8 16
No par
/ 18
1
4
/ 174 1714 17
1
4
Preferred class A
1012 Jan 4 211 Mar 2
18
1414 Deo
14,900
/
4
114 Jan
1918 1912 197 2114
8
1812 19
1014 1014 1914 20
17 Jan 9 2112 Jan 2
/
1
4
16,100 PatIno Mines & Enterpr No par
5.8 Jan 25 Nov
3
914 July
414 Feb 1
700 Peerless Motor Car
3
2 Jan 2
8
34 Feb
318
3'8
314 314
3t
,
33
312 312
314 3
/
1
4
/
1
4
59
No par 56,8 Star 27 134 Jan 30 x2512 Feb 60 Dee
59
1,600 Penick & Ford
57 57 .57
8
/
4
60
56, .561 5812 59
No par 5112 Jan 4 87 8 Mar 3
6313 641
. 611 1 62
1914 Mar 56 Dee
62
63
6,300 Penney (J C)
7
. 641 1 643
4 6112 621
100 105'3 Mar 8 108 Feb 19
Preferred
Jan 108 AU('
•107 108 - .107 108 •107 108 *107 108 •107 108
90
612
8 *6
3 Jan 6
/
1
4
/ Jan
1
4
912 June
53
4 57
1,200 Penn-Dixie Cernent___No par
7 Feb 5
/
1
4
618 63
4
614 612
100 13 Jan 8 2912 Feb 19
Preferred series A
414 Mar 32 July
.18
23
25
*17
23
23
23
23
26 .23
100
3814 *3712 39
25 Dec 78
38
8
39
1,000 People's G L & C (Chic)_100 27 Jan 4 437 Feb 6
39
37
39
394 37
Jan
612 Feb
914 Jan 3 15 Feb 23
No par
Pet Milk
1514 June
.1312 1414 .133 141 4 .1312 1414 .1312 1411 .135* 141
4
/
4
8
5
9 Jan 5 141 Feb 3
43 Jan
s
8 117 i2'o
4,000 Petroleum Corp of Am
123 x1218 123
4
15 July
13
13
13
131 12
/
4
25 1433 Star 27 183 Feb 16
-Dodge Corp
412 Jan
1610
143 15,
4
187 Sept
4 15
9,500 Phelps
4
8
153 153
8
8
8 1512 154 145 15
/
1
2112 Nov
33
32
32
36 July
300 Philadelphia CO 6% pref_..5O 2414 Jan 2 37 Feb 9
*3312 34
*33
3418 3418 344 x33
No par 49 Jan 12 848 Feb 17
4
62
$6 preferred
3814 Dec 82 July
300
.60
59
624 •60
/
1
59 12 .5912 .60
6212 59
3 5
4,
2 413
No par
3 Jan 4
/
1
4
413 412
47
5,100 Phila & Read C dr I
438 4 8
4
/ 47
1
4
8
21 2 Feb
8
614 Feb 21
912 July
4,500 Phillip Morris & Co Ltd___10 1112 Jan 3 2014 Mar 26
19
19
/ 2018 20
1
4
s
2014
1812 1913 187 1918 19
8 Feb
147 June
8
,Vo par
9 Jan 5 183 Mar 29
500 PhillIps Jones Corp
183
4
3 Feb
*1211 167
8 15
4
•1312 161, •1414 153 .12
14
163 July
2
4
No par
15'8 Jan 9 187 Mar 211
36,700 Philips l'etroleum
8
183
8 1818 1813
1813 183
8
; 1812 1873 175 1818 18
484 Jan
183 Sept
4
Phoenix Hosiery
5
8 Jan 11
1018 •84 10
1312 Feb 3
.9
11
11 Mar
/
4
174 Den
/
1
1012 •7
.9 . 101 .6
/
4
16,000 Pierce-Arrow Mot Car Co5
2 Jan 16
612 Feb Ill
8 4
5
/
1
4
/
1
4
51 1
3 Dec
431 41
518 512
/
4
712 Nov
5
45
5
7
3
7
8
*7
8
7
8
1
1
7
8
7
8
1,300 Pierce 011 Corp
25
34 Jan 4
/
118 Jan 30
4
'8
I
11 June
14 Jan
Preferred
100
10u
912 94 .9
/
1
*9
11
11
*9
.812 9
1012
712 Jan 15 1034 Feb 14
3 Feb
/
1
4
13 Jane
/
1
4
1,200 Pierce Petroleum
No par
133
114 Jan 13
2 Feb 6
112
11
/
4
/ Jan
1
4
1 12
11
2 June
/
4
/
1
4
112 112
112
11 11
/
4
/
4
No par
221 23
/
4
300 Pillsbury Flour Mills
1812 Jan 8 23 4 Jan 3(1
267g June
*2218 2278
22
/ 227 *221; 2212 '2233 23
1
4
8
93 Feb
8
3
75 Nov
400 Pirelli Co of Italy Amer shares 701 Jan 22 8412 Mar 21
843 8412 *8218 84
8
8212 8212 *8312 871 8418 8418
333 Apr
/
4
8
/
4
Pittsburgh Coal of l'a
*15
.1314 167 .1314 16 .134 1612 *1314 17
16
8
100
912 Jan 9 1812 Feb 19
4 Feb 23 July
Preferred
300
*35
100 30 Jan 8 4212 Feb 1
/
4
371 .35
17
/
4
Jan 48 July
35,1 35 351 3718 3718 .32
37,
4
1
•Bld and asked prices, no sales on this day. I Companies reported In receivership.
a Optional sale. c Cash sale. 3 Sold 15 days. x Ex-dividend.
2217
New York Stock Record-Continued-Page 7
121r FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS LIST. SEE SEVE,NTH PAGE PRECEDING.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday
Mar.24.
Monday
Mar.26.
Tuesday
Mar.27.
Wednesday
Mar.28.
Thursday
Mar. 29.
Friday
Mar.30.
$ per share $ per share $ per share $ per share $ per share 5 per share
93
4
912 95
9
914 912
1014
918 1014 10
3734 *31
*3412 3734 *34% 3734 3412 3412 *31
373
4
*214 212
214 214 *114 214 •112 212
*214 3
12
1214 1214 *11
11
*1012 1212 10
•12
14
.31
5
4
4
4
312
312
*312 414 *312 4
*5012 5312
5434 51
51
•517 543 *51
8
4
51
51
*312 4
*312 4
32 312 •3
34
3
*313 4
1438 14
14
1418 14
4
1458 143
4 143 15
1414
4
8 103 103
*1114 1112 1118 1118 1012 107
4 1012 1012
*418 414
414
412 412 *414 434 *4
*414 434
*212 25
8 *23
8 258
214 238
238
214 214 *2
2138 22
2233 2333 2314 24
2114 22
22 2214
22 *15 22 *15 22 *15
22
*15
2012 *15
41
37
8 418
4
4
4
4 18
414
*4% 414
*16
18
1712 *1438 17 •1412 17
1612 1612 17
351
34
3434 348 35
35
34% 3514
343 35
4
10612 10612 *10614 10712 *10614 110 10612 10612 *10614 110
78 1
78 1
1
1%
1
1%
7
s 1
514 514
5
4% 412
412 412
412 412
538
3934 38
381
3818 383
4 39
3833 3912 39
3933
*7512 7712 773 773
8
78 •763 78
*7612 78'2 78
4
4
93 *9212 931 *92 9312
931 *91
*92 931 *92
•10314 105 *10314 105 *102 1041 *102 10412 102 10412
*116 12018 *116 12018 *116 1201 *114 121
114 114
10012 10012 *10018 10012
*100 101 .10014 10114 *10014 101
5512 53 54
54
547
8 55
5212 5338 5314 5414
1212 1233 12% 1318 1112 12*8 12 .1238 124 1218
7212 723
73 73
74
74
7318
7312 7312 73
1484 143
4
4 148 15
1518 1518 1514 153
4 15 15
733 73
714 733
714 7 8
3
718 712
78 8
1
4
530
3014 3114 3114 3114 *2912 31 '
31
31
31
22
22:2 2212 2314 2038 2112 2118 2214 2112 2214
318 314
318
3
318 314
314 312
33
8 312
*193 2014 1934 2014 1858 1912 1914 1914 187 1912
4
8
*934 1178 •1018 117
10
8 10
912 10
101s 1018
52 *50
5012 5012 *50
50
50
52 *50 52
37
43
4
312 4
4
3% 3 4
3
43
4 514
29
30
3312 35
3112 3214 3112 34
35
38
1212 12
1234 13
1214 1218 1212
127 1314 12
8
62 62
623 62 8 *625 66
8
*6312 68
8
5
6258 6258
*58
68
67 *55 68
*58
70 *55
*60
68
47
412 43
43
4 5
412 418
43
8 434
4
48
2114 218 2134 2212 1958 2012 2014 207
8 2012 2112
577 5814 5812 6034 54
5512 5414 5514 551 57
•4
9
*712 8
*8
712 8
73
8 8
812
•15
25 *15
25
25 *15
19% •15
1918 *15
s 193 20
1834 1918 1912 197
5s
4
183 188 1914 193
4
8
*912 1014 *95 1014
1014 1012 1012 1012 *912 10
4012 4012 404
4058 41
4014 40
4012 41% 40
57 57 *57 58
*57
58
57
57
57
57
11
11
11
11
*11
12
12
1184 113
4 12
8% 812
814 81
8% 87
8
834 87
8
812 834
*355, 363 *3512 36
*357 3634 36
,
355 3614
8
36
4
2012 2184 203 21*3 217s 22*3
2214 225
*2154 22
5012 51's
51
52
8 5018 51
8 5112 523
523 523
8
99
9912
99 99
*9812 99
99 99
99
99
Stock
8
4
*106% 107 1064 1063 1063 106% 10614 107*4 10634 10634
912
*9
10
918 91
4
*912 103
10
10
3513 Exchange
8g 37
3414 35*4 35
3314 35
3578 3714 35
4
*6
614
6
6
534 6
533 558
533 55
Closed*20
*2012 22 *20
22
22
112112 2312 •2112 24
47
4712 4712 47
*461 47
47
47
*4712 48
Good
34 34
3212 33
3212 33
34
34 .33
34
8 41.
*33
4 41, *35
8 41
*33
4 4% *35
*33
4 5
Friday
4814
8
; 47
4
8 465 473
4758 4814 475 484 443 463
*
258 258 *212 234 *212 27$
2
54 234
238 238
*4012 51
*4012 51
*4112 51
*4112 51
*4012 51
118 114
11
118 114
118 118
1'4
118 114
73
77
71
73
8
718 73
8
68 718
638 7
1114 1112 1134 117k
111
12
1214 117 1212 11
•10
11
1012 *912 1014 1012 1012
1012 1012 10
*63
4 7
*634 7
7
7
7
7
65, 634
*4212 44 *4274 44
*43
45 *43% 4412 *4212 44
/
97 10
958 938
4
912 93
4
10
I038
918 93
76
76
*77
78
*77
78
75
76 75 75
1918 1912 187 1934 1712 1814 1815 183
8 18% 1858
10
10
*934 1018
912 934 *912 10
10
10
97 10
*97 10
1014 1014 10% 103
10
8 10
*6112 6212 *61% 6212 *6112 6214 6112 63 •61
67
*23
20 *23
29 •23 26 *23
29 •23
29
*30
33
327 327 *30
33 *30 3712
33 *30
8
13
13
*1214 1314 1112 12
12
12
12% 127
8
163 163
1 1612 15 8 1612
4 163 167
4
8
8 153 16% 15
7
9612 9612 9612 96
•--,- 96% *93 96 *91
963
4
3238 31% 32
3214 3214 32
32
32
32 32%
•120 130 *120 130 *120 130 *125 130
125 125
177 1834 183 19
18
1858 1812 183
4
4 1814 1834
8 414 •114 414 *13
*114 4% *13
8 414 *158 414
*8
914 *8
*75
8
8
914
8 818 *75
8 85s
57
•50
57 *50
55 *51
*51
57 *51
55
58
938 938 .
*334 11
.314 11
11
•8
11
45 *35
*35
45 *35
•35391
391_ *35
64 - 768
612 634
6% 61
633 7%
614 612
*31
314 312 *31
*35
414 *312 414
% 37
4
2214 2012 201 *20% 21
2214 2212 22
2012 2013
97 1038
934 1014
912 954
918 91
958 10
*1013 12
*1012 12
•1012 1138 •1012 1178 *1012 12
29
29
29
29
29
29 .2614 29
*2614 29
45
483
50
4812 51*2 5034 53
4412 4818 48
20% 207
2012 2Q7
2118 2154 211 217
s 2033 213
*12214
•123 .. .
4
4
*12234 _ _. •1223 - _ *1223 _
684
612 - 58
658 638 13
7% 714
718 7%
8
12
12:2 1258 1258 1212 127s
13
1318 1314 137
12
4 1212 1314 12
123s •12% 1214 12
123 123
4
2412 x2414 241 *2314 25
27
2812 24
*2513 26
27 *2614 28
2818 2812 29's 2611 2734 x27
28
•13
8 113
112 *138 It
*138
112 11
*0
8 112
.
01034 1043 *104 1043 104 10434 *104 1043 *104 105
36% 3612 3758
4 36
3618 37% 3514 353
3612 364
4
4
8
371 *343 373 *343 371 *344 37 4
4
*343 371 *37
4411 4458 443 4484 4438 45's
45% 45 455
45
1114 1014 103 *10
1014 1014 1112
4
*1012 1114 11
2
2
2
218 *178 2
2% 2% 5,2% 23*
533 5 8 *514 57
3
512 512
8
578 533
6
*53
3412 3412 *3414 35% *3414 3518 *341. 3438 •3414 35
812 812
814 812
914
833 87
9
8% 914
98 9 4
3
3
914 912
9% 912
9% 1014
97 1018
8
714 73,
714 755
74 712
78 818
712 77
32 32
34
34 *31
34
3414 337 35 *28
6012 *5814 6012
58 *58
5912 5912 58
.58 60
•10812 1097 1097 11012 *10812 110% *10812 110 *10812 109
3
8
1978 *19 197 *19
197
•1834 1912 1912 1912 *19
218 233
238 2%
218
2
214 23
238 23
8
13
*1112 1214 *12
12
12
12% 1258 1212 13
4
4
4%
4
4% *4
4% *4% 414
*4
*134, 2
.134 2
*1% 2
•112 1% *154 2
37
4
4
4
4
418 418 *37
414 414
12
1233 12
113 114
4
131 *12
1312 •12
*12
518 5*8
5,
s 5'8
514 514
*514 558
*514 3
26
2534 26
26'z 2518 2534 2514 2558 253 2614
355 3688
3412 36
3412 35
3512 3612 3518 363
38g
38
334 37
33
33
4 33
334 4
4
77
914 10*8
87
712 73
73
4 77
712 712
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On Oasis of 100-share lots.
Highest.
Lowest.
5 per share $
Indus.& MisceII.(Con.) Par $ per share
7 Jan 5 107 Feb 21
Pittsburgh Screw & Bolt No par
Pitts Steel 7% cum pref...100 30 Jan 4 43 Feb 21
312 Feb 21
2 Jan 19
100
Pitts Term Coal Corp
81s Jan 4 1712 Feb 23
100
6% preferred
5 Feb 19
214 Jan 2
25
Pittsburgh United
100 37 Jan 2 597 Feb 19
Preferred
5 Feb 21
184 Jan 4
No par
Pittston Co (The)
5 121 s Jan 13 1634 Jan 30
Plymouth 011 Co
'
914 Jan 2 1478 Feb 5
Poor & Co class B
No par
614 Jan 30
3 Jan 12
Porto Rio-Am Tob cl A_No par
3% Jan 30
112 Jan 3
Class 13
No par
Postal Tel & Cable 7% prat 100 21 Jan 3 2938 Feb 6
Prairie Pipe Line
25 14 Jan 10 20 Feb 28
512 Feb 16
17 Jan 5
No par
2,700 /Pressed Steel Car
Preferred
100
68 Jan 5 22 Feb 17
400
No par 34 Mar 21 4114 Jan 23
7,000 Procter & Gamble
5% pref (ear of Feb 1'29)100 10212 Jan 22 10612 Mar 20
20
1% Mar 15
14 Jan 2
19,900 /Producers dr Refiners Corp_50
50
Feb 19
212 Jan 4
Preferred
1,300
4.200 Pub Ser Corp of N J___No par 34 Jan 4 45 Feb 6
No par 67 Jan 2 84 Feb 6
85 preferred
200
100 79 Jan 8 95 Feb 14
6% preferred
100 90 Jan 8 106 Feb 21
7% preferred
100 105 Jan 12 11912 Feb 17
100 8% preferred
100 Pub Ser El & Gas pt $5_No par 90 Jan 10 10114 Mar 14
No par 5014 Jan 8 598 Feb 5
7,500 Pullman Inc
No par 1018 Jan 8 14% Feb 16
15,200 Pure 011 (The)
4
100 583 Jan 9 80 Feb 6
440 8% cony preferred
No par 1214 Jan 6 19% Feb 5
1,600 Purity Bakeries
918 Feb 6
612 Jan 4
No par
46,400 Radio Corp of Amer
Preferred
50 2314 Jan 4 341 Feb 15
1,100
Preferred B
No par 15 Jan 4 2418 Feb 16
7,800
414 Feb 17
214 Jan 9
9,000 tRadlo-Keith-Orph____No par
2,000 Raybestos Manhattan_No par 16 Jan 9 23 Feb 5
83 Jan 9 14 Feb 6
10
500 Real Silk Hosiery
100 45 Jan 23 52 Jan 27
Preferred
30
514 Mar 29
218 Jan 5
21,200 Reis (Robt) & Co____No par
100 1313 Jan 3 38 Mar 29
1st preferred
3,100
638 Jan 6 1338 Feb 23
1
14,400 Remington-Rand
100 3233 Jan 5 6912 Mar 14
1st preferred
300
100 30 Jan 8 67 Mar 14
2d preferred
512 Feb 23
3% Jan 2
5
7,900 Boo Motor Car
4
39,700 Republlo Steel Corp_No par 16 Jan 4 253 Feb 23
100 39 Jan 4 6712 Feb 23
6% cony preferred
6,400
5 Jan 8 10% Feb 16
400 Revere Copper & Brass_No par
No par 1114 Jan 29 1114 Jan 29
Class A
5,600 Reynolds Metal Co No par 1512 Jan 2 2134 Feb 6
4
611 Jan 9 123 Feb 7
No par
300 Reynolds Spring
8,500 Reynolds(R J) Tob class B_10 3934 Mar 21 4513 Jan 9
8
10 57 Jan 5 597 Jan 3
Class A
40
9 Jan 17 1312 Feb 8
No par
600 Miner Dental Mfg
4 Jan 3 1014 Feb 6
5
2,400 Rossia Insurance Co
300 Royal Dutch Co(NY shares) 3518 Mar 29 3918 Feb 19
10 2012 Mar 27 277 Feb 5
4,400 St Joseph Lead
No par 44 Jan 5 56 Feb 5
3,800 Safeway Stores
3
100 84 4 Jan 3 100 Mar 5
6% preferred
200
100 9812 Jan 15 210712Mar 12
7% preferred
210
6 Jan 13 1214 Feb 15
300 Savage Arms Corp____No par
5 2614 Jan 6 3712Mar 23
96,380 Schenley Distillers Corp
8 Feb 5
334 Jan 4
1
2,400 Schulte Retail Stores
Preferred
100 15 Jan 2 30 Feb 6
• No par 41 Jan 10 4712 Mar 26
30 Scott Paper Co
2,000 Seaboard 011 000f Del_No par 2538 Jan 6 37 Mar 2
47 Feb 7
258 Jan 18
No par
Seagrave Corp
37,900 Sears. Roebuck dr Co No par 4012 Jan 4 5114 Feb 5
414 Jan 26
214 Jan 2
1
300 Second Nat Investors
1 32 Jan 8 4518 Feb 2
Preferred
2 Jan 22
1 Jan 5
:Seneca Copper
No par
3.400
7 8 Mar 29
7
434 Jan 8
1
64,300 Servel Inc
Mg Jan 2 1378 Mar 9
No par
8,600 Shattuck (F CI)
51 Jan 11 1314 Feb 23
No par
600 Sharon Steel Hoop
77 Feb 5
434 Jan 2
No par
500 Sharpe & Dohme
Cony preferred ear A_No par 3814 Jan 8 46 Jan 29
7 8 Jan 3 1112 Jan 27
7
No par
5,400 Shell Union 011
Cony preferred
100 58 Jan 2 89 Jan 26
500
No par 17 Jan 3 241 Feb 5
6,900 Simmons Co
9 Jan 4 1112 Feb 5
10
500 Simms Petroleum
77 Jan 10 1078 Feb 16
25
1.400 Skelly 011 Co
300
4
Preferred
100 543 Jan 9 64 Feb 2
Sloss-Sheff Steel & Iron__100 15 Jan 9 2712 Feb 17
100 2312 Jan 2 38 Feb 17
7% preferred
10
634 Jan 3 15 Mar 3
2,100 Snider Packing Corp__No par
8
25 151s Jan 4 197 Feb 5
29,600 Socony Vacuum Corp
300 Solvay Am Invt Tr pref__100 86 Jan 8 99 Mar 8
2,200 So Porto Rico Sugar ___No par 3138 Mar 19 3938 Feb 5
Preferred
100 115 Jan 16 130 Mar 20
20
/
1
4
25 15 Jan 4 2218 Feb 7
7,600 Southern Calif Edison
2 4 Jan 15
3
21.4 Jan 15
B__No par
Southern Dairies el
58g Jan 10
858 Mar 6
100 Spalding(AG)& Bros_No par
100 80% Jan 11 57 Mar 14
Ist preferred
7 Jan 22 11 Feb 26
100 SpangChalfant&ColnoNopar
100 30 Jan 23 45 Feb 23
Preferred
8 Feb 21
358 Jan 5
8,800 Sparks WithIngton____No par
43 Feb 5
2 Jan 3
No par
60 Spear & Co
700 Spencer Kellogg & Sons No par 1534 Jan 5 2412 Feb 23
I
5541 Jan 5 1038 Feb 1
68,600 Sperry Corp (The) v t o
8 Jan 10 13 Feb 7
Spicer Mfg Co
No par
Cony preferred A
No par 2138 Jan 2 31% Feb 20
30
16,600 Splegel-May-Stern Co_No par 19 Jan 4 53 Mar 29
No par 2058 Mar 27 2514 Feb 1
24,100 Standard Brands
Preferred
No par 12114 Jan 3 12312klar 6
8 Mar 13
4 Jan 9
1,200 Stand Comm Tobaceo_No par
658 Jan 4 17 Feb 6
5,500 Standard Gas & El Co_No par
75 Jan 8 17 Feb 6
Preferred
1,800
No par
$6 cum prior pref....No par 16 Jan 10 33 Feb 6
900
37 cum prior pref
No par 17% Jan 4 3634 Feb 7
1,400
200 Stand Investing Corp No par
1% Jan 5
7 Jan 13
8
400 Standard 011 Export pref__100 961e Jan 2 10434 Mar 15
12,300 Standard 011 of Calif
No par 3514 Mar 27 427 Jan 30
Standard 011 of Kansas____10 3334 Feb 13 38 Jan 3
23,700 Standard 011 of New Jersey_25 4418 Mar 20 5018 Feb 17
1,200 Starrett Co (The) L S__No par
6 Jan 15 1218 Mar 14
700 Sterling Securities CIA-No par
3 Feb 6
138 Jan 2
Preferred
700
7 Feb 6
3 Jan 3
No par
100
Convertible preterred__50 30 Jan 12 36h Feb I
10
3,800 Stewart-Warner
6% Jan 8 103 Feb 21
9,500 Stone & Webster
6 Jan 6 134 Feb 6
No par
43 Jan 2
9% Feb 21
21,600 /Studebaker Corp(The)No par
1,800
Preferred
100 1912 Jan 2 47 Feb 19
5118 Jan 2 6112 Feb 19
400 Sun 011
No par
60
Preferred
100 100 Jan 17 11012 Mar 22
100 Superheater Co (The)__No par 15 Jan 6 2514 Feb 5
3 Feb 1
3,300 Superior 011
1
1 4 Jan 3
3
3
100 1014 Jan 4 15 4 Feb 19
400 Superior Steel
5 4 Jan 28
3
314 Jan 9
400 Sweets Co of Amer (The)._ _50
212 Feb 19
11 Jan 3
No par
Symington Co
53 Feb 23
314 Jan 11
No par
Class A
1,000
3
5 10 4 Jan 2 1514 Feb 1
300 Telautograph Corp
6 Feb 19
/
1
4
5
418 Jan 8
500 Tennessee Corp
25 23% Jan 12 2938 Feb 5
14,400 Texas Corp (The)
19,200 Texas Gulf Sulphur____No par 3412 Mar 27 4314 Feb 6
31 Jan 8
4% Jan 30
1,900 Texas Pacific Coal & 011_10
6h Jan 6 1018 Mar 29
55,700 Texas Pacific Land Trust...1
Shares.
4,500
20
100
40
400
30
100
6,300
1,000
100
300
3,100
PER SHARE
Range for Previous
Year 1933.
Lowest.
Highest.
per share $ per share
17 Feb 1134 July
1014 Jan 3834 May
67 July
h Feb
8
4 Jan 2312 July
612 July
3 Feb
4
lb% Feb 64 July
7 June
38 Apr
64 Feb 175 July
1% Apr 1334 July
8 June
1% Mar
4 May
5 Feb
8
3
4 Feb 40 4 June
7 Mar 22 July
511 June
5 Jan
8
3 Jan 18 June
195 Feb 4712 July
4
97 Apr 1103 Nov
2 8 June
7
14 Jan
13 June
2 Nov
8258 Nov 5718 June
597 Nov 8812 Jan
8
75 Dec 1013 Jan
84 Dec 112% Jan
99 Nov 125 Jan
83% Dec 10312 Jan
18 Feb 5818 July
8
212 Mar 153 Sept
8
30 Mar 697 Sept
57 Feb 253 July
8
3 Feb 1214 July
1314 Feb 40 May
612 Feb 27 July
5 4June
11
1 Mar
5 Feb 2058 Sept
51 Feb 207 June
8
25 Jan 60 May
412 July
14 Jan
118 Jan 1812 June
2% Feb1114 July
713 Feb3712 July
3
8 Feb35 4 Deo
138 Feb6% June
4 Feb 23 July
9 Feb 5412 July
114 Jan 12 June
214 Mar 25 June
6 Feb 2112 June I
4
III Feb 153 July
2612 Jan z5414 Sept
80 Jan 6234 Jan
612 Feb 165 June
8
2 Apr 107 June
4
17% Mar 393 Nov
618 Feb 3138 Sept
8
28 Mar 623 July
72 Apr 9412 July
8014 Feb 105 Sept '
214 Apr 12 July
24 Nov 4514 Aug
18 Mar 1014 July
31 Apr 3534 July
28 Jan 447 July
15 Feb 43 * Sept
3
434 July
11% Feb
1212 Feb 47 July
5 June
114 Feb
24 Feb 48 July
35 June
18 Mar
7% July
112 Feb
534 Apr 1314 July
Ds Feb 12 July
88* June .
212 Feb
2114 Mar 4178 July
312 Feb 115 July
2812 Mar 61 July
438 Feb 31 July
8
4% Feb 123 June
9 8 June
7
3 Feb
22 Feb 5712 July
7 Jan 35 July
814 Feb42 July
934 July
58 Mar
6 Mar 17 Nov
58 Feb92 July
15% Jan 4858 July
112 Jan 132 July
14% Nov28 Jan
1% Feb78g June
4 Jan 1178 July
2518 Mar 61 June
412 Feb 1512 July
1718 Feb 50 June
8 June
h Feb
512 June
h Jan
vi Apr 22 July
71 July
2% May
5 Jan 16 June
1138 Mar 3212.11113e
1 Feb 2112 Dec
5
1334 Mar 37 8 July
120 July 124 May
1
Jan
9% Aug
518 Mar 2212 June
6h Dec 2578 June
15 Dec 61 June
15 Dec 66 June
27 June
8
12 Mar
9212 Mar 10234 Sept
1912 Mar 45 Nov
7 Dee
1234 Apr 39 k
2234 Mar 4713 Nov
4 Feb1112 June
37 June
18 Jan
113 Feb738 June
20 Mar 3614 July
212 Feb11% July
512 Dec 194 July
112 Mar
8 e June
3
9 APT 3818 June
35 Feb 59 Nov
89 Mar 103 July
712 Feb 27 July
412 July
3 Jan
4
8
2 Feb 223 July
I Mar 10 July
Is Apr3 June
5% July
14 Apr
818 Feb 163* July
138 Feb7 Aug
14
10 4 Feb305 Sept
3
1514 Feb45% Nov
138 Mar
612 May
312 Mar 11% June
•Bid and asked prices, no sales on this day. t Companies reported In receivership. a Optional sale. c Cash sale. z Ex-dividend. y Ex rights.
New York Stock Record--Concluded--Page8
2218
Mar. 31 1934
i_ar FOR SALES DURING THE WEEK OF STOCKS NOT RECORDED IN THIS
LIST, SEE EIGHTH PAGE PRECEDING.
HIGH AND LOIV SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday I Monday
Mar.24.
Mar. 25.
$ per share
Ills Ills
*4078 44
•9
10
...___ 70
63
g 638
•1512 1818
*812 87
g
163 173
4
4
4
.19
2112
1114 11%
•76
78
.2912 36
*85
88
618 64
34
3518
67
8 7
•1014 11 14
45
8 43
4
•6258 71
36
36
*2
218
77
8
*Ts 314
42
43
51
52
4212 4312
17
1714
1814 1812
245 2518
8
$ per share
1212 1234
.407 44
*9
10
*.....
70
73
63
4
.1512 1818
87
8 87
9
1712 18
4
418
.19
21
1138 II%
75
76
31
31
85
88
63
8 67
8
3514 3638
7
7 14
107 1114
8
5
518
71
.69
363 37
8
2
218
8
818
314 314
4312 44(4
52
52
4312 4412
17
173
1814 1814
233 2514
4
Tuesday 'Wednesday
Mar. 27.
Mar.28.
$ per share
ni, 124,
.403 44
;
.9
1012
*45
65
612 63
4
.1612 18
*812 87
g
1512 164
33
4 4
.18
1918
loss n
74
7412
.2412 36
*85
88
6
6 1s
331 1 34
67
8 7
10
10
412 43
4
•625 71
8
35 8 36%
3
214 214
714
73
3
3
425 43
8
4812 .50
4112 423
4
16
163
4
.173 18
4
2114 23
$ per share
12
12
.403 437
8
8
*812 1012
.55
70
612 61a
.1612 18
*8
83
4
17
17
3 4 3%
3
.18
21
wl, 1118
.73
75
.26
36
.85
88
6
6 12
3312 3438
69 7
10
101 1
43
4 43
4
0625 71
8
*36
37
214 21 1
•712 731
3
3
43
4314
4912 4912
413 4212
4
1638 17
177 177
3
8
223 233
4
4
Thursday
Mar.29.
Friday
Mar. 30.
$ per share $ per share
12
12 1
.4038 437
0812 9
*5518 70
6% 67u
.17
18
*814 87
8
174
17
33
4 37
8
.18
21
ws 114
.73
75
.2712 36
*85
88
612 63
8
34
3414
67g
718
.10
103
47
47
8
•64
71
37
37
*2
212
7 4 73
3
4
2% 3
441g 4418
50
5112
4210 43
1638 17
18
18
23
24
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On baits of 100-share lots.
Lowest.
Highest.
PER SHARE
Rangefor Previous
Year 1933.
Lowest.
Highest.
Shares. Indus.& Miscell.(Cond.) Par $ per share
$ per share $ per share $ per share
1,200 Thatcher Mfg
No par
10 Jan 4 1512 Jan 30
5 Feb 2218 July
$3.60 cony pref
No par
39 Jan 15 44 Jan 29
2738 Feb 44 July
The Fair
6 Jan 6 12% Feb 16
No par
23 Mar 1212 May
8
r
7% preferred
100 50 Jan 10 79 Feb 27
33 Feb 70 July
5,900 Thermold Co
1
5 Jan 4
34
918 Feb 19
1
Feb
1012 July
Third Nat Investors
1
131 2 Jan 2 1938 Feb 6
10 Mar 2114 July
100 Thompson (J Ii)
11 Feb 5
712 Jan 18
25
6 13ec
1512 June
53 Jan 2014 Sept
3,200 Thompson Products Inc No par
1318 Jan 4 20% Feb 16
2,500 Thomix.on-Starrett Co_No par
3 Jan 3
512 Jan 29
12 Mar
912 June
53.50 cum pref
No par 20 Mar 3 2412 Jan 30
12
Jan 30 June
16,200 Tidewater Assoc 011
No par
4
812 Jan 4 113 Feb 5
318 Jan
113 Sept
4
Preferred
700
100 6412 Jan 4 7712 Mar 22
2312 Apr 6514 Nov
100 Tide Water Oil
No pa, 31 Mar 26 31 :gar 26
914 Apr 26 Dec
I
Preferred
100 80 Jun II 88 Mar 19
45
Feb 80 Dec
37$ Jan 4
12.400 Timken Detroit Axle
73 Feb 21
8
10
112 Mar
814 June
9,000 Timken Roller BearIng_No par 2918 Jan 4 41 Feb 5
133 Feb 3512 July
4
13,900: Transamerica Corp_ _ __No par
812 Feb 5
812 Jan 3
25 Mar
8
93 July
8
13 Feb 17
700• Transue h Williams Sel No par
27 Mar 1712 July
8
812 Jan 2 13
0,6001 Tri-Continental Corp__No par
4
43 Jan 8
8
63 Feb 3
23 Feb
4
83 July
4
6% preferred
Apr 275 NtuF
No par 6014 Jan 9 7612 Feb 9
41
1,100 Trlco Products Corp
No par 33 Jan 6 40 Feb 3
2018 Feb 387 July
600 Truax Truer Coal
312 Feb 23
No par
514 July
138 Jan 3
12 AM
47 Jan 4
2.500 Truscon Steel
Ps Feb 19
2 Mar 123 June
10
4
1,200 Wen & Co
No par
8
4 Jan 15
23 Jan 5
% Jan
614 June
2.700 Under Elliott Fisher Co .Vo par 36 Jan 5 5112 Jan 20
914 Feb 3912 July
1.100 Union Bag & Pap Corp.No par 43 Jun 8 607 Feb 23
8
512 Jan 60 July
16,700 Union Carbide A Carb_No par 4112 Star 27 507 Jan 19
194 Feb 517 July
8,600 Union Oil California
812 Mar 233 July
21)12 Feb 5
8
25 157 Mar 21
700 Union Tank Car
No par
1012 Feb 2234 June
1538 Jan 9 21 Feb 5
49,700 United Aircraft & Tran_No par
1612 Mar 467 July
8
175 Feb 13 373 Feb 1
s
8
6% pref series A
51 12 Mar 68 June
N
•__12 - _31 -21 - '8 -21 ii- "Z.T is 4 -i " I 2
-ii- i.t
_ -ig-:
-71J4
2,700 United 131scult
-a14
a
1312 Feb 2738 July
No par 23 Jan 8 2712 Feb 5
.111 11112 *III 11112 .111 11112 .111 111 12.111 11112
Preferred
92 May 111
100 107 Jan 0 111 Mar 19
Dec
*3714 3731 3731 38
3714 371 1 3714 371 1 *3714 38
500 United Carbon
No par
35 Jan 4 4014 Feb 19
1014 Feb 38 Dec
(P. 63
63
4
4 67
8
63
8
WS
61 1
35.100 United Corp
M.
68 612
No par
87 Feb 7
8
4 Dec 1412 June
412 Jan 4
32% 33
4
323 3314 32
3212 .32% 33 - 3238 33
Preferred
2,200
No par 243 Jan 3 3778 Feb 7
4
2218 Nov 40% June
*43
4 51g
5
518 *43
4 5
043
4 5
130 United Dyewood Corp
*43
4 518
10
3% Jon 2
618 Feb 26
3 Feb
4
67 June
8
*312 414
4
4
318 4
*318 3%
4
4
1,000 United Electric Coal_ __No par
318 Jan 10
1 Star
538 Feb 21
87 July
8
6512 6538 6514 6614 6514 6538 6512 6.538 653 673
4
2
5,200 United Fruit
No par 59 Jan 5 89 Feb 5
2314 Jan 68 Aug
I67 17
g
163 17
4
1614 1638
8 1612 17
12,700 United Gas Improve. No par
1638 167
1414 Jan 4 2018 Feb 6
13% Dec 25 July
*9312 94
933 937 .92
4
94
93% 9318 •92
Preferred
300
933
No par 86 Jan 8 913 Feb 16
4
4
8212 Dec 100
Jan
.238 312 .212 312 .23
.23
8 3
3
3
8 312
200 :United Paperboard
100
13 Feb 13
4
35 Feb 19
8
512 July
12 Jan
*1012 11
1012 1012
912 938
912 1011 10
10
1,100 United Piece Dye Wks_No par
7 Jan 8 133 Feb 20
4
312 Mar 21% July
.40
593 .42
5934 *41
4
593 *48
4
593 *42
4
6b8% preferred
100 49 Jan 12 68 Feb 21
59 4
3
35 Dec 85 July
43
8 412
412 5
438 43g
47
1 43
4
47
8 5
3,600 United Stores class A__No par
314 Jan 11
512 Feb 5
714 July
5 Feb
4
*5212 68
*5212 68
*5212 88
*56
62
5512 5512
Preferred class A__No par 51% Mar 21
100
5512 Mar 29
45 Mar 66 July
.44
464 46
46
433 44
4
4412 447
4414 4414
1,100 Universal Leaf Tobacco No par 4014 Feb 26 473 Mar 16
4
2112 Apr 5112 July
.323 38
8
.3212 36
32
323 *32
8
3218 .32
39
20 Universal Picture, 1st pfd_ 100 167 Jan 8 3614 Mar 17
8
10
Apr 35 June
234 23
8
238 212
214 214
214 218
214
2.000 Universal Pipe & had
114 Jan 2
3 Feb 16
1
214
33 July
14 Apr
8
27
2712 27
226
273
27
4 2518 26
26% 2714
7,900 US Pipe & Foundry
618 Mar 2218 July
20 18 Jan 4 33 Feb 7
*1838 1812 1812 1812 *183 1812 x1812 187 *183 19
8
8
4
lot preferred
900
1612 Jan 11
No par
123 Apr 19 May
4
1938 Feb 23
*2
3
.2
3
.2
3
*2
3
.2
3
US DIstrib Corp
No par
Oct
112 Jan 5
4 Jan Si
6 June
1
%
3
4
*3
4
7
8
*3
4
200 U 9 Express
7
s
*3
4
7
3
118 Jan 18
100
*3
218 June
4
7
3 Star 5
8
8
3 Jan
8
.2234 2312 23
2314 2212 2212 *21 12 233 *2114 2334
4
400 U S Freight
No par
7 Feb
1912 Jan 4 2712 Feb f
2938 July
•115 12
8
1138 12
1118 1112 1114 1114 1112 1112
1,400 US & Foreign Secur
173 July
318 Feb
814 Jan 2 1514 Feb 5
No par
.7214 73
.72
75 .72
75
72
72
Preferred
*7014 75
100
No par 8314 Jan 5 78 Feb 2()
3612 Mar 84 July
38
38
39
40
3814 3938
38
Stock
39
•38
1,600 US Gypsum
18
20 3712 Star 22 5012 Jan 24
Feb 5312 July
*12214 124 .120 123 •120 123 . *120 123
7% preferred
120 120
10
100 115 Jan 10 125 Mar 16 10114 Jan 121 Sept
6
6
8 46
63
8 68
614
6% 63
45 Jan 9
8
614 614 Exchange
600 US Hoff Mach Corp
83 Feb 10
8
117 June
13 Apr
5
8
5414 55
5414 517
8 50
2,000 US industrial Alcohol_No par 50 Mar 27 64% Feb 9
5012 .51
53
51
5112
1312 Feb 94 July
93
*938 1038
.93 1014
4
9
9 12
93
4 *9 4 1012 Closed3
400 U S Leather v t o
No par
814 Jan 4 117 Jan 24
23 Mar 1714 July
8
8
*1514 163
8
16
16
1512 1531
1518 1518 1538 153
Class A 8 t o
1,300
,
No par
8
14 Jan 9 193 Feb I
4
4% Feb 273 July
4
.65
75
*65
74
75 .65
*65
Good
75
•76
Prior preferred v to
74
100 5512 Jan 5 80 Jan 30
30 Feb 7814 Sept
98 978
97 1014
9
5,400 U S Realty & Impt___No par
9 12
9% 914
914 912
4
73 Jan 9 123 Feb 2
4
1412 July
212 Feb
1914 193
4 193 2018 1814 187
3
9 1838 193
Friday
195
8 19
18,700 U S Rubber
No par
143 Jan 5 217 Feb 19
4
8
27 Feb 25 July
8
4438 4312 4512 4114 4212 417 4238 4212 437
44
1st preferred
7,100
100 2418 Jan 8 48 Feb 19
512 Feb 437 .111/31
110 120
120 1213 1157 11814 11812 121 2119 12412
4
8
29,600 US Smelting Ref & Min___50 9638 Jan 13 13512 Feb 16
1312 Jan 1055 Sept
8
*5912 6012 .59% 6012 597g 597 .61
Preferred
63 .61
g
6412
100
50 5412 Jan 13 6012 Mar 22
3912 Jan 58 Sept
5112 523
513 53 8 483 50,
4
3
4
8 49% 5038 50
53,100 US Steel Corp
5112
100 46 Jan 5 597 Feb 19
233 Mar 6712 July
.90
93
9012 91
89
90
Preferred
89 8912 8912 901,600
100 88 Jan 9 9912 Jan 5
63 Mar 10512 July
•101 10518 .101 10518 •101 105% •101 10518 .101 105,
1
U S '1 obacco
No par 99 Jan 5 110 Feb 6
69
Jan 10912 Dec
4
418
338 3 4 *3% 33
4,800 Utilities Pow & Lt A
3
4
33
1
8 33
25 Jan 5 5 3 Feb 6
4
8
8
1% Apr
8% June
•138 112
/
1 12 112
13
8 112
1% •13
1,100 Vadsco Sales
8 112
138
1 Jan 2
No par
17 Jan 25
318 July
% Jan
*2011
(
. .2014
•20 4
*2014 2312 2114 2114
Preferred
100
100 2() Jan 24 2114 Mar 29
1518 Jan
247 Sept
2612 - 2612 /jig 249 27
25
26
253
263
4 25
8
9,200 Vanadium Corp of Ara_No par 21 Jan 5 313 Feb 19
75 Mar 3614 July
8
*8
*712 8
*712 819
812 *8
814
74 8
3
300 Van Raulte Co Inc
5
412 Jan 2 10 Feb 6
15 May
8
10 July
455
58
*5512 57
5512 5512 *5412 57 *5412 57
7% 181 pref
100
100 x5414 Star 1
98 Feb 5
2012 May 65 Sept
37
4
37
8 4
4
4
37
8 338
800 Virginia-Carolina Chem No par
33
4 33
4
73 July
318 Jan 11
53 Jan 23
8
5 Feb
8
2012 2012 .20
2112 19
.185 2012 *1912 2012
19
8
6% preferred
300
33 Mar 2612 July
100 1412 Jan 3 26 Feb 5
74 .68
_ .68
•68
75 .68
74
74
7% preferred
100 593 Jan 8 73 Feb 5
4
3538 Mar 6312 July
.69- _.7212 74
7212 .7112 747
72
8 72
7212 7212 71
110 Virginia El & Pow $6 pf No par 65 Jan 2 78 Jan 30
60 Dec 855 Jan
8
71
.70
6612 68
6812 6912 71
7112 71
330 Vulcan DetinnIng
71
100 52 Jan 4 79 Mar 9
123 Feb 677 June
4
8
714 73
4 *712 73
8 •7
7
900 Waldorf System
75
7,
4
4 *7
No par
53 Jan 2
4
714
87 Feb 20
518 Dec
12 July
Walworth Co
1,400
5
4 .5
518 518
518
5
43
4 43
538
518
23 Jan 4
No par
63 Feb 1
8
83 June
7 Apr
s
8
838 97
100 Ward Baking class A No par
.
07
8 97
8
8 *83
618 Jan 5 12 Feb 5
3 912 *83
8 912 *135s 912
2% Mar 20 July
25
3
8 2%
278
21 Jan 11
2%
25, 2138
8 23
8 .2% 23
Class B
23
1,200
4
No par
3 Feb 5
55, July
5 Apr
8
30
30
8
.30
*293 31
30
Preferred
*293 32
8
31
200
30
100 2712 Jan 5 36 Jan 24
1112 Apr 447 July
8
612 63
28,500 Warner Bros Pictures
8
612 64
6
6%
8
618 68,
814 87
5
47 Jan 6
s
814 Feb 5
1
Feb
938 Sept
•193 24 .20
$3.85 cony pre
4
*193 22% .1934 2212 •1934 2212
4
22
No par
1812 Jan 19 243 Feb 6
4
414 Feb2412 Oct
238 238
218 238 .212 3
000 Warner Quinlan
4
8
No par
*23
23
8 23
8 25
15 Jan 4
8
47 June
3% Feb 16
5 Mar
8
97 1012
97 1014 1018 1014
1114 1114 107 1114
8
3,100 Warren Bros
No par
9.8 Jan 4 1353 Jan 24
3
212 Feb 223 June
8
Convertible pref
1912 19
*1912 21
No par
21
213
380
20
4 19
19
16 Jan 8 247 Jan 23
1918
712 Feb 355 June
8
*25
2512 *2412 2512 2412 2412 *2412 2512 2412 2412
200 Warren Fdy dr Pipe
No par 2114 Star 8 31 Jan 20
5 Feb 30 Dec
.5
5 Slat 27
No par
1,400 Webster Elsenlohr
6
*51 1 512
7 Jan 25
5
5
1
Jan
5
8 July'
5
5
5
112
118
8 •112 1%
*112 1%
112
150 Wells Fargo & Co
112 *112 13
1
1 Jan 17
214 Jan 23
18 Apr
312 J111113
*2434 2512 2434 251
; 2312 2414 2412 2412 2412 26
2,000 Wesson 011 & Snowdrift No par
153 Jan 4 273 Feb 21
8
7 Mar 3712 July
.58
$714 58
Cony preferred
60 .58% 60
58
No par 5212 Jan 5 60 Feb 23
58
58
300
58
40 Star 63 July
4 5218 5312 53
54% 5,51, 5412 553
11,800 Western Union Telegraph_100 5112 Jan 4 667 Feb 6
5412 5412 5512
8
1714 Feb 7714 July
2912 30
3012 3012 3012 31
2812 3014 229
3,600 Weatinglfee Air Brake_No par 283 Jan 5 38 Feb 6
30
4
1134 Jan 355 July
8
3014 3618 37
37% 3838 38
3614 37
17,000 Westinghouse El & Mfg___50 353 Jan 4 4714 Feb 5
8
3612 373
1938 Feb 583 July
4
.8512 87
*8512 8614 85 8512 8412 8412 85
101 preferred
50 8312 Jan 17 92 Jan 30
60
85
6012 Feb 00 July
12 .107 1114 . e 1114
11
8
11
200 Weston Eleo Instruml_No par
1112 1112 .11
6% Jan 3 14 Feb 5
107
1314 July
312 Feb
.23__ .23
23 .23
__
23
Class A
___ .23
No par
100
___
163 Jan 5 23 Mar 27
8
10 Mar 22% July
.56 West Penn Elea class A_No par 4412 Jan 8 66 Feb 6
e0 '66 - 6
60
0 .55
60 .56 *56 60
30
Apr
73 June
Preferred
*65
65 6512 653 67
661s 68
100 615 Jan 8 7012 Feb 7
4
67
66
230
65
37
Apr 773 June
59
*57
57
8% preferred
59
5878 58%
100 45 Jan 3 60 Jan 29
59
57
59
60
57
3312 Apr 6912 July;
01045 106
West Penn Power pref
105 105 *105 106
8
100 8912 Jan 2 107 Mar 10
106
105 105
106
30
8812 Dec 1105, Jan
*9238 93
8
.92% 95
6% preferred
923 923 *9238 95
100 783 Jan 10 95 Feb 7
9
20
93
4
Jan
80 Dec 101
4% 414
438
41 1
414 434
4
4
1,100 West Dairy Prod Cl A__No par
4
4
3 Jan 10
614 Jan 30
4
113 June'
212 Apr
12
13
8
112
1%
8
13
8
No par
112 15
112
Class B v t c
112 112
3,700
118 Jan 3
212 Jan 30
414 June
78 Mar
2138 *215 2212 22
233 2312 2312 231.2 21
8
22
147 Jan 12 2714 Feb 8
1,200 Westvaco Chlorine Prod No par
5 Mar 2012 July'
*2312 2414 2418 2414
2518 .24
25 .24
25
.24
No par
200 Wheeling Steel Corp
19 Jan 5 29 Feb 21
71a Jan 35 July!
8
3
2118 213 213 .2112 223
.21
21
223
23
320 White Motor
8 23
50 1638 Jan 8 2812 Feb 19
Jan 2612 Julyi
14
4
*2514 2734 .27
400 WhIteRkMinSpr ctfnewNo par 24 Jan 4 2838 Jan 30
2712 .254 2612 .2512 2614 2612 26%
Oct 29
23
Oct
37 Feb 6
42 July:
212 212 *212 3
212 212 11125, 231
233 23g
400 White Sewing Machine_No par
112 Jan 8
12 Jan
14 *614 7
Cony preferred
118 Jan
100
No par
538 Jan 12
9% Feb 1
612 612 .613 7
1012 July
*014 712 .612 712
47
47
8 478
1,400 Wilcox OH& Gas
5
4
412 412
412 412 •43
5
2 43
47
8
3 8 Jan 9 6 3 Mar 6
8
2 Mar
512 June
*2912 32
8
*2912 3112 .2912 3012 2938 293 *2912 32
100 Wilcox-Rich el A conv_No par 271s Jan 17 32 Feb 9
15 Star 2714 Sept
No par
7
3,800 Wilson & Co Inc
7
4 4 Jan 8
3
87 Feb 17
63
8 71s
, 63
612 67
67
4 7
8 72
,
II June
7 Jan
8
20
2111 2038 223
193 203
4
29,600
g 201 1 21
No par
4
1918 197
Class A
4
1214 Jan 9 223 Mar 29
4
Jan 22 June
73
Preferred
4
7212 723 7412
70
3,700
73
70
72
70
19 Mar 7212 July
100 53 Jan 8 7612 Mar 14
73
50 4 51
3
504
3
7,800 Woolworth (F W) Co
4
61
10 4114 Jan 3 537 Feb 7
518 4938 5012 493 50 4 50
2518 Apr 50% July
25
2514 2514 2512 253
25 •24
600 Worthington P & W
24 .24
4 24
100 21 Jan 5 317 Feb 5
8 Mar 397 July
8
44
4312 4312 .4312 45
4312 .42
Preferred A
4312 4312 43
100 34 Jan 10 53 Jan 24
230
14 Mar 51 June
*333 37 .3334 37
4
4
Preferred B
100
4
333 333 .323 3514 *3234 3512
100 30 Jan 10 42 Jan 24
4
14
Feb 47 June
•5818 59
58
63
66
56
5712 5108 5712 583
450 Wright Aeronautical_ __No par
167 Jan 8 75 Jan 27
4
8
6
Apr 24 May
61
63
60
59
59
583 59
5914 591 1 60
4
800 Wrigley (Wm) Jr (Del)No par
5412 Jan 11 63 Mar 24
3412 Feb 5714 Deo
*16
1712 1712 1712 *16
18
.16
18
100 Yale & Towne Mfg
18 .16
_ __25 14 Jan 5 203 Feb 1
8
7
Jan 23 June
6
6 14
6,000 Yellow Truck & Coach clB_10
6
52
6 14
Co5
53
4% Jan 2
4
512 5 8 .53
218 Mar
4 6
4
7 14 Feb 19
73 July
41
.40
41
45
40
•40
•38
44
50
.3812 39
Preferred
100 28 Jan 2 46 Feb 23
18 Mar 42 July
419(2 2
400 Young Spring & Wire. No par
19
•1914 20
8
8 185 1834 19
038 •191s 203
15 Jan 8 223 Feb 19
312 Mar 1918 July
4
2718 277
12,400 Youngstown Sheet & T_No par 2112 Jan 3 333 Feb 19
2614 26
2712 2812 2514 2612 26
2714
4
712 Feb 375 July
43 Feb 5
12 Feb
318 314
800 Zenith Radio Corp._ _No par
5 Dec
3 Jan 12
314 312 *314 312
4
3% 33
*Xs 333
53 Jan 15
73 Feb 19
13,700 Zonite Products Corp
64 7
812 July
738
7
67
63
8 714
35 Feb
8 7
4 7
8
83
1
• BM and asked prices, no sales on this day. I Companies reported in receivership. a Optional sale. c Cash sale. s Sold 7 days. z Ex-dividend. y En-rights.
_
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
1
2219
I
On Jan. I 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"—except for Income and defaulted bonds.
NOTICE.—Sales for deferred delivery (s. 10. 8. 15 days) are disregarded in the week's range, unless they are the only sales of the week and whether included or not
are shown in a toot note in the week in which they occur. No account is taken of such sales in computing the range for the year.
11 •
Week's
Price
BONDS
.
ta
Range or
_ma_
N. Y. STOCK EXCHANGE , Thursday
,
Z
44
' Mar. 29.
;
1
Last Sale.
Week Ended March 30.
—
High No.
Bid
Ask Low
U. S. Government.
123
First Liberty Loan-3(. of '32-472 D 1023,33 Sale 102,932103
100.133Jan'31 _
Cony 4% 01 1932-47
J D
22
J D 103, Sale 10319331031932 94
Cony 4 yi% of 1932-47
____ 101 Aug'33 ___J D
2d cone 454% of 1932-47
,
___Fourth Lib Loan 418% of '33-38 A 0 103K33 Sale 103 33 103,133 197
418% (called)
_ 1092133 Sale 100,1331002(32 142
Treasury 434s
1947-1952 A 0 1035032 Sale 1095,331101933 205
Treasury 4%4 to Oct 15 1931,
thereafter 314%
1943-45 A 0 1011339 Sale 1019933102133 1168
Treasury 4s
1944-1954 J D 101'3: Sale 1051132103190 372
1946-1956 M S 1019343 Sale 1011343105233 342
Treasury 39
431
,
1943-1947 J D 102,031 Sale 102 33 102,133 162
Treasury 314s
Treasury 31Sept 15 1951-1955 M S 99933 Sale 931933 99,933 923
Treasury 3%8 June 15 1940-1943 J D 102433102,932 1021133102,934 49
,
Treasury 314s Mar 15 1941-1943 NI S 102 33 Sale 102933103",, 03
,
Treasury 3%s June 15 1946-1949 .1 D 100,133 Sale 100 33 100,933 3133
Treasury 3%8
Aug 1 1941 F A 1013132 Sale 1013333102933 745
Range
Since
Jan. 1.
Low
High
100in 103933
001'3310)110
1019331011933
____ ___
10194311039in
100,9331019n
1041133110190
979431029n
1011,331)6,9n
10090 105931
9398331021,33
9319339116o
932434102934
,
9810331020n
9519311033934
979,33102,,43
State & City—See note below.
Foreign Govt. & Municipals.
183 25
4
2318 10
2214 23
AgrIc Mtge Bank s f Os
1947 F A
2318
24
Feb 1 1934 subseq coupon__
20
22 12
22 Sal: 22
_
4
1535 2512
2312 Mar'34 ____
24
Sinking fund Os A __Apr 15 1918 A0 23
_—
16
2512
2318 Mar'34 ____
22
24
With Apr 15 1934 coupon__
79 Sala 78%
Akershus (Dept) ext 55
6612 7912
7912 66
1903 MN
818 1734
13
13 Sala 12
Antioquia (Dept) coil 7e A 1945 J J
13
9
17
12
11
13
Externals 175 ser IS
1218
19152 .1
8
13 Mar'34 ____
14
11
External e (75 ser 1,3
19452 .1
908 17
818 1714
113
4
123
4 15
11
12
External 5 f 75 5or D
116452 J
818 143
12
External s I 7s 1st ser
5
4
1957 A 0 1012 1214 1112
14%
12
External sect f 75 2d ser_1957 A 0 (012 1234 1112
8
4
1112
12
5
8
14%
1012 12
External sect f 75 3d Ber_1957 A 0
93
93
93
Antwerp (City) external 5s 1958 J D 95
1
8212 9912
Argentine Govt Pub Wks 85_1960 A 0 6314 S th 69 2
5312 7014
,
70
37
Argentine 65 of June 1925_1959 J I) 0914 Silo 69
7012 81
5312 7012
53
7012 51
7012
1959 A 0 6912 8 d3 6914
Extls t 631 of Oct. 1925
External s f (is series A
1957 M 5 7012 Silo 6112
7012 71
53
71
5338 7018
700
70 S do 6918
External Os scrim B_Dee 19582 D
93
7012 16
Esti .4 t 68 of May 1920_1960 M N (1918 Silo 6912
5338 7012
Externals f Os (State Ry)_1960 NI 5 70 Silo 70
5312 7012
7012 57
Extl 6s Sanitary Works _1961 F A
691 Sao 6112
4
52% 703
8
7014 49
Extl (is pub wk5 May 1927 19131 M N
69
691 71
4
52 5 7008
,
7018 66
Public Works extl 5%5_1962 F A 614 Silo 634
4712 66'2
65% 60
8034 931,
9312
Argentine Treasury 55 L
1945 NI 5 9318 Silo 9318
5
Australia 30-yr 58___July 1519552 3 95% Silo 951
,
8812 97 8
105
8
96
89
975
8
44
9614
External 5t4 of 1927„Sept 1957 NI 5 9508 Stla 95%
External g 414s of 1928_1958 M N
93 Silo 9208
83
95
933 165
8
91% 103
Austrian (Oovt) 5(75
12
14
9318
1943 J D 9318 Sill 197
50
Internal shaking fund 7s 1957 J J 63% Silo 6718
69'2
6812 21
Bavaria (Free State) 0%3
451 Silo 45
4
4418 591 2
4318 33
1945 F A
95 10412
10114
7
1949 Ni 5 103 8 313 102
Belgium 25-yr ext16%8
Externals f 63
94 10314
103
15
1955 J .1 101 103 102
External 31)-years f 75
1955 J D 10713 Sib 10713 10712 10
99 109
Stabilization loan 75
1956 MN 10114 Silo 10114
26
957 1053
4
105
Bergen (Norway)51__Oct 1519-16 A 0 7518 8114 80 Mar'31 --68
80
8
External sinking fund 58_1960 M 5 7518 807 79
80
5
6618 8012
35
52
35
37
Berlin (Germany) i3 f 6%s— _1950 A 0 30
3338 19
External St 65_,June 15 19552 I) 3614 Sala 357
323 4913
4
3719 26
2314 2212 Mar'31 ---Bogota (City) extis f 85
1945 A 0 22
21
18
81 Sala
Bolivia (Republic of) ext188_1917 MN
8
613 1134
82
,
918
15
External secured 78 (flat)_1958 3 J
712 Silo
719
814
5, 1012
4
11
External 5 f 7s Man
1960 M S
734 Silo
514 1012
708
8
9
Bordeaux (City of) I5-yr 65_1934 MN 16112 S313 16112 166
10 149 165
Brazil(US of) external 83
223 3612
4
3312 Silo 33,
1911 .1 D
23
8
34
External e f (1145 of 1926_1957 A 0 2812 Silo 28
2014 32
29
53
External, t 614s of 1927 1957 A 0 28 Silo 28
2812 53
2014 32
78 (Central RV)
1952 J D 28 Sila '2712
2812
2018 32
9
Bremen (State of) extl 75._ 1935 NI 5 5414 Silo 5314
5914 27
El's 6318
Brisbane (City) 51 5s
1957 M S 80 S113 8438
7314 84
86
10
Sinking fund gold 55
73
877
85 Silo 817
85
1958 F A
4
,
s
20-years t 6s
91
1950 J D 91 Sala 9114
9
83
95 8
,
Budapest (City) exti 5 t 65_1902 J D 413 Sala 423
4
3118 461 2
4
4338 48
Buenos Aires(CRY)6148 2 111955 J J 60
4018 62,
2
4
6212 26
____ 61,
External s f Os Her C-2
1960 A 0 59 Sala 56%
47
59
8
59
4514 59
1
5512
Externals(65 ser C-3-1900 A 0 .56, 62
5519
s
Buenos Aires (Prov) extl 65_1961 M 5 437 Silo 4338
4412 13
30% 4514
Stpd (Sep 1 '33 coup on)1901 IN S 3814 Sala 37%
3313 39, 2614 4118
Externals f 04a
4612
46% 101 3138 462
4Sle
1961 F A
14
St9d (Aug 1 33 coup on)1961 F A
4012
3914 811.3 39
27
39
5
Bulgaria (Kingdom)5 f 7s.__1967
217 Sala 21
187 23,
4
217
8
12
s
StabliM 5 1 7145 Nov 15 1960 MN
14
2612
3
26,4
2614
21% 2
6
Cables Dent of(Colombia)7143'46 J J
14
4
154
1514 15,
1
103 1834
8
Canada (Dom'n of) 30-yr 15_1960 A 0 99 9113 93',
9)
99
90
92
55
10314 97 10314 1031 4
1952 MN 10708 Silo 10718
4(48
1031
4
4
1936 F A 1031 Sal3 1031.4
23 1003 10334
Carlsbad (City)5 f 85
6733 8013
7734 Mar'3
1954 1 2 7712 79
Cauca Val (Dept) Colorn 7345'40 A 0 14
14
15
103 19
4
14,2
3
5313 73
5514 81
Cent Agile Bank (Ger) 7s ,.1950 M S 56148010 5312
Farm Loan,t Os_July 5 1960 J J
50
47 8 Silo 47
,
47
69
75
Farm Loan 8 f 6s_Oct 15 1960 A 0 4712 Silo 46,
4612 69
2
59
151
Farm Loan 6s ser A Apr 15 1938 A 0 5012 Silo 5112
5312 70
5319 65
Chile (Rep)—Exti a t 7s
9
16
133
8 17
13 S113 13
1942 Ni N
External sinking fund 68_1960A 0 101 5113 104
1212 63
715 16
4
Ext sinking fund 88__N'eb 1961_ F A
1114 5ila 11,
7
8
1134
11
15,2
By ref ext s f 6s
153
4
7
121
8 54
Jan 1961 J J
11 Silo 11
121. 27
Ext sinking fund 68...Sent 1981 NI 5 101 Sila 101
734 15%
4
4
External sinking fund 65_1962 AI S
8
12
714 15
113
11 18 12
13
External sinking fund 63_1963 PI N
718 16
1238 55
11 Silo 11
912 143
46
4
14
Chile Mtge Ilk 6%5311130 30 1957 J D
,
13 2 Sib 1314
H t 611s of 1926_June 30 1901 J I) 13
10
1314
4
1314
1434 1314
Guar 5 f Os
81 1518
51
Apr 30 1961 A. 0 13 Sill 114
131
Guar 5 f Os
8
15
,
13 Silo 12 2
13'2 26
1962 M N
Chilean Cons Munk! 75
12
7
8
9 Sala 29
1960 NI 5
92
273 31
5
Chinese(Hukuang Rs)55
1951 J D — - __ _ 33 Mar'31 —
18 Dea'31 ____ ___ ____
Coupon No 35 duo Dee 15_1928 -------- - 0
3
__
Coupon No 3(1 due June 1521) _-__
37% 3313, 25 Nov'33 ____ ---81, -8 8914
1
8914
Christiania (031o) 20-yr 51 6s '54 M S 83
937 8914
8
333 50
4
35
4
Cologne (City)Germany 61451950 M S 2914 38
37
Colombia(Rep) Os of '28_ _Oct'61
21,2 3538
2618
2618
2
Oct 1 1933 and sub coupons on_ A 0 2514 30
18%32'2
2612 14
25 Sala 2412
Apr 11934 and sub coup son,___
3534
21
26
1
I1xter (in (July 1 '33 coup 00)'61
26 Silo 26
J
1818 32
21
AA 1th July 11934 coupon on__
2614
25 Silo 21
_
Colombia NitgelMnk 0%s of 1947 A0 1912 201 1912
15
24
1919
4
_—
2
1515 24
5
Sinking fund is of 192
20
19,9
1912 21
6-1916 MN
15
26
Sinking fund 713 of 1927_1947 F A
1912 2212 29 Mar'31__
Copenhagen1. 6312 84
80
1.
78 Silo 78
(City) 58
1952 J D
25-year g 4(-4s
5912 7819
13
75
1953 PA N
7514 7614 75
Cordoba (('ity) mit' s t 7s
4
1414 213
4
207
8 22
2012 Sala 20,
1957 F A
Externals f 78____Nev 5 1937 61 N 3018 34
297 333
5
4
3015
3018
3
2515 42
3
Cordoba (Prov) Argenttna 781942 J J 3912 Sale 37
3912
Costa Rica (Republic)—
3214
30
78 Nov 1 1932 coupon on_1951 M N 33-_
32% Mar'34 __
21'4
1
183 22
2114
2012 22
78 May 11036 coupon on_1951 ___
747 95
8
10
95
9414
Cuba (Republic) 53 of I904 1944 M S 9238 96
95
93
External 5s of 1914 ser A I949 F A
9412 9512 95 Mar'34 __
627 777
8
External loan 414s
5
76
7618 77
1919 Er A
76
6172 8214
15
Sinking fund 5%5 Jan 15 1953 1 .1 8238 85
82
8112
23
417
e
Public wits 514s June 30 1945 J D 3238 Sile 325
5
3514 52
4
Cundinamarca 6145
103 193
8
1438 13
1959 NI N
1412 Silo. 14
83 101
101
9
Czechoslovakia(Rep of) 88..1951 A 0 101 Silo 10012
90 101
7
997
8
Sinking fund 88 ser B
1952 A 0 97
997
8
99
--
i'4
Price
BONDS
'
?.
.
N. Y, STOCK EXCHANGE 4 t Tharsday
2.13., Mar.2).
,
.
Week Ended March 33.
Week's
;•
Range or
;.,..".1.
Last Sale,
Range
Since
Jan. 1.
High No. Low
Bid
Ask Loos
High
Foreign Govt. & Munie. (Cots.)
8618 9714
96, 79
4
Denmark 20-year ext169____1912 J J 95 SID 96
63
833 95,2
93
,
4
1955 Eo A 91 8 Silo 918
External gold 5145
71
87
4
83% 32
External g 4144__Apr 15 1952 A 0 8/34 8.113 823
Deutsche lik Am part ctf 68_1932
7112 7714
7618 22
75 Silo 75
Stamped extd to Sent. 1 1935_ -,—
433 64
4
8
6312
Dominican Rep Coat Ad 5149 '42 NI 8 6332 SID 62
55 Mar'34 ---36
56
53
1st ser 514s of 1926
1940 A 0 51
3712 56
5
55
55
55
2d series sink fund 514s__ _1910 A 0 51
46
58 18
3
55
55 S ila 55
Dresden (('ity) external 75 1915 AI N
32 150 1647
162
8
Dutch East Indies exti 68_1947 1 2 131 Silo 15315
50 15118 165
162
40
-year external 65
1952 M 4 132 Silo 15718
5 151 164,
159
4
7
30-year exti 5143_—Nov 1953 M N 15)8 161 159
2 15112 163'8
153
30-year ext 5143__Mar 1953 M S 13)% 163 133
4818 60
60 Feb'31 ____
51
El Salvador (Republic) 83 A_1943 J J
38
55
1
51
51
_ J 1 4712 51
Certificates of deposit
577 73
5
7
73
73
7218 75
Estonia (Republic of) 73____1987 1 J
79
9734
10
9714
Finland (Republic) ext 68__1915 31 5 97 5,11 97
8612 10014
993
8 17
External sinking fund 73_1950 M S 9314 Silo 98
7812 99
31
93
External sink fund 6143_1953 M 5 93 Silo 93
76
930
91 12 65
External sink fund 53.43_1953 F A
911 9113 9318
77
21
94,
93
1
Finnish Mon Loan (114s A__1951 k 0 9.3 S do 937
7512 95
10
93
External 6 43 serial 11.___1954 A 0 93 Silo 927
293 48
4
3714 44
3) 5 di 30
12
Frankfort (City of) s f 6148_1953 M N
14
105 15114 174
172
French Republic extl 7188_194i J 1) 13) Silo 169
15 160 18008
177
External 7s of 1924
19492 D 17514 Silo 17514
German Government Interns4915 6312
471, 1003
4'1% Silo 4018
Bona! 35-yr 514, of 1930_1965 1 D
1
633 8708
4
7178 245
4
German Republic exti 73_1949 A 0 71 Silo 663
German Prov de Communal Bk.
38
7112
4
4712 67
(Cons Agile Loan)614s A_1955 J 13 43134 Silo 431
573 733 '
5
4
7
761
4
Graz (Municipality) 8s
3
7314 8,
18 71
1951 M N
8
GI Brit & Ire(U K of) 5)44_ 1917 F A 11712 5 do 11712 11812 31 1115 12412
511 I% 241 109 116
14% fund loan E opt 1960 1991 M N all6 5 do 115
22
33,2
2
33, Mar'31 ____
3911 35
Greek Government s f ser 78_1961 31 N
184 31
8
28
2712 8113 27,2
F k
S f see Os Aug '33 coupon_ is
7412 80
73 Mar'31 ____
80
Haiti (Republic) s(Os ser A _1952 A 0 77
3514 58
13
40
Hamburg (State) Os
1915 A 0 3514 Silo 3514
3
0
44
10
3114
3318
2308 37
Fieldelberg(German)extl 7 i8,
3'5,) J J
723 94
1
9314 33
Heisingfors (City) ext 610_1961) A 0 93 (341) 9212
285 4414
8
7
4038
8
8
Hungarian Manic Loan 7144 1915 J 1 3338 427 33,
_-_- - .
23 June'33 ____
Unrnatured coups attached._ J J ____ 33
30 8 - , 45
5
8
nub
,
External s t 75 (coita)_ 1915 J .1 40 33 427 all's
_
attached. J 1 ____ ____ 1612 May'13
Unmatured coups 33% 46'2
3
151
45'2
41
47
Hungarian Lams M last 7(.4s '61 NI N
31
47
2
4513
4512
91
45
Sinking fund'Sis ser B
1961 M N
31 12 4214
16
4
40
Hungary (King of) 5 f 7%3_1911 F A
3311 Silo 331
11018 116
Irish Free State enlist 53_1941 NI N 1 1 27 111 113'2 Mar'31 -8
99% 102
1017
8 Li
8
Italy (Kingdom of) extl 7s-1951 J 0 1011 Silo 1034
9) 9334
95
99
I
9314
Italian Graf Consortium 7s A '37 M S 93
91% 100
6
93
932 93
External sees f 7ssor 13_ _ _1917 M 8 93
9108 17
8014 9318
,
Italian Public Utility exti 75_1952 1 J 93 2 Silo 9312
9113 126
86
92
'2
,
9:14 S th 99 8
Japanese Govt 30-yr 8 f 648_1951 F A
4
7315 798
793
4 63
733 Sala 7808
4
Ext.i shaking fund 5443_ _1965 M N
Jugoslavia (State Mtge Bank)—
33
32
10
33
1937 A 0 331g 3312 33
Secured 5 f g 73
.
23
25
23 Mar'31 __
1112 29
78 with all unmat coup _1957 ,--4
3738 584
51 12 451 S113 48
Leipzig (Germany) s f 7s
1917 F A
60
73'2
7218 ____ 7312 M 11'3 ____
)
Lower Austria (Prov) 7144 .195, J D
50
53
__ 5) Feb'31 ___
Only unmatured coups attach d-- - 72
7 149 163
7
Lyons (City of) 15-year 6s 19,3i M -14 16112 S113 16112 163
4
4 19 149 1663
Marseilles (City or) 15-yr 69.1931 NI N 16112 Silo 16112 1653
g
87 163
5
5
13
Medellin (Colombia) 6124_1951 2 0 12 18 Silo 1218
408 738
414
53
4 6% Feb'31 ____
Mexican [nig Asstng 4144._1913 M N
4 Saot'33 ____ ---- -_
Mexico (US) exti 5s of 1899 E '45 Q 1 ____
614 10
8 4 Mar'31 ____
,
9
7 .._MsentIng Soot 1899
1945 ---712 1114
---- ---- ---- 814 Mir'31 __
Assenting 53 large
____ ____ ____ 8
Feb'31 __
8
8
Assenting 5s small
714
418
Assenting Is of 1901
1951 ------------5 Mar'31 __
Assenting 4s of 1910
854
5'8
i
--618 508
.518
538
---Assenting 49 of 1910 large
4 4 808
8
5
5
,
Assenting 4s of 1910 small
418 51 2 5
•
•
Trees 63 of'13 assent (large)'33 1.1
-_- •
Small*
85% 91%
8912 61
A 6 8912 Sala 8312
Milan (City, Italy) extl 6).4s 1952 --Minas Geraes (State) Brazil—
24
17
20
19,
4
External 8 t 6 Sis
1953 M S 19
3
1904
nis
3
1712 23'2
Ext sec 6148 series A
1959 NI 5 19
2914 19
2714 3112
3418 16
Montevideo (City of) 7s
1952 1 D 31 St13 31
2614 31
2914 2914 39 Mar'31 ____
Externals (On series A _ _1953 NI N
96
85
24
95
New So Wales (State) extl So 1957 F A
9112 Silo 29114
8314 9538
8
Externals f 53
9138 52
Apr 1954 A 0 9118 5 d 1 937
911g 10018
7
,
9) Silo 99 5
18
Norway 20-year mit(is
103
1943 F A
9014 101
13
991 101 14 109 2 101
8
20-year external Os
1914 F A
,
8911 99'8
9
9118
30-year external Os
1952 A 0 9312 Silo 931).
331 93'2
10-year s f 514s
9314 10
1965 1 0 93 Silo 93
8012 913
4
9102 37
External 8 f 53___Mar 15 1963 M s 91 Silo 91
9313 9012
9/
9312 Mar'31 __
Municipal Bank extls f 53_1967 J 0 93
91
81
.
5
91
Municipal Bank mats I 58_1970 1 D 89 4 91, 91
,
8
33 5 313 33
33
5512
3112 19
Nuremburg (City) exti 65_1952 F A
Oriental Devel guar 65
65
73
1953 Al 8 7102 Sala 7114
7138 19
623 66
4
Extl deb 5 iis
6508
6638 18
65 4.
,
1953 NI N
7618 907s
3
937
8
8
8)12 - 8 937
9i7
0210 (City) 30-year el 68_ _1955 PI N
Panama (Rep) extl 5%4_ _1953 2 13
Extls f 5s ser A_May 15 1963 M N
Stamped
Pernambuco (State of) ext.' 7s '47 M S
Peru (Rep of) external 73_1959 NI 5
Nat Loan extl s t 65 1st ser 1930 J 0
Nat loan ext.! 8 f fis 2,1 ser 1961 A 0
Poland (Rep of) gold 64_ _1940 A 0
Stabilization loans f 79_1917 A 0
Extern sink fund 881950 2 J
External
—
Porto Alegre (City of) 83_1981 J 13
Esti guar sink fund 7145__1968 . J
1
Prague(Greater City) 7144__1952 M N
Prussia (Free State) sill 6143 '51 31 5
Externals f 1%
1952 A 0
Queensland (State) extlet 78 1941 A 0
25-year external 65
.
1917 F A
Rhine-Main-Danube ls A
1950 M 5
Rio Grande do Sul extl s f 83_1916 A 0
External sinking fund 05,1908.2 D
External St 7s of 1926
1966 NI N
External s I 75 music loan.1967 2 1)
Rio de Janeiro 25-year,t 83_1916 A 0
External 9 f 6%s
1953 F A
Rome (City) extl 6143
1932 A 0
Rotterdam (City) exti 65_1961 M N
Roumania (Nlonopolies) 75_1959 F A
Saarbruecken (City) Os
1953 3 J
Sao Paulo(City) s f 8s_ _Mar 1952 3 N
1
Externals f 6143 of 1927 1957 M N
San Paulo (State) anis f 88.1936 1 J
1950 1 J
External sees f 81
External s f 78 Water L'n_1956 Ni 5
External 5 f 58
1968 J 1
Secured 5 t 7s
1940 A 0
Santa Fe (Prov Arg Rep) 75_1942 NI 5
Saxon Pub Wks(Germany) 75'45 F A
Gen ref guar 6 48 ______ .1951 IN N
5
1023
4
10234 Silo 10214
4218 14
40 Silo 397
41 18
4212 22
4114 42
1
167
8
1614 16, 167
2
s
15
15'3 2151s
15'2 27
11 12 65
1014 Silo 1014
25
1114
10
4
103 10,
4
6
7118
70% 7112 704
57
100
9) Silo 9334
81 12
811 82
8
8212 51
9
192 Silo 1912
2018
9
183 2012 19,8
4
2014
91
9)
14 15
977 93 8
,
8
3712 Sib, 3712
427 101
33 Silo 33
103
43
6
106
105 105 10512
101 Sit) 101
2
101
5318 9113 5318
59
55
8
2112 S tl 3 21 8
,
2412
61
22
20% S de 2014
18
207 Silo 20%
8
22
6
8
22
208 Silo 207
6
20
21
20
2018
20 Silo 20
20'2 25
9014 42
9312 9)4 9318
1
-_ __ 1277 123 Mar'34 _
8
3
51
31 Silo 31
13
76
75's 7612 7512
23% 2112 '2412
1
2112
20
24
24 Silo 2218
27
39
2712 Mar'31 __ _
26
22 Sala 21
22
3
2012
2012
19
20
19
191 19%
4
13
20
85% Silo 85,8
8638 40
4
2612 2912 2612
23
5712 Sala I 5712
56
59
45
490s Silo 441 2
5114
98 102%
2918 44
2938 41
107 18%
5
812 163
4
57 1418
8
614 1418
59
7138
88 100
6914 85
18
24%
18
2412
83
993
4
37'2 5812
38
5711
102 106
9413 103
6718
50
26
20
1812 24
1838 24
2414
19
1715 22%
1712 22
8712 92
112 134
40
30
661 7612
23, 30
4
1708 24
18
33
1338 24
1313 23
123 22
8
65
86%
1812 28
5538 67
697
2
46
For footnotes see page 222 .
NO rE.—Sales of State and City securities occur very rarely on the New York Stock Exchange, dealings In such securities being almost entirely over the counter.
Bid and asked quotations, however, by active dealers in these securities, will be found On a subsequent page under the genera! head of "Quotations for Unlisted Recuritles."
%..
2220
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
New York Bond Record—Continued--Page 2
Z.41
Price
t Thursday
...a. Mar.29.
ta
Foreign Govt. &Munk.(Concl.)
Saxon State Mtge lost 75_1945 J D
Sinking fund g 6 As_Dee 1946 .1 D
Serbs Croats & Slovenes 73.5_ _1962 MN
All unmatured coupon on__ ---85 Feb 1934 coupon on_ 1962
External sec 7s ser B
1962 -M 11
November coupon
__ ---78 Nov 1 1935 coupon on 1962 -- on_-_Silesia (Prov of) extl 78
1958 i b
Slieshin Landowners Assn Os 1947 F A
SO1880118 (City of) eat' 6s
1936 M N
Styria (Prov) external 75_1948 F A
Sweden external loan 5425_1954 M N
Switzerland Govt extI53-8s1946 A 0
Sydney (City)it 532s
1955 F A
Taiwan Elec Pow s f 530_1971 1 .7
Tokyo City be loan of 1912_1952 M 5
External it 510 guar
19131 A 0
Tolima (Dept of) ext.! 7s
1947 M N
Trondhjem (City) 1st 530_1957 M N
Upper Austria (Prov) 7s
1945 J D
Externals t 61274_June 15 1957 J D
Uruguay (Republic) extl 85_1946 F A
Aug 1 1934 couponon
1960 M N
External s 1 (Ss
May 1934 coupon on_ 1960— External 8 f Bs__ AMay I 1964 M 11
May 1934 coupon on
I964
Venetian Pros Mtge Bang 7s '52 -,
A0
Vienna (City of) eat' s 1 85_1952 M N
Unmatured coupons attached. MN
Warsaw (City) external 78_1958 F A
Yokohama (City) extl 85_1961 J D
'Week's
Range or
Last Sale.
.,..." _2
gi
21 ,
t2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
t.,..,
•i !..;
,
-5 —
Mar. 31 1934
Price
Thursday
Mar.29.
Week's.
'let
Range or
,...,,,
Last Sale.
ru
Bid
Ask Low
High No Low
High
Railroads (Continued)—
Bid
Ask Low
High No.
60 Sale 60
65
30
5912 71
Chic dr Alton RR ref e 39_1949 A 0 6412 Silo 64
6112
7
.59 Sale 59
641 1
19
9814 69
Chic Burl & Q—III Div 310_1949 .1 J
9612 this 9614
968 50
2512 Sale 24
25% 15
2118 22
Illinois Division 4s
1949 J 1 10212 Sala 10214
103
38
1914 22
22
22
5
16
22
General 48
1958 M 8 10018 Sale 100
1001
88
1314 21
1612 Jan' -- -34
1977 F A
1612 1812
1st dr ref 410 ser B
9814 997 99
8
100
36
2312 Sale z233
8
2312 22
18
2514
lit & ref Si ser A
1971 F A 105 8 81,13 10512 106
,
48
16 2 193 18A Mar'34 ____
,
1212 20
4
Chicago & East III lot . 1931 A 0 65
75
74 Mar'34 ---12
18
17 Mar'34 ---11
17 :C & Kill Ry(neto co) 65- 1951 M N
gen55
1914 Site 18
1912 87
62 Sale 62
63
37
523 653
4
Certificates of deposit
, 4 20
.7
161
16
1612
6
.55 Sale 55
557
41
50
69
Chicago dr Erie lst gold 5.5...A982 NT N 10318 106 104
104
5
16214 Site 16214
183
6 150 163
Chicago Great West lot 4s__1959 M 5 553 Site 5512
581 143
743 Sale 7212
1 :Chic Ind & Loulsv ref Os..... 1941 J 1 43
743
s 14
55
74
45
44 Mar'34 -- _ 105q Sale 1047
8
10512 17 102 1093
4
Refunding gold 55
1947. 1 35
1
417 40 Mar'34 -- -166 Sale 166
16814 26 15612 1681 i
Refunding 48 series C
1947.1 1 36
41
41
Feb'34 - - -7
913 Sale 9012
9134 15
93
80
1st & gen 55 series A
1986 M N
1712 19
19
19
I
643 6612 6412
4
663
8 39
613 66%
1st dr gen (18 series B_May 1960 1 1 21
4
227 22
8
22
6
69
70
683
4
683
4
1
66
7312 Chic Ind & Sou 50
-year 4s
1956 1 J 81
87
8612 Mar'34 ---6614 673 6618
67
20
6134 6712 Chic L S & East 15[4325—A969 1 D IOUs
104 Mar'31 ---1012 13
13
13
I
12
Chi M & St P gen 4s ser A 1989 J J
17
71134 8113 707
8
713
4
35
77
8112 82 Mar'34 —__
Gen g 330 ser B___May 1989 J J 6812 Site 65
674 87%
6312 16
651 06
.
73 2 Mar'34 --- ,
62
7312
Gen 410 ser C
May 1989 1 J 76, Sole 75
2
78
34
66% Sale 653
4
66%
8
4812 6712
Gen 440 ser E
May 1989 . J 761 Sob 76,
7
4
4
78
31
38
43
37 Mar'34 --3412 46
Gen 4As ter F
May 1999 1 1 73 Sib 77,
4
79
16
3614 371 35
,
3618
7
3314 4018 Chic Milw St P de Pac 55 A__I975 F A
52 Sib 5018
53
378
3012 34
34
39
2
42
30
Cony ad) 58
4
Jan 1 2000 A 0 171 Sub 1712
1914 333
3010 Sale 3012
3212 52
2712 40
Chic & No West gen g 3 As_1987 51 N 6512 Salo 614
6512 17
3012 37
3412 Feb'34 ____
2914 42
General 4s
71
1987 51 N
7114 73
72,8
7
30, 3214 32
2
32 12
3
2712 40
Stpd 48 non-p Fed Inc tax '87 M N
7112 7312 72 2
,
73
14
1003 10914 102 Mar'34 --Oars 44e stpd Fed Inc tax_1987 51 N
9718 109
81 S do 81
Si
8
8018 82
783
7918 16
58
8314
Gen 55 stud Fed Inc tax__ A987 M N
837 Sala 83,
8
8
837
8 18
6812 8113 6312
1987 NI N _
69
5
50
71
4 A5 stamped
62
Jan'3 I __-0218 61
63
64
22
53
6614
15-year secured g 610_1938 M 8 5512 Solo 9518
98
33
5
72 Sala 71
7312 73
7312
66
1st ref g 58
May 2037 J 0 69 8113 5912
61.15 30
lit & ref 4,4s stpd May 2037 1 D 5112 Sib 54
56
43
Railroad.
1st & ref 4 As ser C_May 2037 J 0 55 Sib 51
56
42
Ala Gt Sou lit cons A 58_1943 .1 D 99___ 983
983
1
94
983
4
Cony 410 series A
1949 51 N
47 Site 46
48
299
let cons0ser B
1943 .7 D 921r 10012 81 Dec'33
/Chic Ill & P Ry can 414
1988 1 1 69 Sala 69
70
36
Alb & Susq lit guar 310_1946 A 0 933 98
4
94
9414
3
85 - - -12
Certificates of deposlt65
94
65
2
Alleg & West 1st gu 48
1998 A 0 82
87 Feb'31_
-733 87
4
Refunding gold 4s
1934 A (5 2412 Sib 2418
2514 111
Alleg Val gen guar g 48
1942 M 8 10012 1013 0012 10012
3
96 103,
Certificates of deposit
2
24
72-2 2218 2314 23%
5
:Ann Arbor lit g 4s_July 1995 Q J 4512 Sala 43
46
65
29
46
Secured 4 As sorbs A
1952 NI 5 251 Sala 2518
2614 40
4
Atch Top & 8 Fe—Gen g 48_1995 A 0 9934 Sala 9910 100
255
93 100 s
Certificates of deposit_,.., 22
,
____ 26 Mar'31 -Adjustment gold 48__July 1995 Nov -------- 93
93
2
84
95
Cony g 4 As
1960 m N
14 Sib 13,
4
1412 85
Stamped
July 1995 M N 9412 Salo 933
83
4
9412 104
Certificates of deposi
,
9512
a15 Feb'31 -- -Cone gold 45 of 1909____1955 1 D 91 Site 91
91
3
8212 92
Ch 8th & NO 52_June 15 1951 1 D 97
99
9314 Mar'34 --Cone 45 of 1905
1955 1 D 92 Sale 91
933
4 13
80
91 14
Gold 312s
June 15 1931 1 D 69
_ 6312 Sept'33 --Cony g 471 Issue of 1910_1060 1 D 88
12
90 Mar'34 ____
3
7812 90
Memphis Div 1st g 0_1951. 0 77
813I4 '80'4
82
7
Cone deb 410
1948 1 D 10314 Sala 10218 10314 21
0514 104.
Chic T It & So East lit 5s__196, 1 0 71 Site 70
713
4 11
Rocky Mtn Inv lit 0_1985 1 J 95 Sila 95
95
11
82
96
Inc gu 5s
Dec 11961) 5 S 5512 Site 55
1
56
25
Trans
-Con Short L let 4s..1958.3 .1 10314 Sala 10218
10314
14
9514 103% Chic Un Sta'n let gu 410 A.1963 1 1 1017 Site 104
8
105
53
Cal-Ads lit & ref 410 A..1962 M 8 10318 Sale 10318
10412 16
lit 58 aeries B
95 105
1983 J 1 103 110 10712 Mar'31 --All Knox & Nor lit g 55_1946 .1 D 1017 ____ 991 Jan'34 —_.
8
4
1941 J 0 1013 10514 1013
993 091
8
4
8
105
3
4
Guaranteed g 55
Atl & Chart AL lot 4145 A1944 J J 10018 Sale 0018
10014
11
86% 10014
lit guar 610 series C___19113 J J 114 Sue 114
11412 63
1st 30-year Si Belles B._ _1944 1 1 10318 ---- 03%
1033
8
2
88 10112 Chic & Moat Ind con 4s
19.52 1 1 8314 Solo 87
88'x 101
Atlantic City let cons 45
1951 J 1 83
____ 7512 Jan'34 __ —
lit ref 5%s series A
75
7512
10012 76
1992 51 5 100 Silo 100
All Coast Line let cons 4s July '52 51 13 9518 Salo 95
9514 23
82
9712 Choc Okla & Gulf cons 58_1952 M N ____ 69
62 Mar'31 ____
General unified 410 A
1964 1 D 883 Site 8814
4
8914 81
74
91
Cin Ilk D 2d gold 410
1937 1 1 99 8413 9312 Feb'31 ---L & N coil gold 45____Oct 1952 MN 8118 Sala 8012
8214 25
68
85
C 1St L & C bite 4s_Aug 2 1938 Q F 109% --__ 10012 Mar'31 -___
Atl & Dan bite 48
1948 .1 1 4818 5014 497
5312 Cin Gob & Nor lit conga 49.1942 Si N 93_ 88
5014 10
39
Feb'34 _._2d 4s
46
45 Mar'34____
43
1948 J J
35
47
Clo Union Term bet 410-2020 1 1 105 10512 108 Mar'34 --- .
All & Yad 1st guar 4s
1949 A 0 51
5712 57
5314
4
46
brit ridge 52 series B
60
2020 ./ J 109 Site 10312 109
6
Austin & N W let gu g 58...1941 .7 J 8614 88
8514
8514
1
7914 89
1st mtge g 5s series C
1957 M N 103 Site 107110312 23
Clearfield & Mato let gu 5s 1943 1 J 83 10014 9618 Feb'31 ____
Bait & Ohio lit g 4s -.July 1949 A 0 DS% Sale 9812
993
8 97
8811 993 Cleve Cln Chi & St L gen 48_1993 1 0 91
4
11
92
9314 9112
Refund & gen 55 series A_1995 J D 8112 Sale 8114
8
6734 811
8218 122
General 55 series 13
1993 1 D 9318
9712 Mar'34 ____
bit gold 55
July 1948 A 0 105 Sala 104l2 10514 59
9812 106
Ref & impt (is ser C
1911 1 J 93 13
9514 Mar'31 _-_Ref & gen Os series C
1095.3 D 90 Site 8912
9012 81
77
913
4
Ret & impt 55 sari)
89
89%
19631 1 87
8014 23
P L E & W Va Sys ref 48_1941 MN 96 Site 96
97
78
85
98
Ref dr inapt 4349 tier E1977 1 1 75% Salo 751
4
7812 62
Southwest Div let
_1950 1 J 9712 Sib 9712
9812 66
8312 9312
Cairo Div lit gold 45
1939 1 J 10312 ____ 10014 Mar'34 ____
Tol & CM DIY let ref 4sA _1959 J 1 84
8518 84
58_851
4 21
CM WA M Div 1st g 4s 1991 1 1 83 Sib 83
86
863
4
93
2
Ref & gen 59 Belles D
4
2000 M 8 803 Silo 80,
8014
67
825
St L Div 1st coil tr g 45
6
1990 51 N
83
142
88
1
83
Cony 410
8
1960 F a 633 Site 63
Spr & Col Div 1st g 4s
7112
69% 153
57
1940 sl 5 9712
4
_ 973 Mar'31 ____
'Ref & gen M Slier F
1996 M 8 8014 Sale 791
. 8014 48
6712 8214
W W Val Dly lot g 45__ 1913 1 1 82
83
6
_- - 33
87
Bangor & Aroostook lit 5s_1043 -J J 106
____ 10518
10514
1 101 1053
4
Con ref 48
1951 J 1 903 Site 9018
4
9114 18
75
91 12 Cleveland dr Mahon Vale 5s1033 4 .1 10014 ____ 9918 Mar'31 _.__
Battle Crk & Stur 1st gu 38_1989 J 0 60
63
63 Mar'34 _-__
60
83
Clear & Mar 1st gu g 410_1935 M N 10012
9912 Feb'31 ____
Beech Creek 1st gu g 4s__..1936 J i 9812 10014 10014 Mar'34 ____
90 10014 Cloy & P gen gu 412s ser 13_1912 A 0 100
____ 93 June'33 _-__
2d roar g Si
1936.3 1 98
9812 Mar'34 _
92
9412
Series B 310
1912 A 0 864 ____ 86
Jan'33 ___
Beech Creek ext lit g 3 As 1951 A 0 83 Sala 83
83
10
83 83
Series A 440
1942 J . 100
1
____ 10014 1322'33 —
Belvidere Del cons go 310_1943 1 .7 92 --__
---- _ _ - ---- ____
1919 SIN 8714
_
Series C 310
91 Au3'33 --Big sandy 1st 4s guar
1944 1 D 102
001t
--10012 10
9618 10012
Series D 310
1950 4 F
Bxten & Maine 1st 5s A C_1967 NI 5 86 Sala 86
Gen 410 ser A
8614 41
73
87
1977 F A ____ ____ 91 Sept'33 --__
'et M be series II
811 Sue 8512
1955 M N
86
45
7312 83
Cleve Sho Line lit gu 410_1961 A 0 9718 Sib 97
9718
7
let g 410 ser JJ
1961 A 0 8118 Sue 813
8118
s
2
68
8218 Cleve Union Term 1st 510_1972 A 0 99 Silo 937
9912 15
Boston & NY Air Line 1st 451955 F A
707 Sale 707
5
1st if 5s Belles B
51
7312
7212 12
1973 A 0 004 Sub 9414
9111 31
Bruns & West 1st gu g 0_1938 1 J 9738 ____ 9812 Mar'34 ____
1st if guar 4 As series C 1977 A 0 8712 Site 8718
897 9312
8
8712 40
Buff Rock & Pitts gen gs 58_1937 M 5 10314 Sala 1034
10114
16
97 104% Coal River Fly 1st gu 4s
1945 1 D 100 S do 9312
100
7
Consol 410
7612 Sib 76 4
1957 M N
60
77
,
Colo & South ref & ext 4125_1935 m N
77
75
9614 Se 9512
9678 107
Burl C Ft & Nor lit & coll 55_1934 A 0 35
4412 38
40
4
3514 4314
General mtge 430 ser A 1990 M N
7812 Silo 7918
79
28
Certificates/of deposit
Jan'34 _
30
34
52
34
34
Col All V lot ext g 4s
1918 A 0 101 Sib 101
101
1
Col & Tol 1st ext 4s
937 ____ 97
1955 P A
Jan'3 I -___
Canada Sou cons gu Si A___1982 A 0 10312 Sale 103
92 10312 Conn & Possum Riv 1st 45 1943 A 0 69
10312 15
____ 77 June'33 ____
Canadian Nat guar 4 As____1954 M 5 10414 Sib 10418
14
10414
983 1017 Como' fly non-conv deb 45_1951 1 J 556 Silo 55
8
8
57
5
30
-year gold guar 4125_1957 J I 10412 Silo 101
1013
8 51
9812 1013
Non-cony deb 4s
4
1955 . i
1
59
____ 53 Mar'31 ____
Guaranteed gold 440____1968 J 0 10112 Sae 1037
9912 105 8
,
1955 A 0 6712 -_ 59 Mar'31 ____
Non-cone deb 4s
9
1043
4 57
Guaranteed g 55
Non -cony deb 45
July 1969 J J 109% Silo 108% 1091
4 56 105 110
1956 i J
54
66" 53
3
5412
,
8
8
Oct 1989 4 0 11014 silo 109%
Guaranteed e Si
11014 33 1047 1107 Cuba Nor By 1st 5 As
1942 1 D 32 8 13 32
3314 16
4
3 105 1103 Cuba RR 1st 50
Guaranteed g be
1970 F A 11018 1101, 10912 11012
-year 55 11_1952 J 1 2712 Sub 2712
277
6
Guar gold 4 As_June 15 1955 1 D 10418 Sib 107
lit ref 710 series A
10318 40 10218 10312
1936 1 0 25
27
2412 Mar'31 —
Guar g 4 tie
8
1958 F A 1061/ Sib 1017
10614 90 100 101114
lit lien & ref 135 tier 13
1
1938 .1 D 21
24
2612 Feb'31 -___
Guar g 4428
10014
88 10015 10614 Del & Hudson 1st & ref 45_1943 M N
8
Sept 1951 M 5 106 8113 1047
93 El do 93
91
138
Canadian North debit 7s__1940 .1 D 103 8O13 1074
frs
10812 42 105 10312
1935 A 0 102 10812 10214 Mar'34 ____
25
-year if deb 0125
. Gold 510
8
4
1046.3 .1 1173 11814 11714
11718 31 1083 1181
1937 m N 10214 S do 10114
101% 49
10-yr gold 4.10___Feb 15 1935 J J 10134 Silo 1023
4
8 1023
4 21 10012 1023 D RR & Bridge 1st gu g 45_1936 F A 100
__ _ 9912 Feb'31 _-__
8012 Den dr Ft 0 1st cons g 45
Canadian Pau Ry 4% deb stock__ 7,-, 79 Sib 79
61
1938 1 J
791 173
4
53 50, 49
5312 221
Coll tr 449
743 9614
4
Consol gold 4 3.4s
1948 5 5 94 Sole 9318
91% 58
1
193 1 1 51
6
55
5118 Mar'31 _ _
58 equip tr ctfs
1944 J 1 10112 Sib 101,
Den & R 0 West can 55 Aug 195.5 F A
9918 106
22
105
r
2412 SO 22
2514 4f18
Coll tr g be
Ref & impt 55 sor B._Apr 1979 A 0 3718 Sib 271
Dec 11951 J D 98 Sib 9714
931 163
7718 09
4
3412 323
Des NI & Ft Dodge 4s ctf5_1937' 1 1
Collateral trust 4 3.3s____1960 J 1 8919 8113 834
71 18 90
77
8912 87
57
8 8
77
2
Car Cent lot cons g 48
3212 3712 Des Plaines Val 1st gen 410_1947 M 8 69s-._ 71
1949 1 J 3312 ____ 3712 Mar'34 ____
Feb'31 ____
Caro Clinch & 01st 30-yr 98_1938 1 D 10418 Sib 10418
1955 1 D 20
4
10414
15
953 10412 Dot & Mae 1st lien g 48
25
20 Mar'31 ____
let & cone g Sonar A_Dec 15'52 J 0 1034 Sib 1031
Second gold 0
10112
-1
9014 1013
4
4
1995 1 D
10
22
30 July'33 ____
Cart & Ad 1st eu it 49
Detroit River Tunnel 4425_1961 M N 109 Site 100
79
70
79 Mar31 ____
1981 J 0 77
85
10014 28
Cent Branch U P bit g 45 1948 J D 591 Sub 50
50'8 Dul Missabe & Nor gen 55__ _loll .1 .1
5
28
5018
_ 1037 Jan'3 I ____
8
Dul & Iron Range 1st 55
00
5612 60
41
:Central of Ga 1st g 58-Nov 1945 F A
1937 A 0 105-- - 105
60 Mar'34 _-__
105 106
2
10512
33 Sib 315
22
3718 Dul Sou Shore & All g 55.„...1937 1 J 4512 4912 45
1945 51 N
Con8o1 gold 55
3314 52
2
45
Ref & gen 5.48 series B 1959 A 0 19, 22
4
23 Mar'34 --_ _ ' 12% 2.518 East Ity Minn Nor Dly 1st 45'48_ A 0 91_ 97% Mar'31____
Ref. & can 58 series C
A 0 2218 Sib 213
yak Oa Div 1st 55_1956 51 N 101 10 4
2318 45
1959
123* 2512 East T
- -17810218 Mar'31 ___
Chatt Div pur money g48_1951 1 D 334 38
Elgin Joliet & East Isle 55_1911 M N 10112
IS
37
36 Mar'31 ---2
_ 101
101
1885 A 0 75
. El Paso & SW 1st 55
Jan'33 ___—___
Mac & Nor Div 1st g 513_19-16 1 J 331.4 -___ 35
VS
8112
8112
1
Mid Ga & All Div our in 58'47 1 1
_
21
_
Jan'34 ____
20 - 12 Erie & Pitts gall 33-4s ser B_1940 .1 J 97 4
21
,
__ 96 Feb'34 ___
1948 1 J 39 19 33
Mobile Div Iota 55
33
5
28
35
Series C 33-45
1910 1 1 9718 9712 97 2 Mar'31 - - -7
,
797 80
8
Cent New Endl let go 4s_ _1961 1 J __
80
1111 151 cons g 4s prior_1996 1 J 8314 Site 87%
Erie
7
65
81
_
8915 28
Cent RR & like of Ga coil- 1937 MN 66
1
53
70
63
66
1st consol gen lien g 45_1996 1 J 74 Sit) 74
66
55
7512 20
95 105
99!
Central of NJ gen g Si
3
1987 J 1 10312 105 10314
10314
Penn comm trust gold 0_1951 F A 99,8 101
9918
1
General 4s
99 Mar'34 ____
1987.1 1 89
78
95
91%
1953 A 0 7314 Sub 70
50-year cony 4s series A
71
28
Cent Pee let ref gu g 48
1949 F A 92 Sue 91
92
101
7512 93
Series II
1853 A 0 691 Sib 89%
4
70
8
Through Short L. 1st VI 48_1954 A 0 ___ 91
series 0.
Gen cony 4s
913 Mar'34 --.7
4
1953 A 0
7311 92
69
72 Mar'34 ____
Guaranteed g 55
8
1960 F A 817 Sale 80
817 101
8
63% 857
Ref & Inapt 55 of 1927
1967 M N 79% Silo 69,
2
7118 221
Charleston & Sav'h bit 78_1936 J J 1037 ---- 10314 Feb'34 __ 103 10314
1975 A 0 71 1 1 8 de Ws
Ref & impt Soot 1930
s
71 12 221
Ches & Ohio 1st con g 55_1939 M N 10412 Sob 107%
Erie dr Jersey islet
_1955 .1 . 10314 Sole 10614
108'2 31 10518 10412
11
10612 39
55
98% 103
1992 PA S 106 Sole 106
General gold 4148
107
Geomee River 191 9 f 68._1957 2 - 10312 10472 1043
65_0
4
105
3
19934 0 10144 Bile 1001
Ref & Impt 410
8852 1012 Fla Cent & Pen 1st cons g 55 1913 1 J 40
10114 28
4
43 Mar'31 ____
Ref &inapt 4428 tier B
1995 J J 100 Sale 100
1007 168
8
8812 101 12 :Florida East Coast 1st 410_1959 1 D 6214 65
63 Mar'31 ____
Craig Valley 1st 5s__May 1940.1 J 10212 105 10118 Feb'34 ____
9712 101 12
1974 51 5 1212 14
let dr ref 55 series A
12%
1312 19
Potts Creek Branch ist 48_1946 J 1 9812 9812 91 Mar'34 ____
0018 94
Certificates of deposit...... ---1212 Sale 12
4
13
123
R dr A Div let con g 4s 1989 J .7 100 1007 101 Mar'34 ___
9712 10112
8
2d consol gold 45
1989 1 J
983 93
12 99
s
987
9
9618
1
87
Warm Spring V lit g ba 1941 M 8 93
____ 9912 Jan'34 __ _
9912 9912
•
For footnotes see page 2224.
,
Range
Since
Jan. 1.
Low
High
513 6612
8
88
967
97 10312
9212 10018
8818 10015
96 106
53
8I,
s
10
2512
934 21
91 104
3512 567
33
4712
26
42,8
4f)
41
123 24
13
25%
71
8612
99 104
6014 74
50
63
64
7912
6312 797
85
8212
3712 56
1214 2352
52
6614
5712 76
58
75
6312 82
63
863
4
6011 62
79
93
4314 64
39
59
3818 59
2914 4312
5118 7212
65
65
20
3112
20
29
2012 324
22
2712
818 183
4
a15 015
83
93,
4
____
—
6314 - 82
5512 713
4412 61
1003 105
8
1051 2 10818
9714 106
1113 115
4
7214 71412
8418 10012
51
62
92
9912
99 10018
85
8318
10012 106
10412 109
10412 103,2
96 8 97118
,
7541 99
9212 9712
953
80
8
743 91
61
80
92 100,2
83
68
77
8912
92
973
4
737 83
9912 997
8
9912 10112
____ ___
____ _-__-_- ----- ---- - 07
- -1s
82
8412 100
82
943
75
9012
95 100
84
973
4
65
7912
96 101
97
97
_ _
:13 - - A3
4
50
58
4418 59
5312
44
1914 39
18
3212
1614 30
15
29
80% 05
97 10218
92 1023
4
9914 9918
351j 5612
42
5 4
93
1712 32
23% 4012
4
818
71
65
20
20
---- ---81 100%
1037 103%
8
10212 106
2312 49
8918 9712
91 1017
8
9412 101
81 12 8112
91% 93
0718
95
7912 91
6814 7812
9918 100
62% 74
73
63
62
72,
5
6014 7418
7334
80
96 106,2
97 10512
45
34
59
6312
19
11
1712
11
...
New York Bond Record-Continued-Page 3
2221
4
Week's
43 .
Price
Range
ts 4...
Range or
,9 7
4
Stnce
*a• b Thursday
-'C. Mar.29
a'l,
r3'
Jan. 1.
Last Sale.
High No. 1,0w
High
Bid
Ask Low
Railroads (Continued)Railroads (Continued)High
High No. Low
Bid
Ask Low
Nfliw & State Line lst 348__1941 1 . 65
7
703 Mar'34 ---4
75
703 7054
4
(Fonda Johns & Glov 444s_ _1952
21± 9
7
912 9 Mar'34 ____
:Minn & St Louis 5s cas--1934 MN
712 10
1018 ___ 10 Mar'34 ____
Proof of claim filed by owner__ MN
43
8 13
212 57
8
4
4 Site
let & refunding gold 48___1949 M 5
(Amended) let cone 2-4s__1982
3
23
3
3
3
6
4 414
Ref &ext 50-yr 5s ser A_.1962 Q F
312 5
Proof of claim filed by owner MN
5 Mar'34 ____
5_
314
414 412 Feb'34 ---_
Q F
118 434
713 83 Feb'34 ____
Certificates of deposit
83
85
Fort St U D Co late 1 4s__1941 -1 J 88 - 9
343 49
4
443
4 25
8
M St P & SS M con g 48 lot gu '38 1 1 445 Sala 43
9614 103
Ft W Cic Den C lit g 5 42_1961 J D 10418 ____ 103 Mar'34 _-__
1938 J .1
3318 425s
3
38
38 Sale 38
let cons 5s
38
56
5114 14
50 Sale 4814
Galv Hous & fiend 1st 544s A '38 A 0 833 8712 86 Mar'34 ____
let cons Sc gu as to Int
1933 J J
75
80
4
20
35
13
33
()a & Ala Ry 15t cons Os Oct 1945 J J
let & ref 65 series A
1946 J / 33 Sits 32
1512 26
2312 Mar'34 ____
20
25
1612 32
7
30
25
Ga Caro & Nor let gu g 58 1929-year 544e
1949 M 5 30 Sale 2718
60
77
8
763
4
763 7614
4
let ref 544s ser B
2014 27
Extended at 6% to July 1 1934 3 J 2712 50
1978 J 3 76
26 Feb'34 ____
75
85
88
Jan'34 _-__
____ 85
40
54
Georgia Midland 1st 3s1946 A 0 50
1st Chicago Terms f 4e
1
1941 SIN
5314
5312 5314
7612 7718
Gouv &Oswegatchle 1st 5e__1942 .1 D 85 100 100
___
__ Mississippi Central 1st 5s_ 1949 / - -- ----7612 Feb'34 --__
Jan'33 --__
Or R & text 1st Ril g 414s_ _ _1941 J J 10014 _-_- 10018 Mar'34 ____
95 4 100,
3 _- 8
14
26
17
21
19
Me-Ill RR 1st bs ser A
Grand Trunk of Can deb 711_1940 A 0 108 Site 107
1914 20
1959 1 J
10814 35 105 109
757 90
8
8812 57
15
-year sills
Mo Kan & Tex let gold 4s 1990 1 D 8512 Sits 8612
101 1025 106
8
1936 NI S 1057 Salo 1053
4 106
8
9112
70
855
8 40
Grays Point Term let _
__ Mo-K-T RR pr lien 5sser A.1962 1 J 8314 SA.: 8314
1947 J D 55
____ 96 Nov'30 ____
6112 79
733
4 27
1962 J J
7312 Sits 73
Great Northern gen 785s40
-year 4e series B
9912
86
9658 Silo 96
serA.1936 J J
9714 154 ____-6318 St
73
78
1st & ref 41-10 series A
Prior lien 4 48 ser D
9612
78
34
1961 J J 933 Sils 933
1978J J
. 7712 Silo 7712
96
4
4
4412 62 2
,
5712 63
Cum adjust Os ser A_Jan 1987 A 0 5612 Sits 55
7612 9512
General 5349 series B
31
1952 1 1 90 Silo 89
92
2512 39
3014 32
6878 89 :Nfo Par tat & ref 55 ser A 1965 F A
General be series C
3014 Sits 29
8534 26
1973 J J 8453 Silo 8412
1
22
28
27
General 4 54e series D
67
82
Certificates of deposit
7912 53
,-- 27 Sits 27
8
1976 J 1 787 Sits 7812
1112 203
1538 146
4
General 4 As series E
4
General 45
6618 813
4
1975 In S 15 Stle 133
7912 104
1977 J J 78 Site 78
24
124
31
Green Bay & West deb ctf8 A____ Feb 293 55
3414
8
1st & ref be series F
26
26
1977 M 5 30 sib 285
26 Feb'34 ____
4
2314 35
Debentures ctfs B
295 Mar'34 ____
8
8
Feb
Certificates of deposit
, 2512 30
6
85
6 Sale
6
6 12 10
2412 3812
3014 33
Greenbrier Ry 1st itu 4s
1st & ref 5s ser 0
3014 Sits 2914
0812 9912
1
1940 MN
9912
9912
993 _
1978 FYIN
4
2912
29
5
29
Gulf Mob dr Nor tat 54e 13_1950 A 0 803 Site 8014
29
6212 82
Certificates of deposit, 2512 30
11
82
4
8
1612
1414 173
1st mtge 55 series C
8
1312 Sits 1212
Cony gold 544s
59
757
1949 lVi- N
62
75
1950 A 0 75 Sala 74
24
38,2
Gulf & S I let ref & ter 5sFeb 1952 1 J 65
3012 20
let ref g 58 series H
70
57
____ 67 Feb'34 ____
1980 A 0 3012 Sits 29
2312 34
34 Feb'34 ____
Stamped (July 1 '33 coupon en) 1 J 65
Certificates of deposit
- 2512 30
_
____ 55 Dec'33 ____ ____
2414 3812
88
31
Hocking Val let cons g 448_1999 J .1 10412 Silo 10412 10412 10
let & ref 58 tier I
A 30 Sib 29
983 C8 o54
1981 128
33
Housatonic Ry cons g 5s
33 Feb'34 ____
82 100
Certificates of deposit---- 2512 30
1937 MN 10014 ____ 997 Mar'34 ____
8
7214 8412
H & T C let g 58 int guar1937 1
97 10212 Mo Pac 3d 7s ext at 4% July 1934 SIN 81
863 84 Mar'34 ____
4
1027s -__ 10214 Mar'34 ____
85
91
85 Mar'34 ____
Houston Belt & Term let 5e_1937 1
91
913 10014 Mob dr Bit' prior lien g 58_1945 J J 80
4
2
11912 10014 9912 100
91
89
Feb'34 ____
Bud & Manhat 1st 5seer A 1957 F A 8512 Sits 85
91
85
J .1 80
8
Small
72
885
51
86
60
48
Jan'34 ____
60
80
1st M gold 45
32
505
8
Adjustment Income bs Feb 1957 A 0 44 Site 43
467
8 55
1945 5 1
80
55
I J ____ 7212 80 Feb'34 --__
Small
99
Illinois Central 1st gold 481951 / i 100 ____ 98 Mar'34 ---9912
973 9912 Jan'34 ____
4
8
9214 987 :Mobile & Ohio gen gold 18.1934 NI S
tat gold 3%s
1912 27
25 Mar'34 ---20
25
92
83
1951 J J 92 ____ 92 Mar'34 ____
Montgomery Div lst g 55_1947 F A
213
8
10
Extended let gold 34s
1512
1714 21
18
93
93
1951 A 0 92 ____ 93 Mar'34 ____
Ref & knot 448
1977 M S 15
23
1
1st gold 35 sterling
14
1814
1951 M 9
Sec 5% notes
73 Nov'30
1934 NI S 1814 1812 1814
Collateral trust old 4e
____ . 75 Sept'33 ____
1952 A 0 823 Site 813
85
8814 8334 Mob & Mal 1st ell gold 48_199I M S 81
4
823
4 13
4
8778 109
- 12
Refunding 4s
1937 J J 10112 10178 10112 102
74
8818 Mont C let gu 88
1955 M N
8412 38
82
84
80
81 100
997
8 16
Purchased lines 344s
1937 J J 99 Sits 99
1952 J J 60
let guar gold 5a
63
76
8112 76 Feb'34 _
743 86
4
107
86
Collateral trust gold 4s
6212 795 Morris & Essex let RU 348_2(100 / 13 8512 Sib 8412
8
7614 12
1953 SIN 75
75
76
77
9812 11
1955 SI N 0812 Sits 9812
Refunding 55
9853
Constr NI 58 ser A
81
97
8
983
8 17
1955 MN 96 Silo 957
15-year secured 644s g__1936 J 1 1013 Sits 1013
9350
9312 14
73
90 102
7
Constr NI 4 42 tier B
4 102
4
1955 NI N 93 El.tla 9212
40-year 44s
5812 7612
713
4 72
F A 7014 Sala 7014
Aug 1 1966
8212 92
Cairo Bridge gold 48
913
4 10
85
9314 Nash Chatt dr St L 45 ser A I978 F A
903
4
8812 92
1950 J 0 9418 ____ 9314 Mar'34 ____
99 103
6
75
Litchfield Div 1st gold 38.1951 1 3 7512
N Fla & S 1st gu g 5s
75
_ 75 Mar'34 ___
1937 F A 10212 Sits 10212 103
____ ____
76
Loulsv Div & Term g 348 1953 J J 77 7712 Nat RY of Mix pr lien 448_1957 J J --------18 July'28 ____
81 7712 Mar'34 ____
212 414
Omaha Div let geld 3s._ 1951 F A
412 3 Mar'34 ____
__
60 Dec'33 ____ . _
73
Assent cash war rct No 4 on 3
76 Mar'34 _ _ _ _
gj3 -76
76
75
____ ____
St Louts Div & Term g 38.1951 J J
Guar 48 Apr '14 coupon.1977 AT0 --------1253 July'31 ____
218 4
Gold 344e
4
763 --__
4
Assent cash war rct No 5 on ---69
76
4
1951 J J 763 Sits 763
8 218 Mar'34 ____
314 37
67
80
____ 80 Mar'34 _-__
Springfield Div lat g 33.68_1951 J J 75
Nat RR Met pr lien 4 4t3 Oct '26
8
23
4 47
2
a4
a4
____ 8612 Mar'34 _--314 4
Assent cash war rct No 4 on - f
75
Western Lines let g
_ _1951 F A 80
8612
___
__
III Cent and Chic St L & N01951 A 0 --------22 Apr'28 ____
1st cons& 45
4132
_5
68
8434
44
81
Joint tat ref ba series A
1963 J D 7958 5113 791*
,
3 8 a314 Mar'34 ____
Assent cash war rct No 4 on , 3
,
____ ____
7112 N3v'32 ____
4
753
4 16
8
let & ref 448 series C ___ _1983 J D 753 Silo 743
62
7914 Naugatuck RR 1st g 48
1951 m -:`. --_- 82
80
87
New England RR cons 5s
I915 J J 8312 ____ 87 Mar'34 ____
Ind Bloom & West let ma 48 1940 A 0 89
2
66
4112
8111
__ 95 Feb'34 ____
95
9518
Consol guar 4s
7.353 ---- 8112
1915 J 1
8212 821z
Ind III & Iowa 1st g 4s
75
85 Mar'34 ___
1950 5 1 87 18
_- 8212 Feb'34 ____
N J Junction RR guar let 4s 1948 F A
88
81
69
3
5712 7218
19563 J 26
Ind & Loon:vine 1st oil 4s
25
25
25 Feb'34 ____
37
69 Sin 67
New Orl Great Nor .53 A
J J
1983
70
54
67536
Ind Union Ry gen be ser A1985 1 J 10212 ____ 103
5
103
6812 66
NO & NE 1st ref&impt 448 A '52 1 J 65
9812 103
4
Gen & ref Os series B
623 83
8412 8112 Mar'34 _-_103 Mar'34 ____ 100 103
1985 1 J 101
New Orleans Term 1st 45_ _1953 J J 80
16
2934
36
86
:Int & Oa Nor let 65 ser A_ _1952 1 .1 36 Sils, 3334
24 Mar'34 ____
2834 4412 (NO Tex & Met n-c Inc 5 _1935 A 0 2312 29
0
8
193 32
18
27
133
4 90
Adjustment 6s ser A_July 1952 A 0 1312 Sits 1212
207 2614
s
1st 55 series B
9
1814
1954 A 0 18
let be series It
7
8
2053 33
265s
337
8 57
19513 J .1 337 Sits 31
2514
2518 31
25
1st 52 series C
4012
1956 F A
1714 3112
1st g 5e series C
9
2512 e2612
1956.3 J 34 8113 3112
16
34
2114 25
let 4 49 series D
25
41
1958 F A
lot Rye Cent Amer let bli 13 1972_ M N 58
2018 33
9
8
2712
59
59
62
10
4518 62
let 54s series A
1954 A 0 2714 Sib 265
97
99
1st coil trust 6% g notes_ _1941 PA N 8212 Sits 6212
99 Mar'34 ____
4918 6212 N & C Bdge gen guar 4 48_1945 J 1 09
4
6212
let lien & ref 6 4a
1947 F A
8 12 10114 102
5712 Sits 5312
8
1017
5712
8
4312 5712 N Y 13 & MB let con g 5s_1935 A 0 1017 Sits 1017
3
Iowa Central 5s etre
93 11
4
4012
113
8 13
1938 J D
412 113
8
9912 43
83
991 3
let & ref g 48
212 512 N Y Cent RR cony deb 62_1935 M N 9914 13115 99
414 112 414
412 21
1951 M 5
733 9012
8
28
87
853 Sits 86
4
Consol 4s aeries A
1994 F A
6014 75
177
Sits 70
James Frank & Clear let 48_1959 .1 D 84 Site 823
713
4
6918 85
11
4
84
Ref & impt 4 4s series A 2013 A 0 7018
67
Eat A & Ott 1st gu g Os
80,
4
7814 105
1938.3 i 100 , 103 Mar'31 ---- ____ _ _
Ref & Impt Os series C
2013 A 0 7712 Sib 7612
7913 875s
8712 73
Kan & 51 1st gu g 48
4
79
Si?
NY Cent & Hud lily NI 34s 1997 J 1 8714 Stle 863
1990 A 0 8918 -Nil 88 Mar'34 ____
8
85 1003
10014 46
K C Ft S & Si Ry ref g 481936 A 0 45 Sits 4314
4512 46
36
533
4
Debenture gold 4s
1931 M N 10018 SR: 10018
8018 96
423
4 12
2
95
3512 5012
Certificates of deposit
8
4
30-year debenture 48
_ --- _ A 0 423 Site 42
1942 1 .1 9412 957 9412
60
75
Kan City Sou let gold 30950 A 0 73 Sits 73
713 109
4
4
7514 87, 6212 7514
Ref & impt 4 AR ser A _ _ _2013- - 7014 Sits 693
lief & impt 55
6918 8212
8212 15
671, 83
8014 54
Lake Shore con gold 348_1998 F A
8112 Sits 8112
-Apr 1950 J S 8014 Sits 7838
81 18
71
20
81
Kansas City Term 1st 48____1980 J J 985 iltls, 985
8
9912 86
8
8034 Sits 80
9312 100
Mich Cent coil gold 342._1998 F A
8518 94
21
98
Kentucky Central gold 48__ _1987 J
8
9012 9712 NY Chic & St L let g 4s
2
9712
____ 9712
, 07
1937 A 0 977 Sits 97
95
Kentucky & Ind Term 43e1961 J
5518 763
75
4
4
83
8314
6
83
83 14
Refunding 544s series A1974 A 0 74 Sits 733
6514 180
Stamped
4714 6712
4
83 Mar'34 _85
1961 J
Ref 4 42 series C
84 73
8314
1978 NI S 633 S413 6312
Plain
49
7112 83
741.5
4
1961
1935 A 0 693 8113 6812
89
Apr'30 ,8318
3-yr 6%, gold notes
96 104
44
104
NY Connect let gu 4 42 A_1953 F A 103 Sits 103
Lake Erie & West 1st g 58_1937 1 3 9914 Site 9914
993
4 10
8312 100
1st guar 58 series B
1953 F A 10514 107 105 Mar'34 _-__ 101 105
9354 9/12
2d gold be
1941 J .1 89 Sala 873
70
90
N Y Erie let ext gold 48
8
_1947 M N __ ._ ____ 9712 Mar'34 ____
4
90
Lake Sh & Mich So g 334e
4
1097 J D 883 897 8812
81
9034
3d extended 444e
1938 51 S --------100 Mar'34 ____ 100 100
8
8
89
68
85
85 Mar'34 ____
Lehigh & N Y let gu g 48_.,j945 NI S 78
8
1946 M N 805 95
57
78
N Y Greenwood L go g 58
7514
80
4
78
Leh Val Harbor Term gu 55_1954 F A 100 10012 993
86
9514
2
92
20
4 100
8212 10014 NY & Harlem gold 943
2000 M N 92 Site 92
Leh Val NY 1st gu g 448_19 J 1 95 Si
8314 9518 NY Lack & W ref 44s B
8
95
9412
10
1973 M N 10114 ____ 100 Feb'34 ____ 100 100
Lehigh Val (Pa) cons g 48
2003 MN 6112 Sits 61
8
38
64
47
647 NY & Long Branch gen 441._1941 NI 5 925 ..-- 76 June'33
s
General cons 4 tie
__
4
2003 M N 663 69
16
673
4
69
52
71
NY & NE Bost Term 4s
1939 A 0 --------9512 June'29 ____
General cone ba
____-5478 65
65 Feb'34 ____
7614 38
7514 Sits 7412
2003 M N
54
7614 NY N If & H n-c deb 4s_ 1947 M S 6012 65
Leh V Term Ry let gu g 58_ _1941 A 0 1033 10412 103
51
5812 Mar'34 ____
94 104
6
6011
Non-cony debenture 348_1947 M S 5714 59
104
4
Lox & Feet let 50-yr 58 gu_ _1965 A C) 104 f353 104
9
5312
45
56
51
54
91 104
104 ____
Non-cony debenture 340_1954 A 0 47
Little Miami gen 4s series A.1962 M N 80 10014 97
95
Feb'34 ____
9712
1955 J J 5712 Stl: 5712
5/7 63
0
583
4 4
Non-cony debenture 48
8
Long Dock consol g 68
64
99 102'
4
52
Non-cony debenture 48_1956 M N 5712 Sits 5312
1035 A 0 10112 102%10214 Mar'34 ____
587
8 47
Long Island45
597
8
12
52
5112 Sits 51
Cony debenture 344s
1956 .1 J
General gold 41:
7114 S63
4
813
8 78
8
1938 1 D 10112 1025 10112 10112
1
9914 10214
Cony debenture 65
19083 J 78 Sits 78
Unified gold 4e
99
1919 M 5 99
71
8612
2
99
8214 27
95
1940 A 0 80 Sits 80
9918
Collateral trust 6s
Debenture gold 58
1 10018 102
1931 1 D 10012 101 10012 10012
44
58
5312 12
1957 M N 5212 Sits 5212
Debenture 48
20-year pm deb 5,
1937 M N 102 10314 102 Mar'34 ___
8
6714 89
933 10214
4
5712 60
4
1st & ref 4 349 ser of 1927_1987 / D 6612 Silo 657
Guar ref gold 48
49
993 9912 100
4
1949 M S 99
95
9212 100
833 9514
4
7
Harlem HA Pt Ches let 481954 M N 93 Sits 95
Louisiana & Ark 1st be ser A1969 5 .1 64 S113 6312
5018 6812 NY 0& W ref g 48____June 1992 NI S 6712 Sits 65
41
65
5712 71
47
68
7014
50
3
Jeff Bdge Co gd g 4s 1945 M S 973 9712 9712
Louis &
12
84
6
9712
4
63
9712
General 48
1955 J D 63 Sits 603
_ _ 105 Mar'34 _-__ 102 105
1937 M N 105
Louisville dr Nashville 58
_ 90
90
90
Jan'34 --_ NY Providence dr Boston 4s 1912 A 0
101
73
8
1040 J .1 1007 Site 10011
Unified gold 48
9412 1013 NY & Putnam let con gu 48.1993 A 0 8314 - - 843
717 8514
8
21
4
83
9338- 4
853
s
10312 54
2003 A 0 103 13115 102
925 104
74
70 Mar'34 ___8
1st refund 5 48 series A
50
NY Swirl & West 1st ref 58_1937 1 J 6912 90
100
25
093 9914
4
2003 A 0 99
90 1011
. 2d gold 41d5
43
55
55 Mar'34 _-__
58
1937 F A 40
let & ref 59 series B
93 12 42
83
951s
2003 A 0 9312 Slis 93
8
General geld 58
let & ref 4 yie aeries C
s
5512
353 57
4
8
1940 F A 547 Sits 547
1 10112 105
105
1911 A 0 10412 105 105
825 9514
8
1
9514
Terminal 1st geld 5s
Geld be
1943 M N 9514 Silo 9514
95
95
82
2
9612 NY Westch & B 1st ser 34 He'46 J J
42
62
53
5118 Sits 5118
Paducah & Nfem Div 4/3_1946 F A 9412 96
563
8
6
6714
69
70
607 6914
1980 M 5 68
s
St LOU19 Div 2d gold 3s
9612 10012 Nord It)' ext sink fund 6448_1950 A 0 138 Sala 138
Slob & Monte 1st g 140_1915 51 a 10012 _ __ 10012 Mar'34 __
13812 47 128 13812
25
80
6118 83 :Norfolk South 1st & ref 52._1981 F A
793 Sits 7912
4
*
•
•
South Ry Joint NIonon 4s_1952 J J
98
85
3
1334 1512 135
99
8
135
8
At! Knoxv & Cln Div 48 1955 M N 9714 98
73 1753
2
Certificates of deposit
4
97
*
:Norfolk & South 1st g 5s. _1941 M N
'
•
10014 Feb'34 ____ 10014 101
10212 38
N & W Ry 1st cons g 4s
983 103
4
Mahon Coal RR let 5s
1934 J J 10053
1996 A 0 al02 Sits 102
5718 75
74 Mar'34 ____
4 10253
8
Div'l 1st lien & gen g 48_1944 J J 1025 106 1023
Manila HR (South Lines) 4s_1939 M N 7014 73
8 10018 10612
65
10212
6912
4
5
68 Feb'34 ____
1st ext 48
003 10212
Pocah C & C joint 4s
1941 J D 10318 ____ 19218
M N 7214 75
1959
031'33
99 10014 North Cent gen & ref Sc A 1974 M S 103___ 98
.10014 Mar'34 ____
Manitoba 5 NV Coloniza'n 52 1931 J D 10012
9912 162 2
9912 Feb'34 ____
8
597 65
5
Gen & ref 4 As series A
5
70
Man G II & NOV let 34s
- -1
1974 M S 995 103
1941 J J 66 IS 70
47
35
2
_ 47
2
214 :North Ohlo 1st guar g 5s
Men Internet let 45 asstd
021
.
____ 2 Mar'34 _-__
1945 A 0 5218
2
1977 NI S
5212 Mar'34 ____
--------7
3S2 531
Apill 1933 coupon on
Michigan Central Detroit & Bay
;
Jan'34 ____
35
43
58
94
993
4
Seen April A Oct coupons
2
43
47
____
993
City Air Line 48
993
4
1940 1 J 100
------------45 Feb'34 ______
3438 45
Jack Lana & Sag 354s
Certificates stamped
8512 79 May'26 ____ ____
1951 M S ____ 8
963 144
4
86 92
North Pacific prior lien 411_1997 Q 5 96 Silo 963
4
92
83
98
1st gold 342
92 Salo 9112
1952 MN
138
7514 86
69
60
Gen lien ry Aid g aa Jan 2047 Q F 68 Site 68
Feb'34 ___
Ref & !mot 4 46 ser C
69
86
1979 1 J 88
8512 11
857 8518
8
62
8312
Ref & Impt 444s series A _ _2047 J 1 83
I
8312
Mid of N J let ext 58
8312
7312 89,2
85
1940 A 0 7713'10012 57
4
7814 96
Ref & Impt 85 aeries B____2047 J J 993 Sits 9918
7
Sill & Nor let ext 4442(1880)1934 J I) 93 i 95
9312
.
8618 102'4
9453
9312
4
94
923 Sits 9212
65
8
Ref & impt 5s series C____2(147 J J
2
Cons ext 444s (1884)
7614 9534
8
9278 927
1934 J D 92
92o
92 12 19
587 747
8
8
Ref & Rapt 58 series D____2047 J J 92 Sala 92
15
7512 913
72
Mil Spar & NW tat gu 48_ _1947 M S 7114 Site 7114
4
Jan'34 ____ 100 100
Nor Ry of Calif guar g 5s.__1938 A 0 --------100
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
n
ri
-,e.
For footnotes see page 2224
Trice
Thursday
Mar.29.
Week's
Range or
Last Sale.
,!3 .
V:
qc'o'
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
New York Bond Record—Continued--Page 4
2222
—
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30
'6 4
'
2,'4,''
Price
Thursday
Mar.29.
Week's
Range or
Last Sale.
1 •
:V
A
al,
A
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
Mar. 31 1934
f .,
,
;..., ,..
4;4;
Price
Thursday
Mar.29.
Week's
..1 .
Range or5 Z.,
.
,
Lan Sale.
cii,
Z
Railroads (continued)—
Bid
Ask Low
High No.
OR & 4 Chem 1st gu g 4s____1948 J 1 67
7413 67
67
9
Ohio connecting Sty let 45_1943 51 5 97% —_ 97 Mar'32 ---Ohio River RR let g bit
1936 J D 10218 -___ 102 Mar'34 -- -,
General gold 5s
1937 A 0 102 Sale 102
10218
2
Oregon RR & Nay corn g 4s_1948 .1 13 9914 Sala 984
9912 42
Ore Short Line 1st eons g 58.19462 .1 10714 1073 10714
8
1073
s
5
Guar stpd cons Se
1946 I J 10418 Sale 10318 1083
8 16
Ore-Wash RR & Nay 4s_
96 8113 9512
1961 J J
96
180
Par RR of Mo lot ext g 0_1938 F A
9712
9312
97
8
2d extended gold 58
1
1938 J J 964
9612
9612
Paducah & Ills lets f g 440_1955
.1 1003 104 10034 Mar'34 ---7
4
Paris-Orleans RR ext 540..1968 M 8 a131 Sale 131
131
24
Faunas Sly 1st ref s f 78_ _ _1942 M S 7018 --__ 58 Mar'34 -Pa Ohio dr Bet 1st & ref 440 A'77 A 0 99 Bale 9812
9914 50
Pennsylvania flit C0013 g 48_1943 M N 10214
102 Ma1'34 -- 7
,
Consol gold 48
1948 M N 103 Sale 10213 10314 43
Is sterl etpri dollar May 1 1948 M N 101 102 102
10214
7
Consol oinking fund 43.I8_1960 F A 1074 Sale 107
1073
4 21
General 440 series A
1965 .5 D 99 Sale 9814
993 170
8
General Is series B
J D 1043 Sale 104
8
1968
105
52
15-year secured 640
91
1936 F A 1054 Sale 1053
8 106
40-year secured gold 58_1964 M N 1017 Sale 10112 10214
8
78
Deb g 4%s
1970 A 0 872 Sale 872
3
8
89
97
General 444e series E
1981 A 0 9112 Sale 94
81
95
Peoria & Eastern let cc 8048_1940 A 0 76
78
77
5
77
Income 4s
April 199( Apr 1314 147 1312
13,
2
8
3
Peoria dr Pekln Un 1st 1,448.._1974 F A
9514
8512 Jan'34 ____
Pere Marquette 1st set A 58 1956 J .1
79 Sale 79
80
.51
let 45 series B
1956 J J
7112 Sale 703
4
7112 22
1st g 4448 series C
1980 M 8 70
7212 724
73
58
PUN Halt & Wash let g 48..1943 M N 103
_ .. _ 10214 Mar'34 _ -,
General be series B
1974 F A 107 Sale 107
1073
4
7
General g 445 series C
1977 1 J 10114 Sale 101,
4
10214
5
Philippine By let 30-era 14s 1937.2 J
2814 Sale 2814
30
18
Low
51
PCC&StLgu44404
1940 A 0
Series B 445 guar
1942 A 0
Series C 440 guar
1942 51 N
Series D 48 guar
1945 M N
Series E 444s guar gold
1949 F A
Series F 48 guar gold
19532 D
Series CI 0 guar
1957 NI N
Series /1 cone guar Is
1961) F A
Series Icons guar 4 40___ 1903 F A
Series J cone guar 4 %e_ _1964 M N
General Al be series A __ _1970 J D
Gen mtge guar be ser B___3975 A 0
Gen 440 series C
19772 J
Pitts Mel: dr Y 20 gu 68
1934 J J
Pitts Eita & I. E let g Se
1940 A 0
let consol gold Se
1943 J J
Pitts Va & Char let 4s
1943 M N
Pitts & W Va 1st 444e ser 4_1958 J D
1st 51 440 series B
1958 A 0
let 54440 series C
10110 A 0
Pitts 1' & Ash let 411 ser 4_1948 J D
let gen be series B
1962 F A
Providence Secur deb 4s
1957 M N
Providence Term let 413
1956 M 13
1045 107 1033 Mar'34 ---8
8
105 Sale 105
105
2
1045 ____ 10412 Mar'34 ---93 ____ 9918 Mar'34 ---9212 _
8912 Aug'33 _--_
98_ 99
Jan'34 ---98 102 101
Feb'34 ---93 __
98 Nov'33 __- 105 __ 10412 Mar'34 — -,
106 Sale 106
106
1
10412 sale 10312 10412 21
10518 Sale 10412 10518
16
9814 Sale 984
9925 63
--------101 Sept'33 --- ____ r10412Dec'33 ---104
100 Afar'33 ---94
9613
Oct'33 _--67
73 697
8
8
70
69
69 Sale 69
2
72 Sale 70
72
7
96
9414 Mar'34 _ _
104 1047 104 Mar'34__- - 8
35 ____ 713 July'33 __-4
8614 ____ 8512 1'eb'34 ----
Reading Co Jersey Cent coil 0'51 A 0
Gen & ref 445 series 4_1997 1 J
Gen & ref 440 series B
1997 1 J
Rensselaer & Saratoga 6s
1941 MN
Rich & Merch Isle 49
1948 NI N
Melon Term By let gu 58_1952 J J
Illo Grande June 1st gu 5s_ _1939 J D
:Rio Grande Sou 1st gold 0_1949 J J
Guar 48 (Jan 1922 coupon)1940 J 1
Rio Grande West let gold 48_1939 J J
let con & coil trust 4s 4_1949 A 0
SR I Ark & Louis 151 4 %s__ _1934 M 8
Rut
-Canada let gu g 48._ 1949 J J
Rutland 1st con 440
1941 J .1
9312 Sale 9312
9412 21
1007 157
10018 Sale 100
8
100 Sale 100
10012 16
--------213
Oct'30 ---30
___ 40 July'33 ---101
____ 993 Jan'34 ---7
4
8712 Sale 8712
8712
4
1
_
114 Oct'33 __-2
____
325 July'33 __-8
86
86 sale 837
56
6112 Sale 604
63
23
•
*
67 Sale 65
67
3
7312 763 7312
7312
1
4
1014 105
102 105
103 10112
1939 M N
9918 101
83 Sala 86
8712 18
:Wabash RR 1st gold 58
_
_
20 gold be
1939 F A
73 SAI3 7119
7325 44
-55 ii
let lien 50
Feb'31 __-80
-year it term 0_1951 1 J ____ 74
Det & Chic Eat let 55_1941 J J 8512 91
98 101
86
87
2
_
Dee Moines Div bog 4s 1939 1 J
_
53 Sale 523
s
53 2
,
7
5914
10034 I0434
-- Omaha Div 1st g 340..
55
11
49
1941 A 0 50
___ 63 Dec'33 — -Toledo & Chic Div g 48_1941 M 9 67
1013 106
94 113.)
2412 60
Wabash fly ref & gen 540 A 1975 M 13 2412 /ale 23
____ 23 Mar'34 -- - 94% 10612
_
20
Certificates of
23 14 17
deposit—
2314 Sale 23
Ref & gen 5e(Feh'32 coup) B'76 FA
844 100
____ ____
20 r - -- 24 Mar'34 __ _ _
Certificates of deposit_
_
2414 30
Ref & gen 410 series C_1975 10 2314 Sale 23
__-- --20 - --- 2312 Mar'34 -- _Certifleates of deposit_
Ref & gen Se series 0
25
20
1980 iCb 25 Sale 23
56
7312
____ 21
Feb'34 ---_
Certificates of deposit..
- - 20
75
Warren let ref gu g 3 AS__ .
56
__ 50 Feb'33 _.__
—
i(inn FA _,,_
75
56
52 Feb'33
WanhIngton Cent lot gold in 1948 Q M
79
70 -9414 9414 Wash Term let Cu 3%8
9312 ____ 97 Mar'31 --- 1945 F A
101 104
let 40
-year guar 48
974
1945 F A
_ 95 Nov'33 -- - _ . Western Maryland let 4
,
83
95
l9,52 A 0 82 Sale 80 8
814 1512
let & ref 540 series A
1977 J J 9312 Sala 90,
914 62
2
West N Y & Pa lot g 58
1051
, 31
1937 1 J 10518 Sala 1044
82
9518
General gold 4s
8
974
953
4 10
1913 A 0 935 100
811 101
Western Pac 1st Se ser A
19.16 M 8 40% 5113 3718
43
160
8612 1007 West Shore let 48 guar
8
2301 1 J 824 Sale 82
831.1
16
____ ____
Registered
2361 1 J
73 Sale 79
79
2
_
Wheel & L E ref 444s ser 4_1906 51 5 95 —05
05
0
993 - - 4
4 9
93Refunding 58 series B
1960 M 5 934 9934 974 Mar'31 ____
-73
8712
RIO 1st conned 4s
1949 M 5 95
974 98
1
96
____ ____ Wilk & East 1st go g Se
9
1942 1 13 51
52
537 51
8
.___
_ Will & SF 1st gold Ss
1933-5 D 103 9113 100
101114
11
65 --86
Winston-Salem 8 B 1st 46._ _1960 J J
9112 9314 95 Mar'31 _._ _
4411 6314 :Wis Cent 50-yr let gen 0
1614 19
._1919 J J
17
17
2
Sup & Dul lily & term let Is '33 M N
1314 14
1325
1358
1
47
6412 Wor & Conn East 151 440_1943 1 J 514 ___ 8525 Sept'31 ____
5312 77
INDUSTRIALS.
86
97
:Abitibi Pow & Pap lot fai 1953 J D
•
•
77
78
Abraham & Straus deb 5%1.1943
707 83
8
With warrants
4 0 1021 Sale 10314
8
10212
0
Adams Express coll tr g 49__1943 11 8 7318 Sala 78
7818
4
•
Adriatle Elec Co eat! 74
1952 A 0 110 Sala 109
110
36
5712 75
Albany Perfor Wrap Pap 68.1918 A 0 61
8513 83
63
2
163 23
4
Allegany Corp cull tr Ss
A
1941 F
634 Sale 844
6312 98
17
26
Coll & cony Se
1949 1 D
51 Salo 573
8
597
8 931
1778 30
Coll & cony Ss
1950 A 0 334 Sob 32 4
,
35
321
18
28
Allis-Chalmers Mfg deb 5s 1937 M N
9712 Sth 997
8
9712 22
1412 2512 Alpine-Montan Steel let 78_1955 M 13 7412 Sale 73,
8
74,
2
7
1413 214
6412 77
Amer Beet Sue cony deb 68_1935 F A
914 93
91
91
6
4225 59
American Chain 5-yr 88
1938 1 0 8018 81
8018
80,4
3
48
6912 Amer Cyanamid deb Se
1912 4 0 10014 101 1004
1007
8 25
43
5512 Am & Foreign Pow deb 5s
4
2030 1 S 51 Sala 494
51
110
24
373 American Ice a f deb 58
4
1953 1 D
73 2 El th 73,
,
2
742 12
84
93
Amer 1 G Chem cony 5%1_1949 M N 95 Sala 9412
95
109
63
63
Am Internet Corp cony 540 1949 1 J
814 811) 83
8114 37
Amer Mach dr Fdy s f 6s
1939 A 0 10325 103 101125
106,2
2
97 105'2 Amer Metal 54% notes
1931 A 0 997 1001 997 Mar'31 ____
8
8
8
94 10014 Am Rolling Mill cony be.._ _1934 Af N 103 Sala 10612 109
216
89
983 Am Sm Alt 1st 30-yr 5e serA '47 A 0 10212 Sala 102
4
103
101
101 10612 Amer Bog Ref 5-year 6s
1937 1 J 105 10512 1017
8
105
13
Am Telco& Teleg cony 4s....1936 M S 103 Sala 103
10312 15
6012 40
30-year coil tr is
1910 1 0 1077 8113 107
8
108
43
97 10514
1960 1 J 10325 8th 10814
35-year e f deb be
107
61
997 10012
8
20-year 5? 540
1943 Al N 101% S 113 10912 110
129
997 100
8
Cony deb 440
19392 J 1041 501 10325
4
109
20
9712 101
Debenture 5s
1055 F A 10312 SO 10314
107
176
1910 A 0 33 Sale 32
:Am Type Found deb 68
3712 19
21
22
Am Wat Wks & El mull tr 5s_1931 A 0 101 12 Sill 101
10314 109
Coll tr 5e ser A lot rcte_1(141 M S 10)112 Stla 105
1044 281
15
23
Coll tr 5s ser B lot rcts_1911 M S 10325 Sala 104
10514 186
512 712
1975 A1 N
Deb it tli series A
83 Sala 83
8512 28
St Joe & Grand Sold Ist 48_1947 J J 9612 100
97
97
1
St Lawr & Adr 1st g be
85
1906 J J 80
77 Feb'34 --- 20 gold 65
1996 A 0 80
823 8225
4
83
'2
St Louis Iron Aft & Sou—
lily & CI DIY lute 48
*
•
1933 MN
St L Peor & N W lot gu be_ .10482 ./
74 Sale 71
74
71
-San Fran pr lien 4s 4_1950 2 1 22 Sale 2118
:St L
2214 43
Certificates of depoelt ___ ---, 2018 Sale 20
..
21
32
Prior lien &geodes B
2212 Sale 22
1950 2 J
2212 10
Certificates of deposit ---- -7
..
.-7 ---- ---- 21 Mar'34 -- -20
Con 51 440 series A
183
1978 M 8 20 Sale 18
Ctfe of depos stamped..____ - 19
1814 SA13 18
44
, 73 S.113 73
St L SW 1st g0 bond ctfs 1989 , 11
7412
7
28 g 4e Inc bond ctfe__Noy 1989 J J
587 59 Mar'34 ____
8
51
let terminal & unifying 58_1952 1 J 6358 Sale 60,
4
61
18
Gen & ref g Sc tier A
1990 J 1 513 Sale 51%
513
4
5
St Paul AR C Sh L let 4 tis_ 1941 F A
29
3214 30 2
,
3113 10
St P A Duluth let con g 0_1963 J 13 SS... 90 Feb'34 —_St Paul E Or Trk 150 4448_1947 J J .57
693 63 Mar'34 ---8
St Paul Minn & Manitoba—
Cons NI 58 ext to July 1 1943_ — - 10131 Sale 1014
10512 07
Mont ext 1st gold 48
_ 100 Mar'34 ---_
1937 .1 it
Pacific ext gu 48 (sterling).19.10 1 J
99496
9314 9614
9718
16
10614
St Paul Un Dep 1st dr ref 58_1972 J J 10534 10614 10514
7
8 A dr Ar Pass lot go it . _1943 J .1 80 Sale 774
130
80
Santa Fe Pres dr Phen 4s2
105
1st 58_1942 AI 5 1014 10514 105
Say Fla & West 151 g 68
1934 A 0 100
_ 11)014 Feb'34 _ —
1st gold 58
1944 A 0 9934
100 Mar'31 ____
Scioto VANE lot go) 4s_.._,19811 MN 1014 ____ 101101
4
:Seaboard Air line 1st g 4s_1950 A 0
•
2012 22
22 Feb'34 --Certificates of deposit
Gold 4s stamped
•
1950 A 0
Certife of deposit stamped_ A 0 2012 213 21 Mar'34 - --4
1
Adjustment 5s
63
Oct 1949 F A
7
4 74 7
,
Refunding 4s
*
*
1959 A 0
Certificates of deposit --- —7-, ---- 104 1014 Mar'31 ____
1st .k cons 6s series A
1312 59
1945 Al 5 1214 Sale 1112
Certificates of deposit __ ---- ,,-, 105s Sale 10
11
39
•
All & Bfrm 30-yr 1st g 45_ .1933 Al 5
•
67 sal,
8
614
6
:Seaboard All Fla 63 A ctfs_1935 A 0
37
5
512 0
Series B certificates
1935 F A
5
3
4
_ 1023 Mar'34 ____
8
So & No Ala cons gu g 50
1936 F A 1027
Gen cons guar 50-year 5e_ _1963 A 0 1013 iiii 10012 Feb'34 ____
8
So Pac coil 48(Cent Pac coll) 19492 D 0914 Sale 63
96
70
let 444s (Oregon Lines) A _1977 M S 7912 sale 79
190
81
30
100
-year cony Se
3
1934 1 D 100 Sale 100
Gold 410
1968 M 8 6725 Sale 6625
6712 77
Gold 4%e with warrants_ _1969 M N 6712 Sale 6714
6814 100
Gold 4%e
6712 155
1981 MN 6712 Sale 6614
San Fran Term let 4s___.1950 A 0 a95 Sale 9412
953
4 80
So Pac of('al 1st con gu g bs_1937 MN 10314 ____ 103
103
6
So Pee Coast let gu g 4s
____ 99 Mar'34 __ __
1937 J 1 99
So Pac RR let ref 48
1955 J .1 8612 Sale 85%
186
87
Stamped (Federal tax)
1955 .1 J --------9213 May'30 ____
Southern fly 1st cons g 58_1994 J J 9918 _ _ _ 99
10018 19
Devel & gen 40 series A__.1956 A 0 6814 Sale 66
161
69
Devel & gen 68
18
8914
1056 A 0 87 Sale 8614
Devel & gen 640
1956 A 0 9025 Sale 9025
8 63
917
Mem Dly Isle Se
109(1.2 J94 95 Mar'34 ____
---St Louie Div 1st g 49
8, Mar'34 _
12
83
1951 1 J 81
East Tenn reorg lien it 5e_1938 NI 5 97 Sale 99
I
99
Mobile& Ohio coil Or 40_1938 M 5 76 Sale 76
20
78
High
70
__
.___-100 1024
89 102,
8
92 10012
10414 10418
10412 10812
834 9714
874 97
84
965
1003 1007
4
8
12314 1333
8
60
58
85 100
101 102,
8
100 10'114
997 1023
8
4
103 103
883 101
8
974 106
4
1034 1063
9114 103
784 904
8312 96
80
57
7
1914
8512 854
5812 83
504 72
5112 75
100,2 103
100 10412
9214 103
2312 3114
Range
Since
Jan. 1.
Railroads (Concluded)—
Bid
Ask Lena
High No. Low
Ingle
:Spokane Internet Ist g 58_1955 J J
13
1438 13 Mar'34 ---93 17
4
Staten Island Sty 1st 4%8..1943 J D 65 ____ 60 May'32 _-__
__ _
_ _
Sunbury & Lewiston let 4e__1930 J J 94, -- -- 100 Fela'34 ---- 100 1- 0
8
0Tenn Cent 1st 68 A or B_ _ _1947 A 0
Term Assn of St L 1st g 440_1939 A 0
1st cons gold 58
1911 F A
Gen refund sic0
1953 1 J
Texarkana & Ft 9 let 5449 A 1950 F A
Tex & NO con gold 5s
1943.2 1
Texas & Pan lat gold 5.8
2000 1 D
Gen & ref be series B
1977 A 0
Con & ref 58 series C
1979 A 0
Gen & ref 6s series D
1530 J D
Tex Pac-1410 Pac Ter 54484_1961 51 5
Tol & Ohio Cent 1st gu 5s
1935 J .5
Western Div 1st g bs
1935 A 0
General gold 5e
1935 1 D
Tol St L dr W 50-year g 0_1950 A 0
Tol WV & 0 gu 4s ser C
1942 M 5
Toronto Ilam &Buff let g 4s 1946 J D
00 Sale
1017 ____
8
105
____
91 Sale
93
49
8112 Sale
IOU.? SA13
791 9113
77
31
7912 Sole
854 9014
1004 10214
1007 _
a
100 10414
8118 8434
98---9014 9478
59
63
8
104
101
2
105 4
,
10514
2
86
943
4
93
94
9414
8
841
,
8412
1
10414
105
14
79
733
4
19
797
8
8014 27
79
7934 30
85 2 Mar'34 - - -,
,
101,
8
10112
5
10018
101,
2
4
100 Mar'34 --„,
80
lri
80
964 Apr'3I
95 Mar'34 --- -
Union Pac RR let &Id gr 481947 J 1 10225 Salo 1023
let Lien dr ref 4s
June 2008 NI S 9314 Sole 93
Gold 4 AEI
1967 J J 9918 Sale 994
let lien dr ref be
8
June 2008 M 9 1031 Sole 10814
1968 J D 9312 5113 9313
40-year gold 4s
U NJ RR & Can gen 4s
1944 M 9 10218 104 102
Vandalla cons g 48 series 4.__1955 F A
1957 NI N
Conan f 45 series B
Vera Cruz & P asst 440
1933 J .1
Virginia Midland gen 5s__1936 M N
Va & Southwest 1st gu 58_2003 1 J
1st cone be
1953 A 0
Virginia Ry 1st 58 series A 1962 M N
1st mtge 440 series 1l
1962 MN
718 13
Am Writing Paper 1st g 6s_ _1947 1 J
913 1612 40810
-Chilean Nitrate 73_1945 M N
8
812 143 Ark & Mern Bridge & Ter 56_1961 al 8
Armour & Co (II)) 1st 440_1939 1 D
725 Armour & Co of Del 5%s._,1913 1 J
4
412 714 Armstrong Cork cony deb Se 1910 i D
4
10025 1023 Associated 0116% it notos_1935 NI 5
91 1(10:: Atlanta Gas L 1st 58
1917 1 D
66
747 All Gulf & W I SS coll Or 58_1959 J J
8
6312 8212 Atlantic Refining deb 5s
1937 J J
9212 10018
5412 72
Baldwin Loco Works lit 5s-1940 M N
53
72
Batavian l'etr guar deb 4448_1942 1 J
5212 71
Bell Telep of Pa Ss series B 1948 1 .1
8
827 96
let & ref Ss aeries C
1900 A 0
101 103
Beneficial Indus Lean deb Os 1946 M S
J9
99
,
Berllo City Elec Co deb 6%8 1951 J 121
8912
Deb Sinking fund 640-1959 F A
70
__—___
Debentures Bs
1955 A 0
86 10125 Berlin Elec El & Underg 6%81956 A 0
574 72, Beth Steel let & ref Se-guar A '42 M N
2
75
901 1
30
-year pm & lmpt 9 t 58_1939 J .1
78
9414 Bing & Bing deb 6%e
1950 M S
803 95 :Botany Cons N11118 640
4
1934 A 0
6614 85
Certificates of deposit
A 0
84 102
80
56
100 101
99
100 101
99
43
8 4
4
10113 Sale 10112
873
_ 90
78 48178 81
10525 Sale 105%
10014 Sale 10014
52 kith
10
'2 113
4
83 S de
9514 SO
933 911)
4
98
97
101 106
95
__
5712 Sala
106 Sale
10334 140
943 118
4
100
77
10.512 17
9414 70
10214
1
Feb'34 _ - ._
Feb'34 ____
51ar34 --10112
L
Mar'34
81
1
1054 61
101
16
-- --
48
65
10038 10414
101% 105,
4
82
9618
7514 9414
64
85
9114 105
64
8512
65
85
65
8412
67
854
9412 103,4
974 10112
99 100
673 8312
4
82
95
9934 10134
89
9834
89 4 10014
,
10213 10812
8212 95
4
10012 1023
99
974
212
9814
754
67
9918
90
99
99
5
1013
4
90
824
1053
101
74
5618
611
70
45
45
____
1513
1413
15
16
154
16
15
14
____
8912
737
8
60
87
5312
504
_
--2712
2312
2754
21
273
4
23 12
2714
21
____
97
93 - 12
___
_
7012 --8412
80
94
10225 10525
9S8
85
30
463
4
644 85
6511 79
85
95
9112 9718
863 9612
4
3938 54
100 10611
90
93
144 2225
10
1725
___ _ ____
•
93
62
944
56
5118
44
25
904
5614
1027
s
80
110
6612
68
61%
42
98,8
741 2
71
98
64
81
9312 10114
35
5525
62
793
4
837 9614
8
6718 85
105 10712
99 10012
953 11612
4
9912 10412
10414 106,
2
10125 101
10518 109
10314 10314
10.57 11014
8
107 113
10318 103
2414 44
9612 118
10112 10934
101 10334
644 86
50 4
,
4
52
11
6
11
8314
8312 15
9514
96
151
91 12
923
4 8:1
9612
97
16
16
104
10418
95 Mar'31 _.....
57
5712
3
105%
22
106
402 57
1325
5
8314 8312
874 96
82
923
86
97
102% 10418
95
95
50
60
I0325 106
105 Sala 105
105
2
107 Sala 107
1
107
10512 109 109
10912 22
11013 11112 III
11112
3
Ws Sale 99%
10014 34
44
477 48
8
51
13
42
437 4312
8
4812 81
423 Site 424
4
4714 37
397 4678 433
8
401.1
1
11012 Sale 110
112
64
103 SAID 101%
1021g 86
30
____ 30
Jan'34 ____
1818 Bale 17
19
22
1412 16
1412
1412
I
102 10512
1025 116
106 11012
106 113
84 102
44
653
4
4312 67
423 65i4
403 74
4
997 1153
8
8
90 10212
30
30
12
19
8
16
•
For footnotes see page 2224.
411k.
New York Bond Record-Continued-Page 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30.
11.4
t
slit
Price
Thursday
Mar.29,
Week's
Range or
Last Sale.
4
E.
1
Range
Since
Jan. I.
BONDS
N. Y. STOCK EXCHANGE
Week Ended March 30,
ts
t
2223
Pr
7'hursday
Mar. 29.
Week's .
Range or
Last Sale.
th4
Range
Since
Jan. 1,
Industrials (Continued)
Industrials (Continued)
Bid
High
!Itch No. Low
Bid
Ask Low
Ask Low
Hioh No. Low
High
_ 10514 11014
Bowman-Hilt Hotels let 7s_1934
Hudson Co Gas let g 55___ _1949 06 N 107 1097 110 Mar'34
8
29 10318 105
Humble 011 Or Refining 5s___1937 AO 10412 105 10412 105
Strap as to pay of $135 pt red__ M S
•
•
•
Illinois Bell Telephone 58___1956• D 10814 Sale 1073
•
•
2B'way & 7th Ave lot 5s__1943.1 D
4 10812 54 1053 11012
4
78
Illinois Steel deb 434s
72
Brooklyn City RR 1st 5s__ 1941 .1 1 773 Sale 7714
1940 AO 10514 Sale 1054
10512 10 10212 10512
11
78
4
12
8
Bklyn Edison Inc gen 5s A__1949 .1 .1 1084 Sale 10814
51
44
5912
1083
8 17 1054 1087 Ilseder Steel Corp mtge 65 1948 FA 44 Sale 44
964 Mar'34
1952.1 J 1085 Sale 10812 1083
Ind Nat Gas & 011 ref 55
Gen nage be series E
9612
94
1936 MN 100
8
4 20 10514 109
66
94
Bklyn-Manh K T see 6s
1968 .1
.1 99% Sale 9834 100
9314 1001.1 Inland Steel 1st 434e
80
95
1978 AO 9312 Sale 9218
115
14
57
60
Bklyn Qu Co dr Sub con gtd be'41 MN _ _ 70
lst M s f 4
93 Sale 92
93
ser
8512 95
1981 FA
1
57
57
397
'
3 70 Sale 6912
573 573 (Interboro Rap Tran let 68_1966
4
4
1941 J
6512 7214
1st be stamped
71
137
573 Feb'34
4
Bklyn Union El 1st g 5s_ _ _1950 F A 883 gale 883
7512 92
10-year Os
1932 A0
4
9014 10
4
3
4
3812
Bklyn Un Gas 1st cons g 58_1945 M N 1093 11012 110
3212 Sale 3212• 3212
32
Certificates of deposit_
14 1083 11114
111
4
•
1st lien & ref (Is series A1947 M N 11512 Sale 11512 11512
8
4
10-year cony 7% notes
1932 00 S
1 1107 1153
7314 51
158 158
Cony deb g 548
7114 Sale 71
1936 J ..1
Certificates of deposit______
674 75
158 Feb'34
_
7312 Sale 73
7618 38
1950 .1 D 102 10214 102
Debenture gold be
98 10414 Interlake Iron let 0 B
80
7718
1951 MN
10214 11
1957 M N 1063 1075 10712 10712
Innen & reser lea 13
4
1 1043 10S1^ cot Agile Corp let & coil tr 58
4
8
BuTfenEl414saeriesB1981 F A 103 Sale 103
Stamped extended to 1942__ _ _ MN
99 1054
62
77
7512
7512
3
7
10314
7312 78
:Bush Terminal 1st 4e
lot Cement cony deb 5s
60
1952 A 0 55
60
79% 90
1948 MN 87 Sale 8612
60 Feb'34
60
8812 37
Consol Os
J
1218 2612 Internet Hydro El deb es__.1944 A0 62 Sale 61
1955
4018 6312
19
05
20% 24
2012 19
6312
Bush Term 131thirs be gu tax ex '30 A 0 52
455 6012 Inter Mere Marine a 1 6s
8
44
6312
3
52
1941 A0 5914 Sale 5914
15
60
53
60
1945 MN
By-Prod Coke 1st 53.4s A
Internat. Paper Os ser A & B_1947'.2 7112 Sale 714
614 88
5712 74%
1
8412
8412
72
24
83
78
Ref a f es series A
383 6412
4
1955 MS 583 Sale 5712
593
4 25
8
Cal G & E Corp unf & ref 58_1937 MN
tot Telep & Teleg deb g 434s 1952 J J 63 Sale 6114
4814 8312
90
63
9 10318 100
10612 1053
4 106
Cal Pack cony deb be
1940.1 .1 106
8812 9914
Cony deb 434s
57 5 72
,
1939 _I .1 6912 Sale 6812
7014 145
7
4
9718
07
9712 963
Cal Petroleum cony deb a f be '39 F A
963 10214
8
52
6712
Debenture 5s
1955 FA
663 137
4
6512 Sale 6414
2
8
1013
8
1013 Sale 1013
8
Cony dabs fgO1.4s
1938 MN 1025 103 1025
8
9918 10318 Investors Equity deb Os A _1947 JD 9412 9512 9412 Mar'34
825 945
5
18
8 103
8
Camaguey Sugar 7s ctts...._1942
95
278 12
Deb 55 ser B with warr
88
1948 AO 9412 Sale 94
50
95
8
97
8 9 Mar'34
Canada SS L let & gen 68_ _1941 - -A6 2514 2612 2512 2512 5 1812 30
877 9412
8
Without warrants
1048 AO 94 Sale 94
2
94
Cent Dist Tel let 30-yr 5s 1943 J D
8
1063
_ 1045 107%
4 - - 10612 Mar'34
Cent Hudson G & E 5s_Jan 1957 M
10612 14 10012 10612
1 10418 10714 K C Pow & Lt let 434s ser B 1957 J J 10412 10514 10514
106
Cent Ill Elea & Gas 1st 58_1951 F A 106 gale 106
4512 64%
8
let mtge 43.4s
3
13 100 8 1087
1981 FA 1053 Sale 1053
4
106
4
00% 6112 6014
615
8 30
Central Steel let g a f
Kansas Gas & Electric 4 34s..1980 J D S318 Sale 93
N 105 109 10712 108
724 95
9 10118 103
9334 40
Certain-teed Prod 0340 A... _1918 M
524 8914 Karstadt (Rudolph) 1st 86_1943 MN 243 Sale 243
28
19
2512 13
4
4
6412 Sale 6412
6518 39
Chesap Corp cony 55 May 15 '47 M N
96 107
1612 23
Certificates of depoelt
193
4 68
18 Sale 18
Ch G L & Coke lst gu g be 1937 J .1 104 Sale 10312 10514 221
9814 1047 Keith (B F) Corp let 6s____1948 MS 6414 673 644
66
51
8
8
6518
4
10414 104% 10418
10418 10
(Chicago Railways let bested
48
5912
Kelly-Springfield Tire 6s___1942 A0 49 Sale 49
15
51
•
Aug 1 1933 25% part pd
F A
744 9512
Kendall Co 54s with warr__1948 MS 9212 Sale 9212
94
29
•
Clinch§ Co deb Os
1943 A 0 56 Sale 5512
43
731e 793
65
▪ .1 7514 80
4
Keystone Telep Co 1st
793 Mar'34 _ _ _ _
4
24
561
Chile Copper Co deb 5s_ _ 1947 .1 .1
56
72
Kings County El L & P 5a__1937 A0 1053 Sale 1053
10514
4
1 104 10614
4
66
72 Sale 7012
72
Cin G & E let M 4s A
1968 A 0 100 Sale 9914
92 100
Purchase money 68
1997 A0 13412 Sale 13412
13412
2 122 135
51
100
Clearfield Bit Coal let 4a. _j940 .1 J 45
833
8
75
Kings County Eley let g 4s._1949 FA 8314 Sale 83
833
8 10
_
33 Apr'33
Colon 011 cony deb 85
1938.2 J
10314 10614
Kings Co Lighting let 5s_ _1954 J J 10614 _
10614 Mar'34 _ _
81 Sale 80
81
11 -13gis
:Colo Fuel & Ir Co gnus f 5s 1943 F A
108 120
First and ref 634s
30
50
1954 J J 112 118 115 Mar'34
46 Sale 44%
46'
22
Col Indus 1st & coil Os gu _ _1934 F A
8112 9212
1712 3312 Kinney(OR)& Co 74% notere36 J o 9112 951 9212 Mar'34
_
2714 29% 275
8
11
28
Columbia 0& E deb fs May 1952 M N
823 97%
4
69
8712 Kresge Found'n coil tr
8
9612 53
_1936 J D 9612 Sale 955
8514 Sale 85
86
61
Debenture be
Apr 15 1952 A 0 853 Sale 8514
70
1214 2134
87 (Kreuger & Toll CIA 5s ctfe_1959 MS 18 Sale 18
2018 52
4
853
4 12
Debenture be
Jan 15 1961 J J 8412 Sale 83
661e 86,2
85% 67
Columbus RY P & L let 4 lie 1957 J
73
97 105%
9414 Lackawanna Steel 1st 58 A 1950 MS 10414 Sale 10414
105
20
13
93
9212 Sale 92
Secured cony gO lis
79
9512
1942 A 0 10118 Sale 1007
9014 10312 Laclede G-L ref & ext 5e
1934 A0 883 Sale 885
8
895 115
8
4
8
10118 10
88
88
Certificates of deposit____
88 Mar'34
Commercial Credit a f 5lis 1935 J .1
50
68
Coll et ref 53.4s series C
6138 17
6012
1953 FA
1023 Sale 10214
4
1023
4 31 10112 103
Comml Invest Tr deb 549_1949 F A
50
673
4
Coll & ref O34s series D
8
1980 FA 597 Sale 59
61
18
1063
8 55 101 1067
1063 Sale 108
4
Conn Ry L let dr ref g 44e 1951
54 16
Lautaro Nitrate Co Ltd fle1954 3' 1214 Sale 1112
J 98__ 983 Nov'33
127 102
s
s
Stamped guar 454s
9912
5
991,
,
81
"iii" 162 Lehigh C & Na,a t 434s A I954'.2 9914 Sale 99
1951 .1 J 1023 16412 10212 Mar'34
-12
4
Consolidated Hydro-Elm Works
80
99,
Cons sink fund 434s tier C_1954
4
99
994
2
Of Upper Wuertemberg 78_1956. J ____ 487 4914 Mar'34
794 91
473 60
4
Lehigh Val Coal 1st & ref s f bs'44 FA 8514 8812 8412 Mar'34
1
_
8
:Cons Coal of bid let ref 58 1950.2 D 21 Sale 2012
2514
40
60
12
1st & ref a f 5e
56 Mar'34
56
60
1954 FA
21
5
Certificates of deposit
4212 5712
1114 24
1st ge ref s f be
53 Mar'34
1964 FA 523 57
4
2018
21
9
Consol Gas(N Y)deb 54s...1945 F A 10514 gale 105
40
55
lat & ref s f be
525
8
525
8
2
1974 FA
523
4
_
106
55 10112 10712
Debenture 445
8118 8912
1951 J D 9912 Sale 99%
9038 10014
89 Mar'34
_
4
1938
843 91
10018 114
Secured 6% gold notes
Debenture be
1957 .1 J 10212 Sale 10212
9712 10414 Liggett & Myers Tobacco 78_1944 A0 123 Sale 123
124
9 11918 125
1033
4 63
Consumers Gas of Chic HU 58 1936.2 D 104 sale 10312
55
1093
4 30 106 110%
1951 FA 1093 Sale IOS
4
104
19 100 104
Consumers Power 1st Os C 1952 M N 10514 106 106
85
9812
9812 18
1941 A0 9812 Sale 98
4 10012 10718 Loew's Inc deb • f fte
106
Container Corp let 65
1946 .1 D 8612 Sale 8512
85% 9218
70
83
Lombard Elec 78 ser A
9218 22
1952 J o 9112 9212 914
863
4 25
15-year deb 58 with warr_1943 .1 D 7212 Sale 7212
11612
5 11212 12014
52
75
Lorillard (P) Co deb 78
1944 A0 115 Sale 115
72 2 10
,
Copenhagen Telep 58 Feb 15 1954 F A
9912 10514
7518 8912
Os
8912 12
105
21
1951 FA 10418 Sale 10418
89
881 90
4
Corn Prod Relic let 25-yr s f be'34 M N 10018 10012 1004 Mar'34
4
88 1033
10134 103
10018 1015 Louisville Gas & El(Ky) 58_1952 MN 10114 Sale 1003
8
4
Crown Cork & Seals I es_ _ _1947 J D 102 10212 102
745
8
51
7412 Mar'34
Lower Austria Hydro El 6481944 FA 7218
9712 103
5
102
Crown Willamette Paper 6E1_1951
7912 9514
J 92 Sale 92
4
9212
Crown Zellerbach deb Sew w 1940 M S 86 Sale 88512
70
9
:McCrory Stores deb 548_ _1941
86
4
(Cuban Cane Prod deb Is _1950 J J
5()
68
Proof of claim feed by owner-4
60
60 Sale 5812
Cumb T & T lat dr gen 58._.1937 J J 106 Sale 105%
5812 78
116
1063
76 Sale 754
77
8 41 103I2 10612 McKesson & Robbins deb 548'50 M
:Manati Sugar lsts f 74_1942 AO
Del Power & Light let 448_1971 .1 J 101 103 103
9414 103
10
197
8
19% Mar'34
103
Certificates of deposit
7
13
20
let & ref 44e
1969.1 J 9912 100
895 100
8
9912
Stamped Oct 1931 coupon 1942 AO
9912
2
•
let mortgage 414e
J 103 Sale 103
1969
6
20
94 103
Certificates of deposit
103
2
10
177 20 Feb'34
8
Den Gas & El L 1st dr ref 51 58'51 M N 993 Sale 99
86 100
Flat stamped modified
4
100
16
•
Stamped as to Penne tax 1931 MN 100 Sale 9912 10014 24
873 10014 thfanhat fly(NY)cons g 45 1990 WO 48 Sale 4712
423 51
4
4
8
48
Detroit Edison be ser A
1949 A 0 105 Sale 1043
37
46
963 106
4
431
12
4
10514
Certificates of deposit__ - 18
43 Sale 40
Gen & ref 5s series It
1955 .1 D 10412 Sale 10412 105
40
28 45
963 10512
30
8
35 Mar'34
3
2013 JD 2812 38
Gen & ref be series C
19621° A 10414 105 10414
963 105
9312 97
8
Manila Elec RR & Lt s f 58_1953 MS 82
1041
5
933 95 Mar'34
Gen & ref 434s series D..1961 F A 100 Sale 100
89 101
Mtn; Tr Co etre of panic In
1003
4 77
Gen et ref 58 series E
1952 A 0 10414 Sale 1033
97 105
60
AX Namm & Son 1st 68_1943 JD 7214 Sale e7214
7214
773
8
4
1043
7
28
Dodge Bros cony deb 6s__ _1940 M N 10312 Sale 10312 104% 175
61
9814 105
44
Marton Steam Shovels f 63_1947 A0 54 Sale 5112
18
54
Dold (Jacob) Pack 1st 6s_ .1942
N 88
79% 90
89
68
Market St fly 7e ser A _A pill 1940 Q
90
88
88
8612 12
8
8612 Sale 85
Donner Steel 1st ref 78
1942 J .1 9612 98
94
75
53
97
Mead Corp let 68 with warr_1945 MN
97 Mar'34
28
75
7412 Sale 7212
Duke-Price Pow 1st()seer A _1966 MN 927 Sale 9218
7412 96
94 116
Meridional° Elm let 75 A 1957 A0 10618 1137 a1083 a1083
8
4
94
46
4 19
Duquesne Light lat 4
A 1967 A 0 10512 Sale 10512 106
4
94
9212
77
9
23 1013 10712 Metr Ed 1st & ref 58 ser C 1953 J J 92 Bale 91%
lstMg434seerlesfl
1957 M S 'Nig Sale 108
88
1st g 4 lie Belles D
71
1081
14 10212 1084
8312 17
1968 MS 81 Sale 81
9212
Metrop Wat Sew & Dr 548_1950 A0 91 Sale 91
SO
8
9112
East Cuba Sug 15-yr s 1 g 7 34s'37 M S
18
Met West Side El (Chic) 45_1938 FA ---"157, 18 Feb'34
15
•
Ed El III Ilklyn 1st cons 4s_ _1939 .1 .1 10212 1033 1027
50
78
8
103
77 Mar'34
J D
6 10018 10314 Mlag Mill Mach lot Sf 7s
1956
Ed Elec(N Y) let cone g 53_1995 .1
.1 11714 1187 115
110 11658 Midvale St &0 coil tr s f 58_1936
974 102
Jan'3
8
1017
8 86
S 10112 Sale 1013
El Pow Corp (Germany) 1394s '60 M S 4718 Sale 474
7712 41
4718 6912 Milw El fly & Lt 1st Os B
80
57
5214 20
1961 JD 77 Sale 75
1st sinking fund 63.4s
1953 A 0
52
let mtge 55
54
56
6914
54 Mar'34
7812
75
34
1971 J J
7412 Sale 73
Ernesto Breda 7s w w
1954 F A 843 89
4
8312 87
Montana Power let .5a A.. _1943 J
7012 96%
85
4
8612
96% 51
4
964 Sale 953
Federal Light & Tr let 5s
1942 M S 72
7512 12
64
Deb be series A
78
77
53
7812
73
80
21
1982 JD 75 Sale 75
let lien s t 58 stamped_ _ _1942 M
72
77
75
Montecatini Min & Agile
78
4
6012 7
8
5s International series_ _1912 M S 72
75
9812
Deb g 7e
7712
3
77
96
7712
75
4
9714
1937'.2 9714 Sale 97
let lien Os stamped
1942 M S 7612 Sale 7612
64
9512 10018
79
9
Montreal Tram 1st dr ref 58_1941 J J 10018 Sale 993
77
10018
4
4
30-year deb 65 series 13
1954 .1 D 63
5112 63
65
63
Gen & ref slOe series A_1955 A0 81
63
2
73 Dee'33
83
Federated Metals Sf 78
D 103 104 103
1939
Gen & ref sf Os series B...1955 AO
101 103
103
-ii 74
74 Feb'34
Flat deb sf g 78
1946 .1 .1 100 4 101 102
3
102
Gen & ref 51 44e series C_1955 AO
2 1001a 102
68 Nov'33
Framerican Ind Day 20-yr 748'42 J J 108 Sale 10712 108
Gen & ref s f 56 series D 1955 AO
7 10212 108
"ii- 85
85 Mar'34
:Francisco Bug 1st 51 73.4s_1942 M N 34
37
41
36
367
8
19
Morris & Co 1st s f 4 yis
6
8412 954
94
3
945 94
8
94
1939
Mortgage-Bond Co 48 scar 2.1966 A0 2014
403 Dec'32
8
Gannett Co. deb 65 ser A._ _1943 F A 91 Sale 91
79l 9234 Murray Body let 014,
913
4
5
9812
99
10
88 16698
1934 J O 95
Gas& El of Berg Cocoas g 581949
D 10712 110 104 Feb'34
104 104
Mutual Fuel Gas 1st gug 58.1947 MN 10318 1043 10318 Mar'34
95 10312
4
Gelsenkirchen Mining 6a
1934 M S
•
Mut Un Tel gtd (Meet at 5% 1941 MN 10212 104 10312
1
97 10312
10312
Oen Amer Investors deb be A1952 F A
9212 Sale 92
923
4 20
7912 923
4
Gen Baking deb at 5
10 A 0 10414 105 1044
1045
8
8 102 105
Namm (A I) & Son_See Mfrs Tr
1947 J J 69 Sale 6712
A
Oen Cable let s f 5
70
113
59
73 2 Nassau Elec gu g 4s etpd__ _1951 '.2 6012 6114 6012
,
9
5314 62 2
,
8112
65
1942 F A 100 10214 1004 Mar'34
Gen Electric deb g 314s
_
100 10212 Nat Acme 1st s f 6s
6512 85
3
1942 J O 85 Sale 85
Gen Elec(Germany) 78 Jan 15'45 1 J 5018 Sale 5018
5412 14
5018 65
Nat Dairy Prod deb 545
9114 121
7812 92
1948 FA 0012 Sale 90
1940.1 D 5712 S.00 5712
Stelebrilis
5812 40
51
6312 Nat Steel let coll 5s
9934
993 263
4
91
1958 AO 993 Sale 993*
4
1918 M N 49 Sale 464
-year s f deb (is
4614 6312 Newark Como! Gas cons 58.1948 J O 10812 1093 10814 .Mar'34
20
5512 40
1035 109,2
5
4
Oen Petrol 1st sink I'd 68_1940 F A 10512 Sale 1043
4 10554 16 1035 106
8
Newberry (JJ) Co 54% notes '40 AO 983 Sale 983
21
8814 99
983a 37
8
4
Gen Pub Sem, deb 545
1939.1 J 90 Sale 8918
9014
10
76
804 New Eng Tel & Tel be A
4
10512 1123
110%
1952 J D 11018 Sale 1104
Gen Steel Cast 545 with weer '49 J .1 82
85
84% 8334
25
681e 8914
15tg434seerlcsB
10612 37 101 108
1981 MN 10612 Sale 106
•
(Gen Theatres Equip deb 88_1940 A 0
•
NJ Pow & Light 1st 4 Ss_ 1960 A0 8512 Sale 85
15
8912 8612
86
8% Sale
87
8
Certificates of deposit
3
1134 New Ori Pub Sery 1st 5s A.._1952 A0 5712 Sale 57
8%
3
414 60
11
58
Good Hopo Steel & Ir sec 78_1945 A 0 5612 Sale 563
8
59
19
55
53 8318
First de ref 5s series B
103
403 59
4
58
1955 J D 563 Sale 5612
4
Goodrich(B F)Co let 845..1947 J
10312 Sale 10312 1043
4 17
95 1043 N Y Dock lot gold 45
4
50
3
67
63
1951 FA 6212 Sale 6212
1945 ..1 D 84 Sale 8212
Cony deb 88
85
95
72
871 n
Serial 5% notes
58
37
543
4 12
4
1938 AO 543 Sale 5312
Goodyear Tire & Rubb 1st 5s1951 M N 98 Sale 973
4
9814 185
894 98% NY Edison let dr ref 834e A.1941 AO 11312 Sale 113
1137
8 46 10912 113%
Gotham Silk Hosiery deb 6s_1936 J D 93 Sale 9214
94
93
2
89
let lien & ref 5s series 13_1944 A0 1083 Sale 1073
4 11 10512 1083
4
4 1083
4
(Gould Coupler 1st s t 63_1940 F A
•
•
let lien & ref 55 series C 1951 A0 10812 Sale 10818
1083
4 29 10512 10914
Gt Cons El Pow (Japan)7s 1944 F A 79 Sale 7512
797
26
684 79% NY Gas El Lt H & Pow g 5a 1948 J
12 107 11212
112
11112 Sale 111
71% 77
70
1950 J
lst&gensf 634s
7112
7
8518 7112
Purchase money gold 45 1949 FA 1033 Sale 10312 104
33
9912 104
4
Gulf States Steel deb 534s.,.1942 .1 D 863 Sale 8612
4
867
8 10
71
89
NY LE&WCoal&RR 548'42 MN 8512 88
8412 Mar'34
7512 8412
NYLE&W Dock & Imp be '43 J J
87 100
95 Mar'34
Hackensack Water let 4s
1952 3 .1 100 10014 10014
10014
6
96 10012 N Y Rye Corp Inc 65.....Jan 1965 Apr
712 8
74 Mar'34 ...74 9%
8
Hangs SS Linea 6s with warr_1939 A 0 487 Sale 483
4914 31
8
394 56
Prior lien (le series A
65 Mar'34
'3 el% 66
65
1965
70
Harpen Mining Os with warr_1949 .1 .1 r63 Sale 61
863
32
53
674 NY & Menai Gas 1st 85 A_1951 MN 104 Sale 104
104
96 104
3414 Feb'34 _ _ _
1952 F A
3318 40
Havana Elec consol g be
2912 36
Y State Rye 43.45 A ctfs_1962
Di 312
3
_e_
34 mar. 14
212
34
314 Sale
73
4
Deb 5348 series of 1926_1951 M S
73
4
1
73 Sale
4
794
3
034 series B certificates 1952
212 27
8
)hloe(R) & Co 1st 81.40 ser A 1934 A 0
•
N Y Steam 68 series A
12 10214 110
1947 MN 10912 Sale 10912 110
30 De• c'33
Holland-Amer Line Os (flat),1947 M N ____ 38
let mortgage 58
1055
8 29
9858 105%
10512 Sale 105
1951 M
8414
15 -gbHouston 011sink fund 5 lie_ _1940 M N 8312 Sale 8312
1st mortgage 5s
8
8
973 105
8
1958 MN 1035 Sale 10212 1035 . 15
39
51
Hudson Coal let a f es nor A _1962 J D 46 Sale 4434
4638 53
N Y Telep 1st & gen s f 41.4s 1939 MN 10314 S LI! . 3
8
106
51 103 1063
4
For footnotes see page 2224.
0114Sale
New York Bond Record—Concluded—Page 6
2224
Mar. 31 1934
•7,_.
1.3.s
:..''ll
Price
Prile
Week's
.4 .
Range
BONDS
L.."
N
BONDS
Y. STOCK EXCHANGE
Week Ended March 30.
—... ,..
JZ:.
°
.;
Industrials (Continued)—
N Y Trap Rock let 6s
1946 J D
Niag Lock dr 0 Pow 1st 5e A 1955 A G
Niagara Share deb 5345_ _1950 M N
Norddeutache Lloyd 20-yrsf 68'47 MN
Certificates of deposit
Nor Amer Cem deb 6448 A_ _1940 M S
North Amer Co deb 55
1961 F A
No Am Edison deb ba ser A_1957 M S
Deb 5448 ser B___Aug 15 1963 F A
Deb Os ser C
Nov 15 1969 MN
Nor Ohio Trac & Light 60_1947 M S
Nor States Pow 25-yr 55 A1941 A 0
let & ref 5-yr 68 ser B____1941 A 0
Norweg Hydro-El N1t 5345_1957 MN
Ohio Public Service 7448 A._1946 A 0
1st & ref 75 series B
1947 F A
Old Ben Coal let 68
1944 F A
Ontario Power NE' 1st 58..1943 F A
Ontario Tranemlselon 1st 51_1945 M N
Oslo Ga8 & El Wks extl 58_1963 M S
Otis Steel 1st mtge f3e ser A_1941 IVI S
Pacific Coast Co let g 58
1946 1 D
Pacific Gas & El gen & ref 55A '42 J J
Pacific Pub Serv 5% notee.._1936 M S
Pacific Tel & Tel 1st 58-1937 J J
Ref mtge 5s series A
1952 M N
:Pan-Am Pet Co( Cal)cony Os'40 J D
Certificates of deposit_ _ _ _ .___ ____
Paramount-Wway let 540.1951 J J
Certiflcates of deposit
:Paramount Fame Lasky Os..'47
Proof of claim Bled by owners_
J D
Certificates of deposit
:Paramount Public Corp 540'50 F A
Proof of claim filed by owner.._-Certificates of deposit __
---Park-Lea 6148 Ws
1953 _
Parmelee Trans deb Os
1944 A 0
Pat & Passaic 0& E cons 58 1949 M Ei
Pathe Each deb 7e with warr 1937 M N
Pa Co gu 334a coil tr A reg_1937 Ni 5
Guar 344s coil trust ser 11_1941 F A
Guar 334e trust ctfe C
1942 J D
Guar 314s trust ctfs D
1941 J D
Guar 45 ser E trust ctfe._1952 M N
Secured gold 4118
1963 M N
Pens-Dixie Cement 1st 6s A 1941 M 5
Pennsylvania P dr List 4345 1981 A 0
Peop Gas L & C let cons 6u1943 A 0
Refunding gold 58
1947 M S
Phlla Co sec 58 series A
1967 J D
PhIla Elec Co 1st dr ref 4 AS 1967 M N
1st & ref 45
1971 F A
Phil& & Reading C & I ref 5s 1973 1 J
Cony deb 138
1949 NI 13
Phillips Petrol deb 5115
1939 1 D
Pillsbury Flour mills 20-yr 65 '43 A 0
Pirelli co (Italy) cony 7s
1952 M N
Pocah Con Collieries 1st a f 5s '57 3 J
Port Arthur Can & Dk 68 A.1953 F A
1s1 mtge 65 series B
1953 F A
Port Gen Elec let 4448 ear C 1980 M S
Portland Gen Elec 1st 5s
1935 J J
Porto Rican Am Tob cony 6s 1942 1 J
Postal Teleg & Cable coil 58.19033 .1
:Pressed Steel Car cony g 5s_1933 11 J
Pub Serv El &0 1st ,tc ref 4145'67 J D
1st & ref 444e
1970 F A
let & ref 45
1971 A 0
Pure 011 3 t 544% notes
1937 F A
S ,4”4% notes
1
1940 M S
Purity Bakeries 111 deb 513_1948 J 3
:Radio-Keith-Orpheum pt pd ctfs
for deb 6s de corn stk (65% pd)_
J 15
Debenture geld 68
1941 --Remington Arms lets? 68_1937 M N
Rem Rand deb 5449 with warr '47 M N
Repub I & 5 10-30-yr as s f.1940 A 0
Ref & gen 5145 serfes A I953 1 J
Revere Cop & Brass Cs ser A 1948 M 9
1946 J J
Ithelnelbe Union s f 7s
Rhine-Ruhr Water series 6_1953 1 J
Rhine-WestPhalia El Pr 7s_.,1950 M N
Direct mtge 65
1952 M N
Cons mtge 68 of 1928
1953 F A
Cone M Os of 1930 with warr'55 A 0
:Richfield Oil of Calif 66_1944 M N
MN
Certificates of deposit
Rima Steel Islet 7s
1955 F A
Roch 0,4E gen M 534s ser C '48 M S
Gen mtge 4448 series D 1977 Ni 5
Oen mtge 55 series H._1902 M 9
Roch & Pltts CA 1 p m 53..1946 MN
Royal Dutch 48 with warr_1945 A 0
1948 A 0
Ruhr Chemical s f Os
St Joseph Lead deb 5348_1941 M N
St Jos Ry Lt lit & Pr 1st 58_1937 MN
OIL Rocky Mt & P6* stpd_1955 J 1
St Paul City Cable cons 5s 1937 1 J
1037 1 .1
Guaranteed 53
San Antonio Pub Serv 1st Os 1952 3 J
Botanic° Co guar 6445
10403 J
_
Stamped (July 1933 coup on)
A0
1946 .—
Guar s f 6148 series B
Stamped
Sharon Steel Hoop o f 5348_1948 F A
Shell Pipe Line et deb 65___1952 MN
Shell Union Oils? deb 5s___1947 M N
Deb 58 with warrants____1949 A 0
Shinyetsu El Pow let 6148_1952 J D
Slemene & Halske 8 f 78.___1935 1 J
1951 Ni 5
Debenture s f 045s
Sierra & San Fran Power 58.1989 F A
Silesia Elec. Corps t 6145
1916 F A
Sileglan-Am Corp coil tr 70_1941 F A
Sinclair CODS 011 15-yr is.. _1937 M 9
1938 .1 D
let lien 634s series B
Ske0y 011 deb 0145
1939 M S
Solvay Am Invest Is ser A _ _1942 M 9
South Boll Tel & Tel 1st 5 f Is '41 J J
S'ia est Bell Tel let & ref 58_1954 F A
Southern Cob Power 65 A._1941 .1 1
Stand Oil of NJ deb 5s Dec 16'40 F A
Stand 01101 N Y deb 410-1951 J /./
Stevens Hotel 1st Os series A '45
:
2 Studebaker Corn 6% g notes'42 J D
Certificates of deposit
Syracuse Ltg Co. 1st g 58__1951 J D
Tenn Coal Iron & RR gen 58 _1951 J 1
Tenn copp & Chem deb 68 B 1944 M 9
Tenn Elec Pow 1st Os
1947 J D
Texas Corp cony deb 5s
1944 A 0
Third Ave Ry 1st ref 45
1960 J J
Ad)Inc 5s tax-ex N Y.Jan 1960 A 0
Third Ave RR let g 55
1937 J J
Tobacco Prods (NI)6%8_2022 MN
Tobo Elec Power 1st 7s-1955 M 5
Tokyo Elec Light Co Ltd—
1953 J D
1st es dollar series
1949 M S
Trenton 0 & El let 5 55
Thursday
Mar.29.
Range or
Last Sale.
g:
53
.
.
a)
,
Since
Jan. 1.
N. Y. STOCK EXCHANGE
Week Ended March 30.
-;! s
...,
Thursday
Mar.29.
Week's
Range or
Last Sale.
4
,
Range
F,..2
Since
di
Jan. 1.
—
High No. Low
High
9
43
37
40
9412 15
8312 9412
Slid
Ask Low
Bid
Ask Low
Industrials (Concluded)—
High
High No. Low
51
63
533 Sale 533
4
Truax-Traer Coal cony 6%8_1943 MN 4112 4614 43
4
5514 26
101 Sale 101
90 10212 Trumbull Steel 1st a t (38._1940 M N 9312 Sale 9318
3
101
«
6514 Sale 643
7218 Twenty-third St By ref 5s_1962 J J
4
50
6614 57
'a
66
4518 67
128
48
67 Sale 63
Tyrol Hydro-Elec Pow 7448_1955 M N 66 Sale 6414
67
673
4
6112 10
45
6112 Sale 6014
56 Sale 56
Guar sees? 75
4834 577
573
8 47
6412
1952 F A
8
43
7312 84
84
4
3218 Sale 3218
5
Ullgawa Elec Powers f 7s
2213 40
3218
1945 M S 833 Sale 83
10412 10
Union Elec Lt ,k Pr(Mo) 55_1957 A 0 10414 Sale 101
6312 86
37
86
9613 105 4
8512 Sale 845e
,
5 102 107
4
1063
4
4
827 Sale 82 8
8
61
8512 Un EL & P (III) let g 544s A 1954 J J 1063 Sale 1033
,
8312 11
62
,
9012 49
•
•
1945 A 0
91
9014 Sale 89 8
Union Elev By (Chic) 55
8
112
82 Sale 81
5 10713 11258
5618 8212 Union 011 30-yr 6s A__May 1912 F A 11112 112 1117
8214 36
2 10012 10134
8
1007
8
8
993 Sale 99
4
let liens f 58 ser C___Feb 1935 A 0 1007 Sale 1007
747 10112
8
4
99 3
4
9434 10212
2
4 23
Deb 55 with
__Apr 1945 J I) a102 Sale 101, 21013
10012 Sale 10018
8912 10112
79
101
10312 104 10312 104
10618
2 1023 1063
23
94% 10512 United Biscuit of Arndeb 65 1942 MN lows ____ 106
4
warr_4
60
8112
150
80
7912 Sale 7912
United Drug Co(Del)53
1953 M S 80 Sale 7812
79
90
29
81
103 Sale 102
103
4
193
4
1918 1912 193
14
17
1
89 103
1931 J 1
2012
United RYE; St L 1st g 4s
Sale 8118
101 Sale 101
109
83
10114
68
84
78 10114 V S Rubber 1st & ref 58 ser A 1947 J .1 83
7
____ 9514 Mar'34 ---,
183 19
4
183 Mar'34
4
9013 9514
United S 9 Co I5-year (is_
1937 M N 95
15
23
437
8 66
10512 Sale 10514
42
66 8
,
105 8 15 101 105 8 Un Steel Works Corp 644sA_1951 J D 42 Sale 42
,
,
102 10912 103 Mar'34 ---_ 101 1037
42 Sale 42
9
4312
42
663
4
Soc. e f 6 49 series C
1951 J D
8
78
45
4218 67
7918 82
Sink fund deb 6448 ser A _ _1947 J J 4218 Sale 42,8
4
7814
6912 853
793
4 21
113
____ 113
6 107 113
4514 Sale 4514
5112 Un Steel Works(Burbach)7a 1951 A 0 112
28
16
46
13
6
2518
29
331 3512 35
25
3812 Universal Pipe & Had deb Os 1936 J D 25 Sale 25
7
35
47
733
8
17
58
,
1058 Sale 10514
1053
4 51 1001 10534 Unterelbe Power & Light 6s_1953 A 0 57 4 Sale 5714
8
5712 747
7218 25
78
83
79
Utah Lt & Trac let & ref 55_1944 A 0 71 Sale 7018
67
82
5
79
106 Sale 1057
6012 8018
7614 39
757 Sale 7524
8
at
10618 23 1041 10612 Utah Power & Light 1st 53_1944 F A
_100 May'33
109 Sale 1083
Utica Elec L & P let 5 f g 55 1950 J J 10518 _
4
19 10518 110
109
*
3 102 11195
14
-. 8
Utica Gas & Elec ref de ext Os 1957 J 1 103 169 10812 10812
36
60
42 Sale 413
2218 403
4
4212 10
28
s
Util Power & Light 544s
1947 J D 3418 Sale 3418
45
1812 38
3112 193
33 Sale 33
5
303 Sale 303
8
Deb 58 with warranta
30
40
34 ---1959 F A
314 3538 3112 Mar'34 ____
62
85
803
4 19
4
30
38
Vanadium Corp of Am cony 55 '41 A 0 803 Sale 7934
3
338 14
1
74
3
74
4
73 Sale
Vertientes Sugar 78 ctts
1942 ____
*
*
:
1718 ___ 13 Dec'33 -- - ____
Vlctor Fuel 1st a t 58
•
1953 J J
0414
48 Sale 47 5
96 136
28% 50
,
4912 22
Va Else & Pow cony 5%8_1942 M 9 103 , Sale 10212 103
60
7
65
Va Iron Coal ,k Coke 1st g 5s 1949 M 9 65 Sale 65
6514
*
99 10712
278
8
'
Va Ry & Pow 1st & ref 5s.__1934 J J 1055 Sale 10412 106
•
1212 301 2
30 Mar'34 ---33
4913 63
473 Sale 4712
4
29
50
Walwortb deb 6SO with warr '35 A 0 30
28 Feb'34 _--30
16
24
2212 Mar'34 _
153 297
Without warrants
8
8
A 0 25
4
93 2212
21
42
7
373
4
23
25
2418 32
5
2418
25
1st sinking fund 6$ ser A__1945 A 0 37 Sale 37
407 5912
10712 Sale 10712 1073
3
5614 299
Warner Bros Pict deb 6s____1939 M 5 56 Sale 53
7 10313 109
4
20
25
903 Sale 90
4
20 Mar'34 ...-85
94
923
4 17
Warner Co 1st 65 with warr 1944 A 0 2001 25
22
16
22 Mar'34 __-25
__
98 Mar'34 -- -_
A 0 19
Without warrants
94
98
91
13
39
93- - 85 Dtc'33 ---- ____
953
4
30
4214
4
_ Warner-Quinlan Co deb 6s__1939 M 9 383 Sale 37
1 10512 10738
91
____ 86
107
4
Warner Sugar Refln 1st 78__1941 J 0 10612 1063 107
86
86
__Jan'34 _-__
5612 24
42
61 12
__
863 Feb'34 ---4
1941 NI 9 5112 Sale 51
863 8624 Warren Bros Co deb 65
4
9813 1013
1043
4 32
8
4
90- 1- 94
9312 954
1939 J J 1043 Sale 10418
85
953 Wash Water Power if 59
4
4
94
8
10914 11012 1103 Mar'34 ---- 105 110,
9814 Sale 9814
2
853 9901 Westchester Ltg 94 stPd gtd 1950 1 I:1
4
987
8 81
____ 10712 10712
705 Sale 70
8
4
11
5 1033 10812
6611 7512 West Penn Power ser A 5E1_1946 M 9 107
71
11014 22 104 11014
92 Sale 92
1st 5s series E
181
93
1963 M S 11014 Sale 110
79
9114
1 104 10814
10712
10714 108 1087
8
1087
8
1st sec 5s series0
8
1 1007 100
1956 J D 10714 Sale 10714
36
102
9714 10212
4
1914 A 0 1013 Sale 1015a
83
997 Western Electric deb Os_
8
26
4
99
99 Sale 983
9138 102
10
86 Sale 86
Western Union cell trust 633 87
4
80
58_1938 J J 10112 Sale 10112 102
87
74% 92
23
92
10514 Sale 10518
,
7 1013 10612
10514
383 9014 87 4
4
FundIrg & real eel g 4344_1950 M N
4
98 10212
s
10212 40
997 Sale 997
8
8
1001 4 60
15
9314 1003
4
-year 640
1936 F A 10218 Sale 1017
7912 92
46
92
57 Sale 56
5812 26
25-year gold 5s
1951 1 D 92 Sale 9012
503* 69
79
895
8 67
4412 Sale 4312
465
8 79
897
8
39
5518
30
-year Os
1960 M S 8912 Sale 8812
473 694
4
6558 172
983 Sale 98
8
Sale 5912
9812 130
5912
8912 953 WestPhalla Un El Power 68_1953 I J
4
8214 96
12
1063 10714 106 4
4
, 1067
96
9514 95
8
5 105 10712 Wheeling Steel Corp let 544s 1948 J 1 93
853
4
72
41
_
101
8414
961
Jan'34 _-- - 101 10112
1st & ref 414s series B
1953 A 0 84 Sale 83
7818 7912 Mar'34 __-70 2_ a4212 Oct'33 _--6733 7912 White Sew Mach as woth wart'38 .1 J
49
49
69
85
. ------8612 897 88 Mar'34 __-8
'
Ja n 34 _ _ _
61 49
52
Without warrants
1 J 5252
48
8612 ____ 82 Feb'34 --- 70
833
4
Panic 5 f deb Os.... ....1940 MN
4815 Mar'34 ____
48
59
8
497 Sale 4912
39
573 :Wickwire Spencer St'l 1st 7s _'35
4
503* 80
951.,
9112 Sale 9112
9112
1412
7
78
2
10
10'14 9
CH dep Chase Nat Bank_
9
9
__ _
49 Sale 4712
12
49
413 14
3212 5712
2
Ctts for col & ref cony 78 A 1935 MN
9
10
9 Sale
55 Sale 5312
5514 127
Wilson & Co. 1st s f (ls A____1941 A 0 105 Sale 1041g
4712 63
9734 10512
10512 28
•
•
7413 893
4
Youngstown Sheet & Tube 51 '78 1 J 8412 Sale 8412
8614 79
10512 106 10512
10512
1 10012 1053
1st mtge 8 f 5e ear B
4
7412 893*
857
8 58
1970 A 0 85 541e 84
10518 Sale 10512
1057
8
6 100 106
100 Sale 100
10014 78
93 10038
985 Sale 983*
8
40
99
9018 9912
9612 Sale 96
9718 68
87
9701
(Negotiability Impaired by Maturity)
93 Sale 917
8
933
4 63
7814 9334
r> .
---- ____ 35 Mar'34 _--35
35
MATURED BONDS.
2
Price
eek's
1.
Range
•
•
N. Y. s-rock EXCHANGE 21 ... Thursday
Range or
Since
10214 Sale 102
10212 15
9612 103
Week Ended March 30
2.1 '0'.; Mar. 23,
Last Sale.
ccl ,2
Jan. 1.
90 Sale 887
83
9
90
76
903
4
991* 100
9912 Mar'34 ---85 100
Foreign Govt. & Municipals.
Bid
Ask Low
Mph
High No. Low
85
85
84
74
11
86
83, Mexico Tress 6s assent large '33 1 J
2
714 1014 10 Mar.
:14 --- 812 11
93
93 Mar'34 _--93
713 1112
80
94
Small
J 1 --------1112 Feb'31 ____
4301 Sale 43
43
45
48
73
3912
391a 4412 3914
5
3901 5612
Railroad.
8
67
---- 673 65
31
61
73, :Norfolk & South 1st g 5s___1941 Ni N
2
30
3312
35
35
12
1414 35
623 Sale 613*
4
5514 71
6714 77
:Norfolk South 1st & ref 59__ Biel Y A
1512 Sale 153
5
157
8 31
8
19
,
67
6214 Sale 61 8
126
553 71
21t I Ark & Louis 1st 4343_1934 Ni S 1612 2014 18
4
10
15
25
z19
62 Sale 615S
5612 71
6714 119
St Louis Iron Mt & Southern—
*
•
RN de 0 Div let g 4s
1933 M N 60 Sale 59
53
4712 63
60
20
3012 14
29
31
34
30 8
,
:Seaboard Air Line 1st g 48_1900 A 0 2012
r22
r22
2
20
27
511s __
55 Feb'34 __-6414 56
Gold 4e stamped
22 _-. 21
1950 A 0 21
1712 27
2114
7
14
36
10612 Sale 106
9978 107
107
Refunding 41
1959 A 0 1114 Sale 11
1138
7
73 14
8
4
9814
9814 Sale 9814
86
Atl & Blrm 30-yr 1st g 45_1933 VI 5 12
9314
22
22
2214
2
1418 2501
104 Sale 10318
94 105
11
104
__ .._ ____ a57 2May'33 -- - ____
_
,
industrials.
4214
1405s Sale 14018 11114 67 10212 1-- :Abitibi Pow & Paper 1st 83-1953 1 D 39 Salo 385
8
403
8 65
1812 437
8
1
523* 74
Bowman-Bilt Hotels lot 7s 1931
61 Sale 61
61
11312 39 1053 11313
11312 Sale 113
Stmp as to pay of 5435 pt red__ M S --------412 May'33 - - -- - - -4
5
91i2
72
92
:14-way & 7th Ave let cons 591943 1 0
9112 9412 9112
934 _ _
97 Mar'34 _- - 8
95s -- 97
8
45
50
3714 50
46 Mar'34 ---:Chic Rys 5s stpd 25% part paid_ F A
5,1
- 5412 52
17
47
5412
53
1
61
61 Sale 61
453* 61
2CUbari Cane Prod deb 69_1950 1 .1
5
5 Sale
218 83
8
.114 106
1
____ 75
75
61
East Cuba Bug 15-yr st g 7348'37 Vf S 1212 1614 15
453* 75
1
714 223*
15
71
5
93
93 Sale 93
9319 Gelsenkirchen Mining 63
1934 Ni S 61 Sale 64
575 80
8
38
66
3713 41
43
3712 Mal'34 __ ._
35
Wen Theatres Equip deb 68_1940 A 0
9 Sale
318 13
812
931 55
____ 3418 Feb'34 ---35
30
36
:Gould Coupler 1st 8 f 6s
1612 171 1814
1940 F A
8
1814
6
87 19,2
3
2
32
353*.. _ 38
40
38
Moe (11.)& co 1st 614s ger A 1934 A 0 35 Sale 33
25
35
11
3'
30
40
36
50
. 40 Mar'34 __-2Interboro Rap Tran 6a._ 1932 A 0 35 Sale 35
3112 42
4
351 1
38
64
4
57
5714
10-year 7% notes
5712 65
1932 Ni 5 7314 Sale 713
8
74
112
7014 773
4
8
9814 57
8912 9814 :Menet! Sugar I 5 1 7345_1942 A 0 17
9814 Sale 973
20
9
23 4 20 Mar'34 ____
,
8953 973
4
Stmpd Oct 1931 coupon_1942 A 0 13
4
973 101
19
25
10
19
975 Sale 97
8
Fela'31 ____
8
Flat etamped modified
10
20
893 071e
8
973* 55
975 Sale 97
15
2712 20
Feb'34 _ _
6438 72 :Pan-Am Pet Co (cal) cony 63'40 I 0 413 43
19
72
72 Sale 70
8
4
255 46
4218
43
21
697 81
8
:Paramount Fam Lasky 68_1947
58
615 7112 Mar'34 ____
8
6012 69
61
Proof of claim filed by owner._ J 0 49 9 ale 49
62 8 25
,
6818 78
2918 5012
7
50
863 99 s :Paramount Public Corp S448 '50
4
,
933 Sale 9812
4
993* 25
4312 683*
2914 51
8
53
Proof of claim tiled by owner
50
45
50
F A
485 Sale 48 8
8
64
,
50
5514 :Pressed Steel Car cone g 58_1933 1 J
373
4
547
8 23
513 Sale 54
4
57
5612 Sale 56
12
5112 661g
78 10213 104 4 :Radio-Keith Orpheum Os..1911 1 D 30
,
1037 Sale 10312 104
8
1814 41
35
36 Mar'34 ___
2114 3412
s
10412 41 101 1017 :Richfield 01101 Calif 6s____1944 NI N
3014 Sale 293*
10414 Sale 104
48
31
8412 9653 :Stevens Hotels series A....__1915 J 1 20
2213
953 107
8
16
9514 Sale 943*
2112 20
6
2012
98 101
:Studebaker Corp el% notes..1912 J 0 537 Sale 57
3
s
1027
8
5912 45
8
1027 10318 1027
8
3504 6812
8 52 10518 10712 Twenty-third St RY ref 51_1962 J J 285 _ _ 28 Aug'28 ___
2
8
1073 Sale 10612 1073
- - 'i26 10518 10912 Union Elec Ry (ChM) 5s____1945 A 0 20 Sale 20
1o83 Sale 10812 109
4
i
ii
t
20
6318 853*
853
8 23
83 Sale 83
r Cash sale.
a Deferred del very
10614 81 10412 107
106 Sale 10514
• Look under list of Matured Bonds on this page.
1021* 120 10010314
102 Sale 102
t Accrued Interest payable at exchange rate of $4.8665.
•
•
(1 Companies reported in receivership.
•
*
•
67
34
5812 37
5612
60
55
z Deterred delivery sales.
2 10312 11014
110
109 110 110
Austrian 7s, 1943, March 27 at 96g.
1 104 10814
10814
10718 10818 108
Chilean 7s, 1960, Marcia 27 at 8%.
65%80
79, Mar'34 ___ 8
8012 84
Crown Zellerbach 6s, 1940, March 26 at 8534.
57
8301
29
83
8114 Sale 81
Great Britain & Ireland 48, 1990, Marcia 29 at 16%.,2
967 102
3
8
1017 165
10112 Sale 10114
Paris-Orleans RR. 544s, 1968, March 24 at 13014.
50
41
463
4 27
4
45
463 4514
Peru 75, 1959. March 26 at 144.
253 29
2
8
2712 50
2712 Sale 265
Rock Island Ark. & La. 444s, 1934, March 24 at 1944.
95
86
9
95
95 Sale 94
Serbs, Croats & Slovenes 75, 1962, March 26 at 2344.
1063
4 31 101 18 10634
10612 Sale 105
Union 011 Co. (Calif.) 68, 1945, March 29 at 102.
91
80
6
91
4
91 Sale 893
e Cash sales,
New Orl. Texas & Mexico 4448 D, 1956, March 27 at 27.
637 6912
2
6912 91
6912 Sale 63
Nan-km & Son 65, 1943, March 20 at 77.
6 102 1031 4
10712 Sale 10712 10814
Matured Bonds
Financial Chronicle
Volume 138
2225
Outside Stock Exchanges
Boston Stock Exchange.—Record of transactions at
Boston Stock Exchange, Mar. 24 to Mar. 29, both inclusive,
Friday, Mar. 30 (Good Friday), being a holiday, compiled
from official sales lists.
Stocks—
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Railroads—
Boston dr Albany
100
Boston Elevated
100
Boston & Maine—
Class A lot pref stpd_100
Class A 1st pref
100
Class B 1st pref stpd_100
Class C 1st of stpd _ _100
64
12
13354 135
6351 64
12
1134
17
17
Chicago Jet fly & Union
Stockyards pref
97
100
East Mass St RI —
,
Common
100
134
114
1st preferred
12
100
Maine Central corn_ _ _100
7
7
NY N Havendalartford100 1831
1754
Old Colony RR
95
100
Pennsylvania RR
324
50 34
Vermont & Mass fly. _100 112
11034
Torrington Co
•
United Founders corn_ _ _.
•
U Shoe Mach Corp
25
Preferred
25
Waldorf System Inc
•
Waltham Watch pref. _100
Warren Bros Co
•
Mining—
Calumet & Hecia
25
Copper Range
25
Isle Royale Copper
25
Mohawk Mining
25
New River Co pref.__ _100
North Butte
2.50
Old Dominion Co
25
Nipissing NI1nos Co Ltd_ _5
Quincy Mining
25
Shannon Copper Co _ _ _ _25
Utah Apex Mining
5
Utah Metal & Tunnel...A
104
91
2754
8
944
5434
5934
3434
17
10
5
44
254
160
13-4
334
High.
Low.
40 10954
120 55
Jan 138
Jan 65
Mar
Jan
12%
13
18
17
25
47
70
15
954
834
10
10
Jan
Jan
Jan
Jan
164
1334
21
19
Feb
Feb
Feb
Mar
98
95
8651
Jan
98
Mar
9
10
115
423
35
997
15
1
64
7
1454
7851
2744
994
14
12
10
1934
9554
3554
112
Miscellaneous—
American Coot Corp__ •
754 74
Amer I'neu Service com_25
3
354
Preferred
754 84
50
Amer Tel & Tel
100 11954 11734 12051
Amoskeag Mfg Co
8
74 854
•
Barnsdall Oil Co
734
74 84
Bigelow Sanford Carpet_ _
33
33
34
Preferred
85
100 85
85
Boston l'ersonel Prop Tr.• 1074
951 11
Brown Co 6% cum pref._
1134
1154 12
Brown Durrell Co
334
314
East Gas & Fuel Man—
Common
94 10
6% turn pre
100 5834 5851 6144
454% prior preferred 100
67
68
Eastern Steamship corn..."
954
914 10
Economy Grocery Stores *
1734 1754
Edison Elec Ilium
100 14034 136 1414
Employers Group
1134
1141
11
General Capital Coro_ _..•
Gillette Safety Razor
Hathaway's Bakeries Inc—
Preferred
•
Hygrade Sylvania Lamp_•
International Hydro-Elec •
Loew's Boston Theatree_25
Mass Utilities Assoc V 5. C_ •
N1ergenthaler Linotype_ •
National Serv Co con. _•
New Rag Pub Serv corn. _•
New hog Tel & Tel_ _ _.100
Pacific Mills
100
Reece Buttonhole Mch_10
Shawmut Assn tr ctfs_ _ •
Stone & Webster
•
Swift & Co
25
Range Since Jan. 1.
Jan
251
Jan
14
Mar 144
Jan 24
Jan 98
Jan 39
Jan 112
Jan
Mar
Feb
Feb
Mar
Feb
Mar
444 Jai
15
834 Feb
3
69
Feb
34 Jan
Feb
22
6
1031 Jan
1,20 10754 Jan 12554 Feb
30
7
Jan
1054 Feb
87
74 Mar 1055 Feb
55 2754 Jan 3954 Feb
5 79
Jan 86
Feb
954 Jo
66
1234 Feb
45
Jan
5
14
Mar
33
2
Jan
Mar
4
Jan
436
5
1031 Feb
467
6754 Feb
Jan 6954 Feb
158 55
734 Jan 10% Feb
160
Feb
5 17
18
Feb
432 1254 Jan 1544 Feb
355
754 Jan 124 Feb
22
2434
104 11
21
24
20
851
Jan
Jan
26
Feb
1244 Jan
1834
1954
64
6
154
254
14
14
90
27
231
8
94
16
1854
194
74
6
2
26
54
134
92
28
251
8
104
164
I
56
1
262
70
43
30
131
110
170
500
388
90
1214
19
44
6
154
2454
54
54
83
25
10
64
544
14
Jar
Ma
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
21';
2454
954
655
231
274
1
14
94
3454
12
954
134
19
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
5451
1
59
3454
74
17
954
55
154
62
36
754
17
114
66
299
984
255
5
5
904
494
54
584
324
654
17
94
Jan
Jan
Jan
Jan
Jan
Jan
Jan
56
134
6731
36
854
21
13%
Jan
Feb
Feb
Mar
Feb
Feb
Jan
5
455
2
51
50
460
870
244
154
16e
14
34
54
5
2
54
50
52e
90c
254
2
160
14
4
142
913
215
90
16
1.300
300
155
35
100
230
8,820
34 Jan
Jan
3
Jan
1-4 Mar
30
Jan
250
Jan
55e
Jan
234 Jan
Jan
15e Ma
750 Jan
1
Jan
654
531
23-4
454
50
800
14
244
251
16c
3
554
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Feb
Feb
Mar
Feb
Feb
7334 Mar
Bonds—
Amoskeag Mfg Co 68_1948 7254
7254
Chicago Jet fly & Union
Stk Yards 54
1940
103
East Mass Street fly—
Series A 454s
4554
1948
Series II 5s
1948 47
46
r Ex-dividend. • No par value.
7254 $1,000
654
Jan
103
1.000
9314
Jan 103
Mar
46
47
5,000
1,050
38
39
Jan
Jan
Feb
Mar
46
48
Chicago Stock Exchange.—Record of transactions at
Chicago Stock Exchange, Mar.24 to Mar.29, both inclusive,
Friday, Mar. 30 (Good Friday) being a holiday, compiled
from official sales lists:
Stocks—
Thurs.
Sales
Last TWeek's Range for
Sale
IWeek.
of Prices.
Par Price. Low. High. Shares.
Abbott Laboratories corn •
25
ACM Steel Co
Adams Mfg Co(JD) Com..
Adams Royalty corn
Advanced Alum Castinge_5
Amer Pub Serv pref__ _100
Asbestos Mfg Co corn_ _ I
Assoc Tel Util CO—
Common
Automatic Products com_b
Balaban Ar. Katz pref._ _100
Bastian-Blearing Co com_•
liendix Aviation com
•
Berghoff Brewing Co.. I
Illnks Mfg Co CIA cony pf •
illum's Inc cony prof
•
Borg-Warner Corp com_10
7% preferred
100
Brach & Sons(E J) com__*
Brown Fence & Wire—
•
Class A
•
Class13
•
Bruce Co(E L) eon:
Bucyrus Monlghan cl A _ _•
10
Butler Brothers
•
Central III P 5 pref
3954
954
34
33-4
634
47
48
39
40
954 954
24 24
354
3
654
751
34
3
31
651
2474
99
1054
504
634
18
954
154
34
244
99
104
074
17
1034
4
14
14
94
17
654
19
95e
150
450
80
150
550
30
400
Range Since Jan. 1.
Low.
40
Jan
27% Jan
Jan
6
114 Mar
254 Jan
5
Jan
3
Jan
High.
50
474
11
254
454
13
374
Feb
Feb
Mar
Jan
Jan
Feb
Jan
150
1,700
14
234
210
52
750
74
204 5,200
9% 3,450
2
50
10
34
264 10,050
100
100
1154
100
50
5%
16
8
14
34
2054
93
8
Mar 52
10
Jan
Jan 234
Jan
114
Mar
3
Mar
34
Jan 2854
Jan 101
1134
Jan
Mar
Feb
Feb
Jan
Feb
Jan
Feb
Feb
Mar
50
100
400
20
9,850
140
6
14
94
104
4
1234
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Feb
Feb
4
74
104
431
1554
14
1054
1734
Jan
Jan
55 Jan
934 Feb
12
454
17%
14
114
2254
Stocks (Concluded)
Thurs.
Sales
Last IWeek's Range for
heck.
Sale
of Prices.
Par Price. Low. High. Shares.
Central Ill Secur cony pf_•
Central Ind Pow pref..100
Central Pub Serv Corp A_1
Central Pub URI ci A_
•
Cent SW URI common...'
Preferred
•
Prior lien pref
•
Chicago Corp common...
•
Preferred
•
Chic Flexible Shaft corn..5
Chicago Mail Order corn _5
ChicNoSla&MiIRR corn100
Chic & N W fly corn_ _ _100
Chic Rivet & Mach corn..'
Chicago Yellow Cab cap..
Cities Service Co corn....
Cities
•
Club Alum Uten Co corn_ •
Commonwealth Edison 100
Cord Corp cap stock
5
Crane Co common
25
Preferred
100
Cudahy Packing pref _ _100
Curtis Mfg Co con
5
Deep Rock Oil cons' pref _•
Eddy Paper (The)corn
•
Elec Household Utll cap 5
FitzSim & Con D & D corn*
General Candy Corp el A.5
Gen Household Util corn.'
Godchaux Sugar Inc el B.
Goldblatt Bros Inc com__•
Great Lakes Aircraft A_ •
•
Great Lakes D & D
Greyhound Corp new corn •
Hall Printing common_ _10
Hart-Carter cony pref____•
Houdaille-Hershey cl B. *
•
Class A
III Nor VW Co pref__ _100
Indep Pneu Tool vie com_*
Interstate Powers 87 pref.
•
Iron Fireman Mfg v t o---•
Jefferson Elec Co corn_
*
Kalamazoo Stove com___•
Katz Drug Co common...1
Ken Util Jr cum pref__ _50
Keystone St & Wire com.•
Preferred
100
Kingsbury Brew Co cm--1
Libby McNeil & Libby_ _10
Lion Oil Refg Co corn_
•
Loudon Pkg Co(The)com"
Lynch Corp common_ _h
McCord 1/cad & 71fg A_ •
McGraw Electric corn..
McWilliams Dredging CO•
Manhatt-Dearborn corn_ •
Marshall Field common__'
Metrop Ind Co allot ctfs_
Mickelberry'sFdProd corn 1
Middle West UM new...
__
$6 cony pref A
•
Nfidiandlinited tom
•
Miller & Hart Inc cony pt•
Monroe Chemical Co coin'
Preferred w w
Mos"er Leather corn
•
Muskegon Motor Spec cIA*
National Leather com
10
Nat'l Secur Invest com _ _
National Standard corn_•
National Union Radio coml
Noblitt-Sparks Ind corn..'
North Amer Car corn_ 20
No Amer Lt & Pow corn_ •
Northwest Bancorp corn •
Northwest Eng Co com •
North \Vest Util 7% pf _100
Okla Gas & Elec 7% pf _100
Oshkosh Overall corn
•
834
124
54
214
26
954
1514
1334
84
254
5511
644
834
564
94
7
14
64
13
93-4
164
1854
734
534
11
2111
854
1714
11
2
31
16
134
15;
244
31
1451
151
811
12
34
31
134
5
9
244
26
9
1414
16
124
654
114
254
74
53
631
8%
5831
94
51
4
634
50
84
320
13
300
'.34
500
31
350
1.54
50
5
50
954
274 (1,40
2731
400
10
800
1531
130
4
134 1,80(1
8,500
9
150
113
7,700
3
1(10
74
1.4(10
5551
7% 5,650
900
871
220
60
20
94
20
5%
140
7
5
12
14
634
12
9
16
1
1754
914
7
5.4
554
1914,
60
21
15
104
5N
12
14
74
14
954
17
1234
2151
32
18
17
70
65,4
44
4
1654
31
7
8
20
134
17
11
2
51
131
34
7
834
3334
15
1054
Thompson (J R) corn.
851
..25
Utah Radio Prod corn__•
134
144
Util & Ind Corp
131
•
Convertible preferred_ .
.
4
•
Vortex Cup Co—
Common
10
1054
Class A
25
•
•
Wahl Co corn
14g
151
Walgreen Co common_ _ _ _• 25
2374
Ward (N1ontg) & Co el A_•
109
Wayne Pump—
Common
1
•
Wleboldt Stores Inc com_ •
154
Wise Bankshares corn_ _ •
3
Zenith Radio Corp corn_ _•
351
34
•No par value. x Ex-dividend
13
23
32
18
1734
70
731
554
4
17
3234
7
9
20
134
1814
11
234
134
34
8
8%
334
15
1054
174
154
114
134
25
24
44
51
144 1451
.5
5
234 254
411 454
554 54
14 .154
7414 75
454 5
Parker Pen Co corn
714
10
Peabody Coal cl Bcom_ •
314
Perfect Circle(The)Co—"
Potter Co (The) com____•
551
811
•
Prima Co common
94
934
Process Corp corn
251
Public Service of Nor Ill—
• 18
Common
18
Common
18
100
6% preferred
5814
100
7% preferred
64
100 64
Quaker Oats Co
-Common
III
•
Preferred
122
100 124
Reliance Mfg Co—
Common
17
10
Ryerson & Sons Inc com_ _• 1734
1654
Sangamo Electric—
Common
•
531
gears, Roebuck & Co com •
45
Shaler Co (The) Cl A.
10
• 10
Southern Union Gas corn_•
IN
14
Souwest Gas & El 7% pf100
57
S'west Lt & Pow pret
32
•
Stand Dredging cony pf __*
358
314
Storkline Furs cony pref_25
534
Stutz Motor Car
5
Swift International
corn- 15 2854 27
Swift dr Co
1531
25 164
Bonds
208 So LaSalle St Bldg
5548
1958
Union Elev RR 1st 5s A945
1945
19
104
8
554
64
1931
6155
22
15
11
Range Since Jan. 1.
Low.
54 Jan
64 Feb
34 Jan
.lati
3-4 Jan
Jan
4
Jall
5
ugh.
223-4 Jan
Jan
8
1434 Mar
34 Mar
654 Jan
Mar
ills Jan
134 Jan
14 Jan
34
Jan
534 Feb
734 Jan
44
Jae
90
Jail
554 Mar
554 .lan
851
13
54
34
2
1354
17
4
3154
1034
19
54
1554
9
1254
44
44
62
834
11%
6554
100
7
754
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Nf ar
Feb
Mar
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Mar
54
Jab
150
20(
50
4,000
4,150
15
1.05
50(
750
3,300
1,450
10
200
50
2
20
4
5
5
851
134
4
854
331
1514
51
17
554
354
514
341
11
4251
17
1416
Jan
Jan
.1m
Jan
Jan
.1:10
Mar
Jan
Mar
Feb
Jai
Jar
Jar
Jar
Jai
Jan
Jan
Jan
7
1334
,
17
734
144
1054
32%
134
22
1051
954
9
644
23
65
2314
1754
1331
Mar
Feb
Feb
Nlar
Feb
Mar
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Jan
Feb
250
250
100
20
150
10
700
4,250
50
80
300
80
2,750
150
50
650
50
11
20
Jan
Jan
Jan
Jr
Jai
Ma
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Nfar
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Jan
1831
2751
34
23
194
75
934
6
554
20
4054
10
9
2654
2
1851
11
344
54
254
31
1034
84
35
15
1434
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Jan
Feb
Feb
Mar
Jan
Feb
F•
"
1
Feb
Feb
Feb
Star
Feb
Jan
1
700
50
Nia
21
750 "Jan
200
34 Jan
Jan
2,400 12
414 Jan
200
14 Jan
150
3%:Mar
500
454 Jan
100
1 I Jan
10
20 6034 Jan
1,400
34 Jan
254
15.1
2754
1
16
634
434
64
7%
.5
75
851
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Jan
Niar
Feb
35
2,70
35
10
300
1
2
1
50
211
1
114
70
64
3
4
1634
30
234
3%
144
14
1244
10
2
51
54
3
5
7
244
2054
9
94
Jan
32
64
954
3
50
27
250
600
10
200
4% Jan
h Mar
Jan
23
254 Jan
754 Jar
Jan
2
754
1
3244
651
1254
34
Max
Jan
Jan
Mar
Jan
Feb
1814
18
60
64
300
Sc
30
30
13
Jan
1314 Jan
34
Jan
3854 Jan
22
22
65
70
Feb
Feb
Feb
Mar
74
,
4
.
114
124
290 111
170 115
Ma 12354 Jan
Mar
Jan 124
1854 Mar
20
Feb
18h'
17.4
1,200
100
1434
1254
Jan
Jan
6
45
10
2
57
32
334
6
554
284
1614
150
50
200
600
60
10
100
200
850
5,600
3.200
531
4154
851
14
40
1654
34
454
454
24
14
Mar
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
634
51
10
2%
60
32
554
6
1011
3041
1834
83-4
174
14
434
250
25
50
350
651
154
34
144
Jan
Jan
Jan
Jan
1054 Feb
234 Jan
Feb
2
Feb
6
1055
25%
14
254
109
450
200
25
1,050
7
11
834 Jan
Mar 274
25
Jan
1
274
174 Jan 26
Jan 111
88
1
154
3
334
50
200
150
1,700
1054
254
3
Jan
Jan
Jan
Jan
354 Feb
1854 Feb
4
Feb
5
Feb
26
19
Jan
Mar
38
19
3555 3536 83,000
19
1.000
19
Feb
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Jan
Feb
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Financial Chronicle
2226
Toronto Stock Exchange.-Record of transactions at
Toronto Stock Exchange, Mar.24 to Mar.29, both inclusive,
Friday, Mar. 30 (Good Friday) being a holiday, compiled
from official sales lists:
Stocks-
Thurs.
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High Shares.
Range Since Jan. 1.
High.
Low.
2.10
23
934
120
5
32
25
14%
2.95
334
13
3234
834
23
33
515
50
12
53
2%
7
1315
12
8
1034
87
954
1854
3415
140
61
2054
1934
15
1854
1154
10%
1254
1.50
170
182
11%
23
72
2%
14
37
2554
6
111
8%
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Jan
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Mar
Jan
Mar
Feb
Feb
Feb
Mar
Feb
25 14
2034 2034
5 48
4815 4834
5%
10
7% 7%
9
255
1254 13
45 10
13
13
10 99
10854 10615
26.40 28.25 33,778 21.15
42 4735
53
52
1454 1554 4,899 14
329 1315
1415 1434
15 60
65
65
154
1% 234 2,090
834 2,058
6
434
10 45
64
64
285 11
1554 1854
9 96
10915 10954
8 10934
12854 12854
134
50
1% 1%
95 1454
1834 1835
714
35
735 7%
140 25e
50c 5Cc
200 30c
85c 70c
120 55
7334 7335
135 14
1914 1934
80 17
1634 18
100 19
2354 2354
6 40
40
40
4
5
8
8
97 4254
70
70
25
634
7
7
6%
3,341
6% 9
405 28
3534 3854
45 31
37
3734
2
30
2
2
7
55
9
9
5 66
80
80
705 50c
70c 80c
2
40
215 215
,
3%
406
5
534
4014 4814 18,506 4034
18% 1654 1,873 16
738 28
3214 34
150 8834
100 102
10 50
50
50
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
mar
Jan
Jan
Jan
Mal
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Jan
Mar
Feb
Feb
Jan
Mar
2054
4835
854
1334
13
108
28.25
5434
1554
1554
65
6
814
6554
1754
110
12854
3
20%
9
90c
1.10
77
20
20
2454
48
8
73
9
1154
38
3815
3
1354
8015
100
234
63.4
5754
1754
34
10115
50
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Jan
Feb
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Jan
Jan
mar
Feb
Jan
Feb
Feb
mar
mar
Jan
Jan
Mar
Mar
Jan
Feb
Feb
Jam
Mar
Mar
Jan
Jan
Mar
Mar
Mar
120
133
141
187
267%
13054
162
75
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
168
186
180
203
278
168
205
80
Feb
Mar
Feb
Feb
Jar
Max
Feb
Jar
Jan 140
Feb
1.00
16
334
110
4
2334
22
1034
2.25
234
10
2334
435
18
27
3
30
834
33
2
3
9
10
6
834
75
614
1154
20
12454
59
1354
1254
12
1254
8
754
7%
40c
131
165
715
1934
72
1
10
28
15
335
106
4%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Hamilton Cottons pref_ _ 30
Ham Um ted Theatres0100
Hinde & Dauche Paper_ *
Hunts Limited A
•
•
B
Internat Mill 1st pref_ _100 10815
Internat'l Nickel corn_ _* 27.90
Laura Secord Cardy corn.*
Loblaw Groceterias A__ _ _ * 1534
B
. 14%
Loew's Thea Marcus p1100 65
2%
Maple Leaf Milling com_.*
814
•
Massey-Harris corn
Monarch Knitting pret100 64
• 1554
Moore Corp corn
100 10935
A
100
B
Muirheads Cafeterias corn *
• 1854
Nat'l Sewer Pipe A
Ont Equitable 10% paid100
*
Orange Crush corn
•
2d preferred
Page-Hershey Tubes com •
Photo Engravers de Elec__*
• 1615
Pressed Metals corn
Riverside Silk MillsA_
*
Russell Motors pref __ _100
8
•
Simpson's Limited B
100 70
Preferred
Stand Chemical corn
*
Stand Steel Cons com_* Fr 7
•‘3515
Steel of Canada corn
25
Preferred
100
Sterling Coal
. p
Tip Top Tailors com
Preferred
100
Traymore Limited, corn
20
Preferred
•
Union Gas Co corn
• 43
Walkers Hiram corn
* 1654
Preferred
Weston Ltd, Geo com new* 3234
•Preferred
160 102
Z mmerknitt pref
• 50
Banks
Commerce
Dominion_
Imperial
Montreal
Nova Scotia
Royal
Toronto
Land Bank
158
174
175
195
265
161
202
75
181
179
180
198
266%
185
203
75
135
135
1.60
Abitibi Pow & Paper com_*
Alberta Pacif c Grain pf 100
734
Bearharnois Power com__•
Bell Telephone
100 116
Blue Ribbon Corp com_ _ _•
50 31
634% preferred
Brantford Cordage 1st p125 25
Brazilian T L & Pow cont.* 11
Brewers dr Distillers cont.* 2.25
•
234
B C Packers com
Preferred
100 11
B C Power A
•
*
B
Building Products A
•
Burt F N Co corn
25
315
Canada Bread corn
*
let preferred
100
734
*
Canada Cement com
• 42
Preferred
Can Steamship corn
•
Preferred
100
* 1234
Can Wire & Cable B
Canadian Bakeries pref 100 10
Canadian Canners com . 8
915
Cony preferred
*
First preferred
100 85
714
Canadian Car & Fdy com_*
Preferred
25
Can Dredge & Dock com_* 23
Canadian Gen Elec com_ 50 140
Preferred
50 60
Canadian Ind Alcohol A_ _• 14
D
* 13
Canadian Oil corn
•
Canadian Pacific Ry _ _ _ _25 17
Canadian Wineries
8
•
Cockshutt Plow com
*
834
Consolidated Bakeries_ _ _* 1034
Consolidated Industries_* 50c
Cons Mining & Smelting 95 16715
Consumers Gag
100
Cosmos Imperial Mills__ •
Dominion Stores com_ _ _• 22
.
Eastern Theatres pref
Easy Washing Mach corn.*
Economic Invest Trust _ 50
.
Fanny Farmer pref
• 36
Ford Cool Canada A ___ _ * 2254
435
General Steel Wares com_*
Goodyear Tire & Rub pf100
634
Gypsum Lime & Alabast_*
100
100
100
100
100
100
100
*
161
174
178
185
loan and Trust
Canada Permanent _ _100 135
1.80 1.50
22
22
714 834
116 118
434 414
31
31
25
24
103£ 1115
2.25 2.40
254 3
11
11
29
29
63-4 6%
2134 2154
3154 32
334 335
30
30
735 8
4054 4254
2
234
514
5
1254 1354
10
1054
734 8
934 935
85
87
754 915
14%
14
22
2554
140 140
60
60
1334 1434
1234 1415
1334
13
1654 1754
8
8%
8
854
1034 1054
50c 55c
160 16734
180 182
11
11
2054 22
72
72
1
1%
14
14
36
36
22
2354
43-4 5
110 11054
634 7
1,200
65
700
327
20
6
78
4,883
7,107
85
360
60
15
20
190
255
10
2,472
364
110
15
60
15
315
110
17
405
90
1,315
5
128
4,735
345
30
4,669
460
945
1,327
970
1,224
94
260
352
2
480
75
55
7,549
180
61
1,720
186
56
120
84
7
64
10
7
2 118
•No par value.
Toronto Curb.-Record of transactions at Toronto Curb,
Mar. 24 to Mar. 29, both inclusive, Friday, Mar. 30 (Good
Friday) being a holiday, compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par Fl-ice. Low. High. Shares.
Blitmore Hata pref_ _ _ _100
Brewing Corp corn
Preferred
•
Bruck Silk
Can Bud Breweries corn_ _*
Canada Malting com____*
Canada Vinegars corn.. •
1
Canadian Marconi
Consolidated Press A_
•
Cosgrave Export Brew'y 10
DeHaviland Aircraft corn *
Distillers Seagram
92
8%
21%
935
32
7%
1836
92
7%
20%
1931
9%
31
2534
215
11
7%
234
11
92
8%
2231
19%
1035
3235
26
234
11
8%
215
1915
10
6,777
1,618
25
1,825
1,563
215
60
53
1,085
25
7.635
Range Since Jan. 1.
Low.
82
5
15
18%
734
28%
21%
214
6
534
2
19%
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
High.
92
1035
2231
22
12
3534
27
434
11%
935
4%
26%
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Feb
Mar
Feb
Jan
Mar. 31 1934
Sales
Thurs.
Last Week's Range for
ofPrices.
Week.
Sale
Stocks (Conddded) Par Price. Low. High. Shares.
Dominion Bridge
• 3315 33
34
Dom Motors of Canada_10 50
50
50
1% 1%
Dom Pow & Trans Stubs..•
Dom Tar & Chem corn.. *
334 3%
100
27
27
Preferred
Dora Textile Pref
79
79
95
95
Dominion Glass
15
15
English Elec of Can A.. •
121 122
Goodyear Tire & Rub corn* 122
7
Hamilton Bridge com_ _*
6
6%
1
1
Honey Dew corn
Preferred
635 635
•
Howard Smith corn
714
731 731
24
Humherstone Shoe com_ •
24
Imperial Tobacco Ord_ _ _ _5 11% 11% 11%
43
43
Langleys pref
Montreal L H & P Cons_ _* 37% 37% 39
110 110
National Grocers pref _100
1434 14%
National Steel Car Corp_ *
•
Ontario Silknit corn
635 634
Power Corp of Can com __ •
•
Rogers Majestic
Roberst Simpson pref_ _100
Service Stations corn A __ _*
100
Preferred
Shawinigan Water &Pow _•
Stand Pay & Mat'is corn_*
Stop & Shop corn
Toronto Elevators, com *
Preferred
100
United Fuel Invest prof 100
Walkerville Brew
•
Waterloo Mfg A
ells
British American Oil
•
Crown Dominion Oil
Imperial Oil Limited
*
Internat'l Petroleum
McColl Frontenac Oil com•
100
Preferred
5
North Star Oil corn
5
Preferred
Prairie Cities Oil A
Supertest Petroleum Ord_*
•
Common
100
Preferred A
13%
535
96
22
3
2734
8%
3
1231
5%
96
831
55
22
3
8
27
99
17
735
3
1434
3
14
23
11%
8214
14%
3
13%
223
5
1114
8214
134
1.95 1.95
1
25
25
27
100
1331
5%
96
9
5935
22%
334
8
27%
100
1734
8A
3
231
200
80
135
10
10
10
5
220
255
405
15
10
20
285
10
225
130
200
65
325
351
5
235
130
170
483
145
35
55
20
2,125
170
15% 2.756
4
260
1435 9,162
2335 7,723
11%
730
55
85
25
134
75
2.00
40
1
2914 12.287
28
268
100
5
Range Since Jan. 1.
Low.
High.
Jan 37
Mar 80
1%
Mar
5%
Jan
Jan 30
Jan 79
Mar 95
Jan 18
Jan 136
Mar
1%
Feb
Feb 11
Mar
Mar 26
24
loy,, Jan 12%
Jan 43
25
33% Jan 3934
9336 Jan 110
1414 Mar 18%
7
Jan
5
Jan
Mar
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Mar
Feb
Mar
Feb
Feb
734 Jan 15
Jan
734
5
Jan 96
80
Jan 1014
3215 Jan 60
Jan 22%
18
434
134 Jan
8
4% Jan
Jan 28
17
8934 Jan 100
934 Jan 1915
835
5% Feb
4
Jan
2
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
Feb
Jan 15%
Jan
Jan 14%
Jan 23%
Jan 1215
Jan 85
1.55
Feb
3.00
Jan
2
Ma
Jan 29%
Jan 28
Jan 100
Mar
Mar
Feb
25%
50
1
2
1834
68%
95
12
90
6
70c
6
12%
2
12%
19%
10%
7135
%
1.40
1
16
1615
99
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Mar
Mar
Mar
•No par value.
Montreal Stock Exchange.-Record of transactions at
Montreal Stock Exchange, Mar. 24 to Mar. 29, both inclusive, Friday, Mar. 30 (Good Friday) being a holiday,
compiled from official sales lists:
Stocks-
Sales
7'hurs.
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
734
*
Agnew-Surpass Shoe
Preferred
Alberta Pac Grain A_ •
100
Preferred
*
Bathurst Pow & Pap A_ i60
11316
6
Bell Telephone
• 1154
Brazilian T L & P
*
B C Packers
234
Brit Columbia Power A _ * 2835
614
20
Bruck Silk Mills
Building Products A
•
Canada Cement
734
100 41%
Preferred
Can. Iron Foundries _100
Can North Pow Corp----* 2115
234
*
Can Steamship
1012
Preferred
Canadian Bronze
Canadian Car 8:Fdy
*
735
25 1315
Preferred
Canadian Celanese
100 125
77 preferred
* 12
Canadian converters _100
Canadian Gen'i Elec prof 50
Can'd'n Hydro-El pret_ 100 7135
Canadian Ind Alcohol_....* 1434
Class B
• 13%
Canadian Pacific Ay _ _ _ _25 17
Cockshutt Plow
•
85-4
Con Mining & Smeiting_25 167
Dominion Bridge
• 3334
Dominion Coal pref.__100
Dominion Glass
101 125
Preferred
Dom Steel & Coal D__ --25
3%
Dominion Textile
•
Dryden Paper
854
•
Eastern Dairies
Famous Players C Corp_ _* 15
Voting trust ctfs
Foundation Cool Can_ • 13
734
7
85
85
33
, 4
4
2115 22
515 6%
116 11715
1034 11%
235 3
2835 29%
635 7
1831 20
2131 '2114
714 8%
4134 42
15
15
20% 21%
2% 2%
6% 615
2435 2535
7% 834
1334 1415
2015
19
115 115
40
40
59% 60
70
72
12% 15
1234 14%
16% 1754
8)5 814
160 16734
33
3334
80
55
9534 95%
125 125
3% 434
5
4
15
11
13
535
4
15
11
13%
Range Since Jan. 1.
Low.
6
72
3
1735
3
110
10%
234
22%
415
16
1634
6%
32
15
1614
.70
2%
17
634
12
1631
104
30
58
5435
12%
12%
12%
7%
132
2515
10
80
113
234
67
4
3
10
10
115 10
135
5
105
90
235
357
7,389
1,480
460
113
1,385
20
992
270
2
765
205
90
160
1,221
325
515
140
5
110
185
6,508
2,06
2,44
42
1.201
1,78
235
11
10
2.386
314
875
15
10
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High,
835
90
7
22
815
120
14%
3%
32%
8%
22
2314
12
5234
15
22%
3
7%
27
9%
16
22%
11735
61
75
20%
19%
1815
1034
170
37
60
100
125
4%
82
7%
5
15
11
18%
Feb
Mar
Feb
Mar
Mar
Mar
Feb
Jan
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Mar
Ma;
6Feb
jan
F
315 Jan
435
4% 5%
General Steel Wares
•
r
615 Jan 1134
601
935 10
Curd Charles
934
4% Jan
634
Gypsum Lime & Alabas_ _ *
191
6% 634
9% Feb
816 F
514 Jan
105
7
Hamilton Bridge
6
Far
Hollinger Gold Mines__ -5 18.25 18.40 18.3 11,865 11.40 Jan 18.35 M b
4
Jan
Howard Smith Paper- - •
670
735 835
734
Mar
Jan 70
52
100 52
2 33
52
Preferred
jab
3
26.50 28.2 19.487 21.15 Jan 28.25 M ar
Int Nickel of Canada _ _ _* 28
Jan
*
2
2
2
International Power
10
Jan
5 97
98
98
Jamaica PS Co Ltd prof100
Fan
jeb
190 12% Jan 122
12
1235
Lake of the Woods
Mar
Jan 73
100 72
* 11
73
Preferred
55 55
71
334 Mar
Fe
10
3
3% 3%
Lindsay C W
Jan
Jan 36
100
20 35
35
35
Preferred
mamee_rr
Prefy nrris
Mar
Mar
8
8
8
8
Mackinnon Steel Corp_ _ *
50
•
8
Feb
4% Jan
6% 1,870
McColl-Frontenac Oil-- * 1134 1111 11% 1,214 1034 Jan 12% Feb
Jan 87
63
Feb
85
Montreal Cottons pref _100 81
81
Feb
Jan
Montreal L H & P Cons.-• 37% 37% 39% 6,521 33
Jan 354216
4 60
Montreal Telegraph__ _40 50% 50% 50%
1,018 23% Jan 2814 Mar
National Breweries
• 27% 2715 28
Mar
Feb 35
25
31
33% 3334
Preferred
478 12% Jan 183.4 Feb
1414 1515
National steel car Corp_ _*
Feb
26 190
Jan 209
200 205
Ogilvie Flour Mills
• 205
Feb
Jan 130
130 13014
Preferred
7 125
100
Feb
Jan 102
25 90
100 101
Ottawa L H & Pow prof 100
Feb
Jan 62
53
Penmans
•
35 47
55
Feb
vebb
7% Jan 15
Power Corp of Canada_ _ _• 1234 12% 13% 1,009
0m Feb
20
0
Jan 2
Quebec Power
• 1835 1835 19
77 15
235 1,585
1% Jan
2
St Lawrence Corp
*
2%
531 Jan
A preferred
290
615 714
50
614
Feb
Feb 39
34
St Lawrence Flour Mills 100
75 33
3415
Feb
Jan 23
495 12
St Lawrence Paper pref 100 1815 1615 18
Shawinigan Wat & Pow_.* 2134 21% 2234 4,427 17% Jan 2414 Feb
Mar
255 12% Jan 21
Sherwin Williams of Can • 1834 1834 19%
Mar
834 Jan 10
350
934 10
Simon H & SenS
*
10
15
3631
38
3
19
33%
31
3
490
175
110
145
10
65
25
55
11
28
31
2%
18
20
30
1%
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
16
38
38%
5
23
36
32
4
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Feb
143
160H
19735
265
163
16
63
160
1
220
138
129
169
265
129%
Jan
Jan
Jan
Mar
Jan
145
166
203
276
16635
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Mar. 24 to Mar. 29, both
inclusive, Friday, Mar. 30 (Good Friday) being a holiday,
compiled from official sales lists:
Feb
Feb
Feb
Feb
Feb
* No par value.
Montreal Curb Market.-Record of transactions at
Montreal Curb Market, Mar. 24 to Mar.29, both inclusive,
Friday, Mar. 30 (Good Friday) being a holiday, compiled
from official sales lists:
Range Since Jan. 1.
High.
Low.
Mar
12
Mar
8
5% Jan
Jan
56
Jan
2
27% Mar
9
Mar
3.90 Jan
413( Mar
1635 Feb
3% Jan
Jan
33
Mar
3
1.65
1434
11%
23%
4%
8.45
43
1634
60
331
Public Utility7%
Beauharnols Power Corp.*
C N Pow Corp Ltd prat 100 100
City Gas & Elec Corp Ltd * 13
1.00
Inter Utilities Corp c1"B" 1
So Can P Co Ltd pref__100 90
Mining
Base Metals Min Corp Ltd*
Big Missouri Mines Corp_l
BRX Gold Mines Ltd_ _50c
Bulolo Gold Dredg Ltd__5
Cartier-Malar Gold M Ltdl
Castle-Tretheway M Ltc1.1
Coast Copper Co Ltd_ _5
Domes Mines Ltd
•
Falconbridge NickelMLtd*
Greene Stabell
1
Lake Shore Mines Ltd_ _1
1
Label Oro Mines Ltd
1
Lee Gold Mines Ltd
McIntyre-Porucpine Ltd-5
Noranda Mines Ltd
•
12
8
7
74
431
2731
9
7.60
4131
16%
4
5555
3
7% 835
99 100
13
1331
1.00
050
89% 90
2,555
147
33
1,61
2
3%
8831
9
800
72
1.50 Jan
12
1.70 1.75
Jan
32c
3,72
36140 350 380
400 310 Jan
760 780
78c
29.15 28.00 29.15 1,97 23.50 Jan
10 Jan
654c 6340 855c 44,900
100
600 600
600
4.45 Mar
200
4.45 4.45
285 32.75 Jan
40.25 39.75 40.25
225
3.00 Feb
3.85 4.00
4.00
1.05 9035o 1.05 16,150 67c Mar
340 42.50 Jan
52.00 51.00 52.00
Jan
190
180 193-Ic 42,900 835c
190 210
1,900 14550 Feb
190
100 39.60 Feb
48.25 48.25 48.25
38.80 37.50 39.85 4,319 33.25 Jan
Read-Authier Mine Ltd 1 97e
Siscoe Gold Mines Ltd_ _ 1 2.28
Sullivan Gold Mines Ltc1.1 4355c
7.40
Teck-Hughes G M Ltd 1
Towagamac Explor Ltd_ _1
• 1.00
Ventures Ltd
Wayside Con CI M Ltd_50c 440
White Eagle Silver
Wright Hargreaves M Ltd* 10.00
700 9734c 17,321
2.14 2.28 32,330
390 44c 40,050
6.75 7.50 8,540
590 630
400
1.00 1.00
300
440 440
2,100
350 36c
1,400
9.1010.00 7,480
Unlisted Mines
50
(30
* 5550
Arno Mines Ltd
69e 780
Central Patricia Gold M.1 77e
3.60 3.60
Eldorado Gold Mines Ltd 1
800 800
Granada Gold Mines Ltd.1
1.18 1.20
1.20
Howey Gold Mines Ltd_ _1
68340 73c
Kirkland Lake G M Co_ _ I
850
1.00
McVittle Graham M Ltd_l 950
260 Jan
1.43 Jan
250 Jan
5.80 Jan
490 Mar
1.50
2.25
834
21%
1.50
634
6
2.25
7%
2031
1.76
634
6
2.40
834
22%
9,500
40 Jan
8,400 54%c Jan
ao 3.40 Feb
2,000 630 Jan
1,000 980 Feb
Jan
1,900 25c
9,450 85c Mar
3255
Canada Malting Co Ltd..* 3135 31
9% 1035
*
Canada Bud Breweries
137 137
Can Industries Ltd p1.100 137
234 23.4
234
Consol Paper Corp Ltd__*
Ford Motor Co of Canada
2154 23
22
Ltd "A"
454 451
*
Fraser Cos vot tr ctt
27
28
Gen Steel Wares prat _100
235
2
2
100
Price Bros Co Ltd
19
19
100
Preferred
3351 333(
•
Weston Ltd
•No par value.
945
20
10
780
1,757
1,090
18c Feb
780 Mar
4.30 Mar
830 Mar
1.35 Mar
730 Mar
1.20 Jan
Jan 70c Mar
Feb 12.70 Feb
Jan
3.50 Mar
Jan 255(0 Mar
Jan
302 Mar
Jan 58c Mar
900 Jan
4
Jan
4
Feb
2.25 Mar
535 Jan
1554 Jan
2% Feb
Feb
10
631 Mar
2.95 Feb
1051 Jan
25% Mar
Jan 3551
170 28
835 Jan 12
140
5 132% Mar 137
335
131 Jan
1,194
Mar
Mar
Mar
Jan
2551
5
30
3
26
3351
Feb
Mar
Feb
Feb
Feb
Mar
1,031
30
106
2,215
50
25
Jan
Feb
Mar
Ja
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Mar
Bonds2154 22% 816.600 1534 Jan 233-4 Feb
1.00 Mar' Elec & Peoples tr ctfs 48'45 22
26% Jan
*No par value. x Ex-dividend.
Feb
28
22% Mar
Baltimore Stock Exchange.-Record of transactions at
535 Seb
29, both in29% Feb Baltimore Stock Exchange, Mar. 24 to Mar.
1.90 Feb clusive, Friday, Mar. 30 (Good Friday) being a holiday,
14% Feb
12% Feb compiled from official sales lists:
5
Feb
1 aura.
2334 Jan
Range Since Jan. 1.
Last Week's Range for
Week.
of Prices.
Sale
Jan
15
High.
Low.
Par Price. Low. High. Shares.
Stocks11% Jan
10% Feb Arundel Corporation
481
1634 17
* 17
7435 Mar Black & Decker corn
485
655 631
655
•
635 Feb
1
13
13
25
Preferred
28% Mar Uses & P Tel of
2
11734 118
Balt Pf-100
11% Jan Commercial Credit pf B.25 28
10
28
28
8.55 Mar Consol Gas E L & Pow*__ 6054 59% 61
55
Jan
58
47
101 102
5% preferred
100 101
17% Jan Fidelity dr Gu Fire Corp-10
16
153-1 1534
Feb Fidelity & Deposit
5
148
36
35
50 36
60
Mar Houston Oil Oaf
755 1,100
7
7
100
355 Mar Mfrs Finance 2d pref.._ _ _25
10
335 355
335
75
135 135
134
Maryland Cu Co
23
30
33
32
10
Feb March dr Miners Transp_ _• 33
7
185 18734
Mercantile Trust Co_
50
100
Mar Monon
90
1531 16
16
1431 Mar Mt V W Penn PS7% pf25 3735 36
127
3755
1.50 Feb New .-Woodb Mills pref100 10
356
9% 10
Amsterdam Cas___10
9035 Mar Penns Water & Power_ _ _* 54
10
5335 5434
United Rys& Elec
531 5% 1.11
50
534
2.02 Mar
Bonds
50c Feb
80c Mar Baltimore City Bonds
40
102% 10231
4s sewerage impt_ _1961
31.00 Jan
1.000
103 103
4sschool house
1961
9c Mar
1,000
4s water loan
103 103
1958
4s P & B (coupon)__1963
10331 10331 1,000
5.55 Mar
3,000
4s Annex Impt
1951
.. 103 103
40.25 Mar
45 2d water
1947 102% 102% 102% 2,000
4.15 Mar
9355 2,100
355s new sew'ge impt'80 93
93
1.05 Mar
52.00 Mar Central By ext & impt.6%
2,000
12
(etts) flat
12
1934
1935c Mar
1,000
15
15
210 Mar Maryland Elec By 65.1933 15
48.25 Mar United By & El1st 65 (flat)
1949
831
855 9
5,000
39.85 Mar
13,000
1st 48 (flat)
83-4 9
1949
9
1st 4s ctfs (flat) _ __ _1949
83-1 855 8,000
83-1
973ic Mar
* No par value.
2.28 Mar
45c Mar
Pittsburgh Stock Exchange.-Record of transactions
7.50 Mar
630 Mar at Pittsburgh Stock Exchange, Mar. 24 to Mar. 29, both
400 Jan 4855c Feb
320 Jan 41c Feb
6.75 Mar 10.00 Mar
Parkhill Gold Mines Ltd-1 6831c 63.3 690 30,200 36c
325 11.60
12.00 12.20
1
Pioneer G M of B C
1.76
3.40 3.50
200
San Antonio G M Ltd-1 3.50
1.03 1.06
300
1.06
Sherritt-Gordon M Ltd_ _1
Rouyn Mines.* 24550 20c 250 32,960 8310
Stadaoona
1.30
2.80 3.02 2,875
3.00
Sylvanite Gold Mines Ltd 1
510 530
700 20340
Thompson Cadillac M Ltdl
Unlisted
Abitibi Power & Paper Co*
Cum preferred 6% _100
Cal of dep 6% pref__100
Brewers de Distil of Van_ _•
Brewing Corp of Can Ltd *
Preferred
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Mat
4%
453-4
35
*a
1st.
x554
1451
86
431
714
555
2955
15% Jan
Jan
1454 Jan
95
Jan
Jan
7
29% Mar
x
200
1235
40
834
510
734
5
74
145
4%
225
2831
140
9
8.55 21,652
4651 1,590
361
1631
11
4
51
60
810
335
Melchers Distil Ltd "A" •
"B"
Mitchell & Co Ltd Robert *
Page-Hersey Tubes Ltd_.*
Regent Knit Mills Ltd_ _ _*
Supertest Petrol Corp Ltd *
Thrift Stores Ltd
Walkerville Brewery Ltd.*
Walker Good'm Ss Worts.*
.,
C
Preferred
Whittal Can Co Ltd
100
Cum preferred
United Distillers
2235
634
47
1
'If
VI.
8%
2055
95
6
1055
6%
30
200
10
300
600
800
500
2,300
50
200
125
175
42
xr x
1.00 Mar
Mar
17
Jan
20
1935 Feb
255 Jan
Jan
15
1.50 Jan
1254 Jan
Jan
11
Jan
3
1931 Jan
6%
635
47
35
se
1
755
17
9454
6
931
634
30
x
60
1,840
85
500
65
20
1,100
4,193
661
35
1,704
35
its
1
734
1631
634
47
%
31
1
735
1634
9374
53-1
931
6
2935
[mt 4m 4444444
.24 V& 4144k444
1.00 1.00
17
19
24
25
20% 2235
4
4
25
2634
1.60 1.70
13% 1455
11% 11%
435
4
2231 23%
18%
Reliance Insurance
10
Scott Paper
*
Shreve El Dorad Pipe L_25
Tonopah-Belmont Devel-1
Tonopah Mining
1
Union Traction
50
United Gas Impt com____*
*
Preferred
Victory Insurance Co_ _10
*
Westmoreland Inc
Westmoreland Coal
*
York Railways prat
50
Mgg4tgglgt4W4V68.
. ....... .
..g....
O®
4 44
xx 4 4
1
-,444mmmtmm4, 44mm.gm ,
.S144Elang40.42e44W6
David & Frere Ltee "B"..5
Distil Corp Seagrams Ltd_•
Domin Eng Works Ltd...*
Dominion Stores Ltd....*
Dom Tar & Chem Co Ltd *
Cum preferred
100
Home Oil Co Ltd
Imperial 011 Ltd
Imp Tobacco of Can Ltch5
Int Paints(Can) Ltd "A" *
Int Petroleum Co Ltd.__ .*
13
Feb
350
Jan
335 Feb
15% Mar
3435 Feb
Feb
15
Mar
88
3
Feb
6% Mar
1131 Jan
1.50 Jan
Mar
9
935 Mar
ng Wg. 2.4a4tIgg
... -- .000.00
,-. .. .......
9% Jan
20c Jan
1.75 Jan
Jan
13
20% Jan
Jan
9
Jan
80
Jan
2
455 Mar
Mar
8
95c Jan
731 Mar
5% Jan
z
335
1,325
278
1,535
205
26
70
60
20
25
345
550
105
XXXX
1151
250
3%
1534
25%
11
88
255
651
8
1.00
8
8
Mar
Jan
Jan
Jan
Mar
Feb
Mar
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Mar
Mar
Feb
Mar
Feb
Mar
.
.
w
.
..OWN.
5.001.2
IA
WWWWWWW.W4.000NpANWWW
10
250
3
14%
23
11
85
234
6
8
950
731
7%
High.
Low.
125 1113.4 Jan 117%
7%
5% Jan
100
174
100
134 Feb
67 44% Mar 51%
150 31% Jan 43%
Jan 20
100 17
Jan 97
10 89
600 39% Jan 4634
5% Jan 10%
200
Jan 20%
110 13
1%
35 Jan
400
451
235 Jan
6,100
2,900 2935 Jan 3935
Mar 6151
200 51
Jan 102
210 93
400 3055 Jan 32%
335
Jan
1
700
934
435 Jan
500
6%
3% Jan
160
250 16% Jan 26
...
.. 000000CD
WA, OWWW&W.A
XXXX X
X
Assoc Breweries of Can..* 10%
Assoc Oil& Gas Co Ltd _ _* 250
3%
Bathurst Pow & Pap"B" *
British Amer Oil Co Ltd_ _* 14%
Can Dredge & Dk Co Ltd * 23
Can Fo'n Invest Corp__ •
Preferred
100 88
2%
Canadian Vickers Ltd ___*
651
100
Cum preferred
8
Canadian Wineries Ltd_ __*
Commercial Alcohols Ltd _* 95c
7%
Champlain preferred_ _100
8
Cosgrave Exp Brew Ltd_10
Bell Tel Co of Pa pref__100 115% 115% 116
655 655
*
Budd (E G) Mfg Co
*
131 1%
Central Airport
Electric Storage Battery100 44% 4434 4731
Fire Association
10 4335 4355 43%
Horn ArHardart(NY)com *
1934 1934
97
97
Preferred
100
4634
45
Insurance Co of N A__ _ _10 45
834 835
Lehigh Coal & Navigation*
18%
Lehigh Valley
17
.50 18
Mitten Bank Sec Corp pf 25
134 1%
131
235 331
Pennroad Corp v t o
3%
*
32% 3531
Pennsylvania RR
50 34
55
51
Penna. Salt Aug
50
Philo, Elec of Pa 85 pref__• 101% 10134 101%
Phil& Elec Power pref__25
31% 32
334 334
Phila Rapid Transit. _50
731 835
754
7% Preferred
50
Phila & Rd Coal & Iron_ *
5
5
Philadelphia Traction...50 2331 2334 2434
Range Since Jan. 1.
WW
Stocks-
Thurs
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
Stocks-
Sales
Thurs.
Last Week's Range for
Sale of Prices. Week,
Par Price. Low. High, Shares.
X
143
160
195
265
1595
High.
XXX
100
100 160
100 195
100
100 163
l4y.
36
37
2%
19
33
31
2%
Low.
XX
* _1455
Southern Can Pow
*
Steel Co of Canada
Preferred
25 37
*
Viau Biscuit
Preferred
100
Wabasso Cotton
Western Grocers Ltd__ _ _*
*
Winnipeg Electric
Range Since Jan. 1.
XX
Thurs
Sates
Last Week's Range for
of Prices.
Week.
Sale
StoCks (Considded) Par Price. Low. High. Shares.
BanksCanadienne
Commerce
Montreal
Nova Scotia
Royal
2227
Financial Chronicle
Volume 138
inclusive, Friday, Mar. 30 (Good Friday) being a holiday,
compiled from official sales lists:
Stocks-
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares,
Allegheny Steel
*
Amer Window Glass p1 100
Armstrong Cork
•
Blaw-Knox Co
•
Calorizing pref
25
Carnegie Metals C0_10
Clark (D L) Candy Co--*
Columbia Gas & Elec. •
Devonian 011
10
Duquesne Brewing
5
Class A
5
Follansbee Bros pref. _100
Fort Pitts Brewing
1
Harb Walker Refractories*
Koppers Gas & Coke pf 100
Lone Star Gas
•
McKinney Mfg
*
Phoenix 011
250
Pittsburgh Brewing_ _50
Pittsburgh Forging Co_ _ _*
Pitts Plate Glass
25
Pgh Screw & Bolt Corr. •
Renner Co
1
Ruud Mfg
*
San Toy Mining
1
Standard Steel Spring_
*
United Engine & Fdry •
Vanadium Alloy Steel_ *
1
Victor Brewing Co
Western Pub Serv v t c •
Westinghouse Air Brake..•
Westingh Elea & Mfg_ _50
• No par value.
23%
1355
3%
2%
13%
21%
635
455
4934
2
1054
24
15.4
555
29%
36%
21%
14
23
1355
331
231
5%
1554
13%
331
551
24%
2
21%
69
655
1
70
4
435
48
10
1%
10
40
17
24
20
1%
534
2835
36%
2135
14
23%
13%
331
2)4
5%
1654
1354
351
5%
2455
2
21%
71
7
1
8o
4
454
4955
10
2
10%
40
17
24
20
135
5%
30%
3935
10
40
210
385
150
2,100
50
290
55
100
200
25
100
50
45
723
25
6,500
125
so
667
175
3,200
50
3,500
125
110
200
3,387
101
89
111
Range Since Jan. 1.
Low.
20
11
14
1031
3%
1%
355
11%
9
2%
4%
12
1%
15
65
535
1
50
3%
3
3934
7
151
934
30
9
16
16
90e
435
27
3635
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Ma
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Fe
Jan
Jan
Jan
Jan
Jan
Jan
High.
2255
14
26%
1655
3%
3
6%
19
1355
455
531
30
2%
24
72
835
2
8o
5
5%
50
10%
2
11
70
17
2555
20
1%
7
35%
47
Feb
Mar
Feb
Jan
Mar
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Feb
Jan
Mar
Feb
Feb
Feb
2228
Financial Chronicle
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Mar. 24 to Mar. 29, both
inclusive, Friday, Mar. 30 (Good Friday), being a holiday,
compiled from official sales lists:
Jour).
,c.4t,
-.c,ott4mt, -,1
4444,
g
pptlPPI PP0PP,P000P
,
....101C070000C,00000
..
g
gg
g
to
0..0
...re,
2rgE;crcac4N4E;t14 !gnnWZ.g.F.VA4Og48!
5
213.1'
to
COM
-404 0
0.000.0.,.0..... 0... 00.00..40.N.WWW0
1
g rg
X
gXXX
g
35
gt.°
293%
High.
CPC.PPoPPPg.pplOP
.V0000.400
10
133%
1%
10
951
3851
10
313%
103%
353%
55
16
5
11
22
Ma
171
84
58
50
9
300
132
1
875
4
84
280
210
189
123%
1%
10
9%
38%
10
293%
1014
34
55
16
4%
103%
213%
g
13
rg
Gibson Art common
•
*
Gruen Watch
Preferred
NO
Hatfield Camp pref._ _100
Participating pref
"
Kahn A
40
Kroger common
*
*
Lunkenheimer
Procter & Gamble
•
Pure 0116% pre
100
Randall A
*
*
B
Richardson common
*
U. S. Plavine Card_
_In
Low.
g
315
175
17
250
107
6
20
30
204
139
10
40
35
222
60
3
10
g
12
133%
1351 133%
2214 24
8%
6
2% 2%
62% 623%
3
3
215 215
76
753% 763%
5%
5%
5
66
66
213% 213%
15
15
15
14
13
13%
5% 5%
61
61
60
60
1334
g
Aluminum Industries__ _ _.
Amer Laundry Mach_ _20
Amer Rolling Mill
25
Amer Thermos A
*
Baldwin common
20
Carey (Philip) pref._ _100
Churngold Corp
•
CNO&TP
100
Cin Gas & Elec prof.....l00
Cincinnati Street
50
Cln Telephone
50
City Ice & Fuel
*
Coca-Cola A
*
Crosley Radio A
*
Eagle-Picher Lead
20
Fenton preferred
•
Foundation pref
•
Range Since Jan. 1.
-41...0PP0W00000.0
Stocks-
• No par value.
St. Louis Stock Exchange.
-Record of transactions at
St. Louis Stock Exchange, Mar. 24 to Mar. 29, both inclusive, Friday, Mar. 30 (Good Friday) being a holiday,
compiled from offic'al sales lists:
fours.
Stocks-
OW.
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
American Credit Indem_10 243% 243% 243%
Brown Shoe pref
100
121
121
Burkart Mfg pref
• 153%
1534 16
Columbia Brew corn
5
4%
3% 4%
Curtis Mfg con
5
53( 6%
Ely & Walker DG 1st pf100 100
993% 100
2nd prof
75
100 75
75
Falstaff Brew corn
1
534 6
Fulton Iron Works corn_ •
75e 750
Hamil-Brown Shoe com_25
5%
5
5%
Internat'l Shoe corn
• 44% 4331 44%
Johnson S Shoe com
-S
• 243% 243% 25
Key Boiler Equip com
•
734
731
Laclede Steel corn
20
173% 1734
McQuay-Norris corn
4534 45%
• 4534
Moloney Electric A
•
8
8
Mo Portl Cement com_25
734 7%
Nat Bearing Metals pref100
83
83
Nat Candy common
18
• 18
1834
Sou'western Bell Tel pf_100
118 118
Wagner Electric com ___ _15 103%
10
103%
Bonds
x United Rys 45
High.
93% Jan
115
2434
1 119% Jan 121
230 10
Jan
16
715
3% Mar
4%
28
5
Jan
73%
25 92
Jan 100
2 75
Mar 80
110
5
Jan
6%
100 250
Jan
134
130
8
33% Jan
22 4334 Mar 493%
30 103% Jan 26
10
8
534 Jan
25 133% Jan
173%
10 40
Jan 47
Mar 13
4
8
550
9
7.34 Mar
10 82
Feb 833%
125 1534 Jan 21
53 116% Jan 120
238 10
Mar 123%
1934 193% 82,000
1934
Range Since Jan. 1.
Low.
193% Mar
sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
1/fur).
Cleveland Stock Exchange.
-See page 2234.
sates
Last Week's Range for
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
Mar. 31 1934
mar
mar
Mar
Mar
Feb
Mar
Feb
Feb
Feb
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Feb
Mar
Feb
Mar
Jan
Pac Pub Serv non-vet corn
%
Yi
Non-voting preferred__ _
251 3
3
Pac Tel & Tel corn
82
82
6% preferred
110% 110% 111
Par:Mae Cos common
-- ___
Phillips Petroleum
183% 183%
183%
Pig'n Whistle preferred
1
1
Ry Equip Rlty 1st pref._
6% 6%
Series 2
234
23's
Roos Bros common
751
73i
S J L & P 7% pr prat
Schlesinger & Sons BF corn
Shell Union Oil corn
9%
Southern Pacific Co
26%
Spring Valley Water Co.__ -----Standard 011 Coot Calif
______
Tide Water As.sd Oil com
__ __ __
6% preferred
73
Transamerica Corp
6%
Un 011 Coot California
17
Un Sugar Co corn
4%
7% preferred
1634
United Air & Transport
2354
Western Pipe & Steel Co
85
11
9%
2534
531
35 h
10%
73
654
163%
434
1634
233%
113.
Range Since Jan. 1.
Low.
8
85
31
100
10
607
26%
769
5%
105
3734
1,298
103%
290
112
763%
7
13,557
17
627
200
43%
25
1634
635
233%
1134
120
673%
31
8%
183%
4%
35%
8%
643%
6%
15%
4
163%
1934
113%
High.
1
Feb
Jan
3%
Jan 86
Jan 111
Jan 35%
Feb
1811
Jan
1%
634
Jan
Mar
3
9
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Feb
Jan
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Mar
Feb
Jan
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Jun
Mar
Feb
Feb
31
141
I%
1,436
23 71
150 103
463 2534
100 16
100
%
5%
10
2%
10
100
534
85
34
113%
33%
53%
423%
11%
77
8%
203%
7
173%
3731;
14
San Francisco Curb Exchange.
-Record of transactions at San Francisco Curb Exchange, Mar. 24 to Mar. 29,
both inclusive, Friday, Mar. 30 (Good Friday), being a holiday, compiled from official sales lists:
sates
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
sours.
StocksAlaska Treadwell
Amer Tel & 1 el
Amer roll Bridge Del
Anglo Nat Corp
Argonaut Mining
Aviation Corp Del
Bishop 011 Corp
Cal Pac Trading pref
Chrysler Corp
Cities Service
Claude Neon Lights
Crown Will. 1st pref
60c
25
100 118% 117%
27c
_1
631
•
634
7%
8
5
5
8
7%
5
1.50
3.75
•
61
5
2%
•
234
960
1 90c
59%
•
Foster & Kleiser pref___100
General Motors
10
•
Cladding McBean
Idaho Maryland
1
Italo Petroleum
•
Preferred
•
Klaiber Motors
10
Libby Nchleill
10
hat Auto Fibres A
•
Occidental Petroleum ___ _1
Pac Associates
•
Pac Eastern Corp
1
Pac Port Corn prat
100
Pineapple Holding
20
I'ioneer Mill Ltd
20
•
Radio Corp
Republic Pete
10
Shasta Water corn
•
Southern Calif Edison___25
534% preferred
25
6% preferred
25
7% preferred
25
Sunset
-McKee B
•
U S Petroleum
1
Universal Cons Oil
10
West Coast Life
10
• No par value.
36%
36%
373%
7
7
3.10 2.95
250
25c
1.30 1.20
20c
43%
7
50c
50c
123%
123%
214
2%
32
32
8
8
20%
7
7
4%
18%
1851
18%
18%
183%
20% 20%
233%
534
29c
29c
3.40
8
8
Range Since Jan. 1
Low.
High.
Jan 73c
Feb
Feb
Jan 125
Jan
Mar 32e
734. Feb
Jan
Jan
8% Feb
Feb
103% Jan
Mar 1.50 Mar
Jan
Jan 3.75
Mar 59% Feb
4% Feb
Jan
Jan
151 Feb
Jan 6034 Mar
60c
120
27c
634
8
831
1.50
3.75
51
3
980
60%
100
189
200
490
1,300
250
200
20
100
633
256
165
36%
38%
7
3.10
30c
1.45
200
434
8
520
1211
2%
32
8
203%
25 36
2,613 3314
6
25
1.750 2.95
3.340 10c
3,535 520
600 20c
3
50
425
3%
1,515 45c
13 12
13
15
%
5 30
634
1,600
27 20%
Feb 38
Jan 423%
7
Feb
Mar 3.75
Jan 350
Jan 1.80
Jan 250
Jan
534
Jan
93-1
Jan 560
125.1
Jan
3
Jan
Feb 32
9%
Jan
Mar 22
Jan
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Jan
Feb
Jan
8
431
18%
1851
18%
21
233%
835
290
3.50
3
20
634
100
4
85 153%
72 153%
15%
111
95 173%
200 203%
40
534
1,300 211c
130 3.40
50
8
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
mar
Mar
9%
5%
193%
223%
19%
223%
241.1
5%
420
5%
8
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Mat
Feb
Jan
N1ar
35c
1083%
20c
3.15
4%
6%
1.50
3.75
50
1%
60c
43%
203% Mar
Los Angeles Stock Exchange.
-Record of transactions
at Los Angeles Stock Exchange, Mar. 24 to Mar. 29, both
San Francisco Stock Exchange.-Record of transac- inclusive, Friday, Mar. 30 (Good Friday), being a holiday,
tions at San Francisco Stock Exchange, Mar. 24 to Mar. 29, compiled from official sales lists:
both inclusive, Friday, Mar. 30 (Good Friday), being a holiThurs.
Sales
day, compiled from official sales lists:
Last Week's Range for
Range Since Jan. I.
• No par value.
260 19%
421
831
1
400
2
100
10 121
1,108
3%
850 20
5 19
215
931
1.213 19
10 13%
110 15
1.482 23%
120 22%
25 58
165 24%
4%
2.303
153 34
128 34
275
6%,
56
5335 5631
16
16
15% 15%
4% 531
1
11
11
29
2934
1334 13%
50% 5231
7% 731
9331 93%
209
10
1,237
651
50
300
50
515
190
200
12
390
100
1,001
825
50
200
22
200
100
3,498
1,852
562
655
345
153%
-54
9351
954
234
103%
22%
353./c
87
955
89
9
29
7%
20
2%
434
18%
22
20
333.4
86
9%
93%
9%
29
7%
20
2%
4%
19%
22%
20%
354
88
High.
Mar 2354
Jan 10%
Jan
Jan
Jan 159
Jan
6%
Jan 253%
Feb 20
Mar 12%
Jan 2754
Mar 19
Mar 19
Jan 32%
Jan 28
Jar
71
Jan 26
Jan 634
Jan 47
Jar. 47
Jan
4734 Jan
Jan
15
1034 Jai
4% Mar
1% Jan
Jan
10
253% Jan
11% Jan
503's Feb
534 Jai
7934 Jan
34 Jan
734 Jan
Jan
61
Ma
Jan
17
7% Jan
14% Jan
2% Jan
4
Jan
15% Jan
19% Jan
17% Jan
23% Jan
7134 Jan
61%
16
17
751
2
11%
31
1534
54
7%
94%
1
10%
9734
9%
3051
9
22
4
5
2331
23%
20%
36%
89
Jan
Jan
Feb
Mar
Feb
Mar
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Mar
Mar
Jan
Feb
Mar
Mar
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Feb
Feb
Mar
Mar
Mar
Jan
Feb
Jan
Jan
Feb
Mar
Mar
Feb
Mar
Alaska Juneau Gold Min 10
Byron Jackson
*
13olsa Chic& B
California Bank
25
California Packing Corp_ _•
Chrysler Corp
5
Citizens Nat'l Bank_ __20
Claude Neon Elec Prod..
•
Consolidated Oil Corp
•
Ernsco Derrick & Equip..
•
Globe Grain & Mill com_25
Goodyear T & R (Akron)
Common
•
22
Los Angeles Gas& El pf 100
Los Ang Investment Co_10
Lockheed Aircraft Corp..!
Pac Finance Corp com__10
Preferred A
10
Preferred C
10
Preferred I)
10
Pacific Indemnity Co... _10
Pacific Gas & Elec com_25
Pacific Lighting com_ ___•
•
6% preferred
Pacific Mutual Life Ins...10
Pacific Western 011 Corp_•
923%
Republic Petroleum Ltd_10
San Joaquin Light & Pow
7% prior preferred _A00
Security First N 13 of LA 25
Shell Union 011 Corp com *
So Calif Edison Ltd com_25
Orig prat
25
25
7% preferred A
6% preferred B
25
551% preferred C____25
So Counties Gas 6% pf_100
Southern Pacific Co....100
Standard 011of Calif
•
Taylor Milling Corp
*
Transamerica Corp
•
Union Bank &'Frust Co 100
Union 011 of Calif
25
Weber Showcase & FixVirat nraftwrarl
• No par value.
•
1734
52
1011
21%
53',
1%
1734
23%
5134
20
1014
12
5
5
22
5%
234
19
2334
54%
21
10%
123%
5%
534
3434 36
231
____
35%
86%
4%
92%
3
2%
8%
9%
8
834
8
19
333%
86%
25
614
17
83
30
93./c
18
33
23%
203%
18%
87
25%
3534
10
6%
80
1634
4
4
323%
18%
19
87
269-s
3734
6%
34% Mar
70
2%
154
7%
9
7%
84
7%
16
2334
71
213%
631
93
3
3
8%
934
8
8%
8
19%
3551
8734
253%
6%
4%
4%
83
34
93-4
183%
33
2434
21
19
87
28%
3734
10
7
80
1734
4
Low.
20%
4
1%
17
1934
493%
20
734
10
3
5
C
V
5
44
Low.
21%
9%
1%
5%
145
631
21%
1954
11%
253
15
15
30%
28
69% 70
25% 25%
5
531
42% 45
44
43
7
7
20
9%
-----134
5%
5%
145
6
5%
21
19%
9%
24% 24
15
15
29% 28%
28
Sale
Week.
of Prices.
Par Price. Low. High. Shares.
00000000000000
0
.00M000.000CV.P
.01P.MV00 V0..!
.
Fireman's Fund Ins
First Nat Corp of l'ortland
Food Mach Corp corn
Golden State Co Ltd
Haiku Pine Co Ltd corn
Hales Bros Stores Inc
Home F & NI Ins Co
Honolulu Oil Corp Ltd__
Honolulu Plantation
Jantzen Knitting
_
L A Gas & Elea Corp prof.
Magnavox Co Ltd
(I) Magnin & Co common_
,Natomas Co
New when issued
No American Inv 6% pref.
No American Oil Cons..._
Occidental Ins Co
Oliver United Filters B._ _
Paauhau Sugar
Pacific G E common_ _
6% 1st preferred
.5 % preferred
Pacific Lighting Corp corn.
6% preferred
21%
Stocks-
Ogq0000000V00
00.0000000000
,
.T40ICM...V
.
MO
Alaska Juneau
Anglo Calif Nat Bank___ _
Assoc Ins Fund
Atlas Imp Diesel En A._ _
Bank of California
Byron Jackson
Calamba Sugar
7% preferred
Calif Cotton Mills corn.
Calif Packing Corp
Calif W States Life Ins cap
Vot trust prior lien
Caterpillar Tractor
Clorox Chemical Co
Coast Cos G & E 6% Ist pf
Cons Chem Indus A
Crown Zellerbach v t c__
Preferred A
Preferred B
Emporium Capwell Corp_
Range Since Jan. 1.
0
0
Cl
Sales
Thurs.
Last 1Veek's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
000000400000
0000..000000
..VNQM
Stocks-
x In default.
4%
Mar
Jan
Mar
Jan
Jar
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Ma
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jai
Jai
15%
31%
20%
1734
1554
75
183%
35
9
634
75
16
Star
Ma
Jail
Jan
Jaii
Jan
Jan
Jan
Jail
Jail
Mar
Feb
Jan
Feb
Mar
4
Mar
80
30
High.
2334
6%
2%
23%
2631
60
28
1234
1434
634
6
Jan
Mar
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
41% Feb
95
33%
334
10
914
834
OA
931
2314
36
88%
283%
8%
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Feb
Feb
Feb
Mar
Feb
Feb
53i
Jan
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Jan
Mar
8% Feb
100 Jan
20% Feb
80
36%
113%
22
373.4
253%
22
193%
89
3331
423%
10
4
Feb
New York Produce Exchange Securities Market.Record of transactions at New York Produce Exchange
Stocks (Concluded)
Securities Market, Mar. 24 to Mar. 29, both inclusive,
uelwea Rubenstein pr
o eny
Friday, Mar. 30 (Good Friday) being a holiday, compiled
Imperial Eagle
from official sales lists:
Stocks-
2229
Financial Chronicle
Volume 138
Sales
Thurs.
Last Week's Range for
of Prices.
Week.
Sale
Par Price. Low. High. Shares.
Abitibi Power
*
Admiralty Alaska;
1
Alleghany Corp pr w L...°
Allied Brew
1
Altar Cons Mine
1
American Republics
1
Angostura Wuppermann _ 1
Arizona Comstock
1
Bagamac Rouyn
1
Bancamerica Blair
1
Betz & Son
1
•
B G Sandwich
Black Hawk Cons Mine_ 1
Brewers & Distl v t c____*
Bulolo Gold (13 D)
5
Cache la Poudre
20
Carnegie Metals
1
Central Amer Mine
1
*
Color Pictures
Como Mines
1
Croft Brew
1
Distilled Liquors
5
Distillers & Brew
5
Eagle Bird Mine
1
1
Eldorado Gold
Elizabeth Brew
1
Fada Radio
1
Flock Brew
2
Fuhrmann & Schmidt__ _1
Grigsby-Grunow
*
1
Ifarvard Brew
131
2634
234
3%
4.34
674
43,1
1
231
2934
1734
1.75
69c
234
4031
1034
1.65
131
1%
250
200
174
131
3,000
180 180
100
2631 27
500
234 231
234 3% 6,600
400
5
4'%
1,100
634
7
500
60c 600
500
21c 21e
300
274
274
1,300
431 4%
500
1
131
500
250 25e
1,100
231 234
850
2834 2934
350
17% 1731
400
2%
23-4
700
1.70 1.75
1,000
334
331
16,000
600 69c
3,900
23-4
234
3634 4331 4,600
600
10
1074
1.60 234 2,700
100
3.65 3.65
2,300
13-1
131
131 1% 5,000
200
1
1
600
%
1
3,900
250 29e
100
3
3
Range Since Jan. 1.
Low.
High.
% Jan
90
Jan
2631 Mar
234 Jan
1
Jan
Jan
2
2.31 Jan
400 Mar
210 Mar
2% Jan
Jan
3
34 Feb
25e Mar
234 Mar
23% Jan
15,1 Jan
1.15 Jan
1.25 Feb
374 Mar
49c Feb
1% Jan
1331 Jan
734 Jan
1.00 Feb
3.50 Feb
34 Jan
% Jan
1
Jan
.34 Feb
250 Feb
2
Feb
2
Feb
360 Feb
27
Mar
431 Feb
331 Mar
5
Mar
734 Mar
60e
Jan
21e Mar
334 Mar
431 Mar
14 Feb
50c Feb
274 Jan
3031 Mar
1831 Jan
331 Mar
2.00 Jan
434 Feb
90c Feb
274 Jan
4331 Mar
1031 Mar
2% Mar
4.00 Mar
134 Mar
134 Feb
134 Feb
134 Mar
31 Jan
331 Mar
Sales
7'hurs.
Last Week's Range for
Week.
Sale
of Prices.
Par Price. Low. High. Shares.
*
1
*
Internat'l Vitamin
1
Kildun Mining
I
Khmer Air
Kuebler Brew
1
Macassa Mines new
1
Maytag war
10
National Surety
•
Newton Steel
Oldetyme Distl
1
Paramount Publix
10
Paterson Brew
1
Petroleum Conversion_ _ _1
Petroleum Derivatives_ *
Polymet Mfg
1
1.29
331
2.50
1%
331
4%
34
1031
1.29
30e
4
331
%
234
2.50
131
2
6
3%
431
4
7
%
2
34
100
200
500
500
3,700
2,700
100
1,300
200
1,800
200
600
3,900
100
500
100
100
631 Jan
1.06 Feb
16c Mar
% Mar
231 Jan
% Jan
1% Jan
1.95 Jan
1
Mar
% Jan
531 Jan
331 Mar
131 Jan
34 Jan
% Mar
Mar
2
Si Jan
1031 Mar
1.39 Mar
450
Jan
31 Mar
431 Mar
1
Feb
231 Feb
2.50 Mar
234 Feb
2
Feb
834 Feb
1931 Jan
534 Feb
Jan
1
134 Jan
Mar
5
Jan
1
3
8
534
Si
131
1.12
1%
2.30
134
3.05
534
2531
9%
434
35e
32c
45c
1,100
8,400
1,700
400
200
100
2,800
600
100
900
2,300
220
900
2.700
100
400
2,000
2% Mar
634 Jan
5% Mar
Jan
30e
134 Mar
1.00 Jan
31 Jan
1.45 Jan
131 Feb
1.50 Jan
Jan
4
634 Feb
73-4 Jan
1.13 Feb
Jan
140
250 Feb
180 Feb
Jan
4
Feb
8
634 Mar
% Feb
23-4 Feb
1.20 Mar
134 Jan
2.30 Mar
331 Jan
3.05 Mar
Jan
7
Mar
28
1031 Mar
531 Feb
500 Feb
31 Jan
34 Feb
Jan
9934 Mar
300
380
231
774
534
Si
134
1.12
%
2.25
13.4
2.70
431
2231
931
334
350
300
36c
BondsIlome Owners Loan 4s 1951
9931
9831 9974 200,425
1%
2.30
3.00
534
94
3%
High.
Low.
1031
1.29
30c
34
2%
.%
231
2.40
131
131
5%
331
434
%
%
2
34
Railways Corp N
1
Rayon Industries A
1
Remington Arms
1
Richfield Oil
•
Rustless Iron
•
Sherritt-Gordon
1
Simon Brew
1
Slscoe Gold
1
Squibb Pattison Br pr_ _ _ _1
Sylvanite Gold
1
Texas Gulf Producing__.._•
Tobacco Prod (Del)____10
United Cigar n w I
5
-Utah Metals
1
Van Sweringen
*
Vollmer Brew
1
Willys-Overland
5
3
8
534
Si
Range Since Jan. 1.
s
9131
*No par value.
New York Curb Exchange-Weekly and Yearly Record
-Sales for deferred delivery (s. 10. ill• 15 days) are disregarded in the week's range, unless they are the only sales of the week and whether included or not
NOTICE.
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(March 24 1934) and ending the present Thursday,(March 29 1934) (Friday, March 30
being Good Friday, and a holiday on the Exchange.) It is compiled entirely from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or bond, in which any dealings occurred during the week
covered:
Sales
7'hurs.
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares.
IVeek Ended March 30.
Stocks-
Indus. & Miscellaneous.
Acetol I'roducts cony A_ •
Adams Millis 7% Prat_ _100
•
Aero Supply class II_
Agfa Amsco Corp
1
Ainsworth Mfg Corp_ _ _10
Air Investors con)
134
•
Warrants
Alabama Great Southern 50
Allied Mills Inc
•
774
Aluminum Co common_ •
Aluminum Goods Mfg_*
Aluminum LtdSeries C warrants
7
6% preferred
100
American Beverage
1
23.4
American Book Co__ _ _100 53
Amer Capital Class A_
•
•
Common class B
$3 preferred
•
Amer Cyanamid al B n-v _• 18
Class A voting com_10 1834
Amer Dept Stores
•
Amer Equities Co
1
Amer Founders Corp__ ....1
31
7% pref series B
50
6% pref ser D
50 1931
Amer Investors com
1
Amer Laundry Mach_ _ _20 1434
Amer Pneumatic Service_*
Amer Potash & Chem_
•
Amer Thermos Bottle A.*
Amer Thread pref
5
Anchor Post Fence
•
2%
Arcturus Radio Tube_ _1
Armstrong Cork com_ __ _• 2374
2%
Art Metal Works coin_ _ _ _5
Assoc Elea Indus LtdAm dep rct orl shs__£1
Associated Rayon
•
231
Atlantic Coast Fisheries_•
• 12%
Atlas Corp common
•
$3 preference A
Warrants
43-1
•
Atlas Plywood Corp
Automatic-Voting Mach_•
434
Axton-Fisher Tobacco A_I0 6331
100 4635
Babcock & Wilcox
Baldwin Loco Wks warr_ _ _____
Bellanca Aircraft v t a_ _1
Ilickford's Ine•
Common
834
Bliss(E W)Co common_ _•
234
Blue Ridge Corp coin_ _ _1
$3 opt cony pref
*
Bohack (II C)com
5 1534
Bower Roller Bearing_
•
Bridgeport Machine
•
Brill Corp class A
•
Brill° Mfg
British Celanese Ltd37.4
Am dap Ms reg sbs
Brown Co 6% pref_ _ _100
19
Brown Forman Distillery _1
Burma Am dep rctsreg.
10 10
Butler Brothers
Calamba Sugar Estates_ _20
Canadian Indus Alcohol A•
•
Class B n-v
•
Carnation Co coin
•
Carrier Corporation
_...1
Catalin Corp of Amer.
Celanese Corp of Amer7% 1st partle pref___100
100
7% prior pref
21
8
314
98
0431
Range Since Jan. I.
High.
Low.
434
95
2%
3%
1434
1%
34
6031
734
66
1031
474
95
231
3%
1434
134
34
6011
8
71
1031
300
25
200
100
100
100
200
50
1,600
1,200
100
334
73
274
334
10
134
34
40
734
65
834
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Jan
7
96
4
374
15
3
1
6031
934
8541
1131
Jan
Feb
Jan
Mar
Mar
Jan
Jan
Mar
Jan
Jan
Feb
7
37
231
5234
2
%
21
17 34
1831
%
134
34
1934
19
334
14
334
19
7
3%
2
34
23
234
7
72
300
37
400
234
30
53
500
2
300
%
100
21
1834 13,200
100
1834
4,800
li
200
134
1,200
34
75
1931
200
19%
200
334
850
15
100
334
100
19
1,700
874
400
3%
274 3,600
200
74
1,500
24
334 1,800
3
37
1%
48
1%
34
1534
1534
1831
34
1
44
934
10
2
1074
3
1734
334
334
134
Tes
143-4
134
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Jan
Jan
934
45
3%
55
2
31
21%
2031
21
pi,
234
131
1934
19%
18
3%
1934
834
37-1
234
1
263-4
331
Mar
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Mar
Feb
Mar
Feb
Feb
Mar
4
434
231
1234
4731
434
634
434
6331
10,100
4
474 1,100
300
2%
1331 14,400
500
4731
1,600
5
300
6%
400
474
25
6331
4
Mar
274 Jan
Jan
2
1034 Jan
39
Jan
431 Jan
531 Jan
234 Jan
5934 Star
531
5%
4
1531
477-4
6%
774
451
6934
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Feb
42
463-4
8% 934
431 4%
275
400
100
33
734
3.34
Jan
Jan
Jan
834
1034
234
36
12
1634
1%
2
6
100
2,600
1,600
1,300
150
700
200
100
200
634
234
134
3134
9
1234
4
13-4
5%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
334 3%
13
13
18% 20%
3% 3%
934 10%
300
125
3,600
400
5,100
3% Jan
Jan
.5
154 Feb
334 Jan
Jan
4
21
15
1331
15
834
334
100
1,00
600
200
1.600
1,800
21
137-4
12
1334
574
334
Mar
Star
Mar
Feb
Jan
Star
98 100
94% 9474
350
100
933-4
83
Jan
Jan
851
84
234
35
10
15%
134
2
6
21
1334
12
15
734
334
431
Sales
Thurs
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
15 5334
Celluloid Corp corn
5%
Centrifugal Pipe Corp__ _.*
•
Charts Corporation
•
83-4
Chic Rivet & Mach
100
Childs Co pref
271
*
Cities Service tom
• 17
Preferred
*
Preferred BB
34
1
Claude Neon Lights
•
Cleveland Tractor
Compo Shoe Mach ctfs_ _1
Consolidated Aircraft__ _ _* 1134
Consol Auto Merchandls'g
%
•
Common v to
*
$3.50 preferred
234
5
Cons Retail Stores
Continental Securities. •
Cooper Bessemer Corp_ ....e
•
$3 pref A w w
6%
5
Cord Corp
Corroon & Reynolds
1
334
Common
Courtaulds Ltd
Amer der) rots ord reg Cl
25
Crane Co com
100
l'referred
631
Crocker Wheeler Elec____•
Crown Cork Internatl A_ •
* 20
Cline° Press Inc
De Haviland Aircraft
Am dep rcts for ord
Detroit Aircraft Corp_ __a
34
Distillers Co LtdAmer deposit rcts
Distillers Corp Seagrams_• 1834
•
Doehler Die Casting
Dominion St1 8: Coal B_25
Dow Chemical
• 7031
•
Draper Corp
1
Dubilier Condenser
Duval Texas Sulphur__ •
Easy Wash Mach B
•
•
Eisler Electric Corp
Elea Power Assoc coin_ _ _1
1
Class A
Electric Shareholding
•
56 cony pref w w
51
Jan Elgin National Watch_ _15
Feb Equity Corp corn
11
100
6
Feb Ex-cell-0 Air & Tool new.3
Fairchild Aviation
1
831 Mar Falstaff Brewing
1
•
1034 Mar F E D Corporation
334 Feb Fedders Mfg CIA
3631 Feb Ferro Enamel
1434 Jan Fiat Amer dep rcts
1731 Mar Fidello Brewery
1
2
Feb First National Stores
334 Feb
7% hat preferred_ _ _100
7% Feb Fisk Rubber Corp
1
Flintokote Co el A
•
434 Mar Ford Motor Co Ltd
13
Mar
Mn dep rats ord reg _ £1
2174 Mar Ford Motor of Can Cl A _•
3% Feb
Class B
•
11% Feb Ford Motor of France
Amer dep rec
25
Mar Foundation Company
•
20% Jan
Foreign shares
1034 Jan Franklin (H II) NM_ _ •
1531 Mar
7% preferred
ibo
9
Mar General Alloys Co
•
4
Star General Aviation Corp__ _1
Gen Elec of Gt Britain
10434 Feb
Am dep rots ord reg
101
Mar General Fireproofing
%
631
174
73.4
734
5%
1034
2034
2
1634
934
13
534
1131
7
36%
234
16
17
74
474
1231
1031
700
1374
900
531
400
12
831 1,500
120
40
33-4 41,300
700
18 34
10
17
100
1
300
5
200
1231
11% 4,800
,
z
%
tie
u
274 234
5
5
4% 434
16
16
634 7%
1,200
400
700
100
100
100
3,300
Range Since Jan. 1.
High.
Low.
1231 Jan
431 Jan
9% Mar
434 Feb
1434 Jan
1% Jan
1131 Jan
Jan
9
34 Jan
334 Jan
Jan
8
731 Jan
hi
4,e
131
3
434
16
534
Jan
Mar
Jan
Jan
Mar
Mar
Feb
Jan
19
734 Jan
Mar
12
834 Mar
42
Feb
431 Feb
2674 Feb
Feb
22
I% Feb
631 Feb
Feb
14
1231 Mar
$ig
X
234
5
634
21
834
334
300
134
Jan
4
Feb
1331 13%
8
834
60
60
634 7
734 7%
20
20
100
150
25
900
1,800
100
1034
8
46
5
631
16
Jan
Jan
Jan
Jan
Jan
Jan
1334
11
60
834
834
24
Mar
Jan
Mar
Feb
Mar
Jan
1334 1314
34
35
100
1.600
Feb
10
X Jan
137-4 Feb
34 Jan
2214
1674
634
4
7074
54
'lie
5%
2231
107-4
72-4
4
71
54
slie
5%
5,000
6,200
800
100
400
100
100
400
Jan
20
1674 Mar
351 Jan
2% Jan
6931 Mar
Mar
54
34 Jan
Jan
4
23
2634
831
434
77
60
1
6%
634
34
534
5%
674
134
67-4
634
200
1,60
1,300
600
48
1134
134
631
7
534
834
8
1031
1934
134
49
1134
174
734
734
6
83/
8
1034
2074
2
275
25
1,400
4,900
1,500
1,500
100
100
300
400
7,500
3
6
31
4
334
36
774
134
6%
53.4
4%
734
7
734
1931
134
10 11134
116 116
10,700
87-4
1634 19
434
500
834 934
7
22
26
Mar
Jan
Jan
Jan
52
13
234
mar 83-4
Jan
731
6%
Jan
Feb8%
Feb10
Jan
133-4
Mar 20%
Jan
234
Jan
Jan
Jan
734
134
331
Feb
Feb
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Jan 117
Jan k203-4 Mar
Jan
934 Mar
734
2231
26
2,300
1,600
25
334
400
334 Mar
4
734
134
534
231
6
734
134
5 34
334
7
600
700
25
3,000
500
63 Feb
4
% Jan
134 Jan
2
Jan
534 Jan
83.4
234
834
331
034
1034 10%
731 734
1,000
100
1034 Star
534 Jan
534
15
20
Mar
Jan
Jan
Feb
Feb
Jan
Feb
Feb
834 Jan
1% Feb
834 Feb
Feb
8
334
7
22
Feb
Mar
Feb
Mar
Jan
Feb
Jan
Jan
Jan
Jan
734 Mar
2474 Feb
29
Jan
Jan
Mar
Feb
Feb
Mar
Feb
1131 Jan
534 Feb
Financial Chronicle
2230
Thurs.
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares.
Range Since Jan. 1.
Gen Investment com__5
N,
156
155
1% 2,700
$6 cony pref class B____* 1735 15
1,200
6
1755
900
Warrants
ehe
'II
511
General Rayon A
1
•
2% 2%
100
General Tire & Rubber_ 25 90
11,100 64%
88
93
6% preferred A
100
75 80
86
88
Glen Alden Coal
16% 1831 3,800 10%
• 18
2
Globe Underwriters
6%
100
636 655
655
Godchaux Sugars
900
Class B
851 951
•
4%
36
1
Gold Seal Electrical
34
he 1,700
31
Gorham Mfg corn v t C. •
16% 18
800 13
Grand Rapids Varnish_ •
200
6
6
554
Great ALI & Pac Tea129 133%
160 122
Non-vot corn stock_ _ • 130
140 121
12356 127
7% 1st preferred_ _100
Great Northern Paper__25
200 1955
19% 19%
Greenfield Tap & Die_ •
100
5%
5% 5%
5
Greyhound Corp
9% 10% 3,800
5%
931
300
Grocery Stores Prod v t c 25
55
55
55
Happiness Candy Stores- •
Hartman Tobacco
•
Hazeltine Corp
Ilelena Rubenstein Inc__ •
Hayden Chemical Corp_10
•
Horn & Hardart com
1
Huylers Co of Del
Ilygrade Food Prod
Imperial Chemical Indus
Am dep rec ord reg---EI
Imp Tob of Gt Brit & held
£1
Amer dep rots
Insurance Co of No Am_10
International Products •
1
Interstate Equities
$3 cum cony pref A50
Irving Air Chute
Jonas & Naumburg Corp
Common
$3 cony prof
•
Jones & Laughlin Steel •
Kingsbury Breweries_ _1
Klein (D Emil) Co Inc__ *
Kleinert Rubber corn _10
Kreuger Brewing
1
Lakey Fdy & Mach
•
Lefeourt Realty Corp_ _1
Preferred
•
Lehigh Coal & Nay
•
Lerner Stores common__ •
Libby McNeil & Libby __10
Loblaw Groceterlas A
•
Louisiana Land & Explor_•
Lynch Corp
5
Mapes Consolidated Mfg_*
Maryland Casualty
1
Massey Barris Co com_ •
Mathieson Alkali Works
Part paid rats 1st paymt
Mavis Bottling class A _1
Mayflower Assoc
•
McWilliams Dredging Co *
•
Mead Johnson corn
•
Michigan Sugar Co
Preferred
10
Midland Royalty Corp
S2 conv preferred
Midvale Co
Minn-Honeywell Regulator
100
Preferred
Mock Judson Voehringer_•
Molybdenum Corp v t c__1
Mtge Bk of Colombia
Amer shs reg stock
Murphy (G C) Co
Natl Bellas Hess com___1
Natl Bond & Share
;
Natl Container corn
Nat Dairy Products
7% pref class A
100
National Investors corn..!
1
$555 preferred
Warrants
Natl Leather corn
Nat Rubber Mach
Nat Service common
Nat Steel warrants
Nat Sugar Refining
•
Natl Union Radio com
1
Natomas Co
•
New w
•
Nelsner Bros 7% pref__100
Neptune Meter A
Newberry (J J) coat
New England Grain Prod_•
New Mex & Ariz Land__ 4
New York Mdse
•
New York Shipbuilding
Founders shares
1
Niagara Share B
•
A preferred
100
Niles-Bement Pond
•
Nitrate Corp of ChileCtfs for ord B shares .
North & South Amer A..
Novadel Agana Corp
•
New
•
011stock Ltd corn
5
Outboard Motors Corn
Class A cony pref
Overseas Securities
•
Pacific Eastern Corp
1
Pan-American Airways.40
Parke, Davis & Co
Parker Rust
-Proof
Ponder(D) Grocery Cl A •
Pennroad Corp v t c
1
Pennsylvania Salt
50
Pepperell Mfg Co
100
Pet Milk Co 7% pref._100
Philip Morris Inc
10
Phoenix Securities
Common
1
$3 cony pref series A__10
Pie Bakeries Inc cola
•
Pitney-Bowes Postage
Meter
•
Pitts Bess & Lake Erie.
.0
Pitta & Lake Erie RR___50
Pittsburgh Plate Glass__25
Potrero Sugar
5
Propper McCallum Mills •
Quaker Oats 6% pref._100
Railroad Shares Corp
*
Reliance International A.
Reliance Mfg (III)
10
10
Reybarn Co
31
255
956
19%
400
4,800
200
200
400
12
300
80
9%
3
1,30
3
9%
135
25
26
18% 1955
1%
4
4455
1634
655
33.36
9%
5%
1555
2%
1%
High.
Low.
%
Ille
3
36
19
1635
55
3%
Feb
Mar
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
3
17%
he
395
9855
88
20%
7
Jan
Jan
Jan
Jan
10% Mar
56 Feb
19
Mar
734 Jan
Feb
Jan 150
Mar
Jan 127
Feb
Mar 23
Jan
Mar
6
Jan
Mar
11
A Feb
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
7% Feb
he
4
12%
1%
26
21
2
555
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Feb
9% Mar
30% 30%
44% 4656
1% 155
1
1
1631 17
5% 5%
30
1,20
200
10
300
20
28
38%
1
%
1556
355
Jan
Jan
Jan
Jan
Jan
Jan
30% Mar
Jan
47
131 Jan
1% Feb
Feb
22
731 Feb
1
1
655 7
33% 34
6% 7
12% 1231
735 7%
12% 13%
30
400
3
200
100
200
400
hi
555
3334
635
1155
531
10%
Jan
Jan
Mar
Ma
Jan
Mar
Jan
1
7%
48
9%
13%
8%
1455
1%
2
9%
835
2255
5
15
2%
31
34%
1%
555
255
2%
935
8%
2255
535
15%
2%
3154
34%
1%
6
3,100
600
100
900
200
500
525
3,500
200
100
400
300
35
834
531
14
1455
2%
31
3036
195
4%
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Feb
Jan
Feb
Feb
Mar
2%
2%
10
10%
25
5%
15%
3%
41
34;;
3
8
Mar
Feb
Mar
Feb
Feb
Feb
Mar
Jan
Feb
Mar
Feb
Feb
Jan
Jan
Feb
Jan
Mar
Jan
Feb
34%
114
45
20
5434
1%
400
4.800
100
50
400
700
500
Jan
32
Mar
1
Jan
42
16
Jan
Jan
45
154 Jan
31/5 Jan
38%
2%
47
26%
59%
1%
4%
6% 651
43.55 4355
100
25
oq Mar
2115 Jan
955 Jan
Mar
45
100 100
2056
20
655 7%
10
500
3,700
2% 256
60
60
500
10
23; Jan
Jan
39
311 Mar
Mar
60
335 3% 25,100
400
3055 32
33% 34%
1,600
33
Jan
2
30% Ma
Feb
25
3% Feb
Feb
36
34% Mar
100
9955 9936
2
1,100
2
75
55
56
200
55 1
200
134
535 535 2,000
31 19,500
34
400
535 5%
300
31% 31%
200
31
%
1,550
94
89
9
934 7,600
25
85% 8556
100
6
6
4,900
41
37
75
22
23
800
1
1
100
24% 24%
Mar
Jan 100
80
Feb
3
136 Jan
Mar
40:1 [Jan 56
1% Feb
31 Jan
Jan
2% Jan
1
755 Feb
3% Jan
yi Mar
he Feb
Mar
9% Jan
5
Jan
Mar 36
31
155 Jan
% Mar
7255 Jan 9834 Mar
9% Mar
8% Mar
Mar
Jan 87
40
Mar
6
335 Jan
Mar
Jan 41
17
Feb
Mar 27
22
1% Feb
1
Jan
23% Feb 27% Mar
32%
1
45
20
.54
115
331
20
7
32
34
56
135
31
3114
9356
934
41
1835 2031
455 535
50
50
12% 13%
31
6435
55
he 13,400
100
56
55
6255 66% 1,900
100
22
22
951
3
41
3
5%
1%
33
50
400
1,200
25
500
3
3
2%
39%
24
58
28
2%
50%
89
95
555
87
9
5
11
335
40%
9%
Jan 100
Mar
Jan 2055 Mar
Jan
8% Feb
Jan
Jan
Jan
Jan
20% Mar
7
Feb
.50
Mar
15% Feb
56
35 Jan
X Jan
Jan
57
Mar
22
1
68
23
Jan
10
500
8%
100
3
100
3
400
2%
1,300
41
24
500
375
60%
100
28
355 12,100
50
5051
30
90
50
95
6% 12,500
2%
3
1%
35
22%
53%
2731
235
50%
80
92%
235
3%
Jar
Jan
356
3%
Jar
Feb 51
Jan 25%
Jan 7355
Mar 30
4%
Jan
Ma z55
Jan 101
Feb 98
Jan
655
2,500
100
300
1
Is%
4
Jan
Jan
Jan
9%
1% 1%
23% 23%
11% 12
331 3%
33
33
72
70
46% 50
2% 2%
1% I%
122 122
31
%
3
3
18
18
215 255
351
1,200
25 3031
130 61
2,250 39
154
900
1
300
50 113
Ti
200
2%
100
100 15%
151
600
Feb
Feb
Mar
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Mar
2
Feb
Feb
26
14% Mar
4%
Feb
Jan 33
Feb 79
Jan 50%
3
Jan
Jan
235
Jai 122
%
Jan
351
Jan
18
Feb
215
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Feb
Mar
Feb
Feb
Mar. 31 1934
1'hurs.
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded)
-Par Price. Low. High. Shares.
Reynolds Investing
1
'ha
3,6
155 156
Roosevelt Field
5
Russia International__
•
55
36
76
Safety Car Heating&Ltg 100
74
St Regis Paper corn
10
336
355 3%
7% preferred
100 37% 37% 38
Schiff Co corn
• 32% 32% 32%
Schulte Real Estate
he
•
he
Scoville Mfg Co
25 2431 2434 2434
Seaboard Utilities Shares_l
54
*Le
he
• 4434 44% 44%
Seeman Bros com
Segal Lock & Hardware •
5i
X
Selber.ing Rubber Co
3x
*
35%
Selected Industries Inc
Common
231
2
2
1
54
Allotment certificates___ 53
52
Selfridge Prov Stores
2
2
Ll
Amer dep rcts
2
Sentry Safety Control
•
%
.%
Solon Leather Co
7%
7
•
751
Shenandoah Corp
195 2
2
Common
1
23
22
25
$3 cony pref
61
Sherwin-Williams corn..25
63%
104% 105%
6% preferred AA____100
170 170
Singer Mfg
100
35
33
Smith (A 0) Corp cora
•
3% 4
1
Sonotone Corp
31-6
Spanish & General Corp
Amer dep for reg shs El
Y.*
31
Spiegel, May, Stern Co
82
100 8154 80
631% preferred
•
6
6
Stahl-Meyer corn
1% 156
•
Standard Brewing
Standard Investing
$555 cum cony pref__ • 2331 2331 2355
Starrett Corporation
1
Ye
1
34
2% 2%
6% pref with priv_ __10
1
1
Stein Cosmetics
•
2
2
•
Stinnes (Hugo) Corp
5
Stutz Motor Car
5%
555
•
•
Sun Investing corn
456 455
25 1656 15% 1634
Swift & Co
27% 28%
15
Swift Internacional
•
Taggart Corp corn
•
Tastyeast Inc class A
•
Technicolor Inc corn
•
Tobacco Prod Export
Todd Shipyards
1
Transcont'l Air Trans
Trans Lux Pict Screen
Common
1
Tr -Continental warrants__
Tubize Chatillon Corp...!
Tung-Sol Lamp Works...
•
•
$3 Cony pref
Union Amer Investing.
..5
UnionTobacco
•
United Aircraft & Transp
Warrants
United Carr Fastener_
•
United Dry Docks
•
United Founders
1
United Molasses Co
Am dep rcts ord ref___El
United Profit-Sharing
•
United Shoe Mach com_25
Preferred
25
United Stores v t c
•
Un Wall Paper Factory_ •
US Dairy Products B_
•
S Finishing
•
U S Foil Co class B
1
U S & Internarl SecurCommon
•
1st prof with warr
•
S Rubber Reclaiming- 5
Utility Equities Corp
•
Priority stock
•
Utility & Indus corn
•
Cony preferred
•
•
•
Vogt Manufacturing
Vortex Cup Co
Waco Aircraft Co
Waitt & Bond Cl A
Hiram Walker-Gooderham
& Worts Ltd corn____•
Walgreen Co warrants_
Wayne Pump Co corn _ •
Cony preferred
•
Western Auto Supply A •
West Va Coal & Coke._ •
Williams(R C)& Co Inc.
Wil-low Cafeterias
1
Cony preferred
•
Woolworth (I' W) Ltd
Amer dep rcts ord slis_
Youngstown Sheet & Tube
555% preferred
100
Public Utilities
Ala Power $6 prof
Am Cities Pow & LtCony class A
25
New class 13
1
Amer & Foreign l'ow warr _
Amer Gas At Elea com__ _•
Preferred
•
Amer L & Tr corn
25
6% preferred
25
Am Sts Pub Serv Cl A....
Am Superpower Corp corn •
Preferred
•
Assoc Gas & Elea
Common
1
Class A
1
•
$5 preferred
Warrants
Assoc Telep TRH com_
•
Brazilian Tr Lt & Pow.._
Buff Niag & East Pr prof 25
•
$5 1st preferred
Cables & Wireless LtdAm dep rata A ord alas £1
Am dep rcts B ord shs_ £1
Cent Hud G&Evt c
•
Cent Ind Pow 7% pf _100
Cent & So West UtilCommon
Cent States Elec com__
Cities Serv P & L $6 prof •
•
Cleve Elec Ilium com
Columbia Gas & Elea
100
Cony 5% pref
Commonwealth Edison_100
Common & Southern Corp.
Warrants
155
8
134
Range Since Jan. 1.
High.
Low.
Jan
Feb
Feb
Jan
Feb
Jan
Mar
Feb
Jae
Feb
Mar
Jan
Jan
1,500
500
700
300
5,400
2,700
1,400
200
150
1,100
100
940
100
% Jan
% Jan
35
Feb
Jan
50
2% Jan
21% Jan
17% Jan
he Jan
Jan
22
lig Jan
Jan
36
31 Jan
255 Jan
I
2
51
80
555
47
36
34
261-4
55
4451
1
5
4,000
170
131
40
Jan
Jan
3
Feb
62% Feb
135 Jan
31 Jan
7
Mar
Mar
2
55 Mar
10% Feb
200
400
1,400
2% Feb
155 Jan
1,500
Mar
Jan 23
1,400 17
750 4754 Jan 66% Feb
Jan 107% Feb
70 100
Jan
Mar 176
10 158
Feb
250 2355 Jan 43
4% Mar
4,600
235 Jan
100
600
100
200
34
Ja
Jan
60
454 Jan
% Jan
55 Feb
Feb
83
63-4 Mar
1% Mar
25
1%
3%
155
Mar
Feb
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
a
1011 Nlar
2
jn
5% Feb
Feb
19
3054 Jan
400
1%
131
55 1% 15,400
7% 8% 3,00
1,40
155
I
10
22% 22%
1,10
3
3%
135 Jan
% Jan
7% Mar
35 Jan
19
Jan
2
Feb
Jan
13-4 Mar
1131 Jan
155 Mar
Feb
25
455 Jan
3%
2%
15
7%
27%
100
700
200
200
200
2,600
500
6,200
3,500
141.5
ii
1%
%
135
4
4
1355
2331
Jan
Feb
Jan
Mar
Mar
11%
655
26
2%
2
13.4
11% 12
655 6%
26
26
30
10
1,200
2,10
20
2
Feb
1% Mar
955 Jan
Jan
3
15% Jan
22
22
he
51
10
1,400
1954
55
Jan
Jan
25
Ill
8% 934
10
10
1% 1%
135
1
400
100
1,400
7,600
6%
555
1
iris
Feb
Jan
Jan
Jan
15% Jan
034
Mar
Feb
12
1% Feb
655 6%
2
2
59% 6135
3431 3555
'hi 'he
2% 2%
31
%
3
3
854 851
5,200
100
1,025
60
700
1,100
700
.500
1,300
351 Jan
131 Jan
57% Jan
32% Jan
34 Jan
1% Ma
% Jan
2% Jan
555 Jan
631 Mar
b
67
434 Feb
135 131
5291 52%
1%
155
255 2%
49
49
1% I%
4
4%
400
100
100
300
60
300
300
155
5231
1
15;
36
36
1%
Jan
Mar
Jan
Jan
Jan
Jan
Jan
2
60%
134
4
53
2%
5%
Feb
Feb
Jan
Feb
Feb
Feb
Feb
8
855
10
10
15% 1755
7
7
200
100
2,800
100
355
834
log
455
Jan
Jan
Jan
Jan
9
1055
1834
7
Feb
Mar
mar
Mar
7,900
100
400
200
100
2,50
30
60(
75
41
2
55
2
19
55
1131
%
6%
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
57%
4%
134
4%
35
1%
9%
41
46%
334 3%
1
155
2% 235
34
34
2% 2%
1755 18%
1% 1%
9
9%
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Feb
24%
23% 2434
700
255
,
856
155
1
6%
2
5956
Ills
83-4
1%
255
856
16%
43,%
34
J''ee
Feb3-4
3353-4
135
Feb
Mar
F:
a6
134 NifeI
Feb
5
9% Feb
20
2
10
634
26%
1535
55
311
21
1%
lie
11%
1
1 °4
IS
2856
92%
Jan
24%
Jan
30
48
Jan
59%
Feb
4455 44.56
3155
2215
4814 52
10
32%
Jan
75
3156
3
900
500
655
26% 9,100
525
36%
16
2,600
100
20
600
3-6
3% 20,600
2155
300
25
1%
555
18%
72
1034
19
51
255
13%
Jan
Jan
Jan
Jan
Jan
Jan
Ma
Mar
Jan
Jan
33%
455
954
33%
87%
19%
21%
1
4%
33
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Feb
Feb
35
Ns
134
lee
Ns
Jan
Jan
Jan
Jac
Jan
2%
255
A
A
54
Feb
Feb
Feb
Feb
Feb
3155
2%
651
2435
85
14%
20
A
33.4
21
151
135
'le
3-4
400
4,700
600
2,900
800
1151
1751
72
500
600
100
1
1
Til
10
10
1234 1235
134
155
335
'.e
11
17
72
47% Mar
11 Jan
15% Jai
6835 Jai
1431 Feb
19% Feb
7535 Jan
100
2,300
100
100
1
he
10
231
Fe
Jan
Ma
Jan
151
'Is
13
12%
1% 1%
1% 134
18
18
2855 28%
300
3,500
50
200
34
1%
9
25
Jar
Jai
Jan
Jan
Jan
2
231 Feb
Feb
22
3035 Feb
92
53
9451
5414
2,225
500
68
34%
Feb
Jan 103
Jan 6154 Feb
'le
900
34
lie
Jan
35
Jan
Jan
Feb
Mar
Feb
Sales
7 hum
Last 1Veek's Range for
Week,
of Prices.
Sale
Public Utilities
Par Price. Low, High. Shares.
(Concluded)
Community Wat Serv___1
Consol G E L&P Balt com •
100
Duke Power Co
.
East Gas dr Fuel Assoc_ _•
100
43.4% prior prat
100
6';, A pref
East States Pow corn B_ •
*
$7 pref series A
*
$6 pref series It
Elec Bond &Share cons _ _ _5
•
cumul preferred_
$5
•
$6 preferred
*
Elea P & L 2d prat A_
Warrants
Empire Gas & Fuel CoWO
7% preferred
100
8% preferred
European Electric Corp10
Class A
Option warrants
2231
Financial Chronicle
Volume 138
High.
Low.
Jan
Feb
Fen
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
34
60
5354
955
6735
60
151
1434
11%
16%
46
5035
12%
355
300
34
6155 1,000
50
5335
600
10
50
6735
75
6031
800
13.4
50
1434
100
12
183s 35,300
400
46
1134 2,100
225
13%
200
3%
y,
53
40
6
56
46
1
834
534
1034
28%
31
6
3
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
22
23
22
23
100
50
12%
17
Jan
Jan
1234
135
1234 1235
135 1%
1,100
1,800
10
135
Jan
Jan
12% Feb
234 Feb
4535
57
1835
1735
4535
57
1834
18
4534
5735
20
150
10
100
420
7
25
44
1034
Jan
Jan
Jan
Jan
19
48
6434
2534
Mar
Feb
Feb
Feb
24
24
25
200
1451
Jan
2634
Feb
X Jan
31 Jan
8% Jan
135 Jan
X Jan
1%
T“
19
3
1
1
Producers Royalty
Pure 011 Co 6% pref._100
•
Red Bank 011 Co
•
Reiter Foster 011
25
Richfield Oil pref
•
Ryan Consol Petrol
Salt Creek Consol 011_ _ _1
Salt Creek Prod Assn _ _10
5
Savoy Oil Co
Southland Royalty Co- _ _ 5
5
Sunray Oil
Taxon Oil& Land Co _ _ _•
10
Venezuela Mex Oil
5
Venezuela Petrol
1
Woodley Petroleum
29% Feb
Feb
31
Feb
Feb
Mar
Feb
Feb
N
6135
935
1735
1
.5i7
Gen G & E cony prat B_ •
Gen Pub Serv $6 pret____•
Georgia Power $6 pref _ _ _ _•
•
Illinois P dr I. $6 prer
Internat Hydro-Elec-.
50
Pref $3.50series
Internat'l Utility1
Class 13
Warrants
Interstate Pow $7 pref___•
Italian Superpower A__._•
Warrants
Long Island Ltg•
Common
100
7% preferred
100
Prier class 13
Sales
Thurs.
Last Week's Range for
Week.
of Prices.
Sale
Stocks
Other 011
Par Price. Low. High. Shares.
(Concluded)
Range Since Jan. 1.
3%
1
.35
X
X
1531 1531
135 235
35
35
551
1,100
300
10
1,000
200
5% 6%
5735 59
50
50
1
1534
235
2,000
___
25
335
4535
3631
34
65
56
1055
69
67
235
21
1934
2335
50%
60
1631
451
Jan
Jan
Jan
834 Feb
Jan
67
Mar
52
Mining
Bunker Hill dr Sullivan_10
Bwana NI'Kubwa CoPPer
Ss
Amer shares
1
Chief Consol Mining
Consol Copper Niines _ __ _5
Consol Mining dr Smelt_ _25
1
3
Cresson Consol G 1.1
Cusl Mexican Nfining _ _50c
•
Evans Wallower Lead_
3
Falcon Lead Mines
Goldfield Consol Mines.10
25
Hecla NIMing Co
Hollinger C0111301 G M _ _ _5
Hud Bay Min & Smelt _ _ ..•
Internat Mining Corp_ _ _I
Warrants
Iron Cap Copper com_ _ _ 10
4
Kerr Lake Mines
Kirkland Lake GM Ltd__1
Marconi lot Marine7% Mar
Mar
7
100
7% 7%
_El
Corn Am dep rcts
434 Feb
Jan
2
235
2% 335 12.900
Marconi Wire] To! Can.!
231 Feb
1% Mar
400
1%
154
17-4
Mass Util Assoc v t (3_ _ _ _.
Feb
4
Jan
3
800
334
331 335
5
Memphis Nat Gas
Jan 7034 Mar
125 51
7034
70
Edison S6 pref
Met
N Feb
Jan
35
h. 1,200
•
31
Middle West Util com
Jan 10935 Feb
10 100
Mountain Sts'I el & Tel 100 10734 10735 10755
650 3534 Jan 69% Feb
.
6031
National P & L $6 prat _ _• 1935 58
10 1135 Mar 1334 Mar
13% 1331
Nev Calif Elea corn_..i00
Mar
Jan 91
50 85
91
91
100
New Lag Tel & Tel_
731 Jan 1851 Jan
75
935 10
New Orleans S'S pret__ •
275 11431 Jan 11934 Feb
118 119
N Y Telep 635% pret_100
Niagara Bud Pow934 Feb
43-4 Jan
631 6% 4,800
634
15
Common
35 Feb
35 Jan
1,200
,'
35
316
Class A opt warrant_ _ _ _
251 Feb
135 Jan
2.000
31
34
Class B opt warr
Nor Amer Lt & Pr335 Jan
175
1234 Feb
9
8
834
•
$6 preferred
Feb
Mar 62
25 59
62
62
Nor N Y UM 1st pret 100
200 1531 Jan 3235 Feb
2135 25
corn A.100
Nor States Pow
Jan 8331 Afar
10 80
83
83
Ohio Power 6% pref. _ _100
2335 Mar
500 1934 Jan
22
2234
Pacific G & E 6% 1st pt 25
200 7031 Jan 8835 Mar
• 8735 8734 8734
Pacific Lighting 16 pref..
Feb
300 4534 Jan 56
• 5335 5355 54
Pa Water & Power
l'uget Sound P & 1.Feb
18
30 1135 Jan
1254 13
•
$5 preferred
Feb
11
531 Jan
25
83-4
831
•
Ry & Light Securities
Jan 2454 Feb
600 17
2231 23
Shawinigan Wet & Pow_ •
Sou Calif EdisonFeb
25
Jo
100 20
24
24
25
7% pref series A
2134 Feb
300 1735 Jan
20% 2051
25
6% pref series 13
1934 Feb
19 34
400 1535 Jan
19
534% preferred C. _ _25
Feb
4
Jan
13
100
251
234 234
Southern Cob l'ow A,..25
316 Jan
3.5 Jan
2,300
X
31
X
Southern Nat Gas corn_ ...•
254 Mar
34 Feb
200
13/ 131
134
•
Southern Union Gas
5635 Mar
10 4531 Jan
5631 5635
Sou'vvest G & E 7% pret100
100 2134 Jan 2735 Feb
•
2635 2655
Tampa Elec Co corn_
Mar
9
Mar
9
100
9
9
9
Tri-State Tel & To pref 10
United Corp warrants
United Gas Corp cons. __ 1
•
Prat non-voting
Option warrants
United Lt & Pow com A_ _•
•
Common class B
•
$6 cony 1st prat
US Flee Pow with warr_.1
Warrants
Util Pow & Lt new corn_ _1
1
V t c class 13
100
7% preferred
Western Power 7% pref 100
135
235
31
Former Standar4 011
Subsidiaries50
Buckeye Pipe Line
25
Chcsebrough Mfg
•
Humble 011 & Ref
Imperial 011 (Can) coup_ _•
Registered
•
National Transit _ _ _12.50
5
New York Transit
Ohio Oil6% preferred _ _100
25
South Penn 011
Standard 011(Indiana)_ _25
10
Standard 011(Ky)
25
Standard 011(Neb)
Standard 011(Ohio) corn 25
100
5% preferred
Other 011 Stocks
1
Amer Maracaibo Co
Arkansas Nat Gas corn _ __•
•
Common elms A
British Amer 011 coup._ •
254
Carib Syndicate
Colon 011 Corp corn _ _ _ _ •
Columbia 011 & Gas lite_ _•
Cosden 011 Co1
New common
100
Preferred
5
Creole l'etroleum
I
Crown Cent l'etroleum
5
Darby Petroleum
Gulf MCorp of Penna _ _25
International Petroleum _•
Kirby Petroleum new_ _ _ _ I
Leonard 011 Develop__ _25
•
Lone Star Gas Corp
•
Mexico-Ohio 011 Co
•
Gas & Oil Corp
Mich
Middle States Petrol•
Class A ;3 t o
•
Class B v t c
Mountain Producers_ _ _ _10
•
National Fuel Gas
New Bradford 011 Co. _..5
Nor European 011 coin _ _ _1
l'antepec Oil of Venez_ _ _•
3%
55
3n
155
1%
251
2934
34
335
455
1555
35
116
155
335
11
7435
31
12134
4135
43
1431 1335
1334
14
934
931
335
3,700
2
331 10,700
800
31
100
35
3% 2,900
100
435
2,100
17
1,400
35
*u
600
155 6,100
100
33.4
50
11
50
75
3235
121%
4331
1431
14
935
435
175
135
17
311
255
455
835
%
1.
X
134
8
65
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Lake Shore Mines Ltd_ _ _I
25
New Jersey Zinc
Newmont Mining Corp_10
N Y & Honduras Rosario10
5
Nipissing Mines
1
Ohio Copper Co
Pioneer Gold Mines Ltd_ _ I
Premier Gold Mining _ _ _ _1
St Anthony Gold Mines_l
Shattuck Denis Nfining _ _ _5
silver King Coalition_ ___5
So Amer Gold & Plat new.1
Standard Silver Load....!
1
Teck-Hughes Mines
Tonopah Mining Co Nev_l
Un Verde Extension _ _ _50c
Utah Apex Mining Co...5
1
Wenden Copper
•
Wright
-Hargreaves Ltd..
5
Yukon Gold Co
2% Feb
4
33 Mar
3435 Mar
IN Mar
535 Feb
6.31 Feb
246% Feb
34 Feb
3. Jan
234 Feb
435 Feb
1735 Feb
Mar
75
Jan 38
Jan 126
Jan 433:
1435
Jan
Jar, 1434
934
Jan
451
Jan
Mar
Jan
Star
Feb
Feb
Feb
Mar
Jan
Jan
Mar
Jan
Jan
Mar
Jan
88
2335
3231
1735
1674
2835
92
86
2135
2635
1531
200
86
86
2135 1,500
21
26% 18,500
25
15
157-4 3,100
200
1534 1531
2335 2435 1,050
40
z89 z89
1
3,s
16%
135
13,6 135 6,600
100
154 IN
1,900
155 131
500
1454 1435
455 535 46.700
6.400
234 3
136 131 1,100
31 Jan
13-4 Jan
Jan
1
1334 Jan
235 Mar
131 Jan
51 Jan
134
2%
2%
1535
53.6
334
151
Feb
Feb
Feb
Mar
Mar
Feb
Feb
335 1,00
3
100
734 734
1154 12,700
11
135 2,100
1
200
634 635
7,100
69
64
2255 2331 14,900
135
5
955
34
531
5834
1955
Jan
Feb
Jan
Jan
Jan
Jan
Jan
33-4
831
13
131
735
7651
23%
Jan
Mar
Feb
Feb
Jan
Jan
Jan
Mar2
7-4
Jan
83-4
Jan
231
Jan
435
Mar
Feb
Mar
Feb
Mar
Feb
275
I
596
1535
235
X
5
23,
Mar
Star
Feb
Feb
Jan
Jan
Nfar
451
235
135
331
1131
155
6531
2335
134
X
2
455
235
1434
2)4
8354
1734
25
1455
1355
2335
7735
2,200
2.200
200
600
600
135
h.
534
IN
3
400
215 2%
400
15 1
600
435 434
600
1435 1434
200
11( 151
1,100
34
3,6
235 31,700
236
135
54
4
14
131
lie
14
13-4 1%
51
55
635 634
2
2
331 454
Jan
Jan
Jan
Jan
Jan
Jan
Jan
16%
2%
63-4
551
155
6%
354
1316
33-4
1%
154
1%
s,6
7is
1831
11%
1335
455
134
34'
1
1
536 135
135
1
160 162
131 135
134 1%
3.4
N
,
III
N
71,
55
gm 6%
1655 1855
11
1234
12
1334
335 435
131
131
3,5
35
. Is,
111
5234
5035
33
235
X
12%
135
35
2%
10
451
71
755
4%
135
bie
1035
55
4851
51
4534
31
251
3,6
1135
155
35
254
10
431
N
655
%
455
154
q
9
35
X
4335
34
X
N
155
766
.51(
35
435
Ilia
631
234
Its
335
Jan
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
49%
Jan
5234
53
51
33
235
X
1251
156
35
255
10
43/
he
735
1
5
13-6
lit
1035
55
1
200
54
100
X
700
20 132
34
7,500
1
5,000
31
100
35
4,400
55
53.700
1,00
6%
29,600 II%
8%
12,900
2,400 1031
331
4.200
1
100
35
900
4,300
31
19,300
400
3,100
1,300
1,100
1,300
15,600
7,700
5,700
1,000
200
18,900
2,300
33,900
300
5,700
400
7,40
92,200
2,900
4135
51
45
28
231
55
1034
1
111
234
9
331
31
5%
55
335
56
A
655
51
8635 88 $24,000
81
8254 12,000
793.4 7935 2,000
12,000
7234 73
6935 61,00
68
10034 101% 73,000
21,000
90
89
.
66
59
60
65
51
9531
72
125
92
Mar
Mar
Mar
Feb
Mar
Mar
Feb
2
Jan
2
Jan
Jan 89
Mar 20
Jan 8731
Jan 34
Jan 30
Jan 67%
Jan 104
Jan 89
Jan 11754
Jan 63
Jan 94
Jan 105
Jan 78
Jan 4235
Feb
Jan
Feb
Feb
NIar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
90,000 10531
131
9331 107,000 74
10231
101%
10135
105
7634
.51
4034
3631
1033.4
81
7,00
93
93
10435 10431 10451 28,000 102
11531 84.000 10236
11535 114
8034
7031 6851
10735 107
92
7035
5055
5534
41
42
46
84
95
69
61%
64%
61
9631
8951
7135
5131
57
4154
4235
41
46
84
95
10,000
40,000
53,000
1,000
22,000
6,000
14,000
22,000
74,000
55,000
92,000
1,000
46,000
40.000
53,000
10334 10356
8,000
68
6035
64
61
96
8851
70
5054
5494
40
4031
41
443%
8135
92
2835
2435
2535
25
2935
75%
60
22
23
2635
2635
71
Feb
Feb
Feb
Feb
Feb
mar
Mar
Feb
Feb
Feb
Feb
Mar
Feb
Jan 137
Jan 9335 Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
10734
10734
10731
11635
9835
70
5855
52
107
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
Jan 95
Jan 10434 Mar
Jan 11635 Mar
823-4 4.000 7034 Jan 8235 Mar
Feb
76
7131 72.000 523.4 Jan
Feb 10931 Mar
10754 22,000 103
NIar
3,000 7635 Jan 92
92
20,000 48
55
50
10531 10534 10551 20,000 100
69
6135
645-4
61
6331 Feb
Jan 88
Jan 8235
Jan 82
Jan 75
Jan 6935
Jan 1016%
Jan 91
13
10
1135
1135
1251
53
44
931
10
1435
14
503-6
2235 37,000
2031 113,000
2154 85,000
2131 141,000
2251 21,000
17,000
73
5831 25,000
1555 30,000
29.000
15
20% 6,000
7,000
19
1,000
71
56,000
47,000
8,000
1,000
16,000
89,000
4,000
14,000
1,000
Jan
Feb
Mar
Jan
Feb
Jan
Mar
Feb
Mar
Feb
Feb
Feb
Jan
Mar
Feb
Jan 5234 Mar
Mar 6351 Jan
Mar 5634 Jan
Mar
Feb 33
235 Feb
Jan
li,. Jan
Jan
12% Jan
Jan
Jan
1% Mar
Jan
34 Star
Jan
3
Mar
Feb1255 Feb
Jan
535 Feb
Jan
55 Feb
Jan
734 mar
1% Feb
Jan
Feb
5
Jan
Jan
2% Feb
II, Mar
Jan
1034 Mar
Jan
.31 Feb
Jan
21
1831
20
1931
2074
7231
5635
14
13
20
1731
71
10651 107 35
1063-4 1073-4
107 10731
116 116
9831 9835
6755 70
57
56
51
48
10651 10631
34
63
135
1
4
355
1116
736
“
.3
6
2
li
534
131
531
131 Jan
Jan
131 Feb
Jan
I% Feb
Jan
Mar
Feb 170
1% Feb
Jan
Feb
2
Jan
X Jan
Jan
sil Jan
Jan
5
3 Feb
Jan
8% Feb
Jan
1855 Mar
Jan
Jan
1234 Mar
1431 Feb
Jan
Jan
554 Feb
155 Mar
Feb
Jan
34 Mar
13„ M ar
Feb
154
134 154 5.000
1
135 2,000
155
7,000 79
88
88
955
73,000
1234 136%
8731 65,000 73
86
2951 30% 22,000 1651
16,000 1434
26
25
5734 6035 83,000 4131
10131 16,000 9755
101X
8631 87% 68,000 7034
10835 111 151,000 10155
16,000 4735
5835 60
9235 9351 38,000 76
7,000 102
105
105
733-4 7451 39,000 57
3691 3835 85,000 25%
Baldwin Loco Works
1938 128
68 with warn
1938 9331
68 without warr
Bell Telep of Canada
1st 385* series A___1955 10755
1st NI 5s series B._ _1957 10754
1960
1st M 5s ser C
Bethlehem Steel 6s...1998
Binghamton Lit & 1'S€ '46
Birmingham Elec 435s 1968 70
Birmingham Gas 561_ _ _1959 .5634
Broad River Pow 5s__1954
Buffalo G.E. 1st & rot 5s'39
Canada Northern Pr 5s '58
Canadian Nat Ry 78..1935
Canadian Pee By 68_1942
Capital Administration
58 series A ex-w..._1953
Carolina Pr & Lt 55 _ _ _ 1956
Cedar Rapids NI & P58'53
Cent Arizona Lt & Pr 5s'60
Central German Power
1934
6s part ctts
Cent III Light 5s.....1943
Central III Pub Service
1956
53 series E
1st & ref 435s ser F_I967
58 series G
1968
4358 series H
1981
Cent Maine Pow Is D 1955
1957
4358 series E
Cent Ohio Lt & Pow 58 '50
Cent Power laser 13._1957
1956
Cent Pow & Lt hat 58/4958
_1948
Cent States Elec Is...
1954
5358 ex warr
Deb 5355 with warr_ 1954
Cent States P & L 5358.'53
Chic Dist Elec Gen 435s'70
5
Deb 53 a._ _Oct 1 1935
Chic Jet Ry & Union Stock
1040
Yards Is
High.
Low.
4,700
200
100
500
700
800
1,200
2,700
800
2,800
4,100
8,500
300
4,400
200
450
916
5534
1
11,6
2
3
51
6%
l' is
535
1%
8
335
1
3%
5034 52
5134
Bonds
Alabama Power Co1946 8635
lot & ref Is
1951 81
1st & ref 58
1956
1st & ref Ss
1968
1st & ref Is
1967 6935
1st & ref 4348
Aluminum Co s f deb 58'52 10155
Aluminum Ltd deb Is.1948 90
Amer & Com'wealths Pow
134
1940
Cony deb (Is
135
1953
535s
1943
& Cont 5s
Amer
Am El Pow Corp deb 65'57 1335
Amer G Is El deb 58..2028 8734
Am Gas dr Pow deb 68_1939 29%
1953 25%
Secured deb 55
Am Pow & Lt deb(33_2016 58
Am Radiator 434s_..!947
Alla Roll Mill deb 5s__1948 8734
435% notes___Nov 1933 109%
Amer Seating cony 63_1936 5934
Appalachian El Pr 58_1956 9334
Appalachian Pow 58_ _1941
Arkansas Pr & Lt 5s_ _1956 74
Associated Elec 4 N8_1953 3734
Associated Gas & El Co
1938 22
Cony deb 5348
1949 1835
Cony deb 43-45
1950 2051
Cony deb Is
1968 20
Deb 5s
1977 22
Cony deb 5358
1950 7234
Assoc Rayon 58
Assoc, T dr T deb 5358 ASS 5634
Assoc Telep Util 5N8_1944 all
Certificates of deposit. 1435
.
69 secured notes_ _ _1933
Certificates of deposit
Atlas Plywood 514s_ _ _1943
Feb
Jan
Jan
Feb
Feb
Feb
Mar
350 32
50 11834
7,000 3331
9,500 1255
200 13
8
300
3
800
rie
5235
1
N
1%
235
X'
634
34
555
135
534
3
35
335
35
55
Range Since Jan. 1.
5235
4731
52
4735
8531
75
57
41
4151
2774
35
28
3335
62
74
95
Jan 6335 Mar
Jan 10535 Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
72
68
6951
65
98
9136
7331
6135
6136
4635
4554
48
5135
84
95
Feb
Feb
Feb
Feb
Mar
Mar
Feb
Feb
Feb
Feb
Feb
Feb
Feb
Nfar
Mar
1033-4 Mar
2232
Bonds (Continued)-
Financial Chronicle
Thurs.
Sales
Last Week's Range for
Sale
Week.
ofPrices.
Price. Low. High.
Chic Poen Tool 548_1942
Chic Rye 58 ctfs
1927 50
Cincinnati Street Ry548 series A
1952 59%
6s series B
1955 65
Cities Service 5s
1966 42
Cony deb As
1950 4235
Cities Service Gas 5358 '42 6034
Cities Service Gas Pipe
Line 65
1943 72
Cities Serv P& L5%8 1952 40
548
1949 40%
Cleve Elec Ill 1st 5s 1939 10634
Commerzund Privat
Bank 5558
1937 47
Commonwealth Edison
1st NI 58 series A__ _1953
1st NI As series B_ _1954 103%
let 448 series C
1956 98%
4558 series D
1957 98%
44s series E
1960
1st M 4s series F
1981 87%
548 series G
1962 10535
Com'wealth Subsid 54s'48 8315
Community Pr & Lt 581957 46%
Connecticut Light & Power
78 series A
1951 113
455s series C
1956 105
As series D
1962
Conn River Pow As A 1952 101%
ConsolG EL &P 45531935 102%
Stamped
ConsolGas (Bait City)
455s
1954
As
1939 107%
Consol Gas El Lt & P(Balt)
4.55s series II
1970 107
1st ref sf 48
1981 101
Consol Gas Util Co
1st & coil 68 ser A 1943 43
Cony deb 6358 w w_ 1943
Consol Publishers Co
748 stamped
1936
Consumers Pow 44s_1958 10255
1st & ref 58
1936 104%
Cont'l Gas & El 5s_ _1958 50
Continental Oil 5518-1937 102%
Cosgrove-Meehan 6481945
7%
Crane Co bs.._ _ _Aug 1 1940 95%
Crucible Steel 59
1940
Cuban Telephone 7411 1941
Cudahy Pack deb 5481937 102%
58
1946 104%
Cumberld Co P& L 448'56 89%
73% 73% 2,000
504 52
28,000
59
65
42
414
5955
71%
39%
3915
1064
5954 7.000
65
1,000
45% 14,000
44% 218,000
21,000
61
Range Since Jan 1
Low.
54%
46
Jan
50
524 Jan
304 Jan
30% Jan
464 Jan
73% 13,000 5755
41% 79,000 27%
41% 38,000 27%
10635 8,000 105
4654 51
43,000
103% 104
103 103%
9851
98
97% 984
96
97%
86.4 87%
105% 106
79% 8355
46
484
10,000
10,000
24,000
41,000
27,000
142,000
21,000
106,000
31,000
Jan
Jan
109 109
10755 108
1,000 102
6,000 104%
60
65
50
49
63
Feb
Mar
Feb
Feb
Feb
62%
Feb
Jan 105% Mar
Jan 1054 Mar
Jan 99
NIar
Jan 98% Mar
Jan 9854 Mar
Jan 88% Mar
Jan 106
Mar
Jan 834 Mar
Feb
Jan 51
112 113
Mar
2,000 112
105 106
8,000 100
Jan
1064 106% 4,000 104
Jan
101 102
40,000 91% Jan
1024 10254 9,000 1014 Jan
102% 103
5,000 10255 Feb
113
106
10755
104
103
103%
Jan 109
Jan 109
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Mar
107 107
1,000 10355 Jan 107
Mar
100% 101% 49,000 93
Jan 10155 Mar
42% 4435 34,000
6
7.4 2,000
33% Jan
Ma
6
47% Feb
12% Feb
70
70
5,000 63
Jan 72
Mar
1014 102% 70,000 944 Jan 103
Mar
104% 104% 19,000 102% Jai 104% Mar
494 52 161,000 36% Jan 564 Feb
102% 102% 32,000 10151 Feb 10255 Mar
715 735 2,000
411 Jan
9
NIar
93% 954 91.000 85
Jan 9715 Feb
894 90
6,000 7355 Jan 02
Mar
73% 73% 5,000 6451 Jan 75
Jan
102% 103
26,000 98
Jan 1034 Mar
104% 105% 9,000 103% Jan 1054 Mar
89
8934 4,000 74
Jan 92
Mar
Dallas Pow & Lt 83 A_1949
108% 10855 23.000 104% Jan 1084 Mar
As series C
104 104
1952
3,000 99
Jan 104
NIar
Dayton Pow & Lt Es_ _1941 10555 1054 106
42,000 102% Jan 106% Mar
Delaware El Pow 5%S_ _'59
8355 85
7,000 65
Jan 85
Mar
Denver Gas & Elec 58_1949 10455 1044 104% 1,000 924 Jan 104% Mar
1)erby Gas de Elec bs_ _19441 76% 76.4 76% 7.000 5755 Jan 784 Mar
Del City Gas 6s ser A.1947 96
95
974 34,000 844 Jan 98% Mar
58 1st series B
8851 89% 11,000 73
1950
Jar
Fob
90
Detroit Interest Bridge
78
Aug 1 1952
1
14 4,000
35 Jan
2
Jan
7s ctfs of dep
1952
1
1
1,000
2
51 Jai
Jan
655s dtfs of dep_1952
455 455 4,000
24 Jan
5
Feb
Dixie Gulf Gas 6%6_1937 93% 9134 93% 50,000 79
Jan 934 Feb
Duke Power 4158
100 100% 7,000 85 (Jan 102% Star
1967
Eastern Util Assoc 58_1935 99% 99% 99% 1,000 94
Jan 100
Mar
Eastern Util Investing
5s series A w w _ _ _ _ 1954 2235 21
234 17,000 104 Jan 25
Mar
Edison Elec III (Boston)
2
-year As
101 10155 9,000 101
1934 101
Jan 101% Feb
5% notes
1935 102% 102% 103
65,000 100% Jan 10351 Mar
Elec l'ower & Light 58_2030 39% 30
42 113,000 254 Jan 46% Feb
Elmira Wat,Lt & RR be '56 8051, 80% 8055 10,000 62
Jan 804 Mar
El Paso Elec 58
82% 823.4
1950
1,000 64
Jan 824 Mar
Empire Dist El 5s
1952 644 634 65
47,000 46% Jan 66% Feb
Empire Oil& Ref 548 1942 61% 614 63% 56,000 46% Jan 674 Feb
Erie Lighting As
1967
9055 95
3,000 86
Jan 9531 Jan
European Elec648_ _1965
Without warrants
95
95
4,000 80
Jan 95
Mar
European Mtge Inv 78 C'67 42% 4255 42% 3,004) 29
Jan 434 Mar
Fairbanks Morse 5s_1942 84% 84
85
12,000 63
Jan 85
Star
Federal Sugar Ref 65._ 1933
6
6
4,000
6
Jan
10
Jan
Federal Water Serv 548'54 34
3355 35
49,000 18% Jan 3755 Feb
Finland Residential Mtge
Banks 65
1061
83% 844 14,000 7351 Jan 8431 Mar
Firestone Cot Mills 58.48 98
9755 98 116,000 894 Jan 98
Mar
Firestone Tire & Rub 5s'42 100
99% 100
26,000 93
Jan 100
Mar
Fla Power Corp 5148_1979 744 7355 75% 55,000 56% Jan
7555 Mar
Florida Power de Lt 55 1954 70
6755 70 198,000 534 Jan 79% Mar
Gary Elk Gas 5s ser A 1934 46% 45% 48% 35,000 34
Jail 5454 Feb
Gatineau Power 1st 55 1958 894 894 9054 49,000 7755 Jan 93
Mar
Bob gold 6s June 15 1941 88% 874 885.4 15,000 69
Jan 9115 Mar
Deb 68 series 11
1941
8755 884 9,000 68% Jan 904 NIar
General Bronze 68_ _ _ _1940 71% 7153 714 6,000 60
Jan 76
Feb
General Motors Acceptance
5% serial notes
1935 102% 102% 102%
1,000 102% Jan 10355 Feb
5% serial notes
103% 1044 5,000 10231 Jan 104
1936
Mar
Gen Pub Serv 5s
1953
77
Jan 7755 Mar
3,000 64
7715
Gen Pub Util 635s A.1956 37% 3535 3754 38,000 2535 Jan 40
Feb
615s
1933
52
51
16,000 40
Jan 55
Feb
Gen Refractories68_1938
with warrants
121 125 100,000 98% Jan 140
124
Feb
Without warrants
86
Mar 88
85
8755 36.000 85
Mar
Gen Wat Wks & El 95.1943 534 534 56
Jan 61
12,000 40
Feb
Georgia Power ref 5s....1967 78% 77
7915 110,000 594 Jan 7935 Feb
Georgia Pow & Lt 5s. _1978 59.4 594 60
Jan 65
8,000 40
Feb
Gesture]68 x-warrants 1953 49% 47
Afar 73
29,000 47
50
Jan
Gillette Safety Razor 58 '40 100% 100% 101
12,000 94
Jan 101
Mar
Glen Alden Coal 4s_ _ _ 1965 70
6955 7035 119,000 5735 Jan 724 Mar
Glidden Co 54s
1935 100% 100% 101
22,000 974 Jan 1014 Mar
Godchaux Sugar 7158_1941 102% 102% 10255 5,000 95
Jan 1034 Niar
Gobel(Adolf)6548_ _ _1935
With warrants
80
80
Jan 8215 Jan
2,000 78
Grand (F W) Prop 68.1948 2715 26
29
76,000 16
Jan 29
Mar
Certificates of deposit. _- 33% 31
334 70,000 164 Jan 33
Mar
Grand Trunk Ry 655s 1936
105 105% 16,000 1004 Jai 105% Mar
Grand 'I ruck West 48.19.50
8554 32,000 70
84
Jan 8534 Mar
Great Northern Pow bs '35 1004 99% 100% 75,000 9356 Jan 100% Mar
Great Western Pow 55 1946
1024 103
12,000 9435 Jan 104
Mar
Guardian Investors 58 1948
404 42
17,000 24
Feb
Jan 48
Guantanamo & West 61 '58 25
25
Jan 26
8,000 12
24
Feb
Gulf Oil of Pa As
Jan 105
Mar
1937 104% 104 104% 34,000 101
As
1947 101% 10315 104% 40,000 9931 Jan 104% Slat
Gulf States Util 58_1956 8455 82
8435 42,000 66
Jan 85
Feb
Hackensack Water 58_1938
104% 104% 4,000 100% Jan 1044 Mar
58 series A
Jan 1044 Mar
1034 1044 11,000 99
1977 104
Hall Printing 555s. _ 1947 7335
7754 Feb
Jan
24,000 61
7315 75
Hamburg Electric 7s 1935
Feb
2.000 754 Jan 82
79
79
Ilamb'g El&Und Ry 5558 38 48% 48
Mar 70% Jan
49% 37,000 48
'
Hood Rubber 7s
Mar
5,000 7431 Jan 81
81
77
1936
54s
Mar
Jan 81
75
1936
76% 3,000 66
IfOUSten Gulf Gas 6s._1943 66% 664 674 15,000 42
Jan
Mar
70
6358 with warrants..1943 50% 4851 524 130)0 31
Jan 55% Mar
Hous L & P 1st 415s E.1981 96% 95% 97
12,000 814 Jan 99
Mar
As series A
103 104
1953 103
12,000 93% Jan 10451 Mar
1st & ref 448 ser D_1978
98% 98% 12.000 85% Jan 9934 Mar
Hudson Bay M de S 6s_ 1935 112
110 112
33.000 104
Jan 113
Star
Bonds (Conttnued)-
74% Mar
54% Feb
Jan 75% Mar
Jan 4755 Feb
Jan 48
Feb
Jan 106% Mar
4634 Mar
92
92
844
86
85
724
94%
5651
36%
High.
Mar. 31 1934
hlitS.
Sales
Last 1Veek's Range for
of Prices.
Week.
Sale
Price. Low. High.
Hydraulic Power 58 _1950
58
1951 10455
Hygrade Food 68 A 1949 62
68 series B
Idaho Power As
1°47 9954
949
Illinois Central RR 414s'34 9355
III Northern Util 5s_ _ _1957
III Pow & L 1st 6s ser A '53 72%
1st & ref 555s ser 13.1954 67
1st & ref 5s ser C._1956 64
S f deb 548 __May 1957 54
Indiana Electric Corp
6s series A
1947 7251
655s series B
1953
58 series C
1951 6211
Indiana Gen Serv 5s..1948
Indiana Hydro-Elec As '58
Indiana & Mich Elec As '55
Indiana Service 58._ _1950 4154
1st lien & ref 5s
1963 4035
Ind'polls Gas 55
1952 83
Ind'polls P & L Asset A '57 92
International I'ower Sec
Secured 6488er C 1955
7s series 11
'
1957
78 series F
1952 95
International Salt 5s..1951 9815
International Sec 58_ _1947 634
Interstate It & Steel 54846
Interstate Power 53_ 1557 55
952
Debenture 68
4414
Interstate Public Servil1e04
5s series D
5855
4558 series F
5515
Investment Coot Amer
54 with warrants_..l947
Iowa-Neb I. & P 5s.._195', 80
As series B
1961
Iowa Pow & Lt 448_ _1958 91
Iowa Pub Serv 58
1957 764
Isarco IIydro El 7o__.1952
Italian Superpower of Del
Deb 6s without war.1963 77
Jacksonville Gas 58_1942 4555
Jamaica Water Sup 5558'55
Jersey C P& L 415s C.1947 89%
1861
58 series B
9734
Jones & Laughlin 5s 1939 10534
Kansas Gas & Elec 6s_2022
Kansas Power 55
1947 83
Kansas Power & Light
6s series A
1955
58 series B
1957 9251
Kentucky Utilities Co
1st nitge 55
1961
635s series D
7735
54s
F
5a series I
series68 65
1°469
1196
9
Kimberly-Clark bs... _1943
Koppers G & C deb 58 1947 94
Sink fund deb 5548_1950 97
Kresge(SS)Co 5s_ _ _ _1945 101
Certificates of deposit... 9855
Range Since Jan. 1.
Low.
High.
107%
10354
60%
80%
99%
9255
98
704
66%
6251
53%
107%
10454
62
60%
100
94%
99
72%
67
644
5431
72
74
62
103%
64
9051
4035
40
83
90%
74
74
63
10355
64
9255
4135
414
83
92%
10,000
2,000
32.000
2,000
1,000
9,000
38.000
32,000
2,000
72,000
5431
59
47
98
47
71
254
244
71
76
Jan 7531 Feb
Jan 7855 Mar
Jan 67
Feb
Jan 1044 Mar
Jan 64% Mar
Jan 924 Mar
Jan 4115 Mar
Jan 4154 Mar
Jan
Star
Jan 83
Mar
9
r
9455
9934
95
98%
61
78%
55
4235
9715
101
97
98%
63%
7814
56%
4455
12,000
14,000
15,000
18,000
38,000
9,000
57,000
49,000
8315
85
83%
84
4614
5755
41%
284
Jan 98
Mar
Jan 10315 Mar
Jan 102
Mar
Jan 9835 Mar
Jan
Jan 86
62
Fen
ja b
Jan 614 Feb
Jan 47% Mar
17.000
47,090
48
424
Jan
2,000
45,000
33,000
20,00!)
18,000
3,000
Jan
67
63% Jan
64
Jan
Jan
75
Jan
58
Jan
77
5334, 60
54
56
a78
79%
78%
9155
7635
89
a78
8154
8034
9315
7834
89
7655 773.1
4551 4634
1024 1024
89
90
974 9811
105 10554
87% 87%
85
83
1,000 104
5,000 10351
16,000 48
2,000 50
17,000 8734
86,000 75
13,000 824
101,000 52
36,000 474
76,000 434
40,000 37
09,000 62
24,000 334
6,000 100
31.000 7315
21,000 83
0,000 1034
1,000 62
9,000 604
974 3,000
97
16.000
9254 93
65
6651
7755 7851
6815 6835
65
6551
9715 98
9355 95
96
9751
10051 101
98
99
27,000
11,800
1,000
19,000
9,000
02,000
19,000
9,000
9,000
84%
734
Jan 10715 Mar
Feb 105
Feb
Jan 6415 Mar
Mar
Jan 64
Jan 1b5
01L5 Mar
Jan
Jan 99
Mar
Jan 8784L5
Jan
Feb
Jan 6535 Feb
Jan 5854 Feb
64
61
Feb
Feb
78
82
8155
95%
78%
8955
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jail 753"
Jan 103
Jan 9315
Jan 100
Jan 105%
Jan 884
Jan 85
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Jan
47
Jan
Jan
58
Jan
51
4554 Jan
8854 Jan
82% Jan
8435 Jan
Jan
89
8755 Jan
Star
Star
97
53
0334 Mar
68
82
72
68
98
97
983-4
99
Mar
Feb
Feb
Mar
Feb
Mar
Mar
Feb
Mar
Laclede Gas Lt 5556..1935
6015 6055 1,000 50 ' Jan
7555 Feb
Lehigh Pow Secur 68..2026 814 81
8234 55,000 6155 Jan
Feb
86
Leonard Tietz 755s
1946
Without warrants
Jan 66
47
Mar
5055 19,000 30
Lexington Utilities 53:1952 70
6951 7154 10.000 5451 Jan 7151 Mar
Libby McN & Libby As '42
82
8455 29,000 684 Jan 84% Mar
Lone Star Gas As
93
9434 14,000 82% Jan 974 Mar
Long Island Ltg Os_ __Vir1 9114 90% 92
Jan 93
9,000 67
Mar
Los Angeles Gas de Elec58
1939
10531 1054 3,000 102
Jan 10654 Mar
548 series E
10435 105
1947
0,000 9451 Jan 105
Mar
51-Is Series F
1943 101 10431 104% 10,000 954 Jan 104% Mar
535a series I
1949 105
•
105
Mar
10.000 944 Jan 105
68
1942
108
1,000 994 Jan 1084 Mar
Louisiana Pow & Lt 581957 834 8
.
8541 38,000 6855 Jan 88
Mar
Louisville G & E 6s A.1937 102
1014 1 2
Jan 102
3,000 90
Mar
44s series C
1961
11,000 82
96
Mar
Jan 99
Manitoba l'ower 5558.1951 47
46% 4.
11,000 3855 Jan
5234 Feb
Mass Gas deb 59
1 {1418 74
4b
1955 90
89% 90
Jan 92
Feb
5345
96
1946
Jan 99
83
0734
Mar
McCord Rail & Mfg
6s with warrants_ _.1943 59
5855 59
40
4
Jan 10914 Slur
53 .i
Melbourne El Supply
755s series A
10255 10231 2.000 1)1% Jan
1946
Jail
Memphis Pow & Lt 58 1948 8855 88% 89
Jan
6,1100 I d
Feb
90
Metropolitan Edison
4s series 15
'
1971 78
78
Jail
7835 12.000 66
Mar
79
53 series F
1962 90
40,000 73
Jan 92
8851 99
Feb
Mid States Petrol 655s 1945 6334 6234 0455
5331 Jan 65
Mar
Middle West Utilities
5s etre; of deposit_ _1932
2,000
54 Jan
5
re
736 8
104 i eb
034 F
58 ctfs of deposit.
..1933
1,400
54 Jail 1055 Feb
734 8
51 Ws of dep
1934
8
1.000
555 Jun
734 8
As Ws of dep
1935
1.000
8
b
'
.
5
10
8
535 Jan 107314 1 eb
Midland Valley 58_ _ 1943
67% 71
10.000 60
Jan
Milwaukee Gas Lt 4158'67
10255 103
Mar
6,000 93% Jan
hfinn Gen Elec 58_ _ _ _1934 10174 101% 101/ 2,000 100% Jan 10535 Mar
82
Minneap Gas Lt 4413.1950 83,4 8155 83% 49,000 73
Star
Jan
Minn P &L 44a
1955 72% 72
72% 5,000 554 Jan
: NIe r
1 Fab
4
As
1955
77
' ar
l
Jan 79% l eb
77% 29,000 64
Mississippi Pow 58._ _1955 53
5135 534 65,000 40
Jan
Miss Pow & Lt 58_ _1957 604 6054 6151 31,000 4851
Feb
Jan 65
Mississippi River Fuel6sWithout warrants1944 97
97
97
1,000 89
Mar
Jan 98
Miss River Pow 1st As 1951 1054 105 10551 5,000 9655 Jan 109
Slat
M r
06
Missouri Pow & Lt 543'55 93
9354 11,000 704 Jan 934 Mar
93
Missouri Public Serv 58'47 5014 50
Feb
5251 19,000 37
Jan 56
Monongahela West Penn
Pub San/ 54 ser 13_1953 814 804 82
611,000 61
Jan 8451 Mar
Montreal Lit & P Con
1st & ref As ser A _ 1951 108
108 10855 3,000 104% Jan
34
As series 11
1970 108
108 108% 13,000 10335 Jan 109
Mar
Munson 8$ Line 6358.1937
With warrants
1051 11 54 29,000
12% Feb
73-4 Jan
Narragansett Elea As A '57 104
Jan 10451 Mar
10354 10451 2-1,000 98
As series B
1957 103% 10355 10355 6,000 98
Jan 1044 Mar
Nat Pow & Lt 133 A _ 2026 72% 714 7254 20,000 57
Jan 83
Feb
Deb 58 series B.
..1030 62
80,000 474 Jan 74
01% 64
Feb
Nat Public Service 55 1978
Certificates of deposit _
11
1114
.
1235 39,000
7% Jan
16% Feb
National Tea 54
101 10155 11,000 97% Jan 102
1935 101
Mar
Nebraska Power 448_198. 102
10135 102
24,000 91% Jan 102% Mar
6s series A
2022
9755 98
2,000 77
Jan 98
Mar
Neisner Bros Realty 68 '48 7635 76
78
9,000 43
Jan 84
Mar
Nevada-Calif Elea 56.1956 754 7335 75% 103,000 5731 Jan 7514 Mar
New Amsterdam Gas 58 '48
10035 10055 2,000 85
Jan 10051 Mar
N E Gas & El Assn 58_1947 53% 53
5415 36,000 3955 Jan 65
Feb
Cony deb 58
5315 54
1948
9,000 39
Jan 6
Feb
b
Cony deb 58
1950 5355 5251 53% 91,000 3854 Jan 61% Feb
New Eng Pow Assn 58_1948 62
614 63
32,000 514 Jan 684 Feb
Debenture 548_ _ _ _1954 6634 6555 664 56,000 54
Jan 71% Feb
New On Pub Serv 4348 '35 4551 4554 4735 53,000 364 Jan 56
1le
724 1. eb
68 series A
33
1949 33
34
15,000 25
Jan 404 Feb
N Y Central 60 w
_1944 11955 11811 12011 1583000 11554 Mar 1224 Mar
N Y Cent FM30550-1950
76
72% 76
Jan
5,000 69
N V & For Inv 534s 1948
wills warrants
80
Mar
Jan 80
5.000 70
80
Bonds (Continued)
2233
Financial Chronicle
Volume 138
I liars.
Sates
Last Week's Range for
Week.
Sale
of Prices.
Price. Low. High.
$
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
99% 10,000
97% 9,000
4855 143,000
3235 14,000
9055 2,000
91
52
25%
20
71
Jan
Jan
Jan
Jan
Jan
74%
75%
7051
96%
93%
89%
91
100
82
6331
12,000
12,000
1,000
25,000
13,000
89,000
6,000
3,000
32,000
11,000
54%
55
50
7054
68
7334
71%
98%
54
50%
Jan 78
Jan 76%
Jan 74
Jan 9751
Jan 9351
Jan 91%
Jan 92%
Jan 100
Jan 82
70
Jan
92
88
103
9856
92%
8874
105
99
12,000
41,000
16,000
57,000
7751
6735
9531
85
Jan 93% Feb
Jan 90% Mar
Mar
Jan 105
Mar
Jan 101
95%
85
90%
8955
81
5551
89%
9531
88
91%
90%
81
56
91
13,000
13,000
14,000
29,000
1,000
7,000
12,000
7031 Jan
63% Jan
Jan
63
7355 Jan
Jan
66
Jan
44
Jan
77
10135 101%
91
91%
7954 80%
91% 9135
9554 9634
103% 103%
108 110%
105 105
72
73%
72%
73%
7031
96
92
8735
89%
100
7855
6151
1945 92
Ogden Gas 5s
Ohio Edison 1st 5s_ _ _.1960 8834
Ohio Power 1st 58 B 1952 103
1st & ref 4555 ser D 1956 9855
Ohio Public Service Co
1953 9534
6s series C
5sseriesD
1954 87
1961 91
5%8 series E
Okla Gas de Elec 5s_ _ _1950 8935
1940
(is series A
Okla Power & Water 55 '48 5551
Pacific Coast Pow 5s_ A940
Pacific Gas & El Co
1941
lot 68series Li
lot & ref 5338 ser C_1952
1955 10234
5s series I)
1957 98
lot & ref 4545 E
1960 9794
lot & ref 4358 F
Pacific Investing 5s A.1948
Pacific Pow & Ltg 55_ _1955 51
Pacific Western Oil 655s'43
With warrants
Palmer Corp 65
1938 9634
Pomerania Nice 65_ _ _1950
1939
Poor & Co 6s
Portland Gas & Coke 5s '40
Potomac Edison 55_ _ _1956
43s series F
1961
Potomac Elec Pow 55_1936
PowerCorp(Can)4568 LI '59
Power Corp of N Y1947
5558
%s series A
1942
Power Securities 6s._.1949
American series
Prussian Electric 6s_ _ _1954
Pub Serv of Nil 455s B '57
Pub Serv of N J pet ctfs_
Pub Serv of Nor Illinois
1956
1st & ref 55
1966
5s series C
1978
4550 series D
1980
4358 series E
lot & ref 4558 ser F.1981
1937
655 xi series G
1952
()%s series II
Pub Serv of Oklahoma
1961
58 series C
1957
5s series D
Pub Serv Subsid 5150_1949
Puget Sound P & L 5555'49
1st de ref 58 series C_ 1950
lot & ref 4555 ser D_1950
Bonds (Continued)-
High.
Low.
11,000 9655
116,000 74
43,000 6451
2,000 80
7,000 88
2,000 98
10,000 104%
7,000 10031
32,000 65
N Y Penna & Onio 4355'35 10135
NY P&L Corp 1st 434567 9155
N Y State G & E 4%6_1980 8011
1962 9155
5145
N V de Westchyr Ltg 4s 2004 96
1954
5s
Niagara Falls Pow (38.1950
1959
58 series A
Nippon Elec Pow 6548 1953 7333
No American Lt & Pow
1935
5% notes
1936
5% notes
1956 47
535s series A
Nor Cont Util 5%s......1948 32
North Indian G & E 681952
Northern Indiana P 8-1966 73%
5s aeries C
1969
5s series D
1970
436s series E
No Ohio P & L 5550_1951 9634
Nor Ohio Trac & Lt 58 '56 92
No States Pr ref 455s 1961 88
1940
593% notes
North'n Texas tall 7s_1935
N'western Elect 6s_ _ _1935 8131
N'western Pub Serv 5s 1957
Penn Cent L & P 4%s 1977
1979
5s
Penn Electric 45 F__ _ _1971
Penn Ohio Edison
6s series A ex-warr_ _1950
_ _1959
Deb 555s series
Penn-Ohio P & L 5358 1954
1956
Penn Power 55
Penn Pub Serv 68C...1947
1954
55 series D
Penn Telephone 5s C _ 1960
Penn Water Pow 45013 68
1940
5s
Peoples Gas L & Coke455s serial notes_ __ _1935
455% serial notes_ _1936
1981
40 series 11
1957
(is series C
Peoples Lt & Pr 5s_._.1979
Phila Electric Co 58.. _1966
Phila Elec Pow 5556_1972
Phila Rapid Trans 68_1962
Piedmont Hydro El Co
1st & ref 6550 el A_.1960
Piedmont & Nor 55_ _ _1954
Pittsburgh Coal 6s...1949
Pittsburgh Steel 68_ __1948
Range Since Jan. 1.
98%
97
46%
31
90%
78
7055
101%
92%
83
92
9856
103%
110%
107
7355
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Feb
Mar
99% Mar
9735 Mar
4854 Mar
Feb
35
92 • Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
96
9151 Feb
9251 Mar
9155 Feb
Feb
86
60
Feb
93
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
6,000 101%
35,000 95%
35,000 92
55,000 85%
28,000 8551
6,000 70
35%
144,00
Jan
Jan
Jan
Jan
Jan
Jan
Jan
85
86% 24,000
9535 96% 8,00
76
8555
Jan
Jan
8831 Feb
96% Mar
77% 78% 40,00
2,00
83
83
7135 23,00
70
5935
71
57
Jan
Jan
Jan
80% Mar
8635 Mar
Mar
72
465i
69% 39,00
63% 34.000 41%
993i 31,000 79
8,000 95
104
94% 4,000 75
1.000 64
85
9955 3,000 86
102% 5,000 95%
10735 9,000 103%
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Sheridan Wyo Coal 68 1947
Sou Carolina Pow 58_ _1957
Southeast P de L 6s_..2025
Without warrants
Sou Calif Edison 59.._1951
Refunding 55 June 1 1954
Refunding 55 Sep 11952
Gen & ref 5s
1939
Sou Calif Gas Co 4558_1961
1st ref 58
1957
515s series 13
1952
Sou Calif Gas Corp 58_1937
So Counties Gas 4%0_1968
Sou Indiana G & E 5568'57
Sou Irdiana Ry 48
1951
Sou Natural Gas 6s._ _1944
Stamped
Unstamped
Southwest Assoc Tel 58 '61
Southwest G & E 5s A_1957
5s series B
1957
S'western Lt & Pr 5s_ _1957
S'western Nat Gas 60_1945
So'West Pow & Lt 5s_2022
So'West Pub Sere 6s A 1945
Staley Mfg 65
1942
Stand Gas de Elec 68._1935
Cony 6s
1935
Debenture 65
1951
Debenture 6s_ Dec 1 1966
Standard Investing
555s
1939
5s ex-warrants
1937
Stand Pow & Lt 6s
1957
Stand Telep 5350
1943
Stinnes (Hugo) Corp
78 without warr Oct 1 '36
Stamped
1936
75 without warr
1946
Stamped
1946
Sun Oil deb 5558
1939
Sun Pipe Line 55
1940
Super Power of Ill 4558 '68
1st 4550
1970
6s
1961
Swift & Co 1st m s f 65_1944
5% notes
1940
Syracuse Ltg 53-4s...1954
55 B
1957
10874 109
10455 105
102 102%
9731 9855
9734 98
78% 7955
51
46
66
6134
98
103%
94% 94%
85
9955 99
10254 10255
107
66
6234
9951
110
10575
104
100
100
80
57
7056
64%
100
104
95
85
8855
103%
108
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan 100% Mar
10034 10054 10054 8,000 95
Jan 100% Mar
2,000 95
9955 100
Feb
23,000 6255 Jan 79
77
7634 76
Mar
Jan 95
9155 91% 9334 68,000 75
, Jan
Jan
2
3% 3% 8,000
Mar
11034 11035 110% 3,000 105% Jan 111
Mar
10834 10834 10835 11,000 10435 Jan 109
6055 6135 2,000 4955 Jan 62% Mar
8955
99
85
87
89
9855
85
4051
88
88% 88
9551 94
88%
105
78%
87
58
52
97%
88% 32,000
16,00
90
2,00
99
8,00
85
45%
88
91
95%
89
105%
78%
40
22,00
83
3,00
83
6,00
7451
29,00
11,000 73
26,000 102%
13,000 63
13,000
57% 59
86% 8831 37,000
57
52
97%
11431
7355 Jan
74% Jan
93
Jan
Mar
85
5155
70
8855
90
9935
90
Mar
Mar
Mar
Feb
Jan 5475 Feb
Jan
Jan 90
Jai
95% Mar
Jan 9654 Mar
Mar
Jan 89
Jan 10555 Mar
Mar
79
Jan
Jan
Jan
6131 Mar
88% Mar
Jan 60
58
8,000 45
Jan 73
52% 9,000 51
97% 12,000 83% Jan 9834
Jan 114%
11435 15,000 103
Feb
Feb
Mar
Mar
7351
9731
91%
86
80
7255
72
72%
96%
9151
86%
80
73%
73%
7355
9751
93%
38,000
1,000
3,000
22,000
80,000
87.000
26,000
65%
60%
56
5531
55
76%
7156
Jan
Jan
Jan
Jan
Jan
Jan
Jan
8631
8155
73%
7455
7374
97%
93%
Mar
Mar
Feb
Feb
Jan
Mar
Mar
80%
78
505e
49%
4535
8174
80%
7231
50
49%
44%
83
82
78
5255
51
4731
14,000
28,00
26,00
54,00(
33,00
55,00
62
5734
42
41%
3934
36%
Jan
Jan
Jan
Jan
Jan
Jan
83
82
8154
5975
5755
53
Mar
Mar
Feb
Feb
Feb
Feb
98% 9855
1960
Quebec Power 5s
86
8651
Queensboro CI & E 5340.'52
94
94
1958
Ref 4555
Reliance Management 5554
6835 6835 6815
With warrants
2735
1045 a2755 26
Republic Gas 6s
28
2734 26
Certificates of deposit._ _
43
4434
Rochester Cent l'ow 58 '53 43
10735 107%
Rochester Ry & Lt 58_1954
41% 46
,
Ruhr Gas Corp 635s_ _1953 45
Ryerson (Jos T) de Sons
98
98
1943
Es
Safe Harbor Water Power
10255 10355
1979 103
4358
75,1 855
St Louis Gas & Coke 65 '47
San Antonio Puulle Service
8331
83
1058
58 series B
San Diego Consol G & E
106 106
1960
5358 series D
106 10734
1955
Sands Falls be
r63 r63
Saxon Public Wks 65_ _1937
Estate
Schulte Real
Os with warrants_ _1935 1034 1055 10%
85
88
Scripp(E W)Co 5560_1943 85
Seattle Lighting 5s_ _.1949 343.1 34% 3633
8134
1948 813-1 80
Servel Inc 5s
Shawinigan W & P 454s 67 8831 87% 89
8731 88%
1968
435s series B
96%
1970 9634 96
1st 5s series C
1st 4%sseries D.__ _1970 8855 87% 8834
98
9835
Sheffield Steel 5558_ _ _1948 98
6,00
11,00
5,000
89
62
88
Jan
Jan
Jan
9855 Mar
86% Mar
Feb
94
86
72%
1,00(
31,00
60,00
19,00
2,00
20,00
59
Jan 6855
14% Jan 2755
15
Jan 28
2855 Jan 47
10234 Jan 109
66
41% Ma
Mar
Mar
Mar
Feb
Mar
Feb
4,000
9155
Jan
99
Mar
26,000
18,000
95%
3%
105
Jo
11
Jan
Mar
Feb
20,000
65
Jan
83% Mar
Ida;
Ma 106
8.000 103
6,000 103% Jan 107% Mar
Jan 72% Mar
1,000 60
1,000
16,000
52,00
12,000
68,000
10,000
13,000
57,000
•12,000
10
Fe
Jan
73
2356 Jan
Jan
71
Jan
72
7235 Jan
Jan
79
7231 Jan
8555 Jan
11%
88
41
81%
9035
90%
96%
90%
98%
Feb
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Sales
Thurs.
Last Tireek's Range for I
Week.
Sale
of Prices.
$
Price, Low. High.
69
6555 68
10334 104
103% 103%
10334 104
10634 106%
9355 9455
99
9931
103% 103%
9454 95
93
93
105% 105 10535
62% 62% 64
66
104
103%
10352
10651
94%
99%
103%
Vamma Wat Pow 53401957
Va Elea de Power 5s_ _ _1955
Va Public Serv 555s A_1946
1st ref 5s ser B
1950
6s
1946
Waldorf-Astoria Corp
75 with warrants...1954
70 errs of deposit_ _ _1954
Ward Baking (3s
1937
Wash Gas Light 5s_ 1958
Wash Sky & El 40_ __ _1951
Wash Water Power 58.1960
West Penn Elec 5s_ ..2030
West Penn Pow 48_1961
West l'enn Traction 55 1960
West Texas HUI 55 A.1957
Western Newspaper Union
65
1944
Western United Gas & Elec
lot 555sserles A _ __ _1955
Wheeling Nice 5s_ _ _ _1941
Wise Elec Power 55_ _ _ 1954
Wise-Minn Lt & Pow 58'44
Wise Pow & Lt .55 F._1958
5s series E
1956
Wise l'ub Serv (38 A.
..1952
York Rye Co 5s
1937
High.
Low.
41%
51%
4955 Feb
6955 Feb
Jan
Jan
81,000 43% Jan 69%
83,000 93% Jan 104%
15,000 93% Jan 104%
Jan 104%
46,000 93
13,000 102% Jan 106%
Jan 95%
38,000 82
Jar 10151
16,000 89
Jan 104
3,000 93
19,000 83% Jan 95
25,000 89% Feb 93
Jan 106%
19,000 101
25,000 5155 Jan 6756
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Jan
4,000
19,000
4,000
49,000
7,000
30,000
3,000
6,000
5,000
24,00
59,000
26,000
30,000
14.000
60
59
42
62%
63%
47
34
40
57
87
4334
4355
32%
3255
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
71
71
63%
84%
84%
65
48%
66%
76%
99
7356
74
55
54%
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Mar
Mar
Feb
Feb
Feb
Feb
7554 7,000
75% 2,00
45% 39,00
2135 12,00
64%
66
29%
18
Jan
Jan
Jan
Jan
76
79
53
24
Mar
Mar
Feb
Jan
1,000
2,00
18,00
7,00
44,00
2,00
10,00
18,00
12,00
15,00
12.000
26,000
1,000
48
47
44
37
103
101
59
5755
73
103%
98%
10355
100
Jan
Mar
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
22,000
7055 72
72
25,000
6055 6035 63
85)1 22,000
82
85
60
6055 4,000
60
81% 36,000
8134 80
8,000
23
21
22
43,000
8835 88% 89
10115 10155 10251 55,000
6975 19,000
,
897-1 67
6755 6751 71% 10,000
28,000
6834 6751 69
993-4 9955 9954 205.000
4551 38% 46 213,000
27,000
45
4435 44
55
44
74
51
63
14%
6751
8955
50
55
50
8651
23%
3854
69%
a67% 67
57% 57.34
82%,
83
82% 8235
64
63
47
147
56
56
7655
98
98
6655 66%
65%
67
4831 4834
47% 4751
Tennessee Elec Pow 581956
Tenn Public Service 5s 1970
Terni Hydro Elec 63581953
Texas Cities Gas 5s_ _ _1948
Texas Elec Service 5s_1960
Texas Gas Util (is_ _ _ _1945
Tome Power & Lt 5s__1956
55
1937
Thermoid Cow w 68..1934
Os stamped
1937
Tide Water Power 55_1979
Toledo Edison 5s
1962
Twin City Ran Tr 5558'52
Ulen Co deb 6s
1944
Union Elec Lt & Power
1954
5s series A
455s
1957
Un Gulf Corp 58 July 1 '50
United Elea NJ 4s.. _1949
United El Serv 75 x-w.1956
United Industrial 654s 1941
1st 135
1945
United Lt & Pow 65.._1975
535s
Apr 1 1959
Deb g 6550
1974
United Lt & Sky 59-48..1952
6s series A
1952
68 series A
1973
S Rubber
Os
654% serial notes _1935
655% seria 1 notes_ _ _ 1936
63-4% serial notes_ __1937
654% seria I notes_ _ _1938
694% serial notes._1939
635% serial notes_ _ _1940
Utah Pow & Lt Os A__2022
455
1944
4,000
8,000
4251 45%
69
693.4
Range Since Jan. 1.
75
75%
44
21
4331
41
105
7515
9255
10231
107%
69%
68
5731
8451
84
64
47
58
7655
983.1
6734
67
49%
4935
,
52
52
48
47
48
46
44
40
105 105%
104 104
7534 7651
75
7555
9255
91
10534 106
102% 10231
10754 108
106 106
104 104
101% 102
10455 104 10455
103 10434
8851 89%
5315 53% 5634
54
56%
4551 4854
46
7015
703.4 70
5034
4935 49
,
4856 4851 5034
7635
74
74
45% 4635
104
100
92
90
60
88
98
7031
58 9-4
Jan
Jan 75
Feb
Jan 67
Jan 8531 Mar
Feb
Jan 61
Jan 8255 Mar
Jan 24% Feb
Mar
Jan 89
Jan 10214 Mar
Jan 79% Feb
Feb
Jan 76
Mar
Jan 71
Mar
Jan 100
Jan 4751 Mar
Feb
Jan 49
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
110
10355
,
104%
10434
89%
6955
6755
52%
7455
58
5656
8055
52
Jan
Mar
Mar
Mar
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Feb
90
8955
77
7055
69%
6955
68
46%
5435
Jan 10055 Mar
Jan 99% Mar
Jan 9551 Mar
Jan 9455 Mar
Jan 9355 Mar
Jan 93% Mar
Mar
Jan 93
Jan 6755 Feb
Jan 7451 Feb
1,000
88
38,000
98
7051 16,000
23,000
69
2,000
59
7955
89
5555
51
4734
Jan
Jan
Jan
Jan
Jan
9051
99%
73
70
60%
Mar
Mar
Feb
Mar
Feb
4,000
8,000
5,000
47,000
5,000
20,000
11,000
12,000
1,000
87,000
13
1055
9654
79
83A
80
55
9455
61
46
Jan 20
16
Jan
Jan 103
Jan 93
Jan 9135
Jan 94%
7055
Jar
Jan 1013-4
Jan 7855
Jan 65
Jan
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Feb
88
97
70
6655
5855
1451 15
1254 13
10175 102
92)1 9255 93
90% 9151
9255 93%
x6654 66% 6751
10034 100% 10055
78% 7855
6031 6355
62
40
40
7,000
25
86% 37,000 65
8355 83
104% 104% 104% 4,000 10255
10434 104% 10455 11,000 99
8855 8731 8854 12,000 64
9,000 5951
7355 74
7435 74% 3,000 58
7,000 7855
9135 92
92
92
92% 18,000 76
Foreign Go ernment
,
And Municipalities
Agriculture Mtge Bank
78
1946 26%
of Colombia 75
1947
Buenos Aires (Province)
78 stamped
1952 44
7555 stamped
1947 45
Cauca Valley 75
1948
Cent 13k of German State de
Prov Banks 65 B_ _ _1951
6s series A
1952 49%
Danish Cons NI unle 69.4855
Danzig Port & Waterways
655s
July 1 1952 66
German Cons Muni.: 7s '47 3734,
Secured (Is
1947 37
Hanover (City) 7s....1935
Hanover(Prov)6566._1949
Indus Mtge Bk (Finland)
1st mtge coIls f 75_1944
Lima (City) Peru 6358 1958
Certificates of deposit _ _ ---Medellin 75 F
1951
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Feb
Mar
Mar
Mar
Mar
Mar
20,000
99% 100
9935 9955 9,000
9551 95% 5,000
9235 4,000
92
9154 9155 2,000
9135 91% 6,000
2,000
90
90
.5855 6056 20,000
5,000
73% 74
12%
40
1,000 101
15,000 92
22,000 10134
9,00 100
17,000 7335
32,000 5371
27,000 54
37,000 2755
3,000 50
8,000 31
57,000 3554
24,000 56
21,000 2851
58
55
52
50
106
104
78
7755
92%
107
103
108
106
Jan
42
Mar
Jan 8631 Mar
Jan 104% Mar
Jan 10455 Mar
Mar
Jan 89
Feb
Jan 75
Feb
Jan 76
Mar
Jan 92
Feb
Jan 93
2554 2731 6,000
2356 23% 20,000
1851
19%
Jan
Jan
28
26
Mar
Feb
6,000
4334 44
18,00
44% 45
11% 11% 5,00
2551
31
Jan
Jan
Jan
46
45
16
Feb
Feb
Feb
19,00
5755 58
49% 51% 32,00
4,00
86% 87
50
43
7955
Jan
Jan
Jan
73
70
87
Feb
Feb
Mar
66
3751
37
4155
3935
5,000
67
41% 91,00
41% 115,00
41% 5,00
4155 23,000
44
Jan
37)1 Ma
Ma
37
39% Jan
Jan
37
97%
9%
10
14%
10,000
98
1051 6,000
10
1,000
1414
1.000
8655
5
5.34
10%
Jan
Jan
Jan
Jan
00% Mar
5954 Feb
5715 Feb
53
Feb
55
Feb
98%
1255
10;4
20%
Mar
Feb
Feb
Feb
•
Financial Chronicle
2234
'LW' Week's Range
Bonds (Concluded)-
...,_
for
Week.
Sale
of Prices.
$
Price. Low. High.
Range Since Jan. 1.
Low.
High.
Mendoza 730
1951
Stamped
22,000 26% Jan 37% Mar
35% 35% 36
8% Jan 1534 Feb
Mtge Bk of Chile(is_1931 12% 12% 12% 38,000
Feb
834 Jan 17
Parana (State) 7s____1958 14% 14
1434 4,000
3,000 14% Jan 1934 Feb
1834 18
Rio de Janeiro 630_1959 18
Russian Govt
37% 374 2,000
Mar
5
234 Jan
1919
13345
4% Mar
Jan
2
2% 3 104,000
234
6348 certificates_ _ _ _ 1919
4% Feb
2% Jan
27,000
4
3
3
1921
53es
2% Jan 4% Mar
234 2% 19,000
1921
234
53e5 certificates
Jan
Jan 120
Saar Basin Cons Co 7s 1935 112% 112% 1123k 2,000 108
Mar
5,000 18% Jan 28
28
27
Santa Fe (City) 7s
1945
Feb
634 Jan 13
1961
934 934 1,000
Santiago is
•No par value. a Deferred delivery. a Sold under the rule. r Sold for cash.
z Ex-dividend.
Abbreviations Used Above. -cod" Certificates of deposit. "cons" Consolidated.
"cum" Cumulative. "cony" Convertible. "m" Mortgage. "n-v" Non-voting
stock. "v t c" Voting trust certificates. "vr 1" When issued. "w w" With warrants. "x w" Without warrants.
z Deferred delivery sales.
Southwestern Nat. Gas 68, 1945, Mar. 27 at 46%.
e Cash sales.
Gen. Invest. Corp. warrants, Mar. 29 at ke.
Cleveland Stock Exchange.--Record of transactions at
Cleveland Stock Exchange, Mar. 24 to Mar. 29, both inclusive, Friday, Mar. 30 (Good Friday), being a holiday,
compiled from official sales lists:
Stocks-
MITS.
dates
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Allen Industries corn
•
5
5
Apex Electrical Mfg
*
7
734
Central United National 20
12
12
Chase Brass & Copper
Preferred series "A".100
85
85
City Ice & Fuel
*
21% 21%
23e 2%
Cleve Builders Supply_ •
Cleve Elec 111.6% pref _100 106% 106% 106%
Cleve Ry ctf. of dep___100 46% 4634 47
Cleveland Trust
70
70
100 70
9% 934
Cleve Worsted Mills corn.*
14
14
Corr McKinn SU vtg com _ 1
12% 12%
Non-voting corn
100
71
Dow Chemical corn
71
• 71
108% 109
100
Preferred
42
42
Federal Knit Mills com__* 42
3
3
*
Geometric Stamping
95
95
Hanna M A $7 cum pref.*
16
16
*
Harbauer common
13
10
13
Kaynee common
*
8
5% 5%
Lamson Sessions*
8
934
Medusa Cement
4% 4%
Metropol Pav Brick corn.*
55
100
55
Preferred
2%
2% 2%
Mohawk Rubber corn_ _ _ _*
135 135
National Carbon pref__100
634
634 634
National Refining com_25
ly,
134 1%
National Tile common_ _ _*
2% 33$
Nestle-LeMur el "A",. 5
23
23
North Amer sec cl "A"__8
*
15% 15%
Ohio Brass "B"
4
4
Packer Corp common__*
%
%
Paragon v t c 3d pay end.*
44
44
Richman Brothers corn._ _* 44
Robbins & Myers35
Vot trust etts series 1_ _•
34
Vot trust et's series 2__*
234 234
4
434
Seiberling Rubber corn_ *
22
22
* 22
Selby Shoe corn
81
61
Sherwin-Williams corn_ _25
104% 104%
100
"AA" preferred
1
1
1
Smallwood Stone corn"A"'
%
%
%
Stand Textile Prod corn, _*
14.1 1%
Van Dorn Iron Wks com_ *
50
40
12
Range Since Jan. 1.
Low.
4
6
10
Jan
Jan
Jan
High.
6% Feb
8% Mar
18
Jan
Jan 87
Jan
12 85
10 17% Jan 23% Feb
83
234 Mar
534 Jan
33 100% Jan 107% Mar
Jan
77 3934 Jan 48
Mar
87 50% Jan 83
Feb
9% Mar 13
150
Jan 17
Jan
100 10
Jan
9
Jan 17
100
10 89% Mar 76% Feb
25 108% Mar 109% Feb
Jan 447-4 Jan
10 34
390
34 Jan
334 Feb
Jan 95
Mar
20 84
100
8% Jan 16
Mar
Feb 14
Feb
50
8
Jan
7% Jan
150
4
8
125
Mar 11
Feb
16
2% Jan
4% Feb
10 55
Mar 55
Mar
434 Jan
490
234 Jan
Feb
10 135
Jan 137
160
5
Jan
7% Feb
115
134 Jan
3
Feb
3% Mar
675
134 Jan
29 21
Feb 23
Mar
55 13% Jan 18
Feb
100
3% Mar
434 Feb
100
% Mar
% Mar
109 39
Jan 49% Jan
10
40
100
15
40
31
25
100
100
3e
2
234
22
4734
,
99
%
.%
134
Jan
% Jan
Jan
29-4 Feb
Jan
534 Jan
Jan 23
Jan
Jan 66% Feb
Jan 108% Feb
Feb
13-4 Feb
Feb
1
Feb
Jan
2
Feb
*No par value.
Mar. 31 1934
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:
Mar.24 Mar.26 Mar.27 Mar.28 Mar.29 Mar.30
1934.
1934. 1934. 1934
1934. 1934.
Francs. Francs. Francs. Francs. Francs. Francs.
10,500 10,700 10.700 10,600 10,600
Bank of France
1,323 1,333
1,338 1,323
Banque de Paris et Pays Has_ _ _ 1,338
152
153
152
162
160
Banque d'Union Parisienne
256
256
256
260
264
Canadian Pantie
19,900 19,900 19,900 19,800 19,900
Canal de Suez
2,3402,320 2,340
2,350
Cie Dist' d'Electricitie
1,680
1,670 1,650
1,690 1:ilo
Cie Generale d'Electricite
28
28
27
28
27
Cle Generale Transatlantique_ _
210
216
200
203
198
Citroen B
997
998 1,003
997 1,000
Comptoir Nationale d'Escompte
160
160
160
160
160
Coty SA
251
249
258
254
252
Courteres
678
728
680
718
724
Credit Commercial de France
1,980
1,970
1,950 1,930
1,940
Credit Lyonnais
2,510 2,520 2,510
2,540 2,550
Eaux Lyonnais
773
676
668
660
661
Energie Electrique du Nord_
805
798
803
805 HOLT804
Energie Electrique du Littoral
547
547
535
530
531 DAY
Kuhlmann
710
710
690
680
880
L'Air LiquIde
870
873
855
852
865
Lyon (P L M)
1,228
1,200
1,250
1,239 1,231
Nord fly
818
816
814
810
808
Orleans AY
61
61
62
60
59
Pathe Capital
945
955
955
862
958
Pechiney
87.40 67.00 85.80 66.30 68.00
Rentes, Perpetuel 3%
72.30
73.90 73.30 72.75 72.80
Rentes 4% 1917
74.50 74.25 73.50 73.50 73.00
Rentes 4%,1918
79.75 79.50 78.80 79.10 79.40
Rentes 43.4% 1932 A
80.40
80.50 80.30 79.75 80.10
Rentes 4%%,1932B
104.80 104.10 103.10 103.10 103.75
Rentes 5%,1920
1,640
1,660
Royal Dutch
1,660 1,870 1,840
1,140 1,147
1,160
Saint Gobain C & C
1,143 1,156
Schneider & Cie
1,485
1,505 1,505
1,505 1,501
50
Societe Francaise Ford
50
50
50
50
Societe Generale Fonciere
66
86
67
67
88
Societe Lyonnaise
2,545
2,545 2,520 2,540 2,515
Societe Marseillaise
540
534
535
535
534
Tubize Artificial Silk prof
135
133
133
129
132
730
Union d'Electricite
736
728
729
724
Wagon-Lits
98
95
95
94
95
.
THE BERLIN STOCK EXCHANGE.
Closing prices of representative stocks as received by
cable each day of the past week have been as follows:
Mar. Mar. Mar. Mar. Mar. Mar.
29.
30.
24.
26.
27.
28.
Per Cent of Par
152
Reichsbank(12%)
153 152 150 150
Berliner Handels-Gesellschaft(6%)
87
87
87
87
87
Commerz-und Privat Bank A 0
49
49
48
49
49
Deutsche Bank und Dlsoonto-Gesellschaft_ 63
83
62
82
63
Dresdner Bank
64
64
63
63
84
Deutsche Reichsbahn (Ger Rya)prof(7%)_113 113
113 113 113
Allgemelne Elektrizitaeta-Gesell(A E (31).... 31
30
31
30
30
Berliner Kraft u Licht (10%)
129
128
128
128
128 HOLIDessauer Gas(7%)
117
115 117 117 117 DAY.
Geefuerel(5%)
100
99
99
100
101
Hamburg Elektr-Werke(8%)
113 112 114
113 114
Siemens & Halske(7%)
143 142 142
142 144
to Farbenindustrle(7%)
136 134
137
138
142
Salzdetfurth (734%)
147
145
145 145
148
Rheinlache Braunkohle(12%)
207 206 203 203 203
116
114 118
Deutsche Erdoel(4%)
116
118
Mannesmann Roehren
69
88
68
68
69
Hapag
28
28
29
28
29
33
33
Norddeutneher Lloyd
34
33
34
In the following we also give New York quotations for
German and other foreign unlisted dollar bonds as of
Thursday, March 29 1934:
CURRENT NOTICES.
Bid.
Anbalt 78 to 1946
132
Howard & Robbins, Inc., 115 Broadway, New York, have prepared Argentine 5%. 1945. $100
pies
f92
a summary of the plan of rearrangement of debt capitalization of Associated
129
Gas & Electric Co., including descriptions of the various debt securities Antioquia 8%. 1946
AustrianDefaultedCoupons
public holders through the plan. The study also shows the Bank of Colombia, 7%,'47(100
available to
119
sources and flow of earnings of the Associated system.
Bank of Colombia, 7%,'48 119
f44
-Sidney B. Hook has become associated with Banks, Huntley & Co. Bavaria 830 to 1945
Bavarian Palatinate Cons.
of Los Angeles as manager of their municipal department. Mr. Hook has
Cit. 7% to 1945
130
been in the investment business in New York and Los Angeles for the past Bogota (Colombia) 834,'47 /23
flO
15 years, during the greater portion of which period he has specialized in Bolivia 6%. 1940
Buenos Aires scrip
118
municipal bonds.
Brandenburg Elec. 6s, 1953 (48
-Shearson, Hammill & Co., members of the New York Stock Exchange Brazil funding 5%,'31-'51 /8110
Brazil funding scrip
and other leading exchanges, including the Liverpool Cotton Exchange, British Hungarian Bank /8112
will open a London office on April 2 under the joint management of Clarence
73-Is,
/54
19 2
6a
oI
Graff and J. Grant Forbes. The new office will be located at 1 Throgmorton BrownInd. Corp.
13345, 1953
170
Street.
Call (Colombia) 7%. 1947 115
-Dominique A. Homan, formerly associated with C. F. Childs & Co. Callao (Peru) 734%, 1944
712
8
and recently resident manager of Salomon Bros. & Hutzler in Cleveland. Ceara (BrazU) 8%, 1947_.
Columbia scrip
125
Ohio, has been elected a Vice-President of F. R. Fenton & Co., New York, Costa Rica funding 5%,'51 ,(4312
specialists in United States Government bonds.
(431
Costa Rica scrip
-Burley Zz Co. of this city announce that Herbert S. Rubsamen and City Savings Bank, Buda152
pest,
become associated with them in their investment
John C. Coney have
7s,M 53 Utli Os.'48 /6412
1gun
Duisburg 7% to 1945
department.
132
Duesseldorf 75 to 1945
- summary of the chief provisions of the Home Owners' Loan Cor- East Prussian Pr. Os, 1953. /3212
A
144
poration 18-year bonds has been prepared by Brown Brothers Harriman European Mortgage & Investment 7348. 1988--- /63
& Co.
French Govt. 534s, 1937,,. 160
-Fuller, Cruttenden & Co., Chicago, announce that Frank J. Fitzgerald French Nat. Mail SS.68,'52 143
Frankfurt 7810 1945
f31
has become associated with them in their municipal department.
German Atl Cable 7s, 1945 /5012
-Munds, Winslow & Potter, 40 Wall St., New York, are issuing a German Building & Landcomparative analysis of bank and insurance company stocks.
bank 034%. 1948
/4712
German defaulted coupons. /65
-Chas. E. Quincey & Co. have issued a circular letter on the subject German scrip
/1912
-year bonds.
of Federal Farm Mortgage Corporation 334% 30
German called,bonds
/40
Haiti 6% 1953
70
-Harry F. Kress has become associated with Swart, Brent & Co., Inc.. Hamb-Am
Line 633s to '40 180
as assistant manager of their Pittsburgh office.
Hanover Hars Water Wks.
8%. 1957
140
H. L. Allen & Co., 100 Broadway, New York, are distributing a
Bonging & Reid Imp 7s,'48 /50
survey of the municipal debt of New Jersey.
Hungarian Cent Mut 78.'37 148
-Blyth & Co:, Inc., have prepared a special list of State and municipal Hungarian Discount & Exchange Bank 78, 1963._ 14112
bonds.
-H.13, Warriner is now asseziatoi with Guano & O.of Ne
York.
Flat pries.
Ask.
Bid. Ask.
35 Hungarian defaulted coups 190
Hungarian Ital Bk 730,'32 /80
84
Jugoslavia 5s, 1958
32
34
31 Jugoslavia coupons
/41
If_ Koholyt 83.Is, 1943
/81
85
Land M Bk, Warsaw 8s,'41 /71
74
21 Leipzig Oland Pr. 83is,'48 188
71
46 Leipzig Trade Fair 73, 1953 150
53
Luneberg Power, Light dc
34
Water 7%,1948
82
/59
2412 Mannheim & Palat 70. 1941 175
78
13 Munich is to 1945
(4012 4412
25 Muni."Bk,Hessen,78 to '45 /34
38
4912 Municipal Gas & Elee Corp
6212
Recklinghausen, 75, 1947 /55
58
63 Nassau Landbank 630.'38 /58
80
Natl. Bank Panama 634%
1946-9
57
/42
4312
Nat Central Savings Bk of
Hungary 734s, 1962- _ -- /55
as
1612 National Hungarian de Ind.
.
Mtge,7%,1948
60
/58
92
,
912 Oberpfalz Elec.7%,1948
44
- /40
28 Oldenburg-Free State 7%
37
4512
to 1945
/33
Porto Alegre 7%,1968--- /19
21
Protestant Church (Ger53
/45
47
many), 78. 1946
8612 Prov Bk Westphalia 6s, 33 ./54
36 Prey Bk Westphalia 85,'38 (53
56
3512 Rhine Westph Elea 7%.'36 /76
79
48 Rio de Janeiro 6%, 1933-- 125
27
Rom Cath Church 6%s,'48 15912 62
64 R C Church Welfare 75,'413 /44
46
165 Saarbruecken M Bk 85,'47 /87
147 Salvador 7%,1957
12512 If
36 Salvador 7% ctf of dep '67 122
2312
5212 Salvador scrip
113
17
Santa Catharina (Brasil),
4912
8%. 1947
122
23
68 Santander (Colom) 7s, 1948 f1212 1312
21 Sao Paulo (Brazil) 8s, 1943 122
23
Saxon State Mtge. 8s, 1947 180
73 Serbian 58, 1958
/31
84 Serbian coupons
141
Siam & Halske deb 68, 2930 /315 335
43 Stettin Pub Util is, 1946_ 14712 4912
53 Tucuman City 7s, 1951_ _
/31
33
49 Tucuman Prey. 78, 1950., 150
55
Vesten Elea Ry is, 1947._ /34
38
4212 Wurtemberg 75 to 1945... 140
44
Financial Chronicle
Volume 138
2235
Quotations for Unlisted Securities-Thursday March 29
Port of New York Authority Bonds.
Bid
Arthur Kill Bridges 43.(s
series A 1934-46
M&S
Ask
Public Utility Bonds.
Bid
Ask
Bayonne Bridge 49 series C
1938-53
J&J 3 84
88
Inland Terminal 4348 ser D
Geo. Washington Bridge
MArS 87
1936-60
90
48 series B 1936-50___J&D 84.40 4.30 Holland Tunnel 4348 series E
4348 ser B 1939-53M&N 94.40 4.30
4
M&S 94.15 4.05
83
90
U. S. Insular Bonds.
Philippine Government
49 1946
4348 Oct 1959
4)48 July 1952
Ss April 1955
.5s Feb 1952
5348 Aug 1941
Hawaii 4348 Oct 1956
Bid
Ask
92
96
9612 99
97 100
100 102
100 102
102 105
101 105
Honolulu 55
US Panama 3s June 1 1961_
2s Aug 1 1936
2s Nov 1 1938
Govt of Puerto Rico
4348 July 1958
55 July 1948
Bid
98
1023
4
10012
1001 2
Ask
103
1033
4
101
101
98 101
10112 10412
Federal Land Bank Bonds.
410
4)s
430
4348
4545
1348
1943
1953
1955
1956
1953
1954
opt
opt
opt
opt
opt
opt
1933____J&J
1933____J&J
1935____JAr.1
1936____J&J
1933____J&J
1934_ -MI
Bid
955
4
9854
983
4
953
4
991 2
9012
0o0O00
Bid Ask
Is 1957 optional 1937.M&N 96
9712
Is 1958 optional 1938.M&N 96
9712
44s 1956 opt 1936____J&J 963 973
4
4
Ilia 1957 opt 1937____J&J 963 9734
4
I lis 1958 opt 1938__M&N 963 973
4
4
59 1941 optional 1931.M&N 10014 101 14
1148 1942 opt 1932....M&N 983 9912
4
New York State Bonds.
Bid
Ask
Canal & Highway-World War Bonus
5s Jan & Mar 1934 to 1935 82.25 1.25
04s April 1933 to 1939_ _
Ss Jan & Mar 1936 to 1945 83.25 3.00
434s April 1940 to 1949._
5s Jan & Mar 1946 to 1971 83.70
- Institution Building
4s Sept 1933 to 1940
Highway Imp 4 Sis Sept 3_ 117
45 Sept 1941 to 1976
'
Canal Imp 4345 Jan 1964._ _ 114
Highway Improvement
Can & Imp High 4348 1965. 114
49 Mar dc Sept 1958 to '67
Canal Imp 4s J &J '60 to'67
ltarge C T 4s Jan 1942 to '46
Bid
Ask
02.50 2.25
93.15
93.00 2.50
93.35 3.20
106
New York City Bonds.
Bid
Ask
a3s May 1935
98
9812
d3 34a May 1951
84
8512
a334s Nov 1954
84
8512
a4s Nov 1955 & 1956
88
90
615 M & N 1957 to 1959_ --- 8912 91
445 May 1977
89
9012
a4s Oct 1980
89
9012
c434s Feb 15 1933 to 1940.- 94.85 4.60
wilts March 1962 & 1964._
93
933
4
a4 Xs Sept 1960
93
933
4
a434s March 1960
92
93
a4342; April 1966
93
933
4
a434s April 15 1972
9334
93
a434ii June 1974
a434s Feb 15 1978
a434s Jan 1977
a4yis Nov 15 1978
a434s March 1981
04345 M & N 1957
a4 Hs July 1967
a4 SO Dec. 15 1974
a43is Dec 1 1979
Bid
93
93
93
93
93
97
97
97
97
a6s Jan 25 1935
a6s Jan 25 1936
ens Jan 25 1937
10112 102
10214 10234
10212 10314
a Intereha geable. b Basis. c Registered
coupon
(serial).
Ask
933
4
9334
933v
9334
933
4
973
4
973
4
9734
973
4
d Coupon.
New York Bank Stocks.
Par Bid
Bank of Manhattan CO. 10 30
Sank of Yorktown
100 30
Chase
13.55 2614
City (National)
20 27,
4
Comm'l Nat 13k & Tr_.100 125
Fifth Avenue
100 1060
First National of N Y
100 1625
Flatbush National
100 30
Kingsboro Nat Bk
100 50
Ask
32
40
2734
283
4
135
1110
1665
35
Par Bid
Nat Bronx Bank
50 20
Nat Safety Bank & Tr__ _25
514
Penn Exchange
25
812
Peoples National
100
Public Nat Ilk Az Tr
25 28
Sterling Nat Bank & Tr.
.25 19
Trade Bank
100 22
Yorkville(Nat Bank of)
.100 30
Ask
25
614
10
SO
2912
2012
27
40
Trust Companies.
Par Bid Ask
Banes Comm Italians...100 143
Bank of New York & Tr_100 327 335
-Bank of Sicily Trust
12
20 10
Bankers
10 61
63
Bronx County
a 8
20
Brooklyn
100 92
97
Central Hanover
20 121 125
Chemical Bank & Trust_10 3.812 4012
Clinton Trust
60 40
50
Colonial Trust
11
100
9
Continental Bk & Tr
10 13
1412
Corn Exeh Ilk & Tr
20 521 2 5412
Empire
Fulton
Guaranty
Irving Trust
Kings County
Lawyers County
Par Bid Ask
20 1812 191z
100 245 265
1001 329 334
1
1614 1734
100 1800 1830
25 37
39
Manufacturers
20
New York
25
Title Guarantee & Trust.
.20
Underwriters Trust
United States
193 2114
4
97
00
11
1212
100 40
100 1700
50
1750
Guaranteed Railroad Stocks.
(Guarantor In Parenthesis.)
Dividend
Par in Dollars.
Alabama & Vicksburg (III Cent)
100
Albany Ss Susquehanna(Delaware & Iludson).100
Allegheny & Western (Buff Roch dr Pitts)
100
Beech Creek (New York Central)
50
Boston & Albany (New York Central)
100
100
liceton & Providence (New haven)
100
Canada Southern (Now York Central)
2-.100
Caro Clinchtield & Ohio(L & N A C Li 47
Common 5% stamped
100
(NY Cent)_100
Chic Cleve Gine & St Louis prat
Cleveland & Pittsburgh (Pennsylvania)
GO
60
Betterman stock
25
Delaware (Pennsylvania)
100
Georgia RR & Banking(L & N. A CL)
Lackawanna Jut of NJ (Del Lack & Western).100
100
Michigan Central(New York Central)
50
Morris & Essex (Del Lack & Western)
New York Lackawanna & Western(DL & W).100
50
Northern Central (Pennsylvania)
100
Old Colony (N Y N If & Hartford)
Oswego Ar Syracuse (Del Lack & Western)._ _.60
Pittsburgh Bess & Lake Erie(U S Steel)
50
Preferred
50
Pittsburgh Fort Wayne dr Chicago(Penn)_ _100
Preferred
100
Rensselrer & Saratoga (Delaware & Hudson).100
St Louis Bridge 1st pref (Terminal RR)
100
100
2nd preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR & Canal (Penne)
Utica Chenango & Susquehanna(D L & W)...100
Valley (Delaware 1.ackawanna & Western)_ 100
Vicksburg Shreveport & Pacific (III Cent)__ _ _100
Preferred
100
50
Warren RR of NJ (Del Lack & Western)
50
West Jersey & Sea Shore (Penn)
d Last reported market.
-•No par value.
Bid.
6 00
87
11.00
195
500
97
2.00
33
8.75
133
8.50
150
3.00
50
4.00
80
5 00
87
5.00
84
3.50
74
2.00
41
2.00
40
10.00
162
4.00
72
50.00
725
3.875
68
5.00
90
4.00
84
7.00
94
4.50
66
1.50
29
3.00
60
7.00
135
7.00
158
6.90
120
6.00
120
3.00
60
3.00
120
10.00
223
6.00
87
5.00
84
5.00
74
75
5 00
3.50
50
3.00
58
4 Defaulted.
I Ex
Ask.
94
203
103
36
138
55
89
88
76
44
43
170
75
-7E1
7
95
87
98
72
32
65
162
124
124
62
124
228
93
78
80
55
62
coupon.
Par Bkl
Par Bid Ask
Amer S PS 5345 1948..M&N 423 443 N Y Wat Ser Eis 1951_M&N 84
4
4
Norf & Portsmouth Tr 55'36 101
Atlanta 0 L 5s 1947__J&D 9912
Old Dom Pow 55_May 15'51 49
Central Gas & Elec43 Parr Shoals P 551952__A&O 68
1st lien colltr 5
'46J&D 41
7914
1st lien coil tr 65'46.M&S 4512 4712 Pennsylvania Else 5s 1962 _ _
Fed P 5 1st 65 1947___J&D e231.2 2612 Peoples L & P 5 Ms 1941 JAr..1 3212
40 Public Serv of Colo 68 1961. 89
Federated Gill 5345'57 M&S 37
Ill Witt Ser 1st 55 1952.J&J 83 85 RoanokeW NV 58 1950_J&J 6512
Iowa So UM 5345 1950.J&J 5934 613 Sierra &San Fran 2d B 58'49 83
4
Keystone Telephone 5
65 United Wat Gas & E 55 1941 8412
'55 61
10014
Virginia Power 5s 1942
Louis Light 1st 54 1953.A &O 101
61
Newp N & IIam 5s '44..J&J 8512 88 Western PS 534s 1960.F&A
Ask
86
103
5112
72
803
4
35
9014
6812
86
6i 4
1-
Public Utility Stocks.
Par
Alabama Power $7 pret_100
Arkansas Pr & Lt $7 pref...
Assoc Gas & El one pref..'
$6.50 preferred
•
$7 preferred
•
Atlantic City Elec $6 pref.*
Bangor Hydro
-F17% p1..100
Birmingham Else $7 pref...
Broad River Pow pret__100
Buff Niag dr East pr pret.25
Carolina Pr dr Lt $7 pref.-•
Cent Ark Pub Serv pref.100
Cent Maine Pow 6% p1.100
$7 preferred
100
Cent Pr & Lt $7 pref...100
Cent Pub Serv Corp pref.'
Cleve Else Ill $8 pref___100
Columbus Ry. Pr & Lt
1st $6 preferred
100
100
$6.50 preferred B
Consol Traction(N J)_ _100
Consumers Pow 5% pref...
100
6% Preferred
100
6.60% preferred
Continental Gas & El
100
$7 preferred
Dallas Pow & Lt
pref 100
Dayton Pr & Lt $6 pref_100
Derby Gas & Elec $7 pref.'
Essex-Hudson Gas
100
Foreign Lt & Pow units__ _ _
C as & Else of Bergen...100
Hudson County Gas ___ _100
Par Bid Ask'
• 64
70
Idaho Power 6% prof
100 7712 SO
7% preferred
Illinois Pr & Lt 1st pref___• 1812 20
Interstate Power $7 prof.....' 1612 1712
5012
Jamaica Water Supply P1_50 48
Jersey Cent P & L $7 pf_100 6612 69
78
Kansas Gas dr El 7% pf 100 75
Kings Co Ltg 7% Pref
-10
0 83
prof.• 6312
Memphis Pr Az Lt
Metro Edison $7 prof B___• 72
71
6% preferred ser C____• 69
27
Mississippi P & L $6 prof..' 24
Miss River Power pref__100 8412 87
8
11
NIo Public Serv pref____100
12 312
Mountain States Pr com__•
912 12
100
$7 preferred
51
Nassau & Suffolk Ltg pf 100 46
Nebraska Power $7 pref_100 97
7
100 99 161
74
77 Newark Consol Gas
49
7112 75 New Eng Pow Assn 6% pf100 48
2812 32 New Jersey Pow & Lt $6 pf * 6512 70
64
67 N Y & Queens E L P pf 100 99 105
70
75 4 7612 Northern States Pr $7 pf 100 67
,
7812 81
.50 50
59
Philadelphia Co $5 prof.
...100 76
443 50 Somerset Un Md Lt.
4
South Jersey Gas & Elec.100 157 16396
Tenn Elec Pow 6% pref.100 4112 441.2
9014 9
5612 5912 United G & E(NJ) prof 100 35
39
153 160
70
75 Wash Ry & Elec com___100 290 300
100 92 111
5% preferred
9712
73
153 166 Western Power 7% pref_100 68
Bid
50
3112
1
2
2
7814
95
24
3112
17
36
50
61
7112
1514
14
1063
4
Ask
52
3314
2
4
4
8014
9712
26
35
1712
38
55
64
75
1612
1
108
Investment Trusts.
Par
1
Administered Fund
Amer Bankstocks Corp.....
Amer Business Shares
Amer Composite Tr Shares_
Amer & Continental Corp__
Am Founders Corp 6% p150
7% preferred
50
Amer & General Sec et A..'
Class B corn
•
$3 preferred
•
Amer Insuranstocks
Assoc Standard Oil Shares__
Bancamerica-Blair Corp.__ Bancshares. Ltd part shs 50c
Basic Industry Shares
•
British Type Invest A.__..1
Bullock Fund Ltd
Canadian Inv Fund Ltd....
Central Nat Corp class A__
Class B
Century Trust Shares
•
Commercial Nati Corp
Corporate Trust Shares____
Series AA
Accumulative series
Series AA mod
Series ACC mod
Crum & Foster Ins Shares
Common B
10
100
7% Preferred
Crum & Foster Ins corn. •
8% preferred
Cumulative Trust Shares •
Deposited Bank Shs ser A._
Deposited Insur Shs A..
Diversified Trustee Shs 13_
Dividend Shares
Equity Corp cv Prof
Equity Trust Shares
Fidelity Fund Inc
•
Five-year Fixed Tr Shares__
Fixed Trust Shares A
•
•
Fundamental Tr Shares A..
Shares B
•
Fundamental Investors Inc
General Investors Trust_ _1
Guardian Invest prof w war
Huron Holding Corp
Incorporated Investors...'
Independence Tr Shares..'
Indus dr Power Security....'
Internet Security Corp(Am)
•
Class A common
Class 13 common
•
634% preferred
100
6% preferred
100
Investment Co. of Amer
New common
10
7% preferred
•
Investment Trust of N Y..•
Low Priced Shares
Par Bid Art
•
218
Major Shares Corp
• 18.84
Mass Investors Trust
1.21 1.32
Mutual Invest Trust
Nation Wide Securities Co. 3.41 3.31
1.29 1.35
Voting trust certificates
3
N Y Bank & Trust Shares._
8234 16No Amer Bond trust ctts___
No Amer Trust Shares, 1953 1.85
2.40
Series 1955
2.38
Series 1956
2.50 2.5'r
5
Series 1958
100 65
70
Northern Securities
Pacific Southern Invest pf.' 2512 28
•
4
433
Class A
Is
Class B
.99 1.05
Plymouth Fund Inc ci A_100
1.35 1.46
Quarterly Inc Shares
Representative Trust Shares 8.60 9.35
1
Royalties Management
1
3
Second Internet Sec cl A___•
18
1
Class B common
50 28
35
6% preferred
1.24 1.32
Selected Amer Shares Inc__
Selected American Shares__ 2.70
Selected Cumulative Shs_ _ _ 6.89
Selected Income Shares_ ___ 3.57 4.13
53
8 6
Selected Man 'Trustees Shs_
17
177
s
Spencer Trust Fund
19
23 Standard Amer Trust Shares 2.90 3.15
.79 .85
93 Standard Utilities Inc
88
• 68.47 73.90
1712 2012 State Street Inv Corp
75 100 Super Corp of Am Tr Shs A 3.03
2.17
AA
4.10
3.17
2.25 2.50
2.20
BB_
3.15 3.45
5.78
78
7
5.79
3.20 3.50
21.30 1.42
2478
5 8 Supervised Shares
3
1.22 1.24
338 37
a
24
Trust Fund Shame
29
23
4 314
2.70 3.05 Trust Shares of America
47.05 52.83 Trustee Industry Shares - 1.08 1.20
C 2.12 2.50
Trustee Stand Investment4.03
2.10 2.45
8.51
58
3
Trustee Standard Oil Shs A
7.37
518
418
58
Trustee Amer Bank Shs A__ 2.16
4
Series B
.98 1.09
2.10 2756
1.30 1.45
4.32 4.79 Trusteed N Y Bank Shares
914 12 20th Century orig series -. 1.55
Series B
2.60 3766
.30 .50
334 43
18.08 19.63 United Bank Trust
4
2.17 2.45 United Gold Equities (Can)
1 2.40 2.67
Standard Shares
8
13's 143
218 23
United Fixed Shares tier Y__
4
14
1 4 214
,
114 United Insurance Trust____
14
1,
4
, US & Brit Int class Acorn'
2
18
12
16
20
•
Class B common
Preferred
7
12
16
20
•
1212 13
US Else Lt & Pow Shares A
2412 2712
2.16 2.26
23
Voting trust etts
.83 .91
434 5 s Un N Y Bank Trust C 3
4.05 4.40
3
512
Un Ins Tr Shs ser F
1.70
Bid Ask
15.89 17.27
1.14 1.18
1.02 1.11
5
33
4 43
714 814
20
18
20
18
5
8
1
38
43
13
212
47
51,s
3
23
1.0 1.25
3.2
.5
.75
121 1318
3.4 3.55
221 2412
212
181, 2018
338 418
2.05
1.97
1.97
2.31 2:4
71
2.31 2.44
Telephone and Telegraph Stocks.
Par Bid
Ask
Amer Dist Teleg(NJ)corn •
Cincin & Sub Bell Telep_.50 6 1 1'4 6734
69 s
Cuban Telep 7% prof.
.h00 28
35
Empire & Bay State Tel_100 44
_
Franklin Teleg $2.50.___100 3.31.
Int Ocean Teleg 6%...100 7712 85
Lincoln Tel & Tel 7%
• 891,
Mount States Tel & Te1.100 210612 110
New York Mutual Tel...100 1712
Par
New England Tel & Tel_100
Northw Bell Tel pf 634% 100
Par & Atl Teleg US 1%4_25
Boch Telco $6.50 1st pf_100
So & All Teleg $1.25____25
Tri States Tel & Tel $6___•
Preferred
10
Wisconsin Telep 7% prof 100
Bid Ask
91
89
107 1083
4
15
16
983 100
4
18
IGO
912 11612
107 11012
Sugar Stocks.
Par Bid
Ask
Parl Bid
Ask
100 69
79 Savannah Sugar Ref
• 881 2 94
us
17
8
7% preferred
•
100 95 100
United Porto Rican ct.1.5._-•
14
•
5
8 13
Preferred ctfs
8
3 Ex stock dividends.
z Ex dividends.
Fajardo Sugar
Hayden Corp Amer
2236
Financial Chronicle
Mar. 31 1934
Quotations for Unlisted Securities-Thursday March 29-Concluded
Chain Store Stocks.
Par
Ask
100
13 Lord & Taylor
let preferred 6%
100
64
100
Sec pref 8%
212
100
714 Melville Shoe pref
____ Miller (I) & Sons pref _ _ _100
MockJuds&Voeheger pf 100
70 ____ Murphy (G C)8% Pret_100
_ Nat Shirt Shops (Del)----•
301s
1st preferred
15
1012 _-2nd preferred
80
70
125 129 Newberry (J J) 7% pref _100
•
P111111Y-Wiggly Corp
29_ Reeves (Daniel) pref _ _ _100
100
1 -14 Schiff Co preferred
1012 --1
85 U 5 Stores preferred_ ._ _100
70
Par Bid
Bohack (II C)corn• 10
7% preferred
100 57
Butler (James) corn__ _100
12
Preferred
100
314
Diamond Shoe pref
100 57
Edison Bros Stores pref _100
Fan Farmer Candy Sh pf _ _•
Fishman (51 H)Stores_....•
Preferred
100
Great A .4: P Tea 1/1
Kobacker Stores pref._ _100
Kress(3 H)6% pref
10
Lerner Stores Net
100
Aeronautical Stocks.
Bid
Ask
135
85 -_-----80 ____
9212
4
113
65 __ _ _
105 120
114 3
18
92 -99
30412
100 --80
9
6
Industrial Stocks.
Par Bid Ask
American Arch $I
"
_
American Book 54
100 155112 5512
Amer Dry Ice Corp
912
5
2
1
American Canadian Prop_.*
American Cigar 56 pref_ A00 99
_
American Meter cool
* 10
13
Bliss(E W)let pref
50 2312
10
512
2d pref B
__
Bohn Refrigerator pref _ _100 11 15
Bon Am( Coil common _• 4012 4314
Brunsw-13alke-Col pre_ _100 4612 48
Canadian Celanese co___• 1812 2012
na
Preferred
100 115 11814
Carnation Co common_ _ _ _• 1434 17
Preferred $7
100 963
4
Chestnut & Smith pref _ _100
412 10
Color Pictures Inc
35
8 438
Colts Patent Fire Arms_ _ _25 2618 2718
Columbia Baking corn_ __ _•
8
5
8 13
414 584
1st preferred
•
Ili 3
2d preferred
•
Crowell Pub Co $1 corn__ _• 2012 2314
$7 preferred
100 8912
112
34
De Forest Phonofilm Corp__
25
Dictaphone Corp
* 22
Preferred
100 102_
59
Doehler Die Cast wet
• 50 Preferred
50 2612 30
Dixon (Jos) Crucible_ _100 50
54
_100
24
Douglas Shoe preferred_ _100 21
Draper Corp
• 5212 55
100
84
76
Driver-Harris pre!
Eiseman Magneto pret_100
612 11 12
212 318
Flour Mills of America_ _ _ _•
Gen Fireproofing $7 pf _ _100
Craton & Knight com____•
Preferred
100
Herring-Hall-Mary Sate_100
Howe Scale
100
Preferred
100
_
50
7
658 _- -34
4134 453
4
1812 22
114 3
63
4 912.
Par
Industrial Accept pref
Locomotive Firebox Co_ _ _•
Nlacfadden Publica'ns com 5
Macfadden Publica'ne pf _ _ •
Merck Corp $8 pref_ _ _ _100
•
National Casket
•
Preferred
National Licorice com_100
National Paper & Type_ 100
New Haver Clock pref _ _100
New Jersey Worsted pret 100
Northwestern Yeast____100
es
Ohio Leather
100
Okonite Co $7 pref
•
Publication Corp corn
100
57 1st preferred
•
Riverside Silk Mills
•
Rockwood & Co
Preferred
100
Roxy Theatre units
Preferred A
`
100
Ruberoid Co
Standard Screw
100
Stetson (J B) common__ •
25
Preferred
•
Taylor Milling Corp
Taylor Wharton Ir&St com •
100
Preferred
TennProducts Corp prof _50
Tubize Chatillon cum pt _100
U 3 Finishing pref
100
10
Unexcelled Mfg Co
Welch Grape Juice pref__100
White Rock Min Spring100
$7 1st preferred
$10 2d preferred
100
Wilcox-Gibbs corn
50
Woodward Iron
100
100
Worcester Salt
Young (J 5) Co com__ _ _100
100
7% preferred
As
Bid
33
30
63 6
-14
---'
23
8 312
1912 2112
121 126
3214 --_..
92 ____
2212
_ -9
--- 35
28
56 ---143 14613
2112 25
32 40
10
1212
8212 88
23
2414
_ -_
10
54
4912 14
3,
1
58
18
33
30
5412 59
11
9
1412 1612
9/4 1112
13
8 2
614 8
211 4'2
6012 6512
12
8
8
15
8 23
71
87
85
130
20
6
49
66
86
90
____
11
53
____
_- --
Chicago Stock Yds 5s_1961
Consol Mach Tool 78_1942
Consol Tobacco 45._ _1951
Consolidation Coal4;is 1934
Eqult Office Bldg 5s_ _ _1952
Haytian Corp 88
1938
Hoboken Ferry 55
1946
International Salt 5s... _1951
Journal of Comm 640_1937
Kan City Pub Serv 65_ _1951
Bid Ask 1
7512 7812
79 ____
99 ____
30 ____
30_ .
80 -90
77
86
7912
8912
98
26
Bid
Loew's New Brd Prop
J&D
lle 1945
Merchants Retrig 6s_..1937
NY & IIob F'y Is '46_ J&D
NY Shipbldg Is 1940.M&N
Piedmont & Nor Ry 58_1954 89
Pierce Butler & P 640_1942 8214 _- -43
4
Prudence Co guar collateral
1961 e5312 5612
544s
Chicago Bank Stocks.
Par Bid
100 112
First National
Harris Trust & Savings_ _100 225
100 360
Northern Trust Co
lAsk
3
4 1
114 314
Par
Klnner Airplane & Mot _ _ _1
Warner Aircraft Engine _ _ _•
Insurance Companies.
Ask
Par Bid Ask
Par Bid
Aetna Casualty & Surety _10 4914 5114 Hartford Fire
10 4914 5114
Aetna Fire
10 5014 6214
10 3612 3812 Hartford Steam 1,loller
Aetna Life
5 2012 213
4
10 173 1914 Home
4
134
1
10
Agricultural
25 5114 5234 Home Fire Security
10 1412 16
4
10 163 1814 Homestead Fire
American Alliance
14 -American Colony
10
412 6 Hudson Insurance
6
7
American Equitable
5 1814 2114
714 812 Importers & Exp. of N Y_25
10
American Home
63
4 814
914 1014 Knickerbocker
1012
8
5
American of Newark_ _ _ _245
Lincoln Fire
36
American Re-insurance.. _10 34
314 414
5
1812
American Reserve
10 17
2012 Maryland Casualty
25 19
13
4 213
2
American Surety
Mass Bonding & Ins
17
25 16
Automobile
10 1912 21
Nlerchants Fire Assurcom 245 30
32
4 Merch & Mfrs Fire Newark.5
3
Baltimore Amer
245
7
5
25 4912 5912
Bankers & Shippers
Boston
10
100 445 455 National Casualty
714 814
National Fire
10 4914 5114
2
Camden Fire
6 1614 1714 National Liberty
512 612
74
4
20 71
Carolina
10 183 2014 National Union Fire
New Amsterdam Can
914 1014
5
City of New York
100 162 172
4
Connecticut General Lite_10 2712 283 New Brunswick Fire
10 2014 213
4
13
10 11
13
4 214 New England Fire
Consolidated Indemnity_ _5
Continental Casualty
5 1314 1412 New Hampshire Fire__ _ _10 3412 3 4
53
Cosmopolitan Fire
10 1712 2212 New Jersey
20 2412 2612
New York Fire
5 11
133
4
4
210 23 Northern
Eagle Fire
6712
245
12.50 64
North River
Employers Re-Iruiurance_10 2212 25
2.50 1812 20
Excess
103 Northwestern National_ _25 99 103
4
5 10
5312
58
912
273
4
6012
60
11
293
4
Federal
10
Fidelity & Deposit of Md_20
5
Firemen's of Newark
Franklin Fire
5
5712 62
3512
34
614 714
1912 21
*
General Alliance
10
Georgia Home
Glens Falls Fire
5
Globe 0c Republic
5
Globe & Rutgers Fire_ _25
_25
Great American
5
Great Amer Indemnity_ _ _1
812
18
273
4
93
4
35
1812
814
10
22
291 1
1212
40
20
1012
Rochester American
10 1812 1912
St Paul Fire & Marine_ _ _25 126 129
Security New Haven__ _10 273 283
4
4
Southern Fire
19
10 17
Springfield Fire & Marire_25 89
92
Stuyvesant
10
33
4 43
.1
Sun Life Assurance
100 470 490
Halifax Fire
Hamilton Fire
Hanover Fire
Harmonia
1514
25
2714
1814
163
4
30
283
4
193
4
100 433 448
Travelers
534
5
11 S Fidelity & Guar Co__ _2
4 3614 3814
U 8 Fire
4
2 50 2214 233
Westchester Fire
10
25
10
10
Pacific Fire
25
Phoenix
10
Preferred Accident
5
Providence-Washington _10
Realty, Surety and Mortgage Companies.
Ask
Bid
212 312
12
4
Ask
8712 92
8912......65
70
8412 ____
84
1212
41
__ _ Realty Assoc sec 68'37_J&J e36
3012 61 Broadway 545e '50..A6c0 63
65
Stand Text pr 6455 '42 M&S 23 ____
5914 6134 Struthers Wells Titusville
1943 3712 42
01714 19
645s
7112 7412
Tol Term RR 4455'57_M&N 95
97
1937 101 103
9912 Ward Baking let 65
97
9
6
Witherbee Sherman tle_1944
40
50
28
2912 Woodward Iron 55 1952 J&J e3112 3812
Par Bid Ask
87
Amer Nat Bank & Trust_ 100 84
Continental III Bank &
100 4612 47
Trust
Ask
8
3
Par
Par Bid Ask I
134 Lawyers Title & Guar-_100
11 1
Bond & Mortgage Guar...20
10
27 IN Y Title & Mtge
Empire Title & Guar__ _100 20
138 2
Lawyers Mortgage
20
Industrial and Railroad Bonds.
Adams Express 4s '47_J&D
American Meter 6s 1946_ _ _
Amer Tobacco 48 1951_F&A
Am Type Fdrs 6s '37_M&N
Debenture 68 1939_ _IVI&N
Am Wire Fab 7s '42_151&S
Bear Mountain-Hudson
River Bridge 7s 1953 A&O
Par Bid
Aviation Sec Corp(N E)_ _•
6
Central Airports
•
1
Ask
115
232
370
New York Real Estate Securities Exchange
Bonds and Stocks.
Bid
Active Issues.
Home Loan BondsHome Owners' Loan Corp
_1951
4s (interest guar).._ _1951
99
Farm Mortoage BondsFederal Farm Mtge Corp
1964 100
310.
-
Ask
Active Issues.
Bid
Bonds (Concluded)
Mortgage Bond (N Y) 55s
1934
99,
4
(Ser 6)
New Weston Hotel Annex
65
1940
New York Athletic Club
6s
101
1946
111 John St Bldg 6E1_1948
Bondsaway & 38th St Bldg 7s 1945
Broadmoor (The) 65...._1941
1939
Butler Hall 68
Central Zone Bldg ctfs
Dorset (The) 68 Ws
18-20 East 41st 8t Bldg Ws_
11 Park Place Corp 0.1948
502 Park Av Bldg 8s'41 or ctf
41.. _.
19
- _
28 -- -12
33
35
__
25 -2
8
1212 -___
25 ____
15
Leftcourt State Bldg 610'36
Lincoln Bldg 512s w.stk 1963
Montague Court Office Bldg
1945
645s
Stocks
3312 ----Beaux Arts Apt Inc units__
4112 ____ City & Suburban Homes_ __
French (F F) Investing_ _ _ _
31
____ Hotel Barbizon. Inc
38
Ask
41
24
30
35
34
--
Park Central Hotel ate__ _ _
16
19
Pennsylvania Bldg 6s_ _1939 1712 --Penny (J C)Corp 5401_1950 100 .._ _Trinity Bldgecorp 5455_1939
2450 Broadway Bldg ars_
2124-34 away Bldg etre_ _ _
9112
--912
13
__
_1213
1513
12
8
312 5
114 214
50
Other Over-the-Counter Securities-Thursday March 29
Railroad Equipments.
Short Term Securities.
Bid Ask
Bid
A sk
Atlantic Coast Line Os
4.50 4.00 Kanawha & Nlichigan 6s___ 5.50 4.50
4.50 4.00 Kansas City Southern 540_ 6.00 5.00
Equipment 645s
Baltimore & Ohio Os
5.00 4.00 Louisville & Nashville Os-. 4.50 4.00
4.50 4.00
Equipment 4455 & bs
5.00 4.00
Equipment 645s
Buff Koch dr Pitts equip Os.... 5.00 4.20 Minn St P & SS M 4455 AL 58 12.00 8.00
Canadian Pacific 445s & 65_ 5.50 4.50
Equipment 645s &7s____ 12.00 8.00
4.20 3.75 Missouri Pacific 645s
12.00 8.00
Central RR of NJ tis
4.00 3.50
Chesapeake & Ohio 65
Equipment Os
12.00 8.00
Bid Ask
Equipment 6 3.5s
4.00 3.50 Mobile & Ohio be
12.00 8.50
Equipment 5s
4.00 3.50 New York Central 4455 & Is 4.75 4.40
98 ____
Equipment 65
9312 ____ Chicago & North West 6s.... 8.00 6.50
4.75 4.40
Equipment 7/1
8.00 6.50
Equipment 645s
90
4.75 4.40
84
87
Chic R I & Pac 4455 & 5s.... _ 11.00 8.00 Norfolk & Western 445s_ _ _ 3.60 2.50
84
86
11.00 8.00 Northern Pacific 7s
Equipment 6s
4.75 4.00
87
89
Colorado & Southern 6s..
5.50 5.00 Pactfic Fruit Express 7s_ .. _ _ 4.00 3.00
91-_-_ Delaware & Hudson 6s........ 4.75 4.00 Pennsylvania RR equip Is.... 4.00 3.75
85
88
5.00 4.60 Pittsburgh & Lake Erie 645e 6.00 5.00
Erie 4 3455*
4.40 4.00
98 100
Equipment 6s
5.00 4.60 Reading Co 434s & 6s
5.00 4.56 St Louis & San Fran 55....... 12.00 8.00
Great Northern 6s
101 103
5.00 4.56 Southern Pacific Co 445s_ _ _ 4.75 4.40
Equipment Is
99 100
4.20 4.00
4.75 4.40
Equipment 75
Hocking Valley 5s
98 ____
5.75 5.00
4.20 4.00 Southern Ry 4455 & bs
Equipment 6s
98
5.75 5.00
Equipment 65
4.75 4.40
Illinois Central 445s & 5s_
_.
4.75 4 40 Toledo & Ohio Central 65...... 6.00 5.00
Equipment 63
4.00 3.00
9075 78
Equipment 7s & 6 As_ _ _ _ 4.75 4.40 Union Pacific 7s
99
9112
9012 • No par value. d Last reported market. e Defaulted. x Ex-dividend.
Bid Ask
Bid !Ask
_ -Allis-Chal Mfg 58 May 1937 9714 97121 Mag Pet 445s Feb 15 '34-'35 1011
8 10118
F&A 100528(
Amer Metal 5455 1934_ A&O 100 1003 Union Oil bs 1935
8'
Amer Wat Wks Is 1934 A&O 103 11033
1
Water Bonds.
Ask
_ Hunt'ton W 1st 68'54_ _M&S
1st m 551954 ser B_ _M&S
946
94 -9
55 1962
8412 86
87 Joplin W W 5s'57 tier A M&S
85
Kokomo W WIs 1958 _ J&D
Monm Con W 1st 5556 J&D
99 101
95 ____ Monon Val W 5448 '50..J&J
95 ____ 'Bohm W W 1st 55'57_M&N
81_ . St Joseph Wat 55 1941_A&O
97 - - South Pitts Water Co9812
F&A
lst 5s 1955
94_
1st & ref 55 '60 ser A_J&J
- -14
98 100
1st & ref 5s'60 ser 18J &J
9712 ----Terre lite WW 65'49 A J&D
1st m 55 1956 ser B J&D
97 ____
94 ____ Texarkana W let 5s'58 F&A
79 ____ Wichita Wat 1st(is'49.M&S
1st m 55'56 ser B_ _ F&A
8512__
76 is
1st m 5s 1960 ser CIM&N
Bid
Alton Water 58 1956_ _A&O
Ark Wat 181 5* A 1956 _A&O
Ashtabula W W 5s'58_A&O
Atlantic Co Wat 55'58 M&S
Birm WW 1st 545s A'54A&O
1st m 58 1954 ser B__J&0
let be 1957 series C_F&A
Butler Water .5s 1957_ _A&O
City of Newcastle Wat 5s'41
City W (Chat) Is B '54 J&D
1st be 1957 series C_M&N
Commonwealth Water1st 55 1956 B
F&A
1st m 581957 ser C_F&A
Davenport W Is 1961_ _J&J
ES L & lot W Is 1942_J&J
1st m (le 1942 ser B__J&J
D.._. F&A
1st Is 1960 ser D._ ...F&A
0,
Financial Chronicle
Volume 138
2237
General Corporation and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL-MISCELLANEOUS.
Below will be found in alphabetical arrangement current news pertaining to all classes of corporate
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:
Gross Earnings.
Length of Road.
Month.
1933.
1932.
1933.
1932.
Mtles.
241.991
241.467
241.489
242.160
242,143
242.333
241.906
242,358
239,904
242,177
2.44.143
240,950
Bookings, Billings and Unfilled Orders.
The bookings in 1933 amounted to $14,270,940, whereas in 1932 they
were 512,316.555, an increase of $1,954,384. Unfilled orders as at Dec. 31
1933 aggregated $6,425,998, as against $5,441,825, at the close of 1932.
a gain of $984,172.
Unfilled Orders
Bookings.
YearBillings.
End of Year.
1929
$48,493,817.18
$12,872,676.07
$45,302,355.50
41,606,196.65
1930
41,475.949.05
13,002,923.67
1931
22,687,048.56
27.800,638.65
7,889,333.58
1932
12,316,555.65
14,764,063.83
5.441,825.40
14.270.940.50
13,286,767.73
1933
6,425,998.17
1933.
241.337
Consolidated Income Account for Calendar Years.
1932.
1931.
1933.
1930.
Sales billed
$13,286,768 $14,764,064 $27,800,639 811,475,949
Cost (incl. development,
selling, publicity and
adm.exp. & all taxes) 15,558,670 17.093,845 26,233.074 36,808,075
Depredation
976,482
828,716
643,259
857.351
January
February
March
April
May
June
July
August
September
October
November
December
228,889,421
213,851,168
219.857,606
227,300.543
257.963,036
281.353.909
297.185,484
300,520.299
295,506,009
297.690,747
260.503,983
248,057,612
274,890.197
266,231.186
288,880,547
267.480,682
254,3/8,672
245,869,626
237,493,700
251,782,311
272,059,765
298,084.387
253.225,641
245.760.336
-46,000,776
-52,380,018
-69,022,941
-40.180,139
+3,584.364
+35,484,283
+59.691,784
+48,737,988
+23.446,244
-393,640
+7.278,342
+2,297.276
January.
1934.
257,719.855
1933.
226.276,523
+31.443,332
1934.
239,444
Net Earnings.
(-1-) or Dec.(-).
Month.
1933.
January
1932.
Amount.
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
56.187.604
68.356,042
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
-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
36.94
-6.55
+57.85
+100.87
+117.74
+53.64
+13.39
-7.46
+4.64
+2.19
1934.
62,262,469
1933.
44.978,266
+17,284.203
+38.43
Per Cent.
Abraham & Straus, Inc.
-Earnings.
Years Ended Jan. 31
Net income after all chgs.
and taxes
Earns. per sh.on 155.155
shs, corn. stk. (no par)
-V. 138, p. 1562.
1934.
1933.
1932.
1931.
$666,155
$108,155
$741,829
$910,050
$3.01
$1.10
$3.16
$4.16
Agricultural Insurance Co. of Watertown, N. Y.
Increases Dividend.
The directors have declared a quarterly dividend of 65 cents per share
on the capital stock, par $25. payable April 2 to holders of record March 26.
Distributions of 55 cents per share were made on Jan. 2 last and on Oct. 2
1933, as compared with 513 cents per share paid on July 1 1933.-V. 137.
p. 2275.
Akron Canton & Youngstown Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 2076.
1934.
$148,096
64,484
38,314
1933.
$106,198
35,363
13,961
1932.
$134,033
51,822
28,728
1931.
$156,582
48,750
19,523
278,161
109,811
60,309
220,341
70,861
26,503
259,411
86,765
41,578
316,403
89,320
34,600
Alabama Great Southern RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Not from railway
Not after rents
-V. 138. p. 323.
1934.
$371,000
77,136
64,642
1933.
*269,839
def6,277
def48,255
1032.
$336,937
def7,409
def43,017
1931.
$481,243
11,601
def25,773
7613,458
163,442
116,477
562.288
9,327
def83.390
699,364
def30,737
def104,306
1,012,798
53.906
def11,378
Alabama Power Co.
-Earnings.
A Subsidiary of Commonwealth & Southern Corp..
Period End. Feb. 28- 1934-M66th-1933.
1934-12 Mos.-1933.
*1,303,129 $1,225,965 315,588,505 $15,336,295
Gross earnings
Operating expenses, incl.
maintenance dr taxes..
608,667
491,725
6,602.370
6,371,815
392.639
Fixed charges__ _ _ _-..-392,167
4.699,649
4,629,545
97,845
Prov. for retirement res_
86,333
1.097,123
952,866
Net income
Dividends on pref. stock
Balance
-V. 136, p. 2597.
$203,977
195,188
$255,738
195,183
$3,189,361
2.342,276
$3,382,067
2,341,548
$8,788
$60,555
$847.085
$1,040,519
--•-Alleghany Corp.-To Increase Capitalization.
The stockholders will vote May 2 on increasing the authorized capital
stock by 3,850,000 shares of common stock and 150,000 shares of now prior
preferred convertible stock of no par value.
-V. 138, p. 2076.
--J---Alexander Building Corp., Montreal.
-To Pay on
Income Bonds.
The corporation has declared a payment of 134% on April 1 next, on
account of interest on the 6 % first mortgage cumulative income bonds.
A similar payment was made by the corpOration at the beginning of last
October.
-V. 137, p. 2465.
Allied-Distributors, Inc.-Investment
Slightly Lower.
Trust Averages
Investment trust securities reacted moderately during the week ended
March 23, it is announced. The average for the common stocks of the
Allied Kid Co.-Removqfrom List.-I
The New York Curb Exchang&has removed from unlisted trading privileges the $6.50 convertible preferred stock (no par).
-V. 136. p. 3910.
Inc.(+) or
Dec.(-).
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
January
February
March
April
May
June
July
August
September
October
November
December
10 leading management trusts, influenced by the leverage factor, as compiled by the above corporation, stood at 14.39 as of the close of the latter
date, compared with 15.24 on March 16.
The average of the non-leverage stocks stood at 15.39 as of the close
March 23, compared with 16.12 at the close on March 16. The average
of the mutual funds closed at 11.07, compared with 11.38 at the close of
the previous week.
-V. 138, p. 2088, 1920.
Allis-Chalmers Mfg. Co.-Annual Report.
-
Operating income__ _def$2,915,161df$3,158,498
Other income
809,207
976,455
$591,083
1,488,498
$3,810,523
616,086
def$2,105,954df$2,182,043
Net profit
Deb. int, and discount__
773,000
787,952
*2,079,581
823,149
34.426,609
822,000
def$2,893,905df$2,955,043
160,634
$1,256,431
1,815,228
$3,604.609
3.772.429
$558,797
1,312,252
$0.96
$167,820
1,258,400
$2.86
Net income
Common dividends
Deficit
$2,893,905
Corn. abs. out. (no par)_ 1,322,788
Earns. per sh. on com__ _
def$2.19
$3,115,677
1,291,677
def$2.29
Comparative Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
Assets
Liabilities
y Common stock...39,685,321
x Factory sites,
Funded debt
13,858,000
bldgs., macleY.
Accounts payable
equip., patents,
patterns, drawand payrolls
1,531,495
ings & good-w11139,067,931 39.861,532 Advances received
10,117,897 11,758,355
Inventories
on contract_ _ _ 103,768
zAccts.& notes rec. 9.876,250 11,660,174 Reserve for erection and compleSundry market sec. 2,359,867 2,158,511
tion of contracts
Cash in banks and
3,980,488 3,009,509
on hand
billed
549,097
Res,for reedy. and
Land sale contcontingencies
2,000,000
tracts and prop.
Accrued taxes
579,141
not required for
mfg. operations_ 1,056,374 1,068,360 Debenture interest
Deferred charges
281,831
accrued
388,706
116,358
Employees' stock
Employees' liabil514,610
subscriptions.-- 643,232
ity for accident
compensation
129,957
8.830.731
Surplus
1932.
39,285,448
13,912,000
1,640,051
216,292
679.120
2,000,000
703,025
116,633
142,549
11,724,636
67.383,870 70,419,756
Total
67,383,870 70.419,756
Total
x Less depreciation of $15,506,445 in 1933 and $14,870,725 in 1932.
y Represented by 1,322,788 no par shares in 1933 and 1,291,677 in 1932.
After reserves of $524,303 in 1933 and $482,174 in 1932.-V. 138, P. 1563.
Alton RR.-Earnings.FebruaryGross front railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 137, p. 1009.
1934.
$894,916
180,868
def20,452
1933.
$931,969
236,291
7,504
1932.
$1,159,649
243,762
8,578
1931.
$1,547,086
274,405
57,435
1,849,744
377.321
def23,064
1,867,633
393,071
def38,834
2,405,921
446,954
def18,158
3,161,089
365,190
def154,252
---American Beverage
Agreement.
-
Corp.-Change in
Underwriting
Referring to the listing application dated Feb. 8 1934. The Committee
on Listing of the New 'York Curb Exchange has received the following
notice from the above corporation:
"Edgar H. Stopper & Co., Inc., with our consent, has withdrawn as
underwriter of the 7% cony. pref. stock of the American Beverage Corp.
and a new agreement practically identical in form has been entered into
with E. T. Duvall & Co., Inc., 25 Broad St., N. Y. City. . . . The
necessary amendments to the registration statement and prospectus were
filed with the Federal Trade Commission and by its order became effective
as of March 14 1934." See also V. 138, P. 2088.
American Colony Insurance Co.-Merger Effected.
The above company, the Americanerchant Men Marine Insurao Co.,
and Colonial States Fire Insurance Co., all controlled by the Interstate
Equities Corp., which is a subsidiary of the Equity Corp., have effected
a merger into a new company known as Amencan Colony Insurance Co.,
according to an announcement made by the Equity Corp.
According to the terms of the merger, approved on March 24 by the
Insurance Department of the State of New York, the capitalization of
the new company is 40,000 shares of $5 par value. Each share of stock
of the old American Colony Insurance Co. is made equivalent to 0.3821
share of stock of new American Colony Insurance Co.stock and each share
of Colonial States Fire Insurance Co. stock is made equivalent to 0.1815
share of the new American Colony Insurance Co. stock.
The American Colony Insurance Co. (old) owned 100% of the stock of
American Merchant Marine Insurance Co. Thus, 71.64% of the stock
of the new company is to be in the hands of holders of stock of the ola
American Colony Insurance Co. and 28.36% in the hands of Colonial
State Fire Insurance Co. stockholders.
One effect of this merger will be that Interstate Equities Corp. will
own approximately 75% of the capital stock of the new company. As of
Dec. 31 1933 the three fire insurance companies involved in the merger
reported combined net assets of $1,177,218.-V. 138, p. 1563.
2238
Financial Chronicle
American Commercial Alcohol Corp.-Proposed -Acguisi- -
Ann Arbor RR.
-Earnings.
-FebruaryGross from iallway
Net hem railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138. p. 2076.
Thestockholders will vote April-3 on approving the organization anti
acquisition of stock of the Maister;Laboratories, Inc., and of Noxon, Inc.
and the issuance, exchange kand sale of 25,000 shares of common stock
of the American Commercial Alcohol.Corp. issued in connection therewith,
the issuance and sale of 40,949 shares of common stock of the latter corporation offered to the stockholdersjand the individual participation of
certain officers and directors in the underwriting and marketing of such
shares.
-V. 138, p. 1920, 1564.
1934.
$248,429
48,656
14,2,50
1933.
$206,551
16,243
def18,890
1932.
$267,584
34,423
def6,806
1931.
$341,893
68.250
17,344
495,3b0
86,462
22.739
413,484
27.412
del
.
..0,001
519,692
54,076
def2b,032
b70,492
110,101
8.873
Armstrong Cork Co.
-New President, &c.
American Hardware C
lyp.-Removedfrom List.
H. W. Prentis Jr., has been elected President succeeding John J. Evans,
who has been made Chairman of the Board.
-V.138, p. 2088.
The New York Curb Exchan has removed from unlisted trading privileges the capital stock (par $25L-V. 138, p. 1746.
rrow-Hart & Hegema Electric Co.-Removedfrom List d
I
American-Hawaiian Steamship Co.
-Earnings.
[Including Williams Steamship Corp., wholly owned subsidiary.]
Period End.Feb.28- 1934
-Month-1933.
1934-2 21fos.-1933.
Operating earnings
$551,478
$646,733 $1,261,418 $1,453,849
Oper. & gen. expenses...
630.570
654.484
1.334,051
.,405,201
Net deficit from oper_
Other income (net)
$79.091
2,611
$7,751
1.099
$72,632
5,254
Total deficit
Provision for deprec
$76.480
48,287
$6,651
50,373
Total deficit
Profit on sale ofsecurities
$124,768
12,514
$57,025
$168,763
15,813
$112,253
$57,025
$152,949
$54,453
pf.$48,647
2,710
American Ice Co.
-New Director, &c.
George Lange, Vice-President of the company, has been elected a director. succeeding J. Leonard Replogle. Other directors were re-elected with
the exception of Thomas Howell, resigned.
President C. C. Small at the annual meeting held on March 27 stated
that first quarter earnings were running a little behind last year.
-V. 137.
P. 3499.
-"American Republics Corp.
-Receivership Ends.
-
An order directing receivers of the corporation to turn over to the corporation's officers all assets and property of the corporation, was signed by
Chancellor J. 0. Wolcott March 23 on petition of the receivers. The
order states the corporation, which has been in receivership two years, is
now solvent and interests of its creditors and stockholders can best be served
by its officers.
Immediately after an order discharging the receivers was signed two
amendments to the company's certificate of incorporation, which was
approved recently by the stockholders, were filed with the Secretary of
State of Delaware. One amendment provides for an issue of 2,000,000
shares of common stock ($10 par), as of Jan. 1 1934. to take the place of
100.000 shares of 7% preferred stock and 400,000 shares of no-par common
stock now outstanding. Eleven shares of the new common stock will be
Issued for each share of preferred stock and one share of new common
stock will be issued for each share of the present common stock.
The second amendment eliminates all accrued dividends on the preferred
stock in excess of $8.43 a share, which had accumulated up to March 16
1932. the day the receivers were appointed. Within 60 days the directors
are to declare a payment of $3.43 a share on account of the accrued dividends
in cash and issue serial notes for $5 on each share, the notes to be payable
in equal amounts on June 30 and December 31.-v. 138, p. 1747.
r American Smelting & Refining Co.-Enters into Devel-
opment Contract.
-See Kildun Mining Corp. below.
-V. 138,
p. 1733.
American Sumatra Tobacco Corp.-Bal. Sheet Jan. 31.
Assets1934.
1933.
1934.
1933.
a Plantations, liveb Capital stock_ __$2,884,000 $2,884,000
stock, equip.,&c.$4.839,988 $4,929.004 Accounts payable_
1,163
635
Cash
525,582
477,979 Accr. pay-rolls, arc.
31,011
14,811
Notes & accts. rec. 240,304
556,202 Insurance & conInventories
1,458,221 1,129,266
tingent reserve..
29,963
33,945
Prepaid insur., &c. 116,607
84,307 Initial surplus____ 1,749,342 1,749,342
Emig.stk. account
1,265
3,130 Capital surplus__ 2,409,860 2,443,931
c Com.stk.otcorp.
4,340
3,840 Earned surplus_ _
79,967
57,063
Total
$7,185,306 $7,183,728
Total
$7,185,306 $7,183,728
a After depreciation. b Represented by 193,105 no par shares. c Represented by 87 (77 in 1933) shares acquired from former employees.
-V.137,
P. 3843.
American Type Founders Co.-, Piling-Proofs-of-Claim.
The holders of the 6% bonds due 1937 and 1939 and the 15
-year debentures due 1940 are advised by the protective committee (Albert Forsch,
Chairman) that the six months' period during which claims may be proved
in bankruptcy proceedings under the law will expire in the case of the
company on April 4. Consequently, it is of great importance that all
holders of the above mentioned securities, who do not deposit with the
depositary of the committee and furnish it with executed proofs of claim
in respect of their securities in time to permit the filing of same in their
behalf on or before April 4 should file proofs of claim on or before that
date, with the referee in bankruptcy, George R. Beach, 75 Montgomery
St Jersw City, N. J.
,
k
Debtures Off List.
Y
:
i
lise315-yearTsinkingifunC gold debentures, due Oct. 1 1940, will be
ew York Stock Exchange
stricken from the list of th
.
.
)m April 2.-V. 138.
P. 1564.
American Water Works & Electric Co., Inc.
-Output.
Output of electric energy;of thalcompany's electric properties for the week
ending March,24 1934:Metaled 36.673,000 kwh, an increase of 35% over the
output of 27,161,0003kwh for the corresponding period of 1933.
Comparative:table of weekly output of electric energy for the last five
years follows:
Mar 3.
.
Mar. 10.
Week EndedMar. 17.
Mar. 24.
35,875,000 35,441,000 36.293.000 36,673,000
1934
28,168,000 27.419.000 26.745.000 27,161,000
1933
29,735,000 29,676.000 29,498,000 28,629,000
1932
34,656,000 35,364,000 35,052,000 33,929,000
1931
37.369,000 37,980.000 37,824,000 37,507,000
1930
-Month-1933.
1934-12 Mos.-1933.
Period Ended Feb.28- 1934
$3,800,479 $3,381,322 $43,222,468 $42,361,452
Gross
Net after taxes
1,905.163
1.728,732 22,396,366 21,606,149
*Surplus after charges
3,556,496
3,170,381
Preferred dividends
1,200,000
1,200,000
Surplus for common
$2,356,496 $1,970,381
*After depreciation, depletion and preferred dividends of subsidiaries.
-Company In its annual report to stockholders for the
Annual Report.
year ended Dec. 31 1933 shows net income, after all charges and reserves,
of $3,337,317. This is equivalent, after preferred dividends of $1.200.000
to $1.22 a share on the 1,748,956 shares of common stock outstanding,
and compares with adjusted net earnings of $3,596,422 or $1.38 a share
-V. 138. p. 2078.
on 1,735,515 shares outstandingithe previous year.
-Annual Meeting Adjourned.
' Woolen Co.
American
The annual meeting of stockholders called for March 27 has been adjourned due to lack of a quorum until April 24,
/0." In response to a stockholder's question as tci why the recently declared
preferred dividend was $1.25 per share in amount instead of 161.75, to which
the stock is entitled quarterly. L. J. Noah, President, said that on account
of present conditions which necessitate carrying a large inventory and much
larger accounts receivable, it was in the interest of the corporation to con-V. 138, p. 1233.
serve working capital as much as possible.
The New York Curb Exchange as remwed from unlisten trading privies the common stock (par 81 ).-V. 138, p. 1921.
--Associated Electrical Industries, Ltd.-Div. Reduced.
-
$54,453
Net loss before Federal
taxes
-V.138. p. 1920.
T
'1
$67.378 prof$51.358
101,385
105,812
Mar. 31 1934
The company has declared a dividend of 3% on the ordinary shares for
the year 1933, compared with 4% paid for 1932, 4% for 1931 and 6% for
1930.-V. 134, P. 2913.
Associated Gas & Electric Co.
-$12,496,000 Less for
Investors.
-In an advertisement the company states:
Customereare paying less for electric service. Expenses are increasing
due to the NRA. Government is.receiving more in taxes. Employees
are protected by a comprehensive insurance plan. But Associated Gas
& Electric Co.stockholders are receiving no dividends. Convertible obligation holders arelreceiving no interest. Debentureholders' interest was not
earned (on a consolidated basis) by more than $3,000,000 in 1933.
Efforts to raise commodity prices continue. Efforts to reduce cost of
electricity become more intense. Yet the present cost of living is 35%
higher than it was in 1913, whereas the cost of residential electricity is
36% lower.
If Associated Gas & Electric System customers had been charged the
1928 average rate for 1933 use of electricity, residential customers would
have paid $5,592,000 more-commercial and power customers $3.108,000
more
-a total of $8,700,000.
Reductions in cost of electricity have been made against a rising tide of
taxes. If the Associated Gas & Electric System had paid the 1926 tax rate
on 1933 operating revenue, the tax bill would have been $3,128,000 less.
Electric rates are far below, and taxes are far above, the levels to which
attempts are being made to raise commodity prices. Customers are paying much less-Government is receiving much more-employees are insured.
The sum total is $12,496,000 less for interest and dividends.
If customers had paid the 1928 average rate for 1933 use of electricity, if
taxes for 1933 had been paid at the 1926 rate, and if employee insurance
had not been in effect, then earnings on the class A stock held by over
103.000 investors would be $.52 per share and 70,000 holders of preferred
and preference stock (whose dividends have been passed)and of convertible
obligations (whose interest is not being paid) would receive the cash
return to which they are entitled.
The decrease of $12,496,000 in earned income available for investors in
1933 is $4,154,000 greater than the one resulting from a similar calculation
based on 1932 operating revenue. If ruinous tax and rate raids continue
through 1934 and succeeding years at the same rate, the utilities soon will
be unable to earn operating expenses and taxes, to say nothing of interest
and dividends.
The Associated plan of rearrangement of debt capitalization was designed
to meet the situation that has developed as a result of there being $12,496,000
less for investors. The plan aims to protect debentureholders against a
breakup of the system resulting from further adverse developments that
cannot be controlled by management. Its general acceptance by debenture holders should assure continuity of the company.
Production Higher.
For the week ended March 17 the Associated System reports net electric
output of 52,656,945 units (kwh.), an increase of 14.3% over last year.
This compares with an increase of 14.7% reported for the four weeks to
date. Comparison with the same weeks of last year is difficult because of
the abnormal industrial conditions prevailing last year due to the bank
holiday.
Gas output of 393.704.200 cubic feet was 19.1% above the same week
of last year.
Mr. C. A. Greenidge, Vice-Pres. of Utility Management
Corp., on March 29 issued a statement which says in part:
The grouping of four letters written in 1927 and 1928 in the news story
which has been sent out from Washington to-day IMarch 291 in connection
with the hearing before the Federal Trade Commission has left the implication that the Associated Gas & Electric Co. has been a party to improper
payment to public officials in connection with legislation affecting public
utilities.
This is absolutely untrue. Neither the Associated Gas & Electric Co.
nor its subsidiaries have ever made any payment to any public official
for the purpose of influencing him in any way.
There is nothing secret or sinister in connection with the payments made
by a subsidiary of Associated Gas & Electric Co. to Warren T. Thayer.
Mr. Thayer was for many years prior to 1924 one of the owners of Chasm
Power Co., a small electric company operating in Northern New York,
and was Vice-Pres. & Gen. Mgr. of that company. The company had been
established and operated by local interests for the purpose of supplying
electricity to Mr. Thayer's home village and the farmers living in the
surrounding territory. Late in 1924 Mr.Thayer sold control of this company
to Associated interests, and in accordance with his contract he continued
as an officer for some time thereafter. In his contract it was agreed that
the company had good franchises for the territory in which it operated.
It later developed that the franchise in the village of Chateaugay had expired.
and Mr. Thayer undertook to secure a new franchise for the company.
He merely did what any honorable man would do, namely attempted to
make good on his contract. The expenses referred to were legitimate
expenses incurred on behalf of the company in connection with obtaining
the franchise. There was no secrecy about the matter and the payments
made were proper expenses to be paid by the company.
The effort to twist the payment of expenses of Mr. Thayer in the franchise matter into a charge of improper political actvilties is merely another
indication of the extent to which the foes of utilities are willing to go to
mislead the public in an unjustified campaign to create hostility against
the utilities in New York State so that pending legislation, which is designed
to destroy private operation of utilities in this State. may be forced through
the legislature.
-V. 138, p. 2079.
Associated Oil Co.
-President Issues Statement Regarding
Indictment of Company and Its Officers-Denies Sales Practices Violate Code of Fair Competition.
William F. Hemphrey,President, has issued a statement in which he says:
"The announcement of the action of the Federal Grand Jury at Los
Angeles in voting indictments against the Associated Oil Co. and its officers
and directors comes as a surprise.
"The Associated Oil Co. has always endorsed and supported the purposes
and principles underlying the National Industrial Recovery Act, the President ta Re-employment Agreement and the code of fair competition for the
petroleum industry. It has co-operated in every way to stabilize conditions in the petroleum industry and prevent disastrous price wars. In
fact. the Associated Oil Co. was the first oil company in the United States
to take steps to have toe oil industry subscribe to the President's Emergency
Blanket Code for reducing hours of labor and establishing minimum wages.
"The charge made that the practice of a company selling a product to
another company for resale under the brand name and at the prices of the
purchaser is a violation of toe code of fair competition for the petroleum
industry is directly in conflict with the ruling of the Planning and Coordination Committee of the Petroleum Industry, members of which were
appointed by toe President of the United States and al e charged with the
administration of the code of fair competition for tho petroleum industry
under the jurisdiction of the Petroleum Administrator, Secretary of the
Interior Harold R. Ickes. The practices complained of in the indictments
have been ruled by the committee as not being in violation of tne code
of fair competition for the petroleum industry.
The Associated Oil Co. has been doing business with the Seaside Oil Co.
since 1920, and has sold that company a part of its gasoline requirements
Financial Chronicle
Volume 138
since 1928. The practice of one manufacturer making products to be sold
by the purchaser under different brands and at different prices is a general
trade practice not only in the oil industry throughout the United States,
but in practically every line of business. Many of the oil companies on
the Pacific Coast not named in the indictments returned last night at Los
Angeles, are selling gasoline to other companies for resale under other
brand names and at other prices, and therefore if the practices are against
the code of fair competition, as claimed by the United States District
Attorney, these companies and many other oil companies in the United
States are violating the code of fair competition for the petroleum industry.
"The Associated 011 Co., its directors, officers and employees have always
been and still are in complete sympathy with the efforts of President Roosevelt to improve conditions through tne reduction of unemployment and
the stabilization of this industry. It is therefore unfortunate that they
should be penalized by an apparent disagreement between the Department
of Justice on the one hand and the Planning and Co-ordination Committee
and the Petroleum Administrator on the other, concerning a proper interpretation of the provisions of the code of fair competition for the petroleum
Industry promulgated under the NRA."-V. 138. p. 864.
` ,Associated TelephonerlItilities Co.-Removed from List
khe New York Curb Exchange has removed from unlisted trading privi
T
leges the $6 and $7 prior prefer d stock and the $6 convertible preferred
class A stock, all of no par value, and the certificates of deposit therefor.
-V. 138. p. 150.
Atchison Topeka & Santa Fe Ry.-Earnings of System.
[Includes Atchison Topeka & Santa Fe Ry., Gulf Colorado & Santa Fe Ry..
Panhandle & Santa Fe Ry.1
Month ofFebruary1934.
1931.
1933.
1932.
Railway oper. revenues.. $8,442.734 $7,702,526 $10,768,107 $13,186,844
Railway oper. expenses_ 7,216,609 7.277,873
8,702,131 10,706,570
Railway tax accruals_ __
876.219 1,003,231
1.112,705
1.052,746
Other debits
106,168
131,486
91.923
246,757
Net ry. oper. income_ $243,737 def$710,064
$921,305 $1,120.810
Average miles operated_
13,335
13,558
13.343
13,545
2 Mos.End.Feb. 28Railway oper. revenues_$17,340,642 $16,319,132 $21,352.092 $27,847,748
Railway oper. expenses.. 14,957,525 14,888,526 18,144.076 22,386,850
Railway tax accruals_ -- 1,801.231
2.001,862
2,190.979 2.348,308
Other debits
220,394
221,631
277,141
509.250
Net ry. oper. income_ $361.492 def$848,394
$795,404 $2,603,340
Average miles operated_
13,335
13.558
13,545
13.339
Earnings of Atchison, Topeka& Santa Fe Ry.February
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V. 138. P. 1738.
1934.
1932.
1933.
1931.
$7,055,222 $6,311,953 $8,769,028 $11,172,817
1,141,122
361,644
1,721,229
2,322,726
446,359 def462,378
909.582
1,324,495
14,433,004
2,126,707
687,667
13,255,297
1,070,068
def582,800
1934.
$240,835
9,828
def18,625
1933.
$174,856
def25,461
def49,245
476,412
7,619
def47,325
369,901
438,227
562.037
def37,403 def131,486 def121,288
def88,101 def192.493 def190,907
1932.
$224,381
def46,920
def74,219
1931.
$269.975
def53,361
def90,413
Atlanta & West Point R R.-Earnings.
February
Gross from railway
Net from tailway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.136, P. 3152.
$111,g94
11,434
def5,920
226,426
20,088
def15,879
1933.
1932.
$85,363 , $111,152
def10.075
def4,612
def29,108
def26,430
180,303
def21,393
def59,814
230,614
defl 1,822
def53,705
1934.
1933.
$1,903,306 $1,787,929
1,772,884
1,629.585
19,655
20,908
Operating income
Other income
$110,766
3.793
$137,435
6.227
Gross income
Interest and rentals
$114,559
146,302
$143.662
144,544
$31,742
$881
Deficit
-V. 136, P. 3539.
-Earnings.
Atlas Pipeline Co., Inc.(& Subs.).
Earnings for Year Ended Dec. 31 1933.
Gross operating income
of crude oil, operating expenses, maintenance,&c
Cost
Interest charges, taxes, &c.(incl. Federal taxes)
$5,309,705
3,990,872
333.906
$984,927
69,865
Balance
Non-operating income, miscellaneous adjustments
$1.054,792
308,533
Total income
Reserve for depreciation, &c
$746,259
$1.49
Net profit
Earns, per share on 500,000 shs.cap.stock (no par)
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
AssetsPipe lines and property
$4,145,844 Atlas, 1st mtge. 7% ser. bonds $325.000
1,353,313 SEPL Co., 1st mtge.7% cony.
Refinery investment
683.000
368,673 sinking fund bonds
Tank cars
84,945 SEPL CO., 534% tank car
Marketing equipment
71.000
equipment trust notes
Office building
107,828
25,000
Mtge. note on office bldg
Leases & equipment, royalty &
147,065 Trade acceptances discounted_ 219,854
other investments
123.167 Bills and accounts payable__ 536,313
Cash
18.365
429,949 Accrued interest
Bills & accts. receivable
12.895
38.463 Other current liabilities
Other current assets
594,422 Res. for inc. & other taxes_ __ _ 202,548
Crude & refined oils, &c
56,424 Res. for depr., deplet. ai obsol. 2,647,940
Prepaid items & other assets
x Capital stock and surplus_ __ 2,752,622
lJnadJusted-Discount & ex44,645
penses on funded debt
Total
$7,494,737
Total
-V. 138, p. 328.
x Represented by 500,000 no par shares.
$7,494,737
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Atlas Tack Corp.-Meeting Postponed.
The annual meeting which was scheduled for March 20 has been postponed until April 9. The stockholders will at that time vote on approving
the proposition to write off against capital surplus the operating deficit
accrued to Dec. 31 1932.-V. 138. p. 2089, 1921.
1931.
$160,753
2
-Avondale Mills, Birmingham Ala.-Initial Dividend.
11
-177 def8,451
'
The directors have declared an initial dividend of 25 cents per share
holders of record March 15.
on the common stock, par $5, payable April 1 to
319,856
and the usual semi-annual dividend of 4% on the 8% Pref. stock. Par $100.
14,595
payable April 16 to holders of record April 14.-V. 135, p. 130.
def24,750
-Receives More Ord3rs.Baldwin Locomotive Works.
Atlantic Bancshares,Ltd.(Calif.).-Not a Fixed Trust.
-
In our March 10th issue, page 1631, in discussing new capital
we refer to Atlantic Bancshares, Ltd., and Pacific Bancshares, flotations,
Ltd. (two
California corporations sponsored by Duncan, Collins & Co., Los Angeles,
the capital stock of which is being currently offered to residents of Califfornia), as fixed trusts. Our attention is called to the fact that the descriptive prospectuses state that these corporations are investment companies
of the limited management type designed to provide a group investment
In bank stocks.
-V. 138, p. 1045.
Atlantic Coast Line RR.-Earnings.
-
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
Atlantic Gulf & West Indies SS. Lines.(& Subs.).
Month of JanuaryOperating revenues
Operating expenses (including depreciation)
Taxes
17,522,267 23,589.095
2,688.624
5,092.127
953,838
2,967,892
Atlanta Birmingham & Coast RR.
-Earnings.
-
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 136, p. 2458.
2239
1934.
19.3.
19.2.
1931.
$3,976,224 $3,551,047 $4,247,091 $6,013,094
1.361,170
1,154,470
1.176.351
2,118,571
807.119
566.353
563.314
1.349.961
7.893,581
'2,515.686
1.459.554
7.181.928
2,239,962
1,102,469
8,423,270 11,696,605
2,017,210 3,609.759
822.160
2,131,726
Bonds Authorized.
The L-S. C. Commission on March 15 authorized the company to pledge
and repledge not exceeding $15,000,000 of gen. unified mtge. 50
series A 4%% gold bonds, as collateral security for short-term notes. -year
The supplemental report of the Commission says in part:
Our order of April 3 1928 authorized the company to procure the authentication and delivery of not exceeding $73.237,000 of gen. unified mtge. 50
year series A 4%% gold bonds in exchange for temporary gen. unified
mtge. bonds and due bills for such bonds theretofore certified and delivered
to the applicant in respect of capital expenditures. By a supplemental
application filed March 7 1934, the applicant asks authority to pledge and
repledge from time to time not exceeding $15,000,000 of these bonds as
collateral security for any short-term note or notes which it may issue
within the limitations of Section 20a (9) of the Inter-State Commerce Act.
The applicant shows that there will mature on April 1 1934 $4,056,000 of
6% and $2,444,000 of 5% 1st mtge. bonds of the Savannah Florida &
Western Ry. which were assumed by the applicant and are classified as
underlying obligations in the gen. unified 50
-year gold mortgage dated
April 1 1914. The applicant states that it does not have sufficient funds
in its treasury to retire the underlying bonds at maturity, and that it cannot
renew or extend the maturing bonds because of certain provisions of its
gen. unified mortgage and its 1st consol. mortgage. It also states that
it has been advised that it is not possible to secure the funds required
for the retirement of the maturing bonds by the sale of the gen. unified
mtge. bonds, now held in its treasury, at fair and reasonable prices.
To provide the funds for the retirement of the maturing bonds, the
applicant will borrow such sums as may be necessary on its note or notes
Issued within the limitations of Section 20a (9) of the Inter-State Commerce
Act, and requests authority to pledge and repledge from time to time as
collateral security therefor not exceeding $15,000,000 of the gen. unified
mtge. bonds authorized to be arawn down by our order of April3 1928 supra.
The applicant expects to obtain loans of $1,000,000 from each of the
following: J. P. Morgan & Co., First National Bank, New York. Central
Hanover Bank & Trust Co., Guaranty Trust Co. of New York, United
States Trust Co.,and Bankers Trust Co.,and an additional loan of $500,000
from one or more of these banks. The loans are to be for a period of six
months, with the privilege of renewal for an additional six months, and
are to bear interest at the rate of 4%% per annum. The applicant proposes to make an initial pledge of $10,000.000 of bonds to $6,500,000 of
notes, and to pledge additional bonds, if and when necessary, to maintain
the pledge at the ratio of not exceeLing $125 of bonds in value at the prevalling market price for each $100,face amount, of notes.-V. 138. p. 2076.
The company has received so far this month tentative orders for locomotives subject to completion offinancing arrangements in excess of 31.000,000.
although all of the business may not be included in this month's report.
Included in these tentative awards are three large freight locomotives for
the Pittsburgh & West Virginia to cost $331,000, which were awarded
earlier in the month, and five locomotives for the Lehigh Valley to cost
about $600,000. In addition to these awards, it is understood that other
business pending which may be closed this month or next would bring
total of new locomotive business in excess of the million dollar mark.
In February the Baldwin company closed an order with the Northern Pacific Ry. for 10 passenger locomotives to cost about $1,250,000, and one
small locomotive for a Western timber company. No locomotives were
booked during the month of January.
The order for 10 locomotives received from the Northern Pacific Ry. In
February was the first order received by Baldwin from a Class 1 railroad
since November 1931. when it booked 10 large freight locomotives for the
Lehigh Valley RR. at a cost of $1,200,000. Locomotive orders received in
1933 were all for small type equipment, and included three domestic steam
and five foreign steam locomotives and seven domestic electric and seven
foreign electric locomotives.
In addition to inquiries for locomotives from domestic roads which are
still hanging fire pending completion of arrangements for sale of equipment
trust certificates to the PWA to finance their purchase, there are several
inquiries in the market from foreign sources. Including 50 for South Africa.
which was reported recently.
The Baldwin Locomotive Works took a contract for five locomotives
from the Chilean State Rys. (Philadelphia "Financial Journal.")
V. 138. p. 2089.
Bangor & Aroostook RR.
-Earnings.
1934.
$610,908
372,756
309,121
349,618
430.704
Net rev,from oper
Tax accruals
$238,152
49,326
$306,759
56,793
$280,896
53.472
$344.302
68,414
Operating incomeOther income (deficit)
$188,826
6,124
$249,966
13.263
$227,424
9,688
$275,888
4,653
Gross Income
Interest on funded debt_
Other deductions
$182.702
65,233
417
$236.703
67,135
367
$217.736
67,381
406
$271.235
67,705
def2.398
1933.
$615,880
1932.
$630,514
1931.
$775.006
Month of FebruaryGross operating revenues
Oper. exps. (incl. mainttenance & deprec.)___
Net income
$205.928
8169.201
$149.949
$117,052
2 Mos.End. Feb. 28
Gross operating revenues $1.280,222 $1,209,427 $1,301,767 81.584,485
Oper. exps. (incl. maintenance & deprec.)
616,240
699,555
932.131
752,205
Net rev, from oper_ _ _
Tax accruals
8528.017
99.749
8593,187
111.298
8602,212
110,944
$652.354
133,275
Operating income_
Other income (deficit)
$428.268
27.691
$481,889
29,882
$491,268
28.306
$519,079
14,917
Gross income
$400,577
Int. on funded debt_ . 130,512
.
_
Other deductions
1.871
$452,007
134,270
1,601
$462.962
134,768
1.730
$504,362
135,409
427
Net income
-V.138,p. 857.
$316,136
$326.464
8368.326
$268,194
0
6
2240
Financial Chronicle
Baltimore & Ohio RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
_
1931.
1934.
1932.
1933.
$10,671,249 $8,331,06 $10,799,264 $13.549,378
1,776,464
2,434,698 2,230,860 2,400,991
1,244,338
1,402,591
713,568
1.423.582
21,271,260 17,500,091
4,596,093 4,755,517
2.648,493
2,815,845
22,238,501 28,940,673
4,24n.980
4,747,713
2.757,507 2,041,721
Obituary.
F. X. Milholland, Assistant to the Senior Vice-President and director
Of public relations, died at Baltimore, Md. on Mar. 24.-V. 138, P. 1912.
Bangor Hydro-Electric Co. (& Controlled Cos.).
Earns.for Calendar YearsElectric light and power
Traction
Miscellaneous
1932.
1931.
1933.
$1,811,323 $1,824,553 $1,967,539
174,423
185,742
270,235
21,414
24,233
22,061
Total gross earnings
Operating expenses
Maintenance
Taxes
Interest
$2,007,160 $2,034,528 $2,259,835
560,297
602,524
533,772
113,596
143,361
96,278
225,169
239,000
270,161
302,091
295,578
319,953
Net income
Preferred stock dividends-total-
$786,996
305,787
8833,375,
305,355
$979,372
299,500
Balance
Depreciation
$481,209
145,082
$528,020
139,663
$679,872
135,176
Balance
Common stock dividend
$336,127
352,976
$388,357
434,432
$544,696
433.122
Balance
def$16,849 def$46,075 sur$111,574
Consolidated Comparative Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Assets
$
Plant & property_17,325,612 17,168,266 7% Pref. stock___ 2,498,200 2,498,200
Investments, &c__ 262,040
72,835 6% pref. stock___ 2,182,100 2,182,900
Cash
325.569
5.425,500
402,286 Common stock__ 5,425,500 5,425.500
U.S. Govt. bonds_ 303,263
Funded debt
6,641,000 6,103,500
Notes receivable__
17,312
23,097 Audited accounts &
Accts. receivable__ 410.310
14,901
358,474
wages payable
21,316
Mat'l & supplies__ 167,450
76,433
205,942 Dividends payable
76,449
Other curr. assets_
59,513
32,955
31,691 Accrued interest
66,593
Unadjusted debits 107,973
43,625
65,494
84,479 Accrued taxes
28,227
32,030
Other curr. Babas_
795,681
Uhadjust. credits.. 866,771
Surplus
x1.080,832 1,114,787
Total
18,952,484 18,347,07
18,952,484 18,347.070
Total
x Capital. $264,167; earned, $816,665.-V. 136, p. 2602,
Barcelona Traction, Light & Power Co., Ltd.
-Earns.
Period Ended Feb. 28- 1934
-Month-1933.
1934-2 Mos.-1933.
Pesetas.
Pesetas.
Pesetas.
Pesetas.
Gross earnings from oper 10,569,606 10,159,867 21,641,278 20,886,277
Operating expenses
3,455,729
3,164,733
7,163,408 6,442,995
Net earnings
7,113,877
6,995,134 14,477,870 14,443,282
The above figures have been approximated as closely as possible, but
will be subject to final adjustment in the annual accoonts. They are
also subject to provision for depreciation, bond interest, amortization
and other financial charges of the operating companies.
-V. 137, p. 3841.
Beaumont Sour Lake & Western Ry.-Earnings.-FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.130, P.4599.
1933.
$95,422
10,950
def31,216
1932.
$134,569
13.881
def42.757
1931.
$218,045
54,381
def11,849
292,695
84,944
def1,098
220,725
48,369
def37,854
301,973
55,355
def55,905
387,731
65,193
def67,183
Bell Telephone of Pennsylvania.
-Earnings.
Period End.Feb.28Gross earnings
Net oper. income
-V. 138, p. 1229.
1934
-Month-1933.
1934-2 Mos.-1933.
$4,788,903 84,672,265 $9,898,309 $9,812,431
1,120,254
915,690 2,380,528
2,064,922
Beneficial Industrial Loan Corp.
-Annual Report.
The consolidated balance sheet as of Dec. 31 1933 is given
in the advertising pages of to-day's issue. Our usual comparative income account and balance sheet tables were given
in V. 138, P. 2089.
Berghoff Brewing Corp.
-New Director-Stock Increased.
F. 0. Kalman has been elected a director to succeed James Barrett,
res ned
Ae siockholders approved an increase in the authorized capital stock
to 400,000 shares from 270,000 shares.
-V. 137, P. 3499.
Bessemer & Lake Erie RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 137. p. 134.
1934.
1932.
1933.
1931.
$344,249
$172,556
$238,212
$426,603
def124,604 def143,224 def131,750 def132,951
def112,327 def154,046 def135,712 def164,865
652,415
340,752
483,765
861,962
def272,837 def255,301 def283,682 der308,087
de254,036 def257,095 def312,540 de1364,413
-,.Bigelow-Sanford Carp; Co., Inc.-Removedfrom List.Q
t
1e The New York Curb Exchang has removedfrom unlisted trading privies the 6% preferred stock (p $100).-V. 138, P. 1400.
Bloomingdale Bros., Inc.
-Earnings.
Years Ended Jan. 31Net profit after all chgs.
and taxes
Earns, per sh.on 300,000
sh.com. stock (no par)
-V.138. p. 1565.
1934.
1933.
$319,116
$170,328
$3,268
$56,190
$.035
Nil
Nil
Nil
1932.
1931.
Bolivia Ry.-Interest on Bonds.
The holders of 5% mtge. & coll. trust'Income bonds, series A, and
holders of 5% 1st mtge. bonds are notified that the net earnings of the
company for the half
-year ended Dec. 31 1933 are sufficient to pay interest
of 0.657% on the above-mentioned 5% mtge. & coll. trust income bonds.
The balance required to enable interest of 1 Y2% to be paid on said bnods
In respect of said half
-year has been provided by the Antofagasta Ry. Co.,
and holders of said bonds may collect such interest upon presentation on
and after April 2 1934 of the corresponding coupons to any one of the
paying agents (mentioned below).
-year a sum equiavlen• to 0.706%
Out of the net earnings for the same half
together with the amount of 0.103% carried forward on the occasion of
the last distribution, making a total of 0.809%, is now available for distribution further on account of the liability of the Bolivia Ky. Co. to holders
of the old 1st mtge. bonds who have not accepted the plan of reorganization.
An actual distribution will be made at the rate of 0.75% (3s. Od. per £20
bond), the balance being carried forward for inclusion in the next distribution. This payment of 0.75% will be made on and after April 2 1934
upon presentation to any one of the paying agents of the old bonds for
stamping with a note of the distribution.
The paying agents above referred to are. Banque de Paris et des Pays
Bas at Geneva; Chemical Bank & Trust Co., 165 Broadway, New York;
Credit Suisse at Geneva, Lausanne and Zurich; J. Henry Schroder & Co.
at 145 Leadenhall St., London, E.C.3.-V. 136, P. 2600;-V. 137, p. 2458.
Bond Electric Corp.
-Earnings.
Calendar Years1933.
1932.
1931.
1930.
Net sales
$1,797,678 $1,993,000 $2,673,655 $3,490,299
Cost of sales
2,511,000
1,371,853
1,576,000
1.970,000
Selling and admin. exps573,820
647,000
793,000
918,000
Other deductions
117,443
98,000
112,000
125,000
Net loss
x$265,438
$328,000
$63,701
$201,345
Per cent cost of sales to
net sales
76.3
79.0
73.6
71.9
Per cent of selling and
admin. exps. to sales_
31.9
32.4
29.6
26.3
Working capital
$580,112
$554,841 $1,044,694 $1,325,401
x Before depreciation of fixed assets and amortization of patents and
interest.
-V. 138, p. 507.
-,.5‘
,Borg-Warner Corp.-Removed from List. )
(The New York Curb Exchangejhas removed from unlisted trading privileges the 7% preferred stock (par $100).-V. 138, p. 2090.
s--- Bruck Silk Mills, Ltd. Stoek-Ilterea'sed;-&- .e
The;s ockholders have approved an increase in capital stock to 150,000
t
shares`from 100,000 shares. I. I. Bruck, President, explained that the
proceeds from the issue of 5,000 shares, which already have been sold
at $18 a share, will be used for purposes of the company, among which is
financing the movement of goods into foreign markets.
Supplementary letters patent have been issued under the seal of the Secretary of State of Canada dated March 17 1934, increasing the capital stock
from 100,000 shares to 150,000 shares of no par value.
-V.138. p. 1922.
Burlington & Rock Island RR.-Earnings.
1934.
$59,094
def8,067
def22,890
1933.
$61,807
2,505
def17,897
1932.
$111,526
20,929
def1,277
1931.
$92,697
def19,741
def52,217
133,089
def6,461
def36,781
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 135, p. 1651.
135,555
4,435
def29,091
216,672
32.577
def13,173
231,641
7,621
def78,205
Boston & Maine RR.
-Earnings.
1934.
February
1933.
1932.
1931.
$3,329,324 $2,984,356 $3,908,566 $4,805,!,32
Gross from railway
516,045
641,863
Net from railway
997,513
1,282,094
138,045
409,579
Net after rents
1,79.515
804.629
def393
247
Net miscell.oper.income
def736
77.987
80,416
90,444
Other income
96,791
$489,604
645,749
$670,205
645,926
def$422,936 def$156,145
Net income
From Jan. 1
6,144,266
6,961,827
Gross from railway
1,238,456
1.283,985
Net from railway
644,047
544,510
Net after rents
def604
Net miscell.oper.income
185,509
186.175
Other income
$24,279
$240,907
7,939,365
1,828,141
989,633
519
203,002
9,794.885
2,478.261
1,534,118
1,558
217.923
Gross income
Deduct. (rent, int., &c.)
$216,032
638.968
Gross income
$730.686
Deduct. (rent, int., &c.) 1.270,568
Net income
1934.
$141,862
34,670
def9,314
Mar. 31 1934
$900,684
659,777
$828,952 $1,193,153 $1,753,599
1,376,888
1,293,262
1,296,958
def$539,882 def$468,006 def$100,109
$376,711
Public Works Improvement Amounting to $1,550,000
Approved.
The L-s. C. Commission on March 23 approved proposed expenditures
of $1,550,000 to be loaned by the Public "Works Administration for the
Improvement of transportation facilities.
The report of the Commission states in part:
The road on March 8 1934 applied under section 203 (a), clause (4), of
the NIRA for approval of railroad maintenance which it proposes to finance
with the aid of the Federal Emergency Administration of Public Woks.
The applicant proposes to make repairs to track, roadway and signal
facilities estimated to cost $1,550,000. The repairs of track will require
the installation of 8,000 tons of 100-lb. and 85-lb. re-lay rail, with fastenings
and accessories, in various secondary main and branch lines, side tracks
and yard tracks, replacing light rail of various weights. The cost is estimated as $251.374, of which $77,172 is for labor and $174.202 is for material. The roadway repairs include ballasting 32 miles of main lines and
resurfacing 170 miles of such lines. The estimated cost is $217.000 for
ballast and $510,000 for resurfacing, or a total of $727,000, of which
$503,500 is for labor and $223,500 is for material. The signal repairs are
to consist of tne installation of new signals, the substitution of color-light
signals for other types, the consolidation and dismantlement of certain
towers, and other work pertaining to switches, signals and interlockers.
The cost is estimated as $571,626, of which $172,142 is for labor and $399,484 is for material. It is expected that the work will be done between
April 1 and Dec. 31 1934.
Pledging of Bonds Now With RFC.
The Commission on March 23 authorized the company (1) to pledge and
repledge as collateral security for any note or notes issued to the Fedora/
,
Emergency Administrator of Public Works $7,500,000 of first mortgage
5% gold bonds, series KK, and $17,500,000 of first mortgage 6% gold
bonds. series LL, or the applicant's equity in these bonds, now pledged
with the Reconstruction Finance Corporation; and (2) to pledge and repledge,from time to time, all or any part of said bonds as collateral security
for short-term notes issued within the limitations of Section 20a (9) of the
Inter-State Commerce Act -V.138, p. 1912.
Removed from List.
The New York Curb Exchange has removed froniunlisted trading privileges the class A 5% prefered stock (stamped) and the 7% prior preference
stock, both par $100.
-Edward
101st Annual Report Year Ended Dec. 31 1933.
S. French, President, states in part:
Operating expenses as a whole reflected a full year of the general 10%
wage reduction effective Feb. 1 1932, as well as the 20% reduction in
salaries of general and supervisory officers whose voluntary reduction of an
additional 10% has been effective since Oct. 1 1932.
Railway Tax Accruals -Tax accruals decreased $303,644. A decrease
in city and town tax accruals of $30,456 was the result of reduction on property valuation. Miscellaneous Federal taxes such as capital stock, gasoline, telephones, checks, &c., increased $42,945. Federal income tax and
State tax accruals decreased $316,132. Of this decrease $100,000 is due
-S. C. Commission whereby Federal
to change in accounting ordered by I.
income taxes of lessor companies must be charged to rent for leased roads
Instead of railway tax accruals; the balance, $216,132, is due to decrease
in taxable income and valuations.
-By an order of the I.
-S. C.Commission dated July 12
Federal Valuation.
1930 received Feb. 13 1931. the final value for rate-making purposes of
the Boston & Maine System (excl. St. Johnsbury & Lake Champlain and
Montpelier & Wells River) is fixed at $230,897,118 as of June 30 1914.
This value brought up to date by adding the net additions and betterments
since June 30 1914 makes the value Dec. 31 1933 $308,323,337. This does
not include value of non-carrier property.
-Funded debt on Dec. 31 1933 amounted to
Changes in Funded Debt.
$146,638,534, a decrease of $2.844,393 since Dec. 31 1932.
-Short-term loans increased during the year
Changes in Unfunded Debt.
$2,197,057. Of this amount $1,454,200 was borrowed from Reconstruction
Finance Corporation and $742.857 from Railroad Credit Corporation. The
total amount borrowed and unpaid at close of year was $13.812,294. Collateral deposited as security for these loans is $6,795,000 series KK 5%
bonds and $16,325.000 series LL 6% bonds.
2241
Financial Chronicle
Volume 138
General Statistics for Calendar Years.
1930.
1931.
1932.
1933.
26,305,369
22,496,601
17,906,060
Passengers card 15,600,066
Pass.card 1 mile 303,218,352 349,890,245 461,999,214 553,195,082
Average rev, per
2.562 cts.
2.477 cts.
pass. per mile_
2.175 cts.
2.318 cts.
20,027,552
16,724,529
13,018,933
Rev,tons carried 13,160,961
1 mile 1,840,285,410 1,812,073,717 2.273,290,701 2,666,890,844
Tons card
Av. revenue per
1.696 cts.
1.665 cts.
1.644 cts.
ton per mile__
1.461 cts.
Income Statement for Calendar Years.
1930.
1931.
1932.
Operating Revenues1933.
Freight$29,024,190 $29,784,949 $37,858,191 $45,241,697
500
8,109,16811,445,035. .
Passenger
6,595,142
1,556,163
1,528,182
1.448,897
Mail
1,354,039
2,068.864
1,454,073
890,730
Express
763,831
6.012,112
5,499,496
4,854,006
Other
4,140,167
Like amounts were paid on both the above issues on Jan. 15 1934.-V.
138, P. 329.
Canadian National Lines in New England.-Earnings.
February
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138, P. 857.
1934.
$76,099
def32,692
def76,266
1932.
1933.
$88,938$104,814
def15,062
def2,056
de674,355
def51,063
181,088
158,538
def19,895
def16,787
def166,098 def118,549
1931.
$148,450
def15,951
def85,764
298.444
202,055
def28,192
def50,082
def170,558 def162,172
Canadian National Rys.-Earnings.1931.
1932.
1933.
1934.
Month of February$11,525,217 $9,455,223 $11,004,397 $13,414,063
Gross revenues
12,250,207 11,315,735' 11,593,825 13,587,612
Operating expenses
$173,547
$589,428
$724,990 $1,860,512
Net revenue-Dr._ _
2 Mos. End. Deb. 28
23,087,794 16,672,378 21,952,726 27,170,938
Operating revenues
24,621,750 19,495,160 23,130,276 27,856.415
Operating expenses
Total oper.revenues--$41,877,369 $45,087,754 $57,784,977 $69,278,336
Operating Expenses8.469,286 11,668,430
Maint of way & struc__ 4,884,206
.
5,504,943
8,156,524 10,213,944
6,973,835
Maint. of equipment _ __ 6,554,891
1,078,822
1,026,374
850,506
Traffic
700,936
$685.475
Transportation
16,146,334 17,289,911 21,817,056 24,999,189
38 en 57 Dr.__ $1,533,956 $2,822.782 $1,177,550
. .
revenues-Dr...
revp
295,598 Net
y.1
220.727
90,954
138,204
Miscellaneous operations
2,537,410 2,615,301
2,188,591
General
2,012,911
5.680
1,776
Trans. for invest.-Cr
2,323
"Capital City Products o.-Removed from List.
357
privi(e New York Curb Exchange as removed from unlisted tra
Total oper.expenses_ -$30,389,875 $32,943,668 $42,225,601 $50,865,606
1e
the common stock (no par .-V. 135, P. 3002.
18,412,729
Net operating revenue__ 11,487,494 12,144,086 15.559,376
-Dividend in Liquidation.3.175.457 3.531,795
2,866.977
Tax accruals
2,563.333
"
-Capital City Surety Co.
6,830
12,530
Uncollectible revenues
2,706
1,382
Superintendent of Insurance George S. Van Schaick announced on
March 23 that checks aggregating 13166,663, representing a first dividend of
Operating income.. _
$8,922,779 $9,274,403 $12.371,390 $14,874,103
$2.75 per share, are to be mailed to stockholders of the above company in
2,303,852
2,032,722
1.927,896
Other income
1,783,020
liquidation.
All allowed claims of creditors filed with the liquidator in this proceeding,
Gross income
$10,705,799 $11,202,299 $14,404,112 $17,177,955
excluding claims of stockholders, have been paid 100%, together with
Deductions
accrued interest. There is one claim for $6,000 which has been suspended,
2,154,539 2,487,722
1,672,621
Hire of freight cars (net) 1,684,025
but a full reserve has been set aside for this, pending its final determination.
Rent for leased roads
1,141,640
1,134,149
1,138,915
1,243,211
A meeting of stockholders of the company will be held in the near future
6,663,096
6.785,936
Interest and discount_ _ _ 6,567,628 6,706,482
-V. 137, p. 2642.
to discuss plans for closing this proceeding.
Other deductions
880,900
1,075,048
1,037,852
889,376
Total deductions
$10.384,246 $10,401,643 $11,026,832 $11,450.425
Net income
5,727,530
321.571
800,660 3,377,280
178,087
174,412
Inc. app, to sink. funds_
187,428
197.622
3,627,477 4,138,572
Pref. div. appropriations
Common div. approp_
394,728
1,578,912
Total appropriations..
Surplus
Earns,per sh. on 395,051
shs. corn.(par $100)
$197.622
123,949
$187,428 $4.200.292 $5.891,896
613,232 def 823,012 def164.366
Nil
$3.58
$0.82
$2.03
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities5
$
a Road & equip.244,006,868 244,017,875 Common stock_ 39,505,100 39,505,100
b Improvements
Preferred stock_ 3,149,800 3,149,800
1st pref. stock__ 38,817,900 38,817,900
on leased railway property. 16,472,836 16,475,906 Prior pref. stock 23,138,500 23,138,500
Sinking funds__ 4,315,568 4,092,707 Prem.on com.stk 4,227,040 4,227,040
Funded debt......146,638,534 149,482,928
Deposit in lieu of
Loans & bills pay 13,812,294 11,615,238
mtged. prop26,661 Traffic & car ser20,046
erty sold
vice bal. pay_ 1,647,539 1,679,670
Miscell. physical
1,244,113 1,340,923 Audited accts. &
property
wages payable 2,100,207 2,012,403
Inv. in attn. cos. 5,282,968 5,163,876
233,548
375,508
Other invest'ts_ 2,439,172 2,331,167 Misc. accts. pay.
3,433,284 6,653,725 Int. mat'd unpd.
486,914
343,166
Cash
15,438
Cash in transit.
Divs.mat. unpd.
15,558
agents' remitFund, debt matances
231,255
271,824
tured unpaid..
2,300
5,300
Special deposits.
93,329
197,448 Unmatured
Loans & bills rec.
1,412,303 1,421,281
4,700
4,700
accrued
Traffic and carTJnmatured rents
serv. bats. rec.
288,771
305,635
184,854
accrued
184,854
Net bal. rec. fr.
Due to leased
agts. & cond..
580,471
530,957
road at expiraMisc. accts. rec_ 1,772,790 1,776,457
209,989
tion of leases..
209,989
Materials and
357,492
29,035
Other def'd liab.
supplies
725,351
697,144
4,967,534 5,346,308 Tax liability_ _ _
Int. & dive. rec_
4,373
57,366
4,917
76,144 Prem, on fd. cit..
Working fund
1,220,236
Ins. & cas. res_ _ 1,249,766
advances_ _ _
48,990
48,990
12,674
4,954 Accr.depr.
(road)
Insur. and other
Accr. depr.(eq't) 23,967,582 22,533,061
funds
35,000
35,000 Accrued deprec.
Other deferred
(misc.physical
assets
848,031
550,652
property)
576,704
812,679
Insur. prem.pald
Oth.unadj.cred_
83,100
268,344
in advance....
27,398
37.248 Add'ns to prop.
Disc, on funded
through Inc..
debt
3,409,632 3,515,545
since June 30
Other unadlust.
1907
934,719
914,931
deb.
2,250,541 2,926,928 Fund, debt ret'd
Securities issued
thr. inc.& sur. 1,929,000 1,929,000
or assumed,
Sk. fd. rererves_ 4,367,590 4,214,675
unpledged
1,300,500
6,953,752 6,606,915
526,500 Profit and loss
&cur. issued or
assumed pledg 23,120,000 19,295.000
Total
316,257,213 315,725,600
Total
316,257,213 315,725,600
a Does not include equipment acquired from leased roads at inception
of leases, appraised at $1,585.001. b Does not include improvement on
property of affiliated companies nor on leased roads when Mapes prey! e
for current settlement.
-V. 138. p. 1912.
`California Oregon Power Co.-Preferred Dividends,.,
The directors have declared dividends of 8734 cents per share on the 7%
cum. pref. stock, par $100. 75 cents per share on the 6% cum. pref. stock,
par $100,and 75 cents per share on the 6% cum. pref. stock, series of 1927.
par $100, all payable April 16 to holders of record March 31. Similar distributions were made on the respective issues on Jan. 15 1934 and on Oct. 16
3933, prior to which payments were made at the regular quarterly rates.
V. 138, p. 1915.
Cambria & Indiana RR.-Earnings.
1934.
$89,997
30,117
83,875
1933.
$102,946
37.473
86,667
1932.
$100,017
30,000
70,422
1931.
$110,772
35,126
96,556
190,275
68,374
181,182
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from'away
Net after rents
-V.134, p. 3631.
218,301
89,152
191,625
195,085
60,263
152,476
228,079
72,199
197,992
-Earnings.
Canada Northern Power Corp., Ltd.
Period End. Feb. 28Gross earnings
Operating expenses
-Month-1933.
1934
$297,120
$327,400
88,627
108,579
Net earnings
-V.138, p. 2079.
$218,821
$208,493
1934-2 Mos.--1933.
$667,812
$604,082
204,856
177,738
$462,956
$426,344
Canadian General Investments, Ltd.-Extra Div.
An extra dividend of 23i cents per share has been declared on the no par
registered stock, in addition to the usual quarterly dividend of7% cents per
share, both payable in Canadian funds on April 16 to holders of record
March 31, subject, in the case of non-residents, to a 5% dividend tax. A
like amount will be paid on the no par coupon stock, upon presentation of
Coupon No. 23 at the Bank Of Montreal, Quebec, Canada.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Carnation Co.(& Subs.).-Earnings.
1933.
Calendar YearsProfitfrom oper. after all
charges, excl. of depr.
but incl. dividend from.
Gen. Milk Co., Inc__ $1,940,941
668,198
Depreciation
25,000
Prov. for obsolescence
1932.
1931.
1930.
$400,253 $2,707,964 $2,638,830
996,367
1,022,696
970,757
50,000
$1,247,743
Balance
68,575
Interest received
Res.for decline on Canadian exch. no longer
58,187
required
Profit on disposal of capi39,343
tal assets
x$620,504 $1,685,268 $1,642,462
52,152
84,988
82,394
$1,413,847
Total income
23,507
Interest paid
74,245
Bond interest & discount
Prov,for income taxes....
154,208
Special charges
Prov. for contingencies..
50,000
Addition. approp. for reserve for insurance-33.375
x$538,110 $1,770,256
21,941
19,287
82,564
78,211
184,334
97,904
25,000
$1,694,615
51,875
81,113
149,993
x$660,609 $1,383,512 $1.411,632
Net profit
$1,078,511
Shares com. stock out611,628
508.213
607,747
600.142
standing (no par) __$1.99
Nil
$1.96
Earnings per share
$1.56
x Loss.
Consolidated Surplus Account Dec. 31.
1931.
1930.
1932.
1933.
$2,519,399 $3,735,174 $3,506,691 $3,538.483
Surplus at Jan. 1
Contingeng. reserve re253,833
stored to surplus
9,471
Adjust, of deprec. &c res
1,383,512
1,411,632
Net profit (as above)
1,078.511 def660,609
$3,597,911 $3,074,565 $4,890,204 $5,213,419
Total
110,702
Loss on properties sold_
Appropriated for obsol.
150,000
50,000
300,000
of property
Premium on cons, stock
42,911
purchase (net) •
141,792
141,792
Divs, on pref. stock_...._
70,423
141,792
906,597
916,183
Divs, on corn, stk-cash
227,682
300,071
302,451
Stock
Dividends on subs, co.
52,275
47,054
27,956
pref. stock not owned_
Balance
$3,156,048 $2,448,503 $3,735,174 $3,506,692
Surplus approp. for pref.
141,792
141,792
stock dividends
70,896
Bal., surplus, Dec. 31 $3,156,048 $2,519,399 $3,876,966 $3,648,484
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933,
1932.
LiabilitiesAssets$
$
Cash
1,762,214 2,263,966 Notes payable bks. 2,500,000
Accts. & notes rec. 2,031,991 2,019,328 Accounts payable_ 1,508,628 1,220,717
194,600
Due from stkhldrs.
Real est. & inc. tax 258,841
& employees
35.448
54,605 Dividends payable 335,519
77,439
Due from attn. cos.
44,610 Empl.stk.subscrlp
67,961
26,015
Inventories
7,530,336 3,647,625 Subsidiary cos. 1st
Insur. res. invest_ 330,661
1,036,500 1,135,500
370,829
mtge. 65
25,000
75,000
Investments
1,683,338 1,647,259 ReS, for renting
379,647
Deferred charges
196,398 Res.for insurance. 420,000
243,398
Min, stkhldrs. int.
603,739
442,942
machinerY,&c._ 8,078,570x10,505,580
in sub cos
Patents, trade-inks
Preferred stock.. _ _ 2,025,600 2,025,600
and good-will...,.
1 2,583,125 y Common stock_ 9,902,343 15.193,675
Surplus
3,190,630 2,519,399
21,763,964 23,333,325
Total
21,763,964 23,333,325
Total
x Less reserve for depreciation and obsolescence of $12,236,227 in 1933
shares of no par value
and $9,785,276 in 1932. y Represented by 600,142
In 1933 and 607.747 in 1932.-V. 138, P. 153.
Canadian Pacific Ry. Co.
-Annual Report.-The remarks of E. W. Beatty, Chairman and President, together
with the income account and balance sheet for 1933, will be
found under "Reports and Documents" on subsequent pages.
2242
Financial Chronicle
Mar. 31 1934
Income Accountfor Calendar Years.
-(William) Carter Co.-To Reduce Capital.EarningsThe stockholders have voted to reduce capital by $100.800 by canceling
1933.
1932.
1930.
1931.
Passenger
1.008 shares now held In the company's treasury.
-V.137. P. 318.
814,279,769 $16,717.304 $19,728.296 828.101.718
Freight
85.734.676 91.930.823 103.444,116 126.926,873
Mails
-Has Cash for Debt Retirement.
3,490,697 3.621.875 3.565.386 3,693.153 --Caterpillar Tractor Co.
Sleeping cars. miscelThe Boston "News Bureau" of March 28 had the following:
laneous and expenses_ 10,764,548 11.666,712 15,599,850 22,179.060
"Barring unforeseen contingencies, Caterpillar Tractor Co. will be able
10 days hence to complete redemption of its 85,070,000 of 5% notes entirely
Total gross earnings_$114,269,688 8123936,714 $142337.648 8180900,804
from cash on hand and without temporary bank borrowing. It is probable
Operating Expensesthe operation can be consummated with the more than $1,200,000 of cash
Transportation expenses 43,632.750 50,620,242 54.775,068 64,050.979
remaining.
Maint. of way, &c
"In anticipation of the April 2 call date the management of Caterpillar
17,612,750 19,758.918 21,161,119 25.043,282
Maint. of equipment
took advantage of the sharp rise in the Government bond market a fort17,324,259 17,360,380 19.660,275 29,933,803
Traffic
night ago and managed the liquidation of its entire holdings of short Trees6.687,977 7,409,407 9.871.592 10,149,656
Parlor car, &c
ury certificates and municipal bonds, which as of Feb. 28 last, were carried
3.506,694 4.506.624
Lake and river steamers_
at approximate market values in the amount of $1,610.595.
816,543 1.117,873
Miscellaneous operations 1,047,789 1.479.793
"Cash on that date was $4.662.566 after disbursement of the second
General (incl. all taxes)- 2,984.668 3.291.801
special 12M-cent dividend which required cash of $235,280. There are at
7,569,322 7,849,928
'I'ransport'n for invest_ - Cr38.344 Cr249,463 Cr705,838
present no declared but unpaid dividends. With the proceeds from sale
Railway tax accruals &
of securities, the accumulation of cash from current earnings and accruals
uncoil. ry. revenues-- 4,155,733 4.175.651
to depreciation reserve, Caterpillar's total cash position at present probably
closely approaches the $6,500,000 mark."
-V.138. P. 2090.
Total oper.expenses--$93.407.582 8103846,729 8116654.776 8142652,146
Central of Georgia Ry.-Earnings.Net earnings
820.862.106 820.089.985 825.682.872 838.248.658
February1934.
1933.
1932.
1931.
Fixed charges
24,388.615 23,619;529 22,050.364 19,159.864
Gross from railway
$1,110,502
$825,54,5 81,024.270 81,434.067
Pension fund
1,438,811
750.000
750,000
750.000 Net from railway
207.859
63.936
117,320
294,309
Net after rents
87,018 def65,888
def6,903
165,098
Balance, surplus___def$4,965,320df$4.279,544 $2.882,508 $18.338,794
From Jan. 1
Special income
6.222,481 4,537.426 10,951,964 20,042,923
Gross from railway
2,176,211
1.655.315 2,042.922 2.931.078
Net from railway
363,647
81,709
196.978
653.986
Total income
$1,257,161
8257.881 $13,834,472 838,381.717
Net after rents
130.035 def174,072 def42,054
31,9,599
Preferred dividends(2%)
a2,745.138(4)5.410,697(4)5,005,623 - 137, p.4367.
V.
)
Common dividends
b16,750,000 b33,242,908
(5%)
Rate
c(10%) s---Eentral Illinois Securities Corp.
-15-Cent Pref. Div
.
.A dividend of 15 cents per share has been declared on the $1.50 cum.copy.
Balance, surplus
$1,257,161 df$2,487.257df$8.326,225
$133,186
pref. stock, no par value, payable May 1 to holders of record April 20. A
Corn.shs. out.(par $25)- 13,400.000 13,400.000 13,400.000 13,400,000
like amount was paid in each of the five preceding quarters, prior to which
Earns, per sh. on com
$0.09
$2.49
Nil
$0.63
regular quarterly payments of 37M % cents per share were made.
-V.
a Semi-annual div. of2% paid Oct. 1 1932;env. due April 1 1933 omitted.
138. p. 686.
b Includes div. payable April 1 of following year. c Of the 10% in diva.
paid on ordinary stock 7% was from railway earnings and 3% was paid
Central RR. of New Jersey.-Earnings.out of special income (which account is given below).
February1934.
1933.
1932.
1931.
Gross from railway
$2,454.375 82,151.808 $2,599,498 $3,182,036
Special Income Account for Calendar Years.
Net from railway
794,752
662,127
735,110
608,170
(From this special income was derived 3% in special dive. referred to above.]
Net after rents
490,157
395,952
438,699
357,275
From Jan. 1
1933.
1931.
1932.
1930.
Net rev, from invest. &
Grose from railway
4,967.295 4.300,005 5,195,360 6,728,583
available reserves...... 81.306,181
Net from railway
1,712,599
1,206,317 1,242,919
837.450 $3.191,589 $3.402.369
1.354.401
Int. on dep.& int.& diva.
Net after rents
1,164.371
684,027
655,378
795,341
on other secs. less exch 1.762,251 2.962,782 5,648,600 6.689.325 - 137. p. 2973.
V.
Net earnings Ocean &
Coastal 88. Lines- _
2,178.836 1,034,354
487.516 7,031.939
Chalmers Oil & Gas Co., Inc., Baltimore, Md.-ReNet earnings commercial
sumes Dividend.
tel. and news dept.,
hotels. rentals & misc_
975,213
The directors have declared a dividend of 10 cents per share on the
502.839 1,624,258 2,919,291
8% cum. pref. stock, par $5, payable April 1 to holders of record March 24.
Total special income__ $6,222.481 $4,537.426 $10,951.964 820,042.923
A distribution of like amount was made on the pref. stock on July 1 1932:
none since. The latter payment was the first made since Feb. 20 1931 on
Balance Sheet Dec. 31.
which date a payment of 10 cents per share was also made.
1933.
1931.
1932.
1630.
Charleston & Western Carolina Ry.-Earnings.Assets
$
$
$
FebruaryProperty investment- _ _ _ 870,926,969 871.789.071 888.448,443 837,754,370
1932.
1934.
1933.
1931.
Gross from railway
Ocean & Coastal SS
$142,091
$129,181
118.436,893 116,408.253 118.397,891 114.135,161
$168,872
$191.523
Acquired securities
Net from railway
181.746,613 178,868,016 177,154.695 164,962,778
64,220
26,363
32,872
34,070
Adv. to control. prop.,&c 18,824,890
Net after rents
14,510,776
9,410
9,458,714
43,545
6,660
21,949,257
14,040
From Jan. 1
Deferred payments
48,650,457
50,870,516
52,877,075
55,310.829
Prov.& munic.securities_
Gross from railway
3,103,439
339,459
792,721
264,401
397,638
792,721
288,709
792,721
Net from railway
Mtges. collect. & loans &
123,270
68,145
66,957
41,570
advances to settlers_ _ _
Net after rents
3,366,093
83,215
31,585
18,768
3,370
Insurance fund investmls
8,233,883
-V. 137, p. 1047.
Miscell. Investments_ _ 34,102,748
33,303,284
32,398,329
31,701,679
Lands and property assets 54,257,484
55,795,582
Chesapeake Corp.
59,216,053
-Ann.Report Year Ended Dec.31 1933.
62,678,851
Insur. prem. paid In adv.
209,225
218,669
264,832
0. P. Van Sweringen, President, states in part:
Materials and supplies_ _ _ 17,183,809
20,195,759
21,482,562
25,445,272
At the close of business Dec. 31 1933, the corporation's 20
-year0?
5
0
Agents & conduc. balances
4,878,040
3,986.902
4,746,078
5,139,055
cony.coil, trust bonds, originally outstanding in the amount of $48,000
,
Traffic balances
491,820
584,309
382,373
1,903,468
have been reduced to $36,961,000: $5,179,000 of the bonds having been
Accts. due for transport'n
629,084
859,201
2,795,678
1,170,127
converted into common stock of Chesapeake & Ohio By.in accordance with
Miscell. accts. receivable_
7,384,694
10.301,288
10,496,432
10,242,665
the provisions of the indenture securing the bonds and $5,860,000 having
Special deposits
1,710,195
been retired through sinking fund.
Cash (working assets) _ _ 29,498,784
15,173,491
21,876,714
38,783,462
The corporation during 1933 reduced its bank debt from E31,750,000 to
Dominion Govt. bonds_
2,100,000
$20,700,000: $9,551,820 of the reduction was brought about by the sale on
the New York Stock Exchange and 240,000 shares of Chesapeake & Ohio
Total
1,399,924,926 1,375,366.013 1,380,888,588 1.371,969,695
By.common stock and $1.498,179 was accomplished by cash paymentsfrom
Liabilities
earnings. Of the 240.000 shares of Chesapeake & Ohio By. common stock
Ordinary stock
335,000,000 335,000,000 335,000,000 335,000,000
sold, 170,000 shares were sold during the quarter ended June 30 1933. at a
4% preferred stock
137,258,921 137,256,921 137,256.921 129,348,588
net loss of $355,391 shown by the corporation's statement of earnings for
4% consol. deb. stock
that quarter, and 70,000 shares were sold during the quarter ended Sept.30
291,411,549 291,411,548 291.411,549 291,411,549
Funded debt
158,873,388 103,423,700
1933, at a profit of $261,595 shown by the corporation's statement of earn90,923,700
90,923,700
4).5% s. f. sec. note ethi
21,179,493
ings for that quarter. The net result of the sale of these 240,000 shares
21,523,558
21,899,389
22,289,069
Audited vouchers
4,245,967
was a loss of 893.796. On Jan. 2 1934 the corporation further reduced its
4,722,604
3,828,065
7,806,116
Payrolls
2.520.159
bank debt from $20.700,000 to $19,800.000 by a cash payment of 8900.000.
2,481,233
3,128,424
3,587,400
Miscell. accounts payable
2,157,457
Under date of Nov. 21 1933 a dividend of63 cents per share was declared
5,717,742
5,893,762
2,949,876
Short-term notes
payable Jan. 1 1934, thereby increasing the rate of the annual dividend
30,000,000
25,000,000
Accruals
1,474,009
from $2 to $2.50 per share.
1,389,678
1,240,617
1,137,754
Equipment obligations_
41,986,000
41,850,000
48,140,000 42,264,337
Balance Sheet Dec. 31.
Equipment replacement_
. 8,717,784
9.419,678
8,419,678
9.019,678
1933.
1932.
1933.
1932.
Steamship replacement_ - 31,513,585
27.780,437
26,966,440
18,620,358
Assets$
8
Liabilities8
8
Reserve for conting. &a_
9.553,010
2,785,433
4,553,471
14,103,272
Cash
180,203
117,578 b Capital stook- 74,242,042 74,242,042
Special reserve for taxes_
1,050,121
1,069,020
Div.&Int. reo__ 2,597,441 2,543,055 5% cony, coil
Deferred liabilities.. _ _
2,769.660
1,447,223
a Investments-147,997,307 181,989,850 trust bonds- 38.981,000 43,834,000
Reserve for investment
8,000,000
4,000,000
Special deposits4,942
500,314
388 Acct.. Int. on bds
713,587
Reserve for insurance__
8,233,883
Dep.in closed bk
47,253
77,984
Reserves
Res.for exchange on workDeferred expense
L'ns & wets. pay 20,906,579 31,943,842
26,864
ing assets & current liab
727,791
Paid-in surplus. 8,709,482 7,794,541
Prem. on ord. stock sold_ 66,993,895
66,390,903
67.276,695
69,288,692
Earned surplus- 9,438,808 8,822,857
Net proceeds land and
townsites
72,061,226
76,170.021
150.834,010 184,850,669
150,834,010 164,650,669
Total
Total
Burp,rev,from operations
127,579,894 148,822,872
a Consists of (1) 3,708,737 (4.066,508 in 1932) shares of common stock
Surplus in other assets•
111,258,635 110,157,593
of Chespeake & Ohio By., 27.500 shares of common stock Pere Marquette
Land surplus
118,044,489 120,967,867
,and 8212.000 4238,000 in
By., 69,000 shares common stock of Erie RR.
Surplus revenues
151,993,680 167.069,695
-year 5% cony, coll, trust bonds of Chesapeake Corp.
1932) par value 20
b Represented by 1,799,745 (no par shares).
Total
1,399,924,926 1,375,368.013 1,380,888,588 1.371.969,695
Our usual comparative income statement for the year ended Dec. 31
1933 was published in V. 138, P. 2076.
Earnings for February and Year to Date.
Period Ended Feb. 28- 1934
-Month-1933,
1934-2 Mos.-1933.
Gross earnings
88.570.515 $7,096,888 $17,540,850 $14,772,549
Working expenses
7,751,994 7,000.277 5,833,340 14,352,565
Net profits
$818.521
$96,611 $1,707,510
$419,984
Earningsfor Third Week of March.
1934.
1933.
Increase.
Gross earnings
$2,218.000 82.003.000
$215,000
-V.138. D. 1908.
Carolina & Northeastern Ry.-Abandonment.The I.
-S. C. Commission on March 14 issued a certificate permitting the
company to abandon, as to inter-State and foreign commerce, its entire
railroad (Gumberry to Jackson, 8.14 miles) in Northampton County, N. C.
The report of the Commission says in Part:
The applicant was incorp. in North Carolina on Aug. 4 1931. By report
and certificate decided June 23 1932. we authorized the applicant to acquire
and operate the railroad.
It is represented that the only industries in the territory served are
farming and two cotton gins at Jackson; that those industries are not dependent upon the railroad for transportation, inasmuch as they have
largely patronized trucks during the past several years: that, with the curtailment of crop production, there is no future prospect of much freight
traffic: and that there are sufficient highways to all other nearby railroads
to take care of the transportation needs of the territory.
-V.136, p. 1197.
-Annual Report Year Ended
Chesapeake & Ohio Ry.
Dec. 31 1933.-J. J. Bernet President, states in part:
Financial.
-As of Dec. 31 1933, there were outstanding 7,653,395 shares
of common stock (par $25) and 391.66 of scrip, making the total par value
outstanding 8191,334.967, of which one share of the par value of $25 is
held in the treasury.
% cum. cony. pref. stock, series A, was
During the year, $14,600
converted into a like amount of common stock on a basis of one share of
pref. stock (par $100) for four shares of common stock (par $25)•
The decrease in funded debt in the hands of the public during the year
amounted to 36,046,000.
Pursuant to resolutions of directors adopted Dec. 19 1933, and to auth-S. C. Commission, agreements have been made by
orizations by the I.
company with the U. S. of America whereby company's equip. trust
certificates not to exceed $16,876,000 will be financed by the Public Works
Administration. The proceeds from these certificates will be used to
purchase new equipment.
The terms of the equipment trust agreement provide that these certificates will bear interest at the rate of 4% per annum, payable semiannually on March 1 and Sept. 1, with no interest being charged during the
first year. The certificates will mature in 26 semi-annual installments as
follows: $650.000 on Sept. 11936,and March 11937. and 2649,000 on each
March 1 and Sept. 1 thereafter to and including March 11949,
-The nation-wide economic depression continued to
General Remarks.
exist during the year 1933. Company's gross revenues, however, increased
$7,243,663, or 7.3% over the preceding year, and operating expenses
Volume 138
Financial Chronicle
correspondingly increased $2,360.969, or 4.2%. The ratio of operating
expenses to revenues was 55.1%, compared with 56.7% for the year
1932,
or a decrease of 1.6%.
The revenue coal and coke tonnage was 49,626,149, an increase of
11%:
other revenue freight tonnage was 8,525,071. an increase
revenue tonnage was 58.151,220, an increase of 11.1%. of 11.6%. Total
Freight revenue
was $99,409,332, an increase of 7.9%. Freight train mileage was 9,232,733
miles, an increase of 3.5%. Revenue ton miles were 16,881,355,028,
an
increase of 8.4%. Ton mile revenue was 5.89 mills, a decrease of
.5%.
Revenue per freight train mile was $10.767, an increase of 4.3%.
Revenue
tonnage per train mile was 1,828 tons, an increase of 4.8% including
company s freight the tonnage per train mile was 1,894 tons, an increase
4.6%. Tonnage per locomotive mile, including company's freight, of
1.728 tons, an increase of 3.2%. Revenue tonnage per loaded car was
43.5 tons, a decrease of .9%. Tons of revenue freight carried one mile was
per
mile of road were 5,374,687, an increase of 8.4%.
Passenger revenue was $2,554,755, a decrease of 5.1%. There were
978,835 passengers carried, a decrease of 15.3%. Revenue per passenger
mile was 2.651 cents, a decrease of 3.7%. Passenger train mileage
was
4,499,404, a decrease of 10.4%. Passenger revenue per train mile was
$0.568, an increase of 6%•
During the year. the program of tunnel construction and improvements
in Virginia and West Virginia, was practically
struction projects completed and in process during completed. Other conthe
of the grades of the railroad and streets and highways year were separation
at various
the construction of new and the extension of existing sidings, the locations,
and extension of bridges, tracks, and signal improvements, and rebuilding
other important improvements.
Government Loans &c.
-The Marshalling and Distributing
was continued until March 311933. From Jan. 1 1933 to MarchPlan. 1931,
31 1933,
amount of $590,089 of increased charges was collected and deposited an
Railroad Credit Corporation, making the total amount deposited with with
from Jan. 4 1932, to March 31 1933, $2,952.313. The increases in RCC
rates
authorized by tho I.
-S. C. Commission, effective Jan. 4 1932,
however, from April 1 1933 to Sept. 30 1933. during which continued.
period the
amounts of increased rates collected were retained by company.
During the year, RCC returned to the carriers a part of
deposited with it under the Marshalling and Distributingthe amounts
Plan. 1931
$269.926, being company's proportion of the amount returned by RCC, was
not paid in cash, but was applied by RCC to a loan of the Pere
Marquette
By. in the principal amount of $855.000, which loan the C. & 0.guaranteed
by the pledge of its distributive share of the amount deposited with
up to the amount of the note. Company's share distributed by 1100IWO
was,
therefore, charged to the Pere Marquette Ity., and is carried
as an asset
in balance sheet in "Investments in affiliated companies."
General Income Account for Calendar Years.
Operating Revenues1933.
1932.
1931.
1930.
Freight traffic
$99,409,332 $92.115,126 8309882,0308325833.665
Passenger traffic
2,554,756
2,691,277 4,110.247
5,529.701
Transportation of mails_ 1,063,195
1,083.715
1.111.537 1,103.548
Transporta'n of express_
327,496
403.687
653,890
932.374
Miscellaneous freight_ _ _ 2,370,514
2,151,234 3.352,817 3,189.785
Miscellaneous passenger
244.230
280,821
441,649
641.301
Total oper. revs_ _$105,969,522 $98,725,859 $119552,170
$137230,375
Operating ExpensesMaint of way & struct_ 11,180.782 10,382,493 15,397.178 18.592,520
.
Maint. of equipment _ 18,581,663 16,873,477 22.704.390 26,836,471
Traffic
1,955.872
1.883.725
2,097.869
2,011.615
Transportation
23,146,853 23,080.948 30,172,791 34.977.342
Miscell. operations
185,126
231.742
369,486
399,553
General
3,323,583
3,553.799 3.972,274
4.276,458
Transp. for invest.-Cr_
47.796
41,069
216,126
127,441
Total oper,expenses_ -$58,326,085 $55,965,115 $74,497.861 $86,966,517
(55.1%)
(56•7'%)
(62.3%)
(63.4%)
Net operating revenues_$47,043.438 $42.760,744 $15.054,309
$50,263,858
Railway tax accruals
9,576,893
9,341,428
9,624,880 10,302,194
Uncoil. railway revs_ _
16.156
16.986
11,974
9,326
Railway opor.Income_$38.051,389 $33,402,330 835.417,455
$39,952.337
Equipment rents-Net_
342,388
557,945
1,109,773
1.702,364
Jr.facil.rents-Net(Dr) 1.426,650
1.458.006
1.197,285
1,131,474
Not railway oper. inc_$36,967,128 $32,502,269 $35,329,943
$40.523,227
Incomefrom Other Sources
Inc. from invest. S; accts 1,396,828
1,369.814
2.013,104
4,230,554
Miscellaneous
311,851
434.218
255,618
210.484
Gross income
$38,675,807 $34,306,302 $37.598.665 $44,964.265
Deductions,from Gross Income
Interest on debt
10,255,980 10,618,570 10,721,065 10,630,526
Rents for leased roads
36,706
36,826
53,226
69.902
Loss on C. & 0, grain
elevator
14,400
14.827
15.203
15.503
Miscellaneous
128.820
108,324
112,687
141,317
Total deductions
$10.435,997 $10,778,547 $10,902,182 $10,857,249
Net income
$28,239,810 $23,527,755 $26,696.484 $34,107,017
Disposition of Net Income
Income applic, to sinking
and other reserve funds
138,206
143,333
138,138
133.484
Income balance transf,
to profit and loss
$28,101,604 $23,384,422 $26,558,346 $33,973.532
Preferred dividends_ _ _ _
7,689
8,092
8,707
14,313
Common dividends
20,280,554 19,131.979 19,130.957 17,096,135
Earned on common stock
12.2%
14.7%
13.8%
17.7%
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
LtabtletesInvest. In road.364,265,113 351,235,465 1st preFence stk
3,000
3,000
EquIpment„ 167,058,344 169,951,433 2d prerence stk_
200
200
Invest. In leased
615% cum.conv.
prop., miscell.
pref. stock_ __
108,000
123.500
physical prop
Common stock_191,334,942 191,320,342
3,613,629 3,633,139 Com.stk.C.& 0.
&a
Inv.In affil. cos_ 127,486,393 141,818,783
By.Co. of Ind
600
900
Other investmls
686,419
662,032 Prem. on cons.
6,063,112 3,239,227
Cash
capital stock_ 2,301,093 2,301,093
Special deposits_ 12,788,037 10,415,114 Funded debt_ .215.797,000 221,843,000
Marl & supplies 4,211,169 4,521,277 Loans& bills pay 4,160,700 3,950,000
5,451,378 6,278,225 Audited Roots. &
Other assets
673,349
Deferred assets_ 1,119,970
wages payable 3,786,715 5,048,185
Unadi. debits- 3,345,764 2,577,830 Divs. mat. unpd 5,362,049 4,787,951
Other liabilities_ 4,470,256 4.833,713
Tax liability_ .._ 8,659,409 8,126,583
Accrued &wee_ 65,060,967 60,684,764
Other credits._ 2,716,149 4,044,435
Deferred habits_
998,128 1,236,650
Add'ns to proD'Y
through 'no. &
surplus
25,992,929 25,939,562
Fund. debt ret'd
through Inc.&
surplus
1,217,414 1,101,810
Sinking fund res.
657,927
641,250
Prof. & loss bal_163,461,948 159,018,937
Total
696,088,226 695,005,874
-v.138, p. 1739.
Total
696,088,228 695,005,874
Chevrolet Motor Co.
-Deliveries Gain.
Retail deliveries of now 1934 models by Chevrolet dealers throughout the
United States the first 20 days in March totaled 43,430 units, according to
William E. Holler, General Sales Manager. This compares with retail
deliveries of 15 993 units in the like period a year ago and with a total of
29,654 in the first 20 days of last month, showing respective increases of
171.5%111nd 40.4%.-V. 137, P. 3679.
2243
Chicago Burlington & Quincy RR.
-Earnings.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
1933.
1932.
1931.
$5.797.894 $5,024,039 $6,877,497 $9,038,177
1,691,036
1,112,808
2,019,811
2,993,900
814,042
181,116
996,736
1.816,326
12,012.040
3,462,907
1,723,205
10,269,191
2,168,071
301,957
13,870.032
3,601.460
1.631.742
19,216,802
6,297,718
3,926,304
Abandonment.
-S. C. Commission on March 7 issueu a certificate permitting the
The I.
company to abandon a branch line of railroad extending from Tutan in a
southeasterly direction to the end of track near Allis, 4.87 miles, in Saunders
and Douglas counties, Neb.-V. 138. p. 1390.
Chicago & Eastern Illinois Ry.-Earnings.-FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 1555.
1934.
$1,033,717
182.636
def36,826
2,057.010
351.488
def77,925
1932.
1933.
1931.
$968,658 $1,074.778 $1,229,483
157.556123,034
2,614
def70.217 def115,714 def255,583
1,892,100
241,189
def210,156
Chicago & Erie RR.-Earnings.February19'34.
1933.
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.134. p.322.
2,175.898
171.329
def304,914
2,619,619
61,208
def441,907
$732,492
343,473
69,663
$611,360
230,012
4,455
1932.
$736.874
276,764
30,006
1931.
$863.415
317,902
5.393
1,478,031
685,077
132,142
1.304,605
505,653
41.503
1,443,725
486,380
def15,862
1.820,428
691,370
51.571
Chicago Great Western RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 1038.
1934.
$1,070,439
191,032
def31.406
1931.
1932.
1933.
$916,280 $1,250,018 $1,508.777
74.554
480,913
317.327
def174,717
47,071
195,023
1,926.997
2,227.933
213,598
428,874
def42,108 def282,022
2,566.253
593,240
48,085
3,121,997
962,107
406,665
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Chicago & Illinois Midland Ry.-Earnings.February
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 133. p. 794.
$246,713
69,241
59,952
S206,d45
57.860
50.510
1932.
$238,585
82,860
75,893
1931.
$208,669
17,076
7,578
518,809
159,083
139,026
410,047
84,875
70,647
462.152
137,156
123,045
465,512
55.206
28,877
Chicago Milwaukee St. Paul & Pacific RR.-Earnings.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
1932.
1933.
1931.
$6,208,437 $5,450,910 $6,782,925 $8,556,910
1,509.582
706,271
1,235,391
1,091,583
def93.256
345,355
264,090 def344,092
13,019.790 11,243.676 13.798,713 17,918,802
2.097,125 3.306,648
1,482.004
2.713,317
687,802 def663,560 def302,585
917,699
Estimated Expenditures in 1933.
Maintenance of way, equipment and transportation of this company
during 1934 will amount to about $65,750,000, of which $40,000,000 will
go for payrolls and the rest for materials and supplies, it is estimated by
President It. A. Scandrett. "The railroad will contribute this year more
than $77,000,000 to the business activity of the nation through payrolls,
taxes and business channels," he stated. "Taxes will amount to over
$7,000.000 of this sum, about half of which will go to maintain schools
in the 12 States served by the Milwaukee road.
"Of this outlay $2,000.000 will be for 20,000 tons of rail and 27.000 tons
of fastenings, which were ordered last week.
"The road is air-conditioning dining cars and lounge cars for the summer
travel season. Plans are being made for the construction in the road's
shops of 50 day coaches of an entirely now type, and 25 modern baggageexpress cars."
-V. 138, p. 2076.
Chicago & North Western Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 1739.
1934.
$5.351,351
933,920
168,005
1931.
1932.
1933.
$4,658.174 $6,024,868 $7,891,125
340,208
1,113,016
1,353,966
383,775
181,641
def484.928
11,104,294
9,500.815 11,989,222
2,076,802
771.262
1,770,733
588,489 def898 604
def92,096
16,319,008
2,738.259
890,563
Chicago Rock Island & Gulf Ry.-Earnings.-FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 131. p. 3977.
1934.
$255,316
41,355
def31,920
1933.
$237,908
55,084
def41,638
1932.
$355,911
136,127
62,518
1931.
$438,554
146,147
92,627
558,409
126,198
def28.252
518,429
122,541
def62,565
725,978
267,955
138,262
943,061
344,693
233.893
Chicago Rock Island & Pacific Ry.-Earnings of
System.
Period End. Feb. 28
- 1934
-Month-1933
1934-2 Mos.-1933.
Freight revenue
$4,022.241 $3,666,781 $8,382,503 $7,716,296
Passenger revenue
408,153
404.884
858,487
860,945
Mail revenue
198,674
190,803
406,694
399,084
Express revenue
69,047
41,462
128,987
90.708
Other revenue
222,633
183,188
482.396
380,771
Total ry.oper. revenue $4,920,748 $4,487,118 810.257,067 $9,447,804
Railway operating exps_ 4.197,920
4.065,973
8,603,641
8.379,499
Net rev.from ry. oper. 3722.828
$421,145 $1,653,526 $1,068,305
Railway tax accruals_ _ _
435,000
485,000
870,000
975,000
Uncollect. ry. revenue_ _
1,756
2.194
2.582
3.413
Total ry. oper. income $286,072 def$66,049
$780,944
$89,892
Equip, rents-debit bal_
245,235
263,903
481,826
506,527
Jt. fad]. rents-debit bal
79.239
102.964
173,592
196.767
Net ry. oper. Income_ def$38,402 def$432,916
$125,526 def$613,402
Mar. 31 1934
Financial Chronicle
2244
--Earnings of Chicago Rock Martel& Pacific 14.
1932.
1933.
1934.
February$4,249,211 $5.788,165
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 1912.
$4,665,432
681,473
def6,481
366,061
def391,277
1931.
$7,392,788
1,618,218
1,182.
723,487
302,495
9,698,658
1.527.328
153,779
8.929,376
945,764
def550,837
11,625,182 15,391,828
3,449,137
1,863,053
1,621,438
141,192
Chicago St. Paul Minneapolis & Omaha Ry.-Earns.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 1388.
1934.
$1,086,261
191,563
47,531
1931.
1932.
1933.
$919,419 $1,190,053 $1,390.993
48,826
141,616
,
64,389
def11,694 def118,526
de174,219
2,279,710
420,035
136,499
3,004,939
1,837,292
2,378,076
223,439
155.764
95,632
def188,837 def160,284 def112,858
--Earnings.
Chicago & West Towns Rys., Inc.
31-3
Years End. Dec.
$1,255,605 81,445,691
$943,613 81,020,646
Gross earnings
1,098,856
1,027,729
927,022
871,673
Oper. expenses & taxes148,500
148,500
2,720
111,250
on bonds
Interest
3,774
6,696
Other interest
28,868
28.872
14,437
Bond amortization
def$46,106
Balance
Dividends
$72,890
$50,203
$169,466
136,800
$32,666
$50,203
$72,890
846,106
General Balance Sheet Dec. 31.
1932.
1933.
LtabilUtes1932.
1933.
Assets$2,210,000 $2,210,000
Property account_$5,399,724 $5,453,626 Capital stock
2,225,000 2,225,000
8.128 Bonds
9,731
Cash
40,663
Accounts payable_
64,922
Special deposits_ __
101,193
84,776
Bills payable
Accounts reedy2,640
2.217
3,040 Employees'deposit
2,909
able
3,056
2,663
Unredeem. tickets
Material and
57,764
71,400
88,316 Reserve for taxes_
90,322
supplies
3.313 Res. for injuries Is
3,724
Prepaid accounts_
37,109
32,367
damages
Ilnamortized de957,418
154,097 Res. for deprec_ _ _ 1,043,460
148,365
ferred charges__
Reserve for inter55,625
166,875
est on bonds_ _ _
1,764
Res.for int. on B-P
Deferred special
14,405
10,870
assessments_ _
3,651
172,357
Deficit
Balance
$5.719,698 $5,710,522
Total
-V. 137, p. 2805.
Total
$5,719,698 $5.710,522
•
-To Vote on Bonus Plans.
Chrysler Corp.
bonus, profitThe stockholders on April 17 will consider additional including such
sharing and savings and investment plans among others
in which officers and employees who also are directors may participate,
plans
with
and also consider agreements for compensation and otherwise made
directors or officers or employees.
Plymouth Shipments Rise.
week ended
Retail deliveries of Plymouths totaled 7,002 cars for the over the like
week and 266%
March 17, a gain of 5.8% over the previousGeneral Sales Manager. This
according to H. G. Moock,
week last year,
point
largest retail delivery week this year compares with the retail delivery
reached the latter part of June 1933.
cars, against 1,397 during the like week last year.
Shipments reached 9,316
with 9,784 on
Unfilled orders as of March 21 totaled 67 071, compared and Canadian.
the like date last year. These figures include domestic export of 9,882 merdealer organization
Mr. Moock said that the Plymouth
chants is the largest in the company's history.
Chrysler Unfilled Dealer Orders Total 21,410 Cars.
21,410 unfilled dealer
As of March 15, the Chrysler Sales Corp. had30 in addition to shipbefore April
orders for Chrysler cars for shipment
since the beginning of the
ments that had been proceeding at a rapid rate Manager. Of the orders
month, according to J. W. Frazer, General Sales
and Chrysler Airflow
,
now on file, 4634% are for Chrysler Airflow eights -V. 138, p. 2090.
Imperials and the remaining 534i% for Chrysler sixes.
Cincinnati New Orleans & Texas Pacific Ry.-Earns.
February
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 137, p. 3839.
1934.
$1.036,111
421,667
324.923
1933.
$770,674
220,799
157,241
.
8891,110 $1,201,665
149,652
165.391
81,580
127,515
1.992.090
747,984
546.361
1,594,651
463,364
357,621
1.821,116
299.159
207,508
2.570,103
383,024
239,690
Trustee.
Cleveland Discount Co.-SuccessorYork has been
of New
appointed
The Continental Bank & Trust Co.
.
mtge. coll. trust 6% gold
successor trustee and registrar of $367,900 1st
bonds, series II, dated Jan. 1 1922.
Clinchfield
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1933.
$364,225
157.461
115,146
1932.
$378,471
122.667
66,892
984,437
479,532
451,909
764,713
346,416
259.365
746,844
242,738
133,260
-New Director, &c.
Beacon Oil Co.
Colorado & Southern Ry.-Earnings.1934.
$354,635
32,691
def35,881
1933.
$383,744
69,044
2,164
1932.
$470,176
+ 71,565
def7,095
1931.
$628,436
122,123
39.646
777,105
108,204
def34,112
750,979
100,215
def41,883
984,708
155,807
def3.693
1,408,203
318,308
148,382
Columbian Carbon Co.-Annual Report.-F. F. Curtze,
President, states in part:
net income for that
profitable,
The last quarter of the year was the most
period being 76 cents Per share.company on Dec. 31 1933 was excellent,
The financial position of the
which $1,814,938 was cash, against
with current assets of $6,979.484, of
current liabilities of $683,941.
$852,811
$1,352,532 $2,709,520
271,920
53,533
356,668
30,528
455,629
$1,569,485 81,178,264 $1,739,728 $3,165,149
Total income
Loss on property sold
3,323
Cr151,363
28,591
or abandoned
Cash discts., int., dis169.841
162.297
175,656
204,905
mantl.expg.,rents,&c.
240,000
100,000
20,000
70,000
Fed. income tax (est.)- Proportion of profit ap237,062
28,872
to minority int
pile,
$954,017 $1,628,794 $2,514,923
$1,165,709
Net profit
6,895,959
6,393,154
5,410,807
Previous earned surplus_ 3,545,492
66,264
22,8b0
6,073
Prior years adjus. (net)..
int. appllc. to
Minority
205,813
surp. adj. of sub. cos_
84,717,274 $6,593,487 $8,088,213 $9,410,882
Total surplus
57,594
276,922
Undevel,leaseh. writ. off
Res. to reduce certain
1,432,225
plants to salvage value
5,318
Sterling exchange adjus
2,936,166
2,614,494
1,338,848
1,071,048
Dividends
81,562
Chgs. applic. to prior yrs
$3,545,492 $5,41(1,_807 $6,393 154
Total earned surplus- S3,646,226
$5.04
$3.02
$1.77
$2.16
Earnings per share
Consolidated Balance Sheet Dec. 31.
1932.
1933,
1932.
1933.
Liabilities
$
Assets605,779
Accounts payable_ 613,941
1,814,938 1,264,094
Cash
40,359 Federal taxes (es543,959
Notes receivable
20,000
70,000
809,331
timated)
1,385,634
Accts. receivable
Invest, at cost_ __ _ 1,012,710 2,193,332 Minority stockholders' interest
28,390
Interest_.
Accrued
in subsidiary
2,222,242 3,441,455
Inventory
Cash surrender val.
con":
Capital stock_ 1,260,038 1,260,036
14,829
life Ins. policies_
193,809
26,091
Surplus
34,118,426 34,182,915
Fixed assets
Reserve for deTotal stocks and
preciation &debondsolothercos 4,405,170 3,025,745
18.831,869 18,211,587
pletion
227,823
314,895
Loans & advances_
Reserve for exDeferred notes and
change fluctua109,451
accts. receivable 177,394
5,866
tions
21,280
41,440
z Treasury stock
3,648,228 3,545,492
Surplus
Empl. stk. purch.
200,346 x Capital stock_ ..2l,930,474 21,930,474
accts.,&c.,sec.adv 176,063
Copyrights, trade
1
1
mks.,g'd-w., do_
213,691
167,762
Deferred charges._
46,378,637 45,773,043
Total
46,378,637 45,773,043
Total
x Represented by 538,420 no par shares. z 518 shs. of co.'s stock at
cost in 1933 and 266 in 1932.-V. 138. P. 1048.
Mills, Inc.-Increases Dividend.
The directors at an adjourned meeting held on March 26 declared a
quarterly dividend of $1 per share, payable April 2 to holders of record
March 27. This compares with 50 cents per share paid each quarter from
Jan. 2 1933 to and incl. Jan. 2 1934. In addition, an extra distribution of
$1 per share was made on Dec. 22 1933.-V. 138, p. 2091.
Columbus tlk Greenville Ry.-Earnings.
1932.
1934.
1933.
Febr uury867,530
$43.350
$63.046
Gross from railway
2,484
def11,851
1,960
Net from railway
1,269
169
def12,778
Net after rents
From Jan. 1
139,997
93,044
138,014
Gross from railway
def10,622
8,920
def21.738
Net from railway
def14.806
3,068
def22,723
Net after rents
-V. 135. P. 2488.
1931.
$84,176
9,407
10,038
171,309
14.649
13,866
2
Columbus Ry., Power & Light Co.-Removed from Li8t.1 )
1931.
8451,146
-Dividend Action Deferred.
120,875 'Commerce Investments, Inc.
109,475
The directors have deferred action on the quarterly dividend ordinarily
about April 2 on the investment management shares, no par value.
Payable
960,789
A distribution of 73i cents per share was made on this issue on Jan. 15 last.
292,495
as against 10 cents per share on Oct. 2 1933, 9 cents per share on July 1
294,707
1933 and 10 cents per share each quarter from July 1 1932 to and incl.
April 1 1933.-V. 137, p. 2468.
Colonial
the following seven directors
At the annual meeting of the stockholders,
Wrightington, J. R. Riddell, L. K.
were elected: A. Clark Bedford, E. N. and W. L. Stephens. All except
J. L. Richards, D. L. Ferguson
Liggett,
previous board. The following were
Mr. Stephens were members of the
this year: A. C. Minton, C. M.
directors last year but were not elected
Bedford Jr. Mr. Wrightington was re-elected Treasurer,
Leonard and F. H.
-V. 138, p. 2091.
and A. F. Whiting re-elected clerk.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 137, p.4358.
$1,290,018
Operating profit
Rentals, int., dive., disc.,
270,683
commis., royalties,&c.
Adjus. of minority int_
8,785
Divs.-Monroe Gas Co-
thas removed from unlisted trading privlThe New York Curb Exchangi
stock and the 6% 1st preferred stock,
cla
le
% class B prefer
the
both par $100.-V. 138. p. 1741.
RR.-Earnings.1934.
$506,786
262,289
251,751
Production for Calendar Years.
Natural Gas
Gasoline
Carbon Black z Seel Blacks
(Cubic Feet)
(Gallons)
(Pounds)
Year
(Pounds)
33.223,966,000
27,779,874
18,088.630
69,390,296
1933
31,756.446,000
32,005,751
15,896.520
72,899,643
1932
39,011,853,000
37,815,789
22,009,345
76,804,622
1931
47,376,015,000
45,398,121
14,012,439
100,133.415
1930
47,831,160,000
26,179,539
17,487,437
104,855.183
1929
x Inks and other products.
Natural Gas Sales for Calendar Years.
Gross Revenue
Cubic Feet
Year
$2,166,259
28,560,363,000
1933
2,060,648
25,538,724,000
1932
2.340,355
27,955.406.000
1931
2,689,329
31,136.513,000
1930
2,545,999
26,934,903,000
1929
Consolidated Income Statement for Calendar Years.
1930.
1931.
1932.
1933.
$9,096,151 $7,427,291 119,474,216 $9,756,328
Sales (net)
4,308,889
4,893,724
3,841,557
5,101,886
Cost of sales
1,424,396
1,526,203
1,099,120
987.176
Deprec. and depletion
1,313,523
1,701,758
1,633,803
Selling, adm.& gen. exp. 1,817,072
-Earnings.
Commercial Credit Co.
'Including Textile Banking Co.)
Earnings for 2 Months Ended Feb. 28.
1934.
1933.
$16,229,077 $45,169.626
Consolidated gross purchases
693,669
net income incl. all subsidiaries
Consolidated
Avail,for common stock after provision for minority
Interest and dividend requirements of preferred and class A
*450,999
stocks
-V.138, p. 1403
• At annual rate of $2.83 on common stock outstanding.
-Earns.
Commonwealth & Southern Corp.(& Subs.).
-Month of February--12 Mos. End. Feb. 281933.
1934.
1933.
1934.
$9,744,596 $9,153,140$109,901,468$111,921,331
Gross earnings
Oper. exp., incl mainte4,200,898 51,630,652 50,880,983
4,753,800
nance and taxes
3,410,924 40,137,077 40,039,493
3.339,225
Fixed charges*
9,524,871
9,555,095
785,344
800,957
Prov. for retire. reserve
Net Income
Dividends on pref. stock
$850,613
749,727
$755,972 $8,578,643 $11,475,983
8.995,782
8,996,297
749,710
$6,262 def$417,654 12,480,200
$100,885
Balance
earn• Includes interest, amortization of debt discount and expense and 2080.
ings accruing on stock of subsidiary companies not owned -V. 138. p.
Financial Chronicle
Volume 138
Commonwealth Subsidiary Corp.
-Earnings.
Corporate Income Account for Year Ended Dec. 31 1933.
Gross income
$1,618,986
Operating expenses
104,258
Taxes
48,426
Interest on funded debt
1.100.000
Interest on unfunded dent
2.191
Amortization of debt discount and expense
84,091
Net income
$280,020
Previous surplus
58,683
Total
$338.703
Investment reserve provision
5,408.000
Amount forfeited on subscrip. to 82,006 shares of Commonwealth Edison Co. stock
4,100,300
Other direct surplus items
530,403
Deficit, Dec. 31 1933
x$9,700,000
x Transferred to capital surplus as authorized by directors on Jan.
1934.
x Corporate Balance Sheet Dec. 311933.
Arras
Liabilities
Invest. in & adv. to subsid.
Preferred stock
$1,500,000
affiliated cos., &c
$67,009,238 Common stock
48,410,000
Special deposit
5,056 Funded debt
20,000,000
Unamortized debt discount de
Obligation of capital stock._ _
104,425
expense
953.040 Accounts payable
1,787
Cash
2.192,119 Accrued taxes
4.000
Interest receivable
163,693 Accrued interest
366,667
Other assets
83,908 Miscellaneous
20,175
Total
170,407,053 Total
$70,407,053
x Effect has been given as of Dec. 31 1933 to the following transactions.
(1) Excnange of 581,100 authorized and issued shares of common stock
($100-par), for a like number of shares witnout par, appioved by stockholders Jan. 23 1934.
(2) Reduction in stated value of 581,100 authorized and issued shares of
common stock without par from $58,110,000 to $48,410,000. approved
by stockholders Jan. 29 1934.
(3) Transfer of the deficit existing at Dec. 31 1933, in the amount of
$9,700,000, to capital surplus created by the above reduction in stated
value of common stock, authorized by directors Jan. 4 1934.-V. 138.
p. 153.
Community Power & Light Co.
-Earnings.
[And Controlled Companies)
-Month of January--12 Mos.End. Jan.311934.
1934.
1933.
1933.
Consol. gross revenue_ $298,645
$304,330 $3,675,249 $3,932,178
Oper. expenses,incl. tax.
183,721
182,214 2,242,812 2,306,772
Bal. avail, for int.,
amortiz., deprec.,Fed,
inc. tax., diva. & surP.
-V. 136, p. 3157.
$114.923
$122,115 $1,432,436 $1,625,405
Consolidated Retail Stores,Inc.(& Subs.).
-Earnings.
Calendar YearsConsol. net loss after all
charges
-V.136, p. 4466.
1933.
1932.
$145.501
$827,289
1931.
1930.
resulting therefrom. (2) Revaluation by the management of certain assets
as of Oct. 31 1932 and setting up of additional reserves. (3) Charging to
paid-in surplus the adjustments resulting from the foregoing and the
accumulated earned deficit to Dec.31 1932.-V.138, p.2091.
To Retire $1,500,000 of Debentures.
-year
The company is notifying holders of its 10
% gold debentures.
due Nov. 11937. that $1,500,000 principal amount of the debentures have
been selected by lot for redemption at 101 on May 1. Holders of the
debentures which have been drawn for redemption may redeem their
bonds upon surrender of same with all unmatured coupons at the City
Dank Farmers Trust Co., 22 William St., N. Y. City, on and after May 1,
after which date interest on the selected debentures will cease.
-V. 138.
P. 2091.
--Earnings.
Consumers Power Co.
[A Subsidiary of Commonwealth & Southern Corp.]
-Month of February--12 Mos.End. Feb. 281934.
1933.
1934.
1933.
Gross earnings
$2,400,872 $2,246,249 $26,102,561 $27,216,458
Oper. exp., incl. maintenance and taxes
1,009,837 11,694.867 11,544,025
1,094,981
Fixed charges
383,016
390,968 4,556.910 4,539,438
Prov. for retire. reserve_
232,000 2,784,000 2.784.000
232,000
Net income
Divs, on pref. stock_ _ _ _
$690,874
347,365
$613,443 $7,066,783 $8,348,994
4,160,002
347,163 4,168,481
Balance
-V. 137, P. 2806.
$343,509
$266.279 $2,898,301 $4,188,991
,
a
----Continental Steel Cor -Removed from List.
New York Curb Exchange as removed from unlisted
1ecTerhe common stock (no p .
-V. 138, p. 1048.
t
ding privi-
Corn Products Refining Co.
-Business Gains
-Wages
Increased-New Director.
A 10% wage increase has been instituted by the company for all factory
men on an hourly schedule. This is 10% above the 1929 wage level, and
will affect 2,200 to 2.400 employees.
January business of the Company Was poor due to the heavy Purchases in
November to beat the increase in processing tax originally scheduled for
Dec. 1. February business was better, and the first two months this year
were only a little behind last year. March business, according to reports,
now looks to be better than last year and better than February this year.
Charles M.Cox has been elected a director to succeed the late Albert B.
Boardman.
The company proposes to pay off the $1,754,000 of 1st mtge. 5% bonds
due May 1 1934 in full at that time, it was stated. This will leave no
funded debt.
The company's investments include treasury certificates, railroad company common and preferred stocks and bonds, and some public utility
securities, F. T. Fisher, Secretary and Treasurer said. A little over 40%
of the investments are in bonds, it was stated.
The company is interested in 28 European companies and in 11 companies
in other foreign countries, Mr. Fisher said. Some of these companies are
entirely owned by Corn Products.
There is a paper profit on foreign exchange on the earnings of some
foreign subsidiaries, but most of this money has been left abroad. Only
when dividends have been taken from these foreign subsidiaries has this
profit been realized.
-V. 138, p. 1737.
$350,996 pf.$235,283
Continental Oil Co. of Del.(& Subs.).
-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Gross operating income_$52,338.811 $53,405,468 $57,130,663 $90,430,898
Merchandise costs
18,994,811 16,960,506 25,297,438 34,030,418
Oper. & admin. expenses 25,991,972 24,457,651 28,027,663 34,684,736
Taxes
b1,485,532
1,695,228
1,783,307 1.767,859
Net operating income_ $5,866,495 $10,292.084 $2,022,255 $19,947,885
Equity in current year's
earns, of contr. cos.
not consolidated; net_ c130,037
515.555
58 1,220,061
Divs, and int. received- 1,419,009
a896,155
364,018
1,600,927
Income before capital
extinguish. & interest charges
$11,703,795 $2,386,332 $22,768,873
Intang. develop. costs- 1,239,258
1.784,463
2,177,762 5,079.903
Depl.& lease amortiz702,782
1,907,829 3,240,722 3,247,879
Depredation
4,029,190 7,447,761
7,931,007 8,046,182
Int, and disc, on funded
debt
557,198
455,793
1,081,082 1,767,122
Other interest
3,975
8,598
15,989
144,362
Adjust, of inventories to
lower cost of market_
1,553,223
4,198,773
Net income_
$883,138 41,453,873412,060,222
$284,652
Applic. to min. interests
10,446
Cr9,740
Cr14,847
29,054
Extraordinary losses(net)
327,541
Extraord. profits-Cr_.. 1.403.168
1,689,803
Net inc. accr. to corp- $2,275,860df$1,444,133df$10683.313
$255,598
Shit. corn. stk. outst'd'g
(par V)
4,738,593 4,722,522 d4,718,008 d4,694.062
Earnings per share
$0.48
Nil
Nil
$0.05
a Includes dividends of $716,040 received from Great Lakes Pipe Line
Co. reinvested in that company. b In addition to the amount of taxes
shown above, there was paid (or accrued) for Federal and State lubricating
and gasoline taxes the sum of $15,647,324. c After reserve for losses of
$441,512. d No par shares. x Loss.
Consolidated Statement of Paid-in Surplus for the Year Ended Dec. 31 1933.
-Balance, Jan. 1 1933, $45,504,505; adjustments applicable to period
prior to Jan. 1 1933: Excess provisions for Federal, State and local taxes,
370,480; disposal of property. $199,159; miscellaneous, $200,670; total,
--Cost of fractional shares of capital stock purchased
$46,274,815. Deduct
in connection with exchange of shares of Continental Oil Co.(Me.), $1,022;
balance, Dec. 31 1933, $46,273,792.
Consolidated Balance Sheet Dec. 31.,
1933.
e1932.
1933.
e1932,
LiabUtttesAssds11,519,648 9,153,320 Accts. payable..... 5,170,193 3,513,823
Cash
Accrued Habil__ 609,905
855,748
a Notes dr accts.
4,102,819 4,014,412 Employ. stk. sub. 211,814
receivable
188,927
Per, money obliCrude oil and re575,409
820,262
fined products. 18,636.891 17,909,467 gations
Funded debt
7,450.000 8,726,000
U. S. govt. Recurs_ 505,000
458,607 Unredeem. bonds
Mat'Ls & supplies. 542,447
111,148 int.. coupons,&c
89,066
Other curr. assets. 102,089
12,208
Minority ints
212,659
b Invest. In & adv.
204.132
Hes, for conto contr. cos.
769,691
4,817,401 6,268,590 tingencies
987,328
not consol
Reserve for anOther invests. &
1,437.156 1,527,729
advances
6,267,190 4,636,205 nuities
1.437,030 1,487,030
c Net prop. acct 41.922,070 42,776,263 Res.for insur
Capital stock
23,692,967 23,692,967
Funds dep. for rePaid in surplus. 46,273.792 45,504,505
demp. of bonds,
12,208 Earned surplus... 2,275,860
89,066
Int coupons, &c.
Unad1. debits &
804,900
sundry assets_ _ _ 964,163
Prep. Sr. def. chgs. 806,757 1,173,538
90,275542 87,518,660 Total
90,275,542 87,518,660
Total
a After reserve of $237.423 ($285.908 in 1932). b After reserve for
possible losses of $20,651,090 ($22,898,010 in 1932). c After reserve for
depreciation, depletion, amortization and intangible development costs of
$69,683,373 ($65,968,431 in 1932). e After giving effect to (1) Proposed
reduction of capital and change in capital stock from no par value to a
par value of $5 per share and the crediting to paid-in surplus of adjustment
2245
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Crowley, Milner & Co.
-Earnings.
Years EndedJan. 12 '34. Jan. 13'33. Jan. 15 '32. Jan. 16 '31.
Net loss after all charges $740,665 $2.277,857
$579.634 pf$682,685
-V.138, p. 688.
---•Crown-Zellerbach
-Removed from List.g
Corp.
e
LThe New York Curb Exchang has removed from unlisted trading privile
the preference stock seri B and the $6 preference stock series A,
both no par.
-V. 138, P. 1563.
----Cumberland County P9wer & Light Co.-Off List.q
e l.:he New York Curb Exchange
.
..has removed from unlisted trading privi.
1 es the 6% preferred stock (par $100).-V. 136, p. 2239.
Cushman's Sons, Inc.-Resignation.
William J. Verito has resigned as Vice-President and a director of Cushman's Sons, Inc., and as an officer of the Purity Bakeries Corp.
-V. 138,
P. 1235,
Darby Petroleum Corp.
-Earnings.
-Calendar Years1933.
1932.
Number of net barrels of
crude oil produce& _- 1,568,166
1,347,584
Aver. mar. value per bbi.
produced
30.63579
$0.91488
Crude oil sales
$993,469 $1,231,151
Increase in inventory of
crude oil
3,555
1,726
Gas sales
35,239
59,350
Total sales
$1,032,263 $1.292,227
Oper. gen. admin., &c.
expenses
448,172
421,578
Net prof. from over
$584,092
$870.649
Other income credits_ _ _
107.289
81,728
Gross income
$691,381
$952,376
Interest paid
Income charges
14,367
53,068
Depletion
352,165
318,413
Depreciation
204,352
198,490
Federal income tax
Leaseholds surrendered,
abandoned wells, &c_ _
98,869
236,295
Amortiz. of leaseholds
undeveloped, dic
401,299
1931.
1930.
1,272,924
1,736,678
$0.65940
$1.296
$846,251 $2,258,701
Dr6,880
46,576
Dr8,674
79,805
$885,947 $2,329,832
471,209
749,916
$414,739 $1,579,915
73,200
119,736
$487,939 $1,699,651
7,490
377,953
316,945
509,651
392.987
6.545
778.918
428,270
Net income
loss$379,672
$146,109 loss$993,368
$362.198
Earns.per sh.oncap.stk.
Nil
$0.29
Nil
$0.71
Consolidated Balance Sheet Dec. 31.
Assets1933,
1932.
Liabilities
1932.
Cash & liberty bds. $468.526 3572,281 Accounts payable_ 1933.
$82,690
$58.994
Marketable swum. 255.430
246,648 Def. credit items..
59,327
79,102
Notes & accts. rec. 218.735
269,245 y Capital stock--- 2,548,480 5,055,128
Invent, of crude oil
17,679
14,607 Capital surplus._ 438,426
339,517
Materials & suppl. 221.705
230,005 Surplus
194,795 def.294.216
Other securities_. 100,125
12,886
x Operated proper. 1,928,710 3,841,413
Def, debit items__
87,114
74,936
Total
$3,298,023 $5,262,221
Total
$3,298,023 $5,262,221
x After depletion and depredation of $5,252,565 in 1933 and $4,036,632
in 1932. y Represented by 509.696 shares of $5 par value in 1933 and no
par value in 1932.-V. 138, p. 2091.
Financial Chronicle
2246
Delaware & Hudson RR. Corp.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1931.
1932.
1934.
1933.
$2,028,936 $1,599,962 $1,866,270 $2,565,138
258,931
12.598
def65,366
268,292
195,735
def77.453
215,635 def136,878
3,769,102
4,175.779 3,223,491
def27,879
557,748 def209,719
452,529 def341,851 def207,115
5,319,149
519,008
368,036
New Director.
William A. Anderson has been elected a director of the above corporation
and a manager of the Delaware & Hudson Co. to succeed Edward D. Duffield, resigned.
-V. 138, p. 2077.
Delaware Lackawanna & Western RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1932.
1931.
1933.
1934.
$3,575,513 $3,192,472 $3,947,002 $4,833,679
898.392
983,744
362,776
627,920
479,237
546.818
def62,680
272,792
6,433,451
7,148,683
724,810
1,117,694
377,557 def116,458
7,827,246
1,539,028
730,612
9,854,912
1.914,329
1,056,453
Public Works Improvement.
The 1.-S. C. Commission on March 14 approved proposed expenditure
by the road of $4,666,000 to be loaned by Public Works Administration
for the improvement of transportation facilities.
The report of the Commission says in part:
The company on Feb. 19 1934 applied under Section 203 (a), clause (4).
of the National Industrial Recovery Act for approval of railroad maintenance and equipment the cost thereof to be financed through the Federal
Emergency Administration of Public Works.
The proposed maintenance and equipment will consist of the purchase
by the applicant of 20 steam locomotives and five oil-electric locomotives
at an approximate cost of $2,000,000 and $400,000. respectively, and 500
50
-ton steel hopper cars at an estimated cost of $1,300,000, and the reconstruction by the applicant in its own shops of 986 wooden-sheathed box cars
into steel box cars, and of 20 road engines into modern drill or switch
engines at an approximate cost, respectively, of $666,000 and $300,000.
The total cost of the equipment purchased will be approximately $3,700,000
and that of the reconstruction about $966,000, making the entire cost am
proximately $4,666,000. A loan of that amount, to be used in the purchase
and reconstruction of the equipment described, has been requested from
the PWA.
Both the equipment to be purchased and that to be reconstructed are
to be placed under equipment trust agreements and leases, pursuant to
which equipment trust certificates are to be issued to aid in financing the
project. A separate application for authority to assume obligation and
liability in respect of the certificates to be issued has been filed by the
applicant.
-V. 138. P. 1391.
-Earnings.Denver & Rio Grande Western RR.
Month of FebruaryOperating revenues
Operating expenses
1932.
1931.
1933.
1934.
$1,177,792 $1,048,653 $1,301,270 $1,714,481
1,142,501
1,355,528
936,508
963,239
$214,553
80,525
71,030
444,738
$112,144
def19.092
def28.370
450,732
$158.769
14,492
14.200
445,976
$358.952
230,277
239.901
449,678
$3373,708
Net deficit
2 Mos. End. Feb. 282,636,331
Operating revenues
1.961,029
Operating expenses
$479,102
$431,787
2,792,773
2,379,392
3,847,365
2.914,581
$675,302
386,292
352,891
890,093
$365,401
110.406
91.171
902,409
$413,381
125,192
113,370
891,972
$537,201
$811,238
$778,603
declare the plan abandoned, in the same manner provided for declaring
the plan operative, the bondholders and the coupons presented for stamping
as above provided shall cease to be subject to the plan, any endorsement
to the contrary notwithstanding.
T. M.Schumacher further states:
With the acceptance of this plan, and the continuation of the present
trend of traffic, it should be possible for the company to meet its obligations
throughout the current year and avoid the consequences of a present
reorganization, which might be detrimental to holders of general mortgage
bonds. Directors believe this plan to be in the interest of all holders of
general mortgage bonds and strongly urges each holder to detach and
Immediately present the three coupons maturing Feb. 1 1934, Aug. 11934,
and Feb. 1 1935, to City Bank Farmers Trust Co., 22 William St., N. Y.
City, where they will receive immediate payment of one-half of Feb. 1 1934
coupon, and the coupons will be stamped in accordance with the plan
-V. 138, p. 1912.
and returned to them for affixing to their bonds.
Detroit & Mackinac Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
- 137. p. 3839.
V.
1934.
$34,766
def2,868
defb,851
1933.
$31,442
def5,180
def11,553
1932.
$50,296
6.276
def2,076
1931.
$60,040
10.350
1,668
76,102
def1,755
def13.995
65,728
def12,534
def25,319
95,944
4,651
def11,150
118.740
12.914
def3,895
Detroit Toledo & Ironton RR.-Earnings.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 136, p. 4082.
1934.
$571,974
314,500
233,475
1933.
$305,494
123,566
63,864
1932.
$374,493
96,150
36,216
1931.
$678,587
294.348
223,104
1,142,527
634,215
468.210
641,825
261,343
135,369
743,161
182,580
60,952
1,265.766
462,758
314,354
Detroit & Toledo Shore Line RR.-'Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 136, P. 3154.
1934.
$334,866
207,493
113,640
1933.
$255,334
149.168
77,605
1932.
$258.840
143,567
69,265
1931.
$283,195
149,948
64,229
638,305
392,101
213.398
505.366
294,228
152,957
524,318
289,246
139,843
585.535
302,786
131,486
----Devonian Oil Co.-Extra Dividend of 10 Cents.
The directors have declared an extra dividend of 10 cents per share I
addition to the usual quarterly dividend of 15 cents per share on the common
stock. Par $10, both payable April 20 to holders of record March 31. An
-V.
extra of 10 cents per share was also made on this issue on Jan. 20 last.
Earnings for Year Ended Dec. 311933.
$948,171
Gross income
383,528
Operating, abandoned lease expense and taxes
$209.776
2,229,788
1,864,387
Mar. 31 1934
Net revenue
Net ry. oper. income_ _ _
Available for interest_ _ _
Interest & sinking fund_
Net revenue
Net ry. oper. income_
Available for interest
Interest and sinkingfund
Net deficit
Operating income
Capital loss
$564,642
17,739
tclnf on e before depreciation and depletion
a lom
Depreciation
Depletion
$546,903
202,332
125,027
$932,784
676.507
688,265
899,357
Net income for year
Dividends paid
$219,543
150.556
$211.091
Balance Sheet Dec. 31 1933.
Liabilities
Assets
$549,199 Accounts payable
Cash
Notes receivable
130,300 Deterred credits
Accounts receivable
146,942 Common stock
26,490 Surplus
Materials at cost
49,175
Investments in other cos
43,433
Stock held In treasury
x 011 prop., gasoline plants &
2.376,694
equipment
Undeveloped leases at cost- 239,234
Surplus for year
$68,98
$47,234
New Director, &c.
6,188
Frederick H. Eckel', a member of the A. C. James group on the board
3,288,000
of the above company, resigned on March 26. Mr. Ecker is President of
219,945
the Metropolitan Life Insurance Co., a large holder of D. & R. G. W.
bonds. The Rio Grande failed to meet the interest which fell due on
bonds due in 1955.
Feb. 1 on its 829,808,000 of gen. mtge. s. f.
Mr. Ecker disclosed that he also had resigned from the board of the
Western Pacific RR. Corp.
"In view of the general conditions." said Mr. Ecker in explaining his
resignation from the Rio Grande company."some action may be necessary
Total
$3,561,368
Total
$3,561,388
by the bondholders to protect their interest, which might be in conflict
with the interest of the equity holders. A director of a company should
x After depletion and depreciation reserves of $3,893,071.-V. 138.
work for both interests, but I, of course, represent holders of senior obliD. 1568.
gations. No reflection on the credit of the company or the policies of
--Cow Chemical Co.-Reovedfrom List.-C
the management is intended."
Mr. Ecker is to be succeeded by Robert E. Coulson of New York City.
The New York Curb Exchange as removed from un sted trading priviwho succeeded Mr. Ecker on Western Pacific RR. Corp.
-V. 138, p. 689.
I
the preferred stock (par $l0).
Plan to Avoid Default Proposed-Offers Half Cash for February 1934 Coupons if Two Subsequent Coupons Are Deferred
to Dec. 31 1935.-T. M. Schumacher, Chairman of the
board, in a notice to the holders of general mortgage 5%
bonds due Aug. 1 1955, states:
The unprecedented decline in railroad revenues during the long period
of the depression has seriously Impaired the ability of this company to
provide necessary funds for efficient operation and adequate maintenance
during the coming year, and currently, fully to meet its fixed charges.
In view of this condition the board of directors at a meeting held Jan. 27
1934 decided to withhold, for the time being, payment of interest due
Feb. 1 1934 on the general mortgage bonds.
In view of the prospects of an early completion of the Dotsero Cut-off
and the shortening of the company's line between Denver and Salt Lake
City by 175 miles, as well as the marked upward trend which has appeared
In the company's traffic during the past few months, the board of directors,
at a meeting held on March 23 1934, decided that it would be advisable
and in the interest of holders of general mortgage bonds to propose a plan
for avoiding a default under the mortgage securing these bonds. The plan
provides that these bondholders shall receive immediate payment of onehalf of the Feb. 1 1934 coupon and shall withhold, until Dec. 31 1935
presentation of the balance of this coupon and the full amount of the coupons
maturing Aug. 1 1934 and Feb. 1 1935.
Outline of Plan.
1. Company will place in a special deposit subject to requisition by
City Bank Farmers Trust Co., a sum sufficient to pay 50% of the face
amount of the interest coupon on the general mortgage bonds of the company due Feb. 1 1934.
2. Bondholders will assent to the plan by presenting to City Bank
Farmers Trust Co. the three coupons due respectively Feb. 1 1934, Aug. 1
1934, and Feb. 1. 1935, detached from the general mortgage bonds, for
endorsement of the payment of one-half of the face amount of the Feb. 1
1934 coupon, and for stamping each of such coupons with an appropriate
legend indicating the acceptance of this plan and otherwise as may be
required by law, or the rules of the New York Stock Exchange. The railroad company will pay all expenses in connection with this plan.
3. City Bank Farmers Trust Co. will pay to each depositor of such
three coupons, from the money so deposited by the company, one-half
of the face amount of the Feb. 1 1934 coupon and endorse the payment
thereof and stamp such coupons as above provided, and return said coupons
so stamped to the depositor.
4. Whenever the company determines that sufficient of the bondholders
have accepted the plan to make the same effective, it will declare the plan
operative by serving notice thereof on the City Bank Farmers Trust Co.
and causing notice thereof to be published and thereupon presentation
of each of such coupons stamped as aforesaid shall be deferred until Dec. 31
1935.
5. In the event the plan is not declared operative by Dec. 31 1935 or
receivers or trustees for the company are appointed, or the company shall
Duluth Missabe & Northern Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
- 136, P.4263.
V.
1933.
1934.
1932.
1931.
$91,050
$57,759
$84,963
$116,843
def403,973 def306,068 def354,396 def519,005
def414,640 def313,469 def363,206 def601,718
111,821
161,428
241,893
176,304
def780,193 def618.042 def743.691 def1049,936
def806,701 def633,296 def769,061 def1214,899
Duluth South Shore & Atlantic Ry.-Earnings.FebruaryGrossfrom railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 136, p. 3530.
1934.
$151,668
2,930
def24,713
1933.
$111,776
def30,651
def63,954
1932.
$134,123
def18,250
def49,988
1931.
$230.736
26,782
def11,226
279,283
def10,030
def67.793
237,319
270,005
def35,182
def48,634
def93,684 def113,091
477,944
67,065
def11,212
Duluth Winnipeg & Pacific Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 127, p. 104.
1934.
$66,749
def4,792
2,397
1933.
$56,771
def23,276
def6,201
1932.
$96,854
9,097
23,464
1931.
$116,069
def10,426
def9.278
135,852
def10,277
3,876
110,884
def47,979
def13,156
182,063
3,493
32,868
252,924
def12,192
def8,670
Eastern Massachusetts Street Ry.-Earnings.Period End. Feb. 28
1934-2 Mos.-1933.
- 1934
-Month-1933.
Railway oper. revenues.. $571,488
$489,926 $1,199,138 $1,025,729
619,110
Railway oper. expenses..
300,040
776,842
384,558
Taxes
21,794
44,150
30,293
61,204
Balance
Other income
$156,637
10,833
$168,091
10.835
$361,091
24,012
$362,468
20,369
Gross corporate inc_ _
Interest on funded debt,
rents, &c
Deprec. & equalization-
1167,471
$178,927
$385,103
$382,838
70,078
114,012
74.713
110,110
139,795
243.876
149,318
231,893
def$16,619
def$5,896
$1,432
$1,627
Net income
V.138,P. 2081.
Financial Chronicle
Volume 138
Duquesne Gas Corp.
-Distribution.
-
Holders of convertible 6 % notes have been advised that on and after
March 28, the Manufacturers Trust Co., successor trustee, will distribute
proceeds of the sale of properties pursuant to court decree at the rate of
.87288% of the face amount of the notes and coupons due on Sept. 15 1931.
and subsequently.
-V. 137. p. 2460.
Eastern Utilities Associates (& Subs.).
-Earnings.
Period Ended Feb. 28
-1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$694,520
$660,754 $8,205.239 $8,051,682
Operation
305,970
296,062 3,710,197
3,691,142
Maintenance
20.488
19,586
275,034
251,346
Retirement ree've accrual
60.416
60,416
725,000
725,000
Taxes
83.881
77.190
890.384
907.322
Int. & amort. charges_ _ _
63.002
70,649
871,243
817,956
Net income
$160,761
$136,848 $2,103,278 $1.832,322
Dividends on pref. stock of subsidiary companies..
127.152
127,152
. Balance
$1.976,126 $1,705,170
Net income applic. to common stock of sub. cos.
held by minority stockholders
61.992
66,006
Balance
Dividends on E. U. A.common shares
$1,910,119 $1.643,177
1,370,975
685,587
Balance
$272,202
$1,224,532
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.P.2081.
Eaton Manufacturing Co.
-25
-Cent Dividend.
-
A quarterly dividend of 25 cents per share has been declared on the common stock, no par value, payable May 15 to holders of record May 1. A
like amount was paid on Feb. 15 last, which compares with 20 cents per
share paid on Nov. 15 1933.-V. 138. p. 1923.
Eastman Kodak Co. (& Subs.).
-Annual Report.
William G.Stuber, President, says in part:
2247
Comparative Consolidated Balance Sheet.
Dec. 30 '33. Dec. 31 '32.
Dec. 30 '33. Dec. 31 '32.
Assets
Liabilities
b Real estate,
c Common stock 22,559,210 22,559,210
buildings, &c.. 64,809,379 68.240,724 Preferred stock_ 6,165.700 6,165,700
Supplies. &a_ _ 33,964,121 29.476,937 Accts. pay..
Accounts & bills
provision for
Federal taxes_ 9,146.184 8,097,887
receiv.(net)__ 16,364,563 15,821,338
Pref. div. Jan. 1
92.485
Inc.& advances:
92,485
Affiliated cos_ 1,621,949 1,628,548 Cora. div. Jan. 1 1,688,191 1,688,192
Kodak Empl.
Contingent reAssociation. 2,454,521 2.587,840
9,124,387 2,157.942
serve
a Other invest 4,612,861 3,216,650 d Paid in surplus 28,782,600 28,782.600
Other marketaSurplus
76,595.941 72,599.602
ble securities. 12,338,873 11,250,123
Cash
17,276,786 9,118,177
Prepd.items,&c.
803,283
771.645
Total
154,154,698 140,148,819
154.154.698 140,143.619
Total
a Includes 5,000 shares Eastman Kodak Co. common stock at $42.95
per share. b Includes real estate, buildings, plant, machinery and capital
investments at cost less depreciation reserve of $46,346,455 in 1933 and
$41,084,757 in 1932. c 2.500,000 shares of no par value authorized. 2,263.150 shares issued at stated value of $10 shares less 7.229 shares in treasurY •
d Paid in surplus representing difference between amount received in 1929
for 205.590 shares of common stock at $150 per share and stated value
thereof at $10 per share or $28.782,600.-V. 138. p. 1050.
Electric Auto-Lite Co.
-Annual Meeting Recessed.The stockholders recessed their annual meeting on March 28 until
April 4 to allow officials to work out legal details for the merger with the
Moto Meter Gauge & Equipment Corp. and prepare the registration certificates to be filed with the Federal Trade Commission.
The board of directions was increased to 10 members by the addition
of four new directors. They are: J. A. Minch, Vice-President: P. J.
Dailey, Assistant Secretary: John Shotwell, Auditor, and R. J. Skinner,
Assistant Treasurer. All former directors were re-elected.
-V.138,P.1923•
Electric Bond & Share Co.
-Output of Affiliates.Electric output for three major affiliates of the Electric Bond & Share
System for the week ended March 22, compares as follows with the corresponding week last year (in kwh.):
1934.
1933. Increase.
American Power & Light Co
75,924,000 66,901.000 13.5
Electric Power & Light Corp
31,842.000 30,013,000
6.1 4)
National Power & Light Co
66,599,000 55,641,000 19.7%
-V.138, p.2082.
The total volume of business of company showed a substantial increase
in nearly all products during the last half of the year. This improvement
has been maintained up to the date of this report. The increased profits
reflect substantial operating economies, as well as a large reduction in the "Electric Household Utilities Corp.-Removed from List2
:
amount of the wage dividend paid to employees. The wage dividend in
IThe New York Cb Exchange has removed from unlisted trading privi
Curb
each year depends upon the amount of common stock dividends declared
lega. the capital stock (par $5)
.--V. 138, p. 868.
during the preceding year. These factors, together with profits arising
from the improvement in foreign exchange in relation to the United States
dollar, are mainly responsible for the increased earnings of company.
In former years it has been the practice to state the profits or losses of
the foreign subsidiary companies at the rates of exchange ruling at the
close of the year. Owing to the abnormal exchange conditions prevailing
at the end of the year, it was considered advisable to convert such profits
and losses into United States currency at closing rates where below former
To increase the utility value of the
gold par rates of exchange, and at former par rates for those currencies
corporate news given in this department,
quoted above par, except where current profits had been remitted. In
those latter instances,the profits were included at rates of exchange actually
all items are now presented in strict
realized.
alphabetical order.
In accordance with the accounting practice of the company, the profits
for the year as shown on the accompanying profit and loss account include
$1,459,546, representing realized gain in exchange, or recovery of exchange
losses charged to operations in prior years.
The net current assets of all foreign companies are stated in consoli-Reduces Capital.
dated accounts at current rates of exchange. In 1931 and 1932 this re- -4 Electric & Musical Industries, Ltd.
The stockholders on March 28 approved a proposal to reduce ordinary
stilted in a shrinkage in value of these net current assets of $3,140,767.
capital from £5,805,749 to £2,902,874. equivalent to a reduction of 10s.
which amount was charged to general and contingent reserves. By reason
of the improvement in value of certain foreign exchange in 1933 in relation
per share. The nominal value of the ordinary shares was £1. The preference
to the dollar, the above mentioned shrinkage was not only entirely recovstock is unchanged at f460,000.
-V.138,p. 1751.
ered, but in addition there was an appreciation in value of these net current
assets of 82,759.631. This amount was carried to general and contingent
Elizabethtown Water Co. Cons'd.-Earnings.reserves, thereby making a net increase in such reserves for the year 1933
Income Account for Year Ended Dec. 31 1933.
of $5,900,399.
The total assets of your company in foreign countries amounted to
Sale of water
$766,725
$38,125,537. divided as follows:
Miscellaneous operating revenue
81
Fixed assets of wholly owned subsidiaries (at cost less reserve
Total water operating revenue
2766,806
for depreciation)
$15.188,158
Water operating revenue deductions
304,705
Net current assets of the same companies (converted at closing
Depreciation
76.487
rates of exchange)
22,937,378
Uncollectible water bills
2,529
Taxes
145.748
Total
$38.125,537
Geographically, these assets are located as follows:
Water operating income
$237,332
Canada
$5,189,714
Non-operating income
9.426
South America, Cuba and Mexico
1,369.155
Europe
27.742.786
Gross corporate income
$246,759
Asia and Far East
1,966,572
Interest on funded debt
19,750
Africa
1.857.307
Other interest deductions
260
Investments in and advances to affiliated companies (in Australia.
East Africa. &c.) not wholly owned, the assets and earnings of which
Net corporate income
$226.749
companies are not consolidated in the statement
Dividends
159,828
-amounted at the doge
of 1933 to $1,621,948, which includes 8570,009 advances. Corresponding
figures for 1932 were $1,628,547 and $582.073, respectively. Since these
Balance
$66,921
investments were acquired, the equity value of the interest of company
Balance Sheet Dec. 31 1933.
has been increased through earnings which,converted into dollars, amounted
to $2,651,619, as against $1,736.321 in 1932. no part of which is reflected
Assets
Liabilities
in the accounts submitted. This increase in the equity value over 1932 is
Plant property
85,654,912 Funded debt
8395,000
largely attributable to Improvement in foreign exchange. Dividends
Materials and supplies
68,699 Taxes accrued
84.189
received during the year from these affiliated companies exceeded the
Cash
247,269 Interest accrued
3,291
equity of company in the aggregate net profits of all such affiliated comConsumers' accounts receiv... 111,441 Unaudited bills and vouchers.
2,252
panies,for their respective fiscal years ending in 1933, by $31,863. Except
Interest and dividends reedy.
3,130 Consumers' deposits
303.255
for one company,these affiliated companies are located outside of the United
Earned revenue not charged.52,289 Other accounts payable
10,400
States, and the equities therein represented by net current assets in foreign
Investments
707,023 Reserve for contingencies, &c.
66.068
currencies have been stated at the rates of exchange prevailing at the end
Prepayments
4,689 Amortization reserve
770.969
of the year.
Other suspense
1,329 Capital stock
4.000,000
During the year there was expended for land, buildings, plant and maSpecial deposits
215 Fixed surplus
180,793
chinery $5,885,835. of which 85,015,958 Is located in this country. The
Construction work in progress
43.351 Operating surplus
2,790.939
reserve for depreciation increased S5.261.698. The difference between
Advances to Union Constructhis amount and depreciation actually charged during the year to operation & Holding Corp
1,712.809
tions of $5,818,051 shown in the profit and loss account, together with
2750,000 for obsolescence of manufacturing facilities, represents accumuTotal
$8.607,160
Total
$8,807,180
lated reserves on obsolete plant written off during the year.
-V.134, p.4491.
IMPORTANT NOTICE.
Consolidated Income Account (Including Wholly Owned Subsidiary Cos.).
52 Weeks
53 Weeks -Years Ended
Dec. 30 '33. Dec. 31 '32. Dec. 28 '31. Dec. 27 '30.
Period$18.576,984 $12,178,865 $18,442,859 $24,073,525
Operating profit
1,569,759
Other income
1,618,044
2,607,223 3,977,938
Total income
$20,146,743 $13,796.909 $21,050,082 $28,051,463
Depreciation
5,818,051
5,757.626
5,248.792 4,874,326
Provision for obsolesence of plant
• 750,000
Other charges (net)_
1,313,562
750,065
505,439
190.927
Federal & foreign tax... 2,605,632
1,230.470
1.887,066
2,632,422
Profit
Foreign exch. gain, &c
$9,659,498 $6,058,748 $13,408,785 220,353,788
b1,459,546
Net profit
$11.119,044 $6,058,748 $13,408,785 $20,353,788
•
369,942
Preferred dividends... _ _
369,942
369,942
369.942
Common dividends
6,752,763
9.008,478 18,077,900 18,088,980
Surplus
$3,996,339df$3,319,672df$5,039,057 $1,894,866
76,595,941 72,599 601 a75,919,273 84.675 404
Profit & loss surplus
$2.52
Earned per share
$4.76
$A.84
$5.78
a After deducting $3,717,074 excess of cost over tangible assets at acquisubsidiaries, wholly acquired during the year. b Other than
sition of
amounts credited to general and contingent reserves.
Empire District Electric Co.
-Earnings.
12 Mos.End.Dec.12- 1933.
1932.
1931.
1930.
Gross operating revenue. $2,349,701 $2,268.450 $2,652,482 $3,399.606
Oper. expense, maint. &
all taxes
x1.108,244 x1,183,213 x1,392,371 x1,770,283
Net operating revenue $1,241,457 $1,085.237 21,260,111 $1.629.323
Non-operating income._
6,978
12.211
26.397
37,871
Total income
$1,248,435 $1,097,448 $1,286,509 $1.667,195
Interest on funded debt_
643.738
644.385
648,030
656,570
Int.on float.debt & disc.
233 105
182,448
190.930
64,772
Int. charged to construe.
er35
Cr370
Bal. carried to surplus
Previous surplus
$371,627
def947
$270,984
179.585
$447.548
475.327
Total surplus
Preferred dividends...Common dividends
Reserve for replacements
Adjustments
$370.680
$450.569
221,460
180.000
180.000
Dr1,882
$922,875 $1.939,216
442,920
442,920
540.000
300.000
480.000
Dr370
Dr969
$945,853
993.364
Surplus
$190,680
$47.227
$179.585
$475,327
x Includes Federal income tax of $6,729 in 1933: $5,266 in 1932: $14,257
In 1931 and $64,328 in 1930.
2248
Financial Chronicle
Comparative Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets
$
$
Liabilities$
Public util. other
6% preferred stock 7,382,000
prop,and invest.27,696,550 27,752,056 Common stock..__ 3,000,000
Miscall, investmls
9,005
Funded debt
13,125,000
Injuries & damages
Notes payable_
77,500
fund
58,460
Accounts payable_
39,679
Special cash dep
Accts. pay. MM.
500
Sinking fund
274,630
238,853 companies
42,136
Cash
69,133
95,632 Int.& taxes accr
271,121
Oust. acct. rec__
306,108
463,986 Accts. pay. to parAccts. rec. from
ent company
2,690,183
affiliated cos- _ _
38,646
35,564 Consumers & line
0th. notes & accts.
extension dep
90,760
receivable
32,645
33,466 Accts. Payable not
Mdse. accts. rec
170,728
current
Int. receiv. accrued
55
Reserves
2,383,648
Matis. & supplies. 200,471
232,714 Capital surplus
938,957
Prepd. Insur., &c_
35,439
10,377 Earned surplus
190,681
Balances in closed
banks
2,795
789
Notes & accts. rec.
-Personnel_ _
3,726
Deferred charges_ 1,332,774 1,386.810
Total
30,231,665 30,250,247
-V.136, p. 2240.
Total
1932.
7,382,000
3,000,000
13,126.000
66,000
20,145
33,604
322,001
2,879,674
101,754
4,800
2,328,085
938,958
47,227
30,231,665 30,250,247
Erie RR.-Earnings.-(Including Chicago & Erie RR.)
Month of February1931.
1934.
1933.
1932.
Operating revenues
$5,735,164 $5,036,305 $6,061,289 $7,346,867
Oper. expenses & taxes
4,570,977 4,335,225 5,065,400 6,004,620
ie701.080
302.385
$995,888 $1,342,246
296,366
342,696
Net ry. oper. income.. $892,643
$398,695
$699,521
$999,550
2 Mos. End.Feb. 28
Operating revenues
11,737,381 10,367,358 12,098,940 15,041,622
8.809,357 10,427,677 12,420,447
Oper. expenses & taxes.._ 9,189,991
Operating income_ ___ $2,547,390 $1,558,001 $1,671,263 $2,621,175
Hire of equip. & it. fac.
608,429
rents
560,631
-net debit
604,782
670,853
Net ry. oper. income_ 81,986,759
Retired $2,034,500 Debentures Since Jan. 1 1934.Since the close of 1933 the corporation made public an offer to accept
tenders of its debentures up to $2.500,000 principal amount and to pay
2,900 Swiss francs for each $1,000 principal amount accepted. Under
this offer, the corporation purchased for retirement $2,034,500 principal
amount of its debentures. Payment therefor was made with the proceeds
arising from the sale of part of its investments.
-V. 138, p. 1559.
Escanaba Iron Mountain & Western RR.
-Control by
Chicago & North Western.
The 1.-S. C. Commission on March 9 approved the acquisition by the
Chicago & North Western Ry. of control, by lease, of the railroad of the
Escanaba Co.
The North Western owns all the capital stock and outstanding bonds
of the Escanaba. The construction of the latter's railroad was completed
with funds supplied by the North Western. Upon completion of the
railroad the North Western constructed connections therewith and has
since operated the railroad as part of its system. Such operation was
under the terms of a lease dated May 15 1891, which expired on July 1
1920. Since the expiration of the lease the North Western has continued
in the control, possession, and operation of the Escanaba railroad under
the terms of the expired lease.
-V. 138, p. 1038.
----Fairmount Creamery Co.(Del.).-Increases Dividend.
-
Elgin Joliet & Eastern Ry.-Earnings.
February1934.
1931.
1933.
1932.
Gross from railway
$789,947 $1.346,708
$568,352
$743.872
Net from railway
94.943
101,439
250,516
30,230
Net after rents
def22,372 def109,427 def53,855
54.812
From Jan 1
Gross from railway
1,461,379
1,600,476 2,793,575
1,150,336
Net from railway
528,652
162,081
167,143
75,327
Net after rents
def71,753 def198,623 def148,770
121,936
-V.136, p. 2415.
Operating income_ ___ $1,164,187
Hire of equip. & jt. fac.
rents
-net debit
271.544
Mar. 31 1934
$949,572 $1,066,480 $1,950,321
Public Works Improvement.
-
The directors recently declared a quarterly dividend of 50 cents per share
on the common stock, no par value. payable April 1 1934 to holders of record
March 21. This compares with 25 cents per share paid each quarter from
April 1 1932 to and incl. Jan. 2 1934.-V. 137. P.363:0.
Fall River Gas Works Co.
-Earnings.-Month ofFebruary- -12 Mos.End.Feb. 281934.
1933.
1934.
1933.
Gross earnings
$78,217
$75,348
$894,793
$933,665
Operation
37.369
31,193
421,441
407,005
5.161
Maintenance
3,438
63,781
56,422
5,000
Retirement res. accrual_
5.000
60,000
60,000
Taxes
13.917
16.282
164.725
179,108
Net operating revenue
Interest charges
$16,769
1,568
$19,433
2,233
$206,640
22,120
$209,334
26,308
Balance
$17,199
$15,201
$184,519
$183,025
Under the requirements of the Department of Public Utilities of Massachusetts, the company is now making provision for retirements by charging
operating expenses each month. All previous years' figures affected, including retirement reserve and reserves and surplus for the previous year.
have been adjusted to a directly comparable basis.
During the last 31 years the company has expended for maintenance a
total of 7.78% 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
-V.137, p. 1937.
7.91% of these gross earnings.
ederal Mogul Corp.-Removed from List.
he New York Curb Exchange as removed from unlisid trading privi1es the capital stock (no par)
.-V. 137. p. 875.
-To Vote on Stock Retirement.
'"•-••-(Wm.) Filene's Sons Co.
The stockholders will vote April 30 on approving the retirement of
2,400 shares of preferred stock of this corporation purchased in accordance
with sinking fund provisions and by-laws.
1932.
1931.
Years End. Jan. 311933.
1934.
Net income after deprec.,
amortiz., int. Federal
taxes, &c
$712.205 $1,386,464 $1,935,412
$1,032,107
Earns, per share on 500,000 shares common stock
$2.85
(no par)
11.86
$0.58
$1.23
-V.138, p. 1570.
The I.-3. C. Commission on March 16 approved proposed expenditures
of $2,671,000 to be loaned by the Public Works Administration for the
improvement of transportation facilities.
The report of the Commission states in part:
The company, by separate applications filed on Feb. 15 and Feb. 19 1934,
has applied under Section 203 (a), clause (4), of the National Industrial ''''Finance Co. of Ameri
-Off List.4
ty at Baltimore.
Recovery Act for approval of certain railroad maintenance which it prok
'he New York Curb Exchange as removed from unlisted trading priviig
poses to finance by loans from the Federal Emergency Administstion of
le
the class A common stock o par)
.-V. 138, p. 1051.
Public Works.
The maintenance for which approval is sought by the application in
Fireman's Fund Insurance Co.-Removed from List.
Finance Docket No. 10353, will require the purchase and installation of
The New York Curb Exchange has removed from unlisted trading priviabout 29,987 gross tons of first-quality rail and 2,134 gross tons of secondleges the capital stock (par $25).-V. 137. p. 1247.
quality rail, total 32,121 gross tons, to cost approximately $1,164,133, and
the purchase and installation of 12,340 gross tons of other track material,
First Reinsurance Co. of Hartford.-Bal. Sheet Dec. 31.
including, in addition to the ordinary track fastenings, frogs, switches,
1932.
1933.
1932.
Assets1934.
double slip switch, &c., to cost about $884.364, or a total of $2,048.498.
Cash
$141,634 $234,825 Premium reserve._ $293,704 $408,506
The maintenance for which our approval is sought by the application in
854,143
861,570 Reserve for losses. 633,552
Bonds
980,961
Finance Docket No. 10361 consist of the conversion of 750 70
-ton drop55,634
768,155 1,167,601 Bal. due to cos__
46,105
Stocks
bottom gondola cars into self
-clearing hopper cars, at a cost of $623,812.
183,374 Conting. reserve._ 189,413
250,595
Bal. due from cos54,606
The applicant has pending an application under Section 20a of the
11,222 All other liabilities 138,600
31,822
13,462
Accrued interest
Inter-State Commerce Act for authority to issue $2,671,000 of notes to
146,131 Capital stock
208,317
500,000
Other assets
500,000
evidence the loans which it expects to obtain from the PWA to aid in the
Surplus
505,024
365,760
financing of the proposed maintenanee.-V. 138, p. 2072.
$2,167,134 $2,605,724 Total
Total
$2,167,134 $2,605,724
European Electric Corp., Ltd.
-Earnings.
-V. 136. p. 1894.
Calendar Years1933.
1932.
031.
al930.
Cash divs. and interest_b$2,240,626 $1,741,360 $2,267,876 $2,277,355
Florida East Coast Ry.-Earnings.-Transfer legal expo., &c_
56,560
42,205
48,376
38,905
1934.
February1933.
1932.
1931.
Loss on sale of securs
2,329
$1,007,644
Gross from railway
$926,666
$987,150 $1,282,254
U. S. and foreign taxes
434.671
Net from railway
423,844
570,401
457,486
withheld at source__ _
8,504
4,134
21,033
23,252
Net after rents
307,599
302,086
301,745
389,900
Tax paid at source on
From Jan 1
debenture bond int.__
3,052
1,887
3,354
8,748
1,859,969
Gross from railway
1,696.185
1,890,087 2,412,520
Canadian tax on capital_
3,138
604
1,488
738,591
689,323
Net from railway
789,575
945,488
Int. on debenture bonds
488,800
Net after rents
456,202
475,021
580,964
and other interest_ _ _ _
498,333
762,907
838,500
710,711
-V.138, p. 1391.
Bal. applic. to divs_ -- $1,672,204
$928,457 $1,355,124 $1,493,410
Flour Mills of America, Inc.-Accumulated Dividend.
Dividends paid
665,022
570,020 1,140,036
855,009
The directors have declared a dividend of $2 per share on account of
accumulations in addition to the usual quarterly dividend of $2 per share
Earned surplus
$1,007,182
$358,437
$215,088
$638,401
on the no par value $8 cum. pref. stock, series A, both payable April 2 to
Prey.earns.& paid-in Bur. 6,725,500 5,819.327 5,596,954
holders of record March 25. Like amounts were paid on Jan. 10 last
Excess of principal amt.
and on Oct. 1 1933.
oper. cost of bds. red_
546,555
517,336
Following the above payment, accruals on the pref. stock will amount
-V. 138, p. 155.
to $3 per share.
Total surplus
$7.732.682 $6,724,317 $6,329,378
Loss on securities sold_ - 1,255,378
508,612
Fort Worth & Denver City Ry.-Ea,nings .
Total * arned & paid-in
e
February1934.
1933.
1931.
1932.
surplus
86,477,303 16.724,317 $5.819.767
Gross from railway
1391.044
$352,071
$523,203
$490,671
Net from railway
a Period Feb. 3 1930 to Dec. 31 1930. b Includes profit on foreign
123,802
135,247
101,159
174,205
Net after rents
70.146
exchange of $180,943.
84,195
49,648
117,612
From Jan. 1
Balance Sheet Dec. 31.
Gross from railway
835,271
770,643
1,008,504
1,119,968
1933.
1932.
1933.
1932.
Net from railway
277,470
283,764
237,505
341,481
Liabilities$
Assets$
$
Net after rents
159,578
140,509
226,936
184,340
854,438 35-yr. 6Si% debs_ 5,775,000 8,750,000
Cash
1,349,752
x Common stock,
-V. 136, p. 3530.
Gold bullion
307,760
class A (par $10)14,000,600 14,000,600
Due from bankers
Fort Worth 8c Rio Grande Ry.-Earnings.Common stock, Cl.
for secur. sold__
763
320,000 B (par $10)._- 5,000,000 5,000,000
Notes receivable_
February1934.
1933.
1932.
1931.
291,378 Earned surplus.. _ _ 773,227 1,333,233
Special deposit_
Gross from railway
$31,783
$24,334
$26,934
$39,037
29,933,479 32,130,196 Capital surplus__ 5,704,076 5,391,086
Investments
Net from railway
def17.183
def29,133 def36,215 def32,373
Taxes
1,887
4,633
Restricted Reich&
Net after rents
def25,839 def39,873 def47,791
def44,344
Due to others for
marks
38,450
From Jan 1
securities purch. 219,500
y Debenture bonds
Gross from railway
69,637
57,398
90,117
65,897
reacquired
1,064,396 Interest accrued on
Net from railway
def30,796 def53,228 def60,053
def49,871
debenture bonds 156,406
199,063
Interest and divlNet after rents
def48,558 del75.390 def83,190 def75,303
19,062
dends accrued__
13,783
33,501 Miscell. liabilities_
22,874
-V. 119. p. 324.
Miscellaneous assets
5,773
7,578
Foster Wheeler Corp.
-Obtains Canadian
Riley
Rights on
Total
31,649,758 34,701,488
31,649,758 34,701,488 Total
x There are outstanding option warrants to purchase 2,299,940 shares of
class A common stock (as such stock may be constituted at the time of exercise of such warrants) at any time on or after April 1 1930, at a price of $15
in U. S. currency (but in no event less than the par value of such shares in
Canadian currency at time of payment). Of the option warrants outstanding
122 are being held by the corporation for the account of holders ofcertificates
for fractional warrants. y Principal amount $1,400,000.
Fuel Burning Apparatus.
The corporation has acquired from the Riley Stoker Corp. of Worcester.
Mass., the exclusive right to manufacture and sell Riley fuel burning
apparatus in the Dominion of Canada.
This arrangement covers Riley, Harrington, Jones and Murphy stokers
and other apparatus. Such eguipnient has been made in theft:last by the
Riley Engineering & Supply Co., Ltd., of Toronto, which is discontinuing
the manufacture and sale of power apparatus. These products will now be
Financial Chronicle
Volume 138
serviced and sold by Foster Wheeler, Ltd. and will be manufactured at the
company's plant at St. Catherines, Ont.
Earnings for Calendar Years.
(Incl. Foster Wheeler. Ltd.(Eng.),and Soc. Anon. Foster Wheeler (France).
1933.
1931.
1932.
1930.
Unfilled orders
$2,736,021 $2,528,557 $4,144,089 $6,122,627
a Loss from manufacturing and trading
495,141
870,795
536,822 pf2.137,483
Other income
112,801
186,912
52,368
172.339
Adjustment ofreservefor
income tax of prior yrs
46,713
60,000
Deficit
Depreciation
Res. for contingencies..
Income taxes
Reduc. of book value of
market secs. & miscell.
investments
3396,060
301,900
Net deficit
Preferred dividends_
Common dividends
$746,820 $1,133,599
124.726
48,860
$349,910pf$2,309,822
309,472
307,500
76,099
70,000
281,046
18.432
$697,994
305.140
80,000
7.964
1932.
6.883,174
2,703,797
492,632
1,301,718
1,000,000
2,093.195
11,145,307 14,474,515 Total
Total
11,145,307 14,474,515
:
This reserve represents the differnce between values carried in assets
for all stocks, and actual Dec. 31 1933 market quotations on such stocks.
All bonds are carried on amortized basis.
-V. 136, p. 1894.
Georgia 8c Florida RR.
-Earnings.
42,500
$753,913 pf$1,651,276
125,209
136,441
305,536
472,038
Deducted from surplus $746,820 $1,258,324 $1,184,659 sr$1,042.798
Surplus Jan. 1
2,102,388 3,360.713 4,545,371 3,502,573
Surplus Dec.31
$1,355,568 $2,102,388 $3,360,713 $4,545,371
Shs.com.stk.out.(no par)
241,181
231,367
227,774
239,015
Earnings per share
Nil
Nil
$6.34
Nil
a After deducting all costs, incl. operation and maintenance of plants,
erection and installation of apparatus,selling, general & admin. expenses.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
AssetsLiabilities
$
Cash
979,292 Accounts payable_ 309,904
1.523,060
271.960
Notes & accts. rec. 973,063 1,402,532 Accrued commis.,
Trade notes reedy.
wages & expense
63,652
53,391
due after 1 year.
34,479
85,570 Accrued costs on
Marketable secur_ 151,133
917,106
billed contracts_
86,381
123,233
Accrued interest
1,398
5,210 Adv. on contracts
Inventories
888,367 unshipped
1,120,199
18,582
29,328
Investments
675,793
622,516 Accr. inc. & fran.
Bal. rec. on emchise taxes
71,199
31,175
ploy. subscrips_
13,710
35,117 Res. for inc. taxes
Deposits with inof prior years in
surance cos- _
32.370
30,072
process of adjust
108,020
y Fixed assets_ ___ 5,018,450 5,389,346 Pref. div. payable
Deferred charges__
29,153
31,807 Jan. 2
31,181
Patents purchased 126.308
129,953 Res, for conting
226,099
226,099
Good-will & develDeferred credits_ _
72,203
19,952
oped patents_ _
1
1 $7 preferred stock_ 1,751,800 1,751,800
Com.stk. a, capital surplus
5,795,984 5,716,112
Earned surplus__ - 1,355,567 2,102,368
Total
9,699,121 10,516,891 Total
9,699,121 10,516,891
x Authorized 300,000 shares (no par value); reserved for conversion of
preferred, 44,545 shares; issued and outstanding, 241,181 (231,367 in 1932)
shares. y Atter depreciation of 2,907,399 in 1933 and $2,586,128 in 1932.
-V.138, p. 2092. 1052.
Gamewell Co.(& Subs.).
-Earnings.
Period End. Feb. 28- 1934-3 Mos.-1933.
Operating loss
$42,280
$37,325
Other income
19,418
21,303
Loss
$22.862
$16,022
Deprec. & Federal tax
22.408
22,716
Other deductions
946
Net loss
$45.270
$39.684
-V.137, P. 4704.
1934-9 MOS.-1933.
$104,344
$81,690
58,825
68,549
$ 45,519
66,844
$13,141
67,742
37.766
3112.363
3118,649
General Alliance Corp.-Reportfor 1933.
-
Taking into account the operations of the subsidiary reinaurance companies with respect to net underwriting and investment income results, and
without regard to appreciation or depreciation of securities, and without
regard to gains or losses in connection with the sale and (or) maturity of
securities, the company earned $1.24 + per share in 1933. These earnings
were retained by the respective operating companies.
The balance sheet made up on the same basis as last year shows a decrease in surplus of over 3800,000, all of which is due to the lesser liquidating
value of the two principal subsidiaries, General Reinsurance Corp. and
North Star Insurance Co. (see statements below), by reason of the new
basis for the contingency reserves set up by the companies, which now
cover the full difference between convention values for preferred and corn.
stocks and their actual market quotations on Dec. 311933. The financial
position of the company in actual strength improved materially during the
year.
Balance Sheet Dec. 31.
Assets1933.
1932.
1933.
General ReinsurReserve for taxes_
37,800
ance Corp
$2,558,468 33,176,607 Capital stock
83,200,000 3,200.000
North Star InsurSurplus
1,571,448 2,392,773
ance Co
2,107,933 2,355,739
Herb% Clough, Inc
96,075
53,879
Cash
8,973
14,048
Total
$4,771,448 $5,600,273
-V. 136, p. 2433.
Total
$4,771,448 $5,600.273
General American Transportation Corp.
-Bonus Plan.
The stockholders at the annual meeting to be held on April 10 will vote
on approving a compensation plan for executives and employees.
-V. 138,
P. 1924
.
Box Corp.-R5,tr
from List.
Curb
. C New York Cb Exchange as removed from uated trading privi--" The
moved
le
2249
Balance Sheet Dec. 31.
1932.
1933.
1933.
Assets
LiabiSUies324,068 1,321,756 Res.for claims and
Cash
Bonds and stocks.. 9,408,010 11,683,058 claim expenses__ 5,672,669
Mortgages
584,456 Res. for unearned
499.200
Premiums in course
premiums
1,985,530
482,948 Res, for commis..
of collection__ 465.736
Real estate
taxes &0th.liab. 348,412
56,000
Accrued interest_ _
59,130 Contingency res've x991,122
47,241
Capital stock
Other admitted as1,000,000
343,174 Surplus
345,053
sets
1,147,572
the common stock (no par).
-V. 138, p. 2092.
General Reinsurance Corp.-Annual Report.-The
corporation, engaged exclusively in the business of reinsurance in the casualty and surety fields, has issued its annual
report for 1933, showing total admitted assets at the end of
the year amounting to $11,145,306.
Bonds and stocks held by the corporation and its subsidiary, North,
Star Insurance Co., based on convention values, totaled $10,619.996 as
of Dec. 31 1933. The company states that on Feb. 28 1934 the market
value of its bonds and stocks was $9,767,163, or approximately 92% of the
convention values at the end of 1933.
E. H. Boles. President of the corporation, reports that a major operation
for reinvestment purposes was carried out during the year. This was
designed to accomplish an increase in the average quality of investments.
an increase in the stability of the portfolio In the case of further busines
occasion and an increase in the liquidity of the portfolio.
The corporation during the year disposed of an unprofitable account
with the Pacific Mutual Life Insurance Co., which it believed would result
in further losses if continued.
The corporation's unearned premium reserves at the end of the year
amounted to $1,985,530; loss reserves to $5.672,669; and reserves for all
other liabilities to $348,412. Its contingency reserve of $991,121 represents
the difference between the convention value of stocks and their Dec. 31
market value. All bonds are carried on an amortized basis. Surplus to
policyholders at the end of the year amounted to 32,147,572.
(Corporate and Receivers-Combined.1
-Month of February-- -2 Mos. End. Feb. 281934.
1934.
1933.
1933.
Operating revenue
$52,049
$172,671
$88,913
$107,956
Operating expenses
168,532
85,131
145,493
72,708
Taxes, &c
5.000
10,421
5.104
10,000
Rents (net) Dr
3,104
3,760
6,912
7.322
Net ry.oper.incl.(def)
Non-operating income_ _
$4,427
1,003
$29,419
1,358
$13,194
2,708
$54.859
3.037
Gross income (def.)De.ductionsfrom income_
33,424
878
328.060
1,014
810,486
1.756
$51,822
2,029
Surp.applic.to int.
(def) $4,302
$12,242
353.852
$29,074
Earnings for 3rd Week of March and Jan. to March 21.
-3rd Week of March- -Jan.lto March 21Period1934.
1934.
1933.
1933.
Gross earnings(est.)---$248,621
$156,306
$21,450
$14.800
-V.136. p. 1881.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
General Electric Co.
-Annual Report for 1933.
-Owen
D. Young, Chairman, and Gerard Swope, President, state
in part:
Orders and Sales.
-Orders received during 1933 amounted to $142,770,791, compared with $121,725.772 during 1932, an increase of 17%.
Sales billed (representing shipments) during 1933 amounted to $136,637.268, compared with $147.162,291 during 1932, a decrease of 7%.
Orders received and sales billed by quarters were as follows:
-Orders Received-Sales Billed
1932.
1933.
1933.
1932.
First quarter
325.511,644 833,404,642 326,101,001 837.876,399
Second quarter
35,539.858 35,304,070 35,672,413 42.334,090
Third quarter
43,733,499 25,665,402 35,652.732 32.838,986
Fourth quarter
37,985,790 27.351,658 39,211,122 34.112,816
Cash and Marketable Securities.
--Cash and marketable securities amounted
to $111,878.508 on Dec. 31 1933, compared with $116.108,016 at the close
of 1932. Marketable securities, amounting to $50,976.864. consisted of
$25.243.580 U. S. Government obligations, all except $2,098,554 due
within five years; $999,245 Reconstruction Finance Corporation notes ana
39.450.000 Feceral Intermediate Credit Bank notes due in 1934; $8,340,740
State and muncipal obligations, all except $21,187 due within four years,
and $6,943,297 bankers' acceptances due within 90 days.
Accounts and Notes Receivable Not Current.
-Restricted funds in closed
banks at the end of 1933 amounted to 32,750,326, against which reserves
of $1,261,990 have been set up to cover possible ultimate losses. Capital
stocks of banks, acquired by exchange for cash deposits to assist in reorganizations, amounted to $510,125. These stocks are included in "miscellaneous securities and investments."
Inrestuunts in and Advances to Associated Companies, and Miscellaneous
Investments.
-Reappraisal of Investments in and advances to associated
companies, and miscellaneous investments, resulted in a charge to earned
surplus of $3,920,209, leaving a final valuation of $154,682,340, compared
with $154,998,159 at the end of 1932.
The foreign investments had a market value, on the basis of foreign
exchange rates on Dec. 31 1933. approximately $24,000,000 in excess of
the market value similarly computed on Dec. 311932, which was not taken
into account in determining their appraised value.
Total income from associated companies and miscellaneous investments
amounted to $4,376,970. Dividends of $3.822,542 were received from
certain associated companies, and, in addition, company's proportionate
share in the undistributed earnings of these companies was approximately
$1.400,000. No dividends were received from other associated companies
In which company's proportionate share in the losses reported was approximately $1.600,000. The proportionate share in the undistributed
earnings and losses of these associated companies was a net loss of approximately 3200,000, and this amount has been provided for in the revaluation
of securities.
Total income from associated companies and miscellaneous investments
was 2.8% of the average value of such investments at the beginning and
end of the year, compared with 4.4% in 1932.
General Electric Contracts Corp.
-General Electric Contracts Corp..
formed in 1932 to purchase, from distributors and dealers, instalment
payment obligations covering the sale of General Electric household appliances and other General Electric products, began operations in the
New York metropolitan area in January 1933, and gradually expanded
during the year to cover a substantial part of the country. Capital amounting to $4,425,000 has been supplied by General Electric Co. Gross volume
of contracts purchased during 1933 amounted to $6,580.473. and operations,
before deducting organization expenses of about $50,000, resulted in a
profit of approximately $10,500.
Fixed Assets.
-Land, buildings, and equipment, formerly shown in
balance sheet as "other property" (consisting mainly of equipment the
for
offices, warehouses, laboratories, and 19 service shops, radio broadcasting
stations, &c.), have been combined with factory properties under the
heading "plants."
Cost of plants, Dec. 31 1932
3197,205.263
Added during 1933
3.679,473
$200,884,737
9.244,500
Cost of plants, Dec. 31 1933
3191.640.236
Plant depreciation reserves, Dec. 31 1932
152.221.663
Added by charges to IDCOrne during 1933
6,179,511
Prcceeas from sale of dismantled equipment, &c., during 1933_
241,069
Dismantled, sold, or otherwise disposed of during 1933
$158.642.244
Less: Cost of plants dismantled, sold, or otherwise disposed of
during 1933
9.244.500
Total
3149.397.744
Net book value, Dec. 31 1933
$42,242,492
Stockholders.
-On Dec. 29 1933, there were 188,316 holders of common
and special stock, of which number approximately one-half (exclusive of
corporations, institutions, &c.) were women. This compares with 181.310
2250
Financial Chronicle
on Dec. 16 1632 (an increase during the year of 4%), and with 150,073 in
1931, 116.750 in 1930, and 60.374 in 1929.
Employees and Payrolls -The average number of employees of company
miring 1933, not including those of associated companies, was 41,560.
compared with 46,943 during 1932. Total earnings of these employees
amounted to $55,287,000 for 1933. and to $61,414,000 for 1932, and
average annual earnings per employee were $1,330 and $1,308 respectively,
an increase of 1.7%.
Average annual earnings of employees for 1933 decreased 17.3% from
1923, compared with a decrease of 25.2% in the cost of living, according to
the index of the National Industrial Conference Board.
Between March 1 and Dec. 31 1933. 8,363 employees were added to the
company's payrolls, and the total annual payroll rate increased approximately $17,448,000.
The several plans of extra compensation (or profit sharing) yielded
$824,696 payable to 295 employees for 1933, compared with payments of
$747.698 to 366 employees for 1932.
Consolidated Income Statement for Calendar Years.
x1932.
1933.
Net sales billed
$136,637,268 $147,162,291
Costs, expenses, and all charges except plant
depreciation and interest
123.585,652 136,951,671
Plant depreciation
6,179.511
6,580,575
Net income from sales36,872,104
Interest and dividends from associated companies
and miscellaneous investments
4,376,971
Interest on marketable securities
717,342
Interest on bank balances and receivables
1,266.460
Royalties and sundry revenue
606.575
$3,630,045
7,392,647
227,039
3,079,795
487.125
$6,967.348 $11,186,606
Total income
Interest charges
$13,839,452 $14,816,651
409.714
412,541
Net income for year
Earned surplus at beginning of year
$13,429,739 $14,404,110
122,224,719 172,198,374
Total surplus
$135,654,459 $186,602,484
Revaluation of investment in and advances to
3,920,210
19,498,310
associated cos., & of miscellaneous investm'ts2,575.033
6% cash dividends on special stock
2,575,057
15.864.157
Cash dividends on common stock
11,537,576
Dividend payable in RCA common stock
26.440,265
$117,621,616 $122,224.719
Earned surplus at end of year
Earnings per share on 28,845,927 shares com$0.41
mon stock (no par)
$0.38
x 1932 figures recast for comparative purposes.
Balance Sheet Dec. 31.
1932.
1933.
1932,
1933.
$
Asm/s-Cash
60,901,644 107,804,164 Accts. payable_ 4,385,522 3,279,536
Market. secur_ 50,976,864 8.303,852 Taxes, payrolls,
0th. accr'd
a Accts. er notes
4,813,893 4,807,304
Items
receivable:
575,000 1,254,550
Custom. sects 11,509,047 10,692,707 Due to aSSOC. COS
Assoc cos:acts 3,573,368 3,727,332 Cash rib's. decI'd 3,528,161 3,528,152
Other accts._ 1,685,273 1,478.890 Div.pay.in com.
stk. of R.C.of
Custom. notes 1,539,758 1,840,762
America
26,440,264
40,001
33,431
Other notes
Accounts pay'le
a Install. work
In progress..._ 3,527,922 6,304,820 subsequent to
626,762
578,386
one year
45,467,409 41,686,432
a Inventories
Collecnas under
179,214,717 181,878,962 employ. plans 3,904,690 3.235,501
Total
Charles A.Coffin
Less adv. collec.
Foundation .._
3,900,323 8,187,289
400,000
400,000
on contracts
Res. for self-ins.,
wkmen's comTotal current
pensation. Jrc. 4,863.324 5,106,015
175,314,394 173,691,673
assets
General reserve_ 9,154,051 9,154,051
a Accts. dr notes
2,268,763 4,605,427 Debenture bonds
rec. not curr
277,795
184.173 (334%due'42) 2,047,000
a Loans to empl.
2,047,000
Spec. stk. 03%
Adv. to empl.
cumulative)._ 42,929,635 42,929,635
for traveling
139,963 c Com.stock_ 180,287.046 180,287,046
125,807
expenses
228,899 Earned surplus_117,621,61., 122,224,719
225,107
Prepaid expenses
Invest. in Jr adv.
to 2ISSOC.009.
and miscell.
investments:
Internat. Gen.
Electric Co. 61,860,300 63,922,400
Investm't cos. 49,856,490 51,646,716
Mfg., sell., rl.
est.,& other
assoc. cos 35,436,941 30,890.366
Miscell. secur.
Investmts 7,528,610 8,538,677
R. C. of Amer.
corn. stock__
26,440,265
b Plants
42,242,493 44,983,600
Pats. dr franch
1
1
375,136,702 405,272,161
Total
Total
375,136,702 405,272,161
a Less reserves. b After reserves for depreciation of $149,397,744 in
1933 and $152,221,663 in 1932. c Represented by 28.845.927 no par
shares.
To Vote on Profit Sharing Plan.
The board of directors on March 29 submitted to stockholders a profit
sharing plan designed to affect all employees of the company, which number
nearly 50,000. If approved by the stockholders, the application of the
profit sharing principle to such a large group of workers will make the plan
unique in the history of business.
Under the proposed plan for supplementary compensation, the directors
are given authority, in their discretion, to set aside in any year out of the
earnings of the company available for dividends on the common stock,
after deduction of 8% of the average book value of common stock, an
,
amount not in excess of 1215% of the balance of such earnings. Based
upon the present book value of the common stock, no participation can
result under this plan until the annual earnings available for the common
stock amount to approximately 83 cents per share.
In the 17 years from 1916 to 1932, the average annual earnings of the
company available for common stock, before deducting supplementary and
extra compensation, were $38,769,000, and the 5% supplementary compensation paid under the old plan averaged $2,371,000. Under the proposed
plan the average maximum amount available for this period would havebeen
32,408,000. In 1932 and 1933, of course, no amount would have been available under the new plan, although the company did pay out $1,791,000
in 1932.
The advantage of the new plan is that the payments will vary with the
earnings of the company, which is in accordance with the theory of profit
sharing.
Before any amount may be sot aside for distribution to employees in
Important and supervisory positions, under the extra compensation plan,
there must first be deducted from the earnings of the particular department or of the company as a whole, 8% of the average-investment in that
department, or in the company as a whole, after providing for all charges
and reserves. Thereafter the directors may set aside not more than 8%
of the balance of the net earnings of the department or of the company
for the purposes of the extra compensation plan.
In the 18 years from 1916 to 1933, the earnings of the company available
for common stock, before deducting supplementary and extra compensation, averaged 337,264,000, the extra compensation paid averaged
$2,348,000, and the number of participants under this plan averaged 1.912.
The directors shall have the right to modify the plans from time to time,
or to terminate them, but no changes shall be made which shall increase
the amounts which may be appropriated for the plans without prior approval of the stockholders. The administration of both the supplementary
and extra compensation plans will be in the hands of a committee of the
Mar. 31 1934
board of directors, no member of which shall be eligible to participate in the
benefits.
-V. 138, p. 1571.
Georgia Power Co.
-Earnings.
(A subsidiary of Commonwealth & Southern Corp.)
Period End, Feb. 28- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$1,869,959 $1,807,517 $22,194,472 $22,081,068
Oper. expenses, including
maintenance and taxes
941,923
9,410.945
810,129
9,879,576
Fixed charges
513,343
6,118,639
5,791,657
507,307
Prov. for retirem't res've
110,000
1,320,000
110,000
1,320,000
Net income
$301,692
$380,080 $4,876,257 15,558,465
Divs. on 1st pref. stock_
245,873
245,872
2,950.432
3,362,880
Balance
$58,818
$134,207 $1,925,824 $2,195,584
-V. 138, p. 860.
Georgia RR.-Earnings.
FebruaryGross from railway__ _ Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 125, p. 2932.
1934.
$258,606
48.635
48.892
1933.
$206,261
11.330
11,405
1932.
$232,818
def2,455
def614
1931.
$321.654
18.210
19.682
521,221
88,830
89,446
443,351
39,451
40,735
467,283
def32,890
deI27,229
639.336
27.978
39.502
Georgia Southern & Florida Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 136. p. 3154.
1934.
$161.737
25.767
19.684
1933.
$129.324
30.517
12.761
1932.
$177,965
25,834
15,005
1931.
$266,416
48.039
32,520
310,785
34,891
22.344
272,724
60,188
29,472
359.033
32,214
12.382
547.268
91.877
61.093
Gimbel Brothers, Inc.(& Subs.).
-Earnings.
Years Ended Jan. 311934.
1933.
1932.
1931.
Net loss after all charges $626,488 $4,459,059 $1,791,351 pf$379,844
-V. 138, p. 1053.
,Goldblatt Brothers, I5c.-Removed from List.par)
(The New York Curb Exchange has removed from unlisted trading pi kiloges the common stock (no
.
-V. 138, p. 1924.
-Gorham Manufacturing Co.-Larger Distribution.,
-
A dividend of 75 cents per share has been declared on the commodstock.
no par value, and voting trust certificates for common stock, payable
April 16 to holders of record April 2. A special distribution of 50 cents Per
share was made on Dec.28 last and one of $1 per share on March 311933.
Quarterly payments of 25 cents per share wore made on Sept. 1 and
Dec. 1 1932, as against 40 cents per share on March 1 and on June 1 1932
and 50 cents per share in preceding quarters.
-V. 137. p. 4536.
Grand Trunk Western RR.-Earnings.February
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, P. 1038.
1932.
1933.
1934.
$1.426,439 $1,146,685 $1,317.434
81.110
262,408
87,758
77,516 def123,671 def132,173
1931.
$1,739,569
246,013
def96.158
3,464.181
2,751.505
2,630,912
2,359,049
213,992
428.789
93.097
422.747
40,864 def201,945 def336,856 def278,331
(W. T.) Grant Co.(Del.).
-To Vote on Bonus Plan.
-
The stockholders at the annual meeting to be hold on April 3 will vote
on approving an "Executives' Compensation Plan."
-V. 138, p. 2093.
.
.----reat Lakes Dredge &Pock Co.-Removed from List.
The New York Curb Exchange)tas removed front unlisted trading privileges the common stock (no par).
-V. 138, p. 1053.
Great Lakes Steamship Co.-Dividend Correction.
The directors recently declared a dividend of 25 cents per share on the no
par value common stock, payable April 2 1934. Quarterly payments of like
amount were made on this stock on April 1 and July 1 1932 (not 1933 as
previously stated).
-V. 138, p.2093.
Green Bay & Western RR.
-Earnings.-February
Gross front railway
Not from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 1227.
1934.
$90,203
12,496
5,291
1933.
$84,189
11,970
5,245
1932.
$94,831
6,942
def164
1931.
$109.779
13,606
4,670
176,352
13.796
def632
166,483
20,692
6.081
181,480
7.342
def8,295
232.623
25,338
5.953
Guarantee Co. of North America.-Extra Dividend.
-
An extra dividend of $2.50 per share has been declared on the common
stock, par $50, in addition to the usual quarterly dividend of $1.50 per share,
both payable in Canadian funds on April 16 to holders of record March 31.
Similar distributions have been made each quarter since and incl. Jan. 16
1933.-V. 137. p.4705.
Great Northern Ry.-Earnings.February1934.
1933.
1932.
1931.
Gross from railway
$3,841.548 $3,128,110 $3,721,557 $5,420,240
Net from railway
746,996
13.040
116,164
995.653
Net after rents
156,300 def640,495 def540,803
137,027
From Jan 1
Gross from railway
7,976,821
6,709,791
7,590,976 11.175.400
Net from railway
1,279.627
227,569
73.174
1,904.933
Net after rents
def59,534 def1,156,908 def1,275,958
262,476
Income Account for Calendar Years.
1933.
1932.
Railway operating revenues
$61,023,891 $55,549.246
Railway operating expenses
41.545,224 45,655.673
Not revenue from railway operations
$20,378.667 $9,893,574
Railway tax accruals
6,697,424
6,660,944
Uncollectible railway revenues
14,210
7.213
Railway operating income
$13.710.511 53,181,940
Equipment rents-net debit
1.301,953
1,513,915
Joint facility rents
-net debit
598,331
377,474
Net railway operating income
$11.810,227 $1,200,551
Total non-operating income
4,887.171
5,096.092
Gross income
$16,697,398 36,385,643
Rent for leased roads
99
Cr87
Miscellaneous rents
58.898
7,972
Miscellaneous tax accruals
70,298
93.461
Separately operated properties-Loss
76,348
110.719
Interest on funded debt
18,965.541 18,933,207
Interest on unfunded debt
110,928
323,146
Amortization of discount on funded debt
384,691
251.168
Miscellaneous income charges
218,355
72.495
Loss
$33,187,760 $13.405,439
Income applied to sinking and other reserve funds_
14,270
14,386
Miscellaneous appropriations of income
123,528
629,600
Deficit transferred to profit and loss
x$3,325,558 $14,049,425
x Does not include not losses for the year 1933 amounting to $587,487
of subsidiaries. in which this company holds directly or indirectly a majority
of the outstanding capital stock.
Financial Chronicle
Volume 138
2251
Consolidated Balance Sheet Dec. 31.
General Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
1932.
1933.
1933.
1932.
Liabilities
Assets
Liabilities
Assets
Capital stock_ __113,452,525 113,452,525
a Property,Plant
Capital stock.. _ _248,079,350 248,719,050
Inv. in road and
& equipment _276,725,868 285,494,570 Funded debt_ __102,462,863 110,463,195
equipment_ .. _534,520,868 535,850,784 Premium on CapCash
15,666,064 17,323,564 Accts. payable_ 14,663,282 10,224,933
ital stock_ _ _
81,268
81.268
Impts. on leased
Prop. purch.oblig 100,000
Time deposits_ 5,185,000
ry. property__
519,959
234,054 Grants in aid of
200,000
Permanent Inv_ 35,875,251 33,373,992 Res.for annuities 1,589,754 1,240,962
374,582
371,621
44
44 constructionSinking funds__
342,101 Res. for mains.
Marketable secs.
339,028
610,906
Misc. phys. prop 4.574,297 4,096,653 Funded debt un668,910
Accrd. liabilities 4,448,942 3,758,218
Notes and accts.
350,886,515 353,143,515
matured
Inv.In affil. coe_ 245,008,186 245.740,273
receivable_
b19,767,288 25,076,263 Deferred credits
221,590
Other investm'ts 3,775,643 4,522,018 Non-negot.debit
229,091
Inventory-Oil. 50,273,948 51,922,267 Minority interest
158,750 1,007,853
to affil. cos_ _ _
18,783,571 14,727,376
Cash
in subsidiaries
Mans & suppl_ 9,852,980 8,081.689
Loans & bills pay 5,765,536
55,000
Demand loans &
55,000
Capital surplus.. 17.146,573 17,146,572
Employees'loans
10,000
60.000 Tref. & ear serv.
deposits
sec. by stock_ 8,302,490 8,185,363 Earned surplus..173,008,895 178,420,705
bais. payable..
488,406
518,226
Time drafts and
Prep.& def.chgs. 5,772,413 6.060,300
175,000
170,000 Audited accts. &
deposits
wages payable 3,494,229 3.353,993
328,905
336,383
Special deposits_
Misc. accts. pay
814,620 1,228.934
Total
427,760,330 435,860,111
Total
427,760,330 435,860,111
Loans and bills
receivable.._ _ _
122,818
51,385 Int. mat'd unpd. 8,928,560 8,909,021
a After reserve for depreciation and depletion of $311,971,102 in 1933
3,234
Divs.mat'd unpd
2,177
Traffic and car
and $306.057,359 in 1932. b After reserves of $1,383,582.7V. 138, P.511.
Funded debt maserv. balances
tured unpaid_
330,000
285,000 --Harnischfeger Corp.-Removed from List.4
630,119
receivable_ _ _
828,340
Unmatured int.
Net balance rec.
he New York Curb Exchant has removed from unlisted trading
accrued
236.474
235,004 privileges
from agents &
the common stock (no p ).-V. 138. p. 2093.
90,900
396,998 0th. curr. liabiLs
86,720
conductors_
561,473
Misc. accts. rec_ 5,011.435 5,592,916 0th. def'd liabils 21,225,764 19,912,862
& Cooley Co., Inc. Removed from List.5,242,677 5,334,140
Mat'l & supplies 6,166,906 6,292,160 Tax liability_
.Ihe New York Curb Exchange7has removed from unlisted trading
358,242
346,376
58,376
214,855 Ins. & cas. res
Int. & diva. rec.
privileges the capital stock (par $25).-V. 137. p. 1249.
20,127
12,303 Accrued deprec.:
0th. curr. assets
Road
4,619,049 4,343,081
23,192
26,556
Work,fund adv_
---Hart-Carter Co.-Removefrom List.-c)
Equipment
52,644,976 48,069,551 - The
Other def. assets 21,216,986 19.917,046
New York Curb Exchange has removed 'from unlisted trading
Miscell. phys.
Rents and lnsur.
pill-lieges the convertible preference 4tock (no par) -V.
138, p. 511.
property _ _
93,892
85,065
prems. paid in
19,579 0th. unadj. cred 1,748,670 1,790,408
advance
11.894
Hart, Schaffner & Marx.-Removed from List.Add•ns to prop.
Blast, on funded
jse New York Curb Exchange )has removed from unliated trading
through inc.&
7,247,361 5,651,548
debt
privileges the common stock (p $100).
(par
-V.138, p. 691.
surplus
35,006,300 34,848,713
0th. unadjusted
2,459,387 2,540,057 Funded debt redebits
tired through
inc. & surplus 1,555,300 1,555,300
Sink, fund rm..
3,771
3,771
Misc, fund roc_. 1,050,016
639,902
Appr. amp. not
spec. invested 2,893,018 2,904,815
To increase the utility value of the
Profit and loss.x104,655,903 109,307.501
IMPORTANT NOTICE.
851.424,768 847,089.105
Total
Total
851,424,768 847,089,105
x Does not include net losses to Dec. 31 1933 amounting to $6.478.053
of subsidiaries. in which this company holds directly or indirectly a majority
-V. 138, p. 2077.
of the outstanding capital stock.
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Greif Bros. Cooperage Corp.
-Balance Sheet Jan. 31.1934.
Assets1933.
Liabilities1934.
1933.
''Hatfield-Campbell Crek Coal Co. LCapitalization Re$354,987 $555,295 Accts. pay,for pur.
Cash
Customers notes 'Sc
expenses, &a_ _ 588.808
532.519
adjusted-Initial Dividends Annual-Statement.
271,918 Notes payable_ _ _ _ 451,256
I accts. receivable 429.553
The stockholders on March 6 Spproved a plan for the readjustment of
2,010,147 1,249,215 Accrd. taxes. int,
Inventory
the capital structure of this company which provided for the issuance of
&c
194,438
44,991
19,811
U.S. Securities.
19.553 soars of 5% non-cum. partic. met stock, par $100, and 19.553
Long-ter m contract
Officers,employ.&
shares of 5% cum, prior pref. stock. par $12, in exchange for 19.553 shares
payable
misc. notes and
28,000
of 8% corn. pref, stock, par 81(0 on the basis of one share of 5% non44,820 Accts. pay., affillaccts. rec.& adv. 40.183
cum. pref. and one sha.e of 5% cum. p.a. stock for each share of 8% pref.
ated companies_
21,232
19,977
Cash surr. value
stock held. It also provided for the issuance of 53,000 shares of common
10-year6% sinking
17,132
.
life insurance_ _
stock of a stated value of $265,000 in exchange for 79,500 shares of common
fund gold notes- 665,000
927,500
Invted in other
es
stock of a,stated value of $397,500, on the basis of two new shares in ex25,500 Contingency res... 110.000
companies, &a_
80,000
change for each three shares held.
Insurance reserve. 176,117
Liberty bonds on
154.618
The directors hay.,, declared initial quarterly dividends of 15 cents per
17,975
24,376 Cap. stk. of subs.
deposit
share on the 5% $12 par pref. stock and $1.25 per share on the $100 par
127,197
held by others....
Invest.in affil. cos. 144,306
10,891
20,050
pref. stock, both payable April 1 to holders of record Marco 26.
c Common capital
Notes & accts. rec.,
215,749 stock
,
affiliated cos..... d349,9137
Consolidated Income Account for Calendar Y ars.
2,491,113 2.491,113
445,265 Profit and loss_ .. _ 529,381
a Timber prop...... 400,987
331,098
1933.
1932.
1931.
1930.
1,077,582 1,309,083 Unearned surplus.. 306,571
b Permanent
402,919
Net sales
$3,462,247 $2,850,541 83,368.622 $4,107,125
1
1
Good-will
x Cost of sales
2,861,530 2,566,497 2%981.782
3,661.271
52,540
44,749
Deferred charges
Gross profit from salt s $F )0,717
$284,044
$386,841
$446,054
Total
54,895,361 84.507.606
Total
04,895,361 $4,507,606
x Other oper. income
174.191
110,735
90,166
152,534
a After allowance for depletion. b After depreciation. c Represented
Gross profit from oper. $774,908
by 64,000 shares class A cum, corn. stock (no par) and 54.000 shares of
$394.779
8477,007
$598,588
x Selling, delivery and
class B stock (no par). d Accounts receivable only.
-V.138. p.2093.
administra'n expenses
504.978
373.459
383,106
425.778
Gulf Colorado & Santa Fe Ry.-Earnings.
Net profit from opet
$269,930
421.320
$93.901
$172,810
February1934.
1933.
1932.
1931.
Otner income credits, inGross from railway
$818.767
$854,180 81,245,289 $1,262,076
terest, rentals, &c_
02.809
34.504
35,224
34.895
Net from railway
def24.482
def32,636
193,877
20.298
Net after rents
def194,703 def221,776
def1,113 def122,150
Gross income
$302.739
855,824
8129.125
8207.705
From Jan 1Other income charges,InGross from railway
1,716.482
1,900,066
2,398,190
2,629,757
terest. discount, &c
76.681
51.009
51.627
22.243
Net from railway
def12,317
117.158
306,600
147,557
Interest on bonds
65.183
69,227
72,462
76,416
Net after rents
def354,935 def262,292
def90,088 def267,404
Prov. for Fed. inc. tax...
20.309
8.639
-V,137, p. 4696.
Gulf Mobile & Northern RR.
-Earnings.
FebruaryGross from railway
Net from railway
Net after rents
From Jaunary 1Gross from railway
Net from railway
Net after rents
-V. 137, p. 4187.
1934.
$382.234
84,098
2.359
1933.
$318.627
51,550
def20,362
1932.
$250,253
2,432
def37,317
1931.
$316.804
18,151
def33,720
797,235
206,326
43,748
680,452
125,700
def20,839
509,027
3,726
def76,156
727.212
105,491
def1,227
-Earnings.Gulf & Ship Island RR.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-I. 137. p.4527.
,
1934.
$94,639
17,495
def8,836
1933.
$81,476
5.814
def28,125
1932.
$89,093
4,921
def21,119
187,548
25.409
def26,052
170,201
12,528
def50,751
177,542
280,127
def4,830
def33,103
def58,688 def113,460
1931.
$130,407
def26,040
69.5t)9
-New Director.Gulf States Steel Co.
Harry W. Croft, Chairman of the board of Harbison Walker Refrac-V.138. p. 1755.
has been elected a director.
tories Co.,
-Earnings.--Gulf Oil Corp. of Penn.(& Subs.).
1933.
1932.
1931.
1930.
$
$
$
$
Calendar Years180,966.518 182,883,543 196,057,451 257,199,650
Operating revenue
Operating expenses--109.787,922 108,818,422 127,061,942 153.745,916
Operating profits-- 71,178.596 74,065,121 68,995,509 103,453.734
3,298,381 x7,952,264
3,633,773
5,236,354
Other income
74,476,977 82,017,385 72,629,282 108,690,088
Total
Depletion & depreciation 32,609,406 34,848,692 37,886.588 36,299.315
46,608,222 38,217,120 34,709,086 30,447.599
Taxes
6.208.080
7,080,613
6,143.373
5,358,468
Interest &c
11,958,086 17,149,986
Decline in val. of oil inv.
502.365
Non-recur?. losses
4,653,771
8,785.387
Intang. develop. costs
11,187
24,082
Profit appl.to minor.int.
loss11,386.387
Net profit
Dividends(6% P. a.)......
2,743,4921,
3643670052 10,625,252
6,787,904
6,787,906
2,743,492 df30457,956
Balance, surplus. def11,386,387
Shares of capital stock
4,525,221
4.538,101
outstanding (par $25).. 4,538,101
$0.60
loss$5.23
Nil
Earns. per sh.on cap.stk
Income of $5,511,829.
x Includes non-recurring
3,837,346
4,525,221
$2.35
Net income
$140.566 loss$64.412
$5,035
$100.407
x Depreciation and depletion have been charged off on plants and personal property under these headings, aggregating $200,850 in 1933,$181,481
In 1932 and $188,693 in 1931.
Summary of Consolidated Surplus Accounts.
(Giving effect to the Readjustment of Capital.]
Capital Surplus.
Balance Jan. 1 1933
$1,863,536
Surplus credits-Balance in reserve for emergencies, written off..
200,000
Reduction in value of common capital stock
132,500
Excess of par value of capital stock of subsidiary companies
over cost to parent company
46.408
Gross surplus
$2,242,444
Surplus charges-Appropriation by the board of directors for
the following:
Deficit at Jan. 1 1933, as adjusted, of subsidiary companies
not heretofore included in consolidation
198,471
Property and other assets of the Lincoln Coal Co., written off_
235.000
Excess equipment written off
40,000
Balance Dec. 31 1933
81.768,973
Earned Surplus.
Balance Jan. 1 1933
$1,028,516
Surplus credits
Net income for the year, per statement of consolidated income
140,566
Discount on 6%% sinking fund gold bonds
23,590
Cancellation of liability of Campbell's Creek RR. Co., set up
under recapture clause of National Transportation Act....
6,583
Prior pref. stock, 5% cum.,92 site., issued in lieu of accumulated diva,on 8% pref.capitalstock held in insurance fund._
1,104
Gross surplus
$1,200,359
Surplus charges
Prior pref. stock, 5% cum., 19,553 abs. of $12 each-Issued
in lieu of accumulated divs. on 8% cum, pref. stock
234,636
Loss from sales and abandonments of capital assets-net__
50,816
Loss due to flood
19.734
Investment in capital stock, written off
1.047
Federal income tax for prior year
661
Balance Dec. 31 1933
x$893,465
x Applicable to capital stock of the Hatfield-Campbell Creek
Coal Co
895,469
Less net deficit applicable to capital stock of subsidiary companies in hands of public
2,004
Balance
$893,465
Consolidated Balance Sheet Dec. 31 1933.
(Giving effect to the issuance of 19.553 shares of partic. pref. stock. 5%
non-cum., and 19,553 shares of prior pref. stock,5% cum.,in exchange for
Financial Chronicle
2252
19,553 shares of pref. stock,8% cum., with accumulated dividends thereon,
and a reduction in the common stock without pas value from 79,500 shares
of a stated value of $397,500 to 53,000 shares of a stated value of $265,000.1
Assets
Cash
$68,465
Marketable securities, at cost_ d57,478
Notes & accounts receivable.. e782,988
Accrued interest receivable
1,370
Physical inventories
170,508
Book inventories
260,734
Cash sur. val. of live ins. pols_
70,002
Invest. in capital stocks and
12,775
bonds of other companies_ _Sinking and other funds
69,283
Real estate, coal lands, plants
4,950,929
and equipment
Deferred charges-prepaid insurance premiums, &c
22,556
Liabilities
Notes payable
Accounts payable
Accrued Federal income tax
Accrued payrolls, interest,
property taxes, &o
1st mtge.64% s. 1. gold bds.,
due March 1 1948
Res. for compensa. ins., &o.._
Prior pref. stock, par $12
Pardo. pref. stock, par $100..
Common stock •
Com.stock of subsidiary cos__
Capital surplus
Earned surplus
$26.165
132,899
20,308
105,269
985,000
53,973
234,636
1,955,300
a265,000
626,100
1,768,973
c893,465
$6,467,089 Total
$6,467,089
Total
a Represented by 53,000 shares of no par value, authorized and outstanding. b In hands of public. c After deducting $2,004 net deficit
applicable to capital stock of subsidiary companies in hands of public.
d Market value $51,125. e Including $741.762 current notes and accounts
receivable. f After a reserve of $1.528,570 for depreciation and depletion.
-V. 136. p. 1559.
Haverhill Gas Light Co.-Earnings.
-Month ofFebrua
Gross earnings
Operation
Maintenance
Retirement res. accrual_
Taxes
$54.179
33.182
1,880
3,750
7,154
$48,i55
30,351
1,007
3,750
7,263
Net oper. revenue.__ Interest charges
$8,712
251
$6,382
229
-12 Mos.End.Feb.281934.
33.
$623,879
$594,781
347,213
361,763
16,794
19,895
45.000
45,000
83,096
87,378
$102,676
3.507
$109,841
4,120
Consolidated Balance Sheet Dec. 31.
AssetsLiabilities1933.
1932.
1933. . 1932.
Property
$5,856,663 x$5233,960 7% pref.stock.._ - $500,000 $500,000
Sinking fund cash..
116
621 y Common stock_ 1,221,339 1,221,339
Investments
Class A com.stock
98,203
4,610
4,010
Cash
162,568
122,803 1st mtge. coll. 6%
Cash on dep. with
gold bonds
2,605,000 2,715,000
trustee for pay.
Main extens. dep_
99,863
118,205
of bond interest_
27,679
94,788
27,679 Cons'rs' sec. deps_ 102,829
Notes receivable__
11,921
7,937 Notes payable__
50,000
Accounts receivle_ 148,410
251,938 Accounts payable_ 406,487
408,647
Mats.& supplies__
40,115
41,415Accrued accounts_
72,955
82,975
Def, debit items__ 192,284
211,133 Res. for deprec'n_ 720,708
Contrib.for extens.
58,021
43,396
Surplus
746,145
658,528
Total
$6,537,958 $5,897,490 Total
$6,537,958 $5,897,490
x After reserve for depreciation of $566,179. y Represented by 150,000
shares of no par value.
-V. 136, p. 3160.
Hudson & Manhattan RR.-Earnings.-Month ofFebruary-- -2 Mos.End.Feb. 281934.
1933.
1934.
1933.
$636,153
$679,026 $1,324.722 $1,412,580
381,342
377.499
781,143
786,631
Gross operating revenue
Oper.exps.& taxes
Operating income_
Non-operating income
$254,810
29.616
$301.527
25,479
$543,579
55,043
$625,949
51.399
Gross income
Income charges
$284,427
314,110
3327,006
314,153
$598,622
628,489
$677,349
628,465
$12,853 def$29,866
$48,884
Netincome
-V.138, P. 857.
Hutchinson Sugar Plantation Co.-Resumes Div.
-
February-Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
Hawaii Consolidated Ry., Ltd.-Resumes Dividend.
A dividend of 20 cents per share was recently declared on the 7% cum.
pref. A stock, par $20, payable March 31. The last payment, amounting
to 15 cents per share, was made on this issue on Dec. 31 1930 none since.
Calendar Years1931.
1930.
1933.
1932.
Rev.from transportation $782,378
$719,177
$768,235
$669,602
Rev, other than trans. Sc
non-oper. revenue.. -166,586
184.096
157,766
61,119
February-Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
$843,497
185,081
85,258
$836,188
204,969
87,544
$903,273
197,658
103.564
$926,001
210,230
107.842
227,264
92,916
73,888
237,670
159,051
91.934
255,379
43,745
107.315
273,044
100,551
110,690
Balance, surplus
-V.136, p. 2600.
$164,086
$55,018
$195,612
$123,643
15,003
•
-New Vice-President.
Hercules Powder Co.
Announcement was made on March 28 by President R. H. Dunham,
of the election of L. N. Bent as Vice-President of the company. Mr.
Bent, formerly General Manager of the Naval Stores Department, also
-V.138. p. 1925.
becomes a member of the company's executive committee.
Hershey
Chocolate Corp.-Balance Sheet Dec. 31.-
Assetsa Id., bldgs. mach
Constr. in progress
Cash
Accts.receivable
Inventories
Supplies, repair
parts, Arc
Notes receivle. secured by mtge
Cash in closed bks_
Salesman adv.prepaid ins., &c___
Hershey Chocolate
Corp. cony. pf.
stock
1933.
1932.
1932.
1933.
Liabilities
$
271,351
9,021,004 9,452,845 b $4 pref.stock...271,351
728,649
90,083 c Common stock... 728,649
21,493
523,467
2,151,098 1,608,703 Accounts payable.. 859,980
795,947
883,405 Res. for Fed. taxes 715,047
1,244,488
5,079,852 5,427,163 Mortgage due on
150,000
property acct.
218,997
203,122 Dividends payable 1,054,775 1,429,947
Surplus at organi2,820,830 2,793,597
zation
16,000
Earned surplus_..12,687,226 11,912,531
36,143
87,007
146,775
1,261,775
793,392
19,137,858 18,605,489
19,137,858 18,605,489 Total
Total
a After depreciation of $9,739,583 in 1933 and $9,058,600 in 1932.
I, Represented by 271,351 no par shares. c Represented by 728,649 no
par shares.
Our usual comparative income statement for the year ended Dec. 31
1933 was published in V. 138, p. 1925.
-Extra Div-'
Hollinger Consolidated Gold Mines, Ltd.
The directors have declared an extra dividend of 5 cents per share áiid
the regular monthly dividend of like amount on the capital stock, par $5,
both payable April 23 to holders of record April 6. An extra distribution of
15 cents per share was made on March 26 as against 5 cents per share
extra on Feb.26.-V. 138,P• 1755.
Home Fire & Marine Insurance Co.-Removedfrom List.
The New York Curb Exchange has removed from unlisted trading priviages the capital stock (par $10).-V. 136, p. 1726.
-To Reopen Branch.
Hupp Motor Car Corp.
Officials of the corporation on March 28 announced that its branch plant
in Cleveland, Ohio, will be reopened within two weeks with from 350 to
500 men employed. It has been idle since last December. Bodies for all
three Hupp models will be built'there, for mounting in Detroit, Mich.
V. 138, p. 2094.
Houston Natural Gas Corp.(& Subs.).-Earnings.
Years Ended Dec. 31Gross revenue
Gas purchases, operating expenses and taxes
1933.
1932.
$1,502,801 $1,652,065
1,030,773
1,069,848
Operating income
Other income credits
$472,028
74,740
$582,216
44,112
Gross income
Income charges
Deprec., Fed, income tax, int. on bonds, refund of
taxes acct. of tax-free covenant in bonds, &
amortiz. of bond discount & expense
$546,768
45,322
$626,328
84,544
Net income
378,339
372,799
8123,107
$168,984
def$29,682
A monthly dividend of 10 cents per share has been declared on the
common stock, par $15, payable April 5 to holders of record March 31.
Distributions of 20 cents per share were made on this issue on July 10 and
on Oct. 5 1933 none since.
-V.138, p. 1238.
Balance
$8,461
$6,153
$99,168
$105,721
Under the requirements of the Department of Public Utilities of Massachusetts, the company is now making provision for retirements by
charging operating expenses each month. All previous year's figures affected,including retirement reserve and reserves and surplus for the previous
year. have been adjusted to a directly comparable basis.
During the last 24 years the company has expended for maintenance a
total of 4.17% 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
10.45% of these gross earnings.
-V.137, p.2102.
Total revenue
Maint.of way & struct
Maint. of equipment__ _
Traffic,transportation &
general expenses
Taxes
Int. & miscall. rents_ _ _ _
Income applied to sink.
and other res. funds
Mar. 31 1934
Illinois Central RR.
-Earnings of System.
1934.
1933.
1932.
1931.
$6.945,144 $6,281,026 $7,573,215 $9,342,743
1,927,100
1,262,633 2,026,791
1,112,211
1,132,402
473,494 1,179,353
108,547
13,935,194 12,924.407 15,379,044 19,622,213
3,627,493 2,705,949 3,544,102 2,599,085
2,015,472 1.083,803
513,342
1,838,857
Earnings of Illinois Central ER.
1934.
1933.
1932.
1931.
$6,031,802 $5,543,291 $6,733,545 $8,033,753
1,159,214
1,658.911
1,937,393
1,048,184
1,081,211
602,463
1,300,910
323,852
12,106,226 11,253,072 13,393,041 16,873,461
3,134,338 2,347.879 3,194.377 2,405,986
1,954,155
1,185,393
1,937,585
885,720
Abandonment of Operation, &c.
The I.
-S. C. Commission on March 6 issued a certificate permitting the
company to abandon operation, under trackage rights, over a line of the
Missouri Pacific RR. Corp. in Nebraska, in Douglas County, Neb., and
authorizing it to operate, under trackage rights, over a line of the Union
Pacific RR.,in Pottawattamie County,Iowa,and Douglas County, Neb.
Public Works Improvements.
Upon petition of the company the report and certificate of Jan. 12 1934
has Deen modified by the L-S. C. Commission. The supplemental report
of the Commission states in part:
By certificate issued Jan. 12 1934 we approved, as desirable for the improvement of transportation facilities, certain maintenance to be applied
to the property of the company. Included in the proposed maintenance
were expenditures of $183,100 for applying new material and surfacing
track, $65,000 for new ties and $6,210,555 for heavy general repairs to
freight cars.
By petition filed Jan. 19 1934, as amended Feb. 28 1934, the applicant
requests modification of certificate of Jan. 12 1934 so that it will conform
to the changes in its plans. Instead of the $65,000 for ties and $183.100
for labor for applying new material and surfacing track, the applicant
proposes to purchase 248,100 ties at $1 each. Instead of the $6,210,555
for repairs to freight cars, the applicant proposes to expend only $5,210,555
for this purpose and to make repairs to locomotives at a cost of $1,000,000.
-V. 138, p. 1912.
Illinois Northern Utilities Co.
-Removed from List.
The New York C
Curb Exchange hed from unlisted trading
as removed
le es the 6% preferred stock (
$100)
.-V. 138. p. 2082.
Illinois Terminal Co.-Earnings.February
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway_ _
Net from railway
Net after rents
-V. 135, P. 3854.
1934.
$374,241
105,764
50,956
1933.
$326,186
76,738
27,587
1932.
$392,031
92,111
33,688
1931.
$498,067
140,541
84.381
776,005
232,079
121,995
666,540
156,914
57,453
827,432
211,561
94,947
1,007,708
286,827
172,123
Inland Steel Co.(& Subs.).
-Annual Report.
Calendar Yearsx Net earnings
Other income
1933.
44,573,949
268,260
1932.
1931.
1930.
$811.183 $5,420,036 $10,933,650
356,563
623,736
706.480
Total Income
$4,842.208 $1,167,745 $6,043,773 $11,640,130
Deprec. and depletion
2,687,683 2,557,314 2,776,173 2,722.413
Bond interest
1,974,775 1,883,250 1,863,000 1,293,750
Other interest
7.465
48.139
Federal tax
5,591
783,110
79,000
Employees' pension fund
62,000
342.
Net profit
$166,693 x$3,320,958 $1,263,600 $6,498,967
Common dividends
4,800.000
300,000 3,300,000
Surplus for year
$166.693df$3,620,958df$2,036,400 $1,608,967
Previous surplus
24,137.761 28,637.621 32,605,097 30.906,130
Restored from res. for
unreal. deprec. in secs _
284,303
Disct. on bonds 'aura:.
for retirement
152,244
121,098
Total surplus
$24.741,001 $25,137,761 $30,568,697 $32,605,097
Loss on prop. dismantled
79,407
Prov.for unrealized depr.
in marketable secure.
and for contingencies_
1,000,000
1,851.669
Add'l prov. for poss, loss
on miscall. investm'ts
and for contingencies_
284,303
Proper. of loss sustained
by still. co. on dispos.
of property, &c
161,807
Adj. of prop. accts., &a_ 6,896.728
Profit & loss surplus_ -818,398,163 $24,137,761 $28,637,620 $32.605,097
Shares cap.stk.(no par) 1.200,000 1,200,000
1,200.000 1.200,000
Earned per share
$0.14
$5.41
Nil
$1.05
x After deducting all expenses incident to operations, including charges
for repairs and maintenance. y After deducting from net sales of $27.554.644 costs of $22.980,696. z Loss.
Financial Chronicle
Volume 138
Assets
b Land, plants &
mines
Inv, and advs.Cash
Notes receivable
0th. marketable
securities_ _ _
Accts.receivable
Inventories_
Due from empl_
Deferred charges
Consolidated Balance Sheet Dec. 31.
1933.
1933.
1932.
LiabUtties$
a Capital stock_ 35,000,000
73,618,699 77,687,607 Funded debt__ 40,500.000
4,776,892 4,985,651 Operating & con3,011,659 3,465,001
tingent res'ves 2,368,428
173,217
230,527 Notes payable__ 2,000,000
Accts. payable_ 2,258,525
1.235,786
1,689,817 Current payrolls
413,368
3,091,157 2,052,752 Accruals
1,054,677
13,031,381 12,643,779 Reserve for Fed382,376
56,002
eral taxes.. _
3,553,245 3.549,526 Deferred liabils_
172,500
Capital surplus_ 2,769,2351
Earned surplus_ 15,628,927f
1932.
35,000,000
41,400,000
2,741.645
830,605
184,007
1,132,813
877.828
24,137,761
Total
102,548,038 106,284,661
102,548,038 106,284,661
Total
a Represented by 1,200,000 no par shares. b After reserves for depreciation and depletion of $41,046,170 in 1933 and $32.073.507 in 1932.-V.
138, P. 872.
Insurance Co. of North America.
-New Vice-President.
At a recent directors' meeting, John W. Drayton, head of the company's
investment department, was elevated to the position of Vice-President of
the company and three of its subsidiary companies, Indemnity Insurance
Co. of North America, Alliance Insurance Co. of Philadelphia, and the
Philadelphia Fire & Marine Insurance Co.
-V. 137. p. 4537.
Insuranshares Certificates, Inc.
-To Change Capital.
The stockholders will vote April 9 on approving a change in the capital
structure of the company.
-V. 138. p. 1407.
Interborough Rapid Transit Co.
-Obituary.Former Justice Victor K. Dowling, a co-receiver of the above company,
died in New York City on March 23.-V. 138, p. 1916.
International Business Machines Corp.(& Subs.).
Earn.for Calendar Years- 1933.
1932.
1931.
1930.
x Net profit
$10.066,655 $10,632,982 $11,388.518 $10,966.318
Bond, Sic., interest
73,918
118.945
171,626
182,609
Depreciation
2,505,131
2,180,126
1,928.842
1,790,888
Devel. & patent exp_ _ _ 836,181
809.979
752,544
835,004
Federal tax (estimated).
915,000
975,000
800,000
900,000
Amortiza'n of patents
71,237
71,232
71,236
71,237
Foreign exchange loss_
89,924
38,318
Reserve for add'i loss on
foreign exchange
51.250
274,900
Net income
y Dividends ($6)
:5,665,189 $6,336,521 $7,351.150 $7,286,580
4,217,141
4,216,428
4,016,526
3.825,855
Balance, surplus
$1,448,048 $2,120,093 $3,334.624 $3,460,725
Prey.capital & surplus
42,268,409 40.512.838 37.178.214 33,717,489
Res,for gen. co. welfare_
Dr.364,522
Declared cap. S: surp-$43.716,457 $42,268,409 $40,512,838 $37,178,214
Shares of capital stock
outstanding(no par)_703.345
703.345
637.954
669,852
Earns. per sh. on cap.stk.
$8.15
$9.11
$11.08
$11.53
x Net profit of subsidiary companies,including foreign, after writing down
Inventories of raw materials to cost or market, whichever was lower, and deducting maintenance, repairs, provision for doubtful accounts, the proportion of net profit applicable to unacqulred shares, and expenses of
International Business Machines Corp. y In addition to cash dividends
here shown, company paid a 5% stock dividend in January 1930, January
1931 and January 1932.
Comparative Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
Ltabtlittesa Plants, &c
18,991,211 14,960,287 d Capital & surp__43,716,457 42,268.409
b Pats.& goodwill 14,103,330 13,995,927 Funded debt
949,500 e1,954,500
Cash
1,800,828 3,720.868 Accts. pay., &c
1,589,446
848,927
U.S. Treas. ctfs_
2,050,000 Contingency res've 561,737
812,987
c Notes & aced.
Mortgage payable. 192,500
receivable
3,078,850 3,021,905 Foreign exchange
General company
loss reserve.... 203,510
326,151
welfare fund_ _
434,720
364,522 Reserve for general
Sinking fund
998,249
490,738
company welfare 434,720
364,521
Inventories
2,333,716 2,412,850 Federal tax (est.). 945,694 1,003,484
Investments
7,063,368 6,786,759 Divs. payable_ 1,054,335 1,054,185
Deferred assets
843,827
629,310
Total
49,647,899 48,433,165
Total
49,647,899 48,433,16
a After depreciation. b After amortization. c
for doubtful accounts. d Represented by 703,345After deducting reserve
shares
value
(declared capital, $22.659,573). e In addition, company of no par funds
deposited
for the retirement of $466,500 par value of bonds on Jan. 1 1933, so that
company now has outstanding only $1.488,000 of an original issue of
$7,000,000.-V. 138, P. 1055.
International Great Northern RR.
-Earnings.-February
1934.
1933.
1932.
1931.
Gross from railway
$1.002,038
$870,222 $1,260,880
$821,419
Net from railway
293,528
178,020
270,718
78,899
Net after rents
124,413
49,768
def55.983
118,857
From Jan. 1
Gross from railway
1,909,919
1,655,413
2,289,482
1,781,800
Net from railway
500,278
361,251
344.920
144,497
Net after rents
179,556
111.513 def119.383
80,796
-V. 138. p. 1228.
Interstate Equities Corp.
-Insurance Cos. Merger.
See American Colony Insurance Co. above.
-V. 138, P. 1055.
fferson Electric Co. )
,moved from List.-Q
he New York Curb Exchange has removed from unlisted trading
preges the capital stock (no par . V. 125. P. 1837.
Jewel Tea Co., Inc.
-7'o Offer Stock to Employees.
The stockholders on March 12 approved an amendment to the by-laws
providing for a committee of the board of directors to fix the compensation
of officers, executives and supervisory force, including the profit-sharing
plan, and the plan for the sale of common stock to employees.-%. 138,
P. 1926.
2253
The report of the Commission says in part:
On Jan. 10 1934, we approved railroad maintenance requiring the purchase and installation by the applicant of approximately 5.184 tons of new
110
-pound rail and necessary fastenings. The total cost of the rail and
fastenings, including freight charges, will be approximately $290,834, and
the proposed notes are to be issued to obtain funds from the Federal Emergency Administrator of Public Works to aid in financing the cost of the
maintenance.
The notes are to be issued pursuant to an agreement dated Feb. 20 1934.
-etween the applicant and the United States of America, represented by
the Federal Emergency Administrator of Public Works. The agreement
provides that the Government will deposit funds from time to time, as
shown to be required for the proposed maintenance, to the credit of the
applicant, or its order, with a bank or trust company designated by the
applicant and acceptable to the Government, or will remit to the applicant
a check for the amount of funds required, which will be deposited, but the
Government shall be under no obligation to pay or deposit a total amount
of more than $255,000. The funds so deposited or paid are to be used only
for the proposed maintenance or to reimburse the applicant for expenditures made therefor from its own funds. The agreement also provides that
later the applicant, on request of the Government, will cause the agreement,
so far as it relates to notes issued and outstanding thereunder, to be supplemented by a trust indenture with a trustee, the trust indenture to provine
for notes of like tenor and aggregate principal amount, to be exchanged
for notes issued under the agreement, and to be in such form and to contain
such terms and provisions as may be required by the Government, subject
to the approval of this Commission or other public regulatory body, as
may be required by law.
Against the payments or deposits made by the Government. the applicant
will execute and deliver to the Government, or to a bank or trust company
in which the funds are deposited as agent for the Government, notes in
aggregate amount equal to the amount of payment or deposit against which
the notes are delivered.
The notes, which will be originally issued in registered form both as to
principal and interest, are to be payable to the Federal Emergency Administrator of Public Works, or registered assigns, to be dated as of the dates of
their issue, to bear interest from and after one year after their respective
dates of issue at the rate of 4% per annum, payable semi-annually on Jan. 1
and July 1, and will mature in annual installments of $32,000 from Jan. 1
1937, to Jan. 1 1943, inclusive, and a final installment of $31,000 on Jan. 1
1944. They may be redeemed as a whole or in part on any interest-payment
date at par and accrued interest, but upon redemption of less than all the
notes outstanding, then all but not a part of the notes of each maturity
shall be subject to redemption and the notes redeemed shall be of the latest
maturity.
Since the amount of funds to be furnished by the Government is limited
to $255,000. the amount of notes to be issued will be limited accordingly.
V. 138, p. 500.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
-Earnings.
(Spencer) Kellogg & Sons.
Feb. 17 '34. Feb. 11 '33. Feb. 13 '32.
24 Weeks Ended$62,625
prof$512.293
$76.256
Net loss after taxes and charges
Current assets as of Feb. 17 1934, including $1,415,354 cash, amounted
to $11,283,804 and current liabilities were $2,285,576. This compares with
cash of $1,946,190. current assets of $8,841.778 and current liabilities of
-V.137. p.3335.
$848.070 on Feb. 11 of previous year.
-Bonus Plan Proposed.
-Hayes Wheel Co.
Kelsey
The stockholders at the annual meeting to be held on April 3 will consider
the establishment of a plan to compensate the principal executive managers
and employees of the company -V. 138. p.2094.
-Development Contract Ratified.
Kildun Mining Corp.
At a special meeting held on March 26 the shareholders by a vote of more
than two-thirds of the outstanding stock confirmed the contract made by
the directors with the American Smelting & Refining Co. for the development and management of the Kildun property in the Santa Maria de la
Paz section of the Matehuala district in Mexico.
Under this agreement the American Smelting & Refining Co. agrees to
sink a new working shaft to a depth of 650 meters or approximately 2.000
feet, which is several hundred deeper than any present development in the
mine. The American Smelting & Refining Co. also agrees to give a lease on
its Elba claim, partially surrounded by Kildun ground. for 40 years at a
royalty of 73 %. This Elba claim is considered to have great potential
value as several of the veins in the Kildun ground and also in Santa Maria
de in Paz property go into Elba claim at depth.
The American Smelting company also agrees to furnish technical advice
and to manage the property for $1,000 a month for a period of 20 years.
Smelters also agrees to build a mill if upon further development of the
property it is mutually agreed that building of a mill is desirable.
For the money expended by American Smelting & Refining Co.in sinking
and developing the property and in building a mill if such proves advisable
the American Smelting & Refining Co. is to be recompensed with stock of
the Kildun Mining Corp. at the rate of one share of Kildun for every $1.65
expended by the American Smelting company.
It is estimated that if only the shaft is sunk, the American Smelting
will receive between 250,00 and 300,000 shares of Kildun stocks while if a
mill is also built the American Smelting company will be entitled to about
200,000 shares additional, but under no circumstnaces is American Smelting
& Refining Co. to receive recompense more than 600.000 shares of Kildun
stocks.
There are outstanding at present 954,886 shares of Kildun stock. In
order to carry out the agreement with the American Smelting company the
Kildun Mining Corp.'s authorized capitalization was increased to 1.600.000
shares from 1.000,000 shares and the directors authorized to issue the
stock to American Smelting & Refining from time to time under the terms
of the agreement to an amount not to exceed 600,000 shares.-V. 138.
P. 1927.
"Lane Co., Inc., Altavista, Va.-Increases Dividend.
The directors have declared a dividend of $1.50 per share on the no par
value common stock, payable April 1 to holders of record March 31. This
compares with $1 per share paid three months ago, $2 per share paid on
Oct. 1 last and $1.50 per share in each of the two preceding quarters.
V. 138, p. 512.
Kansas City Southern Ry.
-Earnings.
February1934.
1931.
Gross from railway
$624,899
$721,850
$738,815 $1,065,663 -"Laclede Christy
Clay_Psducts Co.
-Removed from List/
Net from railway
161,944
149,833
196,861
411,949
The New York Curb Exchange as removed from unlisted trading prisi-L)
Net after rents
62,195
71,459
86,970
292,078
le
the capital stock (no par).
From Jan. 1. 133, p. 1298.
Gross from railway
1,397,576
1,280,480
1,597.135
2,198,177
Net from railway
3
5
328,957
297.889
466,035
772.139 --- Laclede Steel Co.-Remo: d from List.
Net after rents
(Re New York Cb Exchange has removed fro
170.205
122,586
Curb
250.828
540.539
unlisted trading
pr loges the capital stock (par $2 .-V. 134, p. 4671.
-V. 138. p. 1556.
Kansas Oklahoma & Gulf Ry.-Earnings.February1934.
1932.
1933.
Gross from railway
$125,217
$150,936
$139,076
Net from railway__ _
80,614
54,412
59,587
Net after rents
32,973
51,863
21,559
From Jan 1
Gross from railway
266,508
295,763
313,450
Net from railway
129,961
157,356
135,959
Net after rents
100,305
75.773
67,811
Notes Authorized.
-
1931.
$199.845
87.888
51,773
408,220
177,863
104,407
Lake Superior & Ishpeming RR.
-Earnings.
-February
1934.
1933.
1932.
1931.
Gross from railway
$27,886
$18,634
$28,630
$51,205
Net from railway
def31,668
def29,483
def25,784
der33,931
Net after rents
def46,749
def42,647
def42,170
def53,449
From Jan 1
Gross from railway
59,099
44,207
53,960
106.577
Net from railway _ _ _ _ def68,228
def51,566
def57,263
def69,631
Net after rents
def98,877
def78,329
def89,713 def110,247
-V. 135. p. 4211.
The I.
-S. C. Commission on March 14 authorized the company to issue ---(21.1..
& Sessions Co. Removed from List.
not exceeding 8255,000 4% registered serial notes to aid in the financing of
The New York Curb Exchange)as removed from unlisted trading
h
proposed maintenance.
leges the common stock (no par).
-V. 137. p. 501.
Financial Chronicle
2254
Mar. 31 1934
.
4..
-Removed from List.g ---,-(Arthur G.) McKee & Co,-Removed from List.,La Salle Extension University.
t has removed from unlisted trading
no New York Curb Exchange)
3'he New York Curb Exchanghas removed from unlisted trading
privileges the class B stock (no par).
-V. 138, p. 512.
prFrileges the common stock (par $5).-V. 137, P. 152.
-Balance Sheet Jan. 1.McKeesport Tin Plate Co.
1933.
1034.
1933.
1034.
-Earnings.
(F. & R.) Lazarus & Co.(& Sub.).
Years Ended Jan.31Net inc. after all charges
and taxes
Earns, per sh. on 370,000
shs. corn. stk.(no par)
-V. 138, p. 1756.
1934.
1931.
1932.
1933.
$746,944
$468,236
$562.635
$945,823
$1.54
$0.75
$0.99
$1.99
Lehigh & Hudson River Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 2077.
1933.
$109,012
1932.
$124.282
7,192
9,186
def18.689
1931.
$160,853
49,484
19,887
244.755
70,512
24,598
222,357
66.656
20,845
266,255
43,477
def6,585
331,303
92,206
33,822
1934.
$114,624
-Earnings.
Lehigh & New England RR.
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 138. P. 1391.
1934.
$338,753
125,203
112,159
1933.
$218,897
46,881
53,172
1932.
$258,008
49,513
52,256
1931.
$351,058
74,441
73,457
663,651
232,350
199.157
433,676
43,387
50,508
529,857
104,117
108,262
725,107
165,629
162,527
Lehigh Valley RR.-Earnings.1932.
1931.
1934.
1933.
FebruaryGross from railway-- $3,338,917 $2,881.138 $3,309,521 $4,205,715
606,541
663,856
747,422
981,533
Net from railway
295,591
239.947
358,196
644,325
Net after rents
From Jan 1
6,566,993
5,672,087
8.812.188
Gross from railway_ __ _ 6.924.288
974,971
1.703,352
900,989
1,923,489
Net from railway
240,479
922,999
161,391
1,265,127
Net after rents
Carloadings Off 17% in Week.
The company's carioadings for the week ended March 24 showed an
Increase of 2% over the corresponding week a year ago, but were 17%
-V.138, p. 1912.
below the level of the previous week this year.
Lehn & Fink Products Co.-To Change Capitalization.
The stockholders at the annual meeting to be held on April 11 will consider
-V.138, P. 1574.
proposed changes in capital and in stock of the company.
-New Director.
Link-Belt Co.
Austin L. Adams has been elected a director in place of Charles Flex.
-V. 138, p. 2095.
deceased.
Lion Oil Refining Co.-Sales Increase.
Sales of gasoline, through owned and controlled stations, increased
approximately 25% and lubricating oils increased 55% during the first two
months of 1934 compared with the same period of 1933. it was announced on
March 23 by President T. It. Barton. Tire and accessory sales were also
-V.138. p.873.
reported as substantially greater.
-Cent Dividend.-"
Liquid Carbonic Corp.-25
The directors have declared a dividend of 25 cents per share on the
common stock, no par value, payable May 1 to holders of record April 16.
This compares with a special dividend of 25 cents per share and a quarterly
-V.138, p. 1239.
dividend of like amount paid on Feb. 1 last.
oew's Boston Theatres.Co.-Removed from List.
r
emoved from unlisted -e . ing
l
l New York Curb Exchange)
leges the common stock (par $2.-V.137, p. 4197.
p
Long Island RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
V.
- 136, p. 4696.
3.757,298
1,122,999
560,104
4,557,115
1,009.098
458.501
5,324,830
1,279,998
747.653
Los Angeles & Salt Lake RR.-Earnings.1934.
February$1.116,080
Gross from railway
351,806
Net from railway
123,965
Net after rents
From Jan 1
2,333,038
Gross from railway
670,938
Net from railway- - - 197.114
Net after rents
V.
- 135, p. 3161.
1932.
1931.
1933.
$943,923 $1,277.979 $1,450,854
218,376,
172,051
109,626 def103,857
def23,438
2,041,559
499,005
23,060
2,630,550
3.126,206
721.228
441,515
174.646 def109.313
Louisiana & Arkansas Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
V.
- 137, p. 4528.
1934.
$329,941
113,550
73.003
1933.
$322,048
127,381
75,772
1932.
$332,812
88,426
45,507
1931.
$405.512
126,376
67,836
694,966
241,938
157,939
629,833
236,865
147,011
727,571
210.090
113,505
824,684
238,890
119,029
Louisiana Arkansas & Texas Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
V.
- 136, p. 655.
1934.
$71,038
17,071
887
1933.
$46,500
def6,424
def17,415
1932.
$48,805
6,064
def3,484
1931.
$60,116
910
def11.337
148,107
34,330
2,304
112,476
120
def25,043
97,464
5,229
def11,961
131,650
13,660
def10.781
Louisville & Nashville RR.-Earnings.
FebruaryGross from railway
l
N
Net after rents
From Jan 1
Gross from railway
Net from railway
klet after rents
1932.
1933.
1931.
1934.
$5,895,161 $5,002,178 $5,480,632 $7,058,728
.
,
1.707.179„
359,356
956.195
315.306
1,369.421
11,803.093
3.413,303
2.779,364
10.151,504
2,451.198
1,806,689
11.173.414
1,291,429
439,194
15,395,921
2,103,784
1,162,609
Abandonment of Branch Line.
The I.
-S. C. Commission on March 17 Issued a certificate permitting
the company to abandon part of a branch line of railroad extending from
Redding in a southwesterly direction to Readers, about five miles, all in
-V.138. p. 1739.
Jefferson County, Ala.
-Wages Up 10%.
Ludlum Steel Co.
The company has made the following announcement to its employees:
"On July 24 1933, the management of Ludlum Steel Co. recognized an
'
improvement in general business conditions throughout the country,
Since that
increased the wage rate of all hourly workers in its employ
and accordingly
date there has been a marked betterment in our operations15%.
the wages of all of our hourly employees will be
a further increase of 10% in
made effective April 1 1934."-V. 138, p. 1757.
Liabilities$
$
$
z Capital stock___10,314,780 10,314,780
8,817,708 Accts. payable .4
128,924
accrued items__ 512,438
3,010,000
Federal taxes accr. 252,352
174,405
411,666 Dividends payable 300,000
300,000
Reserve & deferred
135,088
credits
158,799
201,397
2,741,975 Capital surplus__ 4,473,079 4,473.079
929,083 Earned surplus___ 2,346,094 1,925,284
1,333,035
8,695
Total
18,368,440 17,451,559
18,358,440 17,451.559
Total
x After depreciation of $10.075.5 3 in 1934 and $9,826,078 in 1933.
Representing investment in stock of Metal Package Corp. carried upon
y
books of said company at $6,815,806 in 1934 and $6,550,250 in 1933.
z Represented by 300,000 shares of no par common stock.
Our usual comparative income statement for the year ended Dec. 31
1933 was published in V. 138, P. 1927.
McQ uay-Norris Mfg. Co -Removed from List.
LT..he New York Curb Exchange has removedfrom unlisted trading
-V. 137, p. 1422.
privileges the capital stock (no parr
-Two New Directors.
Mack Trucks, Inc.
At the annual meeting of stockholders held on March 28, E. R. Hewitt
and W. D. Sargent were elected directors, succeeding A. H. Wiggin and
F. B. Adams. Other directors were re-elected.
A. J. Brosseau, President, said that considerable improvement had
developed in the heavy duty truck business recently, resulting principally
from orders from truck users related with the consumption goods industries.
He said that negotiations were still proceeding with tne Ford Motor Co.
on an arrangement whereby Ford trucks would be sold and serviced through
Mack Trucks' branches. No immediate decision on this proposed contract
is in prospect, tie added.
Some new bus orders have been received recently, placed principally by
street railway companies which are replacing street cars wi..11 buses, Mr.
Brosseau said. There has also developed recently the first signs of re-V.
placement demand from existing operators of bus services, he said.
138, p. 1574.
(I.) Magnin & Co.-Ren2ed from List.-,3
The New York Curb Exchang has removed from unlisted trading
privileges the common stock (no p .-V. 138. p. 336.
-Earnings.Maine Central RR.
--2 Mos. End. Feb. 28-Month of February
1934
1933
934
1933.
$757,352 31,780.213 $1,529,348
$848,713
1,516,382
575,945
1,209,400
745.663
95,043
93,553
46,776
47,574
715
71
16
713
72,389
27,482
17.277
43,057
53,648
47,347
24,093
26,930
Operating revenues
Operating expenses
Taxes
Uncoil. ry. revenues..
-Dr
Equip. rents,
-Dr__ _
Joint facii. rents
$93,245
17,405
$42,036
42.643
$151,495
39,889
$2,176
176,833
$110,650
182,828
$84,679
354,218
$191,384
366.416
$174,657
$72,178
$269,539
$175,032
Net ry. oper. Income.. def$15,224
Other income
17,400
Gross income
Ded.(rentals, int., &c.).
Net deficit
-V. 137, p. 4009.
c,
Manning-Bowman & Co. (Del.).-Removed from List.7
.. The New York Curb Exchange )has removed from unlisted tradinc
p ivileges the class A stock (no ar).-V. 138. D. 604.
H32.
1931.
1933.
1934.
$1,764,652 $1.805.651 $2,209,244 $2.561,169
516,386
605,331
539.302
208.220
245,312
263,059
348,823
def62,043
3,642.275
698.388
169,462
Assets$
x Land, bides. &
8,773,788
equipment
3,010,000
y Investments
Invest. workmen's
283,020
compens.fund
Invest, and other
70,001
assets
2,541,390
Cash
Accts.& bills rec 2,079,002
1,598,234
Inventories
5,027
Deferred charges
Marconi International Marine Communication Co.,
-Larger Final Dividend.
Ltd.
A final dividend of 5% less tax has been declared on the ordinary registered shares for the year 1933, which, together with the interim dividend of
25i% declared six months ago, makes a total of 7A % for that year. For
the year 1932 the company had paid an interim dividend of 5% and a final
dividend of 2%%, making a total of 734%. For the year 1931 dividends
amounted to 10% and for 1930 to 15%.-V. 137, p. 2807.
--Earnings.
Marlin Rockwell Corp.(& Subs.).
Calendar Years.
Gross earn,from op.cos
Depreciation
Selling & admin. exps
Gross profits
Other income
1933.
$611,880
230.270
349,376
1932.
$367,612
234,619
374,267
1931.
1030.
$635,881 $1,808,088
235,844
256,364
509,374
674,801
$32,234 def$241.214 def$109,337
117,875
208.687
100.301
$99,350 $1,063,742
13,412
122,402
128,159
Total income
Chgs. not applic. to op_
Loss on sale of cap.assets
Federal taxes
$132,535 def$123.399
Net profit
Common dividends
$110,535 1os4123,399 loss$23,053
728,290
307,895
236,433
Deficit
Shs. corn, stock (no par)
Earned per share
-V. 138, p. 1927.
$125,898
315.245
$0.35
22,000
$431,294
364,145
Nil
$876,923
186,819
$922,171
2,002,797
$751,343 $1,080,626
364.145
364,145
$2.53
Nil
Mengel Company(& Subs.).-Earnings.
1930.
1031.
1932.
1933.
Calendar Years$4,997,404 $3,743,239 $6,177,939 $9,010,394
Net sales
6,878,4511 6,806,76
3.997,356
1 4,853,283
Cost of sales
1,185.530
1
Sell., adzn., &c., exp
645.575
441,133
376,386
250.343
Depreciation
205,263
205,723
190,645
196,058
Interest (net)
21,754
Cr1,495
19,497
21,977
Miscell. deductions__ -20.785
Prov. for possible losses_
511,579
304,734
368,021
Adjust. of inventory..
Notes & accounts written
19.603
20,998
41,844
171,010
off (net)
Reduct. in book value of
Lane Lumber & Veneer
1.795
Co
Loss Mengel Mahogany
6,638
Logging Co
Reduct. in res. for Work
Cr30.000
Compens. insurance_
Proport. of loss applic. to
Cr2,464
minority interest
$471,237 $1.250,510
Net loss
80,966
6.283,595
Previous surplus
6,242
Miscellaneous credits..
Cap. surp. created by
00
.
7,680,0
chang. par of corn.stk.
$671,606
x1,213,036
1,078
$406,462
2,658,359
83,543
$542,509 $2,335,440
$5,812,358 $6,516.698
Total surplus
235,221
(7%)_176,415
Preferred diva.
480,000
9.108
Common dividends
416,579
276,018
233,103
1,712
Miscellaneous charges
Profit & loss surplus-- $5.810.646 $6,283,595
x Adjusted.
$80,966 $1,203,641
Balance Sheet Dec. 31.
1933.
1933.
1932.
Assets$
a Land, bldgs.,maPreferred stock.- 3,380,300
cbinery, &c____ 6,856,872 7.061,310 b Common stock__ 320,000
Timberlands and
Funded debt
2,958,600
timber
1,106,046 1,154,183 Minority interest_
1,414
Treas. investments
27,361
26,864 Current liabilities_ 402,927
Cash
365,329
666,446 Reserves
131,057
Accts. receivable__ 404.938
835
327,051 Deferred income
Cust. notes & trade
Capital surplus
7,680,000
acceptances._._
16,752
Apprec. due to apDoubtful accts.__
51,837
476,574
pmis. of prop__ 703,997
Inventories
3,235,953 3,254,665 Operating deficit_ 2,573,351
Invest. In subsid
330,057
277,221
Deferred charges
116,117
81,271
Other assets
474,516
310,990
1932.
3,360,300
320,000
2,958,600
3,877
234,738
474,042
1,423
7.680,000
705,709
2,102,114
Total
12,985,780 13,636,578
12,985,780 13,636,578
Total
a After depreciation. b Represented by shares of $1 par value,including
3,388 (3,752 in 1932) shares to be exchanged for $100 par shares still outstanding.
-V. 138, P. 2095.
May Department Stores Co.
-Earnings.
Years Ended Jan. 311934.
Net profit after deprec.,
Federal taxes, &c---- $2.905,365
Shares capital stock outstanding (par $101...._ 1.230,423
Earnings per share
$2.36
z Par value $25.-V. 138. p. 874.
1933.
1932.
1931.
$948.433 $2,197,291 $4,080,953
x1,230.746
$0.77
x1,253,493
$1.75
x1,345,244
$3.03
Melville Shoe Corp.-Sales Up.
PeriodSales
-V. 138, p. 1575.
-4 Weeks Ended
12 Weeks EndedMar.17 '34. Mar.18 '33. Mar.17 '34. Mar.18 '33.
$1,543,401 $1,010,114 $4,159,503 $3,088.210
---- ergenthaler Linotype 5
A
o.-Remoyed from List.
(The New York Curb Exchange has removedfrom unlistedArading
privileges the capital stock (no par)
.-V. 137, P. 3683.
Metro-Goldwyn Pictures Corp.-Stock Called.Pursuant to the terms and conditions under which the pref. stock was
issued, and in accordance with a resolution of the board of directors, 3,741
shares ($101,000 par value) of pref. stock have been selected by lot as of
March 17 1934 for redemption on June 15 1934 at $27 per share and divs.
The holders may present the certificates called at the Manufacturers
Trust Co., 45 Beaver St. (6th floor), N. Y. City, for redemption.
-V. 139,
p. 1241.
"
-Midland
Ratified.
-
Steel
Products
Co.
-Profit-Sharing
Plan
Minneapolis St. Paul & Sault Ste. Marie Ry. SystemEarnings.
(Including Wisconsin Central Ry.)
1932.
Month ofFebruary1934.
1933.
$432,219
-Dr___ $116,362
$442,008
Net after rents
81,533
88,197
Other income
-Net
-Dr.
81,811
530.464
501.484
Int.on funded debt
-Dr.
542.853
1931.
$117,671
29,916
529,604
$741,027 $1.060.669 $1,015,235
$677.193
721,041
339.628
681,052
334.183
322,875
354.317
System-Dr
$741.027 $1,060,669 $1,015,235
2 Mos. End. Feb. 28
Net after rents
$837,643
$913,096
-Dr__
$346,897
154,867
Other income
171.116
-Net
-Dr.
162,822
Int.on funded debt
1,036.809
1,116,306
-Dr. 1.143,645
$677,193
Net deficit
Division of net profit or
deficit between:
-Dr
Soo line
W. C. Ry. Co.
-Dr..
System-Dr
-V.137. p. 2631.
Midland Valley RR.-Earnings.1934.
$100,866
42.126
26,474
1933.
$108,531
54.102
37,298
1932.
$122,124
44.397
22,612
1931.
$152,238
48,597
24.593
208,900
90,928
57.945
215,662
100,152
65,298
269,133
101,535
58,839
342,255
123,212
71,041
Milwaukee Gas Light Co.-Earnings.Calendar YearsOperating revenue
Operating expenses
Retirement expense..
Uncollectible bills
Taxes
1933.
1932.
1931.
1930.
$5,709,482 $5,809,124 $6,004,577 $6,300,560
2,501,234
2,483,120
2.681.080
2,879,404
482.160
477.600
420,000
420,000
163,275
134,266
37,636
18,493
853,573
908,228
885,955
827.980
Operating revenue-- $1,709,240 $1,805,911 $1,979,905 $2,154,682
Merchandise jobbing &
contract work
loss46,192 loss57,572 loss21,473
Miscall, rent expense- _ 13,216
13,516
14,104
46,316
Operating income_ --- $1,649,832 $1,734,823 $1,944,328 $2,108,366
Non-operating income...
6,244
4,816
15,002
95.400
Gross corporate inc___ $1,654,648 $1,741,066 $1,959,331 $2,203,766
Interest on funded debt600,030
608,968
517,500
517,500
Miscellaneous interest_ ..
3,745
4,155
134.227
83,713
Amortization of debt discount and expense_ - 34,405
35.901
29,244
29,244
Miscoll. deductions_ _ _ _
3,324
3,453
3,267
3,416
Net income
$1,013.016 $1,088,718 $1.275,092 $1,569.893
Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets$
S
Liabilities$
$
Property & plant_26,623,252 26,584,683 Preferred stock... 2,000,000 2,000,000
Cash
790,370
248,057 Common stock__ 9,000,000 9,000,000
Notes receivable
795
475 Funded debt
14,000,000 14,000,000
Accts. receivable_ 794,234
771,477 Accounts payable_ 228,044
155,688
Int. receivable__ ....
60
60 Consumers'dimes_
92,878
99,614
Materials and supMatur. int. unpaid
540
540
plies
631,406
576,146 Miscellaneous_ _ _ _
15,980
17,402
Prepayments
8,042
2.738 Dep.tor exten. subMiscell. assets_ _
14,254
5,342
ject to refund
32,176
Suspense accounts 1.163,847 1,242,322 Accrued liabilities_ 493,727
511,284
Re-acquired secur. 500,000
500,000 Reserves
4,202,689 3,691,419
Treasury securities 166,000
166,000 Surplus
626,226
621,353
Total
30,692,259 30,097,300
-V.136. p.2606.
Total
30,692,259 30,097,300
Minarets & Western Ry. Co., Ltd.
-Abandonment.
The I.
-S. C. Commission,on March 16 issued a certificate permitting
George it. Sykes, as trustee, (1) to abandon the portion of the railroad
extending easterly from Pinedale to Pinedale Junction, 4.5 miles; (2) to
abandon operation under trackage rights by the Minarets & Western over
the railroad of the Southern Pacific RR.,extending northerly from Pinedale
Junction to Friant, 0.906 miles; and (3) to abandon the remaining portion
of the railroad of the Minarets & Western extending northerly from Friant
to Wishon, 39.3 miles, all in Fresno and Madera counties, Calif.
-V. 137,
P. 861.
Minneapolis & St. Louis RR..--Earnings.February1934.
1933.
1932.
1931.
Gross from railway
$466,266
$639,503
$749,335
$530,659
37,977
Net from railway
59,636
def42,987
def102
Net after rents
def19.122 def100,834
def11,258
def95,429
From Jan. 1
Gross from railway
1,129,565
1.600.326
1,272,839
1,578,020
Net from railway
def68,480
83.775
42,609
37,593
Net after rents
def21,613 def190.251
def92,925 def141,474
Earnings for Third Week of March.
Increase.
1934.
1933.
Gross earnings
$159,372
$135,565
$24,007
-V.137. P. 3839.
$294,652
28,705
1,115,956
$1,653,364 $2,125,065 $2.104.771 $1,439,315
Mississippi Central RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138, p. 858.
1934.
$52,144
6,780
746
1933.
$34,727
def5,285
def11,153
1932.
$47,286
def19,444
def27.189
98.198
7.410
def3,487
74,808
def6,505
def18,719
102,590
def22,443
def37,892
1931.
$77,781
5,869
def2,757
AI
166,654
21,994
4,014
Missouri Illinois RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 137, p. 134.
1934.
$64,745
13,609
5,361
1933.
$54,449
def6,507
def17,996
1932.
$71.100
13.286
1,814
1931.
$97.018
14.289
def847
137,575
31,218
12.492
122,423
2,200
def21,263
143,958
23,887
def2,097
208.244
35,442
2,912
IMPORTANT NOTICE.
-,Midland Utilities Co.-R
roved from List.
he New York Curb Exchange has removedfrom
listed trading
privileges the 6% prior lien stock
d the 7% series A pref. stock, both
par $100.-V. 136, p. 1885.
512,130
228,897
Net deficit
$1,653,364 $2,125,065 $2,104.771 $1,439.315
Division of net profit or
deficit between:
705.983
Soo Line
1,393.825
-Dr
1,398,942
1,132,804
W. C. Ry. Co.
733.331
710,946
726,124
-Dr.._
520,561
The stockholders on March 13 approved the establishment of an employee's profit-sharing plan.
-V. 138, p. 1059, 1927.
FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.137. p. 861.
2255
Financial Chronicle
Volume 138
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Missouri Pacific RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1932.
1931.
1934.
1933.
$5,501,145 $4,705,021 $5,899,464 $7,664,283
1,268,482
897,822
2,166,360
1,288.106
518,654
181,611
1.389,936
559,079
11,211,263
2,592,311
1,116,283
9,724,845 11,877.408 15,914,465
2,279,500 4,324,003
1,897,662
502,709
838,883 2,801,499
Abandonment of 117.3 Miles of Branches.
-S. C. Commission on March 16 issued a certificate permitting the
The I.
company,and L. W.Baldwin and Guy A. Thompson,trustees of its properties, to abandon; (1) part of a branch line of railroad extending northwest
from Fort Scott to Lomax,90.5 miles,in Bourbon, Linn, Anderson, Coffey,
and Osage Counties, Kansas, and (2) part of a branch line extending
generally westward from Mound City to Le Roy, 46.8 miles, in Linn,
-V.138. p. 2077.
Anderson, and Coffey Counties, Kansas.
Missouri-Kansas-Texas RR.-Earnings of System.
1934.
1933.
Month ofFebruary3.293
3.294
3.188
3.294
Mileage operated (aver.)
$1,953,838 $1,628.893 $2,179,882 $2,517,995
Operating revenues
1.645.575 2.067,668
1,459,969
1,600.559
Operating expenses
210.787
27,506 def150,129
112.932
Available for interest.. _ _
405,248
347,796
347,376
405.714
Int.chgs.,incl. adj. bds_
$319,870
$497,926
$194.461
Net deficit
$292,781
2 Mos. End. Feb. 28
3,294
3,294
Mileage operated (aver.)
3,293
3,188
$4,085,322 $3,466,701 $4,494,482 $5.436,247
Operating revenues
3,322,992
3,056,373 4.431,112 4.237.185
Operating expenses
428.376
524,504
Available for interest__ _
97,456 def235,194
Int. chgs.,incl. adj. bds_
694.961
695,802
810.706
811.638
Net deficit
$597.505
$930,996
$382,330
$287.133
Annual Report.-M. H. Cahill, President, states in part:
-Long-term debt was decreased $84,100 by retirement of
Financial.
equipment trust notes maturing during the year.
Underlying bonds amounting to $2,000 were exchanged during the year
for a similar amount of prior lien series A bonds.
Equipment notes amounting to $237,746 were issued during the year.
These notes mature serially over a period of 23 months. Five notes
amounting to $51,684 were paid during the year.
Interest on adjustment mortgage bonds outstanding in hands of the public
due April 1 and Oct. 1 1933 was paid.
Operation.-Total operating revenues during 1933 were $1,543,152 less
than in 1932. or 5.67%. Operating expenses during 1933 were $229,701
less than in 1932, or 1.19%.
The movement of farm products was seriously curtailed by continuing
unfavorable market conditions, affecting especially live stock and perishables and by crop shortages throughout our territory. Extreme drouth
conditions in our richest wheat areas in northwest Oklahoma resulted in
almost complete failure of that crop. Effective Oct. 12 1933, the Federal
Government established a national policy of loans to cotton growers,
which had the effect of holding cotton in storage for more favorable prices,
this, together with the policy of acreage reduction established by the
Federal Government, resulted in a curtailment in the movement of cotton
to our Texas Gulf ports.
Pipe line competition ana the unsettled condition of the petroleum industry, which prevailed throughout the year, resulted in a reduction in our
oil tonnage.
While truck competition in the movement of practically all commodities
was severe, definite progress was made in meeting this condition more
effectively. We have regained some of the traffic previously lost to the
trucks.
In 1933 the revenue from passengers carried was less than in 1932 by
$445,976, or 19.55%.
Train operation, both freight and passenger, was satisfactorily maintained during the year. The property is being maintained in good physical
condition to meet all requirements of the service.
Additions and Betterments.
-Investment in road property increased
$215,474 during the year.
Expenditures for new equipment, including four new lounge cars,
amounted to $246,452 and expenditures for improvement to existing equip-
2256
Financial Chronicle
ment amounted to $107,535. The amount of equipment retirements for
the year, less replacements, was $1,610,944. There was a net decrease in
value of equipment owned amounting to 81,256.957.
Industrial Development.
-During the year 190 new industries and industrial expansions, representing an investment of approximately $6,400,000.
were established along the rails of this company. While the number of
new industries represents an increase of approximately 20% as compared
with 1932. the amount of investment increased nearly 250%.
Consolidated Income Account for Calendar Years.
1933.
1932.
1931.
1930.
Average mileage oper--3,293.93
3,293.93
3,241.25
3,188.57
Operating Revenue
Freight
$21,314,967 $22,151,230 $27,544,230 $36,862,328
Passenger
1,835,170
2.281.146
3,417,738
5,046.263
Mall, express, &c
2,546,538
2.807.451
3,421,412
4,040,268
Total oper. revenue...425,696,675 $27,239,827 $34.383,380 845,948,859
Operating Expenses
Went.of way & struc
3,093.174
3.079,236
3.980,348
5,532,388
Maint. of equipment._ _ 3,843,890
3,672,340
5,250,595
7,045,201
Traffic expenses
1,469,286
1,358,800
1,525,084
1,490,865
Transportation expenses 8,745,474
9,332,466 11,685,843 14.017,282
Miscell. operations
161,873
172,494
211,489
138,967
General expenses
1.684,507
1,612,569
1.848.040
2,000,300
Total oper. expenses.. _$18,998.204 $19,227,905 824,501,399 $30,225,003
Net oper. revenue
6,698.471
8,011.922
9.881,981 15.723.856
Taxes, rents, &c
x3,362,827
4,229,497
4.866,896
5,073,775
Net ry. oper. income.. $3.335,644
'Other income
$3,782.425 85,015,085 $10,650,081
498,310
574,642
1,358.882
Gross income
$3.335,644 $4,280,735 $5,589,727 $12,008,963
Int. & other inc. charges 4.852,642
4,913,151
4,914,500
4.926.416
Net income
def$1,516.998 def$632,416
Preferred dividends_
Rate
Common dividends
$675,227 $7,082.547
4,644.642
3,501,944
(7%)
(531%)
($3)2427.426
Balance, deficit
$1,516,998
$632,416 .2,826,717 sur$10,478
Slis.com.stk.out.(no par)
808.939
808.939
808,819
808,936
Earnings per share
Nil
Nil
Nil
$3.00
z After applying a credit of $300,000 created out of prior year's income.
Condensed Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets5
Investments
Preferred stock_ 66,672,073 66,671,001
Road
214,574,010 214,358,536 x Common stock 66,672,748 66,672,748
Equipment
42,057,124 43,314,080 Stock Habil. for
Miscell. physi48,399
conversion_ _ _
49,471
cal prop'ty_
999,872
996,423 Mortgage bonds 93,094.179 93,094,179
In alit. cos.... 2,259,014 2,180,437 Equip. tr. oblig_
168,200
252,300
Other invest586.231
582,007 Inc. mtge. bonds 13,577,567 13,577,567
Cash
5,628,826
3,325,064 Current liabiLs__ 6,012,879 4,848,002
Time drafts and
Tax liability767,320
1,128,659
loans
1,070,594 3,755,064 Accrued deprec.
Malls & suppl_ 2,662,803 2,998,487
equipment__ _ 12,358,155 11,947,196
Other cur. assets 1,738,929
1,673,044 Other liabilities730,578
660,101
Deferred assets
Corporate surp_ 12,114,092 14,923.490
& unadj.debs.
638,789
641,592
272,216,192 273,824,716
Total
Total
272,216,192 273,824,716
x Represented by 808.939 no par shares.
-V. 138, p. 2077.
Mobile & Ohio RR.-Earnings.FebruaryGross from rail way
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, D.6
78.
1934.
$675.204
107,053
190
1933.
$508,334
27,882
def67,186
1932.
$630,968
50,393
def55,720
1931.
$846,016
110,711
def17,831
1,377,176
1,049.183
217,644
22,754
5,671 def163,174
1,265,839
37,956
def184.035
1,744,520
195,201
def15,187
odine Mfg. Co.
-Removed from List.
The New York Curb Exchange has removedf in unlisted trading
pr v legee the capital stock (no par .-V. 138, p. 336.
Monongahela Ry.-Earnings.-FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.136, p. 3338.
1934.
$376.741
238,389
151,900
1933.
$236.723
132,400
55,840
1932.
4308,960
145,501
62,139
1931.
4398,889
180.037
86,097
720.662
443,094
246.974
489,695
281,053
130,317
633,942
300,701
129,063
824,007
375,235
180,065
* ---Monsanto Chemical Co.-Increases Capital-100% Stock
Dividend.
The stockholders on March 27 approved a proposal, (a) to increase the
authorized capital stock from 500,000 shares to 1.250,000 shares. (b) to
capitalize $4,320.000 of the paid-in surplus and, (c) to distribute the
additional capital stock thus created among the stockholders in the ratio
of one additional share for each share held.
The 100r stock dividend will be distributed on April 30 to holders of
o
record Apr 1 20. See also V. 138. p. 1757.
Montgomery Ward & Co., Inc.
-Annual Report 12
Months Ended Jan. 31 1934.
-Sewell L. Avery, President,
states in part:
Operations for the 12 months ended Jan. 31 1934 resulted in a net profit
of $2,227,957 as compared with a net loss of $5,686,784 for the previous
13
-month period. Comparative net operating profits by divisions for the
past two periods were as follows:
12Mos.End. 13Mos.End.*
Jan. 31 34. Jan. 31 33.
Retail
$2,857,587 loss$2,898,722
Mail order
1063207.567 loss3,211,985
Factories and other operating divisions
266,706
321.017
of liquidation and miscelL 1068255.927
Branches in process
191,136
Total net operating profits
Add-net financial Income
$2,660,799 loss$5,598,554
95,114
loss$88,230
Deduct
-Special charge
$2,755,913 105585,686,784
527,956
Net profits
$2,227,957 loss$5,686,784
* The company changed Its business year during 1932 to end Jan. 31.
From Losses to Profits.
-(1) In less than 2 years company has emerged
from losses to profits; (2) it has made a profit for the first time since 1931)
and is now on an increasingly profitable basis: (3) with generally better
business conditions, its earning power is steadily and substantially improving;
(4) it has resumed dividends on the A stock: (5) its sales during the last
12 months were 13% more than they were in the preceding 12 months.
Since the middle of the year, month-by-month sales and profits are continuing well ahead of the corresponding months of the previous year;
(6) during the last six months, the retail stores showed the largest profit
for a like period since 1928, and every one of the nine mail order houses
showed a profit for the first time since 1929.
Increase in Retail Store Sales and Profits.
-The retail stores as a whole
are now making a profit for the first time since 1929. All retail stores
operated at a profit of 5.64% of sales in the last half of the year as compared with a loss in the corresponding half year of 1932. Retail sales for
the two months of Jan. and Feb. 1934, were greater than for any previous
corresponding period.
Mar. 31 1934
During the 6 months ended Jan. 311934, the sales in the relocated stores
increased 54.2% over the same period in the previous year and sales in
the stores which had been modernized in their present locations increased
21.8%. The increase in sales of all other stores was 5.75%. Profits
increase proportionately as the modernization program progresses.
Financial Aspects of Year's Operations.
-As previously noted, the operations for the 12 months ended Jan. 31 1934, resulted in a net profit of
$2,227,957 as compared with a net loss of $.5,686,784 for the previous 13
months' period. In the year ended Jan. 31 1933, store closing and relocation costs, totaling 32.174,690, were charged to general reserves. In the
year ended Jan. 311934,similar expenses applicable to stores closed in prior
years were absorbed in current operations in the amount of $527,956.
This year's results, in addition to the cost of closing and relocation of
stores closed in prior years in the amount of$527.956, have also been charged
with maintenance expenses of $600,000 in excess of a normal expenditure for
such purposes. This additional maintenance cost is indicative of the general
policy of the management to bring the company's properties to the highest
point of physical condition and efficiency regardless of the immediate effect
on profits. Full provision has been made for all charges including $2,966,000 for depreciation and $2,187,000 for local, State and Federal taxes.
The year's results are based on physical inventories taken at Jan. 31 1934,
priced at the lower of net cost or market, which is in keeping with our
customary conservative basis of valuation.
The improved retail showing this year is the result of increased sales,
increased gross profit on sales and reduced operating expenses. This expense reduction was accomplished in the face of higher operating expenses
under National Recovery Administration requirements with their consequent added wage costs. Total operating expenses were substantially
lower in per cent of sales than those of the preceding period.
The company's total operations showed a marked improvement during
the last six months of the year, in which period all operating divisions of
the business showed a profit. Net sales for the last six months were
$109,662,853 as compared with $89,160,549 for the corresponding six
months a year ago, an increase of 23%. This is the largest sales increase
since 1928. The improvement in earnings has been made possible in
Part by better general business conditions, but the results are also largely
due to heavy purchases in anticipation of rising prices and to the improved
merchandising and operating policies which have been put into effect.
The working capital of the company at the close of the year amounted
to $78,475,678, having increased 52,155,708 during the year. The ratio
of current assets to current liabilities was nearly 9 to 1. Cash and marketable securities total $25,394,646 at Jan. 31 1934. Time payment accounts
receivable are in unusually good condition and ample reserves are maintained.
Consolidated Balance Sheet Jan. 31.
1934.
1933.
1934.
1933.
Assets
c RI. est., bldgs.,
b Capital stock_121,266,581 121,232,141
plants, &c_ _ 42,828,906 44,340,777 Accts. Payable__ 4,539,869 4,079,442
Cash
11,162,238 9,300,907 Due customers_ 1,914,002
1,033,324
dMarket.secure.
Div.on Cl. A stk. 1,058,159
14,232,410 18,523,060 Long-term debts 1,966,000 2,024,000
(at cost)
Notes and land
Mat, on long-tr.
debt due withcontract on
in one yearhomes sold &ca10,181,999 10,628,930
58,000
194,600
Receivables_ _
14,889,570 14,886,841 Aecc. expenses- 2,599,184
1,833,028
Investments
493,837 Reserves
2,627,370 2,688,576
410,499
Inventories
48,360,675 40,749.557 Earned surplus- 9,040,643 8,470,844
Prepaid items_ _ 3,803,512 2,632,046
145,669,807 141,555,957
Total
145.669,807 141,555,957
Total
a After reserves of $2,454,448. b Represented by 201,554 no par shares
of $7 class A. after deducting 3,446 shares in treasury (stated at $252.677)
and 4,467.240 no par shares of common, after deducting 97.764 shares in
treasury (stated at 51.683,362). c After reserve for depreciation of $15,554,261 ($13,718,695 in 1932). d Market value $14,242,448 ($18.434,241
in 1932).
Our usual comparative income statement for the year ended Jan. 31
1934 was published in V. 138, p. 2095.
(Philip) Morris & Co., Ltd.-Options Extended.
The New York Stock Exchange has received a notice from the above
corporation of the extension of certain options, previously reported as
expring Feb. 15 1934, and exercise of certain options previously reported.
Options at present outstanding are as follows:
(a) 5,373 shares of common stock to employees at $8.93 per share,
extended to Feb. 15 1935.
(b) 8,754 shares of common stock to employees at $8.93 per share,
expiring Feb. 15 1935.
(c) 8.755 shares of common stock to employees at $8.93 per share,
expiring Feb. 15 1936.
ing
d) 5,375 sharesof common stock to customers at $10 per share, extended
to Feb. 151935.
(0 525 shares of common stock to customers at $10 per share, extended
to Feb. 151935.
(f) 736 shares of common stock to customers at $10 per share, expiring
Feb. 15 1935.
(g) 737 shares of conunon stock to customers at $10 per share, expring
Feb. 15 1936.-V. 138. p. 1758.
Narragansett Electric Co.(& Subs.).-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Gross operating revenue$10,962,039 $10,085,813 $10,258,819 $10,343,743
Other income
111,331
234,279
280,509
141.893
Total income
$11.073,370 810,227,706 810,539,328 810.578,022
Exp. other than maint.,
depreciation and taxes 4,331.702
3,808,750
4,056,201
3,895,529
Maintenance
438,565
611,631
478,427
790,386
Taxes (incl. Federal income tax)
904,705
1.152.280
858,698
916,379
Net earns, before int.,
dprec.and dividends 85350,823 84,788,374 85,202.568 $5,133.408
Interest and amortization 1,715,384
1,466,724
1,571,429
1,428,974
Depreciation
728,000
825,000
Net consol. earnings-- $2,610,439 $2,488,945 $3,735,844 $3,704,435
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1933.
1932.
Assets
Liabilities$
$
$
40,000
Cash
278,004 Notes payable.._
325,757
Accounts, notes &
Accts. Pay• cons.
799,678
882,776
accruals receiv_ 2,162,780 1,831.293
dep. & accruals_
599,484 Accts. dr notes pay.
Mat% & supp.les. 634,400
273,339
Prepaid charges_ _
322,753
to add cos. (not
721,116
Capital assets_ _ _ _66,035,590 82,340,280
subs.)
272,500
Fund, debt of subs 256,500
Constr. In progress 254,975
1st m.5% bonds_ 33,512,500 30,676,000
Unamort. dLsct. &
2,254.908 2,160,464 Res. for deprec___ 7,589,374 6,692,446
expense
57,420
100,485
Other reserves__ __
Restricted dep. &
8,750
38,774 Unadjusted credits
20,149
cash in sk. funds
4 x Capital stock_ _ _24,124,350 23,904,550
Securities owned.
4,907,308 5,185,197
Surplus
72,011,311 67,519,042
Total
72,011,311 67.519,642
Total
-V 137, p. 137.
x Represented by shares of $50 par value.
Nashville Chattanooga & St. Louis Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 137. p. 2270.
1934.
81,073,658
184,568
121,897
1933.
8866,785
73,179
23,975
1932.
$974,187
79,412
29,766
1931.
$1,269,144
110,972
47,216
2,183,249
412,714
281.801
1,822,722
191,575
97,664
2,012,010
133.797
29,925
2,614,054
242,417
89,49 4
National Cash Register Co.(Md. -Annual Report.
The report to stockholders states in part:
The sales volume during the first quarter of the year showed a substantial
decline, but commencing in April sales increased progressively over the
2257
Financial Chronicle
Volume 138
and repairs
all operating charges, including depreciation of $9,728,959
and maintenance of 69,674,890. c Cost of sales, &c., $203.620,295, repairs
maintenance, $7,599,673. depreciation, $8,918,604.
and
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
Liabilities
Assets
Accts. pay.,incl.
Cash in banks
sundry acer'd_ 15,416,112 14,630,133
and on hand__ 22,468,422 25,427,742
99,878 Prov.for Federal
115,262
Marketable sec_
1,743.020
1,022,602
taxes
and accts.
Notes
933,098
932,200
receivable____ 16,001,624 16,381,974 Res.for contIng.
Inventories.... 14,975,576 11,267,263 51 % gold debs. 69,623,500 73,427,500
Sub. co. bonds
supplies
Miscell.
1,098,359
608,225
and mtges__ _
2,599,071
& repair parts 2,643,331
206,371 Minority int. In
202,662
Co.'s corn. stock
capital & sur2,155,117
Rec. from empl_ 1,715,111
plus of subsid. 2,037,703 2,169,475
277,588
204,475
Life insurance__
5,878,900
Invests. & advs. 4,286,311 4,059,288 Class A pref.stk. 5,733,900 4,637,000
Class B pref.stk. 4,387,000
Land, bldgs.,
51,331,630
mach'y, &c._110,221,943 123,686,974 Common stock 51,331,710 14,852,339
Capital surplus_ 8,891,402
Prepaid taxes,
918,173 Earned surplus- 36,629,765 39,070,179
612,873
Ins., int., &c_
300,338
774,675
expenses
Sundry
Good-will porch. 22,391,854 22,391,853
196,614,118 209,771,632
Total
196,614,118 209,771,632
Total
$53,149,750
x After deducting $54,100,043 for depreciation in 1933 and in 1933 and
shares of no par value
in 1932. y Represented by 6,263,165
6263.155 in 1932.-V. 138, p. 513.
corresponding quarters of the preceding year. The final quarter of 1933
showed an increase in sales volume of approximately 88% over the same
period of the previous year. The rate of improvement was substantial in
both the domestic and foreign fields.
The operations for the final quarter of 1933 resulted in a profit of $262,283
on net sales of $6,906,817, as compared with a loss of $1,518.959 on net
sales of $3,665,246 for the corresponding quarter of 1932, and currently
this favorable trend is encouraging.
-The investInvestment in Foreign Subsidiary Companies and Branches.
ment in foreign subsidiary companies and branches amounted to $7,413,840.
after deducting a special reserve of $3,580,836 for contingencies and a reserve to eliminate all inter-company profit. Property, plant and equipment accounts of foreign subsidiary companies and branches were valued
at United States dollar costs less depreciation, and all other items at rates
of exchange as at Dec. 31 1933, except those of the German company,
which were valued at the year end rate less 20%. This basis of valuation,
after taking into consideration the protected position in foreign exchange,
has resulted in an increase in foreign investments of $430,836, which has
been credited to reserve for contingencies.
Reserves.
-Reserves for contingencies amount to $603.034, after deducting $2,379,500 applied directly to current and other assets.
Consolidated Income Account Years Ended Dec. 31.
1930.
1931.
1932.
1933.
Sales (incl. foreign subs.
and branches)
$22.774,436 $16,475,548 $28,870,302 $45,380,767
Profit and income from
5.486,632
2,040,563
630.91910552,547.424
all sources
1.283,824
1.030,083
988,934
Provision for deprecia'n. 1,026,338
$4,202,807
Profits from oper_ _ _loss $395,419loss$3536358 $1,010,479
16.476
40,047
250.437
77.216
Miscellaneous income_ _ _
-Accumulated Dividend.- et
National Grocers Co., Ltd.
acloss$318,203loss$3285921 $1,050.527 $4,219,284
Total
The directors on Mar. 13 declared a dividend of $1.75 per share on in
634.453
226,187
113,344
261,420
cum. pref. stock. par $100, payable
for Federal taxes_
Prov.
count of accumulations on the 7%
Canadian funds on April 2 to holders of record March 19 for the quarter
$824,339 $3,584,830
Net profit for year. _ _loss$579,624loss$3399265
ended March 31 1926. Non-residents of Canada are subject to a 5%
Dividends declared:
3,570,000
446,269
dividend tax.
On common A stock_
known as
600,000
On common B stock_
By issue of supplementary letters patent, the shares formerly
mtge.
Provision for liquidation
2d pref. shares are now called pref. shares. The $1,250,000 1st to the
750,000
of inventory
are, of course, the only security, senior
bonds issued Nov. 1 1933
on Feb. 14 1931.
350,000
Prov. for collec'n exps_
pref. shares. The 1st pref. shares were redeemed at 110
18
Adjust,for abnormal for.
There were issued 29,216 2d pref. (now called pref.) shares on Aug.
April 1 1926.
551,774
exch. losses of 1931
1925, and 316 2d pref. (now called pref.) shares were issued
the 29.216
$378,070 def$585,170
Balance
def$1,131,398def$4499.265
On Jan. 1 last a dividend of $2.61 per share was paid onThis was at
3.273.314
2,648,255
1.022,355
shares of pref. for the period Aug. 18 1925 to Jan. 1 1926.
3.443.932
Previous surplus
a6,920,842Dr.2,003.970
Special credit
the rate of $7 per share per annum.
dividends on
Patents, good-will, &c.,
After payment of the dividend on April 2 1934. arrears in
-V.
Dr.39,889
all pref. shares will be of the same amount, namely $43.75 per share.
written off
137. p.4539.
Surplus at Dec. 31.._- $2,312,535 63.443,932 $1,022,355 $2,648.255
Shares common A stock
(Mich.).-Removed from List.
1,190,000 ----National Standard Co.
1.190.000
1,428.000
outstanding (no par)_ _ 1,428,000
tra
The New York Curb Exchange has removed from unlisted
63.01
Nil
Nil
$0.69
Earnings per share
-V.138, p. 1576.
privileges the capital stock (no par).
Shares combined A & B
1,590,000
1.590,000
1,828,000
stock outst'd(no par).. 1,428,870
Nil
$2.25
Nil
Earnings per share
Nil
a Credit arising from transfer to capital surplus of certain charges formerly deducted from earned surplus.
Comparative Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
To increase the utility value of the
$
Liabilities$
$
$
AssetsCapital stock_ __.c24,420,000b24.420,000
corporate news given in this department,
a Land, buildings
and equipment_ 8,521,567 8,759,986 Earned surplus__ 2,312,535 3,443,932
all items are now presented in strict
Capital surplus._ 5,858,013 5,306,240
Patents and goodalphabetical order.
603,034
636,015
Reserves
1
will,&c
983,049
- 977,781
Accts. Pay.. &c..
Short-term market
798.572
660,478
675,000 Agents' bal., &c
150,000
securities
314.744
281,679
8,187,022 8,037,466 Tax reserves
Investments
2,340,110 4,138,634 Customers' depos_
54,784
129,387
Cash
-B°lance Sheet Dec.
National Supply Cos.
Accts. reedy., &c_ 7,039.966 7,012,791
1932.
1933.
1932.
8,210,358 6,158,850
Inventories
1933.
.16,615.600 16,615,600
Preferred stock.
902,270
$
Agts.' bale.& misc. 749,968
$
Assets140,469
175,781
Prepayments
y Plant and equip_25,411,916 27,938,355 Com.stk.(par $50) 9,564,775 19,129,550
Marketable secur_ 2,468,427 2,468,428 Underly.cap.oblIg_20,876,800 21,683,200
659,841
760,048
Total
35,339,462 35.860,780
Total
• 35,339,462 35,860,780
3,704,052 5,221,086 Accounts payable_
Cash
Notes receivable...15,034,6251 1,208,932 Accr.taxes, wages, 681,740
a After depreciation of $6,056,807 in 1933 and $6.169.728 in 1932.
585,524
&c
1 3,725,534
x Accts. receivable
b Represented by 1,428,000 no par common A shares and 400,000 no par
20,000
Res.for torn exch.
Accts. rec, from
common B shares. c Represented by 1,428.000 common A shares, 870
Insur. and pension
office & employ_ 216,025
common B shares and 199,565 common C shares, all of no par value.
-V.
1,931.354 1,824.709
fund reserve_
16,383,636 17,211,708
Mdse.invent
138. p. 1060.
129,612
5,893,678 5,728,987 Minority interests 121,374
Investments
44,011
42,255
69,382 Merit.
National Enameling & Stamping Co.-Bal. Sh. Dec. 31. Deferred charges_ 62,925 3,587,606 Earned & rep. res. 3,604,005 6,467,973
surplus
Good-will
4,977,336
Assets1933.
1932.
1932.
Liabilities1933.
Capital surplus
b Capital stock_ _$5,738,750 $5,738,750
a Real est., bldgs.,
59,175,286 67,160,019
plant dr equip..85,407,246 $5,388,119 Accounts payable
Total
59,175,286 67,160,019
Total
160,272
2 ,505,876 1,527,423
and payrolls_ _ 435,961
Inventories
x After deducting reserves. y Alter depreciation of $10,230.088 in 1933
63,503
381,827
Cash
58,433
811,775 Accrued taxes.. _
and $9,927.775 in 1932.
444,235 Federal taxes
15.610
Accts.& notes rec. 607,125
Our usual comparative income statement for the year ended Dec. 31
225,271 Cording. res., &c..
87,360
28.809
108,515
Investm'ts at cost_
1933 was published in .138, p. 2095.
66,750
51,419 Earned surplus_ _ _ 274,097
Deferred charges
Capital surplus... 2,382,352 2,382,352 -National Tile Co.-Re: ed from List.
1
0
The New York Curb Exchang has removed Sm unlisted trading
Total
Total
$8,997,633 $8,448,322
$8,997,633 88,448,322
).-V. 137, p. 4022.
eges the common stock (no
p
a After depreciation of $8,266.033 in 1933 and $8,167,848 in 1932.
b Represented by 114,775 no par shares.
-Earnings.
Nato mas Co.
Our usual comparative income statement for the year ended Dec. 31
2 Months.
Month.
Period Ended Feb. 28 19341933 was published in V. 138, p. 1928.
$127.696
$67.928
Net profit after deprec., deplet. & income taxes_-_
National Dairy Products Corp.-Annual Report.- -V. 138, p. 2096.
IMPORTANT NOTICE.
Thomas H. McInnerney, President, says in part:
During the first nine months of the year, corporation more than earned
its dividend requirements for the year. However, the last quarter as usual
was a poor quarter from the standpoint of profits. In addition, at the end
of December butter and cheese were at the lowest price in the last 25 years,
resulting in an inventory book loss which was charged against profits. It
may be added that the price of butter and cheese has substantially increased
during the first two months of 1934 and it is anticipated that the inventory
write-off will be recovered as the inventory is sold.
During the past year we paid our farmer producers, due to agricultural
marketing conditions, a larger share of the consumer dollar. At the same
time, certain operating expenses increased by reason of the requirements of
the National Recovery program. Corporation, however,. offset a portion
of this added expense by reducing, in the aggregate, overhead and administrative expenses not only in dollars but also in per cent, of sales.
Consolidated Income Account (Company and Subsidiaries).
1931.
1932.
1933.
1930.
Calendar Years$
$
$
374.558,411
Netsales (excl.inter co.)_231,196.980 252,654,452
Cost of sales, expenses
343.703,598
and depreciation-._ _c220,138.572 236.298,952
Gross profit
Other income
11,058,407 b16,355,500
2,007,960
1.353,114
27,748.882 30,854,813
2,156,268
3,252,081
12,411,521 18,363,460 29,905,150 34,106.894
Total income
223,535
146,405
132,940
373,903
Int.on fund.debt ofsubs.
201,066
186,536
133,050
175,063
Pref. dividends of subs
2,882,070
1.590,949
902,635
3.358,776
Federal tax
Int. on Nat. Dairy Prod.
4,050.506
3,902,189
4.167.477
Corp. funded debt__ _ 3,764.010
385.000
Fed. cap. stock tax
aer180,638
Interest adjustment_
Net profit
Preferred dividends_ _ _ _
Common dividends
7.051,872
717,339
7,505,288
12,537.380
749,682
14,384.761
22,547.973 26,254,326
783,384
782,614
16,184,865 12,486,016
5,580,494 12,984,926
def1.170,755def2,597.063
Surplus
6,202,178
6,263.150
6,263.155
Shs. com. stk. outstand- 6,263,165
$4.10
$3.47
$1.88
$1.01
Earnings per share
of subsidiary companies
a Interest paid on funded and floating debt
etired in 1930 from proceeds of sale of stock in 1929. b After deducting
r
Naumkeag Steam Cotton Co.-Dividend Increased.
The directors have declared a quarterly dividend of $1 per share, payable
April 2 to holders of record March 23. Quarterly distributions of80 cents per
share were made on Jan. 10 last and on July 1 and Oct. 2 1933, as compared
with 75 cents per share each quarter from July 1 1932 and to incl. April 1
1933.-V. 138, p. 696.
(The) Nevada-California Electric Corp. (& Subs.).
Earnings.
-Month of February--12 Mos.End. Feb.281933.
1934.
1933.
1934.
$407,241 $4,879.020 $4,932,469
$468,355
166,674
135,386
11,584
10.744
402.870
467,561
34,733
40.643
1.671,033
1,701.256
145,618
178.311
Gross oper. earnings,...
Maintenance
Taxes (incl. Fed. taxes)
Other oper. & gen.exp.
Total oper. & general
expenses and taxes_
Operating profits
Non-oper. earns. (net).
Total income
Interest
Balance
Depreciation
Balance
Disc. & exp. on sec. sold
Miscell. additions and
deductions (net cr.),.,
Surplus avail, for red.
of bonds, diva., &c_
-V. 137. P. 4699.
$229,699
238.656
3,805
$242,462
128.836
1113,625
49,920
663,704
8,635
$191,936 $2,304,204 $2,240.578
2,691,890
2,574,815
215,305
75.266
68.168
1,467
$216,772 $2,642,984 62,767.157
1.566.755
1.569.394
135.183
$81.589 61,073.589 61,200,401
752,114
567,500
66,482
6448,287
6506,088
$15,106
107,534
106,185
8,755
11.059
19,081
173,537
223.740
$66,127
625.432
6573.439
$564,493
1932.
1933.
431.227
$16.423
def7.3531,534
def3,422
def10,177
1931.
643.775
8.765
3.344
62.659
2,t37
def8,135
84,452
12.984
2,103
Nevada Northern Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-v.136, P. 3717
.
1934.
$25.358
4,009
1,889
49,119
4,948
681
39,786
def10,597
def17,155
2258
Financial Chronicle
New Hampshire Fire Insurance Co., Manchester,
N. H.
-Balance Sheet Dec. 31 1933.Assets
United States bonds
Canadian bonds
Other bonds de stocks
Real estate
Agents' balances
Accounts receivable
Cash in banks & office
Total
-V.134. p. 4507.
$3,155,130
258,239
10,233,159
362,750
725,788
230,640
488,788
$15,454,494
Liabilities
Capital stock
$3,000,000
Unearned premium reserve__ 4,313,419
Reserve for losses
615,995
Res. for taxes & other'labs_
334,010
Res. for dive. decl. & unpaid_
120,000
Contingency reserve
1,343,400
Surplus
5,727,671
Total
$15,454,494
New Jersey & New York RR.
-Earnings.'
--FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.135. p. 4558.
1934.
$72,325
def10,395
def30,469
1933.
$80,902
623
def22,247
1932.
$93.875
8,870
def17,170
1931.
$105,325
18,226
def16,019
151,542
def27,079
def68,347
169,987
1,553
def47.652
187,639
5,781
def46,865
213.020
27,167
def41,740
Mar. 31 1934
New York Central RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
1933.
1932.
1931.
$23,282,782 $20,372,367 $26.154,376 $30,936.794
5,093.405 4,585,262 6,669,887 5.570,193
1.365,873
1,020,900 2,679,318
1.560.589
47,567,324 42,351,290 52,909,111 64,753.780
11,160,445 9.820,886 11,889,142 11,592.563
3,820,110 2,476,728 3,886,462 3,428,634
Subscriptions by British Stockholders Must Be Made Direct.
-
British holders of this company's stock will have to exercise their subscription rights to the new convertible bonds by individual correspondence
with the company.
The company had planned to handle the British subscriptions through
Morgan, Grenfell & Co. in London but the British Treasury could not
approve of this plan. It was found contrary to the rules against marketing
foreign issues in England.
-V. 138. p. 2077.
New York Ontario & Western RR.-Earnings.
Month of FebruaryOperating revenues
Operating expenses
-----Newmont Mining Corp.
-To Pay Dividend of 50 Cents.
The directors on March 27 declared a dividend of 50 cents
per share on the common stock, par $10, payable April 30
to holders of record April 16. Secretary H.E.Dodge stated:
1934.
$803,243
629,701
1933.
$812.559
572.428
1932.
$829,505
572.023
1931.
$807.961
632,883
Net rev.from ry.oper.
Railway tax accruals___
Uncollectible ry. revs___
8173.542
45,000
247
8240.131
45,000
55
$257.482
45,000
9
$175,077
42,500
17
Total ry. oper. income
Equipment & joint facility rents (net dr.)____
$128.295
$195.076
$212,474
$132,560
37,226
33,510
59.809
47,824
Net operating income_
$91.069
8161,568
$152,665
$84.735
2 Mos. End. Feb. 28
Operating revenues
$1,726.563 $1,621,300 $1,651,231 $1,626,704
Operating expenses
1,284,922
1,141,451
1,195,449
1,281.178
Net rev.from r y.oper.
From July 15 1927 to and incl. April 15 1931 the company Railway tax accruals.. $441 641 8479,849 $455.782 $345,525
90,000
90,000
90.000
85,000
paid quarterly cash dividends of $1 per share, and in addition Uncollectible ry. revs-284
110
48
de/4
a 5% stock payment was made in January 1928, 1929 and
Total ry. oper. income $351.356
$389.739
$365,734
$260,529
1930.-V. 138, p. 696.
Equipment & joint facility rents (net dr.)____
90,909
78,261
131,012
96.227
New Orleans Texas & Mexico Ry.-Earnings of System.Net operating income- $260.447
$313,478
$234.722
$164,302
-Month of February- -2 Mos. End. Feb. 28Income Account for Calendar Years.
1934.
1933.
1934.
1933.
Operating revenues
$883,477
$696,792 $1,774,221 $1,511,314
1933.
1932.
1931.
1930.
Net ry. oper. income._
Operating revenue
139,240
16,703
$9.644,523 $10,571,876 SI1,342.979 $10.417.388
321,447
143.941
Oper. exps., taxes, &c
6,978.679 7,522.187 8,250.514
-V.138. p. 1228.
8,464,780
Equip.rents. &c.(net)
957,032
1,189,455 1.323,112 1,069.339
New York Chicago & St. Louis RR.-Earnings.Net oper. income...... $1,708,812 81,860,232 $1,769,353
$883,269
February1934.
1933.
1932.
Other Income
1931.
252.529
466,793
448.503
391.691
Gross from railway
$2,739,608 $2,173,413 $2,542,024 $2,913,873
Net from railway
1,009,216
615.618
643,173
500,101
Total income
81,961,341 82.327.025 $2,217.856 $1,274,960
Net after rents
606,542
211,751
216.050
Deductions
15.480
1,588,759
1,549,432
1.548,614
1.535,418
From Jan. 1
Gross from railway
5,473,666 4,368,971
5,069.289 6,145,138
Net profit
$372.582
8777.593
8669.243 def3260.459
Net from railway
1,957,025 1,160,386
1,192.678
1,214,952
Net after rents
1,124,921
344,592
275.766
196.713
Balance Sheet Dec. 31.
-V.138, p. 1739.
1933.
1932.
1933.
1932.
Assets
Liabilities
$
$
Invest.in road &
New York Connecting RR.-Earnings.Preferred stock.
4,000
4,000
equipment__ 87,941,561 87,691,987 Commonstock_ 58,113,983 58,113,983
February1934.
1933.
1932.
1931.
Impt. on leased
a Long-term dt. 29,390,793 29,529,850
Gross from railway
$219,403
$227,758
$191,425
$180,428
ry. property__
830,949
815,051 Non-neg.debt to
Net from railway
175,458
186,636
151,914
132,065
Sinking fund_ _
4,000
4,000 MM. cos
600.000
600.000
101,245
Net after rents
110,326
77,983
63,776
Miscell. physical
Ln.s. & bills pay. 1,663,094 1,140,000
From Jan 1
property
13,630
13,629 Traffic & careerGross from railway
473,457
474,593
400,425
375,181
Invest. In MM.
vice bal. pay_
258,145
Net from railway
185,723
389,516
384,476
300,147
267,494
cos
Net after rents
251,762
224,565
155.377
133,827 Other investmla 10,920,861 10,457,880 Audited accts. &
863.094
900.000 wages payable
577.910
503,636
-V.136, D. 2417.
Cash
257,861
319,904 Misc, accts. pay
22,352
28,063
Time drafts and
Int. =it'd unpd.
14,800
15,020
New York New Haven & Hartford RR.-Earnings.-special dem_
82,380
120,020 Divs, mat. unpd
4,528
4,510
Loans & bills rec. 610,000
Unmatured int.
Month of February1934.
1933.
1932.
1931.
Traffic and car
& rents accr'd
Total oper. revenue.--- $5,493,828 $4,923,901 $6,753,457 $8,083,426
332,600
334,513
serv. bal. rec.
195,558
199,494 Other cure. liab.
163,607
Net ry. oper. income___
4.454
236,516
10.776
1,169,205
1,394,171
Int. & dive. rec_
67.359
111,061 Deferred Habil_
*Net after charges
def891,840 def796,112
8,017
296,598
7,734
Net balances due
Acced deprec
2 Mos. End. Feb. 28
4,540,273 4,307,703
from agents &
Other unadJust.
Total oper. revenue--411,492,525 $10,171,841 813,762,205 $16,521,290
conductors__ 157,236
97,788
credits......
887.828
Net ry. oper. income
372.549
597,719 2,097,920 2,777,510
191,495
Mat% & suppl's
814,931
852,209 Ins. & cas. res-..
def1.242,083 def1,489.393
*Net after charges
6,191
354,349
1,800
Misc. accts. rec.
314,538
248,114 Add.to prop.thr.
*Before guarantees on separately operated properties.
0th. cur?, assets
696
575
& surplus
80,633
78,809
Deferred assets_
Comparative Income Statement for Calendar Years.
169,228
169,252 Profit & loss_
7,723,229 7,440,641
UnadJ. debits_
473,685
497,169
1933.
1932.
1931.
1930.
Average miles operated_
2.068
2.078
2,098
2,127
Total
103,717,448 102,498,257 Total
103,717,448 102,498.257
Operating Revenues$
a
$
$
a Includes $265.000 Pennsylvania Coal & Coke equip, trust, series A.
Freight
38,636,829 40,975,029 54,304.178 62,857.804
due serially to Nov. 15 1937. assumed in connection with purchase during
Passenger
20,474,645 24,809.836 34,425,958 42,274,947
1932 of 500 steel gondola cars.
-V.138. p. 1913.
Mail, express, &c
4.917.445
5,628.867 7.185.121
8.517.064
Incidental
2,465.394 2,660,973 3,368,195 4,037,511
New York Susquehanna & Western RR.
Joint facility
-Earnings.
730,437
898,545
1.047,641
1.198,186
February1934.
1932.
1931.
Total
67,224,751 74,973,252 100,331.094 118,885,515
Gross from railway
$307.712
$268.369
$296,310
8370,466
Operating Expenses
Net from railway
91,632
80.169
85,390
139.129
Mahn. of way & struc_ - 7,882,880 9,327,713 13.974,850 16,587,199
Net after rents
53,249
32.700
28,768
75,676
Maint. of equipment
11.305,146 11.326,896 14,579.939 18,002,612
From Jan 1
Traffic
873,280
Gross from railway
1,005.696
1,195,967
1.201,347
605,629
524,637
573,176
789,130
Transportation
25.083,690 26,876.299 34,097.184 38.231,104
Net from railway
177.556
132,042
134.254
284,275
Miscell. operations
1.346,531
1,520,005
Net after rents
1,853,035 2,191,335
101,375
41.395
21,659
150.516
General
2.737,171
2.930,342 3,449.458 3,749,647
-V.138, p. 2077.
Transp. for investment..
Cr1,671
Cr1,744
Cr36,711
Cr7,896
New York Telephone Co.
-Earnings.
Total
49,227,027 52,985,207 69,113,722 79,955.347
Period Ended Feb. 28- 1934-Month-1933.
Net oper. revenue
17,997,725 21,988,045 31,217,371 38,930,168
1934-2 Mos.-1933.
Operating revenues
Tax accruals
4,445,005 4,800,077 5,336,490 6,717.488
$14,751,564 $14,526,539 $30,554,260 $30,060,344
Uncollectible oper. rev.Uncollectible revenues..46,632
32,111
95.535
7,871
22.368
145.248
206,321
309,319
The board of directors requests that this distribution be regarded simply
as a return out of earned surplus a and not the establishment of a dividend
basis or policy for the future, formulation of which should not, In the
opinion of the board, be attempted at this time.
Operating Income.... 13,506,086 17,155,857 25,873.010 32,190,312
Hire of freight cars
1,825,903
1,822.455 2,536.939 2,309,760
Rent of equip. (net)
Cr11,430
Cr18,678
56,790
64,789
Joint facility rents (net). 3,996,186 4,108,712 4,621,605 4,730,822
Net u. oper. income- 7.695,427 11,243,367 18,857,675 25,084,940
Non-Operating Income
Dividend income
46,761
54,440
1,236,179 2,241,426
Inc. from funded secure. 1,818.860 2,139,534 2,474.278
1.257.202
Inc.fr. unfund.securs- 225.810
245.043
222.727
1,051,727
Inc. from lease of road
333,437
333,599
333.778
334.980
Miscell. rent income_ - 1,425.902
1.942.195 2,389,332 2,002,414
90,117
Miscellaneous
89,779
87,719
78,936
Total non-oper.inc__ Gross income
Deductions
Rent for leased roads._ _
Int. on funded debt_ - Int. on unfunded debt..Miscellaneous
3,940,550 4,804.929 6,744,012 6.966,686
11,635,977 16,048,296 25,401,687 32,051,626
2,788.874 2,783.674 2,760,958
2,782,067
11,532,630 11,650,764 11,673,217 11,937,271
1,111,399
825,251
467,802
1,333,317
1,021,804
890,308
939.676
841,795
Net corporate Inc_ ---def4,853,832 def393,047
Preferred dividends
858,142
Common dividends
9,179,869 15,863.791
3,432,569 3,432,569
6.284,744 9,427,108
Deficit
537,444 sur3,004,114
4,853,832
1,251.189
Shares of cap, stock outstanding (par $100)
1,571,186
1,571,186
1,571 186
1,571,186
xEarn.per sh.on com.stk
Nil
Nil
8.05
V.33
x After deducting guarantees on separately operated properties as follows:
1931, $962,550; 1930. 8921,330.-V. 138, p. 1557.
Operating revenues---$14,847,099 $14,671,787 $30.760,581 $30,369,663
Operating expenses
10,584,749 11.087,719 21.492.074 22.683,796
Net operating revs.._ $4,262,350 $3,584,068 $9,268,507 $7,685,867
Operating taxes
1,515,486
1,216,263 3,005.868 2.464.088
Net operating income- $2,746,864 52,367,805 $6,262,639 $5,221,779
-v. 138, p. 2084.
New York Westchester & Boston Ry.-Earnings.Railway oper. revenue__
Railway oper. expenses_
Net oper. revenue-- _
Taxes
Operating income_ ___
Non-operating Income _
Gross income
Rents
Bond, note equip, trust
certificate int. (all int.
on advances)
Other deductions
-Month of February- -2 Mos. End.
1934.
1933.
1934.
$133,207
8132,804
5276.627
110,267
101.227
232,047
$22,940
$31,577
844,580
25,600
26,854
51.200
def$2,659
$4,723 def 86,619
2,055
3.035
2,828
def$604
87,758 def$3.790
33,529
33,537
67,058
210.571
2,147
206,200
2,143
421,142
4,790
Feb. 281933.
8281,218
217,898
863,319
53,708
89,611
4,604
$14,218
67.074
412,400
4,841
Total deductions
$246,248
$241,880
$492,992
$484,315
Net deficit
-V. 136, p. 2423.
$246,852
$234,122
$496,782
$470,099
--- Nippon Electric Power Co., Ltd.-Provision Made to
Pay Coupons at London in Sterling.
The following notice has been received by the New York Curb Exchange
from the Chase Harris Forbes Corp. regarding the payment of interest on
the 1st mtge. 05% gold bonds, due Jan. 1 1953, of the Nippon Electric
Power Co., Ltd.:
"With reference to your letters of Jan. 4 and Jan. 18 addressed to the
Chase National Bank, we are pleased to advise you that the Nippon Electric
Power Co., Ltd., has now made arrangements for payment of outstanding
coupons due Jan. 1 1934, from its 1st mtge. 6;i% bonds in sterling at the
office of Balfour, Boardman & Co., Ltd., London.
"We wish to call your attention to the following written notice which
the Nippon Electric Power Co. has instructed the London agent to hand
out when making payments: 'Payment in sterling at $4.8665 to the pound
of the Jan. 1 1934, coupon on our 1st mtge. 634% gold bonds due 1953
is without prejudice as to the existence of any obligation on our part to
pay interest on said bonds in sterling to any persons not bona fide residents,
of the Kingdom of Great Britain and Northern Ireland.'"-V. 138, p. 863.
---roblitt-Sparks Industriyls, Inc.
- 1759.Removed from List.
he New York Curb Exchange has removed from unlisted tradiii
privileges the capital stock (no par -V. 138, p.
Nord Ry. (Compagnie du Chemin de Fer du Nord),
France.-Interest Payment.
The company is notifying holders of its 634% external sinking fund gold
bonds, duo Oct. 1 1950, that coupons maturing April 1 1934, and payable
at the office of J. P. Morgan & Co., may until further notice be paid, upon
presentation and surrender on and after April 2, at the office of J. P.
Morgan & Co., 23 Wall St., in United States of America currency at the
dollar equivalent of French francs 25.52 per dollar of face value of coupon,
upon the basis of their buying rate of exchange on Paris at the time of
presentation.
-V. 137, P. 2632.
Norfolk Southern RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 137, p.3324.
1934.
$331,746
56,679
7,092
670,528
107,779
12,949
1932.
$304,629
def18,889
def70,494
1931.
$440,692
40,865
def22,140
540,667
627,359
def82,769 . def41,105
def181,574 def145,510
885,452
79,917
def40,936
1933.
$269,780
def31,345
def82,664
Norfolk & Western Ry.-Earnings.Period End Feb.28.
1934
-Month-1933.
1934-2 Mos.-1933.
Aver, mileage operated..
2,185
2,233
2,185
2.233
Operating Revenues
Freight
$5,579,653 $4,883,232 $10,931,719 $9,835,463
•
Pass., mail and express..
422,872
250,954
204,646
481,541
Other transportation__ _
20,793
16,141
43,046
31,505
Incidental & joint facil38,186
94,005
37.484
79.634
Railway oper. revs.- $5,889,587 $5,141,504 $11,550,312 $10,369,475
Operating ExpensesMaint. of way & struc
488,656
1,124,558
532,504
982,890
948,333
Maint. of equipment__. 1,257,929
2,564,518
1,932,981
110,354
99,137
225,187
207,729
Traffic
1,210,422
2,672,789 2,494,738
Transportation rail line_ 1,336,576
12,534
13,290
25,443
28,395
Miscell. operations
188.828
214,335
388,958
General
437,619
14
53
288
Transp. for invest.--Cr.
145
Railway oper. exps_ -- $3,438,712 $2,974,122 $7,001,167 $6,084,208
Net ry. oper. revenues.- $2,450,874 $2,167,382 $4,549,144 $4,285.266
693,000
Railway tax accruals
650,000
1,386,000
1,300,000
Uncollectible ry. revs
325
62
2,019
862
Railway oper.income_ $1,757,549 $1.517,319 $3,161,125 $2,984,404
Equipment rents (net)
159,005
95,591
249,066
226,908
Joint tacit. rents(net Dr.)
12,791
13,019
31,696
16,709
Net ry.oper.income_ - $1,903,762 $1,599,891 $3,378,495 $3,194,603
Other income items (bal.)
94,763
94,965
196,318
147,346
Gross income
$1.998,526 $1.694,857 $3,574,813 $3,341,949
Interest on funded debt_
245,766
318,480
571,181
653,645
Net Income
-V. 138, p. 678.
2259
Financial Chronicle
Volume 138
$1,752,760 $1,376,376 $3,003,632 $2,688,304
North American Car Corp.
-Wins Rate Decision.
The I.-S. C. Commission has rejected the proposal of the railroads to
reduce from two cents to one cent per mile the allowance paid the above
corporation for the use of mechanical refrigerator cars.
-V.137, p. 3337.
North American Co.
-Increases Stock Interest in North
American Light & Power Co.
See North American Light & Power Co. below.
-y.138, p. 1917.
--"'North American Light & Power Co. Increases Common
Stock-To Retire $2,000,000 of Notes.
The stockholders on March 28 approve a proposal to increase the
authorized common stock from 3,500,000 shares of no par value to 3,625,000
shares, par $1.
President J. D.Mortimer March 1 in a letter to the holders
of common stock stated:
In 1931 the company issued and sold $10,000,000 of serial gold notes to
mature at the rate of $2.000,000 on April 1 in each year to and including
April 1 1936, and in order to provide for the retirement of such notes at
maturity, agreed to offer in each year, to the holders of its common stock of
record on March 5,the right to purchase sufficient additional common stock.
at a price equal approximately to 75% of the average of the closing market
prices for the 10 consecutive trading days immediately preceding March 1
to provide the 82,000,000 in cash required to meet such annual maturity.
The North American Co. and Middle West Utilities Co. agreed to purchase
by March 30 of each year such of the common stock of your company so
offered as was not purchased by the stockholders by March 25 at the offering price thereof to the stockholders.
Such offerings were duly made in 1932 and 1933, as the result of which
$4,000,000 of the serial gold notes have been retired. In 1932 only $2,490
and in 1933 only $24,704 of the $2,000,000 required in each year was paid
In by the stockholders other than the North American Co. and its subsidiaries. In each of such years the North American Co. under its agreement purchased all of the stock not subscribed for by the stockholders,
Middle West Utilities Co. not having purchased its proportionate share of
such stock. As the result of such purchases, the North American Co. now
holds directly or indirectly 66.47% of the outstanding common stock of
your company, more than one-third of such holding being under the existing voting trust agreement.
The Federal Securities Act became effective since the last stock offering
In 1933, and your company is advised that an offering of stock to its stock
holders would have to be registered with the Federal Trade Commission
under that Act. Such registration would involve a large amount of office
expense in assembling the information and financial statements and preparing them in the form required for filing and additional expense involved in
the way of legal and accounting fees and fees of other experts which would
in the opinion of your directors, far exceed the actual proceeds of the offering which might be paid in by the stockholders, unless purchases by stockholders 13ursuant to an offering considerably exceeded the responses in
1932 and 1933. With the dividends on the preferred stock of your company
now in default, your directors believe that the company's cash resources
should be conserved as far as possible and that such expense should be
avoided.
Accordingly in order to enable your company to provide the entire
amount required to retire the $2,000,000 of notes maturing on April 1 1934,
without incurring such expense, the North American Co. has offered to
purchase additional common stock direct from your company at $2.40
per share, being the full average market price of all transactions on the
Chicago Stock Exchange for the 10 trading days immediately preceding
March 1 1934, rather than at $2 per share, which is the price at which the
North American Co. would have been entitled to purchase such stock under
the agreement referred to in the first paragraph hereof. After careful consideration, the directors decided that it is in the best interests of the company and its stockholders to accept such offer. The common stockholders
were requested to waive their pre-emptive right to subscribe for any part
ofsuch stock to be issued to provide funds to meet the April 1 1934 maturity
of $2,000,000.1
In order to provide for sufficient stock to be used for retiring the $2,000,000 of notes maturing on April 1 1934, the directors recommended that
the autnorized number of shares of common stock of the company be
increased from 3,500,0110 to 3,625,000 shares.
The board also recommended, in order to effect substantial savings in
annual franchise taxes of the company, that the common stock be changed
from shares without par value into shares of the par value of $1 each.
Such change should also result in material savings to the common stockholders in stock transfer stamp taxes. It will in no way affect the asset
-V. 138, p. 1743.
value of the preferred or common stock.
9.
/North American Oil Con:olidated.-Removed from List.4
Curb Exchange has removed from unlisted trading
(The New York C
privileges the capital stock (par $1 ).-V. 138, p. 875.
-Earnings.
North Central Texas Oil Co., Inc.
Calendar YearsIncome from all sources..
Oper. and gen. expenses_
Depletion & depreciation
Federal taxes
Loss on sale of securs__
1933.
$127,701
59,629
40,608
1,963
Net income
Preferred dividends....
Common dividends
$25,501
13,362
$22,596
19,555
1931.
$163,422
71,987
93,777
1932.
$188,701
57,226
108,879
1930.
$424,512
83,087
203.572
210,264
lossS2,343 loss$72,411
50.102
24,175
119.871
$3,041 def$26,518 def$242,384
Surplus
$12,139
x262.600
x262,446
x262,446
Shs.com.stk.out.(par $5)
262,446
Nil
Nil
$0.01
Earns. per sh. on com
$0.04
x No par shares.
31.
Comparative Balance Sheet Dec.
1932.
-1933.
Liabilities
Assets1932.
1933.
Preferred stock___ $157,900 $293,300
Mineral rights and
x Common stock__ 1,312,230 1,312,230
leases (less res've
3,793
4,433
for depletion)_ _$1,166,828 $1,211,166 Acc'ts payable..___
1,963
Fed'I income taxLease equip. (less
4,921 Res. for Fed'I capires. for deprec.)..
2,606
1,780
tal stock tax_ _ __
Furn.,fix. St autos.
4,766
2,565
Dividends payable
(less reserve for
31,212
8,486
1,332 Surplus
815
depreciation)_ _ _
52,051
Cash
30,446
2,021
Aces. int. receivle
1,725
229,613
Securities owned
143,250
9,301
Accts., &c.. receiv.
10,405
134,896
Deferred assets.
- 133,284
$1,489,359 $1,645,301
Tots
$1,489,359 $1,645,301
Total
x Represented by 262.446 $5 par shares in 1933 and no par snare;in 1932.
-V. 137. p. 3849.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Northern Alabama Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.133, p. 3784.
$51141
22,494
8,709
$41,382
14,537
def2,935
19 .
32
$43,795
14,034
def4.557
1931.
$52,395
4,680
def14,204
101,977
44,555
19,328
85,092
32,672
def3,974
92.042
24,511
def14,519
106,311
14,139
def19.488
Northern Indiana Public Service Co.-Pref. Div.
The directors on March 22 declared a dividend of 8734 cents Per share
on the 7% cum. pref.. 75 cents per share on the 6% cum. pref. and 68%
cents per share on the 534% cum. pref stock, all of $100 par value, payable
April 14 1934 to holders of record March 31. Similar distributions have
been made on the respective issues each quarter since and incl. April 14
1933, prior to which quarterly payments were made on the pref. stocks at
the regular rate. There has been no payment on the common stock since
June 1932.-V. 138, p. 1743.
Northern Pacific Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138, p. 1392.
1932.
1931.
1933.
1934.
$3,265,880 $2,498,068 $3,393,817 $4,466,677
253,483
379,242 def504,894 def152,801
133,642 def768,629 def519,899 def151,602
6,816,010
5,370,172
6,668,408
664,025 def688,280 def370,980
263.034 def1,201,008 def1,075,156
9,311,447
676,259
def73.852
-Balance
North River Insurance Co. of New York.
Sheet Dec. 31.1932.
1933.
Assets
Cash
$1,167,031 $1,222,699
U.S. Govt. bonds_ 4.033,684 3,226,880
Other bds. & stks_ 11,704,338 15,469,769
657,249
1st mtge. on rl. est. 535,259
Real estate
4.549
89,849
Prem. In course of
collection
788,672
838,670
Bills reele not due
62,045
71,085
Interest accrued__
49,595
51,467
Re-ins. due dt other
assets
26,211
x20,396
1933.
LiabilitiesRes. for unearned
premiums
Res. for losses in
process of adjust
Other liabilities_
Contingency res've
Mortgage reserve_
Capital
Net surplus
Total
Total
18.511,779 21,507,671
x Other assets only.
-V.138. p. 514.
1932.
$
5,914,550 6,888.962
1,203,682
248,734
1,211,719
50,000
2,000,000
7,883,094
1,374,358
256,306
6,602,758
2,000.000
4,385,287
18,511,779 21,507,671
North Star Insurance Co.-Annual Report.-The company, which confines its business to reinsurance in the
field and is a running mate of General Reinsurance Corp.
(which see), reports admitted assets of $3,344,065 as of
Dec. 31 1933, with securities valued in accordance with
requirements of the New York Insurance Department.
The company states that as of Feb. 28 1934 the market value of bonds
,
and stocks held by the company was $2,980,226, or approximately 94% of
the total convention value of $3,175,564 shown in the balance sheet at the
end of 1933.
The company reports an underwriting profit for the year of $178,409
and investment income of $128,754, resulting in a net gain, after all expenses, of over $370,000 for the year.
fire
the
2260
Financial Chronicle
Unearned premium reserves amounted to*$1,003,138,• loss reserves to
$335,084; and reserves for all other liabilities to $23,711. Contingency
reserve of $244,235, included in the liabilities, represents the difference
between the convention value of stocks and the Dec. 31 market value. The
company owns no non-amortizable bonds. Surplus to policyholders at the
end of the year was $1,737,896.
Balance Sheet Dec. 31.
Assets1933.
1932,
Liabilities1932.
1933.
Cash
$117,336 $338,508 Res've for claims de
Bonds & stocks
3,175,564 3,484,079 claims expenses- $335,084 $413,003
Prem. In course of
Res. for unearned
collection
27,146
113,968
premiums
1,003,138 1,329,817
Accrued interest__
24,019
27.138 Res. for comm'ns,
15.385
23,711
taxes & oth. liab.
Contingency res've *244,236
338,786
800,000
Capital stock
800,000
937.896 1,068,701
Surplus
Total
$3,344,066 $3,963,692 Total
$3,344,066 $3,963,692
* This reserve represents the difference between values carried in assets
for all stocks, and actual Dec. 31 1933 market quotations on such stocks.
All bonds are carried on amortized basis.
-V.136, p.2439.
Northwestern Pacific RR.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 136, p. 3717.
1934.
8189,208
def24.109
def48,921
1933.
8152,912
def51,923
def85,710
1932.
1931.
$273,818
$228,785
def29,620 def77.495
def73,076 def122,531
403.343
327,682
445,467
557.670
def35,471 def106,373 def97,487 def159,105
def85,568 def172,754 def176,987 def246,459
orth West Utilities Co. Removedfrom List.
T
he New York Curb Exchange has removedfrom units
trading
privileges the 7% prior lien stock and the 7% pref. stock both par $100.
-V.137, p. 3497.
Nunn-Bush & Weldon Shoe Co.-Div. Correction.
The following corrects item appearing in the "Chronicle" of March 17,
page 1928:
The directors have declared a dividend of 335% on account of accumulations on the 7% cum. 1st pref. stock, par $100, payable March 311934.
payment of which covers all dividends due up to and including the quarter
ending June 30 1933.
The last regular quarterly payment of 1 % was made on the 735%
,
cum. 2d pref. stock, par $100. on March 31 1932; none since.
-V. 137.
p. 1949.
Occidental Insurance Co.-Removed from List.
The New York Curb Exchange has removed from unlisted trading
privileges the capital stock (par $10).-V. 136, p. 1732.
(The) Ocean Accident & Guarantee Corp., Ltd.
Balance Sheet Dec. 31 1933.
-
Mar. 31 1934
and (b) authorizing the Oregon & Northwestern RR. to acquire and
operate the railroad.
The report of the Commission says in part:
The Edward Hines Western Pine Co. on Jan. 22 1934, applied for
permission to abandon its railroad, extending from Burns in a general
northerly direction to Seneca, about 48 miles, all in Harney and Grant
Counties, Ore. On the same date the Oregon & Northwestern RR.. anPlied
for authority to acquire and operate the railroad and, in addition, about
2 miles of main-line track of the Hines company, operated by the latter as
a plant facility, extending from Burns in a southerly direction to Hines in
Harney County. See also V. 138, p. 2077.
Oklahoma City-Ada-Atoka Ry.-Earnings.--FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 135, p. 815.
1934.
$23,861
6,683
def2,870
1933.
$26,642
10,587
253
1932.
$35,316
9,843
def2,920
1931.
$42,642
7,819
def6,834
53,985
17,989
def1,871
53.726
20,377
602
69,496
17,671
def7,134
100,465
26.218
def4,511
Old Colony Insurance Co., Boston, Massachusetts.Balance Sheet Dec. 31 1933.A8setsU. B. Government bonds
$1,148,938
State, county & mimic. bonds_ 1,435,033
69,891
Foreign govt. & munic. bonds_
Stocks of Nat. banks & tr. cos. 595,062
Railroad bonds & stocks
1,130,262
Public util. bonds & stocks__ _ _ 1,432,342
1,700,214
Other bonds and stocks
Mortgages (first liens)
6,500
55,019
Accrued interest
28,141
Premium notes
Prems. dr accts. in course of
237,057
collection
217,119
Cash
LiabUtUesLosses in process of adjustment
or in suspense
307,787
Reserve for losses unreported_
46,500
Unearned premium reserve
1,393,401
Res.for marine lay-up, return
prems., outstanding reinsurance, dm
104,107
Reserve for Federal taxes_ _ _
36,600
Commissions, expenses, taxes
84,600
Contingency reserve
939,692
Capital
1,000,000
Net surplus
4,142,891
$8.055,578 Total
$8,055,578
Short Line RR.-Earnings.February1934.
1933.
1932.
1931.
Gross from railway
$1,453,508 $1,267,470 $1,695,182 82,089,506
Net from railway
449,856
255,467
467,079
539,014
Net after rents
165,964 def52.930
164,924
140,968
From Jan 1
Gross from railway
3.126,166 2,658,059 3,458,133 4,511,744
Net from railway
958,194
597,139
916,430
1,262,989
Net after rents
346,731
def34,439
261,369
505,915
-V.133, p. 638; V. 137. p. 4359.
Total
Oregon
Oregon-Washington RR. & Navigation CO.
-Earns.
-February1934.
1933.
1932.
1931.
$757,578 $1,110,932 $1,414,338
Gross from railway_._.. $1,157,748
Net from railway
306,970 def22.114
112,794
15,873
Net after rents
80,469 def251,973 def135,034 def274,500
From Jan
1,548.107 2,243.507 3,052,662
Gross from railway
2,347,436
191,176
Net from railway
159,460
440,920 def73,643
Net after rents
def28,371 def540,214 def338.861 def388,526
-V. 136. p. 325.
(Statement for the United States.)
AssetsLiabilities
Government bonds
$2,615,069 Reserves
$11,804,273
State & multi°. bonds
285,855 Contingency reserve
1,176.669
Railroad bonds
6,423,165 Deposit capital
800,000
Miscellaneous bonds
2,826,705 Surplus over all liabilities-- 2,341,447
Stocks
513,628
Realestate
743,910
'Ottawa Electric Ry.-Resumes Dividend.
Mtge. loans on real estate_ _ _
11.500
The directors recently declared a dividend of 80 cents per share on the
Cash
676,236
capital stock, no par value, payable April 2. From October 1926 to and incl.
Prem.In course of collection_ 1,809,596
January 1928, the company made quarterly distributions at the rate of
Interest due & accrued
155.122
$8jper share per annum; none since.
Other assets
61,693
This company is a subsidiary of the Ottawa Traction Co., Ltd -V.135.
p.2176.
Total
$16,122,389 Total
$16,122,389
Pacific Bancshares, Ltd.
-Not a Fixed Trust.
-
Ohio Edison Co.
-Earnings.
-
See Atlantic Bancshares, Ltd. above.
-V. 138, p. 1061.
[A Subsidiary of Commonwealth & Southern Corp.]
-Month of February- -12 Mos.End. Feb.281933.
1934.
1934.
1933.
Gross earnings
$1.393,415 81.263,973 814.962,275 815,122,190
Oper. exps., incl. maint.
& taxes
584,957
502,088 6,325,242 6,097,968
Fixed charges
334,205 3,899,091 3.797,626
325.571
Prov. for retire. reserve.
100,000
100.000 1,200,000
1,200,000
Net income
Divs, on pref. stock....
$382.887
155,572
$327,678 $3,537,941 $4,026,595
155,571
1,866,970 1,864,938
Balance
-V.137,p. 4015,
$227,314
$172,107 $1.670,971 $2,161,657
4
Pacific Gas 8c Electric Co.
-Earnings.
Calendar Years1933.
Gross oper. rev., inc.l.
other Income
884.984.073
Oper. and admin. exp.,
taxes(incl.Fed.)mant., •
38,8.58,992
uncoil, accts., &c
Bond int., disct. & expo_ 15,885.679
Reserve for deprec'n
12.057,695
Earnings of subsidiaries
prior to acquisition_
Prov. for gas revenue in
dispute from July 16
786.000
19
1932.
1931.
1930.
$85,517,495 $88,536,846 $77,369,388
36,941,863 37,512,845 33,925.140
15,996,710 15.367,417 13,014,768
11,426,139 10,865,202 8,866,036
159,304
''0hio Electric Power Co.-Preferred Dividends.(
1 4
4*
Net income
The directors have declared a dividend of 1.31% on the 7% cum. pref. ' Divs, on pref. stocks $17.395.707 321,152,783 $24.791.382 $21.404,141
8.104.019 8.022,827 7,803,316 6.537.127
stock, par $100, and a dividend of 135% on the 6% cum. pref. stock, par
10,982.309 12,501,723 12,198,117 9,691,164
Common dividends
$100, both payable April 2 to holders or record March 21. Like amounts
were paid on the respective stocks on Jan. 2 last, the first since Jan. 3 1933
$628,233 $4.789,949 $5,175,850
Balance, surplus-def11,690,621
when the last regular quarterly payments at the same rates were made.
Gross operating revenue for 1933 amounted to $84,596,081, according to
V. 137, p. 4530.
figures introduced by W. G. Vincent, Vice-President, at the opening of the
hearing before Special Master H. M. Wright on the company's action
Oil Shares Incorporated.
-Earnings.
seeking permanently to enjoin the natural gas rate reduction order of the
Period Ended Dec. 31 193312 Mos.
3 Mos.
California RR. Commission.
Interest and dividend income
$9,834
$37.947
Segregated by divisions of operations, the 1933 figures on gross presented
Expenses
26,409
4.777
at the hearing compare with previous showings for the company as follows
Extraordinary litigation and reorg. expenses
43,944
1933.
1932.
1931.
x Net loss on securities sold
121.924
127
$59,990,782 $61,652,558 $56,123,241
Electric
23,336.704 21,929,628 19,719,538
Gas
Net income
$4,930 1os4154,329
435.747
Street railway
492.678
608.063
x Unrealized apprec. on swum,held at Dec.31 '33
5.371
382,992
Water
481,206
575,347
x Unrealized apprec. on securities for 3 months:
Steam
449.856
502,547
604.472
Depreciation at Sept. 30 1933
29,292
Appreciation at Dec.31 1933
5,371
Total
$84,596,081 $85,058,617 $87.630,661
Declining electric revenue and advancing gas volume are shown in the
Surplus
$39,593 def$148,959
following percentages of annual total gross.
x Based on the average of the quoted market price as at April 20 1931
1933.
1932.
1931.
and cost of subsequent additions.
Electric
72.4%
70.9%
75.4%
Gas
27.5
22.5
25.7
Balance Sheet Dec. 31.
Other
1.6
2.1
1.9
Assets
1932.
fAabUUtes-1933.
1932.
1933.
Mr. Vincent also read into the record the total number of consumers.
Cash
$4,112
$6,274
$84,693 $120,662 Accrued expenses.
Gains were shown to have been made in both departments last year, alDividends receiv_
3,558 Res. for Federal
2,438
though neither total is up to the 1931 level. Comparatively this showing
Note receivable.
dl
343
income taxes._.
326
as of Dec. 31, stands:
Accounts receivle_
233 Res. for rooting.
6,726
Electric.
Gas.
Electric.
Gas.
a Investments:
liab.&for adjust.
737,082 515,207 1930
1933
Cl. A-Std. 011
729,039 506,853
of claims &accts.
685,260
1932
731,506 509,273 1929
549,816 479,986
group
649,421 Capital stock
b68,940
786,771
1931
740,467 516.169
Preferred stock....
cl,647,863
CLB-Independ-V. 137, p. 4699.
ent group--- 294,864
c82,393
391,436 Common stock_
Paid-In surplus... 1,171,109
449,159
CLC-Other cos.
Paducah Cooperage Co.
-Earnings.
related to oil
22,488
Deficit
735,096
& gas industry
283,447
Earnings for Year Ended Dec. 31 1933.
48,683
Claims and accts.
Manufacturing profit
8143,280
subject to adSelling, general and administrative expenses
44,159
just. of litigat'n_
585,260
1
Depreciation
10,040
Total
$1,224,178 $2,034.018
$1,224,178 $2,034,018 Total
Net operating profit
$89,082
a At market price in 1933. For 1932 the figures above are the book values,
Other income
17,772
(market price was $697,783.) b Represented by $1 par shares. c Represented by 84,440 no par shares. d Net of reserve secured by 10.466 2-3
Total income
$106,854
shares of Superior Oil Corp. common stock.
-V.138, p. 1759.
Other deductions
43,716
Oregon & Northwestern RR.-Aquisition.The L-S. C. Commission on March 14 Issued a certificate (a) permitting
the Edward Hines Western Pine Co., to abandon, as to inter-State and
foreign commerce, its entire railroad in Harney and Grant Counties, Ore.,
Net profit
Previous surplus
Surplus end of year
$63,138
14,555
$77,693
Balance Sheet Dec. 31 1933.
Liabilities
Assets
$10,605 Notes payable
Cash
a Trade notes and accounts me: 59,981 Accounts payable
432,016 Accrued expenses
Inventories (at cost)
22,327 Reserve for contingencies
Advances on purchases
1,309 Capital stock
Life insurance-cash value_ _ _ _
5.875 Capital surplus
Prepaid expenses
8,825 Earned surplus
Other assets
b Land,buildings, machinery &
equipment
185,965
$162,432
163,827
21,450
1,500
250,000
50,000
77,693
$726,902
Total
$726,903 Total
a After reserves for freight allowance of $1,833. b After depreciation of
$10,040.-V. 137, p. 4709.
Pacific Mutual Life Insurance Co. of California.
Balance Sheet Dec. 31.1932.
1933.
1932.
1933.
Liabilitiesg
g
AssetsLoam on real eat 88,702,209 89,985,312 Rm.on policies_166,226,590 162,527,490
Res. for claims
Loans on apapprov. pay.
proved collat_ 5,904,777 6,506,240
in instalments 12,409,589 9,216,350
Loans to policyholders
40,573,690 40,942,801 Claims awaiting
2,070,897 2,033,760
proofs
36,247,302 34,907,806
Bonds
Preferred stocks 2,337,916 2,258,553 From, and int.
1,350,227 1,283,060
paid in adv_
Common stock_
502,274
917,225 1,075,000
12,174,868 9,955,847 Rm.for tax. pay
Real estate
653,513
445.761
All other liabils_
Interest due and
5,082,000
accrued
2,866,655 2,698,906 Capital stock _ _ _ 5,082,000
Surplus set aside
Outstand'g & deferred prem._ 4,247,247 4,461,280 forfuturedivs.
4,091,560 1.793.152 to pollcyhold_ 1,294,212 1,509,269
Cash
558,645
Other assets_
403,916 Surplus unassign 6,068,422 8,783,4133
Res. for conting. 2,342.219 1,750,000
Total
198,201',143 193,913,904
-V. 138,p. 2096.
Total
198,207,143 193,913,904
(The) Palatine Insurance Co., Ltd., London, Eng.Balance Sheet Dec. 31 1933 (United States Branch.).LfabitUiesAssets
Government bonds
$566,800 Reserve for unexpired risks__ $1,370,233
169,840
State de municipal bonds_ __ _
554,308 Outstanding losses
103,265
1,533,035 All other liabilities
Railroad bonds
220,602
315,044 Contingency reserve
Public utility bonds
400.000
Other bonds
71,600 Statutory deposit
149,267 Surplus over all liabilities _ 1,306,870
Stocks
Cash
171,096
Prems. In course of collection
not over 90 days due
175,148
891
Reins, recover, on paid losses
33,621
Accrued interest
Total
83.570.810
83.570.810
Total
Pan American Petroleum & Transport Co.(& Subs.).
Earnings for Year Ended Dec. 31 1933.
Net sales
Cost of sales, selling and administrative expenses, &c
$53,984,449
53,317,486
$666,963
607,367
4,916
Operating income
Interest
Miscellaneous income
$1,279,246
141,878
50,784
9.847
2,395.894
Total income
Expenses of plan of reorganization
-net
Loss on sale of securities
Interest charges
Provision for depreciation and amortization
81,319,158
Net operating loss for the year
Balance at Dec. 31 1932
47,847.538
Proportionate share during the period of affiliation of the undistributed earnings of companies which became wholly owned
9,326,699
as of Jan. 1 1933
12,499
Miscellaneous adjustments (net)
855,867,579
Total surplus
Reserve for loss on restricted bank balances, &c
400,000
Amount of reserve necessary to reduce U. S. Govt. securities to
228,029
cost or quoted market prices, whichever are lower
Distribution at book value of the capital stock of Pan American
42,172,298
Southern Corp
Cr.15,612,507
Amount thereof charged to capital surplus
683,204
Cash dividends
$27,996,556
Balance at Dec. 31 1933
-The foregoing statement includes operating results for the entire
Note.
year 1933 of subsidiaries acquired on March 22 1933 as of Jan. 1 1933 and
excludes operating result° for the entire year 1933 of subsidiaries sold on
March 22 1933 as of Jan. 1 1933.
Consolidated Statement of Capital Surplus for Year Ended Dec. 31 1933
Balance at Dec. 31 1932
$15,652,564
Capital surplus arising on acquisition as of Jan. 1 1933 of capital
stock of subsidiary companies (previously 50% owned)
4,602,262
Total
$20,254,827
Adjustment of book value of investments in affiliated companies at Dec. 31 1932
40,057
Dividend paid by distributing at book value the capital stock of
Pan American Southern Corp., $42,172,298; less amount
thereof charged to earned surplus (Cr.) $26,559,790
15,612,508
Balance at Dec. 31 1933
84,602,262
Consolidated Balance Sheet Dec. 31 1933.
Liabilities
Assets
$4,250,266 Accounts payable and acCash
crued liabilities
$8,393,467
IL S. Government securities. 11,400,232
1,693,393
Customers' notes & accts. rec. 5,287,869 Reserve for Federal taxes
586,759 Mortgages payable
141,000
Othef moles, Incl. accr. int
23.514,723
11,966,965 y Capital stock
Inventollea
762,531 Capital surplus
4,602,262
Long-term notes & accts. rec.
Earned surplus
27.996,556
Invest. in Petroleum Beat
2,096,355
& Power Co
:27,461.343
Fixed assets
Good-will &c Intangible assets 1,811,935
717,145
Deferred charge;
Total
$66,341,401
$66,341,401
Total
x After reserves for depreciation and amortization of $21,599,545.
137. p. 3685.
-V.
y Shares of $5 par value.
-Removed from List.
,Patterson-Sargent Co.
The New York Curb Exchange has removed from unlisted trading
privileges the common stock (no pat'.-V. 137, p. 4370.
Pennsylvania \Reading Seashore Lines.-Earnings.-1931.
Februa
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.138, p. 1039.
2261
Financial Chronicle
Volume 138
$38'2,0.54
def63,151
def225,216
$106,352
def31,647
def79,316
$123,350
$142,568
def35,681
def68,874
def78,332 def114,271
239,279
299,989
216,015
780,120
def72,289 def108,564 def147,480
def101,451
def419,305 def164,980 def196,817 def251,979
Peninsular Telephone Co.-No Dividend Action.
The directors have taken no action on the quarterly dividend ordinarily
payable about April 1 1934 on the no par value common stock. From
Jan. 1 1933 to and incl. Jan. 1 1934 the company made distributions of 25
-V. 136, p. 2607.
cents per share each quarter.
-Regional System Earnings.
Pennsylvania RR.
[Excludes L. I. RR. and D. & E. RR.]
1934-2 Mos.-1933.
-Month-1933.
Period End. Feb. 28- 1934
Revenues
$19,237,350 $16.050,430 $38.912,770 $33,360,493
Freight
8,188.421
9,314,012
3,729.106
4.389,519
Passenger
1,805,834
1,805.172
867,827
856,403
Mail
573,500
698.673
331,347
343,641
Express
1,005,527
977,202
493,508
494,261
All other transportation..
1,491.476.
1,539,315
696,245
703,629
Incidental
70,311
89,728
33,993
34,312
Joint facility-Credit
11.369
12,805
5,615
6,096
Joint facility-Debit__ Ry. oper. revenues__ -326.053.019 $22,196,841 $53,324,067 $46,484,193
Expenses3,831.357
4,441,506
1,872,468
Maint. of way & struct- 2,257,137
9.217,882
4,424.597 10,676,695
5,147,726
Maintenance of equip
1.073.823
1,102,194
544,932
568,736
Traffic
8,889,876 20,268,466 18.319,549
10,014,403
Transportation
584.899
703,162
271,953
340,941
Miscellaneous operations
2.575,064
2,627,149
1,287,616
1,291,735
General
123,575
10,137
111,215
4,797
'rransp. for invest.-CrRy. oper. expenses-.$19,615,881 $17,180,227 $39.809,035 $35,478,990
Net rev.from ry.oper. $6,437,138 $5.016,614 $13,515,032 $11,005,203
3,065,600.
3,258,900
1,544,435
Railway tax accruals..... 1,641,900
10,688
13.118
331
2,013
Uncollect. ry. revenuesRailway oper. income $4,793,225 $3,471,848 $10,243,014 $7.928,915
1,557,868,1.210,884
754,205
576,237
Equip. rents-Dr. bal
266.384
331,988
117,221
159,722
Jt. facil. rents-Dr. bal.
Net ry. oper. income.. $4,057,266 $2,600,422 $8,700,142 $6,104,663
Note.
-The 1934 figures shown in this statement do not include the
results of operation of the West Jersey & Seashore RR., that road having
been leased to the Atlantic City RR. (Pennsylvania-Reading Seashore
Lines), effective June 25 1933. The 1933 figures, however, include the
results of operation of the West Jersey & Seashore RR.
Earnings of Pennsylvania RR.
1931.
1932.
1933.
1934.
February$26,009,636 $22,156,278 $28,753.437 $36,150,765
Gross from railway
5,652,817
5,027,330 6,134,594
6,471,215
Net from railway
2,697,374
3,302,108
2,344,265
4,098,442
Net after rents
From Jan 1
53,231,414 46,398,433 58,968,607 74,846,376
Gross from railway
13,564,970 11,020,251 12.118,939 11,981,639
Net from railway
6,532,835 6,078,131
5,591,610
8,765,763
Net after rents
Number of Stockholders Decreases.
The number of stockholders decreased during the month of February
for the eleventh consecutive month, the total on March 1 1934 being
reported at 236.369 as compared with 238,008 on Feb. 1,a decrease of 1.639.
The total on March 1 1934. also compared with 248,655. a year ago, a decrease of 12,286. This is a new low in the number of stockholders since
the peak of 252,142 was established on Sept. 11932. Average holding on
March 1 was 55.70 shares as compared with 55.32 shares on Feb. 1 and
with 52.95 shares on March 1 • 1933. Total stock outstanding was unchanged at 13,167,696 shares.
-An
Announces Additional Orders Totaling $3,500,000.
official statement follows:
Orders totaling $3,500,000 for electrical equipment and insulators, in
addition to 2,500,000 pounds of bare wire and cable, were announced on
March 29 by the Pennsylvania RR. This material will be used in the
railroad's electrification work now actively under way between New York,
Philadelphia, Baltimore, and Washington.
Since early in February the Pennsylvania has placed orders aggregating
its
almost $13.000.000 for materials and supplies used in connection with by
extensive electrification and equipment building program financed
Public Works Administration. The new orders are expected materially
to increase employment in the plants of electrical, wire and cable companies
throughout the country.
More than 4,000 furloughed railroad employees have already gone back
to regular work on the electrification project on the railroad itself, and
men are being put to work on the jobs at the rate of 350 weekly.
The following companies shared in the orders for electrical apparatus
and insulators: Allis-Chalmers Mfg. Co., Milwaukee, Wis.; Condit Electrical Mfg. Corp., Boston, Mass.; General Electric Co., Philadelphia, Pa..
Pittsfield, Mass., and Erie, Pa.; Lapt Insulator Co., Le Roy, N. Y.:
Locke Insulator Co., Baltimore, Md.; Ohio Brass Co., Barberton, Ohio;
Railway & Industrial Engineering Co., Greensburg, Pa., and Westinghouse
Electric & Mfg. Co., Pittsburgh and Derry, Pa.
The orders for bare wire and cable were placed with the following companies: General Cable Corp., Perth Amboy, N. J.; Graybar Electric Co.,
Worcester. Mass.: Anaconda Wire & Cable Co., Ansonia and Waterbury,
Conn.; Bridgeport Brass Co., Bridgeport, Conn.: Copperweld Co., Glass
port, Pa.; Phelps, Dodge Copper Products Corp., Bay Way, N. J.. and
. 138, P. 2078.
J. A. Itoebling's Sons Co., Trenton and Roebling, N.
1913.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
-Earnings.
Pet Milk Co.(& Subs.).
1930.
1931.
1932.
1933.
Calendar Years$15,682,833 $15,331,646 $20.997,293 $24,420,464
Net sales
Cost of goods sold
12,015,625 12,243.288 16,382,794 19,712,647
3,193,621
3,515,362
Sell., gen. & adm.exp.. 2,407,912
2,533.705
617,746
670,194
610,302
Depreciation
676.555
$428.942
105,449
$896.450
105,000
Operating income....
Dividends received
Adjust, of claims & Fed.
inc. tax prior years
$582,739 def$55,650
123,647
x139,760
Total income
Interest paid
Federal taxes
Reduction in value of
capital assets
Proportion applicable to
minority int. in subs_ _
$722,498
1,824
1,143
1,243
378
Net profits
Premium on redemption
of preferred stock..
Divs, on pref. stock_ _
Divs,on corn.stk.(cash)
$468,776
8100,383
$431,951
$800,688
92,519
220,670
98.700
101.850
278,170
557
101.850
670,534
Balance, surplus
$155,586
(no par)
441,529
Shs.com.stk.out.
$0.85
Earnings per share
x Includes interest received.
31,683
441,539
$0.01
$51,931
444,895
$0.74
827,747
445.552
81.58
33,529
$101,526
98,253
$534,391 81.001.450
81.454
45,639
118,932
55,558
153,644
2262
Financial Chronicle
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
Assets
x Real est., bldgs.,
Prof. 7% stock... 1,320,000 1,365,000
mach.& equip__ 6,214,922 6,750,010 y Common stock-- 7,803,204 7,803,436
962,927
984,114 Min. hit. In subs__
3,905
9,717
Cash
740,715 1,297,156 Notes payable__ 355,312
11,186
Accts.& notes rec_ 826,661
891,311 Accts. payable... 929,467
637,079
Due fr. empl., &c..
13,572
10,951 Fed'l tax reserve__
98,898
4,000
Inventories
3,593,734 1,626,951 Insurance reserve_ 216,089
207,011
Miscell. accts. rec..
51,951
67,289 Surplus
2.504,139 2,362,082
Due from employ.,
partly secured__
44,760
19.625
Invest'ts & advs__ 525.394
526,278
Stk. of Pet M.Co_
36,630
31,600
invest'ts_ 102,412
71,149
Deferred charges__ 117,335
123,076
Total
13,231,014 12,399,513 Total
13,281,014 12,399,513
After depreciation of $4,584,722 in 1933 and
y Represented by 441,529 (441,539 in 1932)$4,022,985 in 1932.
no par shares.
-V. 137.
P. 3850.
Philadelphia Gas Works Co.
-Earnings, &c.
In a statement which is being distributed to
the municipally-owned gas works, the company the 440,000 customers of
total operating
revenues for the 12 months ended Aug. 31 1933 states thatto
amounted
$15,137,962,
against $17,289,036 in the corresponding period a year previous.
The
balance after all expenses, rental to the City of Philadelphia, management
fee and betterments was $30,611, against $302,984.
Reviewing operations of the company during the six years of the
present
lease of the city owned plant, C. N. Lauer, President, says:
"During this period we have made in all eight rate
tomers, six of these applying to customers who use gas inreductions to custheir
a resulting annual saving to them in excess of $1,900,000. homes, with
In addition,
rate reductions were made to commercial and industrial
Period, the savings from which amounted to about customers over the
$1,000,000 annually,
or a total annual saving, as a result of reductions in
customers, in excess of $2,900.000. If it could be rates to all classes of
amount of gas would have been sold at the rate of assumed that the same
$1
sold in the period from Jan. 1 1928 to Aug. 31 1933 per thousand, as was
during the period, then the savings, figured on this at the rate prevailing
basis, would be about
$6,10.000.
0
"We have paid to the city more than $24,000,000.
"In addition, out of the money received from the
sale of gas, nearly
$10,000,000 has been invested in new gas works facilities
and equipment.
"We have maintained the city's gas works
in
It has been our aim to provide our customers first-class condition and
with
at the lowest price consistent with maintaining such the best gas service
service."
A comparative statement of operations for the
12 months ended Aug. 31
1933 and 1932 follows:
1933.
1932.
Total operating revenues
$15,137,962 $17,289,036
Total operating expenses
9,452,964 10,174.610
Operating income
$5.684,998 $7,114.426
Totalincome
5,726.973 7,137,165
City rental, interest and management fee
5,177,909 5,191,456
Betterments
518,452 1,642.725
Balance
$30.611
$302,984
The lease provides a rental to the city
management fee determined by the priceof 64,200,000 per annum and a
a minimum payment of 3800,000.-V. 137. of gas and quantity sold with
P. 489.
Philadelphia Manufacturers Mutual Fire Insurance
Co., Philadelphia.
-Expansion.
-
Special meetings of the members of the Keystone Mutual Fire
Insurance
Co.and the Manton Mutual Fire
on April 27 to act on a proposal Insurance Co. will be held in Philadelphia
to reinsure all
delphia Manufacturers Mutual Fire Insurance their policies in the PhilaCo., which has managed
the two companies more than two years.
A consolidated financial statement of the three companies
shows total
assets of $2,023,896. Unearned premiums on Dec. 31 amounted
to $916.206, while the surplus in excess of legal reserves was $927,736.
Consolidated
net assets totaled $1,843,941. (New York
"Times.")
Philadelphia Traction Co.-Pays One-Fourth of gegular
Dividend-Balance Payable Later.
The directors have declared a dividend of
April 2 to holders of record ,,March 28. This50 cents per share. payable
is one-qua
semi-annual dividend of $2 per share and has been made rter of the usual
because
pany will receive on the due date, March 31, one-quarter, or the com$200,000
from the Philadelphia Rapid Transit Co. The board of the
Philadelphia
Traction Co. expects to be able to declare additional dividends
as and
when remaining instalments are paid, the company announced.
The Philadelphia Traction Co. made the following statement:
company has been informed by its lessor, the Union Traction Co. "This
Philadelphia Rapid Transit Co. expects to make payment of the that the
rental due
this company March 311934,in instalments as follows: March
April 30, $200,000 May 29, $200,000 June 29, $200.000. 31. $200,000
"Inasmuch therefore as this company will receive only 25% of
amount needed to pay the usual dilvdend, which would ordinarily the
be
payable at this time, the board has been obliged to limit
dividend declared to the amount of the first of the above the amount of
mentioned instalments of rentals.
"The board expects to be able to declare additional dividends as
and
when the remaining instalments are paid."
This is the same procedure as followed six months ago,
the company received its rental and paid its dividend in except that then
quarterly instalments within a period of less than two months, while this time they
will
receive their rental within a period of three months.
-V. 138, p. 1743.
(Albert) Pick Corp.
-Plans Recapitalization.
-
A plan for the recapitalization of this corporation will be submitted to
the
stockholders at the annual meeting on April 23. The 64,769 cumulative
preferred shares, having a redemption value of $100 a share, will be changed
to 64,800 shares of preference stock, having a redemption value of $15 a
share and convertible into common stock Wore Jan. 1 1935, at the rate of
one share for three common shares. During the year ending on
Jan.
1936, each preference share will be convertible into 23 common shares. 1
The 100 shares of $5 par common stock, which now have all
voting
power, will be changed to 230,000 authorized common shares the $1
par
value, each having voting power. The preference stock also of have
will
voting power. For each old common share 100 new common shares will
be
given. Holders of about 40,000 shares of old preferred stock, it is reported,
have indicated a desire to vote for the plan and to convert their
shares into common stock as soon as the former are received. preference
A letter to stockholders declares that for the first full year of
ended Dec.31 the company showed a net profit of $17,513 in spiteoperation
of heavy
losses in the first quarter. In addition to this, the Albert Pick Co.. Inc.,
realized $19,835 out of assets in excess of amounts at which they were
carried on the books. During the year 750 shares of prior cumulative stock
were retired at a cost of $75,000. An equal amount now remains outstanding.
-V. 135. p. 2504.
Pittsburgh & West Virginia Ry.-Earnings.FebruaryGrossfrom railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
1934.
1933.
1932,
1931.
$219,680
$153,284
6187,694
$239,689
75.72347,807
77,091
18,083 ,
21,927
59,202
410,884
311,775
385,347
493,040
132,389
51,915
67,817
97,911
136,249
40,109
41,823
121,481
Equipment Trust Series of 1934.
-
The I.
-S. C. Commission on March 14 authorized the company to
assume obligation and liability, as guarantor, in respect of not exceeding
$331.000 equipment trust, sales of 1934, certificates to be issued by the
Chemical Bank & Trust Co., as trustee, and sold at par In connection
with the acquisition of equipment.
Mar. 31 1934
The report of the Commission says in part:
In connection with the procurement of these locomotives the applicant
will enter into an agreement to be dated Aug. 1 1934 with the Chemical
Bank & Trust Co. of New York as trustee and certain vendors creating
Pittsburgh & West Virginia Ry, equipment trust, series of 1934, and
providing for the issue by the trustee of not exceeding $331.000 of equipment trust certificates. Pursuant to the terms of the agreement the
vendors will acquire the equipment and will sell it to the trustee, which
will lease it to the applicant under a lease also to be dated Aug. 1 1934 and
to be continued in force until the rent paid thereunder is sufficient to discharge and cancel the interests in the trust created with respect to the
equipment, the dividends on the certificates, and certain other payments
and charges.
The certificates are to be sold at par to the Government pursuant to
the terms of an agreement dated March 8 1934 between the applicant and
the United States of America, represented by the Federal Emergency
Administrator of Public Works. The agreement provides that the Government will deposit from time to time with the trustee under the trust agreement funds as requested by the vendors, but not to exceed $331.000, and
will be entitled to have delivered to it by the trustee trust certifciates in
an aggregate amount equal to the sum deposited.
-V.138, p. 1914.
Pierce Arrow Motor Car Co. (4i Subs.).
-Earnings.
Calendar Years1933.
1932.
1930.
1931.
Number of vehicles sold_
4,324
6,922
Net sales
$5.649,168 67,988,956 311,925,657 $19,016,972
Cost of sales, incl. sell'g,
advertising & adminis.
exps., and all cost of
manuf.,except deprec.
repairs and replace, to
plant and property_ _ _ 6,002,945 10,067,161 11,323,263 17,087,819
Depreciation
520,245
245,152
295,959
239,398
Repairs & replacements_
136,931
513,274
671.797
844,092
Net loss on sales
61,010,953 $2,995,154
$537,657 41,176,481
Int., disc. on purch., &c.
51,336
89,985
124,378
189,528
Total loss
$959,618 $2,905,169
$413,279 x$1,366,009
Int. on debs., notes payable, &c
127,261
84.544
63,664
48,938
Net loss for period_ -- $1,044,162 $3,032,430
$476,943 41,317,071
Pref. stock dividends_
106,650
428,400
450,000
Class A stock dividends_
98,625
147,938
Deficit
YS1.044,162 $33,139,080 $1.053,281 sur$768.446
x Profit. y From which is deducted loss for the period Jan. 1 1933 to
Sept. 30 1933 (effective date of recapitalization) transferred to capital
surplus $272,650. leaving deficit as per balance sheet, $771,512.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1033.
Assets
8
Liabilities
Cash
448.102 Accounts payable_ 685,146
243,223
428,080
Sight drafts outst'g
82,507 Dep.on sales contr.
19,288
14,906
Investments
63,021 Sundry cred.& res.,
137,697
a Notes & accts.rec 264,196
311.075 Incl.accr.payr'lls
285,572
Inventories
1,607,689 2,020,540 Notes payable-- 1,000,000
700.000
Deferred charges
138,280 Real est.purchased
127,980
Branch house prop317,250
mortgage
erty not used in
Amt, pay, to pref.
mfg. operations_ 809,497
811,490 stockholders of
b Lend,bidgs..maold co.on surrenchinery, eq., &o. 5,709,853 6,678,890 der of slis, not
Inactive plant
1,310
69.836
yet exchanged....
Good-will, patents
6% gold notes due
& trade merits
2,000,000
1
Studebaker_
1,227
Due to Studebaker
333,750
Purch money oblIg
Rester Cooling...
66,304
c Common stock 2,482,250
7,110,000
8% cum. pt. stook
107,250
Class A stock
230,125
Class B stock
335,693
Capital surplus... 5,175,628
Deficit
771,512 1,088,387
Total
8,969,973 10,553,907 Total
8.989,973 10,553,907
a After reserve for doubtful accounts of $26,224 in 1933 and $54,563
in 1932. b After reserve for depreciation of $2.356,346
1933 and $4.569,265 in 1932. c Represented by shares of$5 par value. in
Probable Financing.
The stockholders at the annual meeting to be held on April 4 will consider a proposition to mortgage franchises and property of the corporation
in an amount not exceeding $3,000,000 and consent to said mortgage and
to conversion of bonds that may be issued thereunder into stock of the
corporation, and also on a proposition to change the number of directors
so that the number shall not be less than 10 nor more than 20.-V. 137, P.
3685.
Pittsburgh & Lake Erie RR.
-Earnings.February
Gross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.137, p. 4359.
1934.
$1,124,291
149,193
217.143
2,225,507
265,359
399,407
1933.
1932.
1931.
$848,603 $1,026,400 $1,480,268
13,531
89,813
194,065
46,230
128,498
288,191
1,754,176
122,013
186,833
2,120,516
174,605
263,967
3,139,193
445,732
609,343
Pittsburgh & Shawmut RR.
-Earnings.
February
Gross from railway
Net from rallway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V.137. p. 2270.
1934.
$67,665
15.621
19,837
1933.
$40,002
def959
671
1932.
$57,283
1446
1,617
1931.
$70,620
9,681
7,757
128,894
25.628
35,597
90,032
def734
1,005
118,271
2,733
3,101
147,335
22,130
18,772
Pittsburgh Plate Glass Co.
-Balance Sheet Dec. 31.-
1932,
1933.
Assets
Property accts.. _58,782,982 80,481,581
Merchandise _
6,262,264
Material & work-}13,214.564{
Ira account.. _
5,022.520
Bills & accts. rec.. 5,885,954 7,810,683
Govt.& oth.secur. 4,999,474 4,703,611
Other receivables_ 2,915,818
Investments
3,496,635
Patents
60,071
Deferred charges__ 632,914
5,344,244 5,874,558
Cash
1933,
1932.
Capital stock
53,520,125 58,682,825
Accounts payable 1,518,108 1,488,807
Notes payable
170,000
Accrued salaries,
wagds esc
1,443,868
Collect. on acct, of
Instal. sales to
employees
247.470
Res. for meat. rePairs, &o
1,158,229
Min. int. in sub,
retail stores_
34,025
Insurance reserve.. 1,470.684 1,363,610
Coining. res., &a- 5,963,588 8,197.170
Dividend payable. 535,201
535,351
Surplus
29,271,356 25,040,153
Total
95,332,657 90,135,217 Total
95,332,656 90,135,217
x After reserves.
Our usual comparative income statement for the year ended Dec. 31
1933 was published in V. 138, p. 1929.
Pittsfield Coal Gas Co.
-Reduces Quarterly Payment.
-
A quarterly dividend of $1 per share has been declared on the capital
stock Dar $100, payable March 23 to holders of record the same date,
Distributions of $1.50 per share were made on Sept. 23 and Dec. 23 last,
as against $1 per share on March 23 and June 23 1933.-V. 137, p. 2464.
2263
Financial Chronicle
Volume 138
-Earnings.
Pittsburgh Shawmut & Northern RR.
-1931.
February
$106,751
.
$81,492
$60A26
$93,iO4
Gross from railway
26,898
6,640
1,909
20,582
Net from railway
20,942
300
def3,502
10,778
Net after rents
From Jan. 1
211.167
171,765
137,168
183,122
Gross from railway_ _ _ _
49,806
15,250
12,179
36,360
Net from railway
38,283
2,666
def330
17,446
Net after rents
-V.137, p. 486.
Debentures_
----- Portland Electric Power Co. Bankers OpposedyPlan
for Pacific Northwest Public Service Co.6%
.
Halsey, Stuart & Co., Inc. have addressed a letter to holders of Pacific
Northwest Public Service Co.6% debs. in which they state:
"Under date of March 10 1934, Franklin T. Griffith informed you that
on March 5 1934 he had been appointed temporary Receiver of Portland
Electric Power Co. by the U. S. District Court for the District of Oregon.
Mr.Griffith's letter further stated that on March 6 1934 the Court approved
a plan for the exchange of your debentures for 6% collateral trust income
bonds as embodied in a letter dated Jan. 27 1934 previously addressed to
you by Mr.Griffith, as President of the company.
"We have heretofore addressed a letter to you dated Feb. 16 1934 setting
forth our objections to the plan. Since the announcement of such receivership and the subsequent approval of the plan by the Court, we have had
numerous inquiries requesting advice as to whether these developments
had in any way changed our opinion of the plan. Accordingly, we wish to
advise you that our position remains unaltered. While we are impressed
with the seriousness of the problems confronting the company, we still
feel that the plan asks too great a sacrifice of the rights of the debentureholders.
"If you share our views, we would suggest that you address a letter
stating your objections to the plan to the Hon. John H. McNary, District
Court of the United States for the District of Oregon, Portland, Ore. We
-V.138. P. 1743.
ourselves have already protested to the Court.
Prudential Re- and Coinsurance Co., Ltd. of Zurich,
-Balance Sheet Dec. 311933.Switzerland.
LiairtittlesAssets$444,525 Res. for unearned premiums $4,238,556
Government bonds
982,445
Railroad bonds and stocks._ 2,504,966 Res. for unpaid losses
60,000
Miscellaneous bonds di stocks 4,378,101 Res. for taxes
189,706
9,778 Res. for all other liabilities__
Real estate
1,226,279
847,350 Voluntary reserve
Guaranteed real estate mtges.
357,138
271,025 Contingency reserve
Premiums In course of collec.
200,000
243,702 Statutory deposit
Cash and bank balance
104,679 Surplus over all liabilities__ 1,550,000
Interest accrued
$8,804,126
Total
Total
$8,804,125
-Wages Increased.
Public Service Corp. of New Jersey.
Effective April 1, all employees of the operating companies of the Public
Service Corp. of New Jersey will receive an increase in wages equivalent
to 5% of what their pay was prior to July 1 1932, it is announced. On
the latter date a cut in wages was made, and a second reduction followed
In •April 1933, the two aggregating 15% of the payroll and affecting all
workers except the three ranking officers, who took a reduction of 25 7.
The statement of the corporation says operations for the first three
months of 1934 show an improvement over the corresponding period of
the previous year. but uncertainty still exists as to the future -V. 138. P.
2075.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Public Service Co. of Northern Illinois.-Annual Report Year Ended Dec. 31 1933.-James Simpson, Chairman,
and George A. Romney, Vice-Chairman, in their remarks
to stockholders state:
Surplus Account.
-Affirmative action by the stockholders (affirmed Feb.
26) on the recommendation of the board of directors reducing the par and
stated values of the company's common stocks to $60 per share will create
capital surplus in the amount of $24.471,128. Thereupon, the consolidated capital surplus thus provided will be reduced by $18,500,000 for
(1) an additional reserve of $12,000,000 against any shrinkage in the value
of the investments of the Public Service Subsidiary Corp., thus increasing
the aggregate gross amount of that specific reserve from $6.500.000 to
$18.500,000• and (2) a new reserve of$6,500,000 for the ultimate liquidation
of the Public Service Subsidiary Corp. to be used so far as necessary in
connection with the eventual dissolution of that company.
The management of the company caused a survey and study to be
made during 1933 of the fixed capital, surplus and other accounts as they
had been classified in prior years. As a result of this study, in which the
company's attorneys and auditors co-operated, the management recommended and the board of directors approved the following adjustments in
the surpus account:
(1) Inasmuch as the assets of the Public Service Co. of Northern Illinois
Service Annuity Fund are in the possession of trustees appointed by the
board of directors under an irrevocable trust indenture, reference to such
assets and the related reserve was eliminated from the balance sheet. This
made available for return to surplus the reserve created as of March 31
1932, in the amount of $661,000. The terms and provisions of the Service
Annuity Plan, maintained by income from securities held in the fund and
by voluntary annual contributions by the company, remain unchanged.
(2) Prior to 1932, the company followed the practice of charging special
improvement assessments to tams. It has been determined to charge to
fixed capital accounts a portion of these assessments paid during the years
1926 to 1931 inclusive, and an amount of $224,521 has been so charged.
thereby_resulting in a return to surplus of a corresponding amount.
(3) Upon taking over predecessor companies, the company took over
property accounts which included in some instances unexpired discount
and expense on bonds of those companies. The entire amount of such
unexpired discount and expense has been taken out of the property accounts
and the expired portion thereof, amounting to $661.935. has been charged
against surplus.
(4) Against certain miscellaneous investments of the Public Service
Co. of Northern Illinois, a reserve of $200,000 has been provided by a
charge of that amount to surplus.
When and if the stockholders take appropriate action at their annual
meeting to reduce the par value of the company's par value common stock
and the stated value represented by its common stock without par value
to $60 per share, conservative accounting practice will require the transfer
to capital surplus of all of the balance remaining in the consolidated surplus
account at Dec. 311933.
After giving effect to the foregoing transactions, therefore, the consolidated capital surplus will amount to $7,552,073 and there will be no deficit
in the earned surplus account.
-The Public Service Subsidiary Corp. as of Dec. 30 1933.
Financial.
reduced its funded debt by delivering to the trustee $180,000 principal
amount of its 53 % gold debentures, series A, for cancellation.
The company gave to the Public Service Subsidiary Corp. its note in the
amount of $150.000. dated Dec. 30 1933, payable on demand without
interest, and purchased for cash at $100 per share 1,000 shares of the
capital stock of the Public Service Subsidiary Corp. These transactions
were necessary in connection with the covenants of the company made at
the time of the issuance of the 5M % gold debentures, series A, of the
Public Service Subsidiary Corp.
The pro forma consolidated investment reserve as of Dec. 31 1933, after
giving effect to the proposed recapitalization and other transactions, reflects
through charges thereagainst an adjustment of $2,750,702 made by the
company so that each individual item in the_consolidated portfolio of
Investments will be carried on the basis of cost or less. Actual losses
realized throughout the year, aggregating $2,501,057. on items contained
the
in the consolidated portfolio of investments were also charged against the
consolidated investment reserve. These losses are the direct result of
stated in the annual report for 1932 of gradually
carrying out of the policy
eliminatng from the consolidated portfolio the investments in outside
business enterprises.
Of the company's common stock without par value offered to stockholders on Dec. 15 1931, 50,690 shares, including subscriptions of Public
Service Subsidiary Corp. for 42,475 shares, had been only partially paid
for and were unissued at the end of 1932. During the year 1933, 393 share
the
were issued on account of fully paid subscriptions. In Dec. 1933,orp.
C
company canceled the subscriptions of the Publlc Service Subsidiary
for 42,475 shares on which instalments totaling $849.500 had been paid,
paid were
$3.398,000 remaining unpaid. The instalments theretofore was issued
forfeited by the Public Service Subsidiary Corp. and no stock
statetherefor. This transaction does not affect the consolidated financial
ments of the two companies.
of
The capital stock of the Public Service Subsidiary Corp., consisting of
shares
166,000 shares of the 6% cumulative preferred stock and 75.140
the company, was exchanged
the common stock, all of which was owned by
the
on Dec. 30 1933, for 241,140 shares of the $100 par capital stock of
This
Public Service Subsidiary Corp., being all of such stock outstanding.
Service Subsidiary
was done to simplify the capital structure of the Public
Corp The company now owns all the outstanding capital stock of the
Public Service Subsidiary Corp. totaling 242,140 shares. reductions in its
Rates.-During 1933, the company made changes and
electric and gas rates,some of which are mentioned below, which will result
believes
In substantial savings to its customers and which the managementrelations
will also react to the company's benefit through improved customer
and increased business.
On July 1 1933,the company put into effect a new electric rate applicable
to large industrial customers, designed to develop off-peak and night-time
more
business, thus making it possible for the company to load its system
company
uniformly over the 24 hours of the day. On this same date the by the
then legally payable
voluntarily assumed the 3% Federal tax,
conconsumer, on sales of electric energy for residential and commercial to
consumer
sumption. This tax was transferred by Congress from the
to relieve the conthe producer effective Sept. 1 1933, thus continuing
sumer of that much burden. Reductions during the year in the electric
company
rates, plus the 3% Federal tax, which is the equivalent to the
and to the consumer of a rate reduction, aggregate approximately $713,000
annually.
On July 1 1933. the rate for general gas service to the small consumer
for
and the rate for gas house heating were reduced. On that date the rate
commercial space heating by gas was reduced and two new industrial gas
bakeries.
rates were instituted applicable to brick and tile processing and to $400,000
Gas rate reductions made during the year total approximately
annually.
Total electric and gas rate reductions made during the year, therefore.
aggregate $1,113,000 annually.
citations
In the spring of 1933. the Illinois Commerce Commission issuedthis comto a number of electric utility companies of the State, including reduced.
should not be
pany,to show cause why their rates for electric service
the
The company, in answering this citation. called to the attention ofrate
company
Commission the long established policy of thewarranted,of making wage
reviewed
reductions when the conditions of its business
also showed
reductions, and other economies which had been effected, andby decreased
that these reductions and economies had been more than offset of dividends
revenues and increased taxes. It also referred to its reductionCommission,
to stockholders. The company, at the suggestion of the
agreed to discuss the matter informally with the Commission. Informal
conferences were thereafter held, and the electric rate changes of July 1
1933, above mentioned, were put into effect by the company.
of the
The management believed that these rate changes embodied all it was
reductions which, in view of the uncertain business conditions,to take
however, declined
warranted in undertaking. The Commission,
formal
this view of the matter and. in October, set the citation case for to the
presented
hearing. On Oct. 24, the Chairman of the company
stockholder,
Commission a statement, a copy of which was mailed to each effect upon
showing in some detail the business situation and its adverse of Federal
burden
the company's earnings, emphasizing the increasingexpense due to comState and local taxation, pointing out the increase in requesting the ComAct,and
pliance with the National Industrial Recovery
mission to postpone further hearings until such time as the Commission
and the company could know more definitely what the future held in store.
The Commission, nevertheless, proceeded with the case, and since that
the date of
time hearings have been held almost continuously, and atis continuing
writing this report they are still in progress. The company
should
aggressively to maintain its position that further rate reductions
not be made.
to the case then
In the annual report for 1932, reference was made
advent
Pending before the Illinois Commerce Commission, following the to be
rates
of natural gas and involving the question as to the permanentbut no final
in 1933,
charged for the new gas. The case was argued early made effective July 1
decision has yet been reached. The gas rate changes
continue
1933, above mentioned, were, by order of the Commission, to
in force pending a final order In the case.
Commission entered an order
On July 16 1933, the Illinois Commerce
resells
disapproving the price at which the Chicago District Pipeline Co.
natural gas to this company, the Peoples Gas Light & Coke Co. and the
is purchased by the
Western united Gas & Electric Co. The natural gas
America.
Chicago District Pipeline Co.from the Natural Gas Pipeline Co.of
By the terms of this order the Chicago District Pipeline Co. would have
been required to resell the gas for less than the amount paid for the gas
Pipeline Co. of
under the terms of its contract with the Natural Gas District Pipeline
America. Consequently. on Aug. 22 1933, the Chicago
Co.filed In the U. S. District Court its bill for an injunction to restrain the
the enforcement of the Commission's order. On Jan. 23 1934, the Court
entered a temporary restraining order and referred the matter to a special
master in chancery for the taking of detailed evidence.
Consolidated Income Account for Calendar Years.
1930.
1931.
1932.
a1933.
$34,125,335 $34.894,996 $35,916,019 $35,405,094
Operating revenue
18,029,753 17,700.956 19,335.254 19,358,050
Operating expenses
2,400.000
3.529,095 2,400,000
3.530,403
Retirement reserve
1,944,064
2,021.797
2,391,379
Taxes & uncoil. bills_ _- 2,455.869
Net owe.income
Other income
$10.109,310 $11,273,566 112,158,968 $11.702.980
1,692,563
2,012,516
415,820
111.725
$10.221,035 $11,689.386 $14,171,484 113,395.543
Total income
5,831.496
6,581.699
7,040,439
Interest charges, &c._ _ - 7.509,513
$2.711,522 14.648,947 17,589.784 17,564,046
Net income
1,044,586
1,045.032
1,021,368
1.019.316
Preferred dividends3.710,084
4.440,042
3,257.387
1.588,325
Common dividends
$370,192 $2.104,710 $2,809.376
$103,881
Balance. surplus-504.344
618.320
635,570
x Shs.ofcorn. outatand'g
638.099
$12.92
$10.58
$5.70
$2.65
Earned per sh. on corn....
a Giving effect to 'Proposed recapitalization and other transactions
outlined above and in V. 138, p. 327. x Includes in 1933, 121,332 shares
of $100 par value and 516,767 tx par shares in 1932, 121,284 shares of $100
par value and 514.286 no par shares: 1931. 131.359 shares, $100 par, and
486.961 shares no par and in 1930. 128.703 shares. $100 par. and 375.641
shares no par.
P' Forma Consolidated Earned Surplus Account
Baieace Dec. 31 1932
Net income for the year eneded Dec.30 1933 (after deduct. diva.)
Service annuity (pension) reserve restored to surplus by action
661.000
of board of directors
Capitalization of special improvement assessments previously
224.521
charged to expense
"%in
Total
$2,600,686
Expired discount & expense on bonds of predecessor companies
transferred from property accounts
661.935
Provision for reserve for investments directly owned by Public
200.000
Service Co. of Nor. Illinois
119.362
Miscellaneous direct Items (net)
1,619.388
Balance transferred to capital surplus
Balance Dec. 31 1933, after recapitalization transactions
2264
Financial Chronicle
Statement of (I) Pro Forma Consolidated Capital Surplus Account and
(2) Investment Reserve Year Ended Dec. 31 1933.
[After giving effect to the proposed recapitalization and other transactions
outlined above.]
(1) Pro Forma Consolidated Capital
-Surplus Account:
Capital surplus arising from:
Reduction to $60 per share In the par or stated value of the
parent company's common stocks
$24,471,127
Transfer of balance in consolidated earned-surplus account__ _ 1,619,388
Total
$26,090,517
Additional investment reserve-Public Service Subsidiary Corp. 12,000,000
Reserve appropriated for ultimate liquidation of Public Service
Subsidiary Corp
6,500.000
Sundry direct surplus charge
38,443
Balance Dec.31 1933,after recapitalization transactions
$7,552,073
(2) Pro Forma Consolidated Investment Reserve:
Balance Dec. 31 1932
$6,500,000
Additional reserve provisions for protfolio investments of
Public Service Subsidiary Corp
$12,000,000
Parent company
200.000
Sundry credits to reserve
360.083
Total
Adjustment made by company to state each individual invest-$19,060,083
ment upon the basis of cost or below
2,750,702
Loss on investments written off against reserve
2,501,057
Balance Dec. 31 1933
$13,808.324
Consolidated Balance Sheet Dec. 31 (Actual).
1933.
1932.
1933.
1932.
Assets$
$
Liabilities$
$
Fixed capital___173,526,238 177,817,430 6% pref.stock- 9,791.500
9,701,500
Cash
8,669,723 9,210,731 7% pref.stock__
Accts.receivable 3,804,611 3,609,632 Corn. stock (par 6,226,800 6,226,800
Int. receivable_ _
17,384 $100)
12,133,200 12,128,400
Matl & supplies 1,029,547
961,849 b Corn. (no par) 51,221,390 50,801,600
Prepayments_
63,815 cCom.stk.subscr
807.600 2,523,300
Misc. curr.assets
47,163
Funded debt_128,677,000 130,859,000
Inv. in and adv.
Accts. payable__
987,999
787.805
to arid. cos_ __ 33,351,345 33,805,021 Consumers dens.
908.519
957,751
U.S.Coy. bonds 1,162,387
Taxes accrued__ 4,581,204 4,004,819
Expend,for conInt. accrued..___ 2,252,855 2,319,284
versions from
Misc. curr. nab_
454,152
445,439
mfg. to mixed
Retirement res.. 13,508,252 14,460,795
gas
787,231
888,084 Misc. reserves__
860,158
812,304
Other assets.._
508,706 1,860,451 Due affil. co. on
Tax anticip.warr
417,000
186,000
purch. of nat.
Misc.spec.funds 2,320,115 2,121,483
gas Investm.
t. 2,730,045 2,730,045
Special deposits_
140,447
253,844 Llab. to subscr.
IInamortiz. debt
to employ. indisct. & exp..,. 13,798,862 14,569,595
vestm't fund_ 1.176,597 1,869,956
Unamortiz.space
Liab. to subscr.
heating camto employees
naign exp. 621,544
savings fund_
888.731
Misc. def. debits
248,780
157.224 Purchase money
obligations..__
680,000
720,000
Other def.!lab__
101,787
127,669
Current °Nig.to
subscribers..__ 1,415,047
593,000
Misc.unadjusted
credits
Contrib. for ext.
300,204
292,064
Res. for service
annuity fund_
661,000
Surplus
1,619,389 1,611,284
Total
240,433,698 245,522.547
Total
240,433,698 245,522,547
b 516,767 shares no par value in 1933 and 514,286 shares no par value in
1932. e Represented by 254 shares in 1933 and 25.233 shares in 1932.
Pro Forma Consolidated Balance Sheet as of Dec. 31 1933.
[After giving effect to the proposed recapitalization and other transactions'
outlined above.)
Assets
Plant, property, rights, franchises, &c.:
Balance Dec.31 1932
$177,817,430
Less
-Excess of retirements & adjustments
over additions for the year
4,329.635 $173.487,794
Investments in & advances to aril. cos., &c
$35,159,668
-Reserve
Less
13,808,323
21,351,345
Funds and special deposits
-a
1,834,402
Deferred charges
-a
15,456,416
Other assets (Incl. debts due from officers & employees) _ _ _ _
-a
508,706
Cash
8,669,723
United States Liberty bonds
1,162,387
Accounts receivable-customers (incl. amount
of $1,544,553 due from municipalities & other
political subdivisions) leas reserve
3,804,611
Tax-anticipation warrants
417.000
Materials & supplies, incl. construction materials
1,029,547
Miscellaneous
47.163
15,130,431
a For details, see below.
Liabilities
Capital stock: b
Preferred
Common
Subscribed but unissued-common
$227,769,095
$16,018,300
38,345,052
484,560 $54,847,912
Funded debt b
Deferred liabilities-b
Accounts payable
987,999
Accrued interest on funded debt
2,252,855
Accrued taxes (including Federal income taxes
subject to Treasury Dept.review)
4,581,204
Current obligations to employees' savings fund
($1,095.047) and to employees' Investment
fund subscribers
1,415,047
Miscellaneous current liabilities, incl. funded
debt maturing June 1 1934 ($99,000)
454,152
Reserves: Depreciation
13,508,252
Insurance
787,315
Contributions for extensions
300.204
Miscellaneous
308.133
Reserve appropriated for ultimate liquidation of Public Service
Subsidiary Corp
Capital surplus
Earned surplus
128,677,000
5,596,948
9,691,256
14,903,905
6,500,000
7,552,073
$227,769,095
b Contingent liabilities reportedThy-companies not t.) exceed $1,400,000
Details of Sundry Pro Forma Consolidated Balance Sheet Accounts as of
Dec. 31 1933.
(1) Funds and special deposits:
Funds in which the company has only a residual interest,incl. 281 shares of the company's pref.stock
at par and 15,071 shares of its common stock at
$60 per share
Employees' savings fund
$914,717
Employees'investment fund, at cost less reserve 252,943 $1,167,659
Insurance fund, at cost less reserve incl. 583 shares
of the company's common stock at $60 per share--373.852
Deposits for pledged property
152,443
Sundry special deposits
140,447
292,890
Total funds and special deposits
$1,834,402
Mar. 31 1934
(2) Deferred charges:
Unamortized debt discount and expense (incl. premium and
discount of $5,049,135 on bonds called before maturity in
process of amortization over refunding issue)
$13,798,862
Unamortized expenditures for gas conversion
787.231
Unamortized space-heating campaign expenditures
621,544
Miscellaneous
248,780
Total deferred charges
$15,456,416
(3) Other assets:
Due on subscriptions to 6,303 shares of the company's common
stock without par value
$439,745
Due from officers and employees and from individuals connected with affiliated companies,less reserve of $140,000---68,960
Total other assets
$508,706
(4) Deferred liabilities:
Due affiliated company on purchase of natural-gas
investments, payable on demand after Mar. 1 1935$2,730,045
Purchase-money obligation in connection with acquisition of water-power project, payable in annual installments subsequent to Dec. 31 1934...._
680,000 $3,410,045
Liability to employees' investment fund subscribers (exclusive
of estimated current obligation)
1.176.597
Consumers' deposits
908,518
Miscellaneous deferred liabilities
101,787
Total deferred liabilities
$5,596,948
Statement ofPro Forma Consolidated CapitalStock Accounts as ofDec.31 1933.
Reaced & Outstanding at Dec.31
Owned by Ifeld by
1033 on a ConIssued & (or) P. S. Sub. P. S. Co.
solidated Basis.
Subscribed.
Corp.
of Nor. 10. Actual. Pro Forma.b
Class of Stock.
Shares
Issued & outstanding:
6% cum. pref. (par
$100)
97,915
c2,085
100,000
97,915
7% cum. pref.(par)
$100)
63,576
62,268
c1,308
62,268
Common(par $100)
131,359
121,332
c10,027
121,332
Without par val.
534,181
c16,428
516,767
086
516,767
Scrip for common
without par
986
c0.804
085.198
985.196
Subscribed but unissued:
Common without
par (incl. 254 shs.
issued but undelivered)
a8,076
8,076
8.076
Amount
Issued & outstanding:
6% cum. pref. (par
$100)
$10,000,000
8208,500
$9,791,500 $9,791,500
7% cum. pref. (par
5100)
6,357,600
130,800
6.226,800
6,228,800
Common(par $100) 13,135,900 1,002,700
12,133,200
7,270,920
Without par val. 52,791,100 1,569,630 $98.600 51,122,870 31,006,020
Scrip for common
stock without
par value
98,600
80
98,519
59,111
Subscr. but unissued:
Common without
par (incl. 254
shs. Issued but
undelivered)
11807,600
484,560
807,600
Total
$83,190,800 $2,911,710 $98,600 $80.180,489 $54,847,911
a After giving effect to the elimination of an obligation to deliver 2,720 shares
which it is anticipated will be canceled in connection with the adjustment of the
remaing deferred payment stock sales contracts by LaSalle Quincy Corp. b After
giving effect to the reduction to 860 per share of common stock of $100 par value
and without par value, upon completion ofthe proposed recapitalization. c The 986
shares of the company's common stock reserved for conversion of scrip outstanding
together with the 583 shares of such stock held in the insurance fund, cannot be
regarded as assets in the consideration of dividends under The Business Corporation
Act of Illinois, and possibly the shares held by Public Service Subsidiary Corp. as
above cannot he BO regarded.
Consolidated Statement ofFunded Debt OutstandingPerPro Forma Consolidated
Balance Sheet.
Economy Light & Power Co. 1st mtge. 5%,1956
$268,000
North Shore Elec. 1st & ref. 5%.1940
a1,444,000
1st & ref. mtge. 5%,1956
b18,926,000
1st lien & ref. mtge. gold bonds
Series C.-5%. 1966
8,250.000
Series D--446%, 1978
11,284,000
Series E-4349. 1980
15,000,000
Series E-4%%, 1981
40,000.000
Series G-614%. 1937
c14,888,000
&roles H-644%, 1952
d2,722,000
5
-year 7°7 gold debs, 1937
6,400.000
5
-year 79 gold debs. 1937
03.720,000
Waukegan Generating Co.: 1st mtge.6%,1962
f
Public Service Subsidiary Corp.:54i% gold debs.series A. 1949
5,775,000
Underlying bonds reacquired and held in treasury ($35,000)g$128,677.000
a In addition $2,347,000 pledged under 1st & ref. mtge. b In addition
$73.378,000 pledged under 1st lien & ref. mtge. c in adoltion $581,500
held in treasury. d In additi 3n $37,000 held in treasury. e In addition
$530,000 held in treasury. ($21,156,000 issued pledged under 1st lien &
ref. mtge. g In addition to the funded debt of $128.677,000 outstanding,
as shown above, there are also outstanding in the hands
'99,000 Chicago Heights Gas Co. 1st mtge. 5% due Juno 1 of the public
shown under current liabilities in the pro forma consolidated1934 which are
balance sheet.
-V.138.p. 1561.
Pullman In corp.-Annual Report.
-David A. Crawford,
President, reports in substance:
Earnings
.-A consolidated net loss of $2,672,864 was sustained
in 1933
as compared with net loss of $3,834.724 in 1932. This loss In conjunction
with payments of dividends at rate of $3 per share during 1933,
necessitated
draft of $14,133,158 on surplus.
Financial Condition -Consolidated balance sheet, Dec. 31 1933,
shows
net working assets of $62.953,628 as compared with $64,277,882
at end
1932. Total of $35.860,681 in cash and government securities representsof
decrease of $2,035,243 under the amount of similar assets reported at a
end
of
1933'Operations -Outstanding features of 1933 operations were:
Restoration of earning power of the sleeping car subsidiary during
last
seven months of year was not sufficient to offset the loss incurred during
preceding five months when business contraction was still under way,
culminating with the nation-wide closing of banks in March and the
partial
paralysis of railroad travel. As result, this subsidiary sustained an operating
loss of $1.230,267 (prior to the credit from adjustment of taxes of
prior
years) as compared with the loss or $1,220,035 experienced during 1932.
Reflecting the record low year for domestic car orders,
operations in American car plants continued In a state ofmanufacturing
practical suspension,resulting in an operating loss of $3,825.077 in all the
manufacturing
subsidiaries combined, as compared with loss of $4,074,830 in
1932.
Expansion of $256,499 in Income from investments reflected
principally
a net increase of about $6,900.000 in holdings of Government
securities
during the year, plus some profit from sale or redemption of
miscellaneous
securities.
Sleeping Car Business
.-The year 1933 witnessed the termination of the
long down-trend in rail passenger traffic and earning, and the
campaign designed to stimulate railroad passenger travel initiation of a
through
stantial reduction in travel costs and the modernization of passenger a subAfter several years of experimentation with rail passenger facilities.
more or less limited traffic areas for short periods, and following charges in
certain southeastern carriers earlier in the year, the western roadsthe lead of
as
on Dec. 1 eliminated the surcharge on Pullman tickets and sharply a whole
reduced
basic passenger fares, for a test period of six months. These now passenger
rate schedules in the South and West continue the practice of differential
rates against the use of Pullman accommodation. In the opinion of the
Pullman management these differential rates, which reinstate in another
form and often in greater amount the old surcharge, work to the disadvantage of both the railroads and Pullman in deterring development of the
greatest revenue possibilities of rail travel, and have been consistently
opposed by Pullman. It is hoped that such extreme differentials as those now
current in the South and West will eventually be abandoned or at least
greatly reduced in amount by the railroads.
Unremitting efforts by all the rail passenger interests are being directed
toward refinement in service and improvement in equipment, with particular emphasis on speed, safety and comfort. In the last named direction
great progress has been made during the past year, with result that approximately 650 air-conditioned cars (276 Pullman-owned) were in service
on the railroads of this country at the year-end, and by the advent of the
coming summer season over 1,000 Pullman cars equipped with air-conditioning apparatus will be in regular service.
-An encouraging development in 1933 was the
Manufacturing Business.
increased interest of railroad managements in modernization of their
passenger facilities. This was evidenced by marked expansion of the
program for air conditioning passenger cars and a trend toward lightweight, stream-lined passenger trains designed for low operating costs and
high speed, with no sacrifice of the safety factor that has been constantly
sought by the railroads and Pullman. Inherent in these developments is
radical change in the design and construction of rail passenger equipment.
From the resultant replacement activities the equipment-building industry
should benefit to a marked degree during the next decade.
Company's manufacturing subsidiaries are participating actively in these
developments with all of the new alloys of steel and aluminum that are now
available.
The marked expansion in railroad traffic and earning since April last year
and the indications offurther economic betterment in 1934 afford encouragement to equipment manufacturers and suggest that the long delayed movement for rehabilitation of railroad equipment and facilities may get under
way before the end of the year. Evidence supporting that belief is found in
the fact that equipment orders placed thus far in 1934, aggregating 13,225
freight cars and 195 passenger cars, approximate the total of equipment
orders placed during the entire preceding 3-year period. 1931-1933. Company's domestic manufacturing subsidiaries obtained a fair proportion of
this business, and in addition have orders for four of the new type highspeed, stream-lined passenger trains. These orders will furnish a fair backlog of work during the first half of 1934.
Additions to Property.
-During 1933 there were gross additions of $1,731,099 to equipment and property.
One new car the "George M. Pullman," the first all-aluminum sleeper
built for exhibition at"A Century of Progress Exposition," was added to the
equipment list of the sleeping car subsidiary and 830 cars of obsolete types
were retired during the year,28 of them being rebuilt into modern types and
re-entered in the equipment list. In continuation of the procedure mentioned in 1932 and earlier reports, the retirement of certain of these cars
resulted in a debit adjustment of $223,294 necessary to write out of valuation surplus set up in formation of Pullman Inc., April 30 1927,the value
of a remainder of useful life, then estimated but not realized, for the cars
now retired.
Consolidated Income Account (Including Subsidiaries) for Calendar Years.
1931.
1930.
1932.
1933.
From carrier business of
Pullman Co., after deducting all exp., incidend to operations__ - $8,621,542 $8,773,520 $13,783,364 $16,367,206
Less-Charges & allowances for depreciation_ 9,185,969 9,993,554 10,519,744 10,676,129
Balance
deft564,427def$1220,035 $3,263,619 $5,691,077
From all mfg. properties
and Pullman RR., aft.
deducting all exp. incident to operations__ _def1,046,937 def1309,067
484,478 12,419,606
Less-Charges & allowances for deprecia'n
2,778,139 2,765.763
2,824,653
2.373,496
Deficit
$3,825,077 $4,074,830 52,340,175:310,046,110
From investments, &c_
1,716,640
1,460,140
1,841,287 3,324,424
Total earnings from all
sources
def$2,672,864def$3834,725 $2,764,732 $19,061,611
Less-Reserve for Fed'l
Income tax
386,100 2,118.530
Balance of earnings _def$2,672.864def$3834.725 $2,378,632 $16,943,081
Divs.paid by Pullm.Inc_ 11,460,294 11,460,086 14,528.498 14,996,139
Rate
($3)
($3.75)
($4)
($3)
Propor'n of div. of sub.
corps, paid to minority
stockholders
3.728
455
Bal, to surplus (def.)-$14,133.158 $15.295,266 $12,149,865sur$1943,215
She. cap. stk. outstand'g 3,820,439 3,820,307 3,875,000 3,875,000
Earnings per share
Nil
Nil
$4.37
$0.61
:
Surplus. 1930 figures include 10 months' earnings from Osgood
Bradley Car Corp. and Standard Steel Car Corp. and subsidiaries not represented in 1929.
Consolidated Balance Sheet Dec. 31.
Assets1932.
1931.
1933.
1930.
Inventories at cost
$9.308,875 $7,891,752 $10.323,834 $14,316,419
Accla and notes receivle 7,863,014 7,176,721
9,291,171
9,463,294
Marketable securities1,852,954 29,185,116
2,019,448
1.720.138
Cash and Govt. secure_ 35,860,681 37,895.923 39,342,386 39,308,722
Deferred charges
358,669
348,975
245,061
305.865
Special deposits with
various States
124,358
Equip, trust ctfs. and
car leases
18.570,455 20,486,099 21,583,506
Inv.in co.'s cap. stock
4,131,547
Inv. in affil. cos., &c..,. 2,926,271
2.881,293 2,941.178
Pension & reserve assets_ 7,894,872 7,502,462 7,524,395 7,226.308
Equipment & property a191,742,719 203,047,638 236.890.645 252.470.719
Total
$276,555,754$288,960,697$334.230.590S352,276.443
Liabilities
Current accts. payable &
payrolls
$7,661,873 $7,372,860 $9,755,532 $13,457,815
.
Accr. taxes not yet due,
6,079,824
.
incl. res. for Fed. tax_ 3 006,972 3,519,892 4,302,513
Reserve for depreciation
5,000,000
of securities, &c
Pension & insur. reserves 7,996,577 7,692,374 8.695,145 7,996.156
Reserve for contingency- 3,000,000 2,500,000
1,868,769
3,164,031
Other reserves
161,716
207,680
921,689
Deferred credits
b191,021,957 191,015,376 193,728,283 193,720,573
Capital stock
21,717
29,427
18,624
11,793
Cap.stock (Puilm. Co.)_
59,770,863 74,765,122 112,565.684 130.992.648
Surplus
$276,555,754$288,960,697S334,230,590$352.276,443
Total
a After deducting ordinary retirements during year of $14,039,157 and
depreciation reserve (S178,105,825, less charges on account of retirements
during year, $12,967,248) of S165,138,576. c Represented by 3,820,439
no par shares.
-V. 1.37, p. 3338, 2285.
-Earnings.
Reliance Management Corp.
Calendar YearsCash dividends
Int. received & accrued_
Management fees
1933.
$20,939
57,904
33,228
1932.
$12,593
30,715
30,426
1931.
$122,265
55,084
78,540
1930.
$330,175
22,721
94,63
Total income
Expenses
Interest on debentures-
$112,071
47,224
53,250
$73,733
34,993
54,126
$255,889
42,032
123,785
$447,590
62,903
239,416
$145,271
$90,072
$11,587 def$15,386
Profit
1.152,501
1,902,020
2,555,576
Net loss from sale of secs. prof53,096
prof$64,683 82,570.962 $1,811,948 $1,007,231
Net loss for year
2265
Financial Chronicle
Volume 138
Condensed Balance Sheet Dec. 31.
1933.
1933.LiabilitiesAssets
$33,947 $446,857 Unclaimed dive. &
Cash
$1,490
14,852 bond interest_ _ _
17,901
Divs.rec.&int.accr.
7,700
6,380 Accr'd Fed. taxes
Due for secur. sold
2,352 Accrued interest on
2,973
Manageml fee rec.
22,187
1,838 5% debentures_
2,171
Deferred charges- 5% debs.,seem A,
Due from Reliance
1,065,000
due 1954
Internat'l Corp.
4,269,400
7,084 b Capital stock
8,251
secur. sold
for
3,833,642
962,029 Deficit
1,456,530
a Investments
Invest.sec. held by
Reliance International Corp.,
10,498
10,363
pending sale
$1,532,136
Total
$1,532,136 $1,451,891
Total
a Market value $1,455,270 in 1933 and $957,462 in 1932.
-V.138. p. 877.
sented by 441,210 no par shares.
1932.
$1,290
22,187
1,065,000
4,269,400
3,905,986
$1,451,891
b Repre-
-New Directors.
Hosiery Mills, Inc.
Real Silk
Arthur B. Brown, William C. Irwin and A. Kiefer Mayer have been
elected directors, succeeding Howard E. Blood, George W. Borg and John
Fletcher, resigned.
-V. 137, p. 1592.
-Earnings.
Reynolds Metals Co.(& Subs.).
1930.
1931.
1932.
1933.
Calendar Years$8,140,422 $8,094,147 $10,489,401 $12,841,836
Net sales
Cost of sales, selling, administration expenses- 5,890,965 6,194.176 7,989,453 9,909,466
Deprec. and amortiza414,119
466,123
452,854
418.883
tion of patents
$1,447,117 $2,033,823 $2,428,251
$1,830,574
Operating profit
44.394
32,007
16,580
31,474
Other income
$1.862,047 $1,463,696 $2,065,830 $2,472,645
Total income
131,150
121,013
87,273
64,184
Interest
224.082
199.155
154,524
22,947
Federal tax
339,140
Other deductions
Experimental and patent
78.495
58.833
67,970
expense
Bad debt, losses on
rentals, adjustment of
156.305
77.237
60,309
minority interest, &c_
252,782
Loss on exch.of sec.(net)
$833,048 $1,510,852 $1.778,273
$1,446,636
Net profits
1.690,515
1,342,797
951,208
762.041
Dividends
$87,758
$168,055
$684,595 def$118,160
Surplus
Shares of capital stk. out768,749
768.474
768.474
768,474
standing (no par)---$2.31
$1.96
$1.08
$1.88
Earnings per share
Consolidated Balance Sheet Dec. 31.
1932.
1933.
1932.
1933.
Assets
119,700
804,461 1,170,065 Notes payable..__ 176,400
Cash
173,138
21,649 Accounts payable_ 293,386
55,795
Securities
154,523
569,466 Fedl income tax__ 222,947
Notes & accts. rec. 674,694
165,819
2,440,103 1,435,598 Accrued accounts_ 236,531
Inventories
for acquis.ot
Notes
AIM. co. notes and
793,000
prop.(not curr.) 419,300
424,964
acc'ts receivable 530,155
300,000
300,000
52,923 Mortgage
y2,987
Treasury stock_
Reserves for WsSundry receivables
134,777 mantl. of plant.
121,102
(not current)
42,360 obsolesc., con44,626
Deposits
144,493
136,687
tingencies, &c
Property, bidgs.,
2,393
2,461
5,757,288 Min. int. in sub
mach. <lc equip 5,514,483
6,322,924 6,322,924
x Capital stock_
Pats., trade-marks,
1,000,000 1.000.000
1,828,625 1,831,932 Capital surplus
&c
232,644 Earned surplus-. 3,185,672 2,497,077
Deferred assets... 279,275
12,296,307 11,673,068
11,673,068 Total
12,296,307
Total
cost.
-V.137
x Represented by 768,474 no par shares. y 370 shares at
p.3851.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
-February Earnings, &c.
Reynolds Spring Co.
February was one of the most profitable months in the history of the
company. Net earnings after charges amounting to $38,824, Charles G
first quarter
Munn, President, reported to-day. Earnings for the Shipments for this
the
year he estimated at more than 50 cents per share.
first 22 days of March were 130% ahead of the same period of February
ahead of the same period of March 1933.
1934 and 230%
"Our releases for April give every indication that shipments will exceed
those of March," said Mr. Munn. "Indications are that the first six
months of 1934 will be the best six months' period in the company's history
from the standpoint of volume and earnings."
The company is now employing 1,400 men at its Jackson, Mich., plants,
-V. 138. p. 1580.
and additions are being made daily.
Richmond Fredericksburg & Potomac RR.-Earns.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Grose from railway
Net from railway
Net after rents
-V.136, p. 2971.
1934.
$534,881
118,694
49,603
1933.
$519,822
125,372
46,697
1932.
$685,793
178,299
71.696
1931.
$841,091
286.976
166.374
1,078,063
239,794
96,606
1,080,566
276,471
112,402
1,349,794
317,881
121,514
1,683,321
539,864
306.819
Rossia Insurance Co. of America.-To Go Off List.
The stockholders will vote on April 24 on the question of removal of the
stock of the company from listing on the New York Stock Exchange.-V. 138. p. 2097.
-Bonds Drawn for Sinking Fund.
Ruhr Housing Corp.
Dillon, Read & Co., as fiscal agents, announce that $36,000 of 1st mtge.
% sinking fund bonds have been drawn for redemption on May 1 for
sinking fund purposes. Payment will be made at par at the office of
Dillon, Read & Co. in New York. At the option of holders, principal
and interest may also be collected in London, England, at the office of
M. Samuel & Co., Ltd., in pounds sterling, or in Amsterdam. Holland.
at the office of Mendelssohn & Co., Amsterdam, in Dutch guilders, or in
Basle or Zurich, Switzerland, at the office of Societe de Banque Suisse
and of Credit Suisse, in Swiss francs, or in Stockholm, Sweden, at the
office of Skandinaviska Kreditaktiebolaget, in Swedish kronor, at the
buying rate in London or Amsterdam or Basle or Zurich or Stockholm,
as the case may be, for sight exchange on New York City on the day of
presentation for collection.
Dillon, Read & Co. on March 29 further announced as follows:
"We are advised by counsel that, under the terms of the law of the
German Government of June 9 1933. the Ruhr Housing Corp. is required
to make interest and sinking fund payments on the bonds al)ove referred
to in reichsmarks to the Conversion Bank for Foreign Debts, a Gemara
public corporation, for the account of the person or persons entitled to
receive such payments under the terms of the indenture.'-V. 138. p. 1413.
2266
Financial Chronicle
Rutland RR.
-Earnings.
Gross from railway
Net from railway
Net after rents
From Jan. 1Gross from railway
Net from railway
Net after rents
-V.138. ri. 1039.
$239.99
11,966
def 4,882
1933.
$237,969
21,850
12,333
1932.
$318,666
45,522
28.540
1931.
$347,269
15,067
def639
509,685
def4,446
def34.483
482.526
18,100
de1786
626,518
44,538
11,296
706,736
14,097
def18,205
Safeway Stores, Inc.-To Create Office of Chairman.-
The stockholders at the annual meeting to
consider an amendment to the by-laws to create be held on April 10 will
the.office of Chairman of
the Board of Directors.
-V. 138, p. 1761.
St. Joseph & Grand Island Ry.-Earnings,February-1932.
Gross from railway
$206,257
$151,d41
$181,212
Net from railway
94,828
49,288
60,602
Net after rents
54,319
21,967
31,031
From Jan. 1
Gross from railway
466,603
314,186
372,027
Net from railway
231,063
105.385
121,006
Net after rents
135,015
48,614
60,859
-V.137, p.4188.
At. Lawrence Paper Mill
1931.
$249.866
95,813
55,878
510,157
179,648
94,461
Co., Ltd.
-Removed from
List.
(The New York Curb Exchange has removed from unlisted trading
prrvileges the 6% preferred stock (p& $100).-V. 137. p. 2649.
St. Louis Brownsville & Mexico Ry.-Earnings.-
FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V.137. p.1239.
1934.
$425,882
169,366
99,285
1933.
$3388,989
147.344
81,377
850,060
349,958
222,454
817,631
342.791
207,336
1932.
$608,759
312,556
218,627
1931.
$589,910
147,070
49,873
Mar. 31 1934
so,if that be enjoined, the matter will rest in abeyance until the time comes
at which the whole matter can be closed up,and the railroad reorganized."
We may not assume that the Court's attitude toward foreclosure to
insure payment of trustees' certificates, should they mature before a reorganization, would be less strict. Indeed, we should not expect it to be.
for the separation of the productive property of the Birmingham,extending
from Memphis, Tenn., to Birmingham, Ala.,from the system of the Frisco
would be disastrous to the latter. The Court views the plan of the trustees
merely as a change of creditors, unnecessary at this time and desirable only
if it enables the railroad corporation and the trustees to secure a reduction
in the amount of interest now paid on the bonds.
Conclusions.
We are Inclined to agree with the Court in the view which it apparently
holds that the proposed borrowing, which accomplishes only the purpose or
switching creditors of a bankrupt corporation, is unnecessary. It is apparent that the best the Finance Corporation could expect would be to be
placed in the position of the present bondholders. The rights of these
creditors are yet to be adjudicated in the debtor proceedings, and the disposition which will be made of them in reorganization is uncertain. We
may later In the debtor proceedings be required to consider their rights in
a reorganization. We are not disposed now to anticipate that decision by
a finding the effect of which is that the Birmingham bonds will be entitled
to payment in full upon reorganization. The security to be required, as
we view the law, must be adequate to insure the payment in full of any loan
approved, promptly at the date of maturity, or at least within the period
of five years from the date thereof. We are unable to find that assurance
in the case here presented, and we are not persuaded that the loan sought
from the Finance Corporation is necessary temporary financing. No
effort is shown to have been made to extend the matured bonds or to refund
them except by the loan now sought.
Abandonment of Evadale Branch.
-S. C. Commission on March 16 issued a certificate permitting the
The I.
company and its trustees to abandon the Evadale branch, extending from
Deckerville in a northeasterly direction to Evadale Junction, 18.1 miles.
all in Poinsett and Mississippi counties. Ark.
-V.138. p. 1740.
St Louis-San Francisco Ry. of Texas-Earnings.1933
.
February1931.
Gross from railway
$934279
184,.
$59,415
$77183
19
3
$91,509
Net from railway
547 de 25,073 de 16,723
def8,266
Net after rents
def29,447 def56,173 def51.273 6ef43.407
From Jan 1St. Louis
-San Francisco Ry.-System Earnings.
Gross from railway
158,117
135,587
162,193
212,702
Net from railway
def12,952 def41,743 def44,694
Month of February1,475
1934.
1933.
1932.
1931.
Net after rents
de173.259 def101,814 def117.271
Operated mileage
67,397
5.890
5.859
5.890
5,889 - 126,
Freight revenue
V.
p. 574.
$2.775.005 $2,463,080 $2.798,970 $3,784,992
,.4 ka,
Passenger revenue
168,632
176,741
265,867
475,678 s'
St. Paul Union Stock Yards Co.-Smaller Dividend.r
Other revenue
241.775
- c
276,454
313,288
396,172
The directors have declared a quarterly dividend of 50 cents per'ihare
Total oper. revenue_ _ $3,220,092 $2,881,596 $3,378,125
on the common stock, no par value, payable April 2 to holders of record
.
$4.656,822
Maint. of way & struc
March 21. A distribution of 75 cents per share was made on this issue
484,509
503,167
518,082
487,695
Maint. of equipment_ _ _
on Jan. 2 last and on Oct. 1 1933, as against 50 cents per share in each of
697,969
752,138
822,388
872,151
Transportation expenses 1,174,511
the two preceding quarters.
-V. 137, p. 2286.
1,100.717 1,297,369 1,699,636
Other expenses
259,573
243,058
317,136
376,757
Saks Realty Corp.
-Plan for Interest Payments.
Holders of leasehold mortgage 6% bonds, due annually up to AprilT1
Total oper.expenses_ $2,616,561 $2,599.080 $2.954,975
$33,436,240
Net ry. oper. income...
1946, have been notified by the bondholders' committee that those holders
242,024 def148,701
def29,357
746,046
2 Mos. End.Feb. 28
who are parties to the agreement dated Nov. 15 1932, are obligated to
Operated mileage
accept twopthirds of the interest due on April I and Oct. 1 1934, in cash
5.859
5,890
5,890
5.898
Freight revenue
and one-third in scrip. The scrip will represent an obligation to pay an
5,837,847 5,100,405 5,736,683 7,656,353
Passenger revenue
amount equal to 1 yi% of the face amount of the bonds.
362,176
376,772
605,995
1,081,900
Other revenue
The principal amount of the bonds is not to be payable until two years
567.200
508,427
634,439
842,820
after the maturity date, except that no bondholder is obligated to wait
Total oper. revenue
longer than until April 1 1946.-V. 136. p. 1035.
$6,767.223 $5,985,604 $6,977,117 $9,518,073
Maint. of way & struc_ - 1,017,601
1,019,909
1,055,587 1,053,745
Maint. of equipment.. _ 1,466,470
San Antonio Uvalde & Gulf RR.
-Earnings.1,517,301
1,671.625
Transportation expenses 2,444,532 2,272,605 2,783,360 1,812,577
February1934.
1933.
1932.
3,602,322
Other expenses
528,258 , 515,378
Grose from railway
652,956
8111,411
$122,210
$1931622
$55.806
168,.
732,388
Net from railway
50,173
5170:715952
60,219
7,416
Total oper.expenses $5,456,861 $5,325,192 $6.163.530
Net after rents
22,975 def18,057
27,812
$7.231,032
Net ry. oper. income_
592,974 def200,451
'From Jan 1def52,501
1,360,421
Gross from railway
209.567
Earnings ofSt. Louis-San Francisco Ry.
127,177
228,653
298,799
Net from railway86,327
24,645
85,516
108.229
February1934.
1933.1932.
Net after rents
33 506 def29,497
1931.
20.952
43,347
Gross from railway
$3,077,243 $2,763,090 $3,247,097 $4,492,990
'
Net from railway
- 138, p. 502.
V.
618,870
330,015
479.647
1,256,524
Net after rents
298,834
def57.743
74,455
833,648 --San Carlos Milling Co., Ltd.
From Jan 1
-80-Cent Extra Dividend.An extra dividend of 80 cents per share has been declared on the common
Gross from railway
6,473,090 5,714,083 6,681,642 9,142,685
Net from railway
stock, par $10, in addition to the usual monthly dividend of 20 cents per
1,342,794
733,124
913.848 2,324,288
share, both payable April 14 to holders of record April 2. An extra disNet after rents
707.118 def4j,91
145.3211,499,167
tribution of 30 cents per share was made on this issue on Feb. 15 last as
Trustees Denied $6,905,000 Reconstruction Loan.
against 50 cents per share extra on May 15, Aug. 15 and Oct. 16 1933.The I.
-S. C. Commission on March 22 denied the application
V. 138. p.698.
of the
trustees to borrow $6,905,000 from the Reconstructio
tion. The report of the Commission states in part: n Finance CorporaSal" Diego & Arizona Eastern Ry.-Earnings.James M. Kurn and John G. Lonsdale, trustees in the
proceedings for
the reorganization of the company,filed an application
February1934.
1933.
1932.
1931.
on Feb. 23 1934 to
the FRC for a loan.
Gross from railway
$45,064
352,854
826,432
868.382
The trustees, with authority from the Court given on Feb.
Net from railway
4,142
def10,764
8,154
7,983
20 1934, request a loan of $6,905.000 for a term of three years with
Net after rents
3.214
5.400 def15,404
4,158
which to purchase
the outstanding bonds of the Kansas
From Jan 1
Memphis & Birmingham RR.,
issued under an underlying mortgage City company now
Gross from railway
of a
90,329
92,760
146,578
78,429
merged into the
Frisco System. By their terms these
Net from railway
9,400
def5,715
21,020
3,321
on March 1 1934. The applicants state bonds matured and were payable
Net after rents
def2,830 def13,749
7.902
that,
13.643
of all securities, they are unable to secure thedue to the low market prices
necessary funds in whole or - 136, p.!2417.
V.
In part by the sale of trustee's certificates or
by
The matured bonds consist of $3.323,000 of generalordinary bank loans. -Schulte Retail Stores Corp.
mortgage 4% bonds
-To Write Off Deficit.
and $3,582.000 of income 5% bonds. The mortgage
securing the bonds
The stockholders will vote April 16 on authorizing the application of
has a first lien upon the franchises, income and
properties of the mortthe capital surplus created by the reduction In capital to the reduction
gagor. The latter consist of a main line of railroad
or elimination of any deficit as of Dec. 31 1933.-V. 138 p. 1929. 2097.
extending from Memphis, Tenn.,to Birmingham, 253.24 miles in length,
lines in the States of Mississippi and Alabama, Ala., with certain branch
in length, and appurtenances to said lines, allapproximately 35.18 miles
Scotten Dillon Co.-ReDved from List.
of which are now in the
possession of, and being operated by,
The New York Curb Exchange has removed from nlisted trading
applicants. These properties
are an integral part of what are asserted thebe the
eges the capital stock (par $1 .-V. 138. p. 699.
to
most productive lines of
the Frisco System.
Necessities of the Applicant.
Scott Paper Co.
-New Vice-President.
The applicants submit a statement showing that on Feb.
William F. Mohan has been elected Vice-President In-charge of sales.
possession of $2,664,497 cash and that during the year 1934 1 they were in
V. 138, p. 1063.
the anticipated
cash receipts and disbursements, exclusive of the amount
bonds of the Birmingham,required to be met, will leave theof the maturing
sum of approxiScovill Manufacturing Co.-Bal. Sheet Dec. 31.mately $1.940,403 on Dec. 31 of that year, or
required to meet the maturity of the bonds. $4,964,597 less than the sum
.)
1933.
1932.
1932.
1933.
This sum of
ceeds the applicant's estimate of a necessary working fund $1,940,403 exAnds$
Liabilities$
S
with which to
operate the property by only $740,403.
a Land, bldgs. &
Capital stock
21,809,175 21,815,425
In this cash forecast, the applicants provide for
17,388,689 18,021,243 15-yr. 534% cony
machinery
and interest of equipment trust notes matured orthe payment of principal
Cash
3,081,375 4,080,756 gold debs
15,530,000 15,530.
000
1933 to the close of 1934. No provision is made maturing from Aug. 15
U. S. Govt. secs
Reserves
170.000
96,477 . 187.978
est on bonds except the interest on the bonds of for the payment of interOther marketable •
195.327
Accounts payable_ 350,247
the Birmingham, a small
securities
issue of real estate notes and the carrier's proportion
874,502
685,785 Prior years Federal
anteed issues of its terminal and other joint facility of the interest on guarAccts.& notes rec. 1,959.907 1,830,339
taxes
192,118
companies.
Mdse, Inventories_ 7,069,089 6,238,852 State, prop, and
The bonds for the purchase of which the loan is sought
matured on
9,002,252 9,102,872 other taxes accrd 193,309
Other assets
March 1. Neither the carrier nor the trustees have paid any part
140,045
Deterred charges
maturing principal nor of the interest thereon, which was duo of the
837,272
864,796 Dividend declared
218,154
on the
Patents
same date. . . .
1
1 Accrued wages and
Since their original appointment as receivers of the Frisco
salaries
147,858
127,416
Surplus
1932, the applicants, with the authority of the Court, have in November
2,256,019 2,418,186
paid
on the Birmingham bonds regularly as it became payable until interest
40,383,086 40,824,645 Total
Total
1934. Such interest is reported to have been earned by the March 1
40,383,086 40,824,645
operations
of the particular property covered by the bonds. It may be assumed
a After deducting $22,514,958 depreciation in 1933 and $21,914,765
conditions as they affect this part of the railroad will continue so as to that
in 1932.
insure
the applicant's ability to regularly and punctually meet their liability
Our usual comparative income statement for the year ended Dec. 31
for
Interest on the bonds or on the loan now sought.
1933 was published in V. 138. p. 1929.
The payment of principal of the loan when it matures is a matter of more
doubt. In discussing this loan, which would place the Finance
Seaboard Air Line Ry.-Earnings.Corporation in the shoes of the present bondholders,the Court stated:
February1934.
1933.
1932.
". . . the Court can see no benefit whatever in this switching of
1931.
Gross from railway
$3,127,983 $2,772,538 $3,125.724 $4,096,084
creditors. There will be due to bondholders on the first day of next
Net from railway
784,546
525,161,
$6,900,000. Since this mortgage is due, or will shortly be due, it is March
896,807
highly
Net after rents
380,514
145,625
212,619
probable that the trustee, or trustees, thereunder, may take some steps
412.270
From Jan 1
in an attempt to foreclose. But, as stated, it is within the power of the
Gross from railway
6.381,382 5,689,766 6,195,389 8,109,193
Court, under the debtor proceeding law under which we are now trying to
Net from railway
1,567.283
1,095,656
956.084
administer this railroad,to enjoin any foreclosure which might be attempted;
1,631,899
Net after rents
755,454
343.460
225.034
651.372
1,162,566
532,915
357.187
1,342,960
454,932
280.320
Volume 138
Financial Chronicle
Abandonment.
The I.
-S. 0. Commission on March 7 issued a certificate permitting the
company and its receivers to abandon a branch line of railroad called the
Pierpont spur, which extends from a connection with the so-called Albemarle
spur, at or near milepost 427.01, in a westerly direction to Pierpont station,
1.54 miles, all In Charleston County, S. C.
-V.138, p. 1914.
Southern California Edison Co.-Chairman's Remarks.
-Harry J. Bower, Chairman,in his remarks to stockholders,
stated in part:
Financial.
-Sales of electrical energy during 1933 aggregated 2.234.093.950 kwh.. a decrease of 2% under 1932. Gross earnings totaled $35.251.629
or 57 less than in the preceding year. Operating expenses amounted to
$7.546.345. an increase of 5% over the previous year. Water available
for use at our hydro-electric plants was 22% less than in 1932. which
necessitated a larger proportion of steam generation, with consequent
Increase in fuel costa. Federal. State and county taxes amounted to
$4.866.476, an increase of 9% over 1932. These taxes are paid by the
company for the support of various governmental activities and amount
to 13.8% of our gross revenue. After the payment of operating expenses
and taxes, net earnings were $22,838,807, equivalent to 3.31 times annual
bond interest charges. The company set aside $4,410.000 for depreciation, representing 1234% of the gross earnings. Capital expenditures
were substantially less than this amount and it is expected this condition
will obtain for some time in the future, which will permit the financing
of construction budgets without the issuance of new securities. Interest
and amortization of bond discount chargeable to income for the year
amounted to $7,292,387. an increase of 2% over 1932. After the payment
of regular dividends on all classes of preferred stock, the balance remaining
was equal to $1.26 per share on the average number of common shares
(3,204,141) outstanding during the year.
While the results of our operations for the year compared with the
previous year show some contraction both in sales and in earnings, a
definite and consistent increase in the use of electrical energy was noted
during the latter part of 1933. This improvement occurred principally
in our agricultural and industrial business which is served at very low
rates and had not developed sufficiently to appreciably affect our gross
revenues. Due to the diversified character of our business and the considerable volume of dormant load already connected to our lines, the
company is in a position quickly to benefit from any genuine improvement
in general business conditions.
In November company inaugurated through its Commercial Department the most ambitious load-building campaign in its history, the objective being to secure $3,000.000 of new revenue by the end of 1934.
This plan is designed to be a general co-operative activity in which the
co-operation of electrical manufacturers, jobbers and electrical merchants
will play an important part.
Because of unprecedented increase in taxes, of increase in fuel costa
owing to subnormal rainfall, a general decline in the volume of business
and rate reductions, the earnings available for dividends were not sufficient to meet the regular dividend of $2 per share on conunon stock.
notwithstanding increased efficiency and economies in operations. However, for the first time in the past three years our load is showing an increase
over the same period of the preceding year.
Financially, aside from lack of earnings, company is in good shape.
We have no bonds maturing until 1939. Company's cash position is
good: in fact, It has been considerably improved over the close of 1932.
Dividends of company do not represent the distribution of profits but
only payment of reasonable wages for the savings invested in the company's property. Thousands of people of small means in our territory,
many of whom are customers and employees of the company, became
stockholders properly assuming that they would continue to receive the
modest payment promised for the use of their funds. Directors consider
that the surplus which company has been able to accumulate after the
several reductions in electric rates voluntarily made during the past 10
years can be made available in part toward the deficit in earnings below
dividend requirements without injury to any interest involved. Accordingly, all dividends on preferred stocks and the regular dividend
on the common stock were declared during the year, maintaining an unbroken record of dividends on all classes of stock since 1909.
Expenditures. &c.
-The assets of the company continue to be carried
on the balance sheet on the historical cost basic The net additions to
plant and property during the year amounted to $1,368,231. The principal mmenditures during the year were for extensions and additions to
distribution and transmission facilities amounting to $1.550,075. In
connection with the domestic water supply development of the City of
Pasadena, the company's Azusa hydro plant was sold to that city for
$783.494, and was retired from plant and property account.
The operation of the San Joaquin & Eastern RR. as a steam railroad
was discontinued on Aug. 31 1933. and $1,080,449 was transferred from
the company's investment in that subsidiary to the Big Creek hydroelectric plants. this road having been built to provide transportation of
men, materials and supplies during construction of the Big Creek project.
The remainder of the investment, representing steam railroad properties
amounting to $371.010. was charged off to surplus.
Continuing the established policy of company to write off expenditures
of this nature, preliminary expenditures on construction projects heretofore carried under plant and Property account in the amount of $199.437
and under deferred charges in the amount •)1'$279.515. or a total of $478.952,
were charged off to surplus during the year, it appearing that these projects
will not be completed for a number of years at least. Profits on Properties
disposed of amounted to $190.978, making a net charge to surplus for
these items of $287.974.
The company's budget for new construction expenditures for 1934 as
approved by your board of directors provides for expenditures of $1,639.499.
Current assets at Dec. 31 1933 amounted to $13,467.423. including
cash balance of $6.731,913. This compares with current assets at the end
of 1932 in the amount of $12,651.652, including $5458.518 cash balance.
Current liabilities at the close of the year were $8.037.849. making the
ratio of current meets to current liabilities 1.67 to 1. This compares with
a ratio of 1.5 to 1 on Dec. 311932.
Siock.-Company did not issue any additional stock or bonds. During
the year the company reacquired in the open market at attractive prices
12.300 shares of preferred series A 7% stock, 18,300 shares of metered
series B 6% stock and 25,975 shares of preferred series C 514% stock.
It also took over from its subsidiary. Edison Securities Co.. 7.800 shares
of common stock. All of this stock, amounting to a total par value of
$1.609.375. was canceled and restored to the status of authorized but
unissued shares. In connection with this reacquisition the sum of $103,631
was credited to surplus.
Stockholders.
-At the close of the year company's stockholders numbered
123,486. an increase of 418 stockholders over the preceding year. Individual holdings at the end of 1933 averaged 63.4 shares, as compared
with 64.3 sham at the end of 1932.
-The output from the company's generating plants
System Output.
and other sources was as follows:
HoursKilowatt
1933
.
1932.
Water power plants
2.413.776.170 2,599,619.254
Steam Manta
346.717.500 245.109,174
Purchased power
9.288,030
11,874.423
Power exchange received
2.878.791
Total
2 772.640,491 2.856.602,851
Connected Load -The following is a comparative statement of the number
of meters and connected load in horsepower at the close of the year 1933
as compared with 1932:
1932.
1033.
1933.
1932.
Meters
485,302 488,848 Conn. load In hp.
-Cons.
Conn. load in hp.:
Domestic heating
Lighting
560.801 575,328
and cooking.
336,145 355,927
Mun e. for resale 445.045 445,045
023,736 626,214
Industrial- _ Agricultural
209,109 317.584
Munic. miscell__
60,380
55.417
__ 143.555 143,555
Railways
- Total
2 478.251 2.519.060
For income statement and balance sheet see advertising
Dages in "Chronicle" of March 17 and V. 138, p. 1734.
-Reduces Authorized Pref. Stock.
"Seagrave Corp.
The stockholders on March 20 approved a proposal to reduce the authorized pref. stock to $500,000 from $1,200,000.
2267
The articles of incorporation have been amended in part as follows:
The preferred stock shall be preferred as to principal and dividends and
the holder shall be entitled to a dividend of 7% per annum until Dec. 31
1934 and 6% per annum thereafter, payable quarterly.
The corporation agrees with the registered owners of the referred
stock that it will redeem the same at par plusa premium of 4
of par
value, together with any accumulated and current accruing ividends
thereon, upon the dates and in the respective amounts set forth in the
following schedule: Jan. 1 1935. $50,000 par value; Jan. 1 1936. $50,000
par value; Jan. 11937, $50.000 par value; Jan. 1 1938, $50,000 par value;
Jan. 1 1939. 5300,000 par value.
-V. 138. Il• 1761.
Seaboard Oil Co. of Del.(& Subs.).-Earnings.
Calendar Years1932.
1933.
1931.
Operating revenue
$3,669,941 $3,069,066 $2,178,224
Sh. of products accruing to operators
of Kettleman Hills absorpt'n plants
591,666
664,648
412.018
Operating and general expenses
811,419
1,008,681
888.954
Operating income
Other income
$2,116338 $1,665,982
61,866
100,250
$757.525
52,305
Total income
$2,216.589 $1,727,847
Intangible development costs
261,333
176,589
a Amortiz.ofint. in Kettleman North
Dome Association
280.353
267,503
Depletion,deprec., property abandonment and lease amortization
291,829
379,932
Provision for contingencies
36,162
42,000
Provision for Federal tax
75,000
$809,830
140.674
Net profit for year
Dividends paid
$123,711
$1,275,565
922,199
$858,172
360.118
118,160
389,548
37,737
Balance
$123,711
$498.054
$353,366
a Includes service charge for use of facilities, representing this company's proportion of depreciation sustained by the association.
Note.
-In order to present a proper comparison, items included in provision for contingencies in 1931. and which have been finally determined In
1932, have been given proper classification in the above statement.
Consolidated Paid-In Surplus Dec. 31 1933.
-Balance, Dec. 31 1931,
$1.849.746; surplus arising from reduction in stated value of no par value
capital stock, voted at annual meeting May 18 1932, $3,733,149; balance,Per
annual report, 1932. $5,582,895; net consolidated operating deficit accumulated up to Dec. 31 1931 (adjusted), $5317,108; balance, Dec. 31
1932, $265.787; profit on sales of treasury stock to management under
option agreements. $168,279; balance, Dec. 31 1933, $434,067.
Consolidated Earned Surplus Since Jan. 1 1932.
-Profit for the year
ended Dec. 31 1932. $858,171; dividends declared during 1932, $360,118;
balance, Dec. 31 1932. $498.053; profit for the year ended Dec. 31 1933.
$1.275,565; total, $1,773.619: dividends declared during 1933. $922.169;
balance, Dec. 311933, $851,419.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
1932.
Assets
Liabilities
Cash
2,090,214 1,874,555 Accounts payable_ d308,935
204,799
Short-term bonds,
Reserves for possiat par
39,000
ble losses on
Short-term Invest. 640,000
eventual liquidaAccts. receivable_ _ 449,283
359,543
tion of sub. cos..
Stocks of crude oil
other than in
and gasoline_ _
18.836
4,142,118 4,213,004
14,417
California
Maels & supplies_
12,054
20,765 Res, for oth. cont_
96,000
54,000
Invest. In cap. stk.
Res.for Federal inof Seaboard Oil
come tax
75,000
Co. of Delaware
450,563 C Capital stock_
4,977,532 4,977.532
a Props.,leaseh'ds,
Paid In surplus_ _ _ 434,067 1,849,747
concessions, pl't
Surplus arising fr.
and equipment_ 5,460,401 5,459,451
reduc. in stated
b Int. in Kettle.
value of no Par
Nor, Dome Assn 2.011,617 1,841,094
value cap. stock
3.733,149
Deferred assets.
202.666
153,789 Earned surplus_ __ 851.420d14.819.054
Total
10,885,073 10,213,177 Total
10,885.073 10,213,177
a After reserves of $2,592,400 in 1933 and $2,332,745 in 1932. b After
amortization of 5653.750 in 1933 and $386,247 in 1932. c Represented
by 1,244,383 no par shares. d Includes accruals -V. 138, p. 1245.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Sears Roebuck & Co.
-Resignation.
G. E. Humphreys,formerly Vice-President in charge of factory and outside investments of Sears, Roebuck & Co. has resigned to accept the
Presidency of the Hercules Life Insurance Co., a subsidiary.
Sales Continue Higher.
Period End. Mar.26- -1934-4 Wks.
-1933.
---1933. 1934-8 Wks.
Sales
$22,362,353 $14,215,630 $42.758.248 $30.042.477
-V. 138. P. 1761. 1735.
eiberling Rubber Co.-tmoved from List.-
The New York Cb Exchange has removed from u
Curb
ted trading
pri eges the 8% preferred stock (
p$100).
-V.137, p. 1593.
Servel, Inc.
-New President.
Axel Wenner-Gren, Chairman of the board, announces the election of
Louis Ruthenburg of Detroit to the Presidency to succeed H. H. Springford,
who will be retained in an advisory capacity on a basis which will leave him
free to devote time to other Interests.
-V.138, P. 1580.
Sharon Steel Hoop Co.
-Orders Gain-New Director.
The company's orders so far in 1934 are considerably ahead of the same
period in 1933, President Henry A. Roemer told the stockholders at the
annual meeting held this week. The outlook for the first half of the year
is fair, tie said.
L. F. Rains, President of the A. M. Byers Co., was elected a director,
succeeding J. Reid Evans.
-V. 138, p. 1929.
•
Shawmut Association.
-Earnings.
-
Calendar YearsInt. on call loans, notes
rec.& bank balances
Interest on bonds
Cash dividends received_
Net lossfrom sale ofsecs.
1931.
1930.
$8,422
105,328
139.774
Sees
$16,728
128,290
160.307
1,291.489
$27,397
127.549
206.077
274,860
$81,798
107,013
189.303
294.205
Total income
Federal cap, stock tax.. _
Administrative expenses
$253,524 loss$986,163
7.009
39.479
41,098
$86.163
$83,908
64.141
76,568
Net earnings
DiV13, to shareholders_ - _
lot,on pay. of prior year
income tax
$205.417 c$1,025.642
258,226
198,370
$22,022
318,160
$7,340
318.160
1933.
1932.
875
Deficit for the year _
$297.013
$310,820
sur$7,047 $1,283.868
X Net loss from sates of securities amounting to $74,379 was charged to
capital surplus. c Loss.
Financial Chronicle
2268
Comparative Balance Sheet Dec. 31.
Assets1933.
1932.
1933.
1932.
LiabilitiesCash
$56,199
$75,421 $551,774 Accounts payable_
$4,300
Accts. & accrued
z5,000,000 x8,071,088
Capital stock
6e1544,230
int. receivable__
30,830
147,548 Undivided profits_
Notes & accts. rec.
Capital surplus._. 2,715,628
Part. see, by ohs.
of Shawm'tAssn.
& other collat__
69,788
77,467
y Secs. (at cost)__ 5,743,340 5,535,269
by. in-abs. of affil
banks (at cost). 1,800,547 1,270,990
$7,719,928 $7,583,057
Total
Total
$7,719,928 $7,583,057
x Subscribed and paid 400,000 snares of no par value, of which 396,975
shares were issued and outstanding and 3.025 snares were represented by
subscription receipts not exchanged, all of which totaled $8,150,000. less
3,873 shares held in the treasury amounting to $78,912. y Market value
(84,745.600 in 1933 and $3.565,700 in 1932). z Represented by 402.364
. no par snares after deducting 1,258 held in treasury.
-V. 138. p. 1063.
Shell Union Oil Corp.
-Moves Offices.The Shell Union Oil Corp. and affiliated and subsidiary companies have
movedtheir offices from 80 Broad St. to 50 West Fiftieth St., in Rockefeller Center, N. Y. City, it is stated.
The principal companies in addition to the above corporation which
have moved are the Asiatic Petroleum Corp., the Shell-Eastern Corp., the
Anglo-Mexican Petroleum Corp. and the Colon Oil Corp. Altogether about
a dozen different companies are included and all are affiliated with the
Royal Dutch Shell group.
-V.138, p. 1063.
-Interest on Debs.
Siemens & Halske, A. G.(Germany).
Interest for the 12 months' period ending on April 1 1934, is payable
upon the participating debentures, series A on April 1 1934, at the rate of
7% per annum,or $28 per $400 debenture, upon surrender of coupon No.5,
at the office of the fiscal agent, Dillon, Read & Co., 28 Nassau St., N. Y.
City.
Dillon, Read & Co. on March 28 further stated:
"The foregoing notice is published In accordance with the provisions of the
indenture under which the above-mentioned debentures are issued. We
are advised by counsel that under the terms of the law of the German
Government of June 9 1933 Siemens & Halske Aktiengesellschaft is required to make interest payments on the debentures above referred to in
reichsmarks to the Conversion Bank for Foreign Debts, a German public
corpotation, for the account of the person or persons entitled to receive
-V.138, p. 1413.
such payments under the terms of the indenture."
-Earnings,
Sierra Pacific Electric Co.(& Subs.).
.-1933
.
Period End. Feb. 28- 1934
19.34 12 MOS
-Month--1933.
Gross earnings
$108,374 $1,398,267 $1,434,672
$113,584
Operation
601,608
574,287
54,680
39,193
55,002
66,184
Maintenance
3.946
4.137
Taxes
192.689
185,613
13,836
17.055
Interest & amortization_
125,574
106.367
11.290
11,723
Balance
Reserve for retirements
$41,474
$24,620
$423.392
100,478
$502,221
100,000
Balance
$322.914
$402,221
. During the last 24 years the company has expended for maintenance a
total of 7.32% of the entire gross earnings over this period, and in addition
during this period has set aside for reserves or retained as surplus a total
of 11.57% of these gross ear ings.
7Removed ro List.
he NewyuELchu177mod from unlisted trading
removed
pitilege the 6% preferred octgs?00.
Sonotone Corp.-Stock Options to Employees.
-
Mar. 31 1934
-Earnings.
Standard Cap 8c Seal Corp.
Calendar Years1933.
Net profit after all chges. $535.031
Dividends paid
576,800
1932.
$576,595
597,400
1931.
$648,366
597,400
1930.
$709,497
573,800
$135,697
Balance, surplus
def$41,769 def$20,805
$50,966
Earnings per share on
$3.44
$3.15
$2.60
$2.80
206,000 shs. cap. stk_
Consolidated Balance Sheet Dec. 31.
1932.
1933.Liabilities1933.
Assets
$34,782
$221,364 $471,1.95 Accts. payable_ __ $29,810
Cash
9,817 Nem taxes, wages,
8,683
Notes receivable_ _
28,957
22,537
225,026
&c
223.721
Accts.receivable_
3,498
275,021 Divs. unclaimed
3,995
Mdse.inventories_ 334,941
100,500 Reserve for Federal
100,750
U. S. securities_
110,635
90,933 income tax
95,891
Listed securities_ _ 257,130
Res. for officers' &
Invest.In & adv.to
7,740 employees' spec.
Ceotor, Inc
76,629
59,724
compens. plan
Adv.to Gen. Frigid
8,602
13,652
Res. for conting__
32,351
Transp'n Corp_ _
x Capital stock.,.. 1,030,000 1,030,000
Amts. due from
103,000
27,451
27,643 Capital surplus_ _ _ .103,000
closed banks
557,648
594,944
9,699 Surplus
24,618
Prepaid Maur., &c.
Machines leased to
297,400
279,598
dairies
Land, bides., ma
411,603
ehinery & equip. 390,315
41,145
38,659
Patents
Total
$1,939,584 $1,967,724
$1,939,584 $1,967,724
Total
-V. 138, p. 1930.
x Represented by 206,000 $5 par shares.
Staten Island Rapid Transit Ry.-Earnings.-1934.
February$148,613
Gross from railway
27,763
Net from railway
def6,726
Net after rents
From Jan. 1
291.421
Gross from railway
55,631
Net from railway.....
def12,402
Net after rents
-V. 126, p.249.
1933.
$130,813
25,401
def9,911
1932.
$146,291
30,724
def3,696
1931.
$161,415
36,350
2,151
270,903
53,519
def15,535
300.875
53.767
def12,290
331,802
65,755
703
(Hugo) Stinnes Industries, Inc.-Partial Payment.
Holders of 7% debentures, due Oct. 1 1946, stamped or unstamped.
will receive a partial payment of $20 on the coupons maturing Apr,' 1.
according to a statement made on March 25 by Dr. P. H. Saunders,
Chairman of the board. Dr. Saunders explained that funds for this purpose
have been placed with Halsey, Stuart & Co.. Inc., and A. G. Becker &
Co.. paying agents under the plan announced last October.
"The holders of stamped debentures have the company's commitment
to pay the deferred portion of the interest at maturity," Dr. Saunders
pointed out. "The company is desirous that debenture holders who have
not had their debentures stamped, do so at the time of collection of the
partial payment on the coupons which became due Oct. 1 1933, and on
the coupons maturing April 1 1934 in order to receive the evidence of the
company's commitment to pay the deferred portion by having it stamped
on the debentures. The company likewise desires to have the debenture
holders' approval of the necessary waiving of the sinking fund for 3)
years, as set forth in the plan dated Oct. 31 1933."
Dr. Saunders reported that up to the close of business on March 27
$7,016,500 face amount of debentures, out of $8,436,000 issued and outstanding, had been stamped and proxies in that amount had been executed
In favor of the waiving and modification of the sinking fund. Of these
debentures, $2,270,000 were tendered for stamping by the Mathias Stinnes
Mines and the company desires to secure a full 80% of the debentures
other than those tendered by the Mathias Stinnes Mines. To accomplish
this it is necessary that holders of $187,000 additional debentures send in
their debentures for stamping, together with necessary letters of transmittal. to Central Hanover Bank & Trust Co. prior to the meeting called
for May 2.-V. 138, p. 162.
The corporation has granted to employees options to purchase an aggregate of 36,000 shares of conunon stock at $1 per share, one-fourth of the
amount of each option to be taken up by Jan. 31 1934, and to be paid for
--Stix, Baer & Fuller Co.-Removed from List.
within 15 days. The stock, however, will not be issued until after Jan. 1 ."
1935. The remaining three-fourths of the amount of each option is to be
he New York Curb Exchange)has removed from u isted trading
taken up in equal fractions by Dec. 31 of each of the next three years and
privileges the common stock (no p .-V. 136, p. 2443.
to be paid for within 15 days thereafter.
-V.138. p. 1581.
C
Southern Bell Telephone & Telegraph Co.
-Bonds
Redeemed.
All of the outstanding $320,200 Memphis Telephone Co. 5% 1st mtge.
gold bonds, due July 1 1936, were redeemed as of Jan. 1 1934, it is
announced. The Memphis Long Distance Telephone Co., 1st mtge. 5%
gold bonds were also retired on Jan. 1 1934, the maturity date.
-V. 138,
p. 1 561
Southern Pacific Co.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 138. p. 1914.
1934.
1932.
1933.
1931.
$7,332,163 $6,048,632 $8,298,469 $11,346,485
483,339
1,346,261
1,312,300
2,083,379
def24,917
190,646 def727,672
610,354
15,115,113 12,613,225 17,264.714 23.766,231
943,503
2.642.772
4,140,774
2,575,775
315,504 def1,494,521
def58.088
1,280,289
Southern Pacific SS. Lines.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
1934.
$334,956
def75,745
def76,484
1933.
$271,184
def94,I32
def94,972
1932.
1931.
$379,766
$494,634
def113,216 def102,274
def114,521 def103,529
549,799
774,145
620,797
977,483
def186,089 def197,019 def231.391 def237,372
def187,888 def202,040 def233,064 def240,078
Southern Railway.-Earnings of System.-3dWeek of March- -Jan. 1 to March 211934.
1934.
1933.
1933.
Gross earns. (estimated) $2,158,198 $1,590,797 $23,226.349 $19,345,438
Period-
Earnings of Southern Ry.
1934.
1933.
1932.
1931.
FebruaryGross from railway_ _
$6,625,158 $5,434,866 $6,283,951 $7,856,475
2.012.186
1,298,825
997,717
1,145.902
Net from railway
282,092
342,492
1.337,523
663,436
Net after rents
From Jan 1
13,087,106 11,486,154 12,811.912 16,303.976
Gross from railway_ ..
1,747.932
2,407,982
• 3,633,280
2.740,829
Net from railway
762,730
2,307.099
1.465,385
306.317
Net after rents
Dividend on Stock Trust Certificates-Correction.
In the "Monthly Earnings Record" of Feb. 23, page 51, and of March
23. page 47, it was erroneously stated that dividend declarations on the
common stock amounted in 1932 and 1933 to $226,008. This Is the amount
paid each year on the Southern Ry.-Mobile & Ohio stock trust certificates,
-V. 138. p. 1040, 1037.
and should have been reported in that manner.
-New. Director.
Southwestern Bell Telephone Co.
E. F. Swinney, Chairman of the board of the First National Bank of
Kansas City, has been elected a director, succeeding Andrew C. Jobes,
deceased.
-V. 138, p. 2086.
-Stock
Standard Accident Insurance Co., Detroit.
Increased.
An amendment to the certiffbate of authority of the above-corporation
to increase its maximum authorized capital steel! to $3,250,000 from
-V.
$2,000,000 has been filed with the Virginia State Corp. Commission.
137. p. 2989.
.
Stuart Court Apartment Building, Richmond, Va.-Committee Reports-Plan of Reorganization Proposed.
The real estate bondholders' protective committee (George E. Roosevelt,
% coupon
Chairman), in a letter to the depositors of 1st mtge. serial
gold bonds submits the following figures based upon the reports of the
managing agent for the years ended Dec. 31:
1933,
1932.
$39,118
Operating receipts
$40,094
25,087
Operating disbursements
21,759
$14,031
Operating income
$18,335
5,486
Extraordinary expenditures
9,162
$8,565
$9,173
b3,361
Taxes paid
a9,655
$5,204
Balance
def$482
Cash on hand-Jan. 1
13,944
8,73
13,944
Cash on hand-Dec.31
13,462
a Second half of 1932, and full year 1933 taxes. b First half of 1932 taxes.
Preliminary Plan of Reorganization.
It is the tentative plan of the committee to organize a new corporation,
the stock of which will be held by the committee or its nominee, and to
transfer all of the deposited bonds of this issue to such corporation. The
new corporation or its nominee will bid at the foreclosure sale, and, unless
a satisfactory bid is made by another bidder, will acquire the property.
In the event of competitive bidding at the foreclosure sale, the committee
will cause the new corporation to bid for the property only up to such an
amount as the committee at the time deems expedient.
In the event that the new corporation is the successful bidder, the deposited bonds will be applied in part payment of the purchase price of the
property. Substantially, all of the cash now in the possession of the
trustee, will be applicable to the deposited bonds, and will be used by the
new corporation to pay the portion of the purchase price payable in cacsh,
which will consist principally of the expenses of foreclosure proceedings,
and the proportionate share of the net proceeds of the sale, if any, payable
to non-depositing bondholders.
If the property is purchased by the new corporation, title will be acquired
by bondholders, and all income thereafter will immediately be the property
of depositing bondholders.
When conditions permit, plans will be formulated for final settlement and
disposition of the property. Depositors will be given notice prior to the
consummation of any permanent plan of reorganization or liquidation of
the issue, and any such plan will be subject to the approval of the arbiter,
as provided in the deposit agreement. Until depositors have been notified
to the contrary, their rights will continue to be represented by their certificates of deposit.
Of.
Studebaker Corp.-Production of 1934 Models Exceeds
All Previous Corresponding Periods Since 1929.
-
With more than 8,500 orders for March shipment, the first six months
of Studebaker 1934 "skyway-speedway" models promises to be the greatest
of all corresponding six months' periods since 1929, it was recently announced by Paul G. Hoffman, President of the Studebaker Sales Corp. of
Americ4.
"The production and sale of Studebaker cars since the introduction of
our 1934 models last October has been unusually good and our records
show that the six months' period to end on March 31 will be the greatest
October-March period we have had since the depressoin began," said
Mr. Hoffman. "On March 31 we will have produced 34,363 cars since
Oct. 1 last. This is 230% of the number of cars produced by us during
the similar period a year ago when we produced 14,957 cars."
Mr. Hoffman made public the tabulation of production of Studebaker
cars during October-March periods since October 1929. It follows:
1930.
Six Months Ended March 31- 1934.
1931.
1933.
1932.
Cars produced
a34,363 14,957 28,606 24,443 26,215
a Estimated.
-V. 138. p.341. 1246.
Volume 138
Financial Chronicle
Sun Indemnity Co. of N. Y.-Bal. Sheet Dec. 31 1933.Bonds and stocks
$3,959.531
Cash
1,226.829
Premiums In course of collection (untie' 90 days)
762,973
Other admitted assets
66,005
Total
56,015.339
LfaMlUiesReserve for unpaid claims_ _ _ _51,662,070
Res. for unearned premiums_ 1,801,311
Reserve for comrrLssions
230,793
Reserve for taxes.expenses,&c. 194,689
Contingency reserve
618.521
Capital
1,000,000
Surplus
507,954
Total
015,3339,6
Superior & Southeastern Ry.-Abandonment.
-
The L-S. C. Commission on March 9 issued a certificate permitting
the company to abandon operation, as to inter-State and foreign commerce, of certain lines of railroad in Sawyer County, Wis.
The report of the Commission says in part:
The company on Jan. 18 1934 applied for permission to abandon operation
of lines of railroad of the Edward }lines Hardwood & Hemlock Co., extending from a connection with the Chicago St. Paul Minneapolis & Omaha
Ity. at Loretta station in a southerly direction, about 22 miles; and from
a junction with said line in Section 16, Township 38 North, Range 4 West,
in a westerly and northerly direction, about two miles, all in Sawyer
County, Wis.
These lines were built by the Hines company during the period 1925-28
for use as logging roads in connection with its timber operations. They
have been operated by the applicant under an agreement dated Aug. 1
1927 between the applicant and the Hines company. The applicant
does not operate any other railroad mileage.
It Is represented by the applicant that the public use of the railroad.
which was anticipated at the time the above-mentioned agreement was
made, has never developed; that there is nothing along the lines ecept
timber, cutlover lands, and a few logging camps; that there is no traffic
except freight of allied companies; and that if the proposed abandonment
of operation becomes effective the lines will be operated as non-carrier
logging roads and will adequately serve the transportation needs of the
territory.
-V. 126. p. 2960.
Sun Oil Co.-Removedfry List.
(The New York Curb Exchange has rem ved from unlisted trading
prvileges the 3
-year 5% gold notes ue July 1 1934.-V. 138, p. 1762.
Super-Power Co. of Illinois.
-Earnings.
Years Ended Dec. 31Gross earnings
Operating expenses
Maintenance
Taxes
Depreciation
1933.
1932.
$5,921.807 $6,142.213
2,516,148
2.737.384
190,108
250,100
368,611
330.254
861,454
720,000
Net earnings from operations
Interest, dividends and miscellaneous income
$1,985,486 $2,104,474
18.465
26,755
Net earnings
Interest and other deductions
$2,003,951
1,117,401
Net income
$2,131.229
984,648
$886,550 $1,146,581
Balance Sheet. Dec. 31.
1933.
1932.
1933.
1932.
ssets3
Liabilities
Elec. gen. plant &
b Capital stock_ _ _13,365,000 13,365,000
transmls. prop.33,955,210 32,562.296 Funded debt
22,500,000 22.500,000
Contract work_ _
381,364 1,475,648 Def'd liabilities_ _ 230.420
138,667
a Loans to & inv.
Contr't obilga'ns_
In other cos_ _ _ _ 1.435,890 2,435,890 Acc'ts payable.._ 251,296 1.590,473
163.079
Bond disc. & exp.
Payable for rightin process of
of-way (est.).83.403
amortization ___ 1,696,704 1,697,084 C Acced taxes._ _ _ 653,197
323,826
Prepaid accts, and
Accrued interest__ 312,500
322.836
deferred charges 128,061
22,629 Misc. curr. Habil_
8,547
16.916
Cash
2 049,965 1,755.026 Deprec'n reserves_ 2,894,189 2,034.283
Acc'ts receivable._ 497,658
466,098 Miscell. reserves.9,275
19,433
Mans & supplies_ 324.253
415,462 Surplus
241,268
354,720
Total
40,449,095 40,829,133
Total
40,449,095 40,829,133
a After reserve for losses amounting to $1,074,110
1933 and $1,150,000
in 1932. b Represented by 445,600 no par shares. inIncl. Federal income
c
taxes subject to review by Treasury Department. -V. 137, p. 2809
Swift Internacional Corp.
-Earnings.
Profit and Loss Surplus Account for Calendar Years-Argentine Gold.
1933.
1932.
1931.
1930.
y55.904,285 x$5.605,600 $6,610,739 $6.549,287
4,445,105
7,672,500 6,218.400
5,441,100
Surplus
51.459,180dt/2,066,900
$392.339 $1,108,187
Previous surplus
17,227,681 17,826,795 17,574,642 16,586,857
Transf. from exch. resDr1.200,000
1.600,000
Total surplus
$17,486,860 S17.359,895 $17,966:1181 S17:695:6- 1
4
To reserve account
132.215
130,986
111.202
Directors' & aud.'s fees_
9.200
9,200
Profit
Dividends
Profit & loss surplus_ _$17,486.860 $17,227,681 $17,826,795
$17,574,642
Shares of capital stock
outstanding (par $15)_ 1,500.900
1,500.000
1,500.000
1.500.000
Itarn.s per sh.on cap.stk
$4.08
$3.88
$4.41
$4.36
x After providing for legal reserve (all companies)of$212,967. y Arrived
at as follows: Income from operations after adjustment of exchange on
current transactions. $5,893,017; provision for depreciation. $903,353
balance, $4,989,663; other Income, $1,471,093; total income, $6,460,756
Argentine income taxes, $337,701; provision for legal reserves, $218,770
balance (as above), $5,904,285.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1933.
Assets
Liabilities$
3,952,642
Cash
578,586 Capital stock
22,500,000
Accts. receivable 6,039,932 6,099,770 Accounts payable_ 4,922.283
Inventories
18,430.842 20,936,146 Reserves
9,080,185
Marketable secs_ _16,363,869 18.366.195 Legal reserves.._. 3.561,570
Co.'s shs. acquired
Surplus
17,486,860
339,849
for resale to empl 311,124
Other investments 3,133,728 2,962.099
Deferred charges._ 116,177 • 218,397
x Land, bldgs., &c.10,202,583 10,894.562
1932.
$
22,500,000
7,466,979
9,858,147
3,343,799
17,227,681
57.550,898 60,395.606
Total
Total
57,550,898 60,395.606
x After deducting reserve for depreciation.
-V. 136. p. 2629.
Tampa Electric Co.
-Earnings.
Period End. Feb. 28- 1934
-Month-1933.
1934-12 Mos.-1933.
Gross earnings
5362,617
$327,529 53.752.636 $3,754,704
Operation
127,902
106,725
1,412,605
1.348,752
Maintenance
16.699
18,020
225,18b
249.895
Retirement accruals__ _ _
35,833
35.915
429.834
468.931
Taxes
37.705
31,881
405,691
362,827
Interest
899
2,676
14,378
34.679
Balance
$143,577
$132.309 $1,264.940 $1,289,619
During the last 34 years, the company has expended for maintenance a
of the entire gross earnings over this period and in addition
during this period has set aside for reserves or retained as surplus a total of
13.61% of these gross earnings -V. 138. p. 1561.
total of 8.31%
-'--,.Telephone Bond & Share,Co.-Removed from List.
pr
he Now York Curb Exchano)has removed from unlisted tr
leges the 7% 1st preferred stock (par $100).-V. 137, P. 4531.
ing
2269
Telephone Investment Corp.-Earnings.
Consolidated Income Account (Inter-Company Duplications Excluded).
Calendar Years1932.
1931.
1933.
1930.
Oper. & miscell. rev_. _ $1.058,391 51.088,649 $1,079,549 51.048,518
Operating expense
524.177
509,843
502.801
500,755
Depreciation
176,621
207,914
196.618
194.571
Taxes (incl. Federal)
48,382
45,912
55.556
42.611
Interest
9.290
13.542
10,330
17.067
Uncollectible revenues10,697
4.821
4,923
Net income
$315,126
$288,188
$308.814
$286543
Dividends paid
240.000
240.000
235.289
222,120
Balance, surplus
$73,525
S64.423
$75.126
$48,188
Shs.cap.stk.out.(par $20)
100.000
92.550
100.000
100.000
Earns. per sh. on cap.stk
$3.15
$2.88
$3.09
$3.10
Consolidated Balance Sheet Dec. 311933.
AssetsLiabilities
Telephone plant
33,694,963 Common stock
32,000.000
Other Investments
29,145 Premium on capital stock.... 261,449
Sinking fund assets
117,000
457 Funded debt
Cash and deposits
362,543 Accounts payable
32,737
Notes receivable
16,182
23,500 Subscribers'guarantee deposits
Accounts receivable
59,874
54,755 Accrued liabilities not due__ _ _
Materials and supplies
436,512
166,164 Depreciation reserve
Deferred debits
. 99,314
22,165 Employees' pension reserve_ _
23,896
Insur. and casualty reserves__
17,869
Deferred credits
735.708
Capital surplus
553.153
Earned surplus
Total
-V. 138, p. 328.
54,353,694
$4,353,694
Total
Tennessee Central Ry.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Grossfrom railway
Net from railway
Net after rents
-V.138, P. 2078.
1934.
$181,957
57.009
35,520
1933.
$154.825
36,804
20.984
1932.
$159,441
29.166
13.277
1931.
$214.471
33,797
13.104
369,202
116,358
72,371
328.744
89.524
50.537
336,538
65.550
32,371
451.964
57.023
14.892
Tennessee Electric Power Co.
-Earnings.
IA Subsidiary of Commonwealth & Southern Corp.!
Period End. Feb.
1934-Month-1933.
1934-12 Mos.-1933.
Gross earnings
$987,705
$915.891 $11,556.226 $11,466,035
Oper. exp., incl., maint.
and taxes
520,029
432.357
5,707.029
5.348.699
Fixed charges
219.368
223.574
2,651.347
2,654.833
Prov.for retirem,reserve
105.000
105,000 1.260.000
1,260.000
Net income
$143.307
5154.959 51.937.849 52.202.502
Dividends on pref. stock
129,590
129.348
1,552.853
1.551.165
Balance
$13,717
525.611
5384.996
1651.336
-V. 137. p. 687.
IMPORTANT NOTICE.
To increase the utility value of the
corporate news given in this department,
all items are now presented in strict
alphabetical order.
Texas Corp.
-Company Adopts Changes Suggested by
Independent Auditors
-1933 Figures Not Comparable with
Previous Years.
-The report to the stockholders states:
In keeping with the spirit of the times, and as further assurance to our
stockholders, we have retained independent accountants to audit our books
for 1933. This is the first independent audit we have had for a number
of years. Tnese auditors have approved our general system of accounting
and have made some suggested changes which we have been very glad to
adopt. Among other things, they suggested providing reserves principally
in respect to book value of investments in operating companies which are
not subsidiaries, and also adjustments of inventory applicable on and prior
to Dec. 31 1932. These suggestions were adopted and their effect is indicated in the accompanying financial statements.
[Duo to the adoption of the changes in the accounting methods, the
figures for 1933 are not strictly comparable with prior years. so that our
comparison given in V. 138. p. 2073. is not quite correct. The company's
figures were given in the advertising pages of last week's "Chronicle.")
Proxies Being Mailed.
Proxies for the annul meeting to be held on April 24 are being mailed to
stockholders. The proxy committee, which was recommended by the recent
stockholders' investigation committee, is composed of W. C. Dunnington,
L. J. Norris. W. H. Mitchell, W.M. Garland and D. 0. Dunbar, It Is
authorized to vote the proxies and select the next board of directors.
The report of this committee, published on Feb. 5, recommended that
not more than four directors be executive officers and that the others should
be selected from stockholders "owning or representing a sufficient number
of shares to insure their active interest and participation in the affairs of
the company." The committee also recommended that R. C. Holmes, a
director and former President, be not re-elected a director and that the
Lapham family's representatives on the board be reduced from three to one.
-V. 138. p. 2073. 1064.
Texas Gulf Sulphur Co.
-Earnings.
Calendar Years1932.
1933.
1931.
1930.
Gross income
$17.818,345 $13,487,537 $18,213,806 $25,815,550
Cost, of sales. &c., exp.,
incl. Federal taxes_ _ _ _ 10,374.731
7.577,045
9,271.204 11.843,466
Balance, surplus
$7,443,613 $5.910,492 $8,942.602 513.972.085
Previous surplus
26,718,739 25,888,247 25,200,645 21,388.561
Total surplus
$334.162,353 $31.798.740 534,143.247 $35,360,645
Dividends paid
3,175,000
5.080.000
8,255,000 10.160,000
Rate
($1.25)
($2.00)
($33.25)
($4.00)
Total surplus, including deple'n reserve_530,987.353 $26,718,740 525.888,247 525,200.646
Earns, per six, on 2.540,000she.
(no par)cap.stk.
$2.93
$2.33
$3.52
$5.50
Balance Sheet Dec. 31.
1933,
1932.
19
1932.
.48501Liabilities
$
$
Lands & develop.,
x Capital stock... 6,350,000 6,350.000
Plants, bldirs.,
Accts. payable and
mach'y & equIp.26,523,693 26.835,848
taxes accrued._ 973,216
908.548
Inventories
12,938,878 14,443,803 Res.for Fed. taxes,
Cash
7,801,448 2,146,632
uncertain accts..
Securities
1,695,415 2,224,666
misc. & contin•
Accts. receivable_ 1,663,283 1,227,725
gent liabilities__ 2,561,626 3,979.683
Notes & trade acRes. for deprecia'n 9,460,372 9.596,235
cept'ces reeMv_. 143,530
239,115 Surplus. incl. dept.
Misc. res. & advs. 122,183
132,155
reserve
30,987,353 26,718,740
Deferred assets._ 444,137
303,261
Total
60,332,568 47,553,205
Total
x Represented by 2,540,000 no par shares.
50,332,568.47,553,205
Mar. 31 1934
Financial Chronicle
2270
The company will probably start sharing the profits from one of its
producing properties, Boling Dome, with the Gulf Production Co., a
subsidiary of the Gulf Oil Co.,Some time in 1935,a letter to the stockholders
from Walter H. Aldridge, President, states, It is estimated that Gulf
Production's 50% share of the profits from Boling will be less than 30%
of the total profits of the Texas Gulf company, providing erlative sales and
profits continue at the rate maintained from 1930 to Dec. 311933.
During that period about 60% of sulphur sales were made fromBoling
and 40% from the wholly owned deposit at Gulf, Texas. The company
will continue to retain 100% of the profits from operations at Gulf (at
Present temporarily suspended), where there are in excess of 1.000,000
tons of sulphur on the surface and an unmined tonnage, undertermined in
-Accumulated Dividend
amount but known to be small relative to the large reserves at Boling Dome.----Tung-Sol Lam Works Inc. of 25 cents per share on ace n
The directors have declared a dividend
The letter to the stockholders states: "The Boling property has been
to the regular quarterly dividend of 75 cents
of accumulations in addition
continuously operated since first production on March 20 1929, and there
per share on the $3 cum, preferred stocic, no par value, both payable May 1
had been produced to Dec. 311933, over 2,700,000 tons of sulphur. Sales
to holders of record April 19. Similar distributions were made on this issue
have been made therefrom since August 1930, and about 800,000 tons
on March 15 last. The last previous regular quarterly payment of 75 cents
still remain on the surface there. Under the agreement with Gulf Producper share was made on Nov. 1 1932.
tion Co. the company has the right to reimburse itself from profits for
1930.
1931.
1932.
1933.
necessary investments,including initial development and operating expenses
Calendar Years5590.428
5570,381
$160,399
incurred in getting the property on a paying basis. The company has
Net operating profit___.. 5284.545
82,116
63,924
43,967
48,942
therefore retained all profits on sales from Boling. Auditors state that in
Other income
their opinion more than $4,000,000 additional would be required to complete
$672.544
$634,288
204,366
company, and our careful estimates indicate that
$333,487
the reimbursement of the
Gross income
214.788
229,189
304,388
the company will not be fully reimbursed until some time in 1935, assuming
Disct. allowed, int., 5cc-1 170,244
51,563
52,232
about the present rate of sales and profits from the Gulf and Boling properFederal tax provisions f
ties. Gulf Production Co., however, estimates that reimbursement ends
$4406,193
1352,865
$163,243 loss$100,022
some time in 1934 and discussions are in progress looking towards a reconNet income
182.757
182,757
263,348
ciliation of these varying estimates.
Divs. on pref. stock...),
342,765
228,510
J
Divs, on corn. stock
"Under an agreement with Gulf Production similar to that covering the
Boling operations, the company has been producing sulphur at Long Point,
$163,243 def$363,370 def$58,402 def$119,329
Texas,amounting to a total of 190,000 tons to Dec.311933, and operations
Balance, surplus
are being carried on at the rate of about 50,000 tons a year. No sales have
Consolidated Balance Sheet Dec. 31.
been made from Long Point so that several years will elapse before the
1932.
1933,
Liabilities
1932.
1933.
Assets
-V. 138. p. 1247
company is reimbursed for the Long Point operations."
$75,000
$177,169 $182,856 Notes payable...- $200,000
Cash
28,747
57,819
286,059 Accounts payable_
Marketable secur_ 107,870
Texas & New Orleans RR.-Earnings.178,102 Due subs. & affil.
Notes & accts. rec. 359,693
1931.
1932.
1934.
1933.
February3,624
selling cos
Due from affil.
Gross from railway
$2,344,548 $1,963,988 $2,610,477 $3,725,255
86,035 Accr. sal., wages,
subsid. sell. cos
389,206
175,543
21,207
Net from railway
311.966
royalt., bonuses,
Mdse. Inventories
def263,117 def95,000
Net after rents
def112,101 def403,699
36,201
71,302
taxes and exps
& mdse. on conFrom Jan. 1
11,162
473,931 Prov.for Fed. tax_
757,332
signment
4,188.869 5.465,748 7,809.073
4,758,729
Gross from railway
407.695 Long-term notes dc
378,073
Other assets
928,128
397,461
185.860
Net from railway
589,709
13,167
notes payable
z Fixed assets.
756,668
730,974
def260,722 def646,054 def515.018 def89.624
Net after rents
3,131
Dividends payable
French., licenses,
-V.138, p. 681.
7,365
5,669
Deferred credit_ _ _
1
pat. rights, &c
171,600
44,930
14,582 Reserves
17,327
Deferred charges
438,617
438.617
x Preferred stock
Texas & Pacific Ry.-Earnings.-548,424
548.424
y Common stock
1932.
1931.
1933.
1934.
Month of February1,137,349 1,073.221
Surplus
$1,823,604 $1,413,115 $1.623,859 $2,324,510
Operating revenues
1,250,856
1,665,345
1.097.443
Operating expenses
1,138,758
52.528,441 $2,385,929
82,528,441 52,385,929 Total
Total
$3373.003
$315,672
$859,165
Net rev,from oper__ _ $484.846
x Represented by 60.919 shares preference (no par value). y Repre214,032
254.766
543,407
384.495
Railway oper. income_ _
sented by 228,510 shares common (no par value). z After reserve for
113,624
135,614
331,915
Net ry. oper. income_ _ _
265,382
depreciation of $664.128 In 1933 and $560,215 In 1932.-V. 138, p. 1763.
170,244
141,435
Gross income
384,904
298,059
19,143
Net income_ _ _ _
def53,981 def211,579 def191,288
Turners Falls Power & Electric Co.-Earnings.
2 Mos. End.Feb. 28
1930.
1931.
1932.
1933.
Calendar Years3.327,158 2,951,033 3,485,546 4,837,893
Operating revenues
53,322,592 $3,426,000 $3,651,000 $4,230,000
Net sales
2,629.165 3,532,960
2,312,587 2,267,311
Operating expenses
2,167.000 2,565.000
Oper. exp. and taxes... 2,018,133 2,001,000
/
$856,381 $1,304,933
$683,722
$1,014,571
Net rev,from oper
620.594
813,527
1,073,772
478,853
Railway oper. income_ _ _
375,678
653.616
262,542
591,045
Net ry. oper. income_
742,884
326,698
446,809
661,134
Gross income
33.262
def47,295 def378,569 def271,453
Net income
-V.138, p. 1740.
Third Avenue Ry.-Earnings of System.
Operating revenue
Operating expenses
(Railway and bus operations.)
-Month of February- -8 Mos. End. Feb. 281934.
1933.
1933.
1934.
$1.043,915 $1,032,825 $8,549,303 $9,155.281
758,849 6.435,927 6,812,064
770,632
$273,283
70,413
5273.976 $2,113,377 $2,343,217
74,503
571.450
645.138
Operating income.....$202,870
30,882
Non-oper. income
$199.473 51,541.926 $1,898,078
26,708
222,917
220,696
$233,751
229,582
$226,180 $1,784,843 $1,918,774
230,180
1.832,198
1,852.165
P` Net oper. revenue_
Taxes
Gross income
Total deductions
Net income or loss
railway and bus
-V. 138, P. 1661.
$4,169
def$4,000 def$67.355
$66,609
-Enlarges Board.
Thompson Products, Inc.
At the annual meeting of the stockholders held this week, the directorate
was increased to 11 from 10 members. Q. A. Kreiger and W. E. Dltmarn
were elected directors, one to replace the late C. E. Thompson. At a subsequent directors' meeting, W. M. Albaugh, Secretary, was also made
-V. 138, p. 1064.
Treasurer.
-Earnings.
Timken-Detroit Axle Co.(& Subs.).
1930.
1931.
• 1932.
Calendar Years1933.
Gross income
52.878.480 $2,830.912 53,499.461 $33.702,910
1,978.030
Expenses
2,482.636 2,918.289 2,357,876
Operating profit
$395,844 loss$87,377 $1,141.585 $1.724,880
132,842
150,467
152,229
Other income
130.316
$64,852 $1,292,052 $1,857,722
Total income
5526,160
656,240
706,609
765.819
Depreciation
a783.819
58,921
Interest expense
53.278
200,000
568,056
Special reserves
92,600
29,902
250
Fed. & State taxes
Provision for Canadian
2,100
and State taxes
266.648
227,213
233,735
375.776
Other deduction
$1,256,869 $1,193,873prof$328,329prof$842,237
Net loss
225,382
195,256
194.292
194,187
Preferred dividends771,195
192.776
Common dividends
$154,250
$59,703
$1.451,056 51.388,165
Deficit
992.096
992,096
992,096
980,234
Shs.com.stk.out.(par$10)
$0.13
$0.62
Nil
Nil
Earnings per share_
a Including amortization.
Consolidated Balance Sheet Dec. 31.
1933.
1932.
1932.
1933.
$
$
Liabilities$
-$
Assets
Cum.7% pref.stk. 2,764,800 2.775,600
z Land, buildings,
802,340 9,920.960
.&c 6,078,212 6,818,907 Common stock_ _ _ 90
mach.,equip.
940.000
655,565 1,298,865 Serial deben. notes 627,700
Cash
168,467
Accounts payable. 260,449
Certifs. of deposit
.,,to49,169
362,490 Payrolls. comm
186,110
& accrued tnt_ _ _
42:994
40,073
Misc. amts. pay__
Govt. & corporate
92,843
sec. & accr. Int_ 1,858,165 1,389,315 Accrued expenses_
2,100
5,100
State taxes. &c_ __
Notes, accounts,
16,128
16,191
&c., receivable. 1,082,661 1,255,326 Acct. div. on pf.stk
248,929
Inventories2,412,875 2,633,599 Res.for contin., Sto 418,031
21,383
18,729
Deterred Income__
Dies, jigs, fixtures
591,332
1 Appreciation surp_
1
and patterns_ -119.447
Good-will, &c___ - 1,623,758 1,683,758 Capital surplus_.. 691,939
Other assets
1.200,309 1,154,908 Earned surplus_ _ _ 440,016 1,891,072
190,554
Deferred charges... 166,442
15,264,098 16,787,723
15,264,098 16,787,723 Total
Total
x After depreciation of $6,944,827 in 1933 and $7,148,384 in 1932
Removed from List.
The New York Curb Exchange has removed from unlisted trading
privileges the preferred stock (par 5100).-V. 137, p. 2120.
Net operating profit-- $1,304,458 $1,425,000 $1,484,000 $1,674,000
116,000
110,000
162,000
163,106
Other income
51,594.000 $1,790,000
$1,467,564 81.587,000
Total earnings
160,000
168,000
165,000
181,332
Interest
Bal., diva. & surplus- $1,286,231 $1,422,000 $1,426,000 $1,630,000
Balance Sheet Dec. 31 1933.
LiabilUie,sAssets
$11,000,000
816,684,412 Common stock
Plant and equipment
501,624
364.957 Premium on common stock
Cash
3,000,000
832,215 Bonds
Notes receivable
700,000
392,109 Notes payable
Accounts receivable
87.646
9,830 Accounts payable
Interest receivable
188,284
123,469 Accrued items
Materials ,k supplies
172
Other liabilities
13,555
Prepaid items
1,953,277
2,705 Retirement reserve
Investments
5,391
188,613 Other reserves
Other assets
1,175,471
Surplus
$18,611,866
Taal
318,611.866
Total
-V.137, p. 1051.
-Earnings of System.Union Pacific RR.
Operating RevenuesFreight
Passenger
Mail
Express
All other transport'n
Incidental
-Month ofFebruary- -2 Mos.End.Feb. 28
1933.
1934.
1933.
1934.
$6,748.784 $5,287,588 514,499,242 511,116,124
511,938 1,034.737 1,138,855
476,281
702.013
676,870
359,455
343,183
86,805
198,288
35,065
132,416
306,748
342,593
142.372
162,515
255,459
373,566
102,104
201,835
Railway oper. revs-- $8,065,014 56,438,520 817.123.276 $13,606.004
Operating Expenses
658,704
M atilt. of way Sc struct_
Maint. of equipment__ _ 1,743,327
210,314
Traffic
2.625,003
Transportation
157.720
Miscellaneous operations
482.271
General
547,530
1.396,195
204,007
2,581,614
94,810
502.750
1,542,630
3,614.997
444.844
5,610,196
307,180
973,865
1,122.401
2,906,713
435,943
5,348,366
232.184
1,029,262
Railway oper. exps-__ 55.877,339 55.326.806 512.493,712 511,074.869
Net rev, from ry. opers- 52,187.875 51,111.714 $4.629.584 32.531.135
800,000 1.865,668 1,600,000
932,835
Railway tax accruals__ _
1,701
2.504
802
1,160
Uncoil, railway revs_ _ _ _
5310,912 $2,761,392
886.459
327,819
76,459
62.591
5929.434
716,905
115.326
$863.390 def$79.498 $1,798,474
$97.203
Railway oper. income_ 51,253.680
347,203
Equipment rents
43.087
Joint facility rents, net.Net income
Earnings of Union Pacific RR.
19
1933.
1934.
February
7312 56,363,365
11
54.337,677 53,469.549 54,76
Gross from railway
1,661.004
1,280,299
659,986
1,079,041
Net from railway
871,389
707,035
248,843
Net after rents
492,993
From Jan. 1
9,316,638 7,358,278 9,887,555 13,575,556
Gross from railway
1,508,633 2,514,874 3,717.364
2,559,511
Net from railway
1,322,390 2,077,593
648.796
1,283,001
Net after rents
-V.138, p. 1552. 1557.
Union Carbide & Carbon Corp.-Annual Report.
President Jesse J. Ricks, March 24, wrote in part:
-The reacquired capital stock of the corporation
Reacquired Stock.
carried In the investment account has been written down from $2,743,538,
equal to $28.11 per share, to the unit rate et, which all outstanding shares
of capital stock are carried on the liability side of the consolidated balance
sheet. This item of $844,043 resulting from this revaluation of reacquired
stock has been deducted from surplus.
-At the time of the bank holiday in 1933 the corporation
Closed Banks.
had funds in 165 banks throughout the country. Of this number, 23 had
closed prior to that time. As of Dec. 31 1933, there were 46 banks containing corporate funds either closed or operating on a restricted basis.
The corporation had $45,455 in the closed banks, and $56,986 in banks with
restricted withdrawals. An adequate reserve has been established to
Volume 138
Financial Chronicle
2271
porovide for any loss which may result from the failure of these banks tcs
-To Default Aprill Coupons.
United Public Utilities Co.
Liquidate the deposits in full.
Samuel W. White, receiver has issued the following statement:
Expenditures, &c.
-On Dec. 31 1933, the book value of land, buildings,
At a hearing held to-day (March 27) in the Federal District Court, Judge
machinery and equipment, &c., was $219,451,788. In 1933 there was
Walter C. Lindley instructed his receiver not to cause the subsidiary cornexpended in construction, acquisition of new properties and other Capital
panics to pay unearned dividends to United Public Utilities Co. in an
Inu'Ooses, 55,891,879.
amount sufficient to satisfy the requirements of said United Public Utilities
Funded Debt.
-The funded debt of subsidiary companies amounts to
Co. for the payment of the semi-annual interest, due April 1 1934. on its
$9,063,666, as compared with $9,340,333 at the end of 1932. The decrease
first lien 5M % and 6% bonds, series A, B. and C, due April 1 1947.
in the funded debt was brought about by retirement of debentures, by
In view of this order. it is suggested that bondholders refrain from
payment on account, and retirement through sinking funds of principal
-V. 137. p. 2638.
presenting their coupons to the trustee for payment.
of mortgages to the extent of $276,667. Non-assumed mortgages are not
included as a part of the funded debt or as a liability, but do appear as a
United Rys. & Electric Co. of Balt.-Removedfrom List
deduction from fixed assets by the amount of $3,031,900. Non-assumed -The New York Curb Exchange) has removed from unlisted trading
mortgages were reduced $91,500.
pcivileges the common stock (par 850).-V. 138, p. 1043.
Stockholders.
-The number of stockholders decreased from 53,439 to
52,653, a decrease of 786. The total number of shares of the corporation's
stock outstanding at the end of the year remained at 9.000,743.
--United States Sugar Corp.-Plan Operative.
Business Improvement.
-As indicated by the published quarterly stateThe proposal for exchange of securities of this corporation, involving a
ments there was a substantial improvement in business and an increase in
major readjustment of capital structure without the great expense usually
earnings over the preceding year. The improvement was not confined to
incident thereto, has been declared operative as of March 15, last, acany particular division of the business, nor to a limited group of products,
cording to a notice sent this week to a security holders and stockholders of
but e tended to practically all of the numerous commodities and articles
the corporation by President Clarence R. Bitting. Over 95% of the outmanufactured and marketed by the corporation.
-year income
standing 1st mtge. & coll, trust bonds and 94% of its 10
There were in operation in the United States, Canada and other foreign
debentures have accepted the proposals and holders of the remaining
countries 162 plants and factories for the manufacture of products of the
debentures have been ordered by the Court of Chancery of the State of
corporation, 87 sales offices from which the sales are directed, and 1,085
Delaware to participate in the plan.
warehouse stocks maintained for convenient distribution to consumers.
"The indicated change in capital structure," Mr. Bitting said, "represents a saving in fixed interest charges of $254,000 and contingent interest
Consolidated Income Accountfor Calendar Years.
charges of $46,000, a total of $300,000 per annum, as against the creation
[Including Domestic, Canadian and Other Foreign Subsidiaries.
of a preferred dividend requirement of $33,000.
1932.
1931.
1933.
1930.
Auming that all participations promised and debentureholders whom
Assuming
Earnings (after provision
the Court has ordered to participate select options in the same proportion
for income tax)
as already selected by participants, Mr. Bitting said, the reduction in debt
$21,958,637 $16,865,074 $26,076.680 $37,002,706
8,178,425 6,049,858
Deprec. and depletion-- 6,285,638
7,248,526
of the corporation through the proposal for exchange will amount to anOther charges
737,051
672,720
564,405
285,997
proximately $4,982,000. In place of this debt, there will be issued 6,600
723.772
611.670
Interest
695,824
677,396
shares of $5 no-par value pref. stock, ranking for dividends from July 1
Divs. on pf. stk. of subs_
536,678
536,678
536,678
536,678
1933, but non-cumulative prior to July 1 1938, and 773,300 shares of common stock of $1 par value.
Netincome
$14,172,927 $8,781,426 $18,029,522 $28,041,426
The funded debt of the corporation will consist of approximately $224.000
Previous surplus
36,381,724 43,859,274 98,579,703 96,781,281
1st mtge. & coll, trust bonds, an amount which Mr. Bitting expects will
Increase in market value
be reduced by further participations, and $484,000 of 4% serial notes as
of marketable securs
501,626
provided in the proposal for series A bonds. The time for participation for
Inc. in dollar value of net
both the bonds and income debentures has been extended by the corp. to
curr. assets of for.subs.
June 15, next, which is also the date when the scrip certificates issued under
to exch. rates
2,390,691
the reorganization plan of the Southern Sugar Co., predecessor of the
United States Sugar Corp. will become void.
Total surplus
$53,446,968 $52,440,700$116,609,225 $124822,707
'
The effective date of the recapitalization follows the promulgation of the
Cost in connection with
proposal by less than five months. Mr. Bitting pointed out, attributing
discontinuing of radio
the ready acceptance of the proposals to the progress that has been made
tube business
1,305,451
toward placing the properties of the company on an earnings basis. For
Adj. of market. secure
1,819,904
3,507,200
the fiscal year ended June 30, last, the company reported a balance before
Write down of reacquired
interest and other charges of $149.925, against a deficit of $85,990 for the
stock (97,605 shares)844,043
Period Dec. 8 1931 to June 30 1932, but this was insufficient to support
Res,for doubtful accts
the burden of the then-existing fixed charges. No commissions, under1.000.000
Ac,offixed assets values
39,794,0.31
writing fees or other remuneration were paid directly or indirectly to any
A.of power contracts
1,602,621
underwriter, dealer, syndicate, committee, group or person for effectuating
-V.138, p. 1763.
the proposal,the expenses being borne by the corporation.
A . of net curr. assets
3,455,838
of foreign cos.. &c_
2,847,269
1,188,327
883,035
783,633
Miscellaneous adj
Utah Ry.-Earnings.Divs. on Union Carbide
1V'1933.
1932.
1931.
1934.
Februaryhe; Carbon Corp. stock 8,908,013 12,601,040 23,401,932 23,395,734 Gross from railway
$152,958
$153,779
$104,512
$58,017
($1.40)
($2.60)
($1.00)
($2.60)
Per share
68,386
73.680
21.447
10.774
Net from railway
43.250
38.090
4.488
def9,373
Net after rents
Profit & loss surplus_ _541,605,829 $36,381,724 $43,659,275 $98,579,703
From Jan 1
capital stock outShares
314,587
307,858
138,237 III 287,944
Gross from railway
standing (no par)
9,000,743
9,000,743
9,000,743 9,000,743
134,767
137,826
111.989
40,422
Net from railway
Earned per share
$3.12
$1.58
$0.98
$2.00
76,025
75.465
59,459
1,891
Net after rents
Consolidated Balance Sheet Dec. 31.
-V.136, p.3717.
1933.
1932.
1933.
1932.
Assets
Liabilities$
$
Land, machinery
x Capital stock 175,163,672 175,163,672
219,451,788 215,863,104 Accts. payable_ 3,986,106 2,421,745
Marketable secs. 3,573,691 3,450,637 Interest accrued
Co's own cap.stk 1,899,493 2,391,506
193,199
193,872
and due
Cash
14,747,332 7,835,934 Divs. payable__ 2,225,785 2,700,223
Notes and accts.
840,913
Accrued taxes__ 1,825,053
To increase the utility value of the
receivable
12,814,704 9,424,192 Accrued divicorporate news given in this department,
Inventories
39,094,198 41,054,266
dends (subs.)_
74,666
74,666
Investments
12,690,883 12,361,193 Bond and mortall items are now presented in strict
Power l'seholds,
81,725
gage Interest_
80,700
alphabetical order.
patents, tradeOther accrued
marks, &c
1
283,838
liabilities __..._
508,086
Deferred charges 1,450,804 1,408,945 Funded debt
(subs.)
9,063,666 9,340,333
Res. for deprec_ 64,084,851 59,395,767
Virginian Ry.-Earnings.Pref.stock subs_ 6,911,300 6,911,300
Surplus
41,605,829 36,381,724
1932.
1931.
1934.
1933.
February$1.186,363 $1,110,107 $1,250,593 $1,192.158
Gross from railway
Total
305,722,895 293,789,781
Total
305,722,895 293,789,781
498,213
645,282
585,051
637,156
Net from railway
x Represented by 9,000,743 shares of no par value.
488,392
550.982
430,473
568,178
Net after rents
From Jan The income account and ba ance sheet as of Dec. 31 1933 Gross from 1
2,421,298 2.670,381
railway_ __ _ 2,423,295 2,299.247
1,201,159
1,185,598
1.218.338
1,304,579
Net from railway
will be found in the advertis ng pages of to-day's issue.
1,016,015
1,024,844
1.157,029
1,038,213
Net after rents
To Continue Exhibits at Century of Progress.
-V. 137, P. 4698.
Continuation of the exhibits of the corporation at A Century of Progress
in 1934 is assured with the announcement that contracts for exhibit space
Wabash Ry.-Earnings.had been signed. In keeping with the progressive nature of A Century of
1932.
1934.
1933.
1931.
FebruaryProgress numerous changes have been planned to make the UCC exhibit
a still more popular "center of interest" of the Hall of Science, it is stated.
$3.037.326 $2,666.153 $3,098,194 $33,855.336
Gross from railway
425,679
The principal units of Union Carbide & Carbon Corp. whose products
841.842
456,973
839,701
Net from railway
and activities will be displayed in the Applied Science Division include
Net aftei rents
373,132 def107,251 def107,858
131,759
National Carbon Co., Inc., Linde Air Products Co.. Carbide & Carbon
From Jan 1
Chemicals Corp., Oxweld Acetylene Co., Union Carbide Co., Prest-O-Lite
Gross from railway
5,949,432
5,316.313 6,253,935 7.978.514
Net from railway
729,377
824.135
1,461,528
Co., Inc., Acheson Graphite Corp., Electro Metallurgical Co., Haynes
1,499,436
Stellite Co. and Union Carbide and Carbon Research Laboratories, Inc.
Net after rents
391.152
537,033 clef3.56.717 def475.070
-V. 137, p. 3161.
IMPORTANT NOTICE.
Receivers' Certificates.
-
Union Twist Drill Co.-Removed from
pr
Li8l.Q
e New York Curb Exchan e has removed from unlisted trading
loges the common stock (par
.-V. 138, P. 3923.
United Cigar Stores Co. of America.
-25% to Creditors.
Distribution of a dividend of 25% on the allowed claims was ordered by
Referee Irwin Kurtz on March 24. Previously 20% had been declared on
the approximately $10,500,000 of claims.
Consideration of a motion to sell the properties under the reorganization
plan has been deferred until April 21.
The referee approved the sale by the trustee of 15,000 shares of American
Seal Can CO. at $5 a share; the sale of 2,975 shares of North American
Match Co. common stock for $75,000 to J. S. Farlee & Co., and the sale to
a Canadian group for $430.000 in Canadian funds. $445,000 par value of
the 6% bonds of United Cigar Stores, Ltd., and 6.573 common shares of
United Cigar Stores Co., Ltd., which are held by United Cigar Stores
Delaware Corp.
Referee Kurtz stated that it was now indicated that the provable claims
will receive 100 cents on the dollar.
In connection with the sale of the securities a bid of $40 a share was
received from the Union Tobacco Co. for 2,125 shares of Lion Match Co.
preferred stock. The bidding on this stock rose to 850 a share, but the
trustee rejected the bid. A current asset value of $60.30 a share was set
on the Lion Match preferred stock by the trustee and a fixed asset value
of $118.14 a share. The trustee indicated that no bid of less than $75 a
share would be considered.
There is 32,600,000 available for the distribution of the dividend authorized by the trustee and receipt of the amount to be paid for the securities
-V. 138.
authorized sold will raise this to over $3,100,000 the trustee said.
p. 1582.
-Electric Output.
United Gas Improvement Co.
Mar. 24'34. Mar. 17 '34. Mar. 25 '33.
Week EndedElec. output of U. G.I. System(kwh.) 71,563,802 70,605,577 62,725,698
-17, 138, p. 2086.
The I.
-S. C.Commission on March 17 authorized the issuance of $1,481.000 of receivers' certificates to evidence a loan of like amount from the
Federal Emergency Administration of Public Works.
The report of the Commission says in part:
The certificates are to be issued to provide funds to be used for maintenance of road and equipment.
The certificates will be issued originally in temporary registered form
payable to the Federal Emergency Administrator of Public Works, or registered assigns, will be in denomination of $1,000, or multiples thereof, will
be dated as of their respective dates of issue, will bear interest from and
after one year after the dates thereof at the rate of4% per annum, payable
semi-annually on March 1 and Sept. 1, will be payable in annual instalments
of $185,000 from 1937 to 1943 inclusive, and a final instalment of $186.000
In 1944. They will be subject to redemption at the option of the receivers
on any interest-payment date either as a whole or in part in the inverse
order of their maturity, at their face amount plus accrued interest to date
of redemption, it being provided that certificates of any one maturity
must be redeemed as a whole and not in part.
The receivers have entered into a contract under date of Feb. 27 1934
with the United States Government,represented by the Federal Emergency
Administrator of Public Works, for the sale of the certificates at par to the
Government. The contract provides, among other things, that from time
to time as funds are required for the payment of the cost of the proposed
maintenance, the Government will purchase receivers' certificates in an
aggregate principal amount equal to the multiple of $1.000 less than the
actual final cost of the amintenance described, or 61,481.000, whichever
amount is less. It also proivdes that the receivers may expend their own
funds in the payment of costs properly chargeable under the contract and
reimburse themselves from the proceeds of the certificates. It further
provides that after the expiration of 18 months after the delivery of certificates against the first purchase thereof, the receivers will, upon request
of the Government, cause the terms of the contract, so far as it relates
to outstanding certificates issued thereunder, to be embodied in a trust
Indenture with the trustee, providing for the exchange of certificates of
like tenor and aggregate principal amount for outstanding certificates issued
under the contract.
-V.138, p. 2078.
Financial Chronicle
2272
----Walker Manufacturing Co.
-75-Cent Pref. Dividend.
The directors have declared a dividend of 75 cents per share on account
of accumulations on the 6% cum. cony. pref. stock, par 850. payable May 1
to holders of record April 20. A like amount was distributed on Feb. 1 last
and on Nov. 1 1933.
Following the above payment, accruals on the pref. stock will amount to
$4.50 per share.
-V. 138, p. 163.
.
Warren Foundry & Pipe Corp.
-New Director.
w. W. Cumberland of Wellington & Co. has been elected a director.
Stnyvesant Fish of Callaway, Fish & Co., was not re-elected to the board.
-V. 137. p. 1072.
-Earnings.
• Wesson Oil & Snowdrift Co., Inc.
6 Months EndedNet sales
Cost of sales
Depreciation
Feb. 28 '34. Feb. 28 '33. Feb. 29 '32. Feb. 28 '31.
$15,725,412 812,305.139 $16,067.871 $25,116,062
14,516,336 12,361,356 14,521,313 23,275,196
502,437
491,025
347,101
341,316
Operating profit
Other inc3me
8867.760 los-63403,318 $1,044,121
182.081
80,408
101,202
$1,349,841
206,680
Total income
Interest
Federal taxes
3948,1681°683302,116 $1,226,202 $1,556,521
18,138
16,938
186,550
153,200
154,309
Net profit
Preferred dividends_ -- Common dividends
$776,9211o638320,254 $1,073,002 $1,369,971
725,995
591,310
596,647
658.773
450,000
600.000
148.966
225,000
843,976
Surplus
836,645 def$1,141,901 defS35,771
Earns, per sh. on 600,000
Nil
shs. coin. stk.(no par)
$0.31
$ .6 after charges
0
l s
For quarter ended Feb. 28 last net profit was $943,744,9
and taxes, equal, after preferred dividends, to $1.08 a common share,
comparing with net loss of $166,823 in preceding quarter, and net loss of
-V. 138, p. 1584.
$126,363 in quarter ended Feb. 28 of previous year.
-Plan to Preserve Assets of Western
Western Dairies, Inc.
Dairy Products Co. and Subsidiary.
The company, which was recently formed for 'the purpose of holding
securities of Western Dairy Products Co. and Western Dairy Products,
Inc., has promulgated a plan for the preservation of the assets of such
companies. The plan contemplates an offer whereby the holders of securities may exchange them for prefrred stock of Western Daries, Inc. and
voting trust certificates for its common stock. The plan and offer are
embodied in a prospectus which has been filed with the Federal Trade
Commission under the Securities Act of 1933, and this prospectus contains
detailed information regarding the various companies and their securities.
Copies of this prospectus may be obtained from Western Dairies, Inc..
20 Pine St., New York, N. Y. Holders of securities, desiring to exchange
their holdings must deposit their securities with Western Dairies, Inc. by
delivering them to its agent, Chase National Bank,11 Broad St., New York,
on or before May 1 1934. The full details giving the terms and rates of
exchange under the offer are outlined in V. 138, p. 1764.
Western
Maryland Ry.-Earnings.-
-Month ofFebruary- -2 Mos.End.Feb. 281934.
1934.
1933.
1633.
Operating revenues
$869,371 82,314,885 $1,815,050
$1,159,988
Operating expenses
932.132
1,468.241
721,506
1,141,186
Taxes70,000
70,000
140.000
140,000
Rents (net) _Cr
44,478
29,722
2,032
8,458
Net ry. oper. inc
Other income
8398,204
7,354
$269,271
10,093
$751,122
15,522
$542,322
23.870
Gross income
Fixed charges
$405,558
269.402
8279,364
272,398
$766,644
539.887
$566,192
544,171
Net income_
$22,021
$136,156
$226,757
$6.906
Earnings for Third Week of March and Jan. to March 21.
-3d Week of March- -Jan. 1 to March 21Period1934.
1933.
1934.
1933.
Gross earns. (estimated) $307.770
$203,598 $3,261,494 $2,425,843
Abandonment of Branch Line.
The I.
-S. C. Commission on March 16 issued a certificate permitting the
company to abandon a branch line of railroad extending from Valley Junction to Codorus, about 1.9 miles, all in York County,Pa.
-V.138. p. 1557.
Western Pacific RR. Corp.-Naw Director.
See Denver & Rio Grande Western RR. above.
-V.136. P. 2786.
'
Western Pipe & Steel Co of Calif.-Removed from Lis
e
The New York Curb Exchang4has removed from 'unlisted trading
pri
ges the common stock (par 0).-V. 136, p. 1220.
1934.
$109,628
4,553
2,221
1933.
$85,936
def11,611
def14,273
1932.
$110,739
def11,029
def17.716
1931.
$176,296
17,591
14,190
225,507
11,680
6.479
192,326
defll,555
def16,478
232,043
def23,564
def34,466
342,184
16,784
7,528
-To Abolish Position of
Westinghouse Air Brake Co.
Executive Director.
At the annual meeting to be held on April 17. the stockholders will vote
on amending the by-laws to conform to the new Business Corporation Law
enacted by the Commonwealth of Pennsylvania during 1933 and on abolishing the position of Executive Director.
-V. 138, p. 1066.
Western Union Telegraph Co., Inc.
-Annual Report
Year Ended Dec. 31 1933.
-Extracts from the remarks of
President Newcomb Carlton, together with income account
and balance sheet for year ended Dec. 31 1933 will be found
under "Reports and Documents" on a subsequent page.
Income Account for Calendar Years.
1933.
1932.
1931.
1930.
$
$
$
Gross oper. revenues_ __ 83.301607 83,013.712 108,736,949 130,581,857
Oper. exp. (incl. repairs,
res. for deprec., rent
for lease of plants,
75,275,466 80,068,438 99,215,431 118.941,139
taxes, &c.)
2,945,274
Operating revenue ._- 7,033,140
9,521,518 11,640,718
Inc.from divs.& int__ _ _ 2,684,818
1,568,250
1,810,297
2,653,893
4,513,525 11,331,815 14,294,611
Totalincome
9.717.958
5,356,121
Interest on bonds
5,353,076
5,357,315
5,047,579
5,974.506 Balance, surplus
4,364,882 def842,595
6,247,032
Previous surplus
89,031.149 93,333,051 95.692,697 95,635,228
Totalsurplus
93,396,032 92,490,456 101,667.196 104,882,260
Divs, paid and declared7,837,683
1,045,026
8,188.344
Adjust, of surp. (net).......
308.878
496,462
230,277
1,001.219
Trans. to surp. by per6 mission of I.
2,105.402
-S. C. C_
Profit & loss surplus_ _ 93,165.753 89,031,149 93,333,051 95,692,697
Shares of capital stock
1,045,280
outstanding (par $100) 1,045,279
1,045,279
1,023.811
$5.71
Earns.per sh.on cap.stk.
Nil
$4.17
$9.03
-Amount appropriated for depreciation for 1933 was $4,229,000
Note.
and in 1932 *4.221.001.
Comparative Balance Sheet Dec. 31.
1932.
Assets1933.
a Plant, equipment and real estate
$3334,909,279 $334.890.756
Stocks of telegraph, cable and other allied com5,236,782
5,236,782
panies operated under term leases
7.375,210
Securities of telegraph, cable and other companies 7,559,398
9,265,086
8,142,687
Inventories of material and supplies
Accounts receivable, including managers' and
8,432,282
9,327,429
superintendents' balances, &c
254,793
185,669
Marketable securities
5,923,441
8,929,833
Treasurer's balances
241.895
241,895
Deposits under Workmen's Compensation laws
2,274,791
2,212,989
Deferred charges to operations
8376,745,963 $373.895,030
Total
Liabilities
$104,527,919 $104,527,969
Capital stock
Capital stock of subsidiary companies not owned
1.761,750
1,761.750
by the Western Union Telegraph Co
107,866,000 107,905.000
Funded debt
1,500,000
Notes payable
6,672,306
6,572,143
Audited vouchers and miscellaneous acc'ts pay
3,261,093
3,561,939
Accrued taxes (estimated)
1,288,951
1,287.939
Int. and guar. diva. accr'd on bonds and stocks_
13,017,097
13,268,307
Deferred non-interest-bearing liabilities
Reserves for41.540,159
41,179,489
Deprec. & devel, land lines and cables
1,410,415
1,313,453
Employees' benefit fund
2,076.101
2,144,307
Other purposes
89,031,149
93,165.754
Surplus
$376,745,962 8373,895,029
Total
a Less $1,180,000 recoverable on the expiration of long-term lease in
-V. 138. p. 2087.
respect of obligations assumed thereunder.
West Point Manufacturing Co.-Extra Div.
The directors have declared an extra dividend of $1 per share in addition
to the usual quarterly payment of like amount, both payable April 2 to
holders of record March 23. Similar distributions were made on the stock
on Jan. 2 last and on Oct. 2 1933.-V. 138, p. 1067.
Wheeling & Lake Erie Ry.-Earnings.FebruaryGross from ailway_
Net from railway
Net after rents
From Jan 1
Gross from railway
Net from railway
Net after rents
-V. 137, p. 2271.
1934.
$925,002
271,483
170,416
1933.
$686,306
177,866
81,087
1932.
$731,403
173,298
66,581
1931.
$891,254
149,831
46,024
1.776.542
505.402
307,195
_
1,360,982
327,463
131,339
1,428.260
283,797
73,645
1.814,103
317,448
99,175
-New Director.
Wheeling Steel Corp.
John J. Neudgerfer has been elected a director to succeed the late W. H.
Abbott.
-V. 138, p. 1940.
-Earnings.
Wichita Falls & Southern RR.
1934.
$38.017
4,618
def1,340
1933.
$38,479
6.791
1,222
1932.
$38.183
3,350
def4,174
84,584
15,162
2.421
FebruaryGross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
Net from railway
Net after rents
-V. 135. p. 1161.
76,548
13,328
2.246
78,374
6,459
def10,144
1931. "
$49,707
8.718
593
98.869
9,838
def7,867
.""--Worthington Ball Co.-Resumes Class A Dividend.
The directors have declared a dividend of 50 cents per share on account
of accumulations on the $2 cum. class A preference stock, par $25, payable
April 14 to holders of record March 31. The last regular quarterly payment
of like amount was made on this issue on Jan. 14 1933; none since.
Following the April 14 1934 disbursement, accruals on the claw A stock
-V. 136, p. 2264.
will amount to $2 per share.
Yale & Towne Manufacturing Co.-Annual Report.
The remarks of W. Gibson Carey Jr., President, and Walter
C. Allen, Chairman of the Board, together with comparative
income statement and surplus accounts and a comparative
balance sheet, will be found in the advertising pages of today's issue.
Net sales
Cost of sales, &c
Western Ry. of Alabama.-Earnings.FebruaryGross from railway
Net from railway
Net after rents
From Jan 1
Gross from railway_..Net from railway
Net after rents
-V.136, p. 3155.
Ma* 31 1934
Income Account for Calendar Years.
1933.
1932.
1031.
1930.
$7,627.720 $6,216,121 $9,766,035 $14,026.694
7.380,719 6,729,535 10.198,501 14,172.817
Net loss
prof
.$247,001
Int. and diva. rec. and
miscellaneous income..
239,289
$432,466
201,961
227,244
376.117
8486,290 loss$311,453 loss$205,222
449,983
468,769
521,028
Total net earnings_ _ _ _
Depreciation
Net deficit
Dividends (cash)
$146,123
$513,414
$229,994
526,925
sur$36,307
286,369
8780,222
483.806
$726,250
851.648
$296,931
1,459.968
Deficit
$250,062 $1,264.028 $1.577.898 $1,756,899
Profit and loss surplus_ _ 4,433,154 4,633,460
7,068,912
9,398,707
Shares capital stock out486.656
standing (par $25)--486.656
486,656
486,656
Nil
Nil
Earnings per share
$0.08
Ni
Balance Sheet Dec. 31.
1933.
Assets
8
1,160,92
Cash
Marketable secure.
at mkt. value 2,308,469
a Receivables _ _ 1,479,636
Mdse. Inventories_ 3,349,573
Investml in co.'s
capital stock_ _ _
177,152
Em pi. loans for stk.
& home perch.
291,992
(secured)
b Plant & enuip't_ 7,730,897
Inv. In & advs. to
subs. & oat. cos. 694,164
Trade-marks, pats.
1
and good-will_ _
prepaid insurance,
87,494
taxes, .3Le
1932.
1933.
1032.
htabtllltes$
$
$
2,173,872 Accounts payable_ 362,452
214,584
Dividends payable
120,339
71,048
all
2,285,156 Reserves for taxes
202,103
4: other accruals 247,251
976,684
3,030,481 Capital stock
12,166,400 12,166,400
768,192
Capital surplus...- 768,192
3,664,961 3,865,267
55,512 Earned surplus
322,370
7,747,559
683,919
1
61,329
17.280.306 17.338,880. Total
17,280,305 17,336.886
Total
a After reserve for doubtful accounts of $200,000. la After depreciation
reserves of $6.948,494 in 1933 and $6 633,125 in 1932.-V. 137, P. 3162.
Yazoo & Mississippi Valley RR.-Earnings.FebruaryGross from railway-Net from railway
Net after rents
From Jan 1Gross from railway
Net from railway
Net after rents
-1,7. 137. P. 4360.
1933.
1932.
1934.
1931.
$913,342
$737,735
$839,670 $1,308,990
26889,398,189
103,41964,027
51,191 def128,969 def121,557 det215,305
...
1,828,968
1.671,335
1,986,003
2,748,752
493,155
358.070
349,725
193,099
61.317 def101,590
def98.728 def372,378
Volume 138
Financial Chronicle
StRorts anti
2273
pacnnunts.
PUBLISHED AS ADVERTISEMENTS
CANADIAN PACIFIC RAILWAY COMPANY.
FIFTY-THIRD ANNUAL REPORT OF THE:DIRECTORS OF THE CANADIAN PACIFIC RAILWAY COMPANY —
YEARIENDED DECEMBER 31, 1933.
To the Shareholders:
The accounts of the Company for the year:ended December 31, 1933, show the following results:
Gross Earnings
$114,269,688.16
Working Expenses (including all taxes)._ _ _ _ 93,407,582.39
Net Earnings
*Special Income
$20,862,105.77
6.222,481.14
Deduct Fixed Charges
827,084,586.91
24,388,614.66
Surplus
Pensions
$2,695,972.25
1,438,811.48
Balance transferred to Profit & Loss and
Surplus Revenue Account
$1,257,160.77
PROFIT & LOSS AND SURPLUS REVENUE ACCOUNT
igirplus Revenue December 31, 1932
$167,069,695.48
Balance of Income for the year ended December 31, 1933_
1,257,160.77
$168,326,856.25
Deduct—
*Provision for depreciation of
Ocean and Coastal Steamships
$3,854,481.41
Exchange in connection with
retirement of securities(net) 111,477.88
Balance of unemployment relief expenditure, carried as
deferred charges December
31,1932
6,327,616.37
Loss on lines abandoned, property retired and not replaced,
and miscellaneous debits _ _ _ _ 2,039,600.73
Provision for losses in respect
of investment in lines in the
United States controlled
through stock ownership_ _ _ 4,000,000.00
16,333,176.39
Surplus Revenue December 31, 1933, as per
Balance Sheet
$151,993,679.86
* Special Income is before depreciation on Ocean and
Coastal Steamships. In 1932 provision of $500,000 for
such depreciation was deducted from Special Income.
EARNINGS AND:EXPENSES.
While the year 1933 witnessed a further decline in rail
gross earnings, there was a betterment in the net of $772;1'1
in comparison with the preceding year.
The gross earnings were $9,667,025 less than in 1972:
Passenger traffic earnings declined $2,437,535, decreases
being recorded in each month -throughOut theiyear=7
in December.
7Fieiglit earnings declinee$6,196,1477Minqr
clue to reduced grain traffic, there having been a decThase
-- of 34% in such traffic during the period August 1, the beginning of thTh
---year, to Decembei 31, as compared with
•cp
the corresponding period in 1932.
The working expenses, including taxes, were $10,439,146
less than in 1932. Of this amount $2,182,290 was in maintenance expenses, and $6,987,492 in transportation expenses.
The ratio of transportation expenses to revenue improv7d
- t1
173;rr
from 40.8% in 1932 to 38.2% in 1933. During 111
the average freight train loading increased substantially,
gross tons per freight traintraile being 1,426 in 1932 and
1,515 in 1933. The fuel consumption improved from 114
lbs.F.er gross ton mile in 1932 to 112 lbs. in 1933.
After protracted negotiations and proceedings before
Boards of Conciliation under the Industrial Disputes Investigation Act, further revisions of wages were made, so that
at the close of the year, except in respect of a group of employees with whom negotiations were unfinished, a deduction of fifteen per cent, from basic rates of pay of all classes
of officers and employees was in effect, and in the case of
the higher positions in the service twenty per cent. The
deduction of twenty-five per cent. from Directors' fees was
continued, and the deduction from the President's salary
increased at his request to forty per cent.
The working expenses for the year, including all taxes,
amounted to 81.74% of the gross earnings, as compared with
83.79% in 1932. Excluding taxes, the ratio of working
expenses to gross earnings w:s 78.12% as against 80.42%
in 1932.
Your Directors wish to again pay tribute to the spirit of
loyalty displayed by all officers and employees in the fulfilment of their duties during the past year. Reductions of
pay and trying conditions have in no way impaired their
efforts to give efficient service and maintain the reputation
of the Company.
SPECIAL INCOME.
Special Income for the year improved somewhat over
1932. Net revenue from Miscellaneous Investments included a stock dividend of ten per cent. and a cash dividend
of six per cent. from the Consolidated Mining and Smelting
Company. Due to the changes in the price of Sterling and
U. S. Funds, the amount to the credit of Exchange was
$1,071,525 less than in 1932. The net earnings before depreciation of your Ocean and Coastal Steamship Lines reflect
a moderate increase over the preceding year. There was a
decrease of $75,509 in gross earnings of the Communications
Department, but, as expenses were reduced $280,903, there
was an increase in net earnings of $205,394. Gross earnings
of Hotels decreased $380,930, and expenses $661,640, an
improvement in the net results of $280,710. Other properties administered, the income from which is included under
Special Income, have been most carefully managed and the
favorable reversal in the trend of net results is encouraging.
Owing to the depression in all branches of the shipping
industry, the "Empress of France," "Minnedosa," "Metaguma," "Bolingbroke" and "Bothwell" were not commissioned during the year, and the last named two were
sold. The "Empress of Australia," "Melita,""Montealm,"
"Montrose" and "Duchess of Richmond" were laid up for
varying periods, but all other vessels of the fleet were constantly employed. Your Directors are glad to be able to
report that no serious accident to the vessels of your fleet
took place during the year.
LAND SALES.
Sales of agricultural lands for the year were 67,100 acres
for $716,925.41, an average of $10.68 per acre. Includea
in these areas were 2,619 acres of irrigated land which brougla
$44.80 per acre, the remainder averaging $9.30 per acTe.
ACCOUNTS.
An amount of $3,854,481 was appropriated from Surplus
for steamship replacement, representing the full annTal
depreciation requirement of your Ocean and Coastal fleets
for the year.
In view of the aggravated unemployment situation the
Company kept its principal repair shops operating throughout the year on a restricted schedule. All expenditures
incurred during the year have been taken up in the year's
working expenses. Expenses incurred during former years
for unemployment relief purposes, and treated as deferred
charges, have been charged to Surplus, with a consequent
Financial Chronicle
2274
increase in Reserve for Contingencies and Unadjusted
Balances.
During the year the abandonment of nineteen miles of
line between Bolton and Melville, and twenty-one miles
between Burketon and Lindsay was completed. The necessary adjustments have been made in the Property Account.
The operating results of your controlled lines in the United
States showed some improvement, but, as they were still
operated at a loss, a further provision of $4,000,000 was made
to provide against possible future writing down of the investments in these properties.
The investments of the Insurance Department have been
included amongst the assets of the Company, and the
Insurance Reserve included on the liability side of the Balance
Sheet.
DIVIDENDS.
Your Directors regret to announce that the results of the
year's operations, coupled with the general situation, do
not warrant the declaration of dividends on the Preference
or Ordinary Stocks in respect of the year 1933. It may be
stated, however, that the earnings of December, 1933,
and January and February, 1934, show a gratifying improvement over those of the same peiod a year ago, and that
the present indications point to the probability of a continued
improvement.
PENSIONS.
The amounts appropriated for pensions during the last
few years have been less than the actual payments made, so
that it has been necessary to draw upon the balance in the
Pension Fund accumulated during previous years. There
has been charged against this year's results $1,438,811
which, together with the balance remaining in the Fund,
was sufficient to meet the pension payments. It has been
decided that,effective January 1,1934, pension payments will
be charged currently to working expenses, thus conforming
to the general practice of Railways in this respect.
During the year 325 employees were pensioned. The
total number on the pension roll at December 31, 1933,
was 2,350.
53
Under 60 years of age
208
Between 60 and 65
876
Between 65 and 70
1,213
Over 70 years of age
2,350
Total
CAPITAL EXPENDITURES.
In anticipation of your confirmation, your Directors
authorized Capital Appropriations, in addition to those
approved at the last Annual Meeting, aggregating for the
year 1933, $718,368. During the year 1933 the retirement
of property exceeded the additions and betterments, with
the result that investment in railway, rolling stock equipment,lake and river steamers and hotels decreased $862,102.
Approval is requested for capital expenditures during the
present year of $2,625,957. Particulars of the principal
items are:—
Replacement and enlargement of structures in per2,364
manent form
Additions and betterments to stations, freight
sheds,coaling and watering facilities and engine16,637
houses
Ties, tie plates, rail anchors, ballasting, ditching
1,886,150
and miscellaneous roadway betterments
Replacement of rail in main and branch line tracks
11,558
with heavier section
7,914
Additional terminal and side track accommodation_
Additions and betterments to communication sys155,504
tem
14,300
Installation of automatic signals
4,970
British Columbia Coast Steamships
13,500
British Columbia Lake and River Steamers
368,060
Additions and betterments to equipment
The prospective retirements of property in 1934 will, it
is anticipated, again exceed the capital expenditures for
which approval is now requested.
FINANCE.
Owing to continued unfavourable conditions of the financial
market, no Capital Stock or Consolidated Debenture Stock
was sold during the year. For the purpose of retiring
obligations maturing in 1933 and, 1934, your Company
Mar. 31 1934
borrowed from Canadian Banks the sum of $60,000,000,
repayable in five years with interest at five per cent. per
annum, secured by pledge of Consolidated Debenture
Stock to the aggregate principal amount of $100,000,000,
and by guarantee of the Dominion Government. Out of
the loan, obligations maturing during the year, amounting
to $38,750,000, were redeemed, and $1,411,100 of securities
maturing in 1934 were acquired.
MINNEAPOLIS, ST. PAUL AND SAULT STE. MARIE
RAILWAY.
Prolonged drouth in the territory traversed by the railway greatly reduced the volume of grain handled, but improvement in other lines of traffic and reduction in expenses
enabled the company to show a decrease in net income deficit
of approximately $700,000 as compared with the preceding
year. In pursuance of its guarantee obligations, and to
preserve your interests in the property, your Company
advanced to the Soo Line $5,493,866, of which $916,581
was repaid during the year.
AGREEMENT.
Your confirmation and approval will be asked of an
Agreement to be retroactive to January 1, 1930, between
your Company of the one part and His Majesty King George
V, in the right of the Dominion of Canada, and The Commissioners of the Transcontinental Railway of the other
part, amending and supplementing the Agreement between
the parties dated January 1, 1915, in reference to the joint
use by the Transcontinental of your Company's passenger
and freight facilities at the City of Quebec.
CO-OPERATION WITH CANADIAN NATIONAL RAILWAY COMPANY.
The Bill providing for co-operative measures between your
Company and the Canadian National Railway Company
with a view to mutual economies, to which reference was
made at the last Annual Meeting, became law on July 1,
1933. During the year measures were agreed upon and put
put into effect, such as the pooling of train services between
certain common points, and the consolidation of certain
terminal facilities. None of these were of great magnitude,
but they have proved mutually advantageous in the direction
of economy. Many other and larger matters have been
the subject of study and discussion, and your Directors
believe that the new year will witness more important
achievements in the same field.
STOCK HOLDINGS.
The holdings of the Ordinary and Preference Stocks of
the Company in December, 1933, were distributed as
follows:—
ORDINARY
PREFERENCE Percentage of
PercentPercent- Ordinary and
No. of age of No. of age of
Preference
holders Stock holders Stock
combined
Canada
United Kingdom
and other British
United States
Other countries_ _ _
32,447 18.46
85
.46
13.13
21,327 48.05 27,659 97.83
17,417 27.55
33
.58
4,637 5.94
201 1.13
62.79
19.57
4.51
75,828
27,978
DEATH OF HON. FREDERICK L. BEIQUE, K. C.
It is with deep regret that the Directors have to report
the loss sustained by the Company in the death on September
12, 1933, of the Hon. Frederick L. Beique, K. C., who was a
Director since 1917, and who was also a member of the
Executive Committee of the Board.
The vacancy on the Executive Committee created by the
death of Senator Beique has been filled by the appointment
of Mr. William A. Black to that Committee.
RETIRING DIRECTORS.
The undermentioned Directors will retire from office at
the approaching Annual Meeting. They are eligible for
re-election:—
Sir Charles Gordon, G.B.E.
Mr. Ross H. McMaster
Rt. Hon. Reginald McKenna
Mr. James A. Richardson
Mr. W.J. Blake Wilson
For the Directors,
E. W. BEATTY, President.
Montreal, March 12, 1934.
2275
Financial Chronicle
Volume 138
CANADIAN PACIFIC RAILWAY COMPANY.
GENERAL BALANCE SHEET, DECEMBER 31, 1933.
ASSETS.
Property Investment:
Railway, Rolling Stock Equipment, Lake and River Steamers and Hotels
Ocean and Coastal Steamships
Acquired Securities (Cost)
Advances to Controlled Properties and Other Investments
Investments and Available Resources:
Dominion, Provincial and Municipal Securities (Cost)
Mortgages Collectible and Loans and Advances to Settlers
Miscellaneous Investments (Cost)
Insurance Fund Investments
Deferred Payments on Lands and Townsites
Assets in Lands and Properties
Working Assets:
Material and Supplies on Hand
Insurance Prepaid
Agents' and Conductors' Balances
Net Traffic Balances
Accounts due from Dominion, Imperial and United States Governments
Miscellaneous Accounts Receivable
Cash on Hand
70,926,969.02
116,436,893.17
181,746,612.77
$1,169,110,474.96
18,824,889.63
$3,103,439.24
3,366,093.31
34,102,748.03
8,233,882.51
48,650,457.27
54,257,484.00
151,714,104.36
$17,183,809.05
209,225.10
4,878,040.04
491,820.36
629,084.29
7,384,694.21
29,498,784.26
60,275,457.31
$1,399,924,926.26
LIABILITIES.
Capital Stock:
Ordinary Stock
Four Per Cent. Preference Stock
$335,000,000.00
137,256,921.12
Four Per Cent. Consolidated Debenture Stock
Less: Pledged as collateral to bonds and notes
$515,911,548.74
224,500,000.00
Bonds and Notes
Less: Securities deposited with Trustee of 5% Equipment Trust
$205,409,700.00
4,550,313.78
$472,256,921.12
291,411,548.74
200,859,386.22
Twenty Year 4
Sinking Fund Secured Note Certificates (1944)
Less: Purchased by Trustee and cancelled
$30,000,000.00
8,685,800.00
$21,314,200.00
134,706.96
Less: Amount held by Trustee
21,179,493.04
Current:
Audited Vouchers
Pay Rolls
Miscellaneous Accounts Payable
$4,245,966.56
2,520,159.19
2,157,457.07
8,923,582.82
1,474,008.83
Accrued Fixed Charges
Deferred:
Dominion Government Unemployment Relief
Miscellaneous
$2,447,222.71
322,437.30
2,769,660.01
Reserves:
For Equipment Replacement
For Steamship Replacement
For Insurance
For Contingencies and unadjusted balances
For Investments
Premium on Capital Stock Sold (Less discount on bonds and notes)
Land Surplus
Surplus Revenue
$8,717,784.31
31,513,584.95
8,233,882.51
9,553,010.08
8,000,000.00
66,018,261.85
66,993,894.72
116,044,489.05
151,993,679.86
$1,399,924,926.26
L. B. UNWIN, Comptroller.
AUDITORS' CERTIFICATE.
We have examined the Books and Records of the Canadian Pacific Railway Company for the year ending December 31,
1933, and having compared the above Balance Sheet therewith, we certify that, in our opinion it is properly drawn up so
as to show the true financial position of the Company at that date, and that the statements of Income and of Profit & Loss
and Surplus Revenue correctly set forth the result of the year's operations.
Montreal, March 9, 1934.
PRICE, WATERHOUSEI& CO.,
Chartered Accountants, (England).
Financial Chronicle
2276
Mar. 31 1934
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
SEVENTY-EIGHTH ANNUAL REPORT FOR THE!FISCALIYEAR 1933.
To the Stockholders:
Net income for 1933 amounted to $4,364,882, contrasted
with a deficit of $842,595 in 1932. A special dividend of
$1,162,545, received from the American District Telegraph
Company (N J.), is included in the income for 1933.
Operating revenues in 1933 aggregated about $82,300,000,
or nearly as much as those of the preceding year, notwithstanding that in the early months of 1933 telegraph business had declined to the lowest level of the depression. The
improvement in general business is reflected in the reversal
of the trend of telegraph revenues, which during the last
half of 1933 exceeded those of the corresponding period of
the preceding year by about 8%,although there had been a
decrease of about 9% for the first half.
Although the economy program has been successfully
pursued and operating expenses further reduced by about
$4,800,000, without sacrifice of efficiency, the wage deduction of 10%, in effect since August 1, 1932, was terminated
July 1, 1933, and $4,000,000 was thus added to the annual
pay of our employes. Vacations with pay were partially
restored effective January 1, 1934.
The capacity of the plant being ample, new construction
was restricted.
On December 31, 1933, the Western Union System comprised 217,828 miles of pole lines, 3,959 miles of landline
cable, 1,864,643 miles of wire, 30,778 nautical miles of
ocean cable and 21,261 telegraph offices, and, in addition,
over 16,000 telegraph agency stations, a total of almost
40,000 offices and stations.
The $1,500,000 First Mortgage 432% Bonds of Northwestern Telegraph Company, due January 1, 1934, guaranteed as to principal and interest by Western Union, were
extended to January 1, 1944, and your Company acquired
$1,338,000 of these bonds. The Company has no indebtedness to banks.
Reserves for Depreciation and Development aggregated
about $41,200,000 at the end of 1933. Particular attention
has been given to maintaining the plant in a high state of
operating efficiency.
At the close of 1933 there were 33,181 stockholders. Of
this number, 31,970 held one hundred shares or less, and
27,348 held twenty-five shares or less. During the year the
total number of stockholders decreased by 3,600.
We shall indulge in no prophecies or generalities. The
foregoing shows that the Company has discharged its public
duties by maintaining a high degree of dispatch and accuracy in this the senior and largest telegraph communication system in the world. Your plant, equipment and
organization are designed and ready for a volume of business.
Meanwhile, as general business improves, we too improve,
and for those stout hearts who believe in the future we
can but repeat that your plant is in good order and your
organization efficient and loyal, as has been demonstrated
in the tidal rushes of emergency business. Your Company
stands ready to do its part in the recovery of business.
THE WESTERN UNION TELEGRAPH COMPANY
INCOME AND SURPLUS ACCOUNTS FOR THE YEAR
ENDED DECEMBER 31, 1933
INCOME ACCOUNT.
182,308,606.61
Gross Operating Revenues
Deduct:
Operating Expenses, including Repairs, Reserved for De75,275,466.49
preciation, Rent for Lease of Plants. Taxes, etc
17,0321140.12
Add:
Income from Dividends and Interest
2,684,818.08
$9,717,958.20
Deduct:
Interest on Bonds of The Western Union Telegraph
Company
Balance transferred to Surplus Account
$93.396,031.38
Deduct:
Adjustments of Surplus (Net)
230,277.73
Surplus at December 31, 1933, as per Balance Sheet
$93,165,753.65
THE WESTERN UNION TELEGRAPH COMPANY
BALANCE SHEET DECEMBER 31, 1933
ASSETS.
Property Account:
Plant, Equipment and Real Estate, including properties
controlled by stock ownership or held under perpetual
leases and merged in the Western Union System
8333,729,279.04
Amount recoverableion the expiration of long term lease
respect of obligations assumed thereunder
1.180,000.00
1334,909,279.04
Other Securities Owned:
Stocks of Telegraph, Cable and Other Allied Companies
operated under term leases (not including securities
held as Lessee)
$5,236,781.60
Securities of Telegraph. Cable and Other Companies_ _ _ 7,559,398.39
$12,796.179.99
Inventories of Material and Supplies
$8,142.687.24
Current Assets:
Accounts Receivable, including Managers' and Superintendents' balances, etc. (less Reserve for Doubtful
Accounts)
$9,327,428.98
Marketable Securities
185,669.48
Treasurer's balances
8,929,833.17
818,442,931.63
Deposits Under Workmen's Compensation Laws
$241,895.29
Deferred Charges to Operations
$2,212,989.49
Total
1376,745,962.68
LIABILITIES.
Capital Stock:
Authorized
1105,000,000.00
Issued
Less—Held in Treasury
$104,559,200.00
31.280.84
$104,527,919.16
Capital Stock of Subsidiary Companies
not owned by The Western Union
Telegraph Company (par value):
Companies controlled by perpetual
leases
$1,333,900.00
Companies controlled by stock ownership
427,850.00
1,761,750.00
Funded Debt:
Bonds of The Western Union Telegraph
Company:
Funding and Real Estate Mortgage
4%%,1950'
$20,000,000.00
Collateral 5% Trust, 1938
8,745,000.00
Fifteen Year 6%%.1936
15,000.000.00
Twenty-five Year 5%,1951
25,000.000.00
Thirty Year 5%.1960
35,000,000.00
Total
Bonds of Subsidiary Companies
Less—Held in Treasury
Total
Real Estate Mortgages
Total Capital Liabilities
8103,745,000.00
$6.500,000.00
3.143,000.00
83,357,000.00
$764,000.00
107,866.000.00
$214,155,669.16
Current Liabilities:
Notes Payable
Audited Vouchers and Miscellaneous Accounts Payable- 16,572.143.33
3,561.939.65
Accrued Taxes (Estimated)
Interest and Guaranteed Dividends accrued on Bonds
1.287.939.92
and Stocks
$11,422,022.90
Deferred Non-Interest Bearing Liabilities, in respect of
proceeds of sales of securities and other property, held
under leases for terms expiring in 1981 and 2010, from
companies in which The Western Union Telegraph Company has, for the most part, a controlling interest,
payable on the terminations of the leases
$13,268,307.19
for:
Depreciation and Development—Land Lines and Cables_ $41,179,488.55
Employes' Benefit Fund
1,410,414.67
Other Purposes
2,144,306.56
$44,734,209.78
5,353.075.88
$4,364.882.32
Note.—Amount appropriated for depreciation and included in operating
expenses for 1933 was $4,229,000.00.
SURPLUS:ACCOUNT.
Surplus at December;31,!1932
889,031,149.06
Add:
Balance from Income Account for year ended December
31, 1933
4,364.882.32
Surplus (as per Annexed Account)
Total
$93,165.753.65
1376.745,962.68
2277
Financial Chronicle
Volume 138
_
The Commercial Markets and the Crops
COTTON -SUGAR
PETROLEUM
COFFEE -GRAIN -PROVISIONS
RUBBER-H IDES
-WOOL-ETC.
-DRY GOODS
METALS
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed INDICATIONS OF BUSINESS ACTIVITY.
COFFEE trading was generally light and prices on the
24th inst. advanced 12 to 17 points on Rio contracts and
13 to 23 points on Santos. Advices from Brazil that coffee
destruction would continue and stronger Brazilian cables
led to buying. On the 26th inst. futures ended with Santos
contracts 9 to 12 points higher and Rio 10 to 16 points higher
with sales of 14,000 bags;of the former and 4,000 bags of the
latter. On the 27th in t. futute3 ended w th Santos contracts 19 to 25 points lo er with sales of 11,000 bags and
wit Rio contracts 19 to 21 poi ts off with sales of 1,250
bags. Cost and freight offering • were liberal but steady.
On the 28th inst. trading was quiet, reflecting the dullness
in the actual market. Santos contracts closed unchanged
to 3 points higher with sales of 5,000 13.,gs and Rio ccntracts
closed 3 to 5 up on silks of 4,500 bags. On Thur day it
was a dull market but prices ended 13 to 14 points higher
on Santos contracts with sales of 7,750 bags and 9 to 12
points higher on Rio.
Rio prices closed s follows:
8.341
July
Santos pric•.s closed as follows:
10.79 ®10.801December
Hal@11.131•
July
September
11.23011.25
COCOA was more active and on the 24th inst. futures
ended 2 to 5 points higher at 5.39c.for July; 5.59c.for Sept.;
5.67c. for Oct., and 5.82c. for Dec. On the 26th inst.
futures closed 2 to 3 points lower with sales of 1,397 tons.
May ended at 5.1 c.; July at 5.37c.; Sept. at 5.57c.; Oct. at
.80c.; Jan. at 5.880., and March at 6.07e.
'
5.650.• Dec. at ,
On the 27th inst. futures declined 13 to 15 points under
Wall Street liouidation. Sales were 2,332 tons. May
closed at 5.030; July at 5.23c.; Sept. at 5.43c.; Oct. at 5.51c.;
n the 28th inst. futures closed 6 to 7
and Dec. at 5.67c.
points higher with sal s of 549 tons. May ended at 5.09c.;
July at 5.290.; Sept. at 5.50e., and Oct. at 5.57c. On
Thursday futures were moderately active and ended 8 to 9
point higher; sales 1,447 tons. Warehouse stocks here
continued to gain. May closed at 5.18c.• July at 5.37c.;
Sept. at 5.58c.; Oct. at 5.66c., and Dec. at 5.82c.
SUGAR showed a declining tendency during the week in
rather light trading. On the 24th inst. prices ended 1 to 2
points higher with sales of 10,150 tons. On the 26th inst.
there was a reversal in trend and the ending was 2 to 3 points
higher with sales of 16,550 tons. On the 27th inst. however,
there was a decline of 4 to 5 points on sales of 10,800 tons.
Duty-free raws sold at 2.95c., the recent low point. On the
28th inst. after an early decline rallied on news of the introduction of a revised sugar bill in Congress and ended 1 point
lower to 2 points higher with sales of 17,900 tons. The
new bill provides for a domestic beet sugar quota of 1,550,000
tons or 100,000 more than in the original proposal, and a
quota of 260,000 tons for domestic cane sugar producers.
On Thursday futures ended 2 to 3 points higher in response
to the general trend in other commodities. There was some
buying also on the fact that action on the allotment bill
appeared imminent. Sales were 11,550 tons. Raws were
firm with sellers asking 3c. against the current quotation of
2.95c.
Prices closed as follows:
May
July
September
-
1.53 December
1.58 March
1.62©1.63
1.68
1 72
LARD advanced on the 24th inst. 7 to 10 points on buying by commission houses, and packers inspired by the
strength of cotton oil and grain markets. Exports were
light, being only 59,050 lbs. to Rotterdam. Hogs were
steady with the top $4.55. Cash lard in tierces, 6.27c.
A
refined to Continent, 47 to 5c.; South America, 5 to 5 8c.
On the 26th inst. buying by commission houses stimulated
by the strength of cotton oil and commodity markets generally caused a firmer market and prices closed unchanged
to 5 points higher. At one time prices were stronger but
liquidation by trade interests owing to heavier hog receipts
caused a setback. Exports were larger, being 1,056,035
lbs. to London, Liverpool and Rotterdam. Hogs were 5c.
higher with the top $4.60. Cash lard was steady. On the
27th inst. selling induced by the weakness in grains caused a
decline of 15 to 20 points. There were rallies at times on
trade buying. Exports were 973,700 lbs. to London,
Southampton, Glasgow and Copengahen. Hogs were
weaker, closing 100. lower with the top $4.60. Cash lard
in tierces, 6.15c.; refined to Continent, 4% to 5c.; South
/
America, 47gc. On the 28th inst. there was nothing in the
news to influence buying and prices declined 2 to 5 points
on scattered liquidation. Exports were 827,120 lbs. to
Bristol, Genoa, Naples, Malta,Trieste and Fiume. Cash lard
/
in tierces,6.12c.;refined to Continent, 430.; South America,
47gc. On Thursday there was an early advance on buying
/
stimulated by the strength in other markets but later prices
reacted on selling induced by the weakness in corn and lower
hog prices a,nd the ending was unchanged. Hogs were 5 to
10c. lower owing to heavier receipts and the top was $4.55.
Cash lard was steady.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Mon. Tues. Wed. Thues. Fri.
Sat.
6.25
6.25
6.27
6.42
6.42
Hol.
6.30
6.30
6.35
6.52
6.47
6.50
6.52
6.55
6.70
6.67
May
July
September
PORK, steady; mess, $20.25; family, $21 nominal; fat
backs, $15 to 1615.50. Beef, steady; mess, nominal; packer,
nominal; family, $10.50 to $12 nominal; extra India mess,
nominal. Cut meats, firm; pickled hams, 4 to 6 lbs. 9Xc.;
' 2
6 to 10 lbs., 9c.; 14 to 16 lbs., 13c.; 18 to 20 lbs., 113/e.;
22 to 24 lbs., 10c.; bellies, clear, f. o. b. New York, pickled,
/
6 to 8 lbs., 13c.• 8 to 10 lbs., 123 0.; 10 to 12 lbs., 12Mc.;
'
bellies, clear, dry salted, boxed, New York, 14 to 16 lbs.,
%
%
%
93c.; 18 to 20 lbs., 9.1 c.; 20 to 30 lbs., 93 c. Butter,
creamery, firsts to higher score than extra, 23 to 243/2c.
Cheese, flats, 16 to 19c. Eggs, mixed colors, checks to
4
special packs, 153/i to 211 c.
-Linseed was generally quoted at 8%c. for tanks
OILS.
but trading was so small that it was really no test for prices.
Domestic seed markets were higher recently. Cocoanut,
Manila, coast tanks, 2W, to 2%c.; tanks, New York spot,
%
25 to 23 c. Corn, crude tanks, f. o. b. Western mills,
4
43 0. China wood, N. Y. drums, delivered, 8c.; tanks,
/
spot, 7.6 to 7.8c. Olive, denatured spot, Spanish, 88 to
90c.; shipments, Spanish, 88c. Soya bean, tank cars,
f. o. b., Western mills, 6 to 63/20.; cars, N. Y., 7c.; L. C. L.,
7.5c. Edible, olive, $1.60 to $2.15. Lard, prime, 93'2c.;
extra strained winter, Sc. Cod, Norwegian, dark, 31c.;
light filtered, 32c. Turpentine, 52 to 66c. Rosins, $5.60
to $6.55. Cottonseed oil sales on Thursday including
switches, 9 contracts. Crude, S. E., 43/2e. Prices closed
as follows:
April
June
July
5.15
5.30(45.38
5.35(45.55
5.58(45.60
August
September
October
November
5.605.80
5.785.80
5.84 5.89
5.85(45.95
-The summary and tables of prices forPETROLEUM.
merly appearing here regarding petroleum will be found on
an earlier page in our department of "Business Indications,"
in the article entitled "Petroleum and Its Products."
RUBBER was rather quiet. Prices on the 24th inst.
closed 20 to 25 points higher with March at 11.00c., May at
11.11c., June at 11.25c., July at 11.40c. September at
11.70c. October at 11.820., December at 12.02c. and January at f2.12c. On the 26th inst. there was a decline however
of 10 to 15 points after sales of 4,120 long tons, March closed
at 10.90c., May at 11.00c., July at 11.30c. September at
11.56c., October at 11.68e., December at 11:90c. and January at 11.97c. On the 27th inst. futures declined 5 to 12
points with sales of 3,950 tons. On the 28th inst.
after being 8 to 11 points higher in the early dealings, prices sagged and ended unchanged to 1 point
higher with sales of 1,810 tons. Ma closed at 10.92 to
10.95c., July at 11.210. and September at 11.47 to 11.48c.
On Thursday prices closed 19 to 23 points higher on good
trading. Sales amounted to 4,000 tons. The local price
for spots advanced to 11c. April ended at 11.03c., May at
11.11c., July at 11.43c., September at 11.70 to 11.71c.,
October at 11.82c. and December at 12.03c.
HIDES were dull. On the 24th inst. prices advanced
15 to 25 points and ended with June at 10.85c., Sept. at
11.50c. and Dec. at 11.90e. On the 26th inst. there was a
further advance of 25 to 30 points with sales of 2,120,000 lbs.
June ended at 11.05c., Sept. at 11.75c.., Dec. at 12.15c.
and March at 12.55c. On the 27th inst. hides recovered
nearly all of an early decline of 10 to 25 points, ending unchanged to 5 points off on trading of 1,240,000 lbs. June
closed at 11.00 to 11.05c., Sept. at 11.75c. and Dec. at
12.15 to 12.25c. On the 28th inst. prices ended unchanged
with sales of 440,000 lbs. June closed at 11.00 to 11.05c.
and Sept. at 11.75c. On Thursday prices closed 15 to
20 points higher with sales of 1,280,000 lbs. There was
relatively more activity. June ended at 11.20 to 11.30c.,
Sept. at 11.95c. and Dec. at 12.35 to 12.45c.
OCEAN FREIGHTS were slightly more active.
CHARTERS included: Grain booked.
-9 loads to Hamburg at 7c.,
a few to Rotterdam at Sc.. sonic to Copenhagen at I2c.• a few loads from
New York to Rotterdiun at 5c. Sugar.
-Cuba. April to United Kingdom'
Continent. 13s.: Cuba to United Kingdom-Continent, April. 13s. Trips.
West Indies, round, $1.15; prompt North Atlantic redelivery United
Kingdom-Continent, $1.65: prompt Canadian, round, 8c.; Gulf, prompt
trip, up $1.05: prompt, Gulf to Canada, about $1.30.
COAL continued in good demand especially in the West
where temperatures were rather low. In the East, however,
2278
Financial Chronicle
it was much warmer. Production of bituminous coal last
week was approximately 8,600,000 tons, the largest since
the week ended Jan. 24 1931. This is an increase for the
week of 33,000 tons, whereas a decline was looked for. For
the calendar year to March 24 output was 22,000,000 larger
than last year. For three weeks it was 25,522,000 with the
week average 8,507,000 tons against 15,747,000 and 5,249,000 tons respectively a year ago.
SILVER was relatively quiet during the week. On the
24th inst prices advanced 26 to 53 points owing apparently
to more optimism concerning the settlement of the automobile
labor question. May ended at 45.96c., July at 46.40c. and
Sept. at 46.90c. On the 26th inst. futures closed 18 points
lower to 6 points higher with sales of 1,450,000 ounces.
Nearby deliveries were steady on covering and some local
buying. March ended at 45.85c., May at 46.02c., July at
46.40c. and Sept. at 46.72c. On the 27th inst. futures
declined steadily and ended 30 to 42 points•lower on sales
of 1,875,000 ounces. March closed at 45.45c. April at
45.55c., May at 45.65c. July at 46.05c., Sept. ra 46.30 to
46.40c. and Dec. at 46.90c. On the 28th inst. futures closed
5 to 21 pcints lower with sales of 2,675,000 ounces. March
ended at 45.55c., April at 45.34 to 45.35c., May at 45.50 to
45.55c. July at 45.93c. Sept. at 46.20 to 46.30e. and Dec.
at 46.80c. On Thursday prices closed with net gains of
38 to 55 points with sales of 2,925,000 ounces. The local
bar price was Mc. higher at 4532c. April ended at 45.75
to 45.90c.; May, 45.90 to 46.00c.; July, 46.33 to 46.38c.•
Sept., 46.70c., and Dec., 47.40c.
COPPER was in better demand and firm at 8c. for domestic delivery. With talk of inflation following the overriding
of the President's veto and the signing of the copper code
imminent there was more interest in the market. Foreign
quotations were higher ranging from 8.15 to 8.300. with a
good demand.
TIN advanced to the high for the year when spot Straits
reached 55.15c. on the 29th inst. A rise in sterling and the
advance in London were the strengthening factors. American deliveries in March were 3,835 tons. The stock here
was 4,755 tons and the amount landing 1,704 tons, making a
total in sight of 6,459 tons. In London on the 29th inst.
spot standard was El 2s. 6d. higher at £238 12s. 6d.; futures
up 15s. to £237; sales 100 tons of spot and 550 tons of futures;
spot Straits rose £1 2s. 6d. to £241 12s. 6d.; Eastern c.i.f.
London unchanged at £238 15s.
LEAD was in good demand and firm at 4c. New York
and 3.90c. East St. Louis. Battery makers and pigment
interests were the best buyers. Spot lead in London on
the 29th inst. was is. 3d. higher at £11 12s. 6d.; futures
unchanged at £11 16s. 3d.; sales 300 tons of spot and 300
tons of futures.
ZINC was easier at 4.30c. East St. Louis. This is a decline of $2.from the price of a week ago. In London on the
29th inst. spot was 5s. higher at £15 2s. 6d.• futures off 2s.
'
6d. to £15 5s.; sales 150 tons of spot and 300 tons of futures.
operations dropped slightly from a
-.Although
STEEL.
week ago, there were reports of a better demand, especially
for the heavier products. There was less demand for tin
plate and purchasing by automobiles has apparently passed
its peak. Railroads were the best buyers and it is estimated that some 150,000 to 200,000 tons of rails are yet to
be bought to complete the quota for 1934 estimated last
fall. Some 30,000 tons of rails were recently taken by the
Boston & Maine, and the New York Central is expected
to be in the market for 40,000 tons very soon. It is now
asking for second-quarter requirements on repair steel,
about 11,000 tons. Quotations: Semi-finished billets, rerolling,$26 to $27; billets,forging,$31 to $32;sheet bars,$26;
slabs, $26; wire rods, $36; skelp, 1.60c. Sheets, hot rolled,
1.75c.; galvanized, 2.86c.; auto body, 2.60c.; strips, hot
rolled, 1.75c.; cold rolled, 2.40c.; hoops, 1.75c.; bands,
1.75c.; tin plate, per box, $5.25.
PIG IRON showed some improvement in the demand,
especially in the East, where the feeling was more optimistic.
Shipments continued at a moderate rate and regulation
prices were maintained. Quotations: Foundry No. 2
plain, eastern Pennsylvania, $18.50; Buffalo, Chicago,
Valley and Cleveland, 1617.50; Birmingham, $13.50. Basic,
Valley, $17; eastern Pennsylvania, $18; malleable, eastern
Pennsylvania, $19; Buffalo, $18.
WOOL was very quiet and slightly easier. Boston wired
a government report on March 28: "Very few sales are being
closed in the Boston wool market. While some inquiries
are being recorded on the finer quality Western grown wools,
the inquiries in most cases are not resulting in sales. A
weaker sentiment toward wool values is making it possible
for buyers, who have to cover limited current requirements
to buy at prices mostly on the low side of recent price ranges."
Boston wired a government report on March 29 which said:
"Trade is very quiet in the wool market. A very limited
amount of business is being transacted, but few buyers are
active and current purchases are running very small. Most
houses are not inclined to make any changes in asking prices
although some are willing to make slight concessions upon
receipt of firm offers. This attitude is resulting in most
sales being closed at prices nearer the low than the high side
Mar. 31 1934
of recent quotation ranges." At the Geelong wool sales
this week 12,000 bales offered and 86% sold. The market
was irregular as compared with previous sales, with greasy
mermos and comebacks par to 5% lower, fine crossbreds 5%
down. Greasy merinos sold up to 263cl., and comebacks to
%
2734d. The Perth sale scheduled for April 9 was postponed
until further notice.
SILK futures were quiet. On the 26th inst. prices ended
lc. lower to Mc. higher with sales of 1,020 bales. April
2
closed at $1.33, May at $1.34i/, September at $1.35M and
October at $1.36. On the 27th inst. there was a further reaction of 1 to 2c. with sales of only 670 bales. April ended
at $1.32, May at $1.32M to $1.33y2, June at $1.33 to $1.34,
July and August R1.34, September and October $1.342 and
4
November $1.34 to $1.34'/2. On the 28th inst. futures
closed 2 to 3Mc. lower with sales of 1,620 bales. April
ended at $1.283/ to $1.30, May at $1.304,June at $1.30 M
to $1.31, July at $1.31, August $1.31 to $1.32, September
and October $1.31'/ and November $1.31 to $1.3134.
On Thursday futures after some early irregularity steadied
in the later dealings and closed 1 to 33'c. higher with sales
of 1,010 bales. Yokohama was steady. April ended at
$1.304 to $1.32, May at $1.315/ to $1.324, June at $1.32
to $1.333,July at $1.33 to $1.34, August at $1.33 to 81.3334,
September at $1.33M, October at $1.34 and November at
$1.33M to $1.34.
COTTON
Friday Night, March 30 1934.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
64,579 bales, against 76,297 bales last week and 80,965 bales
the previous week, making the total receipts since Aug. 1
1933 6,530,196 bales, against 7,413,485 bales for the same
period of 1932-33, showing a decrease since Aug. 1 1933
of 883,289 bales.
Receipts atGalveston
Texas City
Houston
Corpus Christi
Beaumont
New Orleans._
Mobile
Pensacola
Jacksonvilie
Savannah
Charleston
Wilmington
Norfolk
Baltimore
Sat.
Mon.
6,007
---1,162
____
4,212
---905
300
4,087
39
3,243
200
770
139
850
4
6
541
135
12
54
Tntala this week_ 12.224 10.272
Tues.
Wed.
Thurs.
Fri.
Total.
7,428 3,265 2,491 2,305 25.708
------------239
239
1,333
503 1,212 4,243 9,358
----------------300
---163
163
____ 18,000
4,482 4,434 1,754
209 1,524
308
464
304
939
---- 3,794
244 1,841
61
61
499
888
494 2,650
89
417
79
151
---- 1,632
19
12
____
82
35
12
--- 106
962
962
15.4A0 0012 5(120 R R12 54 R70
The following tab e shows the week's total receipts, the
total since Aug. 1 1933 and stocks to-night, compared with
last year:
1933-34.
Receipts to
March 30.
1932-33.
This Since Aug This Since Aug
Week. 1 1933. Week. 1 1932.
Stock.
1934.
1933.
25,708 1,911,849 12,683 1,773,928 635,678 734,771
Galveston
239 175,315 1,935 221,194
Texas City
18,108
47,918
9,358 2.135,630 21,077 2,528,952 1,176,326 1,719,936
Houston
300 317,949 1,168 286.722
Corpus Christi_ -64,602
69,107
9,225
163
Beaumont
4,418
28,494
22,447
New Orleans_ _ _ _ 18,000 1,202,381 26,274 1,605,272 701,761 1,022,870
Gulfport
606
1,524 131,691 2,986 264,930
Mobile
92,825 124,649
Pensacola
3,794 134,676 1,235 119,300
15,578
31,948
13,424
61
Jacksonville
5,409
8,377
10,177
Savannah
2,650 159,048
630 129,564 120,539 154,470
Brunswick
32,549
35,696
Charleston
1,632 122,248 1,579 140,708
54,185
53,327
Lake Charles_ _ _ _
---- 102,095
758 151,825
73,000
30,155
Wilmington
82
20,697
866
49,372
17,495
24,696
106
Norfolk
37,061
598
46,752
52,443
18,364
Newport News_
8,689
New York
83,686 198,525
Boston
19,696
10,111
Baltimore
962
24,358
127
2,532
3,372
13,104
Philadelphia
Totals
64.579 6.530.196 71.015 7 412 4SIR 2 nR2 R12 4 252 512
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at- 1933-34. 1932-33. 1931-32. 1930-31. 1929-30. 1928-29.
Galveston...
Houston
New Orleans_
Mobile
Savannah ___ Brunswick..
Charleston_ __
Wilmington_ _
Norfolk
N'port News_
All others_ ___
25,708
9,358
18,000
1,524
2.650
12,683
21,077
26,274
2,986
630
1,632
82
106
1,579
866
598
5,519
5,223
13,313
6,776
1,054
2.820
Total this wk_
64,579
71,916
115,587
53,101
49,351
59,884
18,490
16,861
50,444
10,032
3,262
319
313
1,225
1,328
8,622
10,690
13,660
5.845
5,006
13,786
8,938
18,214
2,866
2,082
11,641
11,862
23.129
2.730
4.135
409
521
1,572
796
974
641
1,274
724
1,569
Since Aug. I R.5:10 1QR 7 415 4555 MR 52.5 5.077.351 7.583.252 5.527.1174
The exports for the week ending this evening reach a total
of 88,296 bales, of which 2,211 were to Great Britain, 5,672
to Prance, 30,711 to Germany, 285 to Italy, 37,709 to
Japan, 4,518 to China and 7,190 to other destinations. In
the corresponding week last year total exports were 75,739
bales. For the season to date aggregate exports have been
5,986,445 bales, against 6,032,878 bales in the same period
of the previous season. Below are the exports for the week:
2279
Financial Chronicle
Volume 138
is estimated, have bought some 10,000 to 15,000 bales.
Exported to
Aside from price fixing by the trade the demand was slow.
Week Ended
Mar. 30 1934.
The President's demand that Congress pass legislation for
GerExports from
- Great
supervision of Stock Exchanges with "teeth in it," the introBritain. France. many. Italy. Japan. China. Other. Total.
duction of a bill to regulate commodity exchanges, and a
2,253 30,429
12,479
2,865 12,832
Galveston
decline in stocks caused heavy liquidation and foreign sell17,477 3,312 3,310 31,883
7,784
Houston
500 4,170
181
3,489
Corpus Christi
ing. Liverpool closed quiet and 9 points lower. Southern
732
415
317
Texas City
spot markets were officially 7 to 17 points lower.
682
194
100
388
Beaumont
100 9,753
50 1,978 1.025
2.140 4,460
New Orleans
On the 28th inst. prices declined 15 to 19 points to the
245 4.580
1,700
1,479
350
806
Mobile
lowest level since Feb. 3, but late in the day came a rally
843
743
Jacksonville_. _ _
100
2,137
235
1,902
on covering due to the fear of what might come overnight
Pensacola
939
939
Panama CitY- - from Washington. Little attention was paid to better Liver1,014
244
770
Gulfport
173
173
cables than due. In the early dealings the trade was
New York
961
-. ge
a
375
Los Angeles_ _ _ _
fixing prices and houses with Continental and Japanese
connections bought, and there was some Wall Street and
285 37,709 4,518 7,190 88,296
2,211 5,672 30,711
Total
commission house buying. There was also some foreign buy8.417 1,576 25,551 9,066 20,281 2,200 8,648 75,739
Total 1933
ing on the progress of the Bankhead bill, but the trade here
28,492 29,601 30,810 3,999 26,466 23,167 29,099 171,634
Total 1932
contended that the bill had been deprived of many of its
Exported tosustaining features, and its failure to come up for a vote
From
Aug. 1 1933 to
caused considerable uneasiness. At the low point the marGerMar.30 1934. Great
Other. I Total.
ket was down about $4.50 a bale from the high of the season
Exports from
- Britain. France many. 'Italy. Japan.
reached on Feb. 13. Outside interest was lacking. The
237,821 223,668 217,176153.244 451.250 77,704 269,499 1630,362
Galveston
South, New Orleans and wire houses were selling. The May
226,796 242,973 397,388216.699 492,363 86,719 282,111 1945.049
Houston
94,935153,447 26,523 17,571 125,537 7,348 41,1041 366.465
Corpus Christi_
delivery was under considerable liquidation. On the other
____ 22.3161 113,453
2,685
Texas City... 19,2871 24,062 40,707 4,396
hand, aggressive selling was checked by the possibility of
3,253 2,141 1,6281 18.285
2,176 1,000
4,593
3,49
Beaumont _ _- 30.364126,0701987,312
New Orleans_ _ 239,548 101,451 215,684121,070 153,221
inflationary developments, although there was no news
8,856 23,749 23,744 2,857 17,761 8,080 23,0971 108,144
Lake Charles
from Washington indicating any immediate movement of
38,457 8,127 69,677 10,044 19,531 1,000 9,2891 156,125
Mobile
6701 11,786
8,498
2,618
Jacksonville
this kind. Southern spot markets were again lower. The
1,2921 82.813
20,420 1,432 31,496 12,924 15,24Pensacola
difference between American and Indian cotton in Liverpool
500 53,083
8,6001 8,500
_259 14,513
Panama City_ 20,711
6,798 136,788
widened to 194 English points as compared with about 90
100 59,602 1,202 12,613
Savannah
56,473
25 32,549
5.84'
Brunswick__ _ 26,67
points a year ago. This is reported to have influenced quite
1,944 101,108
66
44.711
54.008
Charleston_ _ _ _ 44,711
active selling by Bombay.
1,350 12,702
500
10,852
Wilmington_ _
360 15,146
5,719
274
955
7,040
Norfolk
On Thursday the passage by the Senate of the Bankhead
9,623
50
19
171
3,643
Gulfport
5,740
369
1,0981 1.398 7,733 27,189 bill infused more life in the market, and prices ended 22
7,420
283
8,908
New York_ ____ 5,598
6,050
205
101
146
Boston
to 26 points higher, or at about the top for the day. Liver2
110,297 3, 96 2,623 128,168
5,251
901
5,800
Los Angeles_
pool came better than due, and there was further infla1,862 1,605 44,080
____ 36,72
1,67
52
San Francisco.
1,688
165
165
tionary talk owing to the overriding of the President's veto
Seattle
of the Independent Offices Appropriation bill by the Senate.
1069,576687.156 1202,255 539,335 1453,885 228,411 805,827 5986,445
Total
A firmer tone to the stock market also helped in the later
1319,810244,607 767,598 6032,878
Total 1932-33_ 1064,619 695.8191348,632592,875
dealings. Many traders were evening up before the holiday.
Total 1931-32_ 1002,747 345,821 1280,566 500,329 1980,653906.706 766,684 6783,506
Spot demand was poor, but the basis remained unchanged,
NOTE.
-It has never been our practice to include in the
-Exports to Canada.
although there were reports that it was easier in some quarabove table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it Is impossible to give
ters. A firm which usually acts for the Government was
returns concerning the same from week to week, while reports from the customs
said to have bought virtually all the cotton it had sold the
districts on the Canadian border are always very slow in coming to hand. In view,
previous two days. Opinions differed as to what effect
however, of the numerous inquiries we are receiving regarding the matter, we will
the Dominion the present season
say that for the month of February the exports to
the Bankhead bill will have on actual production. Some
have been 23,736 bales. In the corresponding month of the preceding season the
Southern reports indicated farmers intended to plant
exports were 9,671 bales. For the seven months ended Feb. 28 1934 there were
163,583 bales exported, as against 113,488 bales for the seven months of 1932-33.
28,339,000 acres this spring, while other advices pointed to
In addition to above exports, our telegrams to-night also 27,302.000 acres against 40,929,000 acres planted last year
give us the following amounts of cotton on shipboard, not and 30,144,000 acres harvested last fall. Moreover, nearly
1,000,000 growers are said to have signed to lease enough
cleared, at the ports named:
land to reduce the average of recent years to less than
25,000,000 acres, although some areas not recently under
On Shipboard Not Cleared for
March 30 at
cotton are expected to be planted.
Other CoastGreat
GerBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston_
Mobile
Norfolk
Other porte
6,000
2.062
1,000
5,000
1,726
9,500 30,000
6,773 8,736
1,500
1,500 29,500
-ii8
2,000
1,245
Total 1934__ 11,207 8,226 17,773 69,481
Total 1933-- 16,097 9,215 24,627 76,054
Total 1932__ 26,462 16,523 24,829 115,362
•Estimated.
Total.
Leaving
Stock.
580,178
682,464
119,539
54.185
,5§6 91.435
118,364
500 35,000 1,394,260
5.000 55.500
19,297
1,000
5,500 112,187 2,940,425
3.800 129.793 4,232,719
8,353 191.529 4,171,237
SPECULATION in cotton for future delivery was generally quiet, although after the passage of the Bankhead crop
control bill there was more activity and a quick recovery in
prices. The passage of the Independent Offices Appropriation bill over the President's veto many thought would lead
to inflationary measures. On the 24th inst. prices advanced
on the improved labor situation and a stronger stock market
and closed 13 to 15 points higher. Liverpool cables also
were higher, and the technical position was stronger after
the recent rather heavy liquidation. Yet there were setbacks at times on liquidation and profit-taking as well as
more or less foreign selling due to continued uncertainties
over legislation regarding the stock control as well as the
crop control bill. Spot demand was poor, but the basis continued firm. Washington advices indicated probable favorable action on the Bankhead bill during the week, although
It was said there would probably be amendments. The trade
was a good buyer and there was some week-end covering.
On the 26th inst. prices lost nearly all of an early advance
of 12 to 13 points and closed unchanged to 2 points lower.
The market was fairly active early, when prices reached
the high of the day on good buying by commission houses
and the trade, owing to the firmness of Liverpool and better
labor news from Washington. But later on prices sagged
as selling increased. Liverpool was selling March, and
there was considerable liquidation of May. The uncertainty over probable developments in connection with crop
control legislation as well as the economic situation in Germany and labor difficulties here discouraged buying.. Spot
demand was again slow, with mills showing apparently little
Interest. On the 27th inst. the weakness in other markets
brought out increased selling, and prices ended with losses
of 8 to 13 points. At one time reports from Washington
that the Senate had strengthened the Bankhead bill caused a
rally, but there was no follow-up demand and a setback
followed. Houses which usually act for the Government, it
Staple Premiums
60% of average of
aft markets quoting
for deliveries on
Apr. 6 1934.
15-16
inch.
1-inch &
longer.
Differences between grades established
for deliveries on contract Apr. 6 1934
are the average quotations of the ten
markets designated by the Secretary of
Agriculture.
Middling Fair
.74 on
White
Strict Good Middling
do
.59
Good Middling
do
.47
Strict Middling
do
.32
Middling
do
Basis
'Strict Low Middling
do
.35 off
Low Middling
do
74
*Strict Good Ordinary. do
1.24
do
*Good Ordinary
169
Good Middling
Extra White
.48 on
Strict Middling
do do
.33
Middling
do do
.01
Strict Low Middling__ do do
• .34 off
Low Middling
do do
70
36
.12
Good Middling
Spotted
.28 on
.12
36
Strict Middling
do
Even
10
30
Middling
do
.35 off
*Strict Low Middling... do
74
*Low Middling
do
1.24
.11
29
Strict Good Middling --.Yellow Tinged
.02 off
.11
29
Good Middling
do do
.25 off
.11
27
Strict Middling
do do
.41
*Middling
do do
.74
'Strict Low Middling__
do do
1.21
*Low Middling
do do
1 63
10
.27
Good Middling
Light Yellow Stained__ .40 off
*Strict Middling
do do
do _ .74
*Middling
do do
do _1.23
10
.27
Good Middling
Yellow Stained
73 oft
*Strict Middling
do do
1.21
'Middling
do do
1.64
.10
.27
Good Middling
Gray
.25 off
.27
.10
strict Middling
do
.49
*Middling
do
78
*Good Middling
Blue Stained
.74 off
*Strict Middling
do do
1.21
*Middling
do do
1.63
•Not deliverable on future oontract
.13
.13
.13
.13
.13
.11
.10
.36
.36
.36
.36
.36
.31
.27
Mid.
do
do
do
Mid
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mar. 24 to Mar. 30Midcthng upland
Sat.
12.25
Mon. Tues, Wed.Thurs. Fri.
12.20 12.05 12.00 12.20 Rol.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Mar. 30 for each of the past 32 years have been as follow .
15 L
.
1934
1933
1932
1931
1930
1929
1928
1927
12.20c.
6.35c.
5.60c.
9.75c.
16.60c.
10.45c.
19.65c.
14.350.
1926
1925
1924
1923
1922
1921
1920
1919
19.55c.
24.60c.
27.70c.
28.854.
18.154.
12.254.
41.50c.
28.30c.
1918
1917
1916
1915
1914
1913
1912
1911
34.95c.
19.10c.
12.10c.
9.65c.
13.75c.
12.90c.
10.90c.
14.450.
1910
1909
1908
10 8 ..
9. 5
.0
4
1907
10.954.
1906 ____ 11.70c.
_
1905
8.15c.
1904
15.15c.
1903
9.90a.
2280
Financial Chronicle
FUTURES.
-The highest, lowest and closing prices at
New York for the past week have been as follows:
Saturday,
Mar. 24.
Monday,
Mar. 26.
Tuesday,
Mar. 27.
Wednesday, Thursday,
Mar. 28. Afar. 29.
Friday,
Mar. 30.
A grit
Range_
Closing- 11.95n
11.94n
11.81n
11.72n
11.96n
AfayRange_ 11.93-12.04 11.99-12.13 11.82-12.01 11.71-11.86 11.84-12.03
Closing _ 12.00-12.02 11.99
11.86-11.88 11.77-11.78 12.01
June
Range._- ---- --- Cif/Slog 12.06n
12.04n
11.93n
11.83n
12.07n
July
Range._ 12.06-12.16 12.10-12.25 11.93-12.13 11.81-11.97 11.94-12.14
Closing _ 12.12-12.13 12.10-12.11 12.00-12.02 11.89
12.13-12.14
uguItRange_ _
Closing _ 12.16n
12.14n
12.05n
11.93n
12.18n
.Sept.
BOLTRange _ _
12.00-12.00 12.02-12.02
DAY
Closing _ 12.20n
12.18n
12.09n
11.98n
12.23n
October
Range _ 12.15-12.27 12.23-12.37 12.07-12.27 11.97-12.10 12.08-12.29
Closing. 12.24-12.25 2.23-12.25 12.14-12.15 12.03-12.05 12.28
November
Range _
Closing _ 12.29n
12.28n
12.20n
12.08n
12.33n
DecemberRange.- 12.26-12.38 2.34-12.47 12.18-12.37 2.07-12.21 2.115-12.40
Closing _ 12.35-12.36 2.34-12.35 12.26
2.13-12.15 12.38
Jan. 1935
Range_ _ 12.30-12.42 2.40-12.53 12.23-12.33 2.13-12.25 2.25-12.43
Closing _ 12.40
12.40
12.31n
2.21-12.22 12.43
FebruaryRange_ _
Closing.
-- ----- --March
Range. _ -- - 2.49-12.64 12.36-12.44 2.22-12.33 12.37-12.56
-_
-- Closing.
n Nominal.
Range of future prices at New York for week ending
Mar. 29 1934 and since trading began on each option:
Option for
Mar. 1934
Apr. 1934_
May 1934.. 11.71
June 1934
July 1934_ _ 11.81
Aug. 1934
Sept. 1934.. 12.00
Oct. 1934 11.97
Nov. 1934_
Dec. 1934_ _ 12.07
Jan. 1935.. 12.13
Feb. 1935
Mar. 1935__ 12.22
Range for Week.
Mar. 28 12.13
Mar. 28 12.25
Mar. 28 12.02
Mar. 28 12.37
Mar. 28 12.47
Mar. 28 12.53
Range Since Beginning of Option.
6.84
8.91
Mar. 26 9.13
11.42
Mar. 26 9.27
11.42
Mar. 29 12.00
Mar. 26 10.05
12.70
Mar. 26 10.73
Mar. 26 11.67
Mar. 28 1933 12.39 July 18 1933
May 22 1933 11.86 Mar. 23 1934
Oct. 16 1933 12.54 Feb. 13 1934
Jan. 16 1934 12.50 Feb. 13 1934
Oct. 16 1933 12.71 Feb. 13 1934
Jan. 18 1934 12.38 Mar. 6 1934
Mar.28 1934 12.77 Feb. 13 1934
Nov. 6 1933 12.89 Feb. 13 1934
Feb. 23 1934 12.71) Feb. 23 1934
Dec. 27 1933 13.03 Feb. 13 1934
Jan. 27 1934 13.09 Feb. 13 1934
Mar. 28 12.64 Mar. 26 12.22 Mar. 28 1934 12.64 Mar. 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.
March 30Stock at Liverpool
Stock at London
Stock at Manchester
1934.
bales_ 939,000
1933.
761,000
1932.
662,000
1931.
919.000
102.000
98.000
216,000
223.000
1,041,000
859,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre
Stock at Trieste
Total Continental stocks
624,000
307,000
24,000
88,000
83,000
10,000
8,000
878,000 1,142,000
564.000 328.000 533,060
270,000 182,000 392,000
21,000
24,000 13.000
89,000 111,000
92,000
117,000 110,000
61,000
.
1.144,000 1.064.000
733.000 1.110.000
2,185.000 1,923,000 1,611.000 2,252,000
Total European stocks
41,000 114.000
India cotton afloat for Europe_ _ _ 162.000
67,000
American cotton afloat for Europe 224,000 204,000 325,000 245,000
Egypt,BrazilMc.,afl't for Europe 76,000
47,000
81,600
59,000
405,000 508,000 666,000 684,000
Stock in Alexandria. Egypt
1.091,000 785,000 659,000 946,000
Stock in Bombay. India
3 052.612 4,362,512 4.362,766 3,707,368
Stock in U. S. ports
Stock in U. S. interior towns._. _1,662.788 1,874.180 1,847,155 1,312,856
24,838
9,684
11,778
30,387
U. S. exports to-day
8,868.084 9,795,530 9,623,308 9,332,002
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
467,000 450,000 310,000 452,000
63,000 135,060
61,000
91,000
Manchester stock
Continental stock
1,039.000 998,000 677,000 1,006,000
224,000 204,000 325.000 245,006
American afloat for Europe
3,052,612 4,362,512 4,362,766 3,707,368
U.S. port stocks
1,662,788 1,874,180 1,847.155 1,312,856
U. S. interior stocks
9,684
11,778
30,387
24,838
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil. &c., afloat
Stock in Alexandria. Egypt
Stock in Bombay. India
Total East India, Ste
Total American
6,516.084 7,976,530 7,687,308 6,826,002
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 Mar. 30 1934.
Towns.
Movement to Mar. 31 1933.
Receipts.
Week.
in
S
Stocks
men/s.
Season. I Week: I
30..
Receipts.
Ship- Stocks
- men/s. Mar.
i
W
Week. Season. Week.
31.
115,
Ala., Birming'm
83
26,601
4561 10,956
76
36,328
8,663
Eufaula
25
9,356
4811 5.885
188
7.885
223 6,763
Montgomery
30,574
558
300 31,217
126
39,024
882 55,288
Selma
194
37,574
525 36,606
107
55,721
410 48,420
Ark.,BlythevIlle
107 126,553 2,326 54,566
505 184,525 4,253 45,108
Forest City
2
17,822
592 12,977
48
23,021 1,162 16,142
Helena
228
44,250 1,5411 20,339
522
76,737 1,142 37,693
Hope
259 46,836
405 15,022
159
51,129
579 19,949
Jonesboro_ _ _
7
30,443
570 9,488
91
19,673
308 3,066
Little Rock._
867 106,433 1,674 37,881
866 134,375
811 62,760
Newport _ _ -.
21
29,554
530 17.207
135
48,863 1.412 12.610
Pine Bluff...
809 101,133 2,733 32,390 1,200 116,857 2.484 47,605
Walnut Ridge
132
53,093
640 11,435
86
65,212
348, 8,150
1
CM., Albany
22
11,061
507 1,055
2
1,376
3,166
Athens
so 31,925 375 59,005
60
24,415,
500 50,175
Atlanta
3,850 118,524 3,458207,101
1,993 221,5771 1,973269,552
Augusta
1,930, 142,352 2,187131,048 2,482 109,5331 2,626106,645
Cohn'bus _ _
19,340
500
300 13,01116,970
13,011...
16,970'
21,729
Macon
107
17,610
126 33,643
18,268'
60 40,214
Rome
52, 12,049
95
65 10,076
50 13,987
11,831
La., Shreveport
100
52,338 1,000 25,873
447
73,444
473 66,844
MIss..Clarksdale
588 123,132 1,452 33,275
611 123,454 3,055, 46.390
Colon bus _ _ _ 2,425
18.7231 1,885 12,227
108
194 12.561
15,236'
Greenwood _ _
415 142,261' 2,393 48,880
797 128.405 1,695 74,797
Jackson
159. 26,653
351 14,964
191
34.702
354 26,492
Natchez
15
4,638
145 4,542
100
V 5,718
8,116
Vicksburg_
345
20,902
632 6,281
55
34,156 1,014 12,649
Yazoo City _ _
2 27,283
159 10,256
32,027,
668 16,298
6
Mo., St. Louis_ 8,016 202,091 5,767 17.325 2,120 125,479 2,119
177
N.C.,Greensb'ro
33
7,336
2 18,523
210
100 24,675
26,949;
Oklahoma
1
I
1
15 towns•_ _ _
829. 800,328 6,198 94,204 1,602 706,172, 4,336 72,324
S.C., Greenville 4,297 130,504. 3,327 90,545 4,147 121,7711 3,473101.141
Tenn. Memphis 19,1331,618,454 27,339481,390 29,0391.706.136 36,778458,209
Texas, Abilene_
79. 70,156
41
533
394 83,285
746 1,099
Austin
44
19,521
107 2,949
55
5 3,325
21,966.
Brenham_ _ _
70
26,984
80 4,108
16,308
47
105; 9,075
Dallas
224
96,531
756 8.969
91,197, 1,074 22,092
778
Paris
448
53,566
247 10,271
51,929,
573 10.995
68
Robstown_
__ _ _1
5,478
10
732
6,441 ..305
ii
San Antonio_
60
11,035
361
28
15, 10.806
64
367
Texarkana..
734
31,337, 1,207 15,028
84
43,880'
404 18,642
Waco
207
90,622
888 10,725
213
71,6191
280 12,380 .
Total, 56 towns 49,2414.592,9541 74,1181662788 50.0454,796.798' 76,8491874240
•Includes the combined totals of 15 towns in Oklahoma.
The above totals show that the interior stocks have
decreased during the week 24,877 bales and are to-night
211,452 bales less than at the same period last year. The
receipts at all the towns have been 804 bales less than the
same week last year.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
SALES.
Spot. Contr'et Total.
Saturday_ _ _ Steady, 15 pts. adv _ Steady
Monday_ _
Steady. 5 pts. dec.. Barely steady- _
Tuesday_ _ _ _ Steady, 15 pts. dec. Steady
_
Wednesday. Steady, 5 pts. dec.. Steady
Thursday... Steady, 20 pts. adv_ Very steady _ _
Friday
IIOLI DAY
Total week _
Since Aug. 1
700
100
200
1.800
700
100
200
1,800
2.800 2,800
83.591 176.000259,591
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:
March 30ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
----1933-34-------1932-33---Since
Since
Week. Aug. 1.
Week. Aug. 1.
5,767 185,006 •
2,119 126.091
1,850 116,098
215
4,080
1,322400
94
10,424
-395
13,782
3.962 125,511
3,327 114,178
9,000 402,438
6,172 278,810
20,673 840.799
12,228 537,341
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, Sze_ _ _
962
Between interior towns
419
Inland, &c..front South
8,117
Total to be deducted
9.498
Leaving total net overland *
11,175
24,153
11,518
177,028
127
284
3,675
212,699
4,086
146,314
628,100
8,142
391,027
13,571
7.789
124,954
* Including movement by rail to Canada.
472,000
311,000
352,000
467,000
41,000
105,000
162,000
76,000
405,000
1.091.000
38,000
66,000
67,000
47,000
508,000
785,000
81,000
56,000
41,000
81,000
666,000
659.000
132.000
104,000
114,000
59,000
684,000
946,000
2,352,000 1,819,000 1,936,000 2,506,000
6,516,084 7,976,530 7,687,308 6,826,002
Total visible supply
8,868,084 9,795.530 9,623,308 9.332,002
5.15d.
6.35d.
4.81n.
Middling uplands, Liverpool_...._
5.76d.
6.30c.
Middling uplands, New York_ _ _ _ 12.20c.
6.30c.
10.50c.
Egypt, good Sake', Liverpool_
7.90d.
9.24d.
7.85d. 10.20d.
4.42d.
Broach, fine, Liverpool
4.72d.
4.53d.
4.59d.
Tinnevelly, good, Liverpool
4.68d.
5.70d.
4.66d.
5.40d.
Continental imports for past week have been 224,000 bales.
The above figures for 1934 show a decrease over last
week of 207,325 bales, a loss of 927,446 from 1933, a
decrease of 755,224 bales from 1932, and a decrease of
463,918 bales from 1931.
Mar. 31 1934
The foregoing shows the week's net overland movement
this year has been 11,175 bales, against 8,142 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 237,073 bales.
In Sight and Spinners'
Takings.
Receipts at ports to Star. 30
Net overland to Star. 30
--1933-34
Since
Week.
Aug. 1.
64,579 6,530,196
11,175
Southern consumption to Mar.30_100,000
628,100
3,229.000
1932-33
Since
Week.
Aug. 1.
71,916 7,413.485
8,142
391,027
98,000 3,403.000
Total marketed
175,754 10,387.296 178,058 11,207,512
Interior stocks in excess
*24,877
400,550 *28,911
474,538
Excess of Southern mill takings
over consumption to Mar. 1...
251,240
196,973
Came into sight during week
150,877
149,147
Total in sight
---- 11,039,086
11,879,023
North. spinn's' takings to Mar. 1_ 22,057 1,011.512
20.869
668.144
• Decrease.
Movement into sight in previous years:
Bales.
14,173.513
12,668,387
13.481,370
Since Aug. 1Bales.
198.420 1931
129,550 1930
114,510 1929
Week1932
-April 3
1931-April 4
-April 5
1930
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotationsfor Middling Cotton on
Week Ended
March 30.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Montgomery_ _ _
Augusta
Memphis
Houston
Little Rock _ _ _ _
Dallas
Fort Worth_ _ _ _
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
12.20
12.11
11.85
12.10
12.25
11.90
12.16
11.85
12.15
11.80
11.80
11.80
12.20
12.07
11.85
12.10
12.25
11.90
12.14
11.85
12.15
11.79
11.80
11.80
12.10
12.00
11.70
11.93
12.13
11.80
12.02
11.70
12.05
11.66
11.65
11.65
12.00
11.88
11.62
11.82
12.00
11.60
11.92
11.60
11.95
11.57
11.55
11.55
12.25
12.09
11.85
12.06
12.25
11.85
12.16
11.8.5
12.20
11.81
11.80
11.80
HOLIDAY
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Mar. 24.
Monday,
Mar. 26.
Tuesday, iVednesday, Thursday,
Mar. 27. Mar. 28. Mar. 29.
Apr. 1934.
12.01
11.97-12.00 11.89-11.90 11.77-11.78 11.99
May
June
11.86-11.88 12.08-12.10
12.12-12.13 12.10
12.01
July
-- -August. _ _- ---- --- -- September
12.23-12.24
12.02
12.23
12.12
October _ _ 12.25
November
12.35
12.23 bid 12.13
December_ 12.35 bid 12.34
Jan. 1935_ 12.38 bid 12.37 bid 12.24-12.25 12.17 bid 12.39 bid
February _
March..
Tone
Steady
Quiet
Quiet
Quiet
Steady
Spot
Quiet
steady
Steady Very ste'dY
Options._ _ gtead Y.
Friday.
Mar. 30.
Rain.
2 days
2 days
1 day
2 days
2 days
1 day
3 days
2 days
1 day
2 days
3 days
3 days
2 days
3 days
3 days
1 day
3 days
1 day
2 days
1 day
1 day
2 days
1 day
2 days
1 day
2 days
4 days
4 days
1 day
2 days
1 day
4 days
4 days
3 days
2 days
5 days
2 days
2 days
Galveston, Tex
Abilene, Tex
Amarillo, Tex
Austin, Tex
Brownsville, Tex
Corpus Christi, Tex
Dallas, Tex
Del Rio, Tex
El Paso, Tex
Houston, Tex
Palestine, Tex
San Antonio, Tex
Oklahoma City, Okla
Fort Smith, Ark
Little Rock, Ark
New Orleans, La
Shreveport, La
Meridian, Miss
Vicksburg. Miss
Mobile, Ala
Birmingham, Ala
Montgomery, Ala
Jacksonville, Fla
Miami, Fla
Pensacola, Fla
Tampa, Fla
Savannah, Ga
Atlanta, Ga
Augusta. Ga
Macon, Ga
Charleston,8.0
Asheville, N
Charlotte N.()
Raleigh, N. C
Wilminifton N.
Memph s, 'term
Chattanooga, Tenn
Nashville, Tenn
Rainfall.
3.42 in.
1.32 in.
2.06 in.
0.66 in.
0.11 in.
0.54 in.
1.45 in.
0.36 in.
0.02 in.
0.98 in.
2.58 in.
0.44 in.
0.40 in.
1.02 in.
3.18 in.
1.56 in.
3.58 in.
1.42 in.
1.12 in.
2.02 in.
1.54 in.
1.34 in.
0.58 in.
0.20 in.
0.98 in.
0.45 in.
0.16 in.
0.29 in.
0.70 in.
0.68 in.
0.32 in.
1.46 in.
0.86 in.
1.00 in.
1.02 in.
3.73 in.
3.38 in.
0.64 in.
HOLIDAY
Thermometer
high 73 low 45 mean 59
high 74 low 30 mean 52
high 78 low 24 mean 52
high 80 low 38 mean 59
high 76 low 48 mean 62
high 74 low 48 mean 61
high 74 low 36 mean 55
high 78 low 38 mean 58
high 82 low 40 mean 61
high 80 low 42 mean 61
high 78 low 38 mean 58
high 78 low 38 mean 58
high 74 low 30 mean 52
high 74 low 34 mean 54
high 66 low 34 mean 50
high 80 low 42 mean 64
high 78 low 38 mean 59
high 80 low 34 mean 57
high 78 low 34 mean 56
high 74 low 44 mean 59
high 74 low 34 mean 54
high 76 low 40 mean 55
high 80 low 56 mean 68
high 80 low 68 mean 74
high 70 low 48 mean 59
high 84 low 58 mean 71
high 75 low 47 mean 61
high 60 low 34 mean 47
high 74 low 36 mean 55
high 66 low 38 mean 52
high 72 low 42 mean 57
high 64 low 30 mean 47
high 68 low 28 mean 48
high 74 low 26 mean 50
high 74 low 32 mean 53
high 68 low 29 mean 43
high 68 low 36 mean 52
high 68 low 28 mean 43
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:
Mar. 30 1934. Mar. 311933.
Feet.
Feet.
Above zero of gauge10.0
11.7
i(
2
11
Above zero of gauge.
33.0
13.5
Above zero of gauge17.2
14.3
Above zero of gauge_
29.0
35.3
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Ended
1932.
1933.
I
Stocks at Interior Towns.
1931. I 1933.
Receiptsfrom Plantations
1931.
1932.
1933.
1931.
1932.
Dec.
29.. 150,873 182,588218,44012,188,74512,213,374 .219,563 143,715164,246220,741
1932.
1933.
Jan. 1934. 1933. 1932. 1934.
5.- 101,016 194,020 353,6092,181,268 2,169,330 2.206,968
274,6572,152,0862.167.243 .193.054
12.. 105,070168,774
19.. 103,831 188,072 241,4782,122.3S2'2.165.999 .175,407
26._ 114,611 198,981 280,442,2,084,406 2,138.401 2.158,461
Feb.
2.. 100.030 182,110 223.64512,027,7062,118,211 2.123.944
9.- 85,311121.163 249.84811.964.7462.084,026 2,102.990
16._ 84,994 102,480 175,41711.910.9012.648.063 2,080.961
23.. 73,560122.954 161.669,1,861,686 2,014,666 2,032,312
Mar.
2.- 70.903101,012 184,065I 1,815.174 1.977,396 1,997,909
„ .566 93,47 1,961,116
9. 63.824 .
16.. 80,965 48,558 125,715 1,726,9021,932,247 1,908,510
23.. 76,297 78.838 130,968 1,687,665'1,903,091 1,872,878
30.. 64,579 71,916 115,587 1,662,7881.874,180 1,847,155
1934. 1933. 1932.
93,539 149.976 341.014
75.888 166,687 265,743
74,103 186,828218,831
16.655 171,383 263,496
43,330161.920189,128
22.351 86.978228,894
31,149 65.517153,388
24.345 89.557113.020
24,391
8,216
42,301
43,06
39,702
64,142 149.662
58.462121.908
16,666 73,109
49,682 95,336
43.005 89.864
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1933 are 6,903,797 bales;
in 1932-33 were 7,814,894 bales and in 1931-32 were 9,851,662
bales. (2) That, although the receipts at the outports the
past week were 64,579 bales, the actual movement from
plantations was 39,702 bales, stock at interior towns
having decreased 24,877 bales during the week. Last year
receipts from the plantations for the week were 43,005
bales and for 1932 they were 89,864 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1932-33.
1933-34.
Cotton Takings
Week and Season.
ACTIVITY IN THE COTTON-SPINNING INDUSTRY FOR FEBRUARY.-Persons interested in this report
will find it in our department headed "Indications of Business
Activity" on earlier pages.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that the weather during
the week has been more seasonable in the cotton belt.
Rain fell in many sections and in not a few instances precipitation was heavy. Wet soil delayed farm work in many
localities.
-Preparations for planting have been
Memphis, Tenn.
delayed by wet ground.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
2281
Financial Chronicle
Volume 138
Week.
Season.
Season.
Week.
9,075,409
9,871,562
Visible supply Mar. 23
7.791.048
7.632,242
Visible supply Aug. 1
150,877 11,039.086
149,147 11,879,023
American in sight to Mar. 30.
36,000 1,509.000
106,000 1.682.000
Bombay receipts to Mar. 29..
335,000
1,000
562.000
Other India shipt's to Mar 29
850.000
14,000
21.000 1,488,400
Alexandria receipts to Mar.28
7,000
8,000
435,000
396.000
Other supply to Mar. 29.b..
Total supply
Deduct
Visible supply Mar. 30
9,292,286 22.665.728 10,147.709 22,933.071
8,868,084 8,868,084 9.795,530 9,795,530
352,179 13,137,541
424,202 13,797,644
Total takings to Mar. 30_a-245,179 9,801.541
251,202 10.355,244
Of which American
107.000 3.3:16,000
173.000 3,442.400
Of which other
receipts in Europe from Brazil, Smyrna, West India, &c.
* Embraces
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3.229,000 bales in 1933-34 and 3,403,000 bales in 1932-33
-takings not being available-and the aggregate amounts taken by
Northern and foreign spinners. 10,568,644 bales in 1933-34 and 9,734,541
bales in 1932-33, of which 7,126,244 bales and 6,398,541 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:
1932-33.
1933-34.
Mar. 29.
Receipts at
-
Since
Week. I Aug. 1.
Week.
1931-32.
Week.
Since
Aug. 1.
36,000'1,509.000 106,000 1,682.000 68,000 1,264.000
Bombay
Since Aug. I.
For the Week.
Exports
from-
Since
Aug. 1.
Great
Great Conti- Japan&
Britain neat. China.I Total. Britain.
Conti- Japan ‘k
nent.
China.
Total.
Bombay
193334..l 1,000 16,
28,000 45.000 48,0001 250,000 390.000 688,000
1932-33..1 2,000 2,000 27,000 31,000 29,000, 196,000 724,000 949,000
1931-32_
1,000 11,000 12,000 15,000, 107,000 691,000 813,000
Other India-1
I
562,000
1933-34..
163,000 399,000
1,000
335.000
1932-33..
71,0001 264,000
69,000 192,000
261,000
1931-32._
Total all
1933
-34 _ _
1932-33..
1031-32..
1.000 17.000 28,000 46,000 211,000, 649.000 390,000 1,250,000
2,000 2,000 27,000 31,000 100,000; 460,000 724.000 1,284,000
1,000 11,000 12,000 84,000 299,000 691.000 1,074,000
According to the foregoing, Bombay appears to show a.
decrease compared with last year in the week's receipts of
70,000 bales. Exports from all India, ports record a increase
of 15,000 bales during the week, and since Aug. 1 show a
decrease of 34,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
Alexandria, Egypt,
March 28.
Receipts (cantarS)This week
Since Aug. 1
Exports (Bales)
-
1933-34.
1932-33.
1931-32.
105,000
7,427.442
70,000
4.336,968
75,000
6.149,621
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
To Liverpool
221,346
To Manchester, &c _ _ _ _ _
134,876
To Continent and India.. 11.- 666 473,818
.
To America
57.656
This Since
Week. Aug. 1.
4.000 109,360 6,000 162,035
82,081
122,987
8:646 346,322 11:566 441,473
1,000 27,986
1.000 18.180
Total exports
11.000 887.756 13.000 565.749 18.000 744.675
Note.
-A cantar is 99 lbs. Egyptian ha ea weigh about 750 lbs.
This statement shows that the receipts for the week ended Mar. 28 were
105,000 cantars and the foreign shipments 11,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both yarns and cloths is steady. Demand for India is improving. We give prices to-day below and leave those for
previous weeks of this and last year for comparison:
2282
Financial Chronicle
1933.
d.
Dec.
-
e. d.
e. d.
133
, 9% 84 @86
4@
Jan.-
1934.
834(510
86 0 9 1
9%@10% 86 0 9 1
9.%@10% 86 1591
9%(§10% 86 @91
Feb.
9%011%
11)%011%
16___ 10%011M
10%011%
Mar.
-
SX Lbs. Skirt- Cotton
ings, Common Middrg
to Finest.
Up!Ws.
32s Cop
Twist.
d.
d.
5.33
e. d.
834010
s.d.
82 @85
5.64
5.88
6.05
6.07
814151034
834(410
8%(0) 9%
83415 934
1933.
3@ 6
3@ 6
315
315
90
91
91
91
@
@
@
@
92
93
93
93
6.29
6.80
6.68
6.67
8%@
854@
@
85i@
9%
9%
9%
9%
3
3
3
3
91
91
91
91
91
074 9 3
@ 93
@97
@ 93
0 93
6.55
6.65
6.62
6.46
6.35
8
914
8M0 9%
8%0 9%
8%@ 9%
/Hi@ 9%
3
3
3
3
3
Seeee CVOS
32s Cop
Twist.
1932.
84 Lbs. Skirt- Cotton
ings, Common Middrg
to Finest.
Uprds.
d.
5.29
5.33
5.30
5.25
5.15
6
6
6
4.94
5.09
4.95
4.95
a
6
6
Sales.
HOUSTON
-To Bremen-Mar. 22-Heddernheim, 4,887. Mar.
29
-Oakwood, 2,550
7,437
To Hamburg
-Mar.22-Heddernhelm,347
347
To Japan-Mar. 23
-Victoria Meru, 5,018....Mar. 24-Amagazan Meru, 2,154-__Mar. 28
--Willamette Valley, 7,808
-....Mar. 29
-Dryden, 2,497
17.477
-Mar. 23-Victoria Maru, 19.
To China
-Willa..Mar. 28
mette Valley, 1.427_ _Mar. 29
-Dryden, 1,866
3,312
To
o o, 34
To Gothenburg
-Mar. 27
-Toledo, 620
620
To Copenhagen-Mar. 27
-Toledo, 410
410
To Gydnia-Mar. 27
-Toledo, 2.246
2,246
ORLEANS
NEW
-To Genoa
-Mar.22
50
-Youngstown,50
To Japan-Mar. 22
-Dryden, 1,978
1,978
To China-Mar. 22
-Dryden, 1,025
1,025
To Bremen-Mar.22-Narbo,4,460
4,460
To Havre
-Mar. 24--Gand, 1.490
1,490
To Dunkirk-Mar.24-Gand,650
650
To Antwerp
-Mar. 24-Gand. 100
100
CORPUS CHRIST
-To Barcelona-Mar. 22-Sapinero, 500
500
To Japan-Mar. 19-Amagazan Marti, 279---Mar. 19
-Victoria Marti, 3.210
3,489
To China
-Mar. 19
-Victoria Maru, 181
181
GULFPORT-To Bremen-Mar.22-Wido,770
770
To Liverpool-Maiden Creek, t)244
(
244
NEW YORK
-To Gydnia-Mar. 22-Scanstates, 98
98
To Corunna-Mar.24
-Cristobal Colon.75
75
GALVESTON-To Havre
-Mar.24
2.865
-West Camak,2,865
To Ghent
-Mar. 24
-West Camak,625
625
To Rotterdam-Mar. 24
-West Camak, 1,185
1,185
To Bremen-Mar. 22
-Taurus, 11.123Mar. 24-Heddern12,832
helm, 1.709
To Gydnia-Mar.24-Heddernheim,443
443
-Willamette Valley, 8,507
To Japan-Mar. 24
Mar. 26Amagazan Meru, 3.499
12,006
-Mar.24
To China
-Willamette Valley. 473
PENSACOLA-To Bremen-Mar.26-Antonius, 1,902
1,902
To Genoa
-Mar. 29--Jolee, 235
235
PANAMA CITY
-To Bremen-Mar.24-Antonius,836
836
To Hamburg-Mar.24-Antonius, 103
103
TEXAS CITY
-To Havre
-West Camak, 317
-Mar.24
317
-Mar. 24
To Ghent
-West Camak, 256
256
To Rotterdam-Mar.24
-West Camak, 159
159
BEAUMONT-To Manchester
-Mar. 28-Elmsport, 388
388
-Oakwood. 100
To Bremen-Mar.23
100
To Gydnia-Mar. 27-Kelkheim, 194
194
MOBILE
-To Bremen-Mar. 16-Arizpa, 485_- _Mar. 20-Wido,
321
806
To Gydnia-Mar. 16-Arizpa.95
95
-Mar. Blanco, 150
-Mar. 20
To Barcelona
150
-Mar.21-Arizona,50
To Havre
50
To Dunkirk-Mar.21-Arizona,300
300
-Dryden, 1.700
To Japan-Mar. 26
1,700
-Mar.23
-Actor,200
To Liverpool
200
-Actor. 1.279
-Mar.23
To Manchester
1,279
-Este,376
-To Bremen-Mar.26
LOS ANGELES
375
-President Polk, 586
To Japan-Mar.26
586
JACKSONVILLE-To Liverpool
-Mar. 27-Delilian. 100
100
To Bremen-Mar.27-Blairangus, 743
743
Total bales
88,296
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
StandDensity.
ard.
.750.
.650. Piraeus
.750.
.650. Salonlca
Venice
.500.
• Copenh'gen.380.
• Naples
.40o.
.400.
.550. Leghorn
Gothenberg.420.
Standant.
.650.
.550.
.550.
.550.
.570.
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &e., at that port:
Mar. 9.
48.000
956,000
471,000
65,000
23,000
151,000
77,000
Forwarded
Total stocks
Of which American
Total Imports
Of which American
Amount afloat
Of which American
Mar. 16.
55.000
933,000
458,000
23.000
12,000
203.000
77.000
Mar. 23. Mar.30.
37,000
51.000
948,000 939.000
480,000 467,000
26.000
76,000
10.000
60,000
69,000
134,000
68,000 163.000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Tuesday. Wednesday. Thursday.
Spot.
Saturday.
Monday.
Market,
12:15 I
P.M.
Quiet.
Quiet.
Quiet.
Quiet.
6.46d.
6.541.
6.50d.
6.488.
Mid.Upl'ds
Futures.
Market f
opened I
Quiet
Market. i Very ste'dy
Quiet
6 to 7 pts. 2 to 3 eta. 9 points
4
I> TX
wiyanna
Julvamon
dAnfina,
Friday.
Quiet.
6.35d.
Steady, Barely st'y,
Steady,
Steady.
Steady,
2 points 5 to 7 pts. 1 to 2 pta. unch. to 1 3 to 6 pte.
decline.
pt. adv.
decline.
advance,
decline,
Very ste'dy
Quiet
I to .3 pts. 2 points
decline,
advance.
Mar. 24
to
Mar. 30.
New Contract.
March 1934_
May
July
October
December
January 1935
March
May
July
October
December
January 1936._
March
4.79
5.17
5.26
5.13
5.15
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 88,296 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
8
Stand.
High
Density.
Density. ard.
.500.
Liverpool .250.
.25o. Trieste
.500.
Mimchester.25o.
.250. Flume
Antwerp .350.
.50o. Barcelona .350.
•
Havre
.25e.
.40e. Japan
Rotterdam .350.
•
.500. Shanghai
Genoa
.550. Bombay s .400.
.400.
.350.
.610. Bremen
.460.
Oslo
Stockholm .42c.
57e. Hamburg . .
350
*Rate Is open. ,,s Only small lots
Mar. 31 1934
Prices of futures at Liverpool for each day are given below:
HOLIDAY
Sat.
Mon. I Tues.
Wed. I Thurs. I
Fri.
12:0012:0012:15 4:00 12:1 4:00 12:1 4:00[ 12:15 4:00112:11 4:00
P. m• P. m• P. m.P. m.P. ni. P• m•P. m•P. m P. m• P. m.P. In.P. in.
d.
d.
d.
6.2 6.24
6.18 6.22
6.15 6.19
6.13 6.17
6.13
6.13 6.17
6.l5__
6.16
__
6.16 __ __
6.17_ _.
6.17.,.. __
6.17
6.19
d.
d.
6.22 6.20
6.20 6.1
6.171 6.16
6.15 6.14
6.161 _
6.16 6.14
6.18_
6.19
6.19
6.20
6.20
6.20
6.22
d.
6.13
6.11
6.08
6.06
6.07
6.07
6.00
6.10
6.10
6.11
6.11
d.
6.18
6.14
6.11
6.09
d.
d.
6.12
6.09 6.05
6.06 6.02
6.04 6.00
6.04 6.00
6.09 6.04 6.00
6.06 __ _6.07
__
6.07... .6.08.., .6.08
_
6.08
__
6.13
6.10
d.
d.
d.
6.11
6.08
6.06
6.06
6.06 HOLI6.08 DAY
6.08
6.09
6.09
6.10
6.10
6.10
BREADSTUFFS.
Friday Night, March 30 1934.
FLOUR showed very little improvement in demand and
prices were generally governed by the fluctuations in grain.
WHEAT, under a fair demand, inspired by the strength
of stocks and cotton and unfavorable crop reports, advanced % to %c. on the 24th inst. Week-end profit-taking
caused a slight reaction from the top. The Northwest sent
complaints of dry weather. No rain was reported in the
Southwest. Milling demand was fair. On the 26th inst.
prices ended 1 to 11
4c. lower on general liquidation owing
to reports of rains and snows in Texas, Oklahoma and
Kansas and a forecast for rains and snow over most of the
winter wheat belt. Mill demand was slow. The United
States visible supply decreased 2,265,000 bushels. Winnipeg
and Liverpool were higher. On the 27th inst. there was a
further decline of 1% to 1%c. owing to general liquidation
on reports from Washington that the President had called
upon Congress to pass the Stock Exchange regulation bill
with "teeth in it" and that a bill•to regulate commodity exchanges had been introduced in the Senate and House. Stop
loss orders were caught on the way down. On the 28th inst.
prices ended %c. lower to 2 1c. higher. A forecast for snow
4
and rain over the belt and lower stock and cotton markets
led to further liquidation, but there was a rally of lc. from
the early low on a renewal of inflationary talk. Milling demand was quiet. Cash wheat was %c. higher. Winnipeg
closed 14c. to %c. higher and Liverpool was up % to %d.
/
On Thursday paces ended % to / higher under scattered
3
4c.
buying owing to the strength of cotton, stocks and sterling
and further inflation talk. The general impression is that
inflation would be necessary to meet the additional expenses
which will result from the overriding of the President's
veto of the independent offices appropriation bill. Moreover
selling pressure was limited and there was a good deal of
evening up before the Good Friday holiday. Very little
attention was paid to routine news. Light rains fell at
scattered points in the winter wheat belt and the forecast
was for rain or snow over practically the whole belt. Milling demand was slow. Liverpool ended unchanged to /
1
2d.
higher while Winnipeg closed unchanged to / lower. The
1c.
2
seaboard reported 1,000,000 bushels of Canadian wheat sold
for export.
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues, Wed. Thurs. Frt.
10534 10534 104
104
10434 Rol.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues, Wed. Thurs, Fri.
May
8734 8634 8534 8534 8634
July
8734 8634 8434 8434 8534 Hol.
September
8834 8734 8634 86
8634
Season's High and When Made.
Season's Low and When Made.
May
July 18 1933 May
12834
7134
Oct. 17 1933
July
94
Nov. 14 1933 July
7034
Oct. 17 1933
September.... 9334
Feb. 5 1934 September - 8234
Jan. 4 1934
DAILY CLOSING PRICES OF WHEAT FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
68
6734 6734 6734 6734
July
6934 6934 6834 6834 6834 Hol.
September
7034
No.2 red
INDIAN CORN was quiet. On the 24th inst. prices ended
% to 1
4c. higher in sympathy with wheat. Cash demand was
good. On the 26th inst. however, prices declined % to Ihc.
reflecting the weakness in wheat. Buying power was absent,
and offerings were comparatively light. The visible supply
in this country decreased 134,000 bushels. On the 27th inst.
prices recovered slightly from the low of the day but ended
with net losses of 1% to 1%c. Liquidation was general
and there was some stop loss selling encountered on the
way down. Commission houses bought. On the 28th inst.
there was a further decline of % to %c. Features of special
interest were lacking. There was a good demand on the
decline due to the removal of hedges against sales of 200,000
bushels of cash corn. Selling increased at around 49c. for
May. On Thursday prices closed
to Ihc. lower under
rather heavy liquidation of May. The May contract declined to 47%c. the lowest since Dec. 21. Cash demand
was poor and the basis was easier. There was some selling
of corn against purchases of wheat.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat, Mon. Tues, Wed. Thurs. Fri.
6534 6534 6374 6334 6334 Hol.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. iVed. Thurs. Fri.
May
5001 5034 481 4834 48%
July
52% 62% 507
5034 5034 Hol.
September
54% 6434 52
6234 5234
No.2 yellow
Financial Chronicle
Volume 138
Season's High and When Made.
Season's Low and When Made.
May
July 17 1933 May
82
43% Oct. 14 1933
July
Oct. 14 1933
58% Nov. 14 1933 July
48
September
57
Jan. 15 1934 September
61( Mar. 29 1934
OATS followed the trend in wheat for the most part but
trading was of rather small volume. On the 24th inst.
prices advanced
to 14c. on a fair demand from commission
/
houses inspired by the strength in other grain. On the
26th inst. however, there was a decline of % to %c. under
scattered liquidation owing to the weakness in wheat. Cash
interests bought the near months and northwestern houses
were switching from May to later deliveries. The visible
supply in this country decreased 1,194,003 bushels. On the
27th inst. there was a further decline of % to 1%c. owing
to liquidation and other selling. Stop loss orders were
reached. Cash interests bought near deliveries. On the
28th inst. prices ended 1
4c. lower, to %c. higfier in dull
trading. The northwest was selling May and buying the
deferred deliveries. On Thursday prices closed 34c. higher
/
in very small trading. Shorts were covering and cash interests buying. Northwestern houses sold moderately.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 wnite
45% 45
4441 44% 44% Hol.
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
34
33% 32% 321 32
July
34% 34% 33% 33
33
Hol.
September
34H 34% 33
33
33
Season's High and When Made. I
Season's Low and When Made.
May
564(
July 17 1933 May
28
Oct. 17 1933
July
40%
Oct. 3 1933 July
27
Oct. 17 1933
September _ 37%
Jan 30 1934 September
32
Feb 26 1934
DAILY CLOSING PRICES OF
OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
35% 34( 34H 34% 34% Hol.
July
35% 3544 35% 3534 3534
RYE was dominated by the fluctuations in other grain
and trading was quiet. On the 24th inst. prices ended unchanged to %c. higher, reflecting the strength in wheat.
Shorts covered and there was very little selling pressure.
On the 26th inst., When wheat declined, prices for rye followed, ending % to %c. lower. There was nothing in the
news to influence operations on either side of the market.
On the 27th inst. there was another decline of 1% to 1%c.,
owing to the weakness of other grain. On the 28th inst.,
however, there was an advance of
to %c., on covering
of shorts. Selling pressure was light. On Thursday prices
closed
/
to 14c. higher, in sympathy with other grain.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
May
603
59% 58
58% 583
July
6134 603.
5934 59% 594 Hol.
September
63
623
60% 6134 6194
Season's High and When Made.
Season's Low and When Made.
May
11634 July 19 1933 May
41
Oct. 17 1933
July
70
Nov. 21 1933 July
524 Oct 17 1933
September.... 6634 Feb. 5 1934 September.... 6034
Mar. 27 1934
DAILY CLOSING PRICES OF RYE FUTURES IN
WINNIPEG.
Sat, Mon. Tues. Wed. Thurs. Fri.
May
4894 4734 4534 47
47
Hol.
July
4934 4994 48
4834 4844
DAILY CLOSING PRICES OF BARLEY FUTURES IN
CHICAGO.
Sat. Mon. Tues. Wed. Thurs Fri.
May
4734 4694 4494 4454 4434
July
4854 4734 46
96
48
Hol.
September
50
4934 48
48
48
DAILY CLOSING PRICES OF BARLEY FUTURES IN
WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May
4174 4054 4034 4034 4094 Hol.
July
4294 4194 4194 4194 4134
Closing quotations were as follows:
GRAIN.
Wheat, New York
Oats, New York
No.2 red,c.i.f.. domestic...104%
No. 2 white
44
Manitoba No.1.f.o.b. N.Y_ 76
No. 3 white
43
Rye.No.2,f.o.o.bond N.Y
Corn, New York
Chicago, No. 2
Nom.
No.2 yellow,all rail
63% Barley
No.3 yellow, allrail
N. Y..47% lbs. malting
62%
59
Chicago. caall
46-81
FLOUR.
Spring pats., high proteini6.6006.95 Rye flour patenta
$4.4504.70
Spring patents
6.500.80 Semlnola, bbl.. Nos. 1-3- 9.0509.55
Clears. first spring
6.0O@6.25 Oats goods
2.45
Soft winter straights.... 5.75186.25 Corn flour
1.00
Hard winter straights_ 6.20186.45 Barley goods
Hard winter patents-- 6.4006.70
Coarse
3.80
Hard winter clears
Fancy pearl.Nos.2.48z7 5.4505.65
5.6008.25
All the statements below regarding the movement of grain
-receipts, exports, visible supply, &c.-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at-
Flour.
Wheat,
Corn.
Oats.
1
Rye
Barley.
bbis.198lbs. bush.60 lbs. bush. 56 lbs bush. 3216s. bu3h.581bs bush.481bs.
160,000
:Chicago
190.000
130,000 1,193,000
12,001
214,000
Minneapolis
88,000,
283.000
678,000
24.001
478,000
Duluth
I
227,000
135,000
3.000
26,000
Milwaukee....
10,0008,000
32,000,
7,000
203.000
237,000
Toledo
34.00q
36,600
103,00)
Detroit. _
12,000
15.000
17.000
26.000
Indianapolis
132,000
460,000
50.000
St. Lou!... _ _
I3.00t
94,000
381,000
311,000
126,000
32,000
Peoria
38,000
12.00
287,000
6,000
49,000
57,000
Kansas City
32,000
312,000
627.000
12,000
Omaha
201.000
164,000
St. Joseph_
25,000
124,000
38,000
Wichita
30,000
71,000
Sioux City....
1,000
1.000
19,000
9,000
3.000
Buffalo
118,000
410,000
37,000
15,000
Total wk. '34
Same wk. '33
Same wk. '32
357,000
413,000
351,000
2,476,000
3,372,000
2,209,00,
4,089,000
1,919,000
1,820,000
796,000
72,000 1,088,000
1.232,000
151.000
578.000
787,000 _ 120,0
686,000
Since Aug.11
1933
11,722,000 163,645,000 149,707,000 53.397,000, 8,669,00038.753,000
1932
12.738,000 239,894,000 131,134,000 62.097,000, 7,516,000 28,337,000
1021
IA .2.1 nnnoAK AAA nnn no ,I,nnn Cl OAK !Wm K 1K12 1111119n Cr, nnn
p.
2283
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Mar. 24 1934, follow:
Receipts caNew York._ _
Philadelphia__
Baltimore_ _ __
New Orleans
Galveston_ _ _ _
St. John,West
Boston
Halifax
Wheal.
Flour.
Rye
Oats.
Corn.
Barley.
bls.198lbs. bush.60 lbs. bush.56 lbs. bush. 32 lbs. bush.58Ibs.bush.481bs.
135.000
2,000
31,000
4,600
8,000
17.000
21,000
1.000
1,000
2 ,i 1 i
21.000
65,000
14,000
6,000
1.000
12,000
19,000
27.000
60,000
1.000
17,000
•
191,000
37,000
19,000
2,000
1,000
5,000
215,000
19,000
Total wk, '34
264,000
Since Jan.1'3 3.150.000
548.001
8,670,000
84.000
1,292,000
25,000
319,000
52,000
1,201.000
3.000
111,000
Week 1933_ _ _
56.000
84.000
313,000
3.000
4,010
254,000
nnn R ARA nnn 1 n11 non
051.000
143.111
64.000
*Receipts do not include grain passing through New Orleans for foreign porta
on through hi Is of lading.
Rim,Jan 1.22 A qA7
The exports from the several seaboard ports for the week
ending Saturday, Mar.24 1934, are shown in the annexed
statement:
Exports from-
Wheat.
Corn.
New York
Boston
Philadelphia
New Orleans
St. John, West
Halifax
Bushels. Bushels.
562.000
80,000
221,000
3,000
191,000
215,000
Total week 1934_
Sarno. waalc 1022
1,272,000
AAR nnn
Rye.
Oats.
Flour.
non
2,000
4,000
37,000
19,000
5,000
68,535
011
Barley
Bushels. Bushels.
Barrels. Bushels.
6,535
5.000
77.850
4.000
The destination of these exports for the week and since
July 1 1933 is as follows:
Flour.
Exportsfor Week
and Since
Since
Week
July 1 toMar.24 July 1
1933.
1934.
Wheat.
Week
Mar. 24
1934.
Since
July 1
1933.
Corn.
Week
Mar. 24
1934.
Bushels.
Bushels.
Barrels. Barrels.
Bushels.
486,000 33,158,000
United Kingdom. 46,140 2,046,799
Continent
772,000 46,659.000
516.610
5,095
414,000
So.& Cent. Amer_
13,000
49,600
2,000
West Indies
39.000
1,000
624,000
14,000
Brit. No. Am.Col.
___ _
41,000
612,000
Other countries__ _
1,300
169,498
68,535 3,446.907 1,272,000 80,882,C00
77 850 2.849.777
548.000 122,160,000
Total 1934
Total 1232
Since
July 1
1933.
Bushels.
299,000
218.000
1,000
43,000
1,000
10,000
572.000
90,000 4,728,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Mar. 24, 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
Peorla
Chicago
" afloat
Milwaukee
" afloat
Minneapolis
Duluth
Detroit
Buffalo
" afloat
GRAIN STOCKS.
Oats,
Corn,
Wheat,
bush,
bush,
bush.
9,000
38,000
129,000
44,000
98,000
245.000
88,000
55,000
248,000
12,000
80,000
896,000
28.000
272,000
180,000
77,000
8,000
559,000
490,000
163,000
2,618,000
5.000
8,000
1,555,000
4,000
2.564.000
2,020,000 2,968,000
464,000
399,000
30,755,000 4,472,000
5,187,000 7.246,000 1.354.000
322,000
786.000
409,000
287,000
3,243,000 1,693,000
559.000
613,000 2,007,000
129,000
207,000
11,000
2,847,000 20,649,000 3,144.000
294.000
17,000 3,749,000 2,076,000
204,000
268,000
20,248,000 4,610,000 15,682,000
12,297,000 6,107,000 11,407,000
252,000
29,000
17.000
4,069,060 7.613,000 1,075,000
248,000
1,793,000
Rye,
bush.
1,000
1,000
19,000
44.000
19,000
Barley.
bush.
13,000
4,000
2.000
11,000
7,000
28,000
99,000
72.000
6,000
159.000
18.000
42,000
61,000
9,000
20,000
8,000
2,911,000 1,146,000
1,066,000
47,000
671,000
2,973,000 7,469,000
2,713,000 1,848.000
35,000
48,000
1,332,000
623,000
259,000
Total Mar. 24 1934._ 92,617,000 63,528,000 38,154,000 11,515,000 12,269,000
Total Mar. 17 1934_ 94,922,000 63,662,000 39,348,000 11.649,000 12,517,000
Total Mar. 25 1933._ 135,922,000 35,180,000 22,853,000 7,597,000 8,344,000
Note.
-Bonded grain not included above: Wheat, New York. 1,298.000 bushels:
New York afloat, 123,000: Boston, 301,000; Buffalo. 302,000; Buffalo afloat. 1,877,000: Duluth. 3,000: Newport News. 39,000: total, 3,943,000 bushels, against 6,710,000 bushels in 1933.
Wheat,
Corn,
Oats,
Rye,
Barley,
Canadianbush,
bush,
bush,
bush.
bush.
Montreal
3,314,000
182,000
452.000
200.000
Ft. William & Pt. Arthur 71.399.000
4,958,000 2,186,000 4.857,000
Other Canadian and other
water points
32,013,000
2,940,000
481.000
505,000
Total Mar. 24 1934 _ _106.726,000
.
Total Mar. 17 1934._ _106,316.000
Total mar. 25 1933..._101,518,000
Summary
American
92,617.000 63,528,000
Canadian
106,726,000
8,080,000 3,119,000 5,562.000
8,219,000 3,121,000 5,591,000
4.035,000 3,418,000 2,823.000
38,154,000 11,515,000 12,269,000
8,080,000 3,119,000 5,562,000
Total Mar. 24 1934_199.343,000 63,528,000 46,234,000 14,634,000 17,831,000
Total Mar. 17 1934_201,238,000 63,662,000 47,567,000 14,770,000 18,108.000
Total Mar, 25 1933-- _237,440.000 35,180,000 26,888,000 11,015,000 11,167.000
The world's shipment or g) t and corn, as furnished by
w - a
Broomhall to the New York Produce Exchange,for the week
ending Friday, Max. 23, and since July 1 1933 and July 2
1932, are shown in the followingWheat.
Exports.
Week
Mar. 23
1934.
Since
July 1
1933.
Corn.
Since
July 2
1932.
Week
Mar. 23
1934.
Since
July 1
1933.
Since
July 2
1932
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels,
North Amer_ 3,302,
163.660,000233,497,
28.000
663,000 5,394,000
Black Sea_
36.395,000 19,360,0001 723,000 24.195,000 50,036.000
Argentina.._ 3.963,000 96.371.000 69.020.0001 1,248,000157,762,000 155,673,000
Australia
1,823.000 69.656,000 119,234,0
0th. countr's
480,000 21,848,000 21,645,000
298,000 9.050.000, 27,806,000
Total
9.568.000 387.930i000 462,756,000 2..297,000 191.670,000 238,909,000
2284
Financial Chronicle
WEATHER REPORT FOR THE WEEK ENDED
MARCH 28.—The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the
influence of the weather for the week ended March 28,
follows:
Mar. 31 1934
season and avoiding the possibility of early slashes in retail
prices, a movement is under way to postpone Easter clearance sales until the middle of April and possibly beyond that
date if conditions permit.
Barring the receipt of last-hour rush orders for Easter
The week opened with warmer weather prevailing in the East, but at
the same time temperatures were much lower in the Northwestern States.
merchandise, trading in the wholesale dry goods markets
By the 22d the cool wave had moved eastward and southeastward to the
interior valleys and Lake region and, by the following day, to the Atlantic
continued in its seasonal lull, with the number of out-ofcoast. During this period precipitation occurred in the interior valleys
town buyers reaching the lowest point since the beginning
and Northwest, out the amounts were mostly light. The first few days
of the week had fair weather over most section of the country. On the
of the current year. While the settlement of the industrial
morning of the 24th a depression was charted over the southern west Gulf
area, and precipitation had set in at many points in the central valleys.
labor diSpute served to create a beter feeling, new orders
The "low" moved slowly northward, bringing heavy rains to the lower
were small but prices held generally steady, in view of the
Mississippi Valley, Tennessee, and most Ohio Valley sections.
Chart I shows that the week was much colder than normal rather genwell-sold condition of the wholesale trade. Deliveries conerally east of the Rocky Mountains. Some east Gulf States and the
extreme lower Mississippi Valley had a warmer than normal week, but
tinued difficult to obtain on certain types of wash goods.
otherwise, the temperature averaged decidedly below normal over the
eastern two-thirds of the country. The greatest minus departures are
Trading in silk greige goods was a trifle more active in
•-• shown for the area from the Ohio Valley northward and northeastward,
sheers for printing, but prices continued easy. In the finwhere deficiencies at many points ran from 10 to 13 deg. West of the
Rocky Mountains another warm week was experienced. Temperatures
Wiled goods division, slightly weighted crepes, taffetas and
have been continuously above normal in this area since the beginning
of the year.
printed sheers led in demand. Retail promotions are reweather and zero
Chart I shows also the southern limit of freezing
ported to favor polka dots. The uncertainty regarding the
temperatures, as reported from first-order Weather Bureau stations. The
line of freezing extended southward to Wilmington, N. C., Spartanburg,
compensatory tax and threats of higher wages continued
S. C., Cairo, Ill., and south-central Oklahoma. In Gulf sections the
minima ranged from 42 deg, to around 50 deg.; in the Ohio Valley from
to hamper business in viscose rayon yarns. While ship18 to 32 deg., and in the Mississippi Valley from 4 deg. above zero at
Minneapolis, Minn., to 42 deg. at New Orleans. Sub-zero temperatures
ments against open orders are holding up well and prowere confined to a narrow belt along the northern border of the country.
ducers' stocks are being kept to very small proportions.
thowh readings as low, or lower, than this occurred locally in Nebraska
-order station
and Wyoming. The coldest weather reported from a first
new forward orders for May shipment are scarce. although
was 14 deg. below zero at Sault Ste. Marie, Mich.though farther north.
in Canada, White River, Ont., and Doucet, Que., ea'ch reported an extreme \ a few weaving mills placed some initial orders for that
of 46 deg. below.
month. Demand for acetate yarns remained poor, but cupChart II shows the geographic distribution of precipitation for the
week. It indicates that moderate to heavy amounts were general in the
rammonium and nitrocellulose fine deniers moved in good
Ohio and middle and lower Mississippi Valleys, including Tennessee and
much of Missouri. The falls were substantial to heavy also in Alabama
volume to the knitting trade.
and eastern Texas, locally in the Middle Atlantic States, and in the Texas
Panhandle. In other eastern sections the amounts were light to moderate,
DOMESTIC COTTON GOODS.—Extreme dullness conwith the Southeast having practically a rainless week. The northern
tinued in the print cloth market, which was only tempoGreat Plains continued dry, and a large area of the far Southwest had
but little rain.
rarily interrupted by the flurry in raw cotton following
East of the Rocky Mountains the week was generally unfavorable for
spring work on farms, except in some southeastern sections where prothe settlement of the labor dispute in the automotive indusgress was rather satisfactory. Local plowing and a little seeding of spring
grains were accomplished in the interior valleys at the beginning of the
try, and later in the week by the passage of the Bankhead
week, but, with the advent of cold weather early in the period and widebill in the Senate, which also resulted in a strengthening
spread rains the latter part, work was largely at a standstill. In the
only a little
South seasonal farm operations are backward in most places;
of cotton quotations. The trend of prices during the larger
local cotton planting has been accomplished east of the Mississippi River,
though, ordinarily, seeding begins the first of April to the central porpart of the week was distinctly downward, but even at the
tions of Georgia and Alabama, and south-central Mississippi. Also east
of the Great Plains very little corn has been planted; normally planting
reduced levels buyers showed very little interest in goods,
Tennessee by .
is in progress in southern North Carolina and much of
despite the fact that, according to all reports, there has
April 1. Rains the latter part of the week made the top soil too wet to
work over a large area from the Ohio Valley southward and southwestward.
been no let-up in the movement of finished cotton products
Farther north a little oats were seeded and scattered fields of spring
wheat put in, but the seeding of these crops was inactive. Ordinarily,
into the hands of consumers. The slow receipt of orders
Minnesota and
by April 1 spring wheat seeding begins in southeastern
for April and May shipment has caused some mills to
well to the northern portion of South Dakota. This year it is being delayed by cold weather and extremely dry conditions, with dust storms and
plan for a curtailment in their output rather than to let
drifting soil still prevalent in the southern portions of the belt. widespread
A decidedly favorable feature of the week's weather was the
goods accumulate. Offerings of second-hand cloths conprecipitation in substantial amounts over large areas of the central valleys, which was especially beneficial in Ohio, Indiana, Illinois, Missouri,
tinued liberal. While business in fine goods was not as
northern Texas, and Oklahoma. The northern Great Plains States are
active as of late, the tone of the market remained predomistill dry, the surface soil being too dusty for seeding, with the subsoil
of spring
needing moisture badly. With the season for active
nantly steady, although a mixed trend developed during the
wheat almost at hand, immediate heavy rains are urgently needed if the
crop is to be put in under anything like satisfactory conditions. The
week. Most mills are believed to be well sold ahead, and
more western States continue warm and favorable for spring work, except
spot goods are still in fair demand in some sections of the
that Oregon and southern California are needing rain. Frosts did more
or less damage to fruits in the Hood River Valley of Oregon and eastern
market. Fairly good business was done in tobacco cloths.
Washington.
but drills were slightly easier. Voiles were less active, but
SMALL GRAINS.—In the Ohio Valley winter wheat made very little
progress due to the cold weather, although some has greened up in the
prices held strong. Closing quotations in print cloths were
more southern portion; general moderate to heavy rain or snow at the
close of the week will be very beneficial, but in the eastern Valley sections
as follows: 39-inch 80's, 9y
2e.; 39-inch 72x76's, 8%c.; 39much wheat looks brown. In Missouri the crop made fair progress, but
the
inch 68x72's, 7% to 7%c.; 381h-inch 64x60's, 6%c.; 38%-inch
is rather backward and is furnishing no pasturage. In Kansas and weather
the excontinued unfavorable for winter wheat in the western half
former section
60x48's, 6%c.
treme north, while damaging dust storms continued in theOklahoma and
most of
and more moisture is needed in all parts. In beneficial, with progress
WOOLEN GOODS.—While trading in men's wear goods
Texas general moderate to heavy rains were very
and condition of wheat fair to good, but western Texas and New Mexico
continued quiet and was confined to nearby deliveries, a
continue dry. In the northern Great Plains, including the Dakotas,
continue, with moisNebraska, Iowa, and Wisconsin, droughty conditions particularly in South
better feeling was unmistakable, based on the belief that
parts,
ture badly needed and the soil very dry in all vegetation has started. In
the supply of merchandise in manufacturers' hands has been
Dakota, where dust storms continued and no
situation has improved in some loMontana and Wyoming the moisture
Winter wheat
cut to such an extent that a liberal placing of orders for
calities and grain is improving and making normal growth. to excellent in
good
is mostly good in the eastern Great Basin, while it isthe Southeast, while
fall goods within the near future may be confidently anticithe far Northwest. Winter cereals were favored in
improvement was noted in the Middle Atlantic States.
pated. Less talk was heard of ptice concessions, and mills
central valleys, but in the
Some spring oat seeding continued in the
blowing
which named low prices at the start of the season were
spring wheat section little work was accomplished because of dry,
conditions
soil and cold weather, although in Montana improved moisture
reported to have withdrawn them, having booked all the
warm
in the southeast aided plowing and planting, which is well started on and
soils. In more southern districts spring oats are coming up well
business they desired at these levels. Reports from retail
stands are good.
clothing centers struck a rather cheerful note, with individual stores said to have virtually doubled their dollar
THE DRY GOODS TRADE
volume of last year. While the call is still predominantly
New York, Friday Night, March 30 1934.
for low-priced garments, more interest is said to be shown
Following some hesitancy in pre-Easter buying at the in better grades, although the reduced buying power of many
beginning of the period under review, as a result of adverse consumers continues to hamper actual expansion in this
weather conditions and the uneasiness felt over labor dis- field. Except for some early buying of staple cloakings
putes in important industries, retail business enjoyed an- and dress goods by mail order interests, trading in women's
other spurt when the threatening strike in the automotive wear fabrics was dull, but the outlook for fall business was
industry was averted and more seasonable temperature considered hopeful, with interest, however, continuing to
made its appearance. Activity centered in apparel lines, center in lower-priced goods. Retail sales of women's apand sales of women's wear, men's suits. and top coats as parel showed appreciable expansion, with fur and selfwell as children's goods were of such proportions that the trimmed dress coats in wool crepes moving freely.
high rate of gain in dollar volume reported for the first
FOREIGN DRY GOODS.—Little business was done in
half of March is likely to be approached in the sales figures household linens, but the demand for dress linens continued
are expressed, however, fairly active, and some interest was also shown in men's
for the entire month. Doubts
whether the present improvement will carry into the post- suitings. Although more inquiries by consumers made their
Easter period, particularly in view of renewed sporadic re- appearance in the burlap market, little actual business
developed, but the outlook for spring was regarded as havsistance to price rises and also because of the curtailment ing improved. In
line with the negligible changes reported
of CWA employment, which has only in part been offset from the primary market, prices were virtually unchanged.
by ordinary reinstatements. For the purpose of making up, Domestically, lightweights were quoted at 4.90c., heavies
as far as possible, for this year's short pre-Easter buying at 6.60c.
Volume 138
Financial Chronicle
2285
State and City Department
MUNICIPAL BOND SALES IN FEBRUARY.
We present herewith our detailed list of the municipal bond
issues put out during the month of February, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1773
of the "Chronicle" of March 10. Since then several belated
February returns have been received, changing the total
for the month to $62,328,481. This figure does not include
Reconstruction Finance Corporation (Public Works Administration, Federal Emergency Relief Administration) loans
actually made or promised to States and municipalities
during February, in the amount of $25,399,004. The number of municipalities issuing bonds in February was 123 and
the numbei of separate issues 141.
Page.
Name.
Rate. Maturity. Amount.
1078_ -Afton, Iowa
5
17.500
1605_ _Annandale, Minn
4
1-15 yrs
rd6.000
1605_ _Athens County. Ohio_ .._ _4 % 1934-1936
55.000
1605_ _Baker, Ore
6
1935-1954
r78.000
1425_ _Basin. Wyo
4;4
r45.000
1425_ _Basin, Wyo
4%
r7,000
1258_ _Beloit, Wis
1935
44
50.000
1425- _Boston Metropolitan Dist..
Mass
3
1937
2.098.000
1425_ _Bradford, Pa
5
1935-1944
40,000
1425- _Brainerd. Neb
5
1936-1944
35.000
1606_ _Buffalo, N. Y
4Y
1944
3.000,000
1079_ _Cache County, Utah ___ _5
r20.000
1079_ _Cache County, Utah_ _ _4%
r5.000
894_ _California (State on
4% 1941-1943 6,000,000
1259- -Carroll County, Ohio_ _ _ _5
1935-1937
20.000
1079-_Cattaraugus Co., N. Y.-3.70 1935-1946 150.000
1426--Cedar Rapids Ind. S. D.,
Iowa
4
1936-1954 590.000
1259--Cerro Gordo Co.. Iowa_ _4 y, 1940-1944
43.000
1606--Cherokee Sch. Dist., Iowa
25,000
895_ _Cincinnati, Ohio
21.955
1259- _Cincinnati. Ohio_
4% 1935-1959
30,755
1260- _Clermont county, Ohio__
1935-1954
20,000
1260_ _Columbus, Ohio
Sept. 1935 110.000
53
1607- _Conneaut, Ohio
8.000
1607-.Coshocton County, Ohio.4% 1934-1936
30,000
1260- _Cresitine. Ohio
5
1935-1940
6.000
_Decatur, III
16075
288.000
1260_ _Des Moines Co., Iowa_..5
1936-1942
30.000
895_ _Douglas Co. H. S. D. No.
11 Calif
6
19344943
10,000
1080--Duluth. Minn
4% 1938-1942 r250.000
1260__Duquesne S. D Pa
434 1942-1944 150,000
1607-Echo, Minn
2,500
1261-_Elyria. Ohio
6
r63,750
1607-_Erie,Pa
5
1940-1954 r380.000
1427-Erie County, N.Y
43 1935-1939 568,000
1607__Erie County, Ohio
434 1935-1937
35.000
1427__Fillmore Un. S. D., Calif_434 1936-1943
7,500
1261_ _Franklin, Ind
534 2-11 yrs.
10,000
1261_ _Fremont, Mich
5
r38.794
1427- _Fremont, Nab
255.000
1080_ _Gallipolls, Ohio
1936-1944
6
797
1608_ _Golden Gate Bridge &
Highway Dist., Calif_.431 1942-1971 1,500,000
Po
1427_ _Granby, Mo
6
1936-1945
5,000
1261--Grandview Heights, 0_ _.534 1935-1938
4,000
1261--Greenburgh,N. Y.(2 iss.)6
1935-1958 276,000
1427_ _Greene Co., Oldo
1934-1936
6
30,000
1050_ _Guernsey Co., Ohio
4% 1935-1937
30,000
1261--Hamilton, Ohio
4
1935-1944 177,828
1261_ _Hamilton, Ohio
4
1935-1954
70,799
896_ _Hancock Co., Ohio
431 1935-1937
25,000
1262_ _Hastings, Nab
3.95 5-20 yrs. d100,000
1608_ _Jackson, Miss
5
200.000
1262-Jefferson Co. S. D. No.
43, Wash
2-10 Yrs.
4
26.000
1081- _Johnson Co., Iowa
1940-1942
5
21,900
1427_ _Kansas City, Mo.(3 iss.)-434 1936-1974 500,000
1608_ _Kansas (State of)
1955
331
250,000
897-Kenosha Co., Wis
1935-1954 d400,000
5
1604--Keno, Ohio
1935-1942
6
r8.000
1262_ _Kirkland. New Hartford,
Mao Whitestown, &c., S. D.
owNo. 1 N Y
4.69 1934-1966 340,000
1428__Lafayette, Ind
6
1935-1944
25.000
1081--Lebanon, Ohio
10,000
1609--Lebanon, Ohio
431 1935-1959
60,000
1428__Lexington, Mass
3% 1935-1944
35,000
1609- _Lilly, S. D.,Pa
5% 1934-1938
5,000
1081-Los Angeles, Calif
5
1935-1974 5,000,000
1609__McKeesport. Pa
1944
434
163.000
1609__Mahoning Co., Ohio
6
1935-1937 450,000
6
1609-Mamaroneck, N. Y
1935-1941
150,000
5
1779--Marathon Co., Wis
1939
50,000
1609- _Marshall S. D., Mo
r10,000
1944
5
1780--Marstuditown, Iowa (2
issues)
69,000
434 1037-1953
2-10 yrs.
28,000
1263- _Mason Co . Wash.. __ _ _6
(
19354949 3,492,000
1263 _Maryland(State of) 2iss.)4
-6
270,000
1263 _ _Mercer Co., N. J
1610„Millbank, S. Dak
20 years
16,000
5
1936-1938
12.000
1263_ _Mills Co.. Iowa
1263...Mineola, N. Y
12,000
534 1935-1946
1082__ Montgomery Co., Md__ _5% 1936-1954 847,000
5% 19374944 r58.000
1263_ _Morristown, N. J
1263_ _Multnomah Co. S. D.No.
1934-1938 100.000
6
1. Ore
28,000
1610_ _Muncie, Ind
1263--New Hampshire (state of)
331 1935-1942 2.400.000
(2 issues)
1429_ _New Jersey (State of)__ --3% 1935-1942 5,000.000
1429-.New Kensington S. D.,
5
19374944 120,000
Pa
60,000
1611_ _Newport, R. I
331 1936-1944
5,000,000
1935
4
1781- _Now York, N. Y
r45,000
1264__Nicollet County, Nlinn.._4
15,000
1429--Noble County, Ohio
431 1935-1937
12,000
1611_ _Norwood, Ohio
43j 1936-1941
1936-1941 125.000
5
1429--Nutley, N. J
3.60 1936-1944 100.000
1264--Ogdensburg, N. Y
90,000
1264__Orleans County, N. Y
3.60 1935-1939
70,000
1264- _Orleans County, N. Y. -3.80 1937-1938
675,000
1612-Piqua, Ohio
1430_ _Plainfield. N. J
431 1936-1962 495,000
431 1936-1943 174,000
1430_ _Plainfield, N. J
1939-1973 rd50,000
899- _Plainview Ind. S. D.,Tex_5
Price. Basis.
100.28
100.03
95
100
100
4.74
6.52
4.50
4.50
99.30
103.76
102.14
100.32
3.60
4.20
4.57
4.21
104
100.40
100.07
3.95
4.79
3.69
101.42
100.92
3.84
4.12
100
4.25
100.15
5.40
100.14
100
4.46
5.00
100
5.45o
100
100.01
100.41
6.00
4.49
4.44
100
100.004
100.35
100.05
100
100
100
6:00
4.99
4.62
4.48
4.50
5.50
5.00
93.28
____
100
100.01
100
100.16
100.54
100.90
100.40
100
96.10
5:85
5.99
6.00
4.67
3.90
3.87
4.56
3.95
____
100
100
104.15
104.90
97.42
100
4.00
5.00
4.23
3.30
5,33
6.00
100.15
100
100
100.34
101.58
100
100.20
103.12
100.30
100
102.75
103.55
4.59
6.00
100.47
100
105.83
100
100
--J1
4
3.18
5.26
4.99
4.12
5.84
6.00
4.44
4.53
4.20
6.00
3.22
6.00
5.00
100.11
5.48
100.61
5.14
101.40
5.30
100.83
100.16
3.03
3.71
100.32
102.30
4.95
3.37
101.51
100.20
100.37
100
100.05
100.10
100.30
101.08
100.60
100
1.61
4.16
5.00
3.59
3.56
3.78
4.51
4.63
5.00
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
1264_ _Port Jervis, N. Y
43( 1939-1943
60.000 100.04
4.24
1430_ _Poughkeepsie, N. Y
3.90 1940-1944 140.000 100.28 3.86
1264_ _Price County, Wis
5
1935-1938
46.000 101.31
4.45
1430__Providence, 11.1.(4 Iss.)-3% 1935-1964 1.000,000 100.38
3.47
1085_ _Rochester. N. Y
1935
500.000 100
534
4.15
1085- _ Rochester, N. Y
500,000 100
1936
434
4.15
1085_ _ Rochester, N. Y
4
1937-1939 2,000.000 100
4.15
1430_ _St. Louis County. Mo.431
59,500 100.18
4.71
1265_ _Sacred Heart. Minn
6.000 100
431 1939-1948
4.25
1430_ _St. Paul, Minn
1935-1944 600,000 100.90
4
3.83
1431_ _Salem, Mass
3
1935-1939
30,000 100.17
2.94
1431_ _Salt Lake City. Utah_
1,600,000
97
1265_ _Sandusky County,Ohio_ _4% 1935-1937
10,000 100.22
1431_ _Sandusky. Ohio
5
24,190 100
Koo
1085_ _Schenectady Co., N. Y.
(2 issues)
3.80 1936-1944 750,000 100.10
3.78
1431_ _Sellersville,Pa
4
1935-1964
35.000 100.11
3.99
1265_ _Southland Ind. S. D.,
Texas
1935-1967 r27,900
5
900- _Storm Lake,Iowa
1936-1946
5
13,000 102.36
4.62
1086_ _Suffolk Co., N.Y.(2 iss.) 3.90 1935-1954 875,000 100.69
3.82
1431_ _Summit County, Ohio__ _6
1935-1937 420.000 100
6.00
1431__Troy, N. Y
434 1935-1943 108,813 100.96
4.28
1431__Troy, N. Y.(2 issues)_ _ -4% 1935-1947
84,000 101.11
4.29
1431_ _Troy, N. Y
434 1935-1946
4.29
r60.000 101.11
1431-Trumansburg, N.'Y
30.000 100
531 1954-1972
5.25
1613__Union County, Ohio
21,500 100.25
431 1934-1938
1266__Utah County, Utah
434
50.000
1613_ _Valley Point Con. S. D.,
Ga
1935-1954
20,000 100
5
5.00
1266_ _Washington Co.. Ohio_.434 1935-1937
40.500 100.35
4.56
1087_ _West Virginia (State of) _ _4% 1934-1946 1,625,000 100.004 4.21
1087_ _West Virginia (State of)--4
1947-1953 875,000 100.004 4.21
1432__Whatcom Co.. Wash -,-,-5
50.000 100
5.00
1432__Whatcom Co. S. D. No.
322. Wash
5
2-20 yrs.
7,000 100.56
5.00
1614_ _Wilkins Twp. S. D., Pa_ _54 1935-1941
35.000 100
5.25
1614_ _Wilkinsburg, Pa
434 1941-1954 200.000 101.70
4.35
1614_ _Wilkinsburg, S. D., Pa_ _431 1936-1944 180.000 100.03
4.24
1266- _Williamsport S. D., Pa.
.3j 1936-1960 300.000 101.07
3.65
1088 _Williamsville. N. Y
6
1935-1938
52.000 100
6.00
1432_ _Wilmot Ind. S.D., S.Dak.5 _
1432- _Wilmot Ind. S.D.,S.Dak.5
r3.000 100
3 8 Yrs.
5.00
1266_ _Yonkers. N. Y
900.000
534
Total bond sales for February (123 municipalities, covering 141 separate issues)-_ _462.328,481
d Subject to call in and during the earlier years and to mature in the
later years. k Not including 378.482.000 temporary loans or $25.399.004
Reconstruction Finance Corporation municipal loans. r Refunding bonds.
No United States Possession bonds were sold during
February.
The following item, included in our total for December
1933, should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
this elimination may be found.
Page.
Name.
896_ _Irvington, N. Y
Rate. Maturity.
Amount.
55.000
Price. Basis.
We have also learned of the following additional sales
for previous months:
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
1258_ _Baltimore, Md. (April
1964
1933)
4
486.000 100
4.00
1078__Bay View S. D. No. 31.
Wash
5
1935-1944
1,500 100
5.00
1260_ _Cleveland Heights, Ohio
(Dec. 1933)
1935-1944 r385.000 100
6
6.00
1426_ _Defiance, Ohio (Sept.
1935-1944
1933)
6
r51,000 100
6.00
1427_ _Fanwood, N. J. (Nov.
' 5
1933)
44,000 100
5.00
1261_ _Grand Rapids S. D.,
Mich. (Sept. 1933) _ __ _5
1934-1943 r300,000 100
5.00
1262_ _Lakewood, Ohio (Aug.
3
1934-1938
1933)
7,000 100
3.00
1263. New Bedford.Mass.(Aug.
1933)
3% 1934-1938 680.000 100
3.50
1264_ _Philadelphia, Pa. (June
1953-1983 562.100 100
1933)
5
5.00
1264_ _Providence. R. I. (July
1933)
1938
334
300.000 100
3.50
1266_ _Wilkes Barre, Pa. (July
5
1938
1933)
4.600 100
5.00
r Refunding bonds.
All of the above sales (except as indicated) are for January
1934. These additional January issues will make the total
sales (not including temporary or RFC loans) for that
month $54,760,758.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
FEBRUARY.
Page.
Name.
Rate. Maturity. Amount.
Price. Basis.
1614_ _Kingston, Ont
1953
434
100,000 100.43
4.47
1266_ _Moncton, N. B
5
20 years
125,000
99.17
5.07
1266-Riviere du Loop, Que.
(2 issues)
534 1934-1943 371,800
1614.. _Stoke Twp Que
534 1934-1953
20,000
98
4.76
1266_ _Trafalgar Twp., Ont. -534 10 years
17.425 100
5.50
Total of Canadian debentures sold in Fab...-$634,225
NEWS ITEMS.
Arkansas.
-Validity of Road Bond Refunding Act Upheld.
A dispatch from Little Rock to the "Wall Street Journal"
of March 26 reports that the validity of the $155,000,000
Highway Refunding Act passed by the recent special session
of the Legislature was upheld by Chancellor F. H. Dodge
in a test case which will be appealed to the St Ile Supreme
Court. The State Refunding Board officials are reported
to have said that the bulk of the outstanding highway obligations will be withheld from refunding until the Supreme
Court decision is given.
Canada.
-Annual Booklet Issued on Dominion and Provincial Outstanding Loans.
-The 1934 edition of the handbook for dealers in Canadian bonds entitled "Canadian
Government Loans," is being distributed by the Dominion
2286
Financial Chronicle
Securities Corp. of New York City. This booklet contains
detailed information on the outstanding direct and guaranteed loans of the Dominion and each of its provinces. It also
contains pertinent data and statistics on production, population, area and resources on Canada in general and on
Canadian securities.
Golden Gate Bridge and Highway District, Calif.—
Descriptive Booklet Issued.—The organization and operation
of this district is described in a booklet issued by U:lyth &
Co., Inc. and containing information compiled by California
Municipal Statistics, Inc. The booklet discusses the district
'
itself, then goes on to acquaint investors with the high credit
position of its bonds. Numerous points are covered as of
prime importance in evaluating the district's obligations,
notably: net overlapping bonded debt is 11.38% of assessed
valuation and 5.13% of estimated actual value, and the
total tax rate averages 3.598 per $100 of assessed valuation.
Kentucky.
-201 Bills Passed at 1934 Session Become
Laws.—Two hundred and one Acts of the 1934 General
Assembly, which adjourned on March 16, went on the statute
books March 19, 16 of them with the approval of Governor
Ruby Laffoon. The others, including 165 primary road
project bills, were allowed by the Governor to become law
without his signature. The new laws were reported on as
follows in the Louisville "Courier-Journal" of March 20:
Probably the most important of the measures given the chief Executive's
approval were the mining "code" bill and the bill to increase the powers
of the State Athletic Board of Control to give it jurisdiction over wrestling
as well as boxing. The mining "code" is a revision of the old mine laws
of the State, with some changes and additions. It was prepared and
approved, according to its legislative sponsors, by mine operators and
mine workers alike.
Thirteen of the measures signed by the Governor did not bear the signature
of the Lieutenant Governor as presiding officer of the Senate. Under the
constitution, all bills passed must be signed by the President of the Senate
and the Speaker of the House of Representatives.
Leiut. Gov, A. B. Chandler, refused to sign the 14 measures on the
ground they did not receive the required number of readings in both branches
of the General Assembly, or were given first reading in the Senate when
the Senate was not in session.
Legal authorities in the Capitol, said to-day the failure of Chandler
to sign the bills would not invalidate them so long as the Senate Journal
shows they were given the necessary readings. The courts have held in
the past that they cannot go behind the journals of the Legislature.
No Action on Utility Bill.
The Governor deferred action on the Public Service Commission bill.
Besides the mining "code" measure, which recodifies the State mining
laws, the Governor approved the following measures:
To appropriate money for payment of bonuses to legislative employees.
To authorize William Cox to sue the State Highway Commission.
To provide for a volunteer State militia.
To provide for low-cost housing projects in first and second-class cities.
To acquire executors and administrators to publish notice of date of
filing settlements.
To divert revenue from the beer taxes from the relief fund to the general
expenditure fund.
To provide for extension of teachers' certificates.
To permit boards of trustees of county school districts and independent
districts to convey real estate for school sites.
To permit counties to acquire elementary and high school buildings by
negotiating loans with the Civil Works Administration.
Tolimit the power of Circuit Judges in relation to disbarment of attorneys.
To allow cities to lay and maintain on rights of public roads pipes for
water and gas.
To change the dates for the open season on rabbits.
To appropriate $100 a year for the upkeep of the Confederate Cemetery
at Pewee Valley.
The Governor approved a resolution to name the Henderson-Evansville
bridge in honor of John James Audubon.
Other New Laws.
Bills and resolutions, aside from the road projects, allowed to become
without the Governor's signature included:
law
Constitutional amendemet to provide for repeal of the prohibition
amendment.
To authorize the State Librarian to furnish the University of Kentucky
certain duplicate documents and books when requested to do so.
To permit cities of the first and second class to insure municipallyowned cars and to take out compensation insurance on police and employees.
To transfer Shelby County from the fifth to the Fourth Congressional
District.
To fix the limit and length of game fish that may be taken by fishermen
from navigable streams in one day.
To authorize the Court of Appeals to prescribe new rules governing the
practice of law and setting out disbarment methods.
To regulate and prohibit sale of marihuana or loco weed.
To fix fees for catching mussels.
To create office of district detective for Jefferson County.
To appropriate $5,000 to provide educational facilities for orphans of
war veterans.
To authorize investment of surplus of building and loan associations in
bonds of Home Owners' Loan Corporation.
To provide for investment of bank funds in Federal Home Loan Bank.
To amend law relating to lien of purchaser at invalid tax sale.
To make dynamiting of fish in any stream a felony.
To permit cities of all classes to negotiate loans with Public Works
Administration for school buildings.
To authorize University of Kentucky and teacher training colleges to
borrow money from PWA for school buildings.
An Associated Press dispatch from Frankfort on March 22
gave the following details on the public utilities control bill,
reported briefly in the above summary:
Henceforth all public utilities in Kentucky will operate under the absolute
control of the State Public Service Commission, a late creation of the
General Assembly.
The legislation that gave birth to the Commission likewise endowed it
with its specific and far-reaching authority. The utilities are given the
alternative of appealing to any court of competent jurisdiction, but the
appellant must bear the burden of proof in efforts to annul the rulings.
The Commission has full power to determine and adjust rates of any
sort of association or corporation operating power plants, gas plants,
waterworks, pipe lines, telephone and telegraph lines and street, suburban
and interurban railways.
Moreover, it has the authority to determine the nature and extent of the
public service on the part of each association or corporation. That control
applies also to the enlargement of systems, building of new plants and
issuance of franchises, licenses and permits by municipalities and State
governmental agencies.
Another clause of the legislation gives the Commission power to control
issuance of securities, notes, bonds and stocks on the part of utility companies. No such issuance can be regarded as valid unless authorized by
the Commission.
The Commission may investigate all methods and practices of the companies and force them to conform to laws of the State, if any violation
is found.
The Commission will be composed of three members appointed by the
Governor with the advice and consent of the State Senate.
Maryland.—Act Limiting Mortgage Foreclosures Held
Void.—An Act passed as an emergency measure at the special
Mar. 31 1934
legislative session in 1933 and designed to prevent mortgage
foreclosures under certain conditions was held unconstitutional on March 21 by Judge Eugene O'Dunne in Circuit
Court. We quote in part as follows from the Baltimore.
"Sun" of March 22 regarding this decision:
The Act provides that the holders of less than a 25% interest in a mortgage cannot by themselves force a foreclosure as they could previously
under a law enacted in 1885. The recent Act, according to its provisions,
will remain in operation until June 1935.
In deciding against the validity of the measure, Judge O'Dunne said it
was unconstitutional in that it impaired the obligations of a contract and
was arbitrary and illegal in character.
Cannot Take Away Rights.
Holders of less than 25% of a mortgage, he continued, cannot be deprived
of the rights of foreclosure, especially when that right is stipulated for in
the mortgage. In addition, Judge O'Dunne declared, the right cannot be
denied under the guise of police power or emergency fiat.
The case will be taken before the Court of Appeals to obtain a final
ruling during the April term of the Appellate Court, it was indicated yesterday.
Hold $500 Interest.
The case came before Judge O'Dunne on the foreclosure petition of John
and Mary Matthews, holders of a $500 interest in a $3,000 mortgage on
property in the 1300 block Patapsco Avenue. The petition was objected
to on the ground that Chapter 56 of the Acts of the special Legislature of
1933, said in effect that the State is in a state of emergency and that provisions of the Act of 1885 allowing such a foreclosure could not be invoked
by holders of less than 25% of the mortgage.
Frederick H.Hennighausen and J. Calvin Carney,attorneys, represented
the petitioners. Clarence A. Tucker, James Thomas and William L.
Marbury Jr. were counsel for the Mortgage Guarantee Co. and the United
States Mortgage Co., which intervened.
Massachusetts.—Changes in List of Legal Investments.—
The following bulletin (No.2) was made public by the Commissioner of Banks on March 23:
PUBLIC FUNDS.
ADDED TO LIST OF JULY 1 1933.
Bonds and Notes of the Following:
Narragansett, R. I.
Litenfield, Conn.
Wilton, Conn.
Legally Authorized Bonds for Municipal Purposes of the
Following Cities:
Bridgeport. Conn.
Waterbury, Conn.
Riverside, Calif.
New Haven, Conn.
Denver, Colo.
Tacoma,'Wash.
Portland, Maine
Joplin, Mo.
Zanesville, Wis.
Providence, R. I.
Kokomo, Ind.
REMOVED FROM THE LIST OF JULY 1 1933.
New Haven, Conn.
East St. Louis, Ill.
Brewer, Maine
Norwich, Conn.
El Paso, Texas
Felt Fairfield, Maine
Norwalk, Conn.
Grand Rapids, Mich.
Lincoln, Maine
Old Orchard Beach,Me. Putnam (Town), Conn. Huntington, W. Va.
Seymour, Conn.
Jonnstown, Pa,
Portland, Maine
Louisville, Ky.
Waterbury, Conn.
Waterville, Maine
Muskegon, Mich.
Rockingham Co., N.H. Albany, N. Y.
Port Huron, Mich.
Amarillo, Texas
Rutland, Vt.
Rochester, N.Y.
• Amsterdam, N. Y.
F./evidence, R. I.
Schenectady, N. Y.
Anderson, Ind.
Watren, R. I.
Toledo, Ohio
Cincinnati, Ohio
West Warwick, R.I.
Wichita Falls, Texas
Cleveland, Ohio
Bridgeport, Conn.
Covington, Ky.
Hamden,Conn.
East Chicago, Ind.
New Britain, Conn.
PUBLIC UTILITIES
ADDED TO LIST OF JULY 11933,AS OF FEB.71934.
Union Electric Light & Power Co. gen. mtge. series A 5s, 1954.
REMOVED FROM THE LIST OF JULY 1 1933.
The Peoples Gas Light & Coke Co. first & ref. mtge. set ies C 6s, 1957.
Michigan.—Special Legislative Session Adjourns.—The
second special session of the Legislature adjourned at 2:15
a. m. on March 17 after approving the Insurrection Bond
Bill and the Municipal Revenue Bond Bill. A dispatch
from Lansing to the Detroit "Free Press" of March 17
reported as follows on the results of the session:
The Senate by a vote of 19 to 3 refused approval of the McKenna resolution calling for investigation of the State Liquor Control Commission.
The Small Loans Bill died on the table in the House.
Both revenue measures are subject to referendum. The insurrection
measure, providing $37,874,458 for institutional expansion, armories and
highways, will be voted on probably at the April 5 township elections.
The measure gives Gov. Comstock 10 days in which to set a date for the vote.
The municipal measure, on which 337,000,000 of Michigan Public
Works Administration projects depend, calls for a referendum in each
municipality.
Gov. Comstock's bill abolishing the Securities Commission never reached
the Senate floor. Rep. George Green charged that Senator A. J. Wilkowski failed to call a meeting of his Senate committee to consider it.
The Insurrection Bond Committee recommended the total amount
fixed by the Senate but rejected the plan of that body to permit three
separate referendums. Also it refused to designate the site of the proposed $500,000 Upper Peninsula Tuberculosis Hospital except at some
point in the western end of the Peninsula.
Agreements were reached between the two Houses approving the Mackinac
Bridge Authority, which will start at once expenditures for engineering
surveys for the proposed $35,000,000 project, the cost to be borne by the
Highway Department. Sponsors hope to receive PWA aid for the venture,
despite the fact that all available evidence indicates that potential revenue
would be less than 1% of the capital investment.
Fish Trap Ban Is 0. K'd.
Approval also was given to the banishment of trap fishing nets from
waters below 80 feet deep, effective Aug. 1.
The major accomplishment of the Legislature as it reached its final
day was the slashing of $5,100,000 from weight tax payments exacted
from Michigan motorists.
More than 100 bills were introduced, but the most important of those
adopted are the validation of Detroit bonds of obscure origin, conveying
land to the Federal Government for subsistence homesteads, and establishing felony penalties for counterfeiters of the Detroit scrip.
The time for payment of 1933 taxes was extended to Nov. 1, with a
3% penalty: periods of redemption were extended in cases of mortgage
foreclosures and enforcement of tax liens were given priority over mortgage claims in actions against property.
House and Senate both have approved appropriations aggregating
nearly $1,500,000 to make up budgetary deficiencies. About $500,000
of the total was to care for indigent crippled children at the University
Hospital, and $336,000 to reimburse local governments for soldiers and
sailors homestead tax exemptions. The Legislature appropriated $50,000
to cover its own expenses.
Home loan bonds were made suitable for bank investments and those
of governmental units and provisions was made also for them to be
accepted for delinquent taxes.
Many of Gov. Comstock's recommendations were turned down by
the law makers. Among them were reapportionment, a general revision
of the Constitution, abolition of the "uniform rule" of taxation, revision
of the general tax laws, county government reform and consolidated county
school boards, establishment of a State National Recovery Administration
code, authorization to permit him to appoint a successor to the late Congressman Joseph L. Hooper, enabling legislation for public utility revenue
bonds, cancellation of delinquent taxes prior to 1931.
Election Revision Rejected.
Six Comstock bills for revision of the election laws including provision
legalizing pre-primary conventions were turned down by the law makers.
Volume 138
Financial Chronicle
The House failed to adopt a resolution offered by Rep. Miles M.Callaghan
calling for an investigation of the Racing Commission.
Lobbying attracted attention as the session entered the final round.
Senator Leo G. Rarwick, in a long statement to the Senate. accused
Clyde V. Fenner with maliciously interfering with Judiciary Committee
affairs, and with removing records pertinent to the minimum wage bill.
In the House Rep. Gus T. Hartman charged that "horse trading" had
resulted in the death of the reapportionment bill.
Bond Vote Tentatively Setfor May 1.—Governor William A.
Comstock is said to have tentatively fixed May 1 as the date
for the Statewide referendum on the proposal to bond the
State for a $38,000,000 public works construction program,
as reported above. Up to March 21 the Governor had not
received the Act for approval but he had promised to sign
it, barring unexpected legal flaws, according to Lansing
advices of the 21st.
Mississippi,.—$1O,000,000 Highway Bond Bill Fails of
Passage.—We are informed by Buford Yerger, Clerk of the
House of Representatives, that the House failed to pass
the $10,000,000 highway construction bill over the veto
of Governor Conner, the vote being 75 "for" to 61 "nay,"
lacking the required two-thirds majority.
New Jersey.—Governor Moore Pledges Payment of Municipal Debts.—In a radio address broadcast on March 27
it was declared by Governor A. Harry Moore that the
obligations of New Jersey municipalities are large but they
will be met and discharged. The Governor remarked that
the road back to sound credit is still open and steps are being
retraced along that highway, and he went on to admit that
his administration has been indulgent in dealing with its
local governmental units. We quote in part as follows from
an article on the subject in the "Wall Street Journal" of
March 28:
New Jersey's municipal obligations are heavy, but they will be met
and discharged, Governor A. Harry Moore declared Tuesday in a Nationwide broadcast sponsored by the committee on civic education and the
American Political Science Association. Thomas N. McCarter, President
of the Public Service Corp. of New Jersey, and Charles P. Messick, Chairman of the State Planning Board, joined the Governor in discussing improvement of local government in that State.
"New Jersey's municipal debt is $1,200,000,000 gross," the Governor
said. "The net debt is about $700,000,000. There are 98 local governments
out of some 1,250 in default. The average tax collection for the three years
Past has been about 75% of the levy.
"These are disquieting figures but when we consider that our net municipal debt is 4% of the State's wealth, that the combined municipal obligations in default, except amounts due each other and the State, are less than
2% of the gross debt, that the scrip in use is about $6,000,000 only, and
that our tax collections compare pretty well with the average for the
country, we can see that the payment of all of our obligations is not linPossible."
Governor Moore described his program for improving local government.
He cited stopping the increasing costs of government and putting economy
of
into practice; suspension of mandatory laws fixing many expenditures
local governments, and reduced direct taxes. Future plans include estabbudget procedure; provision for funding of floating
lishment of a thorough
debt and temporary financial paper, and refunding, over a period of years,
of a part of the principal of municipal bonds due or coming due at an early
date; limiting of local budgets, local expenditures and local tax levies for
current administrative costs; establishment of a State Department of Local
Finance with the broad powers to regulate the financial operations of local
governments; and tax relief upon real property.
New State Treasurer and Comptroller Appoipted.—Trenton
dispatches of March 27 reported that at a joint session of
the Legislature held late that afternoon the following officials
were elected:
Senator William H. Albright, of Gloucester County, majority leader,
to succeed Albert C. Middleton, of Burlington, as State Treasurer.
Mayor Frank J. Murray, of Orange, to succeed John McCutcheon as
State Comptroller.
William H. Reeves, of Burlington, for another term as State Director
of Railroads.
Burt N. Lamb, Acting Superintendent of Elections in Essex County,
was elected to that office, and John W. Ferguson, incumbent of the same
position in Hudson, was re-elected.
New York State.—Assembly Defeats New York City
Economy Billfor Fourth Time.—Mayor La Guardia's economy
bill was defeated in the Assembly on March 28 for the fourth
time. The measure needed 100 votes, or a two-thirds
majority and it lost by 15 votes, the count being 85 to 59.
The opposition of the Democrats remained vigorous despite
Republican amendments designed to win sufficient support
for the passage of the bill. A move by Assembly Minority
Leader Irwin Steingut, Kings Democrat, for a brief recess
before the vote to permit a party conference on the proposal
was rejected, and it is said that this action gave rise to much
of the opposition put forth by the Democrats. The Albany
staff correspondent of the New York "Herald Tribune'
reported in part as follows on March 28 regarding this latest
defeat of the economy bill:
,
Mayor F. H. La Guardia's New York City economy bill suffered its
fourth defeat in the Assembly to-day, almost its worst defeat so far, amid
circumstances which caused anger and recriminations on all sides.
Mayor La Guardia's representatives refused to permit the Democrats
to go into conference before voting on the bill, a customary legislative
courtesy, charging that the Democratic Assemblymen were welching and
double-crossing on an agreement with the Mayor. In indignation, several
,
Democrats who previously had voted for the bill voted against it. The
vote was 86 to 59, with 100 votes needed for passage.
Lehman Blames La Guardia Aids.
of his
Governor Lehman, who has fought the overwhelming sentiment defeat
own party in supporting the measure, placed responsibility for the
had
entirely on Mayor La Guardia's representatives. Governor Lehman bill
given full assurance to Corporation Counsel Paul Windels that the
go into conference
would be passed if the Democrats were permitted to
before voting. Few events have angered the Governor more than the
refusal to permit a conference.
Democratic Assemblymen charged that to-day's tactics proved that
Mayor La Guardia did not actually want the bill passed, but was merely
playing politics. Democratic leaders in the Assembly had expected the
bill to pass to-day, with votes to spare.
Whether the support behind the economy bill could be put together
again at this session after to-day's fiasco appeared doubtful to-night to
experienced Capitol observers. An extra session to deal with the city's
more
problems during next fall's election campaign seemed more andagain. a
possibility. It is still possible, however, for the bill to be voted on
Windels Charges Premeditation.
While Democrats insisted on the floor that they were not familiar with
the amendments put in the bill yesterday, Mr. Windels said that the amendments had been in their hands for several days, carrying out fully and
with additional concessions an agreement reached last week between
2287
Mayor La Guardia awl the Democratic leaders, Senator John J. Dunnigan
and Assemblyman Irwin Steingut.
Mr. Windels charged that the Democratic intention was to drag out the
conference until enough Republicans had left for this week's holidays to
make it appear that the Republicans had helped to defeat the bill.
Democrats later asserted that the Windels amendments did not fully
carry out the commitments of the city administration, and said they had
Intended to stay in conference until City Chamberlain A. A. Berle Jr.
had arrived in Albany to put amendments that had been agreed upon by
him as representative of the Mayor. These were said to include provisions
that salary reductions should be limited to the present year, that relief
workers should not be used on permanent jobs, and that if the general
fund this year should exceed the estimate, the excess would be rebated to
city workers on a pro rata basis. Mr. Berle did not come to Albany.
New York State.—Governor Lehman Makes Plea for
Utility Reform Program.—Governor Herbert H. Lehman appealed to the public on March 26 to "demand" enactment of
his program for strengthening regulation of public utilities,
designed to reduce gas and electric rates and permit municipal
ownership of power plants, as reported in some detail in the
"Chronicle" of Jan. 27, on page 710. He reiterated the
statement of his annual message, that he did not "know or
understand the reasons" which prompted legislators to
ignore or defeat his bills. A press dispatch from Albany to
the New York "Journal of Commerce" of March 27 reported
as follows on Governor Lehman's radio speech:
proposals,
Governor Lehman explained in detail the purposes of his
which, among other things, would empower the Public Service Commission
to fix temporary rates, provide for supervision of issuance of utility contracts, sale of securities and financial relations between utilities and affiliates.
A Democratic-controlled Public Service Committee of the Senate failed
to act on a similar program during the 1933 session of the Legislature.
despite the Governor's plea for enactment.
Sees Popular Demand.
"I am confident," the Governor said, "that this year we will have an
expression of popular demand from the consumers of this State, in cities,
towns, villages and on the farms, for enactment of the bills recommended
by me—an expression so powerful as to overwhelm any opposition that
may be mustered by public utility companies."
In explaining the objective of the bills. Governor Lehman said:
"The picture is clear. The people of this State see and understand it.
Large systems have been constructed by layer and layer of corporations:
at the top of the pyramid, a gigantic holding company; at the bottom,
in some cases ten layers below, the operating companies that are actually
rendering the service to the people of this State.
"The integral parts of these large systems are intertwined by interlocking
control. The people of this State know about these large holding companies:
they know how they operate. Moreover, they are familiar with the improper activities of certain of them."
Governor Lehman said that the growth of "these holding companies
has made more difficult the regulation of public utility service," and that
in some cases "completely nullified the provisions of existing law."
Carlisle to Answer.
Floyd L. Carlisle, Chairman of the board of the Niagara Hudson Power
Corp. and the Consolidated Gas Co. of New York. last night issued the
following statement in answer to Governor Lehman's appeal for enactment
of his public utilities program:
"Having heard Governor Lehman's speech on public utility legislation, I
have arranged to speak over the radio on Wednesday or Thursday of this
week. The companies which I represent are in business solely to render
with
adequate service to the public at the lowest possible rates consistent else.
a fair return on the property devoted to the public service and nothing
"I fear the Governor does not realize the consequences of his proposals.
The municipal bill opens the door to destroying every honest dollar invested
In public utilities in this State. I welcome the opportunity to answer him
particularly in this regard."
Ohio.—Conference Committee Report on Bond Refunder
Bill Refused by House.—The hope of financially distressed
cities, particularly Cleveland, for aid from the Legislature,
was apparently lost on March 22 when the House of Representatives, by a vote of 53 to 40, rejected the report of the first
conference committee on the bond refunder bill, which had
sought to compose the legislative differences, thus making
the bill ostensibly a dead issue although a second conference
committee was appointed to try for an agreement, according
to Columbus dispatches of the 22nd. The bill was designed
to permit cities to refund sinking fund bonds and use the
revenue for operating expenses. How the defeat of this
measure will affect Cleveland was commented on in part
as follows by the Chicago "Journal of Commerce" of
March 23:
Cleveland when Mayor
The fight for the refunding measure started in
Harry L. Davis and Finance Director Louis C. West faced a double financial problem early in February.
They found the city sinking funds had been invested in other municipal
cash
bonds. These bonds were no longer selling at par and, therefore, the the
off
could not be obtained by selling them when it came time to pay
bonds.
bonds coming due. So the city defaulted on the principal of these refunder
After learning that the legislature had voted down the bond
bill, Mayor Davis said he cut out nearly every city department. Mayor
"The city is broke and has defaulted on bond interest twice,"
the
Davis said. "As our only hope was to push the refunder bill through
legislature, the city will have to continue to default."
Port of New York Authority.—PWA Makes Second
Installment on Hudson River Tunnel.—The Public Works
Administration on March 26 advanced $3,000,000 to the
above Authority as the second instalment on a $37,500,000
loan to construct a tunnel under the Hudson River between
Weehawken, N. J., and New York, according to a United
Press dispatch from Washington on the 26th. The Authority
has now received a total of $6,100,000 from the PWA for
this purpose.
United States.—Exemption of Municipal. Bonds from
Provisions of Stock Exchange Control Bill Voted by Senate
Committee.—Transactions in State and municipal bonds
were specifically exempted from the provisions of the
Fletcher-Rayburn bill, entitled "National Securities Act of
1934," by the Senate Banking Committee, as its first formal
action on the measure, according to Associated Press dispatches from Washington on March 29. The question of
leaving them outside the scope of the measure was discussed
at length in the recent hearings on the measure, with brokers
who customarily deal in such securities urging their elimination—V. 138, p. 1775. The bill gave the Federal Trade
Commission authority to exempt any class or kind of security
within its discretion, but municipal bond dealers felt that
this was not enough and that they should be exempted by
specific language.
2288
Financial Chronicle
BOND PROPOSALS AND NEGOTIATIONS.
Mar. 31 1934
Columbus. at par plus a premium of $143.87, equal to 100.57, a basis of
about 4.86%. Dated April 1 1934 and due as follows: $1,500 April and
ADAIR COUNTY (P. 0. Greenfield), lowa.-BOND SALE.
Oct. 1 from 1935 to 1941,incl.; $2,000 April and $1,875 Oct. 1 1942.
-The
$200.000 issue of coupon primary road refunding bonds offered for sale
on March 28-V. 138. p. 2114-was awarded at auction to Wheelock &
BINGHAMTON, Broome County, N. Y.
-BOND ISSUE REPORT.
Co. of Des Moines as 3)s. paying a premium of $4,626, equal to 102.31.
Everette E. Allen, City Comptroller, states that the issues of $85,000
a basis of about 3.54%. Due $40,000 from May 1 1945 to 1949, inclusive.
bonds mentioned in V. 138, p. 2114 is expected to be absorbed by the
sinking and special city funds.
ADAMS COUNTY (P. 0. Brighton), Colo.
-WARRANTS CALLED.
-All county general fund warrants registered in December 1932, and all
BIRMINGHAM, Jefferson County, Ala.
-PROPOSED SALES TAX
warrants registered in February 1934, are being called for payment on
DEFEATED.
-.A proposed 1% general city sales tax was defeated by an
March 31, at the office of the County Treasurer.
overwhelming majority in a special election on March 20. It is stated
In the Birmingham "Age-Herald" of March 21 that the tax failed to carry
The other bids were as follows:
in a single box out of the 123 voting places in the city.
Names of Other BiddersPremium.
Glaspell Veith and Duncan
$2,000
BOSTON, Suffolk County, Mass.
-SHORT TERM FINANCING.
Polk, Petersen Corp
3,850
R. L. Day & Co. and Estabrook & Co.. both of Boston, jointly purchased
Halsey Stuart & Co
4,350
on March 26 an issue of $1,000,000 tax anticipation notes at interest of
Jackley & Co
3.925
1.69%. Dated March 28 1934 and due on Oct. 10 1934. Other bids for
White-Phillips Co
4,625
the issue were as follows:
AFTON SCHOOL DISTRICT (P. 0. Afton), Ottawa County,
BidderInterest Rate.
Okla.
-BOND OFFERING.
-Sealed bids will be received until 10 a. m.
Halsey, Stuart & Co. Graham, Parsons & Co., and J. & W.
on April 2. by B. C. King, Clerk of the Board of Education,for the purchase
Seligman & Co., jointly (plus $10 premium)
1.74%
of an $18.000 issue of 4% coupon school bonds. The bonds are registerable
Jackson & Curtis, Inc. Hemphill, Noyes & Co. Kelley, Richat the option of the holder as to principal only. Denom. $500. Dated
ardson & Co., and E. H. Rollins & Sons,jointly
1.90%
July 1 1933. Due $1,000 from July 1 1936 to 1953 incl. Payable at the
Chase National Bank and Whiting, Weeks & Knowles,jointly_
2.00%
County Treasurer's office in such funds as are on the respective dates of
Brown Bros. Harriman & Co. F. S. Moseley & Co., and the
payment of the principal of and the interest on the bonds, legal tender
First of Boston Corp.,jointly (plus $11 premium)
2.17%
for debts due in the United States. Interest payable J. & J. A certified
check for 2% of the bid is require('.
BOULDER, Boulder County, Colo.
-BONDS CALLED.
-1t Is reported that various paving improvement district, sanitary sewer and
AKRON,Summit County, Ohio.
-APRIL 1 INTEREST PAYMENT
storm sewer bonds are being called for payment at the County Treasurer's
DELAYED.
-Ross F. Walker, Director of Finance, under date of March 27,
office on April 9, on which date interest shall cease.
stated that because the delay occasioned in opening the tax records, it
will be necessary for the city to defer payment of April 1 bond interest
BOYERTOWN SCHOOL DISTRICT, Barks County, Pa.
-BOND
charges until April 15. Such payment, however, will be made on the
ELECTION.
-The Board of Education has decided to ask the voters to
later date on all types of bonds of the City of Akron and the Village of
authorize an issue of $185,000 school building construction and repair
Kenmore. Coupons payable in New York should be presented to the
bonds.
Chase National Bank, New York, while those payable in Akron should
be presented directly to the Director of Finance.
-BOND SALE.
BREMER COUNTY (P. 0. Waverly), Iowa.
-The
$277,000 issue of primary road refunding bonds offered for sale on March 26
ALLENTOWN, Lehigh County, Pa.
-BOND MATURITIES ANTIC-was awarded to local banks as 33.es for a premium of
2
-V. 138, P. 1952
IPATED.
-James F. Brown, Director of Accounts and Finance, has
$526, equal to 100.1898, a basis of about 3.48%. Due on Nov. 1 as
announced that funds are available for the payment now of $283,000 sewer
follows: $55,000 from 1948 to 1949 and $57,000 in 1950.
and improvement bonds which do not mature until October and December
of this year. Immediate retirement of the bonds will result in a net saving
BRIDGEVILLE SCHOOL DISTRICT, Allegheny County, Pa.
of $6,800 in interest charges, it is said.
-S. A. McFarland.
will receive sealed
BOND OFFERING.
Secretary,
bids until 8 p. m. on April 11 for the purchase of $30,000 4, 4 , 434, or
ALTOONA, Blair County, Pa.
bids
-Sealed
-BOND OFFERING.
addressed to the Director of Accounts and Finance will be received until
% coupon school bonds. Dated April 1 1934. Denom. $1,000.
Due $5,000 on April 1 from 1939 to 1944 incl. Interest is payable in
10 a. m. on April la for the purchase of $400,000 not to exceed 5310
A. & 0. A certified check for $1.000. payable to the order of the district.
interestcoupon or registered operating expense bonds. Dated April 5
must accompany each proposal. Legal opinion of Burgwin, Scully &
1934. Denom. 31.000. Due April 15 as follows: $25,000. 1935 and 1936:
Biwgwin of Pittsburgh will be furnished the successful bidder. Sale subject
$35,000, 1937 and 1938; $45.000, 1939 and 1940; $50,000 in 1941 and 1942
to approval of issue by the Pennsylvania Department of Internal Affairs.
and $45,000 in 1943 and 1944. Interest is payable in A. & 0. A certified
check for 2% of the amount bid for must accompany each proposal. The
-NOTE OFFERING ..BRISTOL COUNTY (P. 0. Taunton), Mass.
bonds are payable from delinquent tax collections and will be approved as
Sealed bids addressed to the County Treasurer will be received until April
to legality by Townsend, Elliott & Munson of Philadelphia.
3 for the purchase of $100,000 tax anticipation notes, due April 6 1935.
ANDERSON, Anderson County, S. C.
-BOND SALE.
-The $300,000
-A WARD OF TEMPORARY
issue of coupon funding bonds offered for sale on March 23-V. 138. p.
BROOvLINE, Norfolk County, Mass.
2114
-was awarded to a group composed of McAllister, Smith & Pate. and
LOAN.
-The $400,000 revenue anticipation loan offered on March 28Thos. L. Lewis Sr Co. both of Greenville, and the Horton Co. of Anderson,
-was awarded to the Boston Safe Deposit & Trust Co. of
V. 138, p. 2114
as 5s, at a price of 97.81. Several other bids were received for the bonds.
Boston, at 0.49% discount basis, plus a premium of $2. Dated March 26
'
Unsuccessful bids for the loan were
1934 and payable on Nov. 6 1934.
ARAPAHOE COUNTY SCHOOL DISTRICT NO.6(P.O.Littleton),
as follows:
Colo.
-BONDS CALLED.
-The District Treasurer is said to be calling
Discount Basis.
BidderDiscount Basis.
for payment on April 25 at the trust department of the International Trust
Bidder0.545
Whiting, Weeks & Knowles_*0.50% E. B. Smith & Co
Co. of Denver a total of $84,500 building bonds, being all the outstanding
0.56 %
First of Boston Corp
0.53% Newton Abbe & Co
bonds of the original issue, dated April 1 1919, optional on April 1 1934.
0.57 %
Brookline Trust Co
• 0.53% Faxon, Gade & Co
and due on April 1 1949. Interest is to cease on April 25.
0.65 %
Tyler, Buttrick & Co
0.53% Jackson & Curtis
BOND ELECTION.
-It is also reported that an election will be held
National Shawmut Bank_ _ _ 0.54%
on April 18 in order to have the voters pass on the proposed issuance of
'Plus $1 premium.
$82.500 in school refunding bonds. (It is understood that the above
redemption is dependent upon the outcome of this election.)
BRUNSWICK TOWNSHIP RURAL SCHOOL DISTRICT, Medina
County, Ohio.
-BOND SALE.
-The State Teachers' Retirement System
McDowell County, W. Va.-LEGALITY OF BONDS
TO BE TESTED.
has purchased an issue of$2,500 refunding bonds. They have been approved
-At a recent meeting of the Board of Education it is
by Attorney General John W. Bricker.
said that a resolution was adopted to have the courts pass on the legality
of selling $103,000 in bonds for the construction of a junior high school.
BUCHANAN COUNTY (P.O. Independence), Iowa.
-BOND SALE.
The bondsin question were approved by the voters for general improvements.
-The $200,000 issue of primary road refunding bonds offered for sale on
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
-BOND SALE
March 26-V. 138. p. 1952
-was awarded jointly to the Harris Trust &
DATE CHANGED.
-We learn that the date of sale of the proposed issue
Savings Bank of Chicago, and the Iowa-Des Moines National Bank of
of $35,735 6% poor relief bonds has been changed from April 4 to April
Des Moines, as 3s.for a premium of 65,101, equal to 102.55, a basis of
16.-V. 138, p. 1951. Moreover, the maturity schedule has been revisea
about 3.50%. Due from May 1 1945 to 1950.
to read as follows: Due 66,735 Sept. 1 1934 $7,000 March and Sept. 1
1935. and $7,500 March and Sept. 1 1936.
BURBANK, Los Angeles County, Calif.
-BOND ELECTION.
-It
is said that an election will be held on April 3 to have the voters pass on the
DEBT FUNDS AVAILABLE.
-W.R. Hillyer, Deputy County Auditor,
proposed issuance of $212,000 in 5 % civic center bonds.
has announced that payment will be made of the $134,000 bond principal
and $28.000 bond interest due on April 1 1934. The County has never
BUTLER COUNTY (P. 0. Allison), Iowa.
-BOND SALE.
-The
defaulted on its maturities, it is said.
$420,000 issue of primary road refunding bonds offered for sale on March 27
-was jointly purchased by the Iowa-Des Moines National
-V.138, p. 2115
I/BARSTOW UNION HIGH SCHOOL DISTRICT (P. 0. San Ber.
Bank & Trust Co. of Des Moines and the Harris Trust & Savings Bank of
nardino), Calif.
-BOND ELECTION.
-An election is said to have been
Chicago. Due $70,000 from May 1 1945 to 1950 incl.
held on March 30 to have the voters pass on the issuance of $85,750 in
5% semi-annual school site and building bonds. Denom. $1,000, one for
CALDWELL PARISH SCHOOL DISTRICT NO. 12 (P. 0.
$750. Due in from one to 15 Years.
-BOND OFFERING.
Columbia), La.
-It is reported that sealed bids
BEAVER MEADOWS, Carbon County, Pa.
-FEDERAL FUND
will be received until April 10, by E. B. Cottingham, Secretary of the
ALLOTMENT.
-The Public Works Administration allotment of $40.000
Parish School Board, for the purchase of a $15,000 issue of school bonds.
for sewer construction includes provision for a grant equal to :30% of the
-DEALERS' REFERENCE LIST.
CALIFORNIA.
approximately 3.36,000 to be spent for labor and materials. The balance
-A complete list of
Is a loan, secured by 4% general obligation bonds.
dealers interested in California municipals is contained in the revised
edition of "Classified Markets," just recently off the press. Firms who
7 -FEDERAL FUND ALLOTNBEDFORD Lawr nee County, 1nd: 7
,
1;,yearralztaclub der s Atr Ii esd bef
r ind e
these
ny a tV e i e in w
r
MENT.
-In allottinge
$79,000 for water works improvements, the Public
;
1
1
11:
4) it=1 e alphabetically
hiWitheist ms
r
e f g
P
Works Administration included a grant equal to 30% of the approximately
are located, making an ideal mailing and prospect list. Over 150 other
675,000 to be expended in the payment oflabor and the purchase of material.
classifications are covered, including municipal bonds of all States of this
The balance is a loan, secured by 4% revenue bonds.
country, besides the various Provinces of Canada. Published by Herbert
D. Seibert & Co., 126 Front St., near Wall, New York City. Price $8
-$19,000 BONDS REBELLEFONTAINE, Logan County, Ohio.
per copy.
-Susie Huston, City Auditor, announced that payment had
DEEMED.
been made as of March 21 of $19,000 bonds of the $50,000 5% electric
CAMERON COUNTY WATER IMPROVEMENT DISTRICT NO. 2
Plant issue of 1905 which is being called for redemption one and one-half
-CONFIRMATION OF RFC LOAN.
(P. 0. San Benito), Tex.
-The
Year prior to maturity. The bonds ceased to pay interest on March 1 1934,
Attorney for the District confirms the report given in V. 138, p. 1777, that
it is said.
the Reconstruction Finance Corporation authorized a loan of $282,000 for
-Stone &
-BOND SALE.
BELMONT, Middlesex County, Mass.
that as yet the Government has not taken up the
refinancing and states
Webster and Blodget, Inc. of Boston recently purchased $115,000 bonds
up the bonds. The funds are understood to be available and as soon as
as 3s, at a price of 100.316, a basis of about 2.95%. The bonds are dated
sufficient bonds are received, the order will be sent and payment to the
April 1 1934 and includes a water issue of $95,000, due in from 1 to 15 years,
bondholders made through the Federal Reserve Bank of San Antonio.
and a $20,000 street construction loan, due in from 1 to 10 years. Other
The order is said to provide that bonds not received on the first call will be
bids for the bonds were as follows:
subject to a discount on the second call of 2%.
Rate Bid.
Int. Rate.
BidderCAPE GIRARDEAU, Cape Girardeau County, Mo.-RONTrE/
100.152
3%
7PEstabrook & Co
TION.-A special election will be held on April 3, according to report, to
100.149
3
Tyler, Buttrick.& Co
have a vote on the proposed issuance of the $125.000 in school building
3 %
100.89
R. L. Day & Co
bonds that were previously defeated-V. 138, p. 712.
100.76
Halsey, Stuart & Co
33(%
101.248
3Yi
Lee Higginson Corp
CARNEGIE, Allegheny County, Pa.
-BOND SALE.
-The issue of
101.03
Brown Bros. Harriman & Co
3ki 70
-was awarded
$50,000 coupon bonds offered on March 26-V. 138, p. 1952
100.31
F. S. Moseley & Co
33%
as 4s to E. H. Rollins & Sons of Philadelphia, at a price of 101.28, a
basis of about 4.21%. Dated April 2 1934 and due $10,000 on April 1
BERNE UNION SCHOOL DISTRICT, Noble County, Ohio.
from 1937 to 1941 incl. An offer of 100.69 for 4!..is was submitted by
-In a declaratory judgment made in the
BOND ELECTION UPHELD.
Glover & MacGregor, Inc., while 100.22 for 5s was bid by McLaughlin,
local court, Judge F. M. Acton held that the Board of Education had fully
McAfee & Co.
complied with the law in connection with the inclusion on the ballot at the
November 1933 general election of a proposal calling for the issuance of
CARPENTERIA UNION SCHOOL DISTRICT (P. 0. Santa Bar$63,000 Sugar Grove school addition bonds. A local taxpayer had quesbara), Calif.
-BOND ELECTION.
-An election is said to have been held
tioned the correctness of the proceedings. The Public Works Administration
on March 29 to have the voters pass on the proposed issuance of $10,000
project is under way.
has already advanced $25,000 and work on the
In 5% semi-annual school building bonds. Duo $1,000 in from 1 to 10 years
BEXAR COUNTY WATER CONTROL AND IMPROVEMENT DISCENTER TOWNSHIP (P.O. Indianapolis), Marion County, Ind.
-At
TRICT NO. 2 (P. 0. San Antonio), Tex.
-BONDS DEFEATED.
BOND OFFERING.
-Hannah A. Noone, Trustee, will receive sealed bids
the election held on March 17-V. 138, p. 1606
-the voters rejected the
until 9:30 p. m. on May 15 for the purchase of $128,867.68 not to exceed
proposal to issue $153.000 in sewer bonds. A loan and grant for this amount
5% interest judgment funding bonds. Dated May 20 1934. Denom.
has been approved by the Public Works Administration, as reported in
not less than $50 each nor more than $1,000. as requested by the successful
V. 138. p. 180.
bidder. Due as follows: $7,000 July 1 1936; $7,000 Jan. 1 and July 1
- from 1937 to 1944 i ncl.* $7.000 Jan. 1 and $2,867.68 July 11945. Interest
BEXLEY CITY SCHOOL DISTRICT, Franklin County, Ohio.
-The $24,875 general obligation refunding bonds offered on
Is payable in J. & J. ' the event that sale is not made on May 15, the
BOND SALE.
In
offering will be continued by the Advisory Board until the bonds have
March 21-V. 138, P. 1778
-were awarded as 5s to G. Parr Ayres & Co. of
pIPASHLAND,
Volume 138
Financial Chronicle
been marketed. The bonds are authorized by Chapter 30, Acts of 1933,
and will be payable out of unlimited ad valorem taxes to be levied and
collected on all of the taxable property, both real and personal, in the
township.
CHELAN COUNTY SCHOOL DISTRICT NO.37(P.O. Wenatchee),
-BOND SALE.
Wash.
-The $2,200 issue of coupon school bonds offered
for sale on March 17-V. 138, P. 1952
-was purchased by the State of
Washington as 58 at par. Due in from 2 to 20 years. No other bids were
received.
CHEVIOT, Hamilton County, Ohio.
-The Board
-BOND SALE.
of Sinking Fund Trustees purchased the issue of $11,000 5% trunk sewer
bonds mentioned in V. 137, p. 4557. A price of par was paid. Issue is
dated Jan. 15 1934 and due serially from 1935 to 1954 inclusive.
CHICAGO, Cook County, Ill.
-$3,000,000 WARRANTS SOLD.It is announced that $3,000,000 of 1933 educational fund tax anticipation
warrants have been sold to a group of loop banks. Proceeds will be used
to pay one month's salary to school teachers and other employees of the
Board of Education.
CHICAGO, Cook County, Ill.
-OFFERS TO RETIRE REFUNDING
BONDS.
-R. B. Upham, City Comptroller, and James A. Kearns, Treasurer, made public announcement on March 29 of the availability of $1,136,300.83 in the special fund created by ordinance for the purchase of
of outstanding 6% refunding bonds of 1933. Holders desirous of selling their
bonds should indicate the price sought for the securities through the medium
of sealed bids to be received at the city Comptroller's office until 11 a. m.
on April 3. It is stated that the city will not pay in excess of par and
accrued interest for the bonds and that purchases will be limited to the
amount of funds available for that purpose.
CHICAGO RIVER PARK DISTRICT, Cook County, 111.
-COUPON
PAYMENT.
-It is announced that interest coupons on bonds which
matured July 1 1932 (issued Jan. 1 1928 and 1929) and coupons which
matured on Aug. 1 1932 will be paid upon presentation and surrender to
the First National Bank of Chicago. Inquiries regarding this payment
should be addressed to the River Park District, 5100 North Francisco
Ave., Chicago.
CLEVELAND, Cuyahoga County, Ohio.
-MUNICIPAL SERVICES
CURTAILED.
-The city administration has instituted a drastic reduction
In municipal operating services as a means of easing the stringent condition
of the municipal treasury. Financial difficulties have been enhanced
as a result of the defeat in the State Legislature of the bill which
would have permitted cities to refund their maturing bonds and use the
sinking funds provided for their payment for general operating purposes.
The "Wall Street Journal" of Marcia 28 illustrated the extent of the curtailment of services as follows: "Every other street light bulb was turned
off; all public comfort stations were closed; garbage collection and disposal
departments were cut 60%, with collections to be made only once a month;
street department activity reduced 30%; health and welfare divisions
curtailed; building division cut in half; street sign and house numbering
department eliminated entirely. Policemen and firemen will work only
half time, the forces being divided into two sections."
COALINGA UNION HIGH SCHOOL DISTRICT (P. 0. Fresno),
Fresno County, Calif.
-Sealed bids were received
-BONDS OFFERED.
until March 30 by the County Clerk for the purchase of an issue of $100,000
5% semi-annual school bonds. Due from 1935 to 1944.
COHASSET, Norfolk County, Mass.
-TEMPORARY LOAN.
-The
New England Trust Co. purchased on March 29 a $50,000 revenue anticipation loan, due Nov. 9 1934, at 0.685% discount basis. Other bids for the
loan were as follows:
Discount
Discount
Basis.
Bidder-Basis.
BidderE. B. Smith & Co
0.69TG.M.-P. Murphy & Co
0.94%
Rockland Trust Co
0.69V Webster & Atlas Nat. Bank...1.09%
21..18
Second National Bank
W.0. Gay & Co
1.10%
Boston Safe Dep.& Trust Co_0.73
United States Trust Co
2.125
Weymouth Trust Co
0.89
Faxon, Gade & Co
Merchants National Bank.._ _0.927
°
0
COLORADO, State of (P. 0. Denver).
-REDUCTION IN SCHOOL
DISTRICT DEBTS.
-The following report is taken from a recent issue
of the Denver "Rocky Mountain News':
"Colorado's school districts have a total bonded indebtedness of $27,206,756, and are obligated for outstanding warrants to the amount of
$2/F13,766, the State Tax Commission reported yesterday.
The figures were based on the annual reports submitted by the 63
County Treasurers of the State.
"Bonded indebtedness of the school districts has, however, been cut down
almost $1,000,000 in the last year. On Jan. 1 1933 the total indebtedness
was $28,073,400.
"The County Treasurers' reports showed that three school districts of
the State have no bonded indebtedness and no outstanding warrants.
These are Lake, Mineral and Ouray.
"Denver, on Jan. 1 this year, had a school bonded indebtedness of
$8,836,500, but no outstanding school warrants.
"School districts in Hinsdale, Jackson, Pitkin and Teller Counties reported no bonded indebtedness, but had outstanding warrants as follows:
Hinsdale, $11,394; Jackson, $188: Pitkin, $4,819, and Teller, $917.
"Outside of Denver, the largest bonded indebtedness on school districts
were reported by the following counties:
"Weld, $2,291,000; Pueblo, $1,719,600; El Paso, $1,455,000; Larimer,
$939,500; Otero. $810,000; Mesa, $736,550; Morgan, $729,000: Fremont,
$574,000; Arapahoe, $567,400; Rio Grande, $517,445; Adams. 3507.150;
Crowley, $431,500; Prowers, S429,100; Las Animas, $464,500; Jefferson,
$440,900, and Logan, $426,900.
"Counties reporting the largest amount of outstanding warrants were
Latimer, Otero, Mesa, Delta and ConeJos."
COLTON SCHOOL DISTRICT (P. 0. Colton) San Bernardino
County, Calif.
-BOND OFFERING.
-Sealed bids will be received until
11 a. m. on April 9, by Harry L. Allison, County Clerk, for the purchase of
a $25,000 issue of 5% school bonds. Denom. $1,000. Dated April 1 1934.
Due $5,000 from April 1 1935 to 1939, incl. Prin. and int. (A. & 0.)
payable at the County Treasury. The bonds will be sold for not less than
par and accrued interest. A certified check for 5% of the bonds bid for,
payable to the County Treasurer, is required.
COLUMBIA, Maury County, Tenn.
-FEDERAL LOAN APPLICATION FILED.
-The City Recorder reports that an application was filed
with the Public Works Administration for a loan of $340,000, with which
to construct an electric system to use Tennessee Valley Authority power.
He states that the granting of this amount appears doubtful at present.
COLUMBIANA COUNTY (P. 0. Lisbon), Ohio.
-BOND OFFERING.
-L.It. Johnson, Clerk of the Board of County Commissioners, will receive
sealed bids until 12 m. on April 11 for the purchase of $25,000 6% court
house improvement bonds. Dated April 1 1934. Due $2,500 annually on
Oct. 1 from 1935 to 1944 incl. Interest is payable semi-annually. Bids for
the bonds to bear interest at a rate other than 6%,expressed in a multiple
of X of 1%, will also be considered. A certified check for 5% of the issue
payable to the order of the County Commissioners, must accompany each
proposal.
CONCORD, Merrimack County, N. H.
-BOND SALE.
-The 346,000
3;(% coupon bonds offered on March 28-V. 138, p. 2115
2
-were awarded
to E. H. Rollins & Sons of Boston, at a price of 101.278. The total includes
$26,000 sewer bonds and $20,000 fire station bonds. They are dated
April 1 1934 and mature serially from 1935 to 1954 incl. Other bids were
as follows:
Bidder
Rate Bid.
Union Trust Co., Concord
101.26
Tyler, Buttrick & Co
101.141
Ballou, Adams & Whittemore
101.0599
Burr Gannett & Co
101.02
Coffin & Burr
100.673
Brown Bros. Harriman & Co
100.17
Halsey, Stuart & Co
100.21
99.18
Estabrook & Co
-BONDS APPROVED.
-The
CONCORD, Cabarrus County, N. C.
Local Government Commission is reported to have recently approved
the issuance of $16,000 in street widening bonds.
COOPERSVILLE SCHOOL DISTRICT, Ottawa County, Mich.
-At an election held recently approval was given to an
BONDS VOTED.
issue of $15,000 school building addition construction bonds.
2289
-Chester R.
-BOND OFFERING.
CORNING,Steuben County, N. Y.
Hallock, City Chamberlain, will receive sealed bids until 3 p. m.on April 10
for the purchase of $110,000 not to exceed 6% interest coupon or registered
bonds divided as follows:
$60,000 welfare bonds. Due April 1 as follows: $5,000 from 1935 to 1940
incl., and $10,000 from 1941 to 1943 inel.
50,000 viaduct bonds. Due $5,000 on April 1 from 1936 to 1945 incl.
Each issue is dated April 1 1934. Denom. $1,000. Bidder to name a
single interest rate for all of the bonds, expressed in a multiple of X or
1-10th of 17'. Principal and interest (A. & 0.) payable in lawful money
of the United States at the Irving Trust Co., New York. A certified check
for $2.000,Payable to the order of the City Chamberlain, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New 'York will be furnished the successful bidder.
Financial Statement.
$13.864.825
Assess valuation 1933-34-Real property
734.434
Special franchise
Total assessed valuation
Bonds outstanding
These issues
Net bonded debt
$14.599,259
508.100
110,000
618.100
Tax Data.
Amount
Uncollected
Uncollected
at Close o Year
Total
une 30 March 1 1934.
of
Tax Levy,
Year$293.74
$1 .513.95
$220,254.67
1930-31
637.97
13.021.71
214,392.28
1931-32
9,602.82
16.945.49
214,056.25
1932-33
27,973.41
211.086.77
1933-34
*Collection period not ended.
Fiscal year ends June 30. Taxes are due July 10.
Population, 1930, Federal census. 15,777.
CRIDERSVILLE VILLAGE SCHOOL DISTRICT, Auglaize County,
-Attorney-General John W. Bricker recently ap-BOND SALE.
Ohio.
proved of the issue of 31.400 bonds which had been sold to the State
Teachers' Retirement System.
-BOND SALE.
DALE (P. 0. Johnstown), Cambria County, Pa.
The State Employees' Retirement Board has purchased an issue of $6,000
operating expense bonds at a price of par. Due Dec. 1 1943.
5%
-BOND ISSUANCE CONTEMDALLAS, Dallas County, Tex.
PLATED.
-City Manager John N. Edy is said to have informed the City
Commission that about $250,000 in bonds must be sold in the near future
to raise funds to complete a storm drainage project and build subway
approaches.
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
E. E. Hagerman, Director of Finance and City Accountant, will receive
sealed bids until 12 m. (eastern standard time) on April 18. for the pur0
chase of $100,000 67 coupon water works extension and impt. bonds.
Dated May 1 1934. Denom. $1,000. Due Feb. 1 as follows: $7,000 from
1936 to 1945. Incl. and $6,000 from 1946 to 1950, incl. Principal and
interest (F.& A.) payable in lawful money of the United States at the office
of the fiscal agency of the City of Dayton in New York City. 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 3% of the bonds
bid for must accompany each proposal. Payment and delivery of the
bonds to be made at the City Treasurer's office on May 1. The successful
bidder will be furnished upon request and without expense with the opinion
ofSquire,Sanders,& Dempsey ofCleveland,0.,thatthe bonds are bindingand
legal obligations of the City of Dayton.
DECORAH SCHOOL DISTRICT (P. 0. Decorah), Winneshiek
-At the election held on March 23
-BONDS DEFEATED.
County, Iowa.
-V. 138, p. 1953-the voters failed to give the required majority to the
school bonds.
proposal to issue $100,000 in
-UTILITY BOND ISSUE
DELAWARE, Delaware County, Ohio.
-The City Council has appointed a sub-committee to
DISCUSSED.
can be issued for the purpose of acquiring a
determine whether bonds
municipal water plant.
-FEDERAL FUND ALLOTDERMOTT, Scurry County, Tex.
MENT.
-The Public Works Administration recently announced a loan and
grant of $85,500 for hospital building construction. The cost of labor
and material totals approximately $79,600, of which 30% is a grant. The
remainder is a loan secured by 4% bonds.
-REFUNDING AGREEMENT.
DETROIT, Wayne County, Mich.
EXTENDED.
-The agreement between the city and the Bondholders'
the City Council from April 1
Refunding Committee has been extended by
to Oct. 1 1934 for the purpose of affording the Committee additional time
In which to place the refunding plan in formal operation. The Committee
recently announced the disbursement of an additional interest payment to
depositing security owners and stated that deposits had been made of over
-V.138. p. 1953.
91% of the securities covered in the refunding agreement.
DICKENS INDEPENDENT SCHOOL DISTRICT (P. 0. Dickens),
Tex.
-At a recent election the voters are reported to
-BONDS VOTED.
have approved the issuance of $50,000 in school building bonds by a count
of 82 to 1.
-ELECTION DATE
DuPAGE COUNTY (P. 0. Wheaton), III.
DEFERRED.
-In the belief that sufficient time is not available in which
to acquaint the voters with all of the necessary information regarding the
Proposed court house building project, the County officials have decided
to hold an election on the question subsequent to April 10,the date originally
scheduled.
-V. 138, p. 1953.
-BOND ISSUE REPORT.
EAST AURORA, Erie County, N. Y.
Consideration of plans to issue $34,000 bonds has been deferred to sometime in April. Of the proceeds of the issue, $20,000 will be used to fund tax
scrip; $6,900 for the purchase of fire department apparatus; $3,500 to buy
materials in connection with a grade crossing elimination project, while the
balance will be used to finance surface drains and other improvements.
EAST COCALICO TOWNSHIP SCHOOL DISTRICT (P. 0. Lan-BOND SALE.
-The $14.000 4%
caster), Lancaster County, Pa.
coupon or registered school bonds offered on March 26-V. 138, p. 1777
were sold at par and accrued interest to the Reamstovrn Exchange Bank
of Reamstown, the only bidder. Due $1,000 annually on March 30 from
1942 to 1955 inclusive.
-TEMPORARY LOAN.
EASTHAMPTON, Hampshire County, Mass.
-R. L. Day & Co. of Boston have purchased an issue of $50,000 tax
discount basis.
anticipation notes at 1.45%
EAST HAMPTON (P. 0. East Hampton), Suffolk County, N. Y.
-The Board of Suprevisors has authorized an
BONDS AUTHORIZED.
home and work relief bonds.
-year
issue of $50,000 4
-The $226,000
-BOND SALE.
R EAST ORANGE, Essex County, N. J.
6% coupon or registered bonds offered on March 26-V. 138, p. 1953
were awarded to a group composed of Lehman Bros., New York, J. S.
RinPel & Co., Newark, Hannahs, Bailin & Lee and Kean, Taylor & Co.,
both of New York, at a price of 100.56, a basis of about 5.94%. The sale
consisted of:
$175,000 series No. 8 sewer bonds. Due July 1 as follows: $8,000, 1935;
36,000, 1936; $8,000, 1937 to 1940 incl.; $3,000 1943; S8,000,
1944, 1946 and 1947; $3,000 in 1948 and 1949; 38,000. 1950:
$3,000, 1951; $8,000 from 1952 to 1957 incl.; $10.000 in 1958
and 1959: $8,000 in 1961 and $9,000 in 1970.
51,000 series No. 14 general impt. bonds. Due July 1 as follows: $3,000,
1935; $2,000, 1953; $6,000 in 1954 and $10,000 from 1956 to 1959
incl.
The bonds are dated July 1 1933.
-BOND SALE.
-The $10.800 issue
ELDORA, Hardin County, Iowa.
of coupon 5% semi-ann. land purchase bonds offered for sale on Dec. 4
-was purchased by a local investor at par, according
1933-V. 137. p. 4039
to the Secretary of the Park Commission. Due from 1936 to 1942.
-BOND ELECTION DEFERRED.
EL PASO, El Paso County, Tex.
In connection with the report given in V. 138, p. 1953, that an election
would probably be held on March 31 to vote on the issuance of $607,000
in revenue bonds, it is stated by the City Clerk that the matter of issuing
revenue bonds is still undecided and no election is to be held at present.
2290
Financial Chronicle
BOND ELECTION.
-The City Council is reported to have called an
election for April 28 in order to have the voters pass on the proposed issuance of $440,000 in sewer bonds.
EMORY INDEPENDENT SCHOOL DISTRICT (P. 0. Emory),
Rains County, Tex.-PWA FUND ALLOTMENT.
-A loan and grant
of $5.600 for school building construction was announced recently by the
Public Works Administration. The cost of labor and material totals approximately $4,700. of which 30% is a grant. The remainder is a loan
secured by 4% general obligation bonds.
-BOND
ENFIELD (P. 0. Thompsonville), Hartford County, Conn.
SALE.
-Putnam & Co. of Hartford recently purchased an issue of $90,000
4% bonds at a price of 104.88, a basis of about 3.43%. Due serially from
1936 to 1953 incl.
FAIRVIEW, Guernsey County, Ohio.
-J. W.
-BOND OFFERING.
Smith, Village Clerk, will receive sealed bids until 12 m.(eastern standard
time) on April 10 for the purchase of $256.730 6% refunding special assessment bonds. The bonds to be refunded matured on Oct. 1 1933. The
new issue will be dated Oct. 1 1933 and mature Oct. 1 as follows: $25,730.
1938; $25,000, 1939 to 1941 incl.: $26,000. 1942 to 1947 incl. Principal and
interest (A. & 0.) payable at the First National Bank of Rocky River.
Bide for the bonds to bear interest at a rate other than 6%. expressed in a
multiple of X of 1%, will also be considered. A certified check for 5% of
the bonds bid for, payable to the order of the Village Treasurer, must
accompany each proposal. Two other refunding issues also are being offered
for sale on April 10, as noted in V. 138, p.2117.
FALL RIVER, Bristol County, Mass.
-NEW LOAN ARRANGEMENTS MADE.
-Joseph A. Wallace, Finance Commissioner, stated on
March 24 that new arrangements had been made for the sale of short-term
loans. One of Its provisions provides that the rate of interest will be 4.X %.
or a reduction of 1% below the figure at which such aid was being extended
by the Boston Clearing House Association. The agreement with the
Association has been terminated and a new one entered into with a syndicate
composed of the National Shavrmut Bank and the Merchants' National
Bank, both of Boston; Chase National Bank of New York, and all of the
Fall River institutions.
FARRELL, Mercer County, Pa.
-City
-REFUNDING PLANNED.
Council voted on March 21 to pay in cash $50,000 of the bonds which
matured on May 1 1934 and to refund the balance of.100,000 due at the
same time.
FERRIDAY, Concordia Parish, La.
-The voters
-BONDS VOTED.
are said to have approved recently the issuance of $60,000 in sewer bonds.
FLINT, Genesee County, Mich.
-The city
-PLANS SCRIP ISSUE.
Intends to issue $141,000 4% worth of scrip against delinquent 1931 and
1932 taxes.
FLOYD COUNTY (P. 0. Charles City), Iowa.
-BOND SALE.
-The
$106.000 issue of primary road refunding bonds offered for sale on March
23-V. 138, p. 1954
-was awarded to the Waterloo Savings Bank of Waterloo. Iowa. as 3)s, at par. Due on May 1 as follows: $21,000, 1946 to
1949, and $22,000 in 1950. The second highest bidder was Wheelock &
Co. of Des Moines. at 3) %,Plus $2.750 premium.
-P WA POWER BOND
FORT COLLINS, Larimer County, Colo.
CONTRACT APPROVED.
-The following communication was sent to us
on March 23 by A. J. Rosenow, City Clerk:
,
"Referring to your inquiry of March 13 1934 regarding city election on
municipal light and power plant bonds, beg to advise that this election was
held on Sept. 12 1932, being an amendment to the city charter, and by
Council action to-day, the authorization was granted by a resolution to
cover signing of a bond contract with the Federal Emergency Administrator of Public Works, said contract having been complete and agreed to
by both interested parties."
-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-Fred L. normally, Clerk of the Board of County Commissioners, will
receive sealed bids until 10 a, m. on April 14 for the purchase of $475.000
5% Poor relief bonds. Dated April 15 1934. Due as follows: $90,000.
Sept. 1 1934: $92,000 March 1 and $95,000 Sept. 1 1935; $98,000 March 1
and $100,000 Sept. 1 1936. Principal and interest (M. & S.) payable at
the County Treasurer's office. Bids for the bonds to bear interest at a
rate other than 5%. expressed in a multiple of X of 1%, will also be considered. A certified check for 1% of the bonds, payable to the order of
the County Commissioners, must accompany each proposal.
FRANKLIN COUNTY (P. 0. Hampton) Iowa.
-BOND SALE.
-The
$295,000 issue of primary road refunding bonds offered for sale on March 27
-V.138, p.2117
-was awarded at auction to A. C. Allyn & Co. of Chicago,
as 3%s,for a premium of $6.901, equal to 102.338, a basis of about 3.54%•
Due on May 1 as follows: $10,000 in 1945, and $57,000, 1946 to 1950.
FREMONT SCHOOL DISTRICT, Sandusky County., Ohio.
-DEBT
-G. Traub Gottron, Clerk,Treastirer of the
PAYMENTS TO BE MADE.
Board of Education, announced on March 19 that payment would be made
of the $17,322.50 in bond principal and interest charges which mature on
April 1 1934.
FULTON COUNTY (P. 0. Atlanta), Ga.-PWA ALLOTS FUNDS.
The Public Works Administration recently announced a loan and grant of
$155,000 for jail building construction. The cost of labor and material
totals approximately $125,000, of which 30% is a grant. The remainder
is a loan secured by 4% bonds.
-BONDS AUTHORGALLIA COUNTY (P. 0. Gallipolis), Ohio.
IZED.
-The State Tax Commission has authorized an issue of $20,000
poor relief bonds, payable from the proceeds of the county's proportionate
share of the State selective sales tax funds.
GARFIELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
104 (P. 0. Pomeroy) Wash.
-BOND OFFERING.
-Sealed bids will be
received until 2 p. m. on March 31, by J. H. Scheneckloth, County Treasurer, for the purchase of a $10,000 issue of school bonds. Interest rate is
not to exceed 6%. payable semi-annually. Denom. $100. Dated March 31
1934. Bonds to run for a period offrom 2 to 20 years after date of issue,
with the option of redemption at any time after 5 years from date thereof.
Prin. and int. payable at the office of the County Treasurer or at the fiscal
agency of the State in New York City, or at the State Treasurer's office in
Olympia. A certified check for 5% must accompany the bid.
GENEVA, Ontario County, N. Y.-PTVA FINANCING.
-The contract between the city and the Public Works Administration for the construction of two sewage disposal plants provides for a loan of $246,000
secured by 4% bonds maturing serially from 1938 to 1959 incl., and an
outright grant of 359,000, not subject to repayment.
GLENWOOD, Pope County, Minn.
-BOND ELECTION.
-An election is said to be scheduled for April 17 to vote on the issuance of $140,000
In 4% semi-annual light and power plant bonds. Due on July 1 as follows:
$7,500, 1937 to 1948. and $10,000. 1949 to 1953.
GLOUCESTER, Essex County, Mass.
-FEDERAL FUND ALLOT-The loan and grant of $100,000 originally allotted
MENT REDUCED.
by the Public Works Administration for sewer extensions
-V.138, p. 531
has been changed to a grant of only $29,000.
GRAND HAVEN, Ottawa County, Mich.
-BOND SALE.
The City Council made arrangements on March 21 for the sale to the Grand
Haven State Bank and the Peoples Savings Bank of $25,000 bonds now
held in the cemetery perpetual care fund and compensation fund. The
sinking funds in turn will purchase the $25,000 city hall construction issue
recently authorized by the voters. The transactions will be made at par.
-REFUNDING PLAN IN
GRAND RAPIDS, Kent County, Mich.
-The City Commission last week passed an ordinance
OPERATION.
formally ratifying the contract between the cith and the Refinance Corp. of
Chicago, under which the latter will undertake the exchange of refunding
bonds for the total of $4,583,000 now outstanding. This figure includes
$1,250,000 bonds held by the municipal sinking funds. The company,
according to the contract, has 90 days in which to effect the exchange
and must arrange to have at least 90% of the bonds deposited for refunding
within that time in order to collect the 1% commission, it is said.
-V.138.
p. 1080.
-BOND ISSUE APPROVED.
GRANT COUNTY (P. 0. Marion), Ind.
-An issue of $41,200 poor relief bonds has been approved as to legality
by Matson. Ross, McCord St Clifford of Indianapolis. Proceeds of the
issue will be used to satisfy the claims of various townships for relief expenditures during the last three months of 1933.
Mar. 31 1934
-ADDITIONAL INGREENBURGH, Westchester County, N. Y.
FORMATION.
-The $50.000 tax anticipation notes reported sold in
V. 138, p. 1954, bear interest at 6% and were purchased at a price of par
by the Washington Irving Trust Co. of TarrytoAn. Due May 1 1934.
-The
-BOND SALE.
GREENE COUNTY (P. 0. Jefferson), Iowa.
$375,000 issue of coupon primary road refunding bonds offered for sale on
March 28-V. 138. p. 2117-was awarded to Halsey, Stuart & Co. of Chicago as 3s for a premium of $376, equal to 100.10, a basis of about 2.97%•
Due on May 1 as follows: $50,000, 1935 to 1941, and $25,000 in 1942.
GREENWOOD, Leflore County, Miss.
-BOND SALE.
-The $67,500
issue of funding bonds offered for sale on March 20-V. 138. p. 2117-was
purchased by a syndicate composed of the Federal Securities Co. of Memphis, Cady & Co. of Columbus and the First National Corp. of Vicksburg,
as 54 at par. Due from April 1 1935 to 1954, inclusive.
-An election
GRETNA, Sarpy County, Neb.-BOND ELECTION.
Is said to be scheduled for April 10 to have the voters pass on the issuance
of $5,900 in library bonds. Int. rate not to exceed 53 %. Due serially
In 15 years. optional in 5 years.
GREYBULL, Big Horn County, Wyo.-BOND REDEMPTION.It is reported that the Town Treasurer will redeem on May 1, if desired,
water bonds bearing date of Aug. 1 1919 and optional on Aug. 1 1934.
-BONDS DEFEATED.
-At the
GUTHRIE, Logan County, Okla.
election on March 19-V. 138, p. 1778
-the voters defeated the issuance
of $111.300 in water main bonds by a count of 515 to 486. A loan and
grant of $150,000 was approved by the Public Works Administration
for this project.
HAGERMAN, Chaves County, N. M.
-BOND ELECTION.
-It is
reported that an election will be held on April 3 to vote on the proposed
issuance of $35,000 in water bonds.
HAMPDEN COUNTY (P. 0. Springfield), Mass.
-TEMPORARY
LOAN AWARDED.
-The $200,000 current year tax anticipation loan
-was awarded to the Third National
offered on March 28-V. 138, p. 2117
Bank & Trust Co. of Springfield, at 0.58% discount basis. Dated March 29
1934 and due on Nov. 8 1934. The Second National Bank of Boston also
bid olaate of 0.58%. while the Manufacturers National Bank of Detroit
a 3
r
.
HANCOCK COUNTY (P.O. Logan), Ohio.
-BONDS AUTHOIRZED.
-The State Tax Commission on March 20 authorized the County to issue
$19,200 poor relief bonds.
HARPER, Harper County, Kan.
-BOND ELECTION.
-It is reported
that an election will be held on April 3 to vote on the issuance of $36,000
in school construction bonds.
HENRICO COUNTY SANITARY DISTRI CT NO.2(P.O.Sand ston)
Va.-FEDERAL FUND ALLOTMENT.
-The Public Wens Administration recently announced an allotment of $73,000 for water works improvement. The cost of labor and material totals approximately $54,000, of
which 30% is a grant. The remainder is a loan secured by 4% revenue bonds.
HENRICO COUNTY SANITARY DISTRICT NO. 3 (P. 0. High-It is stated by the
land Springs) Va.-BOND ISSUANCE HELD UP.
County Cleric that no action has been taken regarding the $100.000 water
-V. 138.
supply system bonds that were approved by the voters recently
P. 2118, as the election may be contested.
-BILL CREATHENRY HUDSON PARKWAY AUTHORITY, N. Y.
-The State Legislature
ING THIS UNIT PASSED BY LEGISLATURE.
has passed the Feld-Devany bill providing for the creation of the above
unit and authorizing the issuance of up to $8,000,000 bonds. The measure
has been submitted to the Governor.
-V. 138, p. 1427.
-FEDERAL FUND ALLOT'
HERNDON, Rawlins County, Kan.
MENT.-The Public Works Administration recently announced an allotment of $30,000 for water works system construction. The cost of labor
and material totals approximately $27,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.
BOND OFFERING.
-Mabel G. Herald, Secretary of the Board of Education, will receive sealed bids until 8 p .m. (Eastern Standard Time) on
April 3 for the purchase of $80,000 5% refunding bonds to provide for
the retirement of notes issued against 1930. 1931, and 25% of 1932 -delinquent taxes. The bonds will be dated April 16 1934 and mature on
or before April 16 1937. Denom. $1,000. Principal and interest payable
at the Manufacturers National Bank of Detroit. A certified chec.k for
$2,000, payable to the order of the District Treasurer, must accompany
each proposal. The district will furnish at its own expense the legal
approving opinion of Chapman & Cutler of Chicago, and deliver printed
coupon bonds.
-The $90,000
-BOND SALE.
HOBO''EN, Hudson County, N. J.
6% coupon or registered fire department apparatus purchase bonds offered
on March 27-V. 138, p. 1954
-were awarded to the Well. Roth & Irving
Co.of New York, the only bidder, at a price of 99, a basis of about 6.19%.
Dated Feb. 1 1934 and due on Feb. 1 as follows: $8,000 from 1936 to 1939
incl.; $10.000, 1940, and $12,000 from 1941 to 1944 incl.
-In connection
-PRICE PAID.
HOLYOKE, Phillips County, Colo.
with the sale of the $24,930.72 warrants to Fairbanks, Morse & Co. of
Chicago
-V.138. p. 1778
-we are now informed that the warrants were sold
at par and bear interest at 4%.
-LOAN AND GRANT BY PWA.HOMINY, Osage County Okla.
An allotment of $150,000 Pit- distribution system construction was announced recently by the Public Works Administration. The cost of labor
and material totals approximately $120,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
HOPEWELL RURAL SCHOOL DISTRICT (P. 0. Collins), Coving-A loan and
-FEDERAL FUND ALLOTMENT.
ton County, Miss.
grant of $2,400 for school building construction was announced recently
by the Public Works Administration. The cost of labor and material
totals approximately $2,900, of which 30% is a grant. The remainder is a
loan secured by 4% general obligation bonds.
HOUSTON, Harris County, Texas.-PWA AGREES TO EXTEN-The following report is taken from a WashSION ON WATER BONDS.
ington dispatch to the Houston "Post" of March 21. regarding a two-year
municipal water bonds offered as security for a
extension on the city's
$2,502,000 allotment by the Public Works Administration for extension of
the water system:
"Mayor Holcombe is taking back to Houston the revised bond purchase
been
contract of the PWA, under which an allotment of $2,502,000 hasmajor
authorized for extensions of the city's waterworks. As revised, two
concessions were granted by PWA:
payment
"1. Extension of bond retirement date two years, providing for
of principal in 1937 instead of in 1935, as originally stipulated;
junior
"2. Elimination of a requirement making subsequent bond issues :ponds
to those now issued. This leaves Houston free to issue subsequent
extensions.
as warranted by city growth, necessitating further
"Holcombe explained he was taking the contract back to Houston for
all
immediate execution after City Council passes an ordinance meeting destipulations set forth in the instrument. Requisition of funds will be
until after a State Supreme Court decision on the city's
layed, however.
mandamus suit."
-BOND SALE.
-The
HOWARD COUNTY P. 0. Cresco), Iowa.
road refunding bonds offered
$200,000 issue of coupon or registered primaryawarded at public
-was
auction to
for sale on March 22-V. 138. p. 1954
Blyth & Co. of Chicago, and associates, as 334s, paying a premium of
$4,976, equal to 102.488, a basis of about 3.53%. The other bids are listed
as follows by the County Treasurer:
Premium.
975
Names of Other Bidders$
Wheelock St Co., Des Moines, Ia
Davenport, lowa
White Phillips Co.,
4,100
Northern Trust Co., Chicago
4,000
Halsey Stuart Co.. Chicago
3,000
A. C. Allyn & Co., Chicago
500
First National, Minneapolis
-BOND SALE ORHUDSON COUNTY (P. 0. Jersey City), N. J.
Freeholders on March 22 authorized the adver-The Board of
DERED.
tising for sale of $2,383,000 Tuberculosis Sanatorium construction bonds,
to bear 4% interest and mature in from 1 to 40 years. Denom.$1,000. The
Public Works Administration will purchase the issue if no other purchaser
Volume 138
Financial Chronicle
can be found. The project is expected to cost $2,996,000 and the balance
of $613,000 will be made available as a grant by the Public Works Administration.
HUGHES COUNTY (P. 0. Pierre), S. Dak.-BOND OFFERING.
Sealed bids will be received until 10 a.m. on April 20, by W. A. King,
County Auditor, for the purchase of a $40,000 issue of 4% court house
bonds. Denom. $1,000. Due $4,000 from March 1 1935 to 1944, incl.
Each of said bonds will contain an option to be paid in advance of maturity
whenever sufficient funds for the payment of such bond has accrued. Prin.
and int. (M. & S.) payable at the County Treasurer's office. Bonds are
coupon in form, to be registered with the County Treasurer. Bonds are
to be in the form required by South Dakota laws and in accordance with
any rules or remlations as may be adopted by the U. S. Government acting
through the Federal Public Works Administration and not in conflict with
the laws of South Dakota. (A loan and grant of $72.000 for this project
has been approved already by the PWA.-V. 138, P. 358.)
-On April 10
-BOND ELECTION.
HUMBLE, Harris County, Tex.
the voters will be asked to pass on the proposed issuance of $40,000 in sewer
bonds. An allotment of $50,000 for this purpose has been approved already
by the Public Works Administration
-V. 138, p. 1262.
-A
-BOND ELECTION.
HUTCHINSON, Reno County, Kan.
election will be held on April 10. according to report, in order to vote on the
proposed issuance of $62,000 in police and fire station bonds.
IOWA, State of (P. 0. Des Moines).
-PRIMARY ROAD BOND
REDEMPTION.
-The following is a list of the primary road bonds of
counties of this State, totaling 113,657,500, which will be called for payment May 1 1934, interest to cease on that date:
Date of
Rate
Rate
Date of
County.
Issue.
Amt. %
County.
Amt. %
Issue.
200,000 4% Adair
May 1 '29
May 1 '29 200,000 4% Lee
Aug. 1 '28
560,000 5 Black Hawk _ _ _Mar. 1 '24 295,000 43 Lee
.
Oct. 1 '29
115,000 4% Bremer
Aug. 1 28 140,000 5 Lucas
Aug. 1 '26
162,000 4% Bremer
Oct. 1 '28 110,000 44 Mahaska
200,000 4% Buchanan
Nov. 1 '26
May 1 '29 90,000 454 Mahaska
Dec. 1 '24
180,000 454 Butler
July 1 '28 118,000 5 Marshall
90,000 4% Butler
May 1 '29
Sept. 1 '28 70,000 5 Mills
150,000 454 Butler
July 1 '28
May 1 '29 120,000 454 Monona
280,000 5 Chickasaw
May 1 '29
May 1 '29 80.000 5 Monona
200,000 5 Clayton
July 1 28
May 1 '29 180.000 4% Monroe
50,000 5 Clinton
Jan. 1 '24 360.000 454 Montgomery____Aug. 1 '28
350,000 5 Clinton
May 1 '24
May 1 '24 175.000 5 O'Brien
33,000 414 Clinton
Aug. 1 '28
Dec. 1 '26 240,000 414 Page
160,000 454 Davis
May 1 '23
July 1 '28 200,000 5 Polk
249,000 43 Decatur
Mar. 1 '24
May 1 '29 151,000 5 Polk
225,000 414 Delaware
June 1 '24
July 1 '28 200,000 5 Polk
124,000 4% Des Moines
Aug. 1 '26 250.000 4% Polk
Sept. 1 '24
180,000 4% Dubuque
May 1 '25
July 1 '28 100.000 4% Polk
120,000 454 Dubuque
Aug. 1 '27 300,000 5 Pottawattamle_ _May 1 '29
150,000 434 Dubuque
Sept. 1 '26 63,000 4)4 Pottawattam le _ _Sept. 1 '28
200,000 5 Fayette
July 1 '28
May 1 '29 270,000 454 Van Buren
106,500 5 Floyd
July 1 28
Jan. 1 '24 144,000 434 Wapello
295,000 454 Franklin
May 1 '29
July 1 '28 67,000 5 Wapello
45,000 5 Greene
July 1 '26
May 1 '24 84,000 434 Wapello
280,000 5 Greene
July 1 '28
July 1 '24 108,000 454 Warren
50,000 5 Greene
May 1 '29
Nov. 1 '24 200,000 434 Warren
May 1 '29
130,000 5 Harrison
May 1 '29 200.000 6 Washington
270,000 434 Henry
July 1 '28 72,000 454 WashIngton____Sept.21 '28
May 1 '29
200,000 5 Henry
May 1 '29 200,000 5 Wayne
July 1 '28
May 1 '29 180,000 454 Winneshlek
200,000 5 Howard
May 1 29
May 1 '29 200,000 5 WInneshlek
300.000 454 Jackson
May 1 '23
Sept. 1 '26 400,000 5 Woodbury
125,000 414 Jasper
Jan. 1 '24
July 1 '28 100.000 5 Woodbury
153,000 454 Jasper
May 1 '24
Aug. 1 '26 357,000 5 Woodbury
156,000 454 Jefferson
July 1 '28
270,000 434 Jones
July 1 '28 90,000 454 Worth
Sept. 1 '28
300,000 444 Jones
May 1 '29 135,000 454 Worth
May 1 '29
200,000 5 Keokuk
May 1 '29 150,000 5 Worth
200,000 5 Komutb
May 1 '29
1RONDALE, Jefferson County, Ala.-PWA FUND ALLOTMENT.
A loan and grant of $67.000 for sewage system construction was announced
recently by the Public Works Administration. The cost of labor and
material totals approximately $60,000, of which 30% is a grant. The
remainder is a loan secured by 4% revenue bonds.
-The Bank of
IRVINGTON, Essex County, N. J.
-NOTE SALE.
Manhattan Trust Co. of New York purchased on March 22 an issue of
$400.00G 5% tax anticipation notes, due May 15 1934. On the same date
the town renewed $180,000 of 1933 tax revenue notes held by local banks
and $25,000 held by the American Finance Co. These latter securities
bear 6% interest and the new maturity date is Dec. 15 1934.
JEFFERSON COUNTY (P. O. Fairfield), lowa.-BOND SALE.The $156,000 issue of primary road refunding bonds offered for sale on
March 24-V. 138. p. 2118
-was awarded at auction to the W. D. Hanna
Co. of Burlington, as 334s, for a premium of $3,601. equal to 102.308, a
basis of about 3.52%. Due from May 1 1943 to 1950.
The following Is an official list of the other bids received:
Names of Other BiddersPremium.
Blyth & Co., Chicago, Ill
$3,600
White-Phillips Co., Davenport, Ia
3,575
Wheelock & Co., Des Moines, la
3,400
Halsey, Stuart Co., Chicago Ill
2,900
Jackley & Co., Des Moines,Iowa
2,900
Piper, Jaffrey & Hopwood, Minneapolis
1,800
JEFFERSON COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Port
Townsend), Wash.
-BOND SALE.
-The $19,000 issue of school bonds
offered for sale on March 24-V. 138. p. 1608
-was purchased by the
State of Washington, as 5s, at par. Due in from 2 to 20 years from date.
No other bids were received, according to the County Treasurer.
JUNEAU SCHOOL DISTRICT (P. 0. Juneau) Dodge County,
Wis.-130NDS VOTED.
-At the election held on March 20-V. 138, p.
-the voters are said to have approved the issuance of the $350,000 in
1779
school bonds by a wide margin.
KANSAS CITY, Jackson County, Mo.-FEDERAL LOAN APPLICATION FILED.
-An application for a loan and grant of $10,120,000 to
be used for a municipal gas system has been filed with the Public Works
Administration, according to recent news advice&
KAUKAUNA, Outagamie County, Wis.-BOND ELECTION.
-An
election is said to be scheduled for April 3 to have the voters pass on the
Issuance of $60,000 in school auditorium bonds. The City Council is
reported to have applied to the Public Works Administration for the
-V. 138, p. 1955.
above amount
KENNEDY TOWNSHIP SCHOOL DISTRICT (P.O. Crafton R. D.
-The Pennsyl-BOND ISSUE APPROVED.
t
10), Allegheny Couny,Pa.
vania Department of-Internal Affairs has approved an issue of $10,000
coupon school bonds. The bonds were offered for award on Feb. 2 and no
-V.138, p. 532.
report has come to hand regarding the disposition of them.
-Sealed
KANSAS CITY, Jackson County, Mo.-BOND OFFERING.
bids will be received by A. L. Darby, Director of Finance, until 2 p. m.
2, for the purchase of a $3,350.000 issue of public auditorium
on April
bonds. The bidders shall specify in their bid the lowest rate of interest
which they are willing to receive on said bonds. Denom. $1,000. Dated
April 1 1934. Due on April 1 as follows: $10,000, 1936 to 1941; $50,000,
1942 and 1943: $100,000, 1944 to 1969: $110,000 in 1970 and 1971: $120,000
in 1972, and $125,000 in 1973 and 1974. Prin. and int. (A. & 0.) payable
at the City Treasurer's office, or at the Chase National Bank in New York
City, at the option of the holder. No bid will be received which Is in whole
or in part less than par and accrued interest. The legality of the bonds
will be approved by Benj. II. Charles, of St. Louis, whose opinion will be
furnished to purchaser. Each bid must be made on a blank form furnished
by the city and must be accompanied by a certified check for 2% of the par
value of the bonds bid for.
The following information is furnished with the official offering notice:
Delivery of the bonds will be made on or about April 16 1934, or as soon
of
thereafter as said bonds can be executed, at the office of the Directorthe
Finance of Kansas City, Mo. Bids will be received at the office ofclty
Director of Finance of Kansas City, Mo., in the City Hall in said
until the time herein fixed and no bid will be considered unless submitted
the
by or before such time. Bids will be opened and tabulated as soon after the
hour of receiving bids as may be practical and the checks of all but
three most favorable bidders returned. The checks of the three bidders thus
2291
retained will be held until 9:30 a. m. Tuesday, April 3 1934 at which time
final award or rejection will be made.
Financial Statement as of March 1 1934.
Liabilities
-Total bonded indebtedness of the
Indebtedness
Bonded
$35,186,000.00
city, March 1 1934, is
-Contingent liabilities, 1923
General Fund Indebtedness
18,479.68
and prior: March 1 1934
All liabilities on existing contracts are fully covered by
appropriations made by the council, for which funds are in
the City Treasury to meet said liabilities and appropriations.
-On March 1 1934, there were final judgFinal Judgments
15,725.00
ments against the city aggrexating
Provision for the payment of these is now being made.
-There are no past due current bills against Kansas City.
Current Bills
Assets
General Sinking Fund-On March 1 1934, there were in the
general sinking fund of the city, Kansas City school
bonds, U. S. Liberty bonds, Kansas City municipal
$694,266.94
bonds and cash to the amount of
Water Sinking Fund-On March 1 1934, there were in the
water sinking fund, Kansas City school bonds, U. S.
bonds, Kansas City municipal bonds, and cash to the
1,627,164.98
amount of
2,391,431.92
Total in the two funds
1933, as of
Cash balance, general fund revenue,fiscal year
174,258.94
March 1 1934
2,192,299.21
Cash balance in all funds in City Treasury, March 1 1934_
-The assessed valuation of
Assessed Valuation of Property
all property in the city for State and county purposes
576,469,780.0
made in the year 1932 for 1933 taxes, was
-LIST OF BIDS..
KEOKUIC COUNTY (P. 0. Sigourney), Iowa.
The following is an official tabulation of the other bids received on March 19.
for the purchase of the $200,000 coupon primary road refunding bonds that
were awarded to Thrall, West & Co.of Minneapolis,as 3%s,paying 102.425,
a basis of about 3.53%.-V. 138, p. 2118:
Premium.
Names of Other Bidders$3.650
Jackley & Co
4,050
Wheelock & Co
3,850
Halsey Stuart & Co
4,850
W D. Hanna & Co
3.500
Glaspell & Co
4,600
National Bank
Iowa Des Moines
4.175
Blyth & Co
KNOXVILLE, Knox County Ill.-FEDERAL FUND ALLOTMENT.
Public Works Administration has allotted $23,000 for improvements
-The
to the water works system. This includes provision for a grant equal to
30% of the approximately 120.000 to be spent for labor and materials.
The balance is a loan,secured by 4% revenue bonds.
-BOND SALE DATE
KOSSUTH COUNTY (P. 0. Algona), Iowa.
-Under date of March 22 we were informed by C. CoykenPOSTPONED.
dall, Administration Engineer of the State Highway Commission, that
both sealed and open bids will be received at 1 p.m. on April 2. by the
County Treasurer for the purchase of a $452,000 issue of primary road
refunding bonds. Due on May 1 as follows: $10,000, 1943: $22.000, 1944,
and $70.000 in 1945 to 1950. (This offering takes the place of the $200,000
Issue that was originally scheduled for sale on March 28-V. 138, P. 2118.)
-BOND OFKUTZTOWN SCHOOL DISTRICT, Barks County,Pa.
FERIN0.-Laila M. Heffner, Secretary of the Board of School Directors,
will receive sealed bids until 1 p. m. on April 2 for the purchase of $11.000
4,4)4.4%,4% or 5% coupon school bonds. Dated April 15 1934. Denom.
$1,000. Due April 15 as follows: $1,000 from 1935 to 1943 Incl. and $2,000
In 1944. Bidder to name a single interest rate for all of the bonds. Interest
is payable in April and October. Bonds are authorized by Chapter 132 of
the Laws of Pennsylvania, approved by the Governor on May 18 1933.
A certified check for 2% of the amount bid for, payable to the order of the
District Treasurer, must accompany each proposal. Legality to be approved by Townsend, Elliott & Munson of Philadelphia. Previous mention
of this offering was given In -V.138, p. 2118, under the caption of Kutzmann S. D., Pa.
LAKE CHELAN RECLAMATION DISTRICT (P. 0. Manson)
-The 1223,350 issue of refunding
-PRICE PAID.
Chelan County, Wash.
-V. 138, P. 1955
bonds that was purchased by the State of Washington
was awarded at par. Dated Jan. 11934. Duefrom Jan.1 1940 to 1959.
-BOND OFFERING.
LAKE CITY, Wabash& County, Minn.
Sealed bids will be received until 7:30 p. m.on April 6. by H. V. Fick. City
Clerk, for the purchase of two issues of 4% coupon bonds aggregating
$50,000 divided as follows:
$30.000 sewage disposal plant bonds. Due $2.000 annually in from I to 15
years from date of issue.
20,000 public wharf and levee bonds. Due $1,000 annually in from 1 to
10 years from date, and $2,000 from 11 to 15 years after.
Denom. $1,000. Dated Jan. 1 1934. Prin. and int. (J. & J.) payable at
the office of the City Treasurer. The city will furnish without charge the
blank bonds and the legal opinions of .1. E. Phillips, City Attorney, and
H. W.Moody,of St. Paul.
Financial Statement.
-(County Auditor, Mar.20 1934.)
Assessed Valuation.
1933.
1932.
1931.
•
Class of Property11.034,481 11,039.320 11.037,466
Real property
115.906
151,397
193.662
Personal property
345,169
482.844
761.294
Moneys and aethts
$1.989,437 $1,673,561 $1.498.541
Total
ndebtedness.-(City Treasurer, March 151934).
None
Bonded indebtedness
$14,083.62
Floating indebtedness (13 promissory notes)
8,652.50
(various funds)
Cash on hand
The city has never defaulted in the payment of either principal or interest
on any of its obligations.
Tax Collections.-(County Auditor,March 20 1934.) (City purposes only)
1931.
1932.
1933.
1934.
Years Payable$20,068.68 $20,123.17 $24,169.83 $28,066.43
Amountlevied
21,998.64
27,198.95
17,827.63
Collected to doling. date Current
351.24
1,358.06
2,005.93
Current
Uncollected to date
Mill Rates.
Levied 1933
Levied 1932
Levied 1931
Payable 1934.
Payable 1933.
Payable 1932.
Purpose
11.06 mills
8.25 mills
State
7.88 mills
19.30 mills
16.32 mills
County
17.25 mills
17.40 mills
16.90 mills
City
19.68 mills
36.90 mills Non-agr. 37.8 mills
School
46.00 mills
17.5 mills
Agr.
Overlapping Debt.
-The city is located in School District No. 4, which
shows an assessed valuation for 1933 ofreal and personal property of$1,183.015 and reported as of Jan. 24 1934 a bonded debt of $156,000 and sinking
fund of $5,877.62.
-The city owns Its own water plant, its own electrical disRemarks.
tribution system which showed net profits of approximately $6,500.00 in
1933 and approximately $5,400.00 in 1932, besides extending the Oak St.
water main and rebuilding the electric distribution system at an approximate
cost of$10,000.00.
LAKE GENEVA,Walworth County, Wis.-PWA ALLOTS FUNDS.
A loan and grant of $30,000 for water filtration plant construction was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $28,000. of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
-BOND OFFERING.
-William F.
LaPORTE, LaPorte County, Ind.
Krueger, City Controller, will receive sealed bids until 2 p. m. on April 5
for the purchase of $16,000 5% coupon city's share sewer construction
bonds. Dated April 2 1934. Denom.11,000. Due as follows: $2.000, Oct. 1
1935: $2,000, April and Oct. 1 from 1936 to 1938 incl.. and $2.000, Aprll I
1939. A certified check for 10% of the bonds bid for must accompany each
proposal.
LARIMORE SPECIAL SCHOOL DISTRICT (P. 0. Larimore)
-It is said that an
Grand Forks County, N. Dak.-BOND ELECTION.
election was held on March 30 to have the voters pass on the issuance of
2292
Financial Chronicle
school building bonds. (An allotment of $84,000 has been approved by the
Public Works Administration for this project
-V.138, p. 897.)
LAWRENCE, Lawrence County, Tenn.
-FEDERAL FUND ALLOTMENT.
-A loan and grant of $185,000 for sewer construction was announced recently by the Public Works Administration. The cost of labor
and material totals approximately $168,000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
LAWRENCE COUNTY (P. 0. Ironton), Ohio.
-BOND BIDS.
-The
following is a list of the bids submitted for the $127.500 bonds offered
on March 20.-V. 138, p. 1609:
Mar. 31 1934
viding for an election on the proposed issuance of $35,000 in 434% water
extension bonds. Due in 20 years.
MAMARONECK (Town of), Westchester County, N. Y.
-INSTALLMENT PAYMENT OF TAXES AUTHORIZED.
-A bill signed
by Governor Lehman on March 26 empowers the Town Board to provide by
resolution for the collection of taxes in three installments as follows: first
Payment of 60% due April 1; second payment of 30% due July 15, and
final payment of 10% on Oct. 15.
MAPLEWOOD TOWNSHIP (P. 0. Maplewood), Essex County,
N. J.
-NOTE RENEWAL.
-The Township Committee on March 20
voted to renew $215,000 tax revenue notes, for six months at
% interest,
Relief Bonds $45,000.
held by the Maplewood Bank & Trust Co. of Maplewood.
Seasongood and Mayer. Cincinnati, premium $92.75 for 44% rate.
BancOhio Security Co., Columbus, premium $57 for 434% rate.
MARBLEHEAD, Essex County, Mass.
-TEMPORARY LOAN.
-The
Fox, Einhorn and Co., Cincinnati, and Ryan, Sutherland & Co., Toledo,
New England Trust Co. recently purchased a $100,000 revenue anticipation
loan at 0.545% discount basis. Due on Nov.7 1934. Bids for the loan were
Premium $38.25 for 434% rate.
Van Lahr, Doll & Isphording. Cincinnati, premium $38.25 for 4 Yi% rate.
as follows:
$82,500 6% refunding bonds, Fox, Einhorn & Co., Cincinnati, and Ryan,
BidderDiscount Basis.
Sutherland & Co.. Toledo, premium $341.
New England Trust Co. (Purchaser)
0.545
Seasongood & Mayer, Cincinnati, premium $331.
First of Boston Corp
0.60
Whiting, Weeks & Knowles
LEHIGH COUNTY (P. 0. Allentown), Pa.
0.62 0
-FINANCIAL SURVEY
Merchants National Bank
COMPLETED.
-A survey of the financial condition of the County, pre0.677
G. M.
-P. Murphy & Co
pared by Professor E. B. Shulz of Lehigh University in consultation with
0.72
Faxon, Gade & Co
Dr. Thomas H. Reed, Director of the Municipal Consultant Service, re0.75
Second National Bank of Boston
commends the abolition of the "dangerous practice" of the past two years
0.94
W.O. Gay & Co
of using the proceeds of bond sales and other non-revenue receipts to
1.14
Webster & Atlas National Bank
Provide for the payment of current expenses, according to report. The
1.28 0
Blake Bros. & Co
investigators, it is said, described the financial condition of the County as
2.03
reasonably satisfactory, but advised strict adherence to the policy of payMARINE PARKWAY AUTHORITY, N. Y.
-BILL SENT FOR
as-you-go in the future administration of affairs.
EXECUTIVE APPROVAL.
-The Kleinfield bill providing for the creation
of the above political unit and empowering the issuance of up to $10,LEXINGTON, Fayette County, Ky.-VALIDITY OF PUBLIC
000,000 bonds to finance the projects outlined in the measure
WORKS BONDS UPHELD.
-The validity of the city's public works bond
-V. 138.
-has been passed by the State Legislature and transmitted to the
P. 1082
issue for $1,312,500 was upheld by an opinion of Judge Dietrxaan of the
Governor.
Court of Appeals. It was held, however,that the city could not postpone the
MAYNARD CONSOLIDATED SCHOOL DISTRICT (P.O. Maynard)
establishment of a sinking fund for the retirement of these bonds. This
decision affirmed a ruling of the Fayette Circuit Court as to the validity
Chippewa County, Minn.
-BONDS VOTED.
-At the election held on
of the bonds, but reversed a part of the judgment that would have permitted
March 20-V. 138. p. 1956
-the voters approved the issuance of $10,000
the city to delay retirement of the bonds for five years.
In 4% school building bonds by a wide margin. Due in 20 years, optional
LEXINGTON, Middlesex County, Mass.
-TEMPORARY LOAN.
- in five years. It is said that an immediate sale of these bonds is contemplated.
Whiting. Weeks & Knowles,Inc. of Boston obtained the award on March 23
of a $175,000 revenue anticipation loan at 0.577 discount basis. Dated
MEADVILLE, Crawford County, Pa.
0
-ADDITIONAL INFORMarch 23 1934 and due on Nov. 15 1934. Other bids for the loan were as
MATION.
-In connection with the notice in V. 138, p. 2119
-of the profollows:
posed sale on April 10 of $15,000 4% coupon (registerable as to principal)
Fire Department apparatus purchase bonds, we learn that the issue will be
BidderDiscount Basis.
dated May 11934; mature May 1 1949, optional May 1 1935. Sale will be
First of Boston Corp
0.59%
made subject to approval of bonds by the Pennsylvania Department of
Second National Bank of Boston
0.81
Internal Affairs.
Lexington Trust Co
0.97
MERRIMACK COUNTY (P. 0. Concord), N. H.
-SHORT-TERM
LINCOLN, Lancaster County, Neb.-PRICE PAID.
-We are now
BORROWING.
-Preston, Moss & Co. of Boston purchased on March 23 an
informed that the $315,000 water extension bonds offered for public subissue of $50,000 revenue anticipation notes at 1.09% discount basis. Due
scribption by Halsey Stuart & Co. of Chicago, on March 23-V. 138, p.
Dec. 15 1934. Other bids for the loan were as follows:
2119
-were purchased by that firm as 3345, at a price of 100.15, a basis
Discount
of about 3.48%. The bonds are divided as follows:
Discount
Basis.
BidderBidder$175,000 water extension bonds. Due $17,500 from April 1 1945 to 1954,
Basis.
National Shawmut Bank.. _ 1.14% Bond & Goodwin
optional in 1944.
1.49
E. H. Rollins & Sons
W.O. Gay & Co
1.21
140,000 water extension bonds. Due $14,000 from April 1 1945 to 1954,
1.62
First of Boston Corp
LincolnR.Young&Co._ 1.95
1.42
optional in 1944.
Ballou,Adanis & Whittemore 1.46 0
Denominations $1,000 and $500. Dated April 1 1934. Prin. and int.
(A & 0) payable at the County Treasurer's office. Legality approved by
MIAMISBURG, Montgomery County, Ohio.
-BONDS AUTHORChapman & Cutler of Chicago.
IZED.
-The City Council recently passed as an emergency measure an
ordinance authorizing the issuance of $11,000 fire dept. apparatus purchase
LINCOLN COUNTY INDEPENDENT SCHOOL DISTRICT NO. 42
bonds.
(P. 0. Dietrich) Ida.
-BOND SALE.
-It is stated by the Clerk of the
Board of Education that the $4,000 school bonds approved by the voters
nVi115176THIAN, Ellis County, Tex.
-BOND ELECTION.
-An election
on Feb. 12-V. 138, P. 1779
-were purchased by the State of Idaho.
is said to be scheduled for April 3 in order to vote on the issuance of $26,000
in water and sewer bonds. (An allotment for this amount has been approved
LOS ANGELES SCHOOL DISTRICT (P. 0. Los Angeles), Calif.
already by the Public Works Administration.
DETAILS ON BOND DEFEAT.
-V. 138, p. 716.)
-In connection with the report given
in V. 138, p. 2119, that the voters had rejected the proposed issuance of
MILLBURN TOWNSHIP (P. 0. Millburn), Essex County, N. J.
$20,411,437in school bonds, we quote in part as followsfrom the Los Angeles
BOND SALE.
-J. S. Rippe' & Co. of Newark and the First National Co.,
"Times" of March 22:
Trenton, jointly, were successful bidders for $149,000 of the total of
"Faced with the necessity of conserving their funds through the failure
$315.000 coupon or registered bonds offered on March 28.-V. 138. p. 1956.
of the voters to ratify the 320.411,437 school bond issues Tuesday for the
No bids were submitted for the issue of $165.000 tax revenue bonds represrehabilitation of city schools, the Los Angeles Board of Education at its
enting the balance of the total offering. Sale of the 75149.000 bonds was
meeting to-day may be forced to reallot amounts totaling $11.158,000
made as follows:
now available on projects already passed on, it was indicated yesterday."
$125,000 general impt. inane (amount offered was $126,000) was purchased
by the bankers as 5s, at par plus a premium of $1,613.60, equal
LOUISIANA, State of (P. 0. Baton Rouge).
-BOND OFFERING.
to 101.29. a basis of about 4.88%. Due April 1 as follows: $4,000
Sealed bids will be received by A. P. Tugwell, Chairman of the Highway
from 1936 to 1964 incl.; $5,000 in 1965 and $4,000 in 1966.
Commission, until 11 a. m. on May 1 for the purchase of a $500,000 issue
24,000 poor relief issue was also taken as 5s, at par plus a premium of
of 57 coupon or registered highway, series J bonds. Denom. $1,000.
0
Dated Feb. 151934. Due on Feb. 151939. Principal and interest (F.& A.)
$78.13, equal to 100.32, a basis of about 4.92%. Due $3,000
on April 1 from 1935 to 1942 incl.
payable in lawful money at the fiscal agency of the State in New York
Each issue is dated April 11934. A group composed of Adams & Mueller,
City, or at the office of the State Treasurer. The bonds will be awarded
C. A. Preim & Co.. B. J. Van Ingen & Co. and C. P. Dunning & Co. bid
to the bidder offering to pay par and accrued interest and the highest
for the issues of $125.000 and $24,000 at 551,% interest, offering premiums
premium, no bid for less than the entire issue will be considered. The
of $1,028 and $18, respectively.
bones will be subject to call at the option of the State, at par and accrued
interest, one year after date or on any subsequent interest payment date.
Financial Statement (as of March 1 1934).
The bonds will be in coupon form with privilege of registration as to prinAssessed Valuations
cipal
th principalinterest, u when converted into
t,
hennds
Assessed valuation of real property, 1934
$24,313,644.00
fully registered btn
terer onds
or
y
reconvreconvertedi
coupon
Assessed valuation of personal property, 1934
2,323,409.00
All bidders must agree to accept delivery of the bonds in Baton Rouge,
and pay the purchase price thereof on or before May 15, upon tender of
Total assessed valuation, 1934
$26,637,053.00
the bonds by the State, together with the opinion of Thomson, Wood &
Indebtedness
Hoffman of New York, approving the validity of the bonds. A certified
Bonded debt evidenced by permanent bonds, including the
check for $5,000, payable to the State Highway Commission, must acissues now offered for sale
3833,000.00
company the bid.
Indebtedness evidenced by temporary obligations other than
LOUISIANA, State of (P. 0. Baton Rouge).
obligations to be funded by issues now offered for sale:
-VALIDITY OF
BRIDGE BONDS UPHELD BY SUPREME COURT.
Temporary improvement bonds or notes___$149,770.52
-The State'Supreme
Court has upheld the right of the State Highway Department to issue
Tax revenue bonds and notes
167,000.00
$5,000,000 in bonds for financing the construction of a $7,000,000 bridge
Emergency bonds and notes
9,602.76
across the Mississippi River at Baton Rouge
-V. 138, P. 1779. The bridge
construction is to be undertaken as a Public Works Administration project
Total
326,373.28
and it is planned to obtain a grant of about $2.000,000; the $5.000,000
portion to be a loan secured by the bonds validated by the above decision.
Gross indebtedness evidenced by negotiable bonds or other
It is expected that the financing will be undertaken in the near future.
obligations
$1,159,373.28
Deductions from gross indebtedness:
LOUISIANA, State of (P. 0. Baton Rouge).
Funds on hand derived from special assess-SINKING FUND
SELLS BONDS.
-A syndicate composed of Lehman Bros., Brown Bros.,
ments applicable to payment of bonded inHarriman & Co., the Chemical Bank & Trust Co. F. S. Moseley & Co.,
debtedness or temporary loan bonds or notes $16,316.03
and Stone & Webster and Blodget, Inc., all of New York, and associates, is
Collected taxes levied for previous years, now
'
reported to have purchased from the New Orleans Sinking Fund a block of
on hand and pledged by law to the payment
$1,120,000 5% highway, series H bonds, of the State of Louisiana. Due
of tax revenue bonds or notes described
$280,000 on Sept. 1 1936 to 1938, and in 1940.
above
38,297.74
Sinking funds now on hand and held for the
In connection with the above report we quote as follows from an item
payment of bonded indebtedness
33,831.85
captioned New Orleans, which appeared in the "Wall Street Journal" of
March 24:
Total deductions
88,445.62
"The Louisiana bonds which the City of New Orleans sold Friday to
a banking syndicate at 95 were accepted by the city about six months ago in
Net bonded debt
$1,070,927.66
settlement of a sum due It by the highway department under a constitutional
The entire township is embraced within the boundaries of the school disamendment of 1930 whereby that department was to give the city $700,000
trict of the Township of Millburn, in the County of Essex. The district's
a year for street maintenance and construction. The department was
indebtedness, other than indebtedness incurred in anticipation of the col$1,400,000 in arrears when the bonds, then quoted at 70, were accepted.
lection of the current year's taxes, amounts to $1,223,000. The school
The city will use proceeds to liquidate 1932 and 1933 bank loans."
district has on hand funds amounting to $6,679.24 applicable solely to
the payment of such indebtedness.
LOUISIANA SCHOOL DISTRICT (P. 0. Louisiana) Pike County,
-The aggregate amounts of the taxes levied for State,
Tax Collections.
Mo.-DETAILS ON FEDERAL ALLOTMENT.
-In connection with the
county, township and school district purposes upon property within the
allotment of $87,000 to this district for school building alterations and
township for the years 1931. 1932 and 1933 were, respectively, $902,452.30.
extensions approved recently by the Public Works Administration-V.
$937,740.20 and $845,179.95. The amounts of such taxes still uncollected
138, p. 2119
-it is now stated that the loan is for $65,000 and is due as
are, respectively, $8,166.96, $76,155.51 and $209,768.19.
follows: $1,000, 1936 and 1937; $2,000, 1938 to 1941; $3,000. 1942 to 1944;
-Population, U. S. Census: 1920. 4,633; 1930, 8,602.
Population.
$4,000, 1945 to 1949; $5,000, 1950 to 1953, and $6,000 in 1954.
MILLS COUNTY (P. 0. Glenwood) Iowa.
McDOWELL COUNTY (P. 0. Marion) N. C.
-NOTE SALE.
-BOND SALE.
-A
-The
$70,000 issue of coupon primary road refunding bonds offered for sale on
$2,525 revenue anticipation note is reported to have been purchased at
6% by the First National Bank of Marlon. Dated March 1 1934. Due on
-was awarded at auction to the Council
March 26-V. 138., P. 1956
Bluffs Savings Bank, as 331s, for a premium of $1,676, equal to 102.39. a
Oct. 1 1934.
basis of about 3.54%. Due $14,000 from May 1 1946 to 1950 incl. The
McKEESPORT, Allegheny County, Pa.
-BOND ISSUE APPROVED.
other bids for the bonds were as follows:
-The Pennsylvania Department of Internal Affairs on March 21 approved
Names of Other BiddersPrice Bid.
the issue of $163.000 434% bonds which was awarded on Feb. 26 jointly
Polk, Peterson & Co
$71,675.00
to Brown Bros. Harriman & Co. and Yarnall & Co., both of Philadelphia,
Halsey, Stuart & Co
103.12. a basis of about 4.12%
71,500.00
at
.-V. 138. p. 1609.
White, Phillips Co
71,625.00
MADISON, Madison County, Neb.-BONDS A UTHOte.A.
Jackley & Co
-*).-A
71,450.00
resolution is said to have been adopted recently by the City Council proWheelock & Co
71,300.00
Add: Usable exempt property
$309,274,690.00
64,741,592.00
Grand list for bonding purposes
6% of grand list for bonding limit
$374.016,282.00
$18.700,814.10
Bonded Indebtedness
Total bonds outstanding (incl. this issue,
Town of New Haven. New Haven School
$16,864,000.00
District & Westville School District)
, .
Less: Sinking fund
S15.755.491.46
Other Indebtedness
None
Notes issued in anticipation of taxes previously laid
Total net indebtedness
Tax Report.
Uncollected at
End of Year
Fiscal
of LC*.
Year.
Leon.
8.%
1930 - - - -$7,808,326.57 $683,864.90
12.70
1931 - - - - 8,478,030.68 1.076,629.79
14.21
1932 --- - 8,386.443.01 1.192,096.58
16.94
1933 - - - 9,495,941.48 1,608,713.85
1934 - -- - 8,369,123.66
15% salary reduction insteau of 20% in 1933; $623.000 for emergency relief
against $516,000 in 1933; tax rate 27X mills against 2614 mills in 1933.
-BOND OFFERING -Secretary John
NEW JERSEY (State of).
McCutcheon states that the Issuing Officials will receive sealed bids until
12 m. on April 11, at the State Treasurer's office, for the purchase of
$2,154,000 4% series C, coupon or registered State institutional construction bonds. Dated April 1 1934. Due April 1 as follows: *30.000. 1936
to 1939 incl.; $10,000, 1940 to 1945 incl.; $50,000. 1946 to 1950 incl.;
$60,000, 1951 to 1955 incl.; $70,000, 1956 to 1958 incl.: *80,000. 1959 to
1961 incl.; $90,000, 1962 to 1964 incl.: $100,000, 1965 to 1967 incl.;$110,000
in 1968 and $114,000 in 1969. Principal and interest (A. & 0.) will be
payable in such funds as are, on the respective dates of maturity, legal
tender for debts due the United States of America and such payment will be
made at the Broad Street National Bank, Trenton, or, at holder's option.
at the principal office of the New York Trust Co., New York City. The
bonds constitute direct obligations of the State, the full faith and credit of
which are pledged for their repayment. Both principal and interest will be
exempt from taxation by the State or by any of its political sub-divisions.
Proposals must be accompanied by a certified check for 2% of the bonds bid
for, payable to the order of Albert C. Middleton, State Treasurer. The
approving opinions of the Attorney-General of the State, and Hawkins,
Delafield & Longfellow of New York as to the validity of the bonds will be
furnished the successful bidder. Blank bidding forms will be available upon
application to Harry B. Salter, State House, Trenton, N. J. The State
reserves the right to reject all bids and to waive any informalities in bids
in the case of a bid by a governmental agency.
-B. F.
-LOAN OFFERING.
NEWPORT, Newport County, R. I.
Downing, City Treasurer, will receive sealed bids until 5 p. m. on April 3
for the purchase at discount basis of $200,000 current year revenue anticipation notes. Dated April 5 1934. Denoms.. $25,000. $10,000 and $5,000.
Due Aug. 31 1934. The notes will be authenticated as to genuineness and
validity by the First National Bank of Boston, under advice of Ropes,
Gray, Boyden & Perkins of Boston.
-FINANCIAL
NEW ROCHELLE, Westchester County, N. Y.
STATEMENT,
-The following information is given in connection with
Graham. Parsons
the sale on March 13 of *172.0100 514% impt. bonds to
as Co. of New York, at 100.13, a basis of about 5.48%.-V. 138. p. 1957.
Financial Statement.
Assessed valuation-for taxes of 1934:
$195,191,940.00
Real property
5,589.940.00
Franchise
Total as base for debt limit
Debtlimit
--10% of$200,781,880
Amount of debt applicable to debt limit:
City bonds
School bonds
Relief bonds
Construction certificates (to be retired
by this issue)
5200,781,880,00
20,078,188.00
$8,550.700.00
6,467,176.00
428,000.00
172,000.00
$15.617,876.00
Less reserve for redemption of bonds
(as of Dec.31 1933)
Margin for future indebtedness
Floating indebtedness:
1933 tax certificates
Assessment certificates
Temporary certificates
372.208.52
15.245.667.48
$4,832.520.52
$1,000,000.00
153,943.65
35,665.00
*1.189,608.65
Tax Collections as of Feb. 28 1934.
Uncollected.
%
Tax Levy.
2.55
$142,381.20
$5,568,668.00
1931
7.65
459,050.46
6,000,441.98
1932
26.39
1,296,338.65
4,910,470.86
1933
75.11
4,795.852.93
*6384863,78
1934
* Payable quarterly January, April, July and October.
NEWTON Middlesex County, Mass.-NOTESALE.-Whiting. Weeks
& Knowles, Inc. of Boston purchased on March 26 an issue of $300,000
tax anticipation notes at 0.48% discount basis. Due Nov. 7 1934. The
following other bids were submitted:
Discount Basis
BidderDiscount Basis.
Bidder0.575%
National Shawmut Bank_ _ _ _0.49% E. B. Smith & Co
0.59%
Co
0.54% Newton, Abbe &
Newton Trust Co
0.57%
Second National Bank
-An election
-BOND ELECTION.
NEWTON, Harvey County, Kan.
is said to be scheduled for April 10 to vote on the issuance of *110.000 in
high school construction, and 130,000
bonds, divided as follows: $80,000
swimming pool bonds.
-PLANS $75,000,000 LONG-TERM LOAN.NEW YORK, N. Y.
the
Comptroller Arthur W. Cunningham on March 29 stated that ifCity
economy bill is passed by the State Legislature and the its
LaGuardia
is thereby enabled to adopt necessary economies in order to balance
budget, the Administration will consider plans for the public sale of $75,000,000 of long-term securities. Proceeds of such financing would be used
to retire existing short-term debt and to undertake various public works
projects.
NEW YORK (State of).-FINANCIALSTATEMENT.-The following
has been issued in connection with the proposed sale on April 3 of the
$50,000,000 bonds described in V. 138, p. 2120:
Financial Statement.
The assessed valuation of the State of both real and personal property
subject to taxatioh for State purposes for the year 1933 was $28.281.820,555
and the net debt of the State on March 16 1934. was $544,097,231.84, or
about 1.9% of the assessed valuation.
State Debt as of March 16 1934.
Net Debt.
Gross Debt. Sinking Funds.
Purpose of Debt.
94,800,000.00 43,084.550.58 51,715.449.42
Highways
151,032,000.00 78,783,942.53 72,248,057.47
Canals
3,048,732.22
1,951,267.78
Palisades Interstate Park- 5,000,000.00
4,930.555.64
1,269,444.36
6,200,000.00
Forest Preserve
28,800,000.00
28,800,000.00
World War bonus
39,500,000.00
39,500,000.00
Institution buildings
12,811,000.00
12,811,000.00
Park system
67.794,000.00
General State improvement- 67,794,000.00
*ell
Elimination of grade cross53,000,000.00
53,000,000.00
ings
27,800,000.00
Emergency construction_ - _ 27,800,000.00
Emergency unemployment
27,795,000.00
relief
27,795,000.00
Total
Total bonded debt
Temporary loans:
* Revenue loans
Total debt
514.532,000.00 125,089,205.25 389,442,794.75
Impounded
Revenues.
195,000,000.00 40,345,562.91 154,654.437.09
709,532,000.00 165,434,768.16 544,097,231.84
$15.755,491.46
Uncollected
Mar. 20 '34,
Inclusive.
$82,861.06
177,630.53
420,527.14
1,329.740,27
5,033,141.11
1.06
2.09
5.01
14.00
60.14
$7,043.900.11
Total
Remarks.
-Incorporated, 1784; U. S. census 1930, 162,655; fiscal year,
Jan. 1 to Dec. 31; form of government, Mayor-Aldermen.
-Payable Jan. 11934;one-half on or before Feb. 1 1934 and second
Taxes.
half on or before Aug. 11934.
-Actual decrease in grand list from 1933-$18,048,821. Estimated
1934.
collection of current taxes 88% against 94% estimated in previous years,
2293
Financial Chronicle
Volume 138
MOBERLY, Randolph County, Mo.-BOND ELECTION POSTPONED.
-The election which was originally scheduled for March 20 to
-V. 138, P.
vote on the issuance of $700,000 in power and light bonds
1610-is stated to have been postponed to April 24. (An allotment for the
above amount has already been announced by the Public Works Administration.
-V. 138, P. 533.)
MOGADORE VILLAGE SCHOOL DISTRICT, Summit County,
-BOND SALE.
-The State Teachers' Retirement System has purOhio.
chased an issue of $1,800 rerunning bonds.
-BOND SALE.
-The
MONROE COUNTY (P. 0. Albia) Iowa.
$180.000 issue of primary road refunding bonds offered for sale on March 22
-V. 138, p. 1956
-was awarded to Wheelock & Co. of Des Moines, as
3Xs, paying a premium of $4,076, equal to 102.26, a basis of about 3.54%•
Due $36,000 from May 1 1946 to 1950 incl.
-BOND OFFER. MONTGOMERY COUNTY (P. 0. Dayton), Ohio.
-F. E. Treon. Clerk of the Board of County Commissioners, will
ING.
receive sealed bids until 10 a. m. on April 7, for the purchase of *400.000
6% poor relief bonds. Dated Jan. 1 1934. Denom. $1,000. Due serially
on March 1. Principal and semi-annual interest are payable at the State
Treasurer's office in Columbus. A certified check for $4,000, payable to
the order of the County Treasurer, must accompany each propcsal.
MONTGOMERY COUNTY (P. 0. Red Oak) lowa.-BOND SALE
DATE DEFERRED.
-We are informed by C. Coykendall, Administration
Engineer of the State Highway Commission, in a notice dated March 27,
that the sale of the $360,000 primary road refunding bonds scheduled for
March 27-V. 138, p. 2120, was deferred to 2 p. m. on April 3, because the
sale had not been properly advertised. Due on May 1 as follows: $20,000,
1944;$35,000, 1945, and $61,000, 1946 to 1950.
-BOND .SALE.
-W. E.
MONTGOMERY, Lycoming County, Pa.
Schnee, Borough Secretary, reports that $7,000 414% bonds were sold on
March 26 at par as follows: $4,000 to John Meixel of Montgomery and
$3,000 to the Farmers & Citizens National Bank of Montgomery.
•
MONTICELLO SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. 0. Monticello), Miss.
-FUNDS ALLOTTED BY PWA.-A loan and
grant of $23,500 for school building construction was announced recently
by the Public Works Administration. The cost of labor and material totals
approximately $21,900. of which 30% is a grant. The remainder is a loan
secured by 4% general obligation bonds.
MOUNTAIN VIEW SCHOOL DISTRICT (P.O. Los Angeles), Calif.
-BONDS NOT,SOLD.
-The $10,000 issue of 5% semi-annual school bonds
offered on March 19-V.138, p. 1780
-was not sold as no bids were received.
Dated March 1 1934. Due $500 from March 1 1935 to 1954, inclusive.
MOUNT LEBANON TOWNSHIP, Pa.
-BONDS AUTHROIZED.The Township Commissioners have passed an ordinance providing for an
issue of $90,000 bonds.
MOUNT PLEASANT TOWNSHIP SCHOOL DISTRICT (P. 0.
Mount Pleasant), Westmoreland County Pa.
-ADDITIONAL INFORMATION.
-The issue of $19,000 5% school bonds scheduled for sale
on April 2, as previously noted in V. 138, p. 2120, will be dated April
1 1934 and the sale made,subject to approval of the bonds by the Pennsylvania Department of Internal Affairs. Denom. $1.600. Due April 1
1944: optional at par and accrued interest, on any interest payment date,
on 30 days' notice.
MURRAY CITY, Hocking County, Ohio.
-BOND .SALE.
-The
State Teachers' Retirement System has purchased an issue of $3,560
refunding bonds. The securities have been approved by Attorney General
John W. Bricker.
NAHANT, Essex County, Mass.
-TEMPORARY FINANCING.
-A
$40,000 revenue anticipation loan, due Dec. 20 1934, was sold on March
23 to the First of Boston Corp. at 1.39% discount basis. The one other
bid received, an offer of 1.75%, was submitted by F. S. Moseley & Co. of
Boston.
NEEDHAM, Norfolk County, Mass.
-NOTE SALE.
-An issue of
$150,000 tax anticipation notes was awarded on March 26 to the Second
National Bank of Boston at 1.27% discount basis. Dated March 27 1934
and due on Dec. 13 1934. Other bids for the issue were as follows:
BidderDiscount Basis.
BidderDiscount Basis.
W.0. Gay & Co
1.32
Newton, Abbe & Co
2.02
Needham Trust Co
1.39
Faxon, Gade & Co
2.07
Needham National Bank _ _ _ _1.96
Brown Bros. Harriman & Co_2.26,0
9
Merchants National Bank_ _ _2.007
0
9
NEW BRAUNFELS, Comal County, Tex.
-FEDERAL FUND APPLICATION FILED.
-It is reported that an application has been filed
with the Public Works Administration for an allotment of $7,650,000, for
developing and improving a water supply. It is also said that if the application is approved an election will be called to vote on the proposed
issuance of $4,350,000 in bonds.
NEW BREMEN, Auglaize County, Ohio.
-PRICE PAID.
-The First
National Bank of New Bremen paid a price of par for the issue of $25,000
5% sewage disposal works construction bonds purchased recently.
-V. 138.
p. 2120. Dated Oct. 1 1933 and due on Oct. 1 as follows: $1,600 from 1935
to 1939 incl. and $1,700 from 1940 to 1949 incl.
NEW HAVEN, New Haven County, Conn.
-BOND OFFERING.
0. Henry Brethauer, City Comptroller, will receive sealed bids until
1:30 p. m. on April 5 for the purchase of $150,000 coupon or registered
street pavement bonds. Dated April 16 1934. Denom. $1,000. Due
April 16 as follows: $10,000 from 1935 to 1938 incl. and $11,000 from 1939
to 1948 incl. Bidder to name a single interest rate for all of the bonds,
expressed in a multiple of X of 1%. Principal and interest (A. & 0.)
payable in lawful money of the United States at the City Tresaurer's office.
The bonds will be prepared under the supervision of the First National
Bank of Boston, which will certify as to the genuineness of the signatures of
the city officials and the seal impressed thereon. A certified check for 2%
of the bonds bid for, payable to the order of the City Comptroller, must
accompany each proposal. Approving opinion of Storey, Thornike, Palmer
& Dodge of Boston will be furnished the successful bidder.
Financial Statement.
As of March 20 1934, inclusive, (as per General Statutes, See. 470, as
amended by Public Acts, 1931 and 1933. Chapter 32.)
Taxable grand list (1933-1934)
$310,169,777.00
Deduct: Intangible property
895,087.00
* These loans were made in anticipation of taxes and revenues to be
collected, and all will be redeemed within one year from date of issue,
1120,000,000 will be redeemed prior to June 30 1934.
-It was announced
PERMANENT BONDS READY FOR DELIVERY.
on March 26 that the Bank of the Manhattan Co. is prepared to deliver
permanent bonds in exchange for the temporary receipts outstanding,
covering the emergency construction, general State improvement and grade
crossing elimination issues dated Oct. 15 1933.
NEW YORK MILLS, Otter Tail County, Minn.
-BONDS VOTED.
At an election held on Mar. 20 the voters are said to have approved the
issuance of $26,000 in 4% water works supply bonds. (An allotment of
$34,000 has been approved already by the Public Works Administration.)
NORTH ELBA CENTRAL SCHOOL DISTRICT No. 2 (P. 0. Lake
Placid), Essex County, N. Y.
-FEDERAL FUND ALLOTMENT.The Public Works Administration has allotted $300.000 for school building
Financial Chronicle
2294
construction. This includes provision for a grant equal to 30% of the
approximately $238.000 to be spent for labor and materials. The balance
is a loan, secured by 4% general obligation bonds.
NORTH COVENTRY TOWNSHIP SCHOOL DISTRICT (P. 0.
Pottstown, R. D.), Montgomery County, Pa.
-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration has allotted $16,800 for
school building construction. This includes provision for a grant equal
to 30% of the approximately $16,000 to be spent for labor and materials.
The balance is a loan secured by 4% general obligation bonds.
-MATURITY.
-The
NORTH DAKOTA, State a (P. 0. Bismarck).
$352,000 issue of 57 Capitol Building fund certificates that were purchased
at par on Feb. 26 by the Bank of North Dakota of Bismarck
-V. 138, P.
1781-are due from June 1 1935 to 1942.
NORTH OLMSTED, Cuyahoga County, Ohio.
-BOND OFFERING.
-E. M. Christman, Village Clerk, will receive sealed bids until 12 m.
(Eastern Standard Time) on April 17 for the purchase of $55.860 6% bonds,
divided as follows:
$35,210 special asst. refunding bonds. Due Oct. 1 as follows: $3,500
from 1938 to 1946 incl. and $3,710 in 1947. The bonds to be
refunded matured in the period from Oct. 1 1931 to Oct. 11933.
20,650 general refunding bonds. Due Oct. 1 as follows: $2,000 from
1938 to 1946 incl. and $2,650 in 1947. The bonds to be refunded
matured in the period from April 1 1932 to Oct. 1 1933.
Each issue is dated Oct. 1 1933. Principal and interest (A. & 0.) payable at the Bank of Berea, North Olmsted. Bids for the bonds to bear
interest at a rate other than 6%, expressed in a multiple of )1 of 1%, will
also be considered. Proposals must be accompanied by a certified check
for 5% of the bonds bid for, payable to the order of the Village Treasurer.
O'BRIEN COUNTY (P. 0. Primghar), Iowa.
-BOND SALE.
-The
$175,000 issue of primary road refunding bonds offered for sale on March 29
-V. 138, p. 2121
-was awarded at auction jointly to the Harris Trust &
Savings Bank of Chicago, and the Iowa-Des Moines National Bank &
Trust Co. of Des Moines,as 3 Ms,for a premium of $4,101,equal to 102.343,
a_basis of about 3.51%. Due from May 1 1942 to 1950.
P OGDEN, Weber County, Utah.
-The
E
-BOND SAL- - DETAILS.
$20.000 issue of refunding bonds that was purchased on Feb. 24 by the
Lauren W.Gibbs Co. of Salt Lake City at a price of 97.00-V. 138, p. 1781
-is more fully described as follows: 3)1% coupon bonds dated March 1
1934. Denom.$1,000. Due on March 1 1936. Interest payable M.& S.
Basis of about 5.33%.
OKOBOJI, Dickinson County Iowa.-FUNDS ALLOTED BY
PWA.-A loan and grant of $31,000 for water works system construction
'
was announced recently by the Public Works Administration. The cost of
labor and material totals approximately $29,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
ONEIDA, Madison County, N. Y.
-REFUNDING AUTHORITY
SOUGHT.
-A bill has been introduced in the State Legislature which would
authorize the city to refund up to $80,000 of the bonds maturing in 1934
and on Jan. 1 1935.
-BOND EXCHANGE PROPOSED.
ONTARIO, Malheur County, Ore.
-In connection with the $16,500 issue of not to exceed 6% semi-annually
-V.
refunding bonds that was offered for sale on Jan. 2 without success
138. p. 184
-it is now said by the City Recorder that the city is negotiating
with the holders of the old issue to take the new bonds in lieu thereof.
The new bonds will draw interest at 6% and the consummation of this
exchange is expected.
-FEDERAL ALLOTONONDAGA COUNTY (P. 0. Syracuse), N. Y.
MENT RESCINDED.
-The allotment of $1,650,000 for sewer construction, announced by the Public Works Administration in Dec. 1933V. 137, p. 4223
-has been rescinded, according to report.
ORANGE (P. 0. Barre, R. F. D. No. 4), Vt.-BOND OFFERING.
E. D. Emerson, Town Treasurer, will receive sealed bids until 10 a. m.
on April 9 for the purchase of $13,000 4)1% fully registered refunding
bonds. Dated April 10 1934. Denom. $1,000. Due $1,000 on Nov. 1
rrom 1935 to 1947 incl. Principal and interest (semi-annual) payable at
the Granite Savings Bank & Trust Co., Barre.
ORRVILLE, Wayne County, Ohio.
-BOND OFFERING.
-Frederick
Smucker,'Village Clerk, will receive sealed bids until 12 m. on April 16 for
the purchase of $7,500 5)1% swimming pool bonds. Dated April 1 1934.
Denom. $500. Due in 15 years. Interest is payable semi-annually. A
certified check for 2% of the bonds bid for, payable to the order of the
Village Treasurer, must accompany each proposal.
'
Fit OSWEGO, Oswego County, N. Y.
-FINANCIAL STATEMENT.
The following information is given in connection with the award on March 2
of $200.000 3.90% emergency relief bonds to Halsey, Stuart & Co., Inc..
of New York. at 100.10, a basis of about 3.88%.-V. 138, p. 1611.
Official Financial Statement.
Bonds (including water bonds, but excluding present issue). $1,343,000.00
Local improvement bonds
113,783.11
Emergency relief notes
214,500.00
Condemnation judgment for property required for harbor
improvement
101,605.70
1933 deficit payable in 1934
67,813.52
Notes in anticipation of 1934 taxes
50,000.00
Total debt
$1,890,702.33
$111,500 of the above mentioned emergency relief notes will be retired
by the present issue.
Deductions
Water bonds (included in above)
$173,000.00
Bonds (other than water bonds) maturing in present fiscal
year included in budget
88,000.00
1933 deficit payable in present fiscal year included in budget
67,813.52
Temporary loan notes in anticipation of 1934 taxes
50.000.00
Total deductions
Assessed Valuation
Real estate
Farm lands
Special franchise
Total valuation
Tax CollectionsGeneral city levy
Collected
Uncollected
Percentage
General city levy
Collected
$378,813.52
$17,361.367.00
289 150 00
1,108 468.00
1928-29.
$563,055.07
549,730.01
1929-30.
$561,525.62
543,083.96
$18,758.985.00
1930-31.
$600,396.93
567,696.43
$13,325.06
.0236
1931-32.
$702,561.78
662,472.23
$18,441.66
.0328
1932-33.
$772,488.50
*683,503.29
$32,700.50
.0545
1933.
$535,900.90
*442,350.83
$40,089.55
Uncollected
$88,985.21
$93,550.07
Percentage
.057
1
17) %
,
1
113, %
*Feb. 16 1934.
Fiscal year begins Jan. 1; tax budget is adopted on or before March 5;
all uncollected taxes for the previous year are included in the tax budget.
1934 city tax collected in three instalments, April, July and October.
The city owns its own water supply plant from which it derives a substantial revenue over and above operating expenses. The city also owns a
water power plant, erected at a cost of approximately $1,000,000, now leased
to Oswego River Power Corp. (Niagara-Hudson Power Corp.), from which
the city derives a net revenue of $50,000 a year, such plant being erected
at State Barge Canal Dam No. 6 in the city of Oswego. This lease expires in 1954, at which time the plant reverts to the city free and clear
of all encumbrances.
-ADDITIONAL INFORMAOTTAWA HILLS,Lucas County, Ohio.
TION.
-The issue of $7,000 bonds sold to the Industrial Commission of
Ohio
-V. 138, p. 2121-bears interest at 6% and will mature serially on
Sept. 1 from 1935 to 1940, incl. A price of par was paid for the bonds.
PAGE COUNTY (P. 0. Clarinda), lowa.-BOND SALE.
-The $240,000 issue of primary road refunding bonds offered for sale on March 27-\.
138, p. 2121-was awarded at auction to Halsey, Stuart & Co. of Chicago,
as 3)45. fc.r a premium of $6,026, equal to 102.51, a basis of about 3.51%.
Due $40,000 from May 1 1945 to 1950 incl.
Mar. 31 1934
PARK COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Fairplay),
Colo.
-PRE
-ELECTION SALE.
-A $20,000 issue of 6% school building
bonds is reported to have been sold to Brown, Schlessman, Owen & Co. of
Denver, subject to an election scheduled for May 7. Due $2.000 from
1935 to 1944, inclusive.
-An
PARSONS, Decatur County, Tenn.-PWA ALLOTS FUNDS.
allotment of $90,000 for water works system construction was announced
recently by the Public Works Administration. The cost of labor and
material totals approximately $84,000, of which 30% is a grant. The remainder is a loan secured by 4% revenue bonds.
PATTON TOWNSHIP (P. 0. Turtle Creek, R. D. 1), Allegheny
-No bids were obtained at the offering
-BONDS NOT SOLD.
County,Pa.
on March 24 of $24,000 not to exceed 5)1% interest coupon bonds, dated
April 1 1934 and due on April 1 as follows: $2,000, 1936 to 1939 incl.;
$3,000, 1940 to 1943 incl., and $4,000 in 1944.-V. 138, p. 1611.
-FINANCIAL STATEPEEKSKILL, Westchester County, N. Y.
MENT.
-In accordance with the award on March 21 of $508,000 4.70%
bonds jointly to the Manufacturers & Traders Trust Co., Buffalo, and
A. C. Allyn & Co., Inc. of New York, at 100.046, a basis of about 4.69%
-V. 138, p. 2121-we give the following:
Financial Statement.
(Prepared for the Village by Gaylord C. Cummin.)
Tax Collections.
The village has not held a tax sale for many years, but in spite of this
tax collections have stood up very well and compare very favorably
fact the
with those of other similar municipalities. The record for the last four
years is as follows:
Uncollected
% Uncollected
End of Year o346f Levy. End of Year of Levy.
Total Levy.
Year6.7
$27,
$404,580
1930
9.2
37,076
404,248
1931
14.2
58.852
1932
408.796
.77,946
19.8
392,032
1933
In considering the above statement it should be noted that the total taxes
unpaid as of Feb. 15 1934 for all years prior to 1933 was $78,160 of which
approximately $5,000 was for years prior to 1931. This figure when
compared with the amounts unpaid at the end of the year of levy, as above,
for 1930-1931 and 1932 shows that these delinquencies have been decreased
practically one-third.
It will be also noted that the tax levy for 1933 was the lowest of the four
and it would have been still lower if the village had not apprpriated funds
toward work relief projects and debt service had not shown a material
increase.
Assessed Valuation.
The total assessed valuation is $26,488,677 and this is conservatively
estimated to be approximately 75% of full value.
Bonded Debt.
As of Dec. 31 1933, the bonded debt was $992,095.80 and there were
capital account certificates of indebtedness outstanding in the amount of
$508,857.97-$508,000 of which are to be funded into bonds by the present
issue. The total capital account debt as of Dec. 31 1933 was therefore
$1,500,953.77 equivalent to 5.7% of the assessed valuation as given and
4.4% of the estimated full valuation. With the exception of one issue all
bonds are serial in form with some delayed fist payments and increasing
maturities. There is one $40,000 term issue maturing in 1963 for which
no sinking fund has been established, but an adequate levy for a sinking
fund for this purpose will be set up in the 1934 budget. All bonds have
been issued for proper capital purposes. Some terms are slightly excessive.
-a reasonable
The total debt is equivalent to 3.86 times one year's income
figure.
Debt Service.
Slightly over $1,000,000 of the $1,500,000 debt has been incurred since
1927. The result of this plus the delayed first payments, is an increasing
debt service with the peak appearing in 1937. Estimating the interest
rate for the present bond issue the approximate debt service for each of
the next 15 years will be as follows:
1944-1105,700
1939-$135,704
1934-1127,815
1945- 101,215
1940- 124,809
1935- 125,115
1946- 95,715
1941- 123,315
1936- 143,323
1947- 95,697
1942- 114,510
1937- 145,515
1948- 82,719
1943- 109,415
1938- 139,215
Although there is a material increase in the debt service, from 1934 to
1937 it amounts to only 7% of one year's income or approximately $1 per
thousand in the valuation. The total debt service for 1934 is equivalent
-not an excessive percentage.
to 33% of one year's Income
Overlapping Debt.
The village of Peekskill is within a school district, the town of Cortlandt
and Weschester County. The combined net debt of the village, and the
proportion of the debts of the above sub-divisions and of the State chargeable against the taxable property within the village is $4,361,753 equivalent
to 16.3% of the assessed valuation as given and 12.8% of estimated full
value. These figures are moderately high.
-The Penn-BONDS APPROVED.
PENNSYLVANIA (State of).
sylvania Department of Internal Affairs on March 22 approved of bond
Issues totaling $537,000, as follows: Mount Pleasant Township School
District,$19,000: City of Erie.$300,000;Beaver County,Freedom Borough.
la
,
$18,000, and Wilkinsburg, $200,000 to fund a floating debt.
-PLANS ADDITIONAL BOND
P1QUA, Miami County, Ohio.
an additional
-It is reported that the city plans to offer for sale
ISSUE.
1135,000 municipal power and light plant construction bonds. In February
a total of $675,000 bonds of that nature was sold to VanLahr, Doll &
Isphording, Inc. of Cincinnati.
-V. 138, p. 1957.
-The
PITTSBORO, Hendricks County, Ind.-PWA ALLOTMENT.
Public Works Administration has allotted $12,000 for completion of the
water works system. This includes a grant equal to 30% of the approximately $10,500 to be spent for labor and material. The balance is a loan,
secured by 4% revenue bonds.
PITTSBURGH,Allegheny County,Pa.-PROPOSED BOND FINAN-Ordinances were introduced in the City Council on March 26
CING.
providing for bond issues in amount of $4,660.000. This includes an issue of
$2.500,000, designed to liquidate the municipal operating deficit. These
bonds would bear interest at 3)11% and be payable over a period of five
years with funds derived from delinquent tax collections. The other bonds,
municipal garage incinerating plant, would
including $1,050,000 for
carry 33,4% coupons and mature in 30 years.
-At the election
-BONDS VOTED.
CITY, Kay County, Okla.
PONCA
-the voters approved the issuance of
held on March 22-V. 138. 13• 1958
the $505,000 in bonds, divided as follows: $430,000 lake and water works
and $75,000 library bonds. (Allotments on these projects have already
-V. 138, p. 1612.)
been announced by the Public Works Administration
-CERTIFICATE
PORT CHESTER, Westchester County, N. Y.
Comptroller Arthur G. Sammarco announced on
ISSUE SOLD.
-City
March 29 the sale of $10,000 school tax anticipation certificates to Faxon,
Gade St Co. of Boston.
-The
-BOND SALE.
POUGHKEEPSIE, Dutchess County, N. Y.
$260,000 series of 1934 coupon or registered bonds offered on March 30V. 138. p. 2121-were awarded as 3.70s to the Guaranty Co. of New York
at a price of 101.04, a basis of about 3.62%. Dated April 1 1934 and due
$10.000 on April 1 from 1939 to 1964 incl. Other bids were as follows:
BidderRate Bid.
At. Rate.
F. S. Moseley & Co
3.70
100.96
Halsey,Stuart & Co
3.70
100.60
Adams, McEntee & Co
3.90%
100.079
PROSPERITY, Newberry County, S. C.
-FUND ALLOTMENT BY
PWA.-A loan and grant of $45,000 for water system construction was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $42,000, of which 305' is a grant.
The remainder is a loan secured by 4% revenue bonds.
". PROVIDENCE, Providence County, R. I.
-PROPOSED LFO Th
-Authority for the city to sell $3,000,000 bonds for the purpose of
ISSUE.
financing the construction of two new school buildings is contained in an
Act introduced in the State Senate on March 20. The city has already
applied to the Public Works Administration for funds.
PUBLIC WORKS ADMINISTRATION.
-POWER ALLOTMENTS
TOTAL $128,860.000.
-The following report is taken from the New York
"Journal of Commerce of March 27:
"The Public Works Administration has allotted for power generating and
distributing plants to date $128,860,000, of which $104,160,000 is being
Volume 138
Financial Chronicle
Spent by the Federal Government and $24,700.000 is being spent on 50
non-Federal projects, according to Public Works Administration Administrator Ickes.
"The $2,600,000 to the City of Knoxville, Tenn., for a central substation and distribution system and the $1,250,000 to Augusta, Ga., for a
hydro-electric plant are among the large municipal allotments. The
allotments comprise a loan and grant. Fort Collins, Colo., has received
a loan and grant of $738,000 for a generating plant and distribution, and
Moberly Mo., has received one of $700,000 for a generating plan ana
substation."
-Award
-TEMPORARY LOAN.
QUINCY, Norfolk County, Mass.
was made on March 29 of a $150,000 revenue anticipation loan to the
Bankers Trust Co. of New York at 0.74% discount basis. Due Nov. 21
1934. Other bids for the loan were as follows:
Disc. Basis.
BidderBidderDisc. Basis.
1.33%
National Shawmut Bank_ __ 1.07% W.0. Gay & Co
1.46
Merchants National Bank ___ 1.10
Bond & Goodwin
2.25
Bank of Manhattan, N. Y_-- 1.14
United States Trust Co
2.29
Newton, Abbe & Co
Faxon, Gade & Co
1.15
F.L.Putnam & Co
1.25
-At the priRACINE, Raene County, Wis.-BONDS DEFEATED.
mary election on March 13-V. 138. p. 1958
-the voters rejected the
proposal to issue sewage disposal plant bonds. (A loan and grant of
$756,000 has been announced already by the Public Works Administration
for this project
-V. 138, P. 534.)
-FINANCIAL
READING SCHOOL DISTRICT, Berks County, Pa.
DATA.
-In connection with the proposed sale on April 10 of 21,500,000
not to exceed 4%% interest coupon school bonds, notice and description of
which appeared in V. 138, p. 2121, we have received the following:
Total Borrowing Power of the School Board.
Mar. 15 1934.
Assessed value of real estate
$171,747,127.00
7% of borrowing power
.07
$12,022,298.89
Present bonded indebtedness (Incl.this issue,
but not including $500.000 authorized but
unissued bonds)
7,250,100.00
Cash in sinking fund
$35,001.13
Balance of 1933-34 appropriation_ 87,500.00
Less amount in sinking fund
122,501.13
Net indebtedness
$7,127,598.87
Margin of borrowing power of the school board (including this
issue but not including $500,000 authorized but unissued
bonds)
$4,894,700.02
Bonded Indebtedness Divided as to Electoral and Non-Electoral Bonds.
(Not including this issue).
Electoral bonds Outstanding...
$2,860,000.00
Cash in sinking fund
$10,000.00
Balance of 1933-34 appropriation_ 40,000.00
Less amount In sinking funds
50,000.00
Net electoral bonded indebtedness
$2,810,000.00
Non-electoral bonds outstanding
$2,890,100.00
Cash in sinking fund
$25,001.13
Balance of 1933-34 appropriation_ 47,500.00
Less amount in sinking funds
Net non-electoral bonded indebtedness
72,501.13
2,817,598.87
$5.627,598.87
Taz Collections Report.
Fiscal Year
Uncollected at
Uncollected at End
Beginning. Total Levy.
of Year of Levy.
March 22 1934.
1929
4.87% $21.681.72
$97,948.80
$2,013,367.86
1.08%
1930
3.46
70,616.88
7.60
155,274.30
2,044,016.34
1931
6.90
142,930.21
11.15'
2,071,529.40
230,800.94
1932
14.76
303,445.60
2,056.849.11
17.62
362,383.78
1933
33.07
680,555.70
2,058,257.00
Date taxes due, first Monday in July. Delinquent, Oct. 1. Fiscal year
begins on first Monday in July. Floating debt, none.
RECONSTRUCTION FINANCE CORPORATION.
-REPORT ON
LOANS MADE TO DRAINAGE AND IRRIGATION DISTRICTS.
The following report was matte public by the above corporation on March 27:
Loans for refinancing a water control district in Texas, a drainage district
In Idaho, two drainage districts in Arkansas, three drainage districts and
one irrigation district in Washington and two drainage districts in Iowa,
totaling $1,517,173.50, have been authorized by the Reconstruction Finance
Corporation, making a total of $32,009,852.42 authorized to date by the
Corporation, under the provisions of Section 36 of the Emergency Farm
Mortgage Act of 1933 as amended.
The 10 districts are:
Hidalgo County Water Control & Improvement District No. 7,
Hidalgo County, Texas
$794,973.50
Drainage District No. 2, Ada County, Idaho
246,250.00
Middle Slough Drainage District, Chicot County, Arkansas__ - 19,000.00
Cousart Bayou Drainage District, Jefferson and Lincoln
Counties, Arkansas
99.700.00
Naches-Selah Irrigation District Yakima County, Washington_ 261,250.00
Sub-District "J," Drainage Improvement District No. 9.
Yakima County: Washington
5,000.00
Sub-District "F. Drainage Improvement District No. 9,
Yakima County, Washington
14,000.00
Drainage Improvement District No. 31, Yakima County,
Washington
14,000.00
Louisa County Levee District No. 15, Louisa County, Iowa_- 16,000.00
Muscatine-Louisa County Drainage District No. 13, Louisa
County, Iowa
61.000.00
RENSSELAER, Rensselaer County, N. Y.
-BONDS APPROVED.
The Common Council has approved an issue of$18,000 bonds,the proceeds
of which will be used to finance the purchase of equipment and materials
in connection with Civil Works Administration projects.
RICHMOND, Fort Bend County, Tex.
-BONDS VOTED-At the
election on March 20-V. 138, p. 1958
-the voters are said to have approved the issuance of $55,000 in bonds, divided as follows: $45,000 5%
water revenue, and $10.000 water works purchase bonds.
-BOND ELECTION.
RIDGWAY, Elk County, Pa.
-At an election
to be held In May the voters will consider the question of issuing $10,000
swimming pool construction bonds.
-The $16.704.70
RITTMAN, Wayne County, Ohlo.-BOND SALE.
6% coupon street improvement bonds for which no bids were obtained on
-were sold recently to the Rittman Savings Bank.
Dec.30-V. 138, p. 185
ROCKINGHAM COUNTY (P. 0. Exeter), N. H.
-TEMPORARY
-E. R. Stockbridge, County Treasurer, made award on
LOAN SOLD.
March 29 of a $50,000 revenue anticipation loan to the Manufacturers
National Bank of Detroit. at 0.80% discount basis. Due Dec. 7 1934.
Other bids for the loan were as follows:
Disc. Basis.
Disc. Bats. I Bidder,
0 Bidder1.63%
0.98%(E. H. Rollins & Sons
Bond & Goodwin
2.12
1.05 tFofl, Gade & Co
W.0. Gay & Co
1.49
Lincoln R. Young & Co
ROCKY RIVER CITY SCHOOL DISTRICT, Cuyahoga County,
-Alice C. Wind, Clerk of the Board of
-BOND OFFERING.
Ohio.
Education, will receive sealed bids until 12 m. on April 14. for the purchase
of I)2,5006% refunding bonds. Dated Oct. 1 1933. Interest is payable
in A. & 0. Bids for the bonds to boar interest at a rate other than 6%.
expressed in a multiple of X of 1%, will also be considered. A certified
check for 5% of the amount bid, payable to the order of the Board of
Education, must accompany each proposal.
-FEDERAL FUND ALLOTMENT.ROME, Oneida County, N. Y.
The Public Works Administration has allotted $81,000 for street paving and
construction of sewers. This includes a grant equal to 30% of the approxi-
2295
mately $64,800 to be expended for labor and material. The balance is a
loan, secured by 4% general obligation bonds.
-Sealed
-BOND OFFERING.
ROSEBURG, Douglas County, Ore.
bids will be received until 7:30 p. m. on April 16, by J. A. Geddes, City
no of 6% refunding bonds.
$35,500
Recorder, for the purchase of a
Denom. $500. Dated April 21 1934. Due on April 21 as follows: $2,500
In 1935;$3,000, 1936 to 1938:$3,500, 1939 and 1940;$4,000, 1941 and 1942.
and $4,500 in 1943 and 1944. Prin. and int. (A. & 0.) payable at the
office of the City Treasurer. Bonds will not be sold for less than 95% of
their par value. Bidders shall satisfy themselves as to the legality of the
bonds. A certified check for 2% of the bonds must accompany the bid.
-Sealed
-BOND OFFERING.
ROSEVILLE Placer County, Calif.
bids will be received until 2 p.m. on April 5, by F. R. Chilton, City Clerk,
issue of coupon water system bonds. Interest
for the purchase of a $250,000
1
rate is not to exceed 6%,payable M.& N. Denom.$1,000. Dated Mayto
1934. Due on May 1 as follows: $8,000. 1935 to 1939: $9,000, 1940 to
1954, and $12,000, 1955
1944; $10.000, 1915 to 1949; $11,000, 1950 to
1959, all incl. Prin. and int. payable in lawful money at the office of the
City Treasurer. The approving opinion of O'Melveny, Tuller & Myers
of Los Angeles, will be furnished the purchaser. These bonds were approved
by the voters at an election on Oct. 1 1933. Bidders are requested to state
the interest rate upon which each bid is made, using the same interest rate
for all of the bonds. Bids may be based upon different rates of interest.
submitted by the same bidder. A certified check for 3% of the bonds bid
for is required.
-BONDS AUTHORIZED.
ROSS COUNTY (P.O. Chillicothe), Ohio.
-The State Tax Commission has authorized the issuance of $20,000 selective sales tax poor relief bonds.
-An
SAINT EDWARD, Boone County, Neb.-BOND ELECTION.
election will be held on April 10, according to report, to vote on the issuance of $28,000 in school building bonds. (This report corrects the previous
election notice given in V.318,P. 2121.)
-AWARD OF TEMPORARY LOAN.
SALEM, Essex County, Mass.
The Merchants National Bank of Boston purchased on March 29 a $200.000
revenue anticipation loan at 0.73% discount basis. Due Nov. 8 1934.
Other bids submitted were as follows:
Disc. Basis.
Disc. Basis.I BidderBidder0.78%
0.74%(Newton, Abbe & Co
Bankers Trust Co., N.Y
-P. Murphy & Co_ _ _ _0.85
G. M.
0.76
Faxon. Gade & Co
1.06
W.0. Gay & Co
Merchants Nat.Bank,Salem-0.77
-The
SAN FRANCISCO (City and County), Calif -.--NOTE SALE.
March 26
$1,500,000 issue of tax anticipation notes offered for sale on San FranE. 0. Huttllnger of
-was awarded to
-V. 138, p. 1958
cisco. at 0.75% plus a premium of $60. Due on May 15 1934. Interest
payable at maturity.
In connection with the above report we quote as follows from the New
York "Journal of Commerce" of March 28:
of
"The City and County of San Francisco have awarded an issue Q.
E.
$1,500,000 of tax anticipation notes to local investment bankers.price of
Hutlinger, bidding as an individual, was awarded the issue at a
par plus a premium of $60 at a .75% rate.
"Three other bids were received. A group composed of the Anglothe
California National Bank, the Bank of America a California andNew
American Trust Co. made a bid of 1.20%. The City Company of
York bid a premium of $11 at a rate of 1.35%, and R. H. Moulton & Co.
and Weeden & Co. bid a premium of $550 at a rate of 1.50%."
-BOND OFFERING.SAN JOSE, Santa Clara County, Calif.
Sealed bids will be received by John J. Lynch, City Clerk, until Apr. 2
purchase of a $375,000 issue of 4% semi-annual public assembly
for the
hall bonds. Due serially in 25 years. This is understood to be a Public
Works Administration project.
1431.)
(These bonds were approved by the voters on Feb. 13-V. 138. P.
-The voters are
-BONDS VOTED.
SAYRE, Beckham County, Okla.
water works
reported to have approved recently the issuance of $40,000 in
bonds.
-Frederick
-BOND OFFERING.
SUMMIT, Union County N. J.
p.m. on April 11 for
C. Rentz, City Clerk, will receive sealed bids until 8
improvement
,
purchase of $370,000 4% or 4%% coupon or registered $1,000. Due
the
1934. Denom.
funding bonds of 1934. Dated May 1 1937, incl., and $40.000 from
May 1 as follows: $30.000 from 1935 to (M. & N.) payable in lawful
Principal and interest
1938 to 1944, incl.
office. A certified
money of the United States at the City Treasurer's of the City, must
order
check for 2% of the bonds bid for, payable to the will be furnished with
successful bidder
accompany each proposal. The
New York, that the
the opinion of Hawkins, Delafield & Longfellow of Preliminary notice
bonds are binding and legal obligations of the city.
gave the date of sale
of this offering ,which appeared in V. 138, p. 2122,
as being April 10.
Financial Statement (March 1 1934).
$2.786,000
Total bonded debt
$389,900
-Assessment notes a
Unfunded debt
175,000
Tax revenue notes b
8,100
Improvement notes c
573.000
unfunded debt
Total
$3,359,000
Total bonded and unfunded debt
-These notes represent obligations of property
a Assessment Notes.
sewers.
owners for their proportion of the completed cost of streets and at the
cash for which was advanced by the city and payment for which,
option of the City Council, may be made by the property owners in annual
instalments over a maximum period of ten years.
interest at
These assessments are liens prior to any mortgages and bear assestnnent
6%. which increases to 7% when delinquent. Assessments andnotes to be
$480,082.99. These
liens as at March 1 1934 amounted to
paid by sale of bond issue now offered, plus collection of assessments on
hand.
-These notes represent borrowings for operating
b Tax Revenue Notes.
expenses only. They have been reduced $100,000 since Jan. 1 1934; at
that time total was $275,000.
-This amount in present budget, to be paid
c Improvement Notes.
May 18 1934.
Tax Collections (Payment Dates June 1 and Dec. 1.).
(Percentage of Taxes Collected at End of Each Elapsed Month After June 1.)
1933. 1932. 1931. 1930. 1929. 1928. Month.
As at1st
40.8
38.4
38.1
36.7
40.3
39.9
June 30
2nd
42.0
38.9 39.7.
41.3.1
July 31
3rd
43.5
41.3
40.6
42.8 43.7 40.0
Aug. 31
4th
42.2 44.2
41.4
40.7
44.8
44.3
Sept.30
5th
45.3
42.5 43.6
41.7
45.9 46.2
Oct. 31
6th
54.3
52.8
50.0
50.3
52.4
53.7
Nov.30
7th
78.5 81.0 84.3
77.1
71.5 73.3
Dec. 30
8th
86.6
81.9 83.3
80.0
75.3
76.6
Jan. 31
9th
87.6
86.3
93.1
81.1
76.2
77.9
Feb. 28
-H. L Collier,
-BONDS CALLED.
SEATTLE, King County, Wash.
City Treasurer, is reported to be calling for payment from March 24 to
district bonds and coupons. Payable
April 4, various local improvement
at the office of the above named treasurer.
SHAMOKIN SCHOOL DISTRICT, Northumberland County, Pa.
-The School Board received subscriptions. at par and
-BOND SALE.
accrued interest, on March 5 for an entire issue of $210,000 school funding
bonds, approved on Jan. 29 by the Pennsylvania Department of Internal
Affairs
-V. 138, p. 1086. The Market Street National Bank purchased a
block of $60,000, while $20,000 were sold to the Guarantee Trust & Safe
Deposit Co. The balance of the bonds were subscribed for by individual
investors.
rot
_
Z
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Si- it
-Sealed bids will
City) Woodbury County, lowa.-BOND OFFERING.
be received by it. C. Roberts, Secretary of the Board of Directors, until
5 p. m. on April 9. for the purchase of two issues of 4% school building
bonds, aggregating $258,000, divided as follows:
$200.000 bonds, maturing on Jan. 1 as follows: $22,000, 1936 to 1942, and
$23,000 in 1943 and 1944.
58.000 bonds, maturing $29,000 on Jan. 1 in 1945 and 1946.
2296
Financial Chronicle
Interest payable J. & J. After sealed bids are in open bids will be considered. No bid for less than par and accrued interest is acceptable. The
district will furnish the bonds and the approving opinion of Chapman &
Cutler of Chicago, and all bids should be so conditioned.
The following information is furnished with the offering notice:
Financial Statement March 11934.
x Assessed values for 1933
-Real property
$67.960,720.00
Personal property
18,128.180.00
Moneys and credits
9,698.029.00
Total bonded indebtedness
1,749,000.00
Amount of sinking fund (now on hand)
40.746.58
Amount of float'ng debt
None
Amount of other indebtedness
None
Total bonds now outstanding
1,749.000.00
Population in 1930 United States Census
79.183.00
Population in 1934 (estimated)
80,000.00
Area of district covered by these bonds (acres)
28,480.00
Municipal debt
-City of Sioux City (bonded debt)
2,155,800.00
Value of school property
5,434,735.60
Area of school district, co-extensive with City of Sioux City.
x Assessed valuation is 80% of actual value. Rate of tax in Sioux City
Iowa,35 mills. Limit of tax levy for paying principal and interest on bonds
five mills on dollar, actual valuation.
No default has ever been made of any obligation. No previous issue of
bonds has been contested. There is no controversy or litigation pending
or threatening concerning the validity of these bonds, the boundaries of
the municipality, or the titles of the officials to their respective offices.
SOUTHOLD UNION FREE SCHOOL DISTRICT NO. 4 (P. 0.
Fishers Island), Suffolk County, N. Y.
-BOND SALE.
-The issue of
$10,000 school bonds offered on March 20-V. 138, p. 1783
-was sold
as 5s at a price of par to the Southold Savings Bank, the only bidder.
Dated March 30 1934 and due $500 on Sept. 1 from 1934 to 1953 incl.
SPEARFISH, Lawrence County, S. Dak.-BONDS NOT SOLD.
We are advised by the City Auditor that the $50,000 4% semi-ann. water
works bonds offered on March 22-V. 138, p. 1958
-were not sold as no
bids were received. Dated March 11934. Due from March 1 1935 to 1954.
SPRINGFIELD, Hampden County, Mass.
-AWARD OF TEMPORARY LOAN.
-George W. Rice, City Treasurer, made award on March 23
of a $300,000 revenue anticipation loan to Whiting, Weeks & Knowles,
Inc., of Boston, at 0.55% discount basis, said to be the lowest rate at
which the city has ever negotiated a loan. The present issue matures on
Nov. 7 1934 and was bid for as follows:
Bidder
Disct. Basis.
Whiting, Weeks St Knowles, Inc. (purchaser)
0.55%
Edward B.Smith & Co
0.625%
Second National Bank
0.71
State Street Trust Co
0.83
Jackson & Curtis
0.87
First National Bank Corp
0.94 ,
4
W. O. Gay & Co
1.12%
Faxon, Gade & Co
1.23%
STARIC COUNTY (P. 0. Canton), Ohio.
-PROPOSED BOND
SALE.
-Plans are being made to offer for sale on April 13 a total of$350.000
poor relief bonds, including issues of $250,000 and $100.000.
BOND OFFERING.
-Edith G. Coke, Clerk of the Board of Commissioners, will receive sealed bids until 10 a. m. on April 13, for the purchase of $250.000 6% emergency poor relief bonds. Dated April 15 1934.
Denom. $1.000. Due as follows: $48,000 Sept. 1 1934; $48,000 March 1
and $50,000 Sept. 1 1935; $51,000 March 1 and $53,000 Sept. 1 1936.
Principal and interest (M. & S.) payable at the State Treasurer's office in
Columbus. Bids for the bonds to bear interest at a rate other than 6%.
expressed in a multiple of Sz' of 1%, will also be considered. A certified
check for $2,500. payable to the order of the County Commissioners, must
accompany each proposal. The transcript for this issue has been approved
by Squire, Sanders & Dempsey, Attorneys-at-law, Cleveland, Ohio, and
their unqualified approving opinion will be furnished to the successful bidder.
without expense to said bidder.
STEUBENVILLE, Jefferson County, Ohio.
-BOND SALE.
-The
City Council on March 27 approved of the sale of $62,500 deficiency bonds
to M. Bliss Bowman & Co. of Toledo. Proceeds of the sale will be used to
satisfy bills owed to the Ohio Power Co.
STOCKTON PORT DISTRICT (P. 0. Stockton) San Joaquin
County, Calif.
-BOND SALE.
-A $600,000 issue of port bonds was
purchased on March 21 at par by a syndicate composed of R. H. Moulton
& Co. of Los Angeles, Blyth & Co., and Dean Witter & Co., both of San
Francisco. divided as follows: $180,000 as 5s, maturing $15,000 from
Jan. 2 1935 to 1946: $150,000 as 4;i4t, maturing $15,000 from Jan. 2 1947
to 1956. and $270,000 as 4540, maturing $15,000 from Jan. 2 1957 to 1974.
all Ind. Dated Jan 2 1934. Denomination $1,000. Prin. and int. payable
at the office of the City Treasurer. Legality approved by Orrick, Palmer &
Dahlquist of San Francisco.
STRINGTOWN, Atoka County, Okla.
-BOND ELECTION.
-An
election is said to have been held on March 29 to vote on the issuance of
$33,500 in bonds, divided as follows: $20,000 water works system: $12,000
sewer system, and $1,500 fire apparatus purchase bonds. Interest rate is not
to exceed 5%. (A loan and grant of $34,000 for water works construction
was approved recently by the Public Works Administration-V. 138,
p. 1959.)
SUFFOLK COUNTY (P. 0. Riverhead), N. Y.
-FINANCIAL
STATEMENT.
-The following report on the financial position of the
county is given in connection with the award on Feb. 7 of $875,000 3.90%
bonds to Estabrook & Co. of New York and associates at 100.69, a basis
of about 3.82%-V. 138, P. 1086:
Financial Statement (Feb. 1193'!).
1933 assessed value of real property (Ind. special franchise).-$291,693,818
Assessed value of personal property
181,500
Total assessed valuation
$291.875,318
Based on equalized valuations, this represents .4628 of the total value.
Estimated actual value of property, $763,061.415; county tax rate per $100:
1928
.45
.49
1932
1930
.60
1929
.44
1933
1931
.52
.475
Analysis of Bonded Debt.
PurposeAmount.
Maturity.
County Clerk's building
Due 1934
$2,500
County Treasurer's building
Due 1934 to 1936
7.500
Tuberculosis Hospital building
Due 1934 to 1935
36,000
Court House construction
Due 1934 to 1953
400,000
County Building improvement
Due 1939 to 1958
200,000
Highway construction
Due 1934 to 1953
4,832,000
Emergency relief
Due 1934 to 1953
1,025,000
Veterans'relief
Due 1934 to 1936
122,000
Dredging bonds
Due 1934 to 1953
63,000
$6,688,000
Principal and Interest Requirements on Bonded Debt (Total for Years Shown)
Due in Fiscal Year Endinq Oct. 31.
Principal.
Interest.
1934
$643,000.00
$298,957.75
1935
770,500.00
268.139.25
1936
461,500.00
233.583.25
1937
357,000.00
212,945.25
1938
369,000.00
197,129.25
Amounts due for principal and interest during any one year are included
In the tax levy for that year.
Analysis of Temporary Debt.
Tax anticipation notes__Dated Sept. 27 1933 Due Mar. 27 1934 $30.000
Tax anticipation notes__Dated Dec. 1 1933 Due June 1 1934 300.000
Tax anticipation notes_ _ Dated Dec. 29 1933 Due June 29 1934 200,000
Tax anticipation notes_ _Dated Feb. 1 1934 Due Aug. 1 1934 200.000
$730,000
Tax CrIlections.
Taxes are levied pursuant to the provisions of the Suffolk County Act
and are payable to the Receiver of Taxes of the various towns from Dec. 10
Mar. 31 1934
to Jan. 10 without penalty. A penalty of 1% per month is added from
Jan. 10 to June 1. Tax rolls are returned by the Receiver to the County
Treasurer June 1, who continues collections with a penalty of 5%, and in
addition thereto 10% per annum figured from the first day of February.
Tax sales are held within six months from the return of tax rolls by the
receivers. The following list shows a comparison of uncollected taxes
f9ev the several years:
Lr
1o 2v8
County Levy.
Total Levied.
Uncollected.
Per Ct.
$1,509,310.'75
$7,583,818.98
59 I ,625.97
.012
1929
1.485.628.93
7.996.103.18
59,852.06
.007
1930
8,446.858.40
1.658,329.33
139,404.79
.016
8,461,066.88
1931
1,731.465.73
130,613.33
.015
1932
8,3 7,8 .86
396,079.47
.047
1886:.4.'40
8.587.657.73
1933
09
:
3.206,848.33
.373
SUMMERTON, Clarendon County, S. C.
-FUNDS ALLOTTED BY
PWA.-A loan and grant of $37,000 for water work system construction
was announced recently by the Public Works Administration. The cost of
labor and material totals approximately $35,000, of which 30% is a grant.
The remainder is a loan secured by 4% revenue bonds.
SWANTON, Saline County, Neb.-BOND ELECTION.
-It is stated
that an election will be held on April 3 to vote on the issuance of $11,300
in water works system bonds. Int, rate not to exceed 5.4%. Due in
20 years and optional in five years. (This proposal was defeated on
Dec. 8 1933.)
SYRACUSE, Onondaga County, N. Y.
-FINANCIAL STATE-Announcement of the offering on March 19 of $2,215,000 bonds,
MENT.
award of which was made as 3gs and 45 to the Chemical Bank & Trust
Co. of New York and associates at 100.082, a basis of about 3.436%-also included the following:
V. 138, p. 2122
Financial Statement.
Assessed valuation taxable property
$387,861,319.00
Actual valuation taxable property (estimated)
475.000,000.00
Assessed valuation real property
372,189,041.00
Assessed valuation special franchises
15,652,278.00
Bonded debt, including above issues
39.922,737.28
Water bonds, included in above (exempt debt)
6.268,375.00
Local Improvement bonds,included in above (exempt debt)3,332,500.00
Sinking fund general bonds (cash)
174,600.00
Temporary debt
5.264,186.86
Population census 1930
209,326
Total
Uncollected at Close of
Per
Year of Lam.
Cent.
$9,41.
128. A3.78
192Y9ear$623.761.98
6.61
10.651,512.47
1930
959,172.68
9.934,149.08
1931
1,232,802.84
12 0°
9..41
11993332
10.315.667.86
1,663.472.48
16.126
6,778.962.05
1.033.891.14
15.251
9,014.803.38
1st half due May 1 1931
1934
Amount o
Per
Unredeemed
Per
Taxes Sold.
Cent.
Mar. 9 1934.
Cent.
$189.531.93
2.01
$42.529.17
1929
z.451
193089,416.87
3.764
400,895.76
x.839
5.42
538,398.46
233,277.25
1931
52.348
9.447
702,055.58
974,520.61
1932
x6.806
Uncollected Mar. 9 1934 826,318.98
1933
z12.1895
x When redeemed, will be credited to revenues.
z Unredeemed amount Dec. 31 1934 will be paid for by City Treasurer
from 1935 city tax.
Fiscal year. Jan. 1-Dec. 31. Taxes are levied April 15.
1932 city taxes were payable one-half May 1-31 without penalty; one-half
Sept. 1-30 without penalty. 2% discount was allowed on second half if
paid prior to June 1. Entire tax delinquent if first half was not paid prior
to June 1. Penalties for delinquencies. June 1-20 incl., 1%; June 21July 10 incl.. 2%; July 11-31, 4%; Aug. 1-31, 5%. After Aug. 31 at rate
of 12% per annum, in addition to 5%
city taxes payable the same asfes.193 1932 city taxes with the following
exception: First half of 1933 city tax may be accepted between June 1 and
Oct. 1, with penalties on such one-half if paid after May 31.
1934 city taxes payable the same as 19,33 city taxes.
Taxes are sold during the first week in April following tax levy. All
uncollected taxes must be purchased by the City Treasurer for the city.
The amount of the unredeemed taxes and penalties purchased at such
sale Is appropriated for and paid for in the next annual tax levy. By this
procedure the city actually receives, In cash, 100% of its tax levy within
two years' time. Such taxes as have been paid by the City Treasurer are.
when collected from the taxpayer, a revenue of the city and used to reduce
the succeeding tax levies.
March 13 1934.
VAN BUREN COUNTY (P. 0. Keosauqua), Iowa.
-BOND SALE.The $270,000 issue of primary road refunding bonds offered for sale on
March 28-V. 138, P. 1959
-was awar d to Jackley-Wiedman & Co. of
Des Moines as 3s for a premium of $5,451, equal to 102.018. a basis of
about 3.56%. Due from May 1 1944 to 1950.
TAMA SCHOOL DISTRICT (P. 0. Tama), lowa.-BONDS DEFEATED.
-At the election held on March 12-V. 138, p. 1613
-the voters
rejected the proposed issuance of $30.000 in school auditorium bonds.
TARBORO, Edgecombe County, N. C.
-FUNDS ALLOTTED BY
PWA.-A loan and grant of $200,000 for water works improvement was
announced recently by the Public Works Administration. The cost of
labor and material totals approximately $183,000, of whelh 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
TENNESSEE VALLEY AUTHORITY.
--CONTRACTS SIGNED FOR
POWER TO NINE CITIES.
-The fAlowing report is taken from a United
Press dispatch from Knoxville on March 23:
"Contracts to serve T. V. A. electricity to nine cities with a total population of approximately 200,000 have been signed by the Tennessee Valley
Authority, David E. Lilienthal, T. V. A. Director in charge of power,
announced to-day.
"Heading the list is Knoxville, which already has been granted a loan by
the Public Works Administration to construct distributing lines. The city's
offer to purchase the existing facilities having been turned down, officials
are now negotiating with an engineering firm to draw plans for a new system.
"Other cities with which contracts have been signed are Decatur, Fierence, Sheffield, Tuscumbia, and Russelville, in Alabama; Pulaski, Tenn.,
and Amory, Miss. Tupelo, Miss., the first city to sign for T. V. A. power,
IS now being served with low cost electricity from Muscle Shoals."
TERRE HAUTE, Vigo County, Ind.
-FEDERAL ALLOTMENT
CHANGED.
-The original allotment of $60,000 by the Pubilic Works
Administration for extensions to the street lighting system-V. 137. P.
2673
-has been changed to a grant of $20,000.
THREE FORKS, Gallatin County, Mont.
-At
-BONDS VOTED.
the election on March 15-V. 138, P. 1783
-the voters approved the
Issuance of $64,000 in water works bonds by a count of 145 to 1, according
to report.
TROY, Rensselaer County, N. Y.
-BORROWING AUTHORIZED.
The Common COLLIrleil on March 16 authori7ed the borrowing of 3121.000 to
cover the payment of maturing tax and revenue anticipation notes.
TRYON, Polk County, Ga.-NOTE SALE.
-$4.000 of revenue
anticipation notes were purchased on March 22 by the Tryon Bank &
Trust Co.. at 6%, according to report.
TWO RIVERS, Manitowoc County
Wis.-FEDERAL FUND
ALLOTMENT.
-The Public Works Administration recently announced
an allotment of $247,000 for power plant construction. The cost of labor
and material totals approximately 5236,000. of which 30% is the customary
free grant. The remainder is a loan secured by 4% bonds.
UNION COUNTY (P. 0. Elizabeth), N. J.
-NOTES AUTHORIZED.
-The Board of Freeholders on March 22 authorized an issue of $500,000
6% notes in anticipation of 1934 taxes. Due in six months.
UNION POINT, Greene
Gs.-FEDERAL FUND ALLOTMENT.
-A loan and grant ofCounty, water works system construction
538.000 for
was announced recently by the Public Works Administration. The cost of
labor and material totals approximately $36,000, of which 30% is a grant.
The remainder is a loan secured by 4% general obligation bonds.
UPTON, Weston County, Wyo.-POND SALE.
-We are now
informed by the Town Clerk that the 512.000
% bonds have been
Volume
138
Financial Chronicle
awarded to the State of Wyoming at par (see V. 138, p. 2123). The bonds
are divided as ()Rows: 38.500 water, and $3,500 electric light bonds.
Due $1,000 from March 1 1938 to 1949, incl. No other bids were received.
UTICA, Oneida County, N. Y.
-BOND ,SALE.
-The $245,500 coupon
bonds offered on March 26-V. 138, p. 2123
-were awarded as 33%s to
E. H. Rollins & Sons, Inc. and Wallace & Co., both of New York, jointly,
at a price of 100.18, a basis of about 3.46%. The sale consisted of:
$200,000 emergency relief bonds issued pursuant to the provisions of
Chapter 798 of the Laws of 1931 as amended. Dated Feb. 15 1934.
Denom. $1,000. Due $20,000 on Feb. 15 from 1935 to 1944, incl.
17,500 aerial fire truck purchase bonds. Dated Dec. 15 1933. Denoms.
$1.000 and $750. Due $1,750 on Dec. 15 from 1934 to 1943, incl.
15,000 Utica Airport impt. bonds. Dated Feb. 151934. Denoms.$1,000
and $500. Due $1,500 on Feb. 15 from 1935 to 1944, incl.
13,000 delinquent tax bonds issued pursuant to the provisions of Section
11 of Article V. of Chapter 658 of the Laws of 1923, and Chapter
287 of Laws of 1913, to provide funds for the payment of purchases made by the city at the tax sale of 1933 and to pay the
balance due to Oneida County on account of the 1932-1933 tax.
Dated Dec. 15 1933. Denoms. $1,000 and $600. Due $2,600 on
Dec. 15 from 1934 to 1938, inclusive.
The successful bidders are re-offering the bonds for general Investment
as follows: Dec. 15 1934
-Feb. 15 1935, to yield 1.75%; Dec. 15 1935
Feb. 15 1936, to yield 2.50%; Dec. 15 1936
-Feb. 15 1937, to yield 2.75%;
Dec. 15 1937
-Feb. 15 1939, to
-Feb. 15 1938, to yield 3.00%; Dec. 15 1938
yield 3.25%; Dec. 15 1939
-Feb. 15 1940, to yield 3.40%; Dec. 15 1940-43
and Feb. 15 1941-44, 1003% and interest.
UTICA, Oneida County, N. Y.
-CERTIFICATE ISSUE SOLD.
Award was made on March 28 of $1,000,000 tax anticipation certificates of
indebtedness to F. S. Moseley & Co. of New York, on their bid of par plus
a premium of 325, based on an interest rate of 1.18%. Dated Mara' 29
1934 and payable on July 30 1934. Re-offering is being made on a yield
basis of X of 1%.
VALLE VISTA SCHOOL DISTRICT (P. 0. Oakland) Alameda
County, Calif.
-BONDS NOT SOLD.
-The $12,000 issue of not to exceed
5% semi-ann. school bonds offered on March 20-V. 138, D. 1959
-was
not sold as no bids were received, according to the County Clerk. Dated
Jan. 1 1934. Due $1.000 from Jan. 1 1936 to 1947, inclusive.
VAN BUREN TOWNSHIP RURAL SCHOOL DISTRICT (P. 0
Dayton), Ohio.
-BOND OFFERING.
-George L. Ernst, Clerk of the
Board of Education, will receive sealed bids until 12 m. (eastern standard
time) on Apr 6, for the purchase of $43,500 refunding bonds, divided as
follows:
$25,500 5% Lot No. 2 bonds. Denom. $500. Due April 1 as follows:
$2,500 from 1939 to 1947. incl. and $3,000 in 1948.
10,000 4 X% Lot No. 1 bonds. Denom. $1,000. Due $1,000 on April 1
from 1939 to 1948, inclusive.
6,0006% Lot No. 4 bonds. Denom. $1,000. Due $1,000 on April 1
from 1943 to 1948, inclusive.
2,000 6% Lot No. 3 bonds. Denom. $500. Due $500 on April 1 from
1939 to 1942, inclusive.
All of the bonds will be dated April 1 1934. Interest is payable in A.& 0.
Bids based on interest rates other than those already noted will also be
considered. Proposals must be accompanied by a certified check for $500,
payable to the order of the Board of Education.
-FEDERAL FUND
VANCE COUNTY (P. 0. Henderson), N. C.
-The Public Works Administration recently announced a
ALLOTMENT.
loan and grant of $16,000 for high school building additions. The cost
of labor and material totals approximately $15,400, of which 30% is a
grant. The remainder is a loan secured by 4% general obligation bonds.
VINELAND, Cumberland County, N. J.
-BOND OFFERING.Robert E. Beakley. Borough Clerk, will offer for sale at public auction, at
o
8 p. m. on April 1(, an issue of $150,000 5, 53,53%, 53% or 67 coupon or
registered sewer bonds. Dated June 1 1934. Denom. $1,000. Due June 1
as follows: $4,000 from 1935 to 1944 incl.; $5,000, 1945 to 1954 incl. and
$6,000 from 1955 to 1964 incl. Principal and interest (J. & 1).) payable
at the Vineland National Bank & Trust Co. Vineland, or at the Guaranty
Trust Co., New York. A certified check for 2% of the bonds bid for, pay
able to the order of the Borough, must accompany each proposal. The
approving opinion of Caldwell & Raymond of New York will be furnished
the successful bidder. Subject to enactment of a bill now pending in the
State Legislature permitting the sale of such bonds at less than par, bids
offering to pay not less than 99 Mr the present issue will be considered.
VIRGINIA, St. Louis County, Minn.-PWA FUND ALLOTMENT.
-An allotment of $294,500 for hospital construction was announced
recently by the Public Works Administration. The cost of labor and
material totals approximately $293,000, of which 30% is a grant. The
remainder is a loan secured by 4% general obligation bonds.
WAHOO,Saunders County, Neb.-BOND SALE.
-A $40,000 issue of
water improvement bonds is stated to have been purchased recently by the
First Trust Co. of Lincoln, as 4s.
WALHONDING RURAL SCHOOL DISTRICT, Coshocton County,
Ohio.
-BONDS AUTHORIZED.
-The State Tax Commission on March 21
authorized an issue of $25,000 school building construction bonds.
WASHBURN, Rayfield County Wis.-BOND ELECTION.
-It is
reported that an election will be held on April 3 to vote on the issuance of
'
$67,500 in water plant purchase bonds.
WASHINGTON, State of (P. 0. Olympia).
-ADDITIONAL BONDS
SOLD.
-It is reported by the Secretary of the State Finance Committee
that the said committee has sold an additional $1,000000 of emergency
relief bonds, divided as follows: $750,000 to a syndicate composed of
Blyth & Co., Lehman Bros., and R. W. Pressprich & Co., all of New
York, R. H. Moulton & Co. of San Francisco, Kean, Taylor & Co. of New
York, Dean Witter & Co. of San Francisco, and Bramhall, Stein & Co. of
Seattle, as 3Xs, at a price of 98.13; the remaining $250,000 were sold
the Spokane Eastern Co. of Spokane, and associates, as 33%s. at a price to
of
98.86.
(The last report of sale was given in V. 138. P. 1959.)
WASHINGTON COUNTY (P. 0. Washington), Iowa.
-PRICE
PAID.
-It is stated by the County Treasurer that the $272,000 primary
road refunding bonds awarded to the W. D. Hanna Co. of Burlington
-V. 138, p. 2123
-were sold as 3s for a premium of $6,001, equal to
102.206, a basis of about 3.52%. Due from May 1 1942 to 1950.
WASHINGTON SUBURBAN SANITARY DISTRICT, Md.FINANCIAL ,STATEMENT.
-The following is given in connection with
the award on March 5 of $200.000 5% water main and sewer construction
bends to C. W.McNear & Co.of Chicago,at 97.33, a basis of about 5.18%V. 138, P. 1783.
Financial Statement.
Assessed valuation of counties:
Prince George's County for 1933
$61,658,396.00
Montgomery County for 1933
83,816,205.00
$145,474,601.00
Assessed valuation of Washington Suburban Sanitary District:
Prince George's County for 1933
$38,736.984.00
Montgomery County for 1933
57,007,580.00
95.744,564.00
Bonded debt of the Washington Suburban Sanitary District:
Bonds issued under the General Act(not incl. this issue)-- $8,575,000.00
Bonds issued under Chapter 190, Acts of 1924
500,000.00
Bonds issued under Chapter 507, Acts of 1927
500,000.00
Bonds assumed
132,700.00
2297
These bonds are guaranteed unconditionally as to both principal and
interest by Montgomery and Prince George's counties by endorsement on
each bond and carry all tile exemptions as to taxes of Maryland municinal
bonds.
Tne genuineness of the signatures and seals of the Commission and the
respective counties will be certified to by the Equitable Trust Co.. Baltimore, Md.,indorsed upon each bond.
Tney will be sold subject to the approval of Messrs. Masslich & Mitchell,
attorneys, whose opinion will be furnisned to the successful bidder without
cost before the delivery of the bonds.
Certified check for $2,000 must accompany each bid and the bonds must
be paid for upon delivery.
The Commission reserves the right to reject any or all bids.
Information.
This Commission was created under the authority of Chapter 122 of the
Acts of 1918, of the General Assembly of Maryland, under which Act and
amendments thereto these bonds are issued.
The proceeds will be used for the extension of the water and sewer systems
within the District. The Act requires tnat the interest and sinking fund
shall be provided for annually by a tax levied by the County Commissioners
of the respective counties on all assessable property, real and personal,
within the Sanitary District. The Act further requires the Commission
to levy a front foot charge on all property abutting upon water mains and
sewers acquired or constructed by the Commission and the amount collected
by such levy is deducted from the amount necessary to be raised by general
taxation. "The revenues of the water works acquired from the proceeds
of the $1.000.000 bonds issued under Chapter 190, Acts of 1924. and
Chapter 507, Acts of 1927, have been sufficient for the interest and sinking
fund requirements of these bonds."
Chapter 122 of the Acts of 1918 has been passed upon and held valid by
the Court of Appeals of Maryland in a test case-Dahler vs. Washington
-and tne present rates
Suburban Sanitary Commission, 133 Md., p. 644
and taxes affirmed in Washington Suburban Sanitary Commission vs.
Noel, 155 Md., p. 427.
The Act, with amendments made thereto, limits the total amount of the
bonded indebtedness created for the purpose of the Act to 14% of the
assessed valuation of the District, not including assumed bonds, and
requires the approval by the Public Service Commission of Maryland, of
the bonds issued. Application has been made for the approval of this issue.
The area of the 'Washington Suburban Sanitary District as created by
the Act of the General Assembly of Maryland above mentioned is approximately 983% square miles; 41 square miles being in Montgomery County
and 573% square miles being in Prince George's County, Md., approximately 73% square miles having been added in Prince George's County in
1931 under an Act of toe Maryland Legislature. The Sanitary District
surrounds the District of Columbia on three sides. The population of the
District is now approximately 65,000, having increased from 12,000 in 1910.
Electric car lines and bus lines from Washington, D. C.. radiate into this
territory at every point, and it is also served by the Baltimore & Ohio
and Pennsylvania railroads.
WATERFORD, Saratoga County, N. Y.
-GOVERNOR SIGNS BOND
MEASURE -Governor Lehman on March 22 signed the Morris bill as
Chapter 78 of the Laws of 1934, legalizing the proceedings of the Village in
-V,138. p. 1959.
issuing $26,000 street improvement bonds.
-BOND OFFERING.
WATERFORD, Saratoga County, N. Y.
Frank Roach, Village Clerk, will receive sealed bids until 8 p. Tn. on April 12
for the purchase of $26,000 not to exceed 6% interest coupon or registered
street improvement bonds. Dated April lb 1934. Denom. $1.000. Due
$2,000 on April 15from 1935 to 1947 incl. Principal and interest(A.& 0.15)
payable in lawful money of the United States at the Bank of Waterford.
Bidder to name a single interest rate for all of the bonds, expressed in a
multiple of X or 1-10th of 1%. A certified check for $500. payable to the
order of the Village, must accompany each proposal. Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished the successful
bidder upon request. Bonds are being issued pursuant to the provisions of
Chapter '78 of the Laws of 1934.
. -Fanancial Statement.
Total assessed valuation of taxable property on village
$1,312.485.00
assessment roll
97,117.34
Total bonded indebtedness including this issue
Sundry indebtedness, not exceeding
4,000.00
-FEDERAL FUND ALLOTWATERLOO, Lauderdale County, Ala.
-It is reported by the City Clerk that the loan and
MENT HELD UP.
grant of $8,100 recently approved by the Public Works Administration for
electric distributing system construction-V. 138, p. 1959-has been held
up for the present.
WAVERLY DRAINAGE DISTRICT NO.1(P.O. Alamosa), Alamosa
-It is stated
-RFC MAKES REFINANCING LOAN.
County, Colo.
by the attorney for the district that a loan of $70,000 has been authorized
Reconstruction Finance Corporation for r.f!nancing of obligations.
by the
but no disbursement has been made as yet.
-The
-BOND SALE.
WAYNE COUNTY (P. 0. Corydon), Iowa.
$200,000 issue of coupon primary road refunding bonds offered on March 23
-V. 138, p. 1959
-was awarded at public auction to Wheelock & Co. of
Des Moines as 33%s for a premium of $4,176, equal to 102.088, a basis Of
about 3.54%. Due from May 1 1945 to 1950 incl. The other bids are
listed as follows:
Premium,
Bidders$4,175
D. W. Hanna & Co
4,100
Iowa Des Moines National Bank
4,050
Blyth & Co., Inc
3,925
Halsey, Stuart & Co
3.250
Piper, Jaffray & Hapwood
3,100
Jackley & Co
2,100
Glaspell, Vieth & Duncan
-NOTICE OF BOND CALL.
WAYNE COUNTY (P.O. Detroit), Mich.
-The Board of Road Commissioners has called for payment on May 1 1934,
on which date interest shall cease to accrue, all highway Improvement refunding (call) bonds, due on May 1 from 1934 to 1943 incl. A resolution
providing for such redemption was adopted by the Commissioners on March
16. Holders are advised to present the bonds for payment to the Board of
County Auditors, Detroit, Mich. The Commissioners further announce
the call for payment of the highway improvement bonds which became due
on May 1 1933. Interest on these securities will cease to be paid after
May 1 1934. Redemption in this instance also will be made at the offices
of the Board of County Auditors, and payment in each case will be made
at par and accrued interest.
WELD COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 118
-PRE
-ELECTION SALE.
-A $40,000 issue of
(P. 0. Platteville), Colo.
5% refunding bonds was purchased at par by Sidlo, Simons, Day & Co.,
and Sudler & Co., both of Denver, jointly, subject to an election to be held
on April 5. Denom. $1,000. Dated March 1 1934. Due from 1936 to
1955 incl.
WELLSTON SCHOOL DISTRICT, Jackson County, Ohio.-BOSD
SALE.
-An issuy of $6,000 refunding bonds which was sold recently to the
State Teachers' Retirement System has been approved by AttorneyGeneral John W. Bricker.
WENAS IRRIGATION DISTRICT (P. 0. Wanes) Yakima County,
Wash.
-BONDS VOTED.
-At the election held on March 6-V. 138, p.
1614
-the voters approved the issuance of the $30,600 in 4% semi-ann.
refunding bonds by an unanimous vote. Due infrom 4 to 20 years, optional
before maturity. It is stated that the disposition of this issue has been
arranged.
Total outstanding
$9,707,700.00
0 WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
Sinking funds all issues
-BOND
661.807.54 '
SALE.
-The $2,437,000 coupon or registered bonds offered on March 28Net debt
9,045,892.46
V. 138, D. 2123
-were awarded to a syndicate headed by the Chase National
Note.
-The above statement does not include bonds to be issued under
Bank of New York. which paid a price of 100.008 for $1,135.000 bonds as
General Act for Public Works Administration loan and grant $650,000.00.
43%s and $1,302,000 as 43%s, the net interest cost of the financing to the
Tax receipts:
county being about 4.4467%. Other members of the group are the Chemical
Taxes and annual benefit charges levied for tax year 1932_
$453,567.38
Bank & Trust Co., Salomon Bros. & Hutzler, Marine Trust CO. of Buffalo,
Taxes and annual benefit charges unpaid for tax year 1932
44,825.09
George B. Gibbons & Co., Inc., Darby & Co.
.and Schaumburg. Rebhann
Taxes and annual benefit charges levied for tax year 1933_
474,582.17
& Osborne. Award was made as follows: '"
Taxes and annual benefit charges unpaid for tax year 1933
158.209.16
Water revenue:
FIT56,000 Saw Mill River Valley sanitary sewer bonds as 43%Due June 1
• For year 1932
as follows: $30,000, 1935; $20,000. 1936 to 1951. incl.; $30,000.
253.260.12
For year 1933
1952 to 1955, incl., andl$60,000 from 1958 to 1965, incl.
317,459.38
2298
Financial Chronicle
793,000 park bonds as 4Ms. Due June 1 as follows: $50,000, 1935 to
1937, incl.; $50,000, 1941 to 1943, incl.; $100,000 from 1945 to
1948, incl., and 593,000 in 1949.
255,000 Central Yonkers sanitary sewer bonds as 43 s. Due June 1 as
/
follows: $10.000 from 1935 to 1946, incl. and $15,000 from 1947
to 1955, inclusive.
185.000 Mamaroneck Valley sanitary sewer bonds as 4 Ms. Due June 1
as follows: $15.000 in 1935 and $10,000 from 1936 to 1952, incl.
75,000 Hutchinson Valley sanitary sewer bonds as 4s. Due $5.000 on
June 1 from 1935 to 1949, inclusive.
70,000 South Yonkers sanitary sewer bonds as 4,Ms. Due $5,000 on
June 1 from 1935 to 1948, inclusive.
65,000 North Yonkers sanitary sewer bonds as 4Ms. Due $5,000 on
June 1 from 1940 to 1952, inclusive.
.
44,000 Blind Brook sanitary sewer bonds as 43
.4s. Due June 1 as follows:
$5,000 from 1935 to 1942, incl. and $4,000 in 1943.
Each issue is dated April 2 1934. Two bids were submitted for the bonds.
The other tender, made by Lehman Bros. of New York and associates,
was an offer of pay 100.001 for $1,270,000 4M % bonds and $1,167,000 as
5s. This bid figured a net interest cost basis of 4.4985%.
BONDS PUBLICLY OFFERED.
-Members of the successful group are
re-offering the securities for public investment as follows:
Amounts, Maturities and Prices
$1,135,000 Sewer 4 M % Bonds. $1,302,000Sewer and Park 41.1% Bonds.
1935_ _ _3.00% 1938
4.10% 1935..___3.00% 1938
4.10%
1936-.... _3.50
1939
4.20
1936- -3
.50
1939
4.20
1937---_4.00
1940-55_ _ _ _4.25
1937._ _ _4.00
1940-44_ - _ _4.30
1958-65 0 99.1i
1945-554.35%
(Accrued interest to be added).
WESTFIELD, Hampden County, Mass.
-LOAN OFFERING.
-R.P.
McCarthy, City Treasurer, will receive sealed bids until 11 a. m. on April
2 for the purchase at discount basis of a $200,000 current year revenue
anticipation loan. Dated April 4 1934. Denoms. to suit purchaser.
Payable Oct. 10 1934 at the First National Bank of Boston, which institution will certify as to the genuineness and validity of the notes, under
advice of Ropes, Gray, Boyden & Perkins of Boston.
Tax Collections.
1932 levy, $865,788; uncollected March 21 1934
514,144
1933 levy, $721,235; uncollected March 21 1934
270,080
Tax titles, 1931, $12,031; 1932, $102,077.
WEST UNION, Doddridge County, W. Va.-PWA FUND ALLOTMENT.
-The Public Works Administration recently announced an allotment of $13.000 for water works system improvement. The cost of labor
and material totals approximately $12.000, of which 30% is a grant. The
remainder is a loan secured by 4% revenue bonds.
WHITEFISH BAY (P. 0. Milwaukee), Milwaukee County, Wis.BOND ELECTION.
-At a meeting of the Village Board on March 19 a
resolution was passed, calling for the presentation to the voters of a referendum requesting an $80,000 bond issue for park purposes, when the
money would really be used as a loan to the school board. The voters will
pass on the question at the general election on April 3.
WILNA (P. 0. Carthage), Jefferson County, N. Y.
-BOND OFFERING.-Perley M. Hall, Town Supervisor, will receive sealed bids until
2 p. m. on April 9 for the purchase of $75,000 not to exceed 8% interest
coupon or registered emergency relief bonds. Dated March 11934. Denom.
81.000. Due March 1 as follows: 35,000 in 1936 and $10.000 from 1937
to 1943 incl. Bidder to name a single interest rate for all of the bonds.
expressed in a multiple of1.1 or 1-10th of 1%. Principal and interest
(M. & S.) payable in lawful money of the United States at the Carthage
National Exchange Bank, Carthage. A certified check for $1,500. payable
to the order of the town, must accompany each proposal. The approving
opinion of Clay. Dillon & Vandevrater of New York will be furnished the
successful bidder.
Financial Statement.
Assessed valuation, 193.3-34
$8,476,315
Bonded debt outstanding
Nil
This issue
75,000
Total bonded debt
75,000
Tax Data.
Year1930.1933.
1932.
1931.
Total tax levy
$118,280.81 129,811.54 132,982.77 131,818.60
Collected at close of year
of levy
117,197.37 126,881.17 128,332.31 109,100.00
Balance uncollected as of
Dec. 31 1933
1,083.44
4,650.46
2,930.37
•
* To March 17 1934.
The town fiscal year ends Dec. 31.
Population, 1920 Federal census, 7,014; 1930 Federal census, 7,322;
1934 estimated. 7,400.
-TEMPORARY BORROWWINCHENDON, Worcester County, Mass.
ING.
-A tax anticipation loan in amount of $75000 was awarded on
March 23 to Jackson & Curtis of Boston at 1.57% discount basis. Due on
on Dec. 12 1934. Other bids for the issue were as follows:
Discount Basis.
Bidder
Bond & Goodwin
7
1.85
Second National Bank of Boston
2.48
First National Bank of Winchendon
2.58
Brown Bros. Harriman & Co
W.0. Gay & Co
2.90g
Gade & Co
2.87Faxon,
-OTHER
WINNESHIEK COUNTY (P. 0. Decorah), Iowa.
Thefallowing is a Bat of the other bids received on March 22 for the $380.000
primary road refunding bonds that were awarded to Wheelock & Co. of
Des Moines,as 3Ms,at 102.42, a basis of about 3.52%-V. 138, p. 2124:
Premium.
Names of Other Bidders59.200
Co., C cage
31
8,200
Halsey Stuart & Co., Chicago
7,700
Northern Trust Co., Chicago
7,600
White Phillips & Co., Davenport
6,300
Glaspell Vieth & Co., Davenport
5,600
A. C. Allyn & Co., Chicago
5,500
First National Bank, Minneapolis
WINONA SCHOOL DISTRICT (P. 0. Winona) Winona County,
Minn.
-LOAN AND GRANT BY PWA.-An allotment of $298,000 for
school building construction was announced recently by the Public Works
Administration. The cost of labor and material totals approximately
$281,700, of which 30% is a grant. The remainder is a loan secured by
4% general obligation bonds.
-The First of
-BOND SALE.
WINTHROP, Suffolk County, Mass.
Boston Corp. recently purchased an issue of $66,000 3% coupon bonds at a
Price of 100.25. Dated April 1 1934 and due serially from 1935 to 1939 incl.
WOLCOTT CENTRAL SCHOOL DISTRICT NO.1 (P. 0. Wolcott),
-The Public
-FEDERAL FUND ALLOTMENT.
Wayne County, N. Y.
Works Administration has allotted $462,000 for school building construction.
This includes provision for a grant equal to 30% of the approximately
$361.300 to be spent for labor and materials. The balance Is a loan,secured
by 4% general obligation bonds.
ADD TO BOSTON MASS.
-City Treasurer John H. Dorsey, will receive sealed
LOAN OFFERING.
bids until April 2 for the purchase of a further issue of 53,000,000 tax anticipation notes, to mature on Oct. 10 1934.
-Corporation Counsel
CHANGE SOUGHT IN PWA CONTRACTS.
Henry E. Foley is conferring with officials in Washington in order to have
the PWA loan contracts changed so as to permit the City to borrow the
55,850.000 involved in the agreements from private sources instead of from
the Federal Government. This change is being sought in an effort to
eliminate possible depreciation in the value of the bonds, which the City
believes might occur in the event that the PWA should dispose of them in
the open market. The contracts with the Federal agency provide for interest at 4% and maturities of 20 years. Proceeds of the bonds are to be
applied as follows: high school construction, $2,000,000; surgical building at
City Hospital, $1,500,000; street improvements, $1,000,000; sewer construction. $1,000.000. and $350,000 for Brookline Ave. water mains.
-OFFERING
WOODBURY COUNTY (P. 0. Sioux County), Iowa.
DETAILS.
-In connection with the offering on March 29 of the $857.000
Mar. 31 1934
primary road refunding bonds
-V. 138, p. 2124, the following information
was furnished on March 26 by the County Treasurer:
We wish to advise that there was an error in the tax collection data
made ake.
week on our Financial Statement as of Jan.1 1934,submitted to you a
We are herewith setting out below the corrected figures and ask that
you disregard the ones previously forwarded you.
Yours very truly,
F. PRICE SMITH,
County Treasurer.
Assessed Value.
Uncollected Dec. 1931.
Taxes Levied.
1932...146,991,772.00
$4,705,843.78 approx. 240,524.31
5.110%
1933.-- 144,322,532.00
4,459,822.79
17.92%
800,889.31
1934-119,538,369.00
3,816,179.51
WOODLAND CONSOLIDATED SCHOOL DISTRICT (P. 0. Woodland), Chickasaw County, Miss.-PWA FUNDS ALLOTTED.
-The
Public Works Administration recently annouhced an allotment of $10,000
for school construction. The total cost of labor and material approximates $9,100, of which 30% is a grant. The remainder is a loan scoured
by 4% general obligation bonds.
WOODSTOCK, McHenry County, Ill.
-BOND ISSUE APPROVED.
The City Council on March 16 formally ratified all of the proceedings
in connection with an issue of $52.000 water works revenue bonds. Approval
was given at the same time to the agreement providing for sale of the issue
to the Public Works'Administration.
WORCESTER, Worcester County, Mass.
-The issue
-NOTE SALE.
of $500000 revenue anticipation notes offered on March 28 was awarded
to the tankers Trust Co. of New York, at 0.48% discount basis, pins a
Premium of $8. Dated March 29 1934 and due on Nov. 23 1934. Payable
at the First National Bank. Boston, or at the First of Boston Corp., New
York City. Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston. The Worcester County National Bank bid a rate of 0.57%.
while the Second National Bank of Boston specified 0.76%•
-TEMPORARY LOAN.
WORCESTER, Worcester County, Mass.
Harold J. Tunison, City Treasurer, has sold $250,000 tax anticipation notes,
due Nov. 23 1934, to Whiting, Weeks & Knowles, Inc. of Boston, at
0.55% discount basis.
WORTH COUNTY (P. 0. Northwood), lowa.-BOND SALE.
The $375,000 issue of primary road refunding bonds offered for sale on
March 28-V. 138, p. 2124
-was awarded jointly to the Harris Trust &
Savings Bank of Chicago, and the Iowa
-Des Moines National Bank &
Trust Co. of Des Moines, as 3s, paying a premium of $7,051, equal to
101.88, a basis of about 3.53%. Due from May 1 1935 to 1950.
-The
YANKTON, Yankton County, S. Dak.-BONDS VOTED.
City Auditor says that at an election held on March 19 the voters approved
the issuance of $114,250 in bonds, divided as follows: $70,000 city hail'
$23,500 water works and sewerage system; $8,750 street improvement and
$7,000 street improvement bonds.
YELLOW SPRINGS, Greene County, Ohio.
-BONDS AUTHORIZED.
-The Village Council recently passed an ordinance providing for
an issue of 5.3,000 6% library construction bonds. • Dated Oct. 1 1934.
Denom. $500. Due $500 on Oct. 1 from 1935 to 1940 incl. Interest is
payable in A. & 0.
-BOND ELECTION
YOUNGSTOWN, Mahoning County, Ohio.
-Mayor Mark E. Moore stated on March 17 that there was
DOUBTFUL.
little likelihood of an election being held on the question of voting bonds in
connection with proposed Public Works Administration projects. The
Federal agency has asked that the bonds be voted by the people before
funds for the various improvements will be made available. The Mayor
expressed the opinion that if the bonds are approved at a popular election,
they could quite possibly be sold in the open market and the work completed
at less cost than would be possible under PWA regulations.
YUMA, Yuma County Colo.-LOAN AND GRANT BY PWA.-The
Public Works Administration recently announced an allotment of 110.000
for water system extensions. The cost of labor and material totals approximately $9,400, of which 30% is a grant. The remainder is a loan
secured by 4% revenue bonds.
CANADA, Its Provinces and Municipalities
BARRIE, Ont.-PROPOSED BOND ISSUE.
-It is planned to issue
$15.000 bonds to finance the construction of a reservoir, according to
report.
CANADA (Dominion 00.-5424,000,000 LOANS MATURING IN
-The "Financial Post" of Toronto of March 24 reported as follows:
1934.
"The Dominion Government has approximately $424,000,000 of refinancing
to do in 1934. In addition, there may be new financing on capital account
in connection with the proposed 3200.000,000 public works program and
for general purposes.
"Largest loan maturing this year is the $222,216,850 514% Victory Loan
due Nov. 1. Due to the predominance of this loan among the maturities,
approximate average cost to the Dominion of the loans maturing this year
is 4.8%. If the present advancing trend in the high-grade bond market
continues, dealers anticipate that the cost of this money may be substantially lowered.
"Issues maturing this year are as follows":
Dominion Loans Maturing in 1934.
Date. Rate.
Description.
Payable.
Amount.
Stock
June 1 3%
England
£4,822,029
Bonds
5
July 1
Canada
$33.293,470
Trust bills
Aug. 1
Canada
3)4%
50,000,000
Notes
Oct. 1* 4
New York
60.000,000
Trust notes
4
Nov. 1
Canada
35,000,000
Bonds
Nov. 1 5%
Canada
222,216,850
•Callable.
EAST ANGUS,Que.-INTEREST RATE REDUCTION REJECTED.
The "Monetary Times" of Toronto of March 24 reported as follows:
"Proposal to reduce the intertst rate on bones of the parish of East Angus,
was turned down by a large majority of bondholders at a meeting
Quo.,
last week. The bond issue of the parish totals $205.600 and bears an interest
rate of 514%. The rejected plan proposed the reduction of the interest
to 3% for the first five years, to 4% for the next five years and to 5%
for the rest of the term of the bonds, which was to be lengthened five years.
A plan to delay the payment of capital and interest by the parish was
also rejected. The meeting was presided over by G. Vanier, K.C., President
of La Caisse Nationale d'Economle."
LACHINE, Que.-BOND OFFERING.
-Albert St. Denis, SecretaryTreasurer, will receive sealed bids until 5 p.m. on April 3 for the purchase of
% impt. bonds, dated April 1 1934 and due serially on April 1
$21,000
from 1935 to 1941 incl. Interest is payable in A. & 0.
PEEL COUNTY, Ont.-BOND ISSUE APPROVED.
-The Council
has approved of the issuance of $29,000 highway bonds.
QUEBEC (Province of).
-OTHER BID.
-In connection with the
award on March 20 of 57,700,000 4% bonds to A. E. Ames & Co. and
associates, at 99.57, a basis of about 4.01%-V. 138. p. 2124, we learn that
the one other bid submitted for the Issue, an offer of 98.579, was made on
behalf of a syndicate composed of the following: Bank of Montreal, Banque
Can. Nat., Hanson Bros., McTaggart, Hannaford, Birks & G., Royal
Securities Corp., Nesbitt, Thomson & Co., McLeod, Young, Weir & Co..
Bell, Gouinlock & Co., Fry, Mills, Spence & Co., Mead & Co., E. Savard,
L. G. Beaubien & Co., Harrison & Co.. Drury & Co., Collier, Morris &
Henderson, R. T. Leclerc and Kerrigan, MacTier & Co.
-A by-law providing for an
TORONTO, Ont.-BY-LAW PASSED.
issue of $800.971 relief bonds has been passed by the Council.
-J. L. Graham & Co. of Toronto.
WOODSTOCK,Ont.-BOND SALE.
recently purchased an issue of 315,986 4M % bonds at a price of 100.317. a
basis of about 4.44%. Due in from 1 to 10 years. Bids for the issue were as
follows:
BidderRate Bid.
BidderRate Bid.
J. L. Graham & Co
100.317 A. E. Ames & Co
99.27
Griffis, Fairclough &
Bell, Gouiniock & Co
99.20
Norswarthy
100.15 C. H. Burgess & Co
99.11
Dominion Securities Corp.._ 99.577 Dyment, Anderson dc Co.... 99.08 .
Wood, Gundy & Co
99.509
@FedFRASER